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Valuation Date included JP Morgan Digital Growth Fund, LP; Sequoia Capital; the Mayfield Fund; Khosla Ventures; Andreessen Horowitz Fund II, LP; and AH Capital Management, LW. As a result of the economic recession and investments the Company has made in development thus far, the Company incurred operating losses befo
et, 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 ("Aliph" or the "Company") on a per share basis (the "Subject Interest") as of June 20, 2011 (the "Valuation Date"). We understand that our valuation of th
Valuation Date included JP Morgan Digital Growth Fund, LP; Sequoia Capital; the Mayfield Fund; Khosla Ventures; Andreessen Horowitz Fund II, LP; and AH Capital Management, LW. As a result of the economic recession and investments the Company has made in development thus far, the Company incurred operating losses befo
et, 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 ("Aliph" or the "Company") on a per share basis (the "Subject Interest") as of June 20, 2011 (the "Valuation Date"). We understand that our valuation of th
Valuation Date included JP Morgan Digital Growth Fund, LP; Sequoia Capital; the Mayfield Fund; Khosla Ventures; Andreessen Horowitz Fund II, LP; and AH Capital Management, LW. As a result of the economic recession and investments the Company has made in development thus far, the Company incurred operating losses befo
et, 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 ("Aliph" or the "Company") on a per share basis (the "Subject Interest") as of June 20, 2011 (the "Valuation Date"). We understand that our valuation of th
Entities connected to both AH Capital Management and Aliph

the Board of Directors
ORGANIZATIONRhode Island Street
ORGANIZATIONALIPHCOM
ORGANIZATION
Michael Jackson
PERSONMichael Tamaru
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DARPA
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PERSONMySpace
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Joi Ito
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Myron Scholes
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McGraw-Hill
ORGANIZATIONJulie
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Federal Reserve
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