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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
12" I.TL t" OM 4141 ..t" -MO 4094 blif% 0" 4".. 111 Tk Ca9n1 4840 nle as hoed «94.4498.1.8144% M..4. a , hieing. oalonsionpunkd ~no al Jr AM boot Ificeopabe%4Woilomon ~al oltud44Jon nikertslal~oro lo Son • es ortení ass, »watt ~no a.- Ida« 14 4 on.15944m10.91841m19•1944•40415494•34.11
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
12" I.TL t" OM 4141 ..t" -MO 4094 blif% 0" 4".. 111 Tk Ca9n1 4840 nle as hoed «94.4498.1.8144% M..4. a , hieing. oalonsionpunkd ~no al Jr AM boot Ificeopabe%4Woilomon ~al oltud44Jon nikertslal~oro lo Son • es ortení ass, »watt ~no a.- Ida« 14 4 on.15944m10.91841m19•1944•40415494•34.11
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
12" I.TL t" OM 4141 ..t" -MO 4094 blif% 0" 4".. 111 Tk Ca9n1 4840 nle as hoed «94.4498.1.8144% M..4. a , hieing. oalonsionpunkd ~no al Jr AM boot Ificeopabe%4Woilomon ~al oltud44Jon nikertslal~oro lo Son • es ortení ass, »watt ~no a.- Ida« 14 4 on.15944m10.91841m19•1944•40415494•34.11
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