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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
alo " 4 9494 494493 10411Lmal BL:10ary 44^1,93 Ia asAndun aks (sulden bad pal, ani:lor-n udnumOMmat InallaseOnr budo.% anl sanalet 11(aleht(itimist (Indom... Lib.waden 4rtinutiniy daia. sul dubbab sl0pal prosnms InaldMm.du cuttrigu elárs BlukLUrr, labnmal urm, seruces. rotruarratly ripUts. ani berrtug
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
alo " 4 9494 494493 10411Lmal BL:10ary 44^1,93 Ia asAndun aks (sulden bad pal, ani:lor-n udnumOMmat InallaseOnr budo.% anl sanalet 11(aleht(itimist (Indom... Lib.waden 4rtinutiniy daia. sul dubbab sl0pal prosnms InaldMm.du cuttrigu elárs BlukLUrr, labnmal urm, seruces. rotruarratly ripUts. ani berrtug
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
alo " 4 9494 494493 10411Lmal BL:10ary 44^1,93 Ia asAndun aks (sulden bad pal, ani:lor-n udnumOMmat InallaseOnr budo.% anl sanalet 11(aleht(itimist (Indom... Lib.waden 4rtinutiniy daia. sul dubbab sl0pal prosnms InaldMm.du cuttrigu elárs BlukLUrr, labnmal urm, seruces. rotruarratly ripUts. ani berrtug
Entities connected to both Rhode Island Street and Indom
ALIPHCOM
ORGANIZATION
the Board of Directors
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Michael Jackson
PERSONAH Capital Management
ORGANIZATIONSequoia Capital
ORGANIZATIONMichael Tamaru
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