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230 Requirements) CONFIDENTIAL I WTAS LLC EFTA00307397 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
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230 Requirements) CONFIDENTIAL I WTAS LLC EFTA00307296 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
twat sc.. Ow wail II OM fl ea...try • ily• •riall I SWOP WAW Sow: MAW Sow!. MAW Ufa. Unswwwww erWe HAW O.ae. wwlw.nSa MM. Cotownwin Ile. W Conflownnus Wait IC LAW intl., If LW! SIMI Leal SZSAW CL”)) Connmven in • i•e•srtio leM)Coffintwqr...thibnik. Il 23)Coesionar•ba Waal Uniomnaws WWI )
230 Requirements) CONFIDENTIAL I WTAS LLC EFTA00307195 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
twat sc.. Ow wail II OM fl ea...try • ily• •riall I SWOP WAW Sow: MAW Sow!. MAW Ufa. Unswwwww erWe HAW O.ae. wwlw.nSa MM. Cotownwin Ile. W Conflownnus Wait IC LAW intl., If LW! SIMI Leal SZSAW CL”)) Connmven in • i•e•srtio leM)Coffintwqr...thibnik. Il 23)Coesionar•ba Waal Uniomnaws WWI )
Entities connected to both Michael Tamaru and W Conflownnus
ALIPHCOM
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the Board of Directors
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