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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
ad Dill Pin 004940 Simt Plu Meinmey label lamed espial Valel 1.04 Vas% A E....I./Ws 1.~« V'- Ste P41 31100.1 03 1154224 64424 00 124.1110 oeon4, - frizor e n a n a g W Wet Lei* Maids Lad Yat Edenanatt %Mr: YID IN Sn) VID NASDAQ rio VID 14.0% 032 1.10 310 »0 211 mical lime Lall
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
ad Dill Pin 004940 Simt Plu Meinmey label lamed espial Valel 1.04 Vas% A E....I./Ws 1.~« V'- Ste P41 31100.1 03 1154224 64424 00 124.1110 oeon4, - frizor e n a n a g W Wet Lei* Maids Lad Yat Edenanatt %Mr: YID IN Sn) VID NASDAQ rio VID 14.0% 032 1.10 310 »0 211 mical lime Lall
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
ad Dill Pin 004940 Simt Plu Meinmey label lamed espial Valel 1.04 Vas% A E....I./Ws 1.~« V'- Ste P41 31100.1 03 1154224 64424 00 124.1110 oeon4, - frizor e n a n a g W Wet Lei* Maids Lad Yat Edenanatt %Mr: YID IN Sn) VID NASDAQ rio VID 14.0% 032 1.10 310 »0 211 mical lime Lall
Entities connected to both Rhode Island Street and oeon4
ALIPHCOM
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the Board of Directors
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PERSONAH Capital Management
ORGANIZATIONSequoia Capital
ORGANIZATIONMichael Tamaru
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