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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
move_ bal legend• 4.411004.4.tudd sibludine4 sadlnuusay, I6 peuluu aul 'casu. poge9411y udepine tlu BluAlkny vendu. plArann. Oe R111 Wucks4 IIauWIJ prJm lee. softnu tluelqunati µNutte. Tb coetpuly's 0941.13m3 smnphrn.ax.irckss. gradvbsdd extnologv dulalumn chia b radde ben' buren 4nd ~na 3019b1111~ 113
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
move_ bal legend• 4.411004.4.tudd sibludine4 sadlnuusay, I6 peuluu aul 'casu. poge9411y udepine tlu BluAlkny vendu. plArann. Oe R111 Wucks4 IIauWIJ prJm lee. softnu tluelqunati µNutte. Tb coetpuly's 0941.13m3 smnphrn.ax.irckss. gradvbsdd extnologv dulalumn chia b radde ben' buren 4nd ~na 3019b1111~ 113
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
move_ bal legend• 4.411004.4.tudd sibludine4 sadlnuusay, I6 peuluu aul 'casu. poge9411y udepine tlu BluAlkny vendu. plArann. Oe R111 Wucks4 IIauWIJ prJm lee. softnu tluelqunati µNutte. Tb coetpuly's 0941.13m3 smnphrn.ax.irckss. gradvbsdd extnologv dulalumn chia b radde ben' buren 4nd ~na 3019b1111~ 113
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