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397 WTAS ALIPHCOM — COMMON EQUITY VALUATION REPORT As of June 20, 2011 August 3, 2011 Mr. Michael Tamaru Chief Financial Officer AliphCom 99 Rhode Island Street, 3 ni floor San Francisco, CA 94103 Dear Mr. Tamaru: We have completed our analysis of the fair market value of the common equity of AliphCom ("Al
pionof PEE nr4 RIMM. nEiCE mind tension ntdrIE Enna. flan arm nigh On <spiral $11111.011C of On ndwrzy ar On Saloon* Mrs. ' Risk.inn rart Raid <a ',ono S Fran) ast. SdnIsSI ~PROM. RoSerra sorplynictir kinc.lendana ERP nos 2011 »Noun SRO, Yt.~ Small suet prernisni &Ina a noiroany mulct capitalization In che
296 WTAS ALIPHCOM — COMMON EQUITY VALUATION REPORT As of June 20, 2011 August 3, 2011 Mr. Michael Tamaru Chief Financial Officer AliphCom 99 Rhode Island Street, 3 ni floor San Francisco, CA 94103 Dear Mr. Tamaru: We have completed our analysis of the fair market value of the common equity of AliphCom ("Al
pionof PEE nr4 RIMM. nEiCE mind tension ntdrIE Enna. flan arm nigh On <spiral $11111.011C of On ndwrzy ar On Saloon* Mrs. ' Risk.inn rart Raid <a ',ono S Fran) ast. SdnIsSI ~PROM. RoSerra sorplynictir kinc.lendana ERP nos 2011 »Noun SRO, Yt.~ Small suet prernisni &Ina a noiroany mulct capitalization In che
195 WTAS ALIPHCOM — COMMON EQUITY VALUATION REPORT As of June 20, 2011 August 3, 2011 Mr. Michael Tamaru Chief Financial Officer AliphCom 99 Rhode Island Street, 3 ni floor San Francisco, CA 94103 Dear Mr. Tamaru: We have completed our analysis of the fair market value of the common equity of AliphCom ("Al
pionof PEE nr4 RIMM. nEiCE mind tension ntdrIE Enna. flan arm nigh On <spiral $11111.011C of On ndwrzy ar On Saloon* Mrs. ' Risk.inn rart Raid <a ',ono S Fran) ast. SdnIsSI ~PROM. RoSerra sorplynictir kinc.lendana ERP nos 2011 »Noun SRO, Yt.~ Small suet prernisni &Ina a noiroany mulct capitalization In che
Entities connected to both Rhode Island Street and ono S Fran
ALIPHCOM
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the Board of Directors
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ORGANIZATIONSequoia Capital
ORGANIZATIONMichael Tamaru
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