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ION REPORT As of Julie 2o, 2011 CONCLUSION Based on the information provided and the analysis conducted, and subject to the attached Statement of Limiting Conditions, it is our opinion that one common share of the Company as of the Valuation Date should be valued as follows: $0.77 (rounded) ZERO DOLLARS AND SEV
illenfwwwWw na0 Sew If wastowfwkw Sea • Itarstun. gra. Sena la owns *pinks Tomi ornate/I...Ian woe °owe awlyWew Sins • IP pita. Wings ▪ nowat.Wwwwnw winnow. mines WS, W town% lwauwaloaegasesawitigya eml fil.0141DatalalWeitall•NOtilliat. att. W {wadi Mew.,a elwwwouanawlIwunle) Ob. 'OA...1 heti i
ION REPORT As of Julie 2o, 2011 CONCLUSION Based on the information provided and the analysis conducted, and subject to the attached Statement of Limiting Conditions, it is our opinion that one common share of the Company as of the Valuation Date should be valued as follows: $0.77 (rounded) ZERO DOLLARS AND SEV
illenfwwwWw na0 Sew If wastowfwkw Sea • Itarstun. gra. Sena la owns *pinks Tomi ornate/I...Ian woe °owe awlyWew Sins • IP pita. Wings ▪ nowat.Wwwwnw winnow. mines WS, W town% lwauwaloaegasesawitigya eml fil.0141DatalalWeitall•NOtilliat. att. W {wadi Mew.,a elwwwouanawlIwunle) Ob. 'OA...1 heti i
ION REPORT As of Julie 2o, 2011 CONCLUSION Based on the information provided and the analysis conducted, and subject to the attached Statement of Limiting Conditions, it is our opinion that one common share of the Company as of the Valuation Date should be valued as follows: $0.77 (rounded) ZERO DOLLARS AND SEV
illenfwwwWw na0 Sew If wastowfwkw Sea • Itarstun. gra. Sena la owns *pinks Tomi ornate/I...Ian woe °owe awlyWew Sins • IP pita. Wings ▪ nowat.Wwwwnw winnow. mines WS, W town% lwauwaloaegasesawitigya eml fil.0141DatalalWeitall•NOtilliat. att. W {wadi Mew.,a elwwwouanawlIwunle) Ob. 'OA...1 heti i
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