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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
imn« nernots Imams on tumpenm. p01i;a%m mJ pmts. mum/. 444 Itnl and an 04 414 1,841. 111.0 and* &Mkt% ea «WM arphunms anda nhr0.11raJ rar cormeny's NAMTEQ wgincal ;toad:. maims dgenel m.pmf.mmnlm 0810 100.1 1,441804nIMJ <NM% 461, 04,4401 ~Ink Jea.34 36.1 hauled memareelacim Ja001014.2 maewheas. an.14.1
2 mentions1 same-page
Page ?Same page
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
imn« nernots Imams on tumpenm. p01i;a%m mJ pmts. mum/. 444 Itnl and an 04 414 1,841. 111.0 and* &Mkt% ea «WM arphunms anda nhr0.11raJ rar cormeny's NAMTEQ wgincal ;toad:. maims dgenel m.pmf.mmnlm 0810 100.1 1,441804nIMJ <NM% 461, 04,4401 ~Ink Jea.34 36.1 hauled memareelacim Ja001014.2 maewheas. an.14.1
2 mentions1 same-page
Page ?Same page
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
imn« nernots Imams on tumpenm. p01i;a%m mJ pmts. mum/. 444 Itnl and an 04 414 1,841. 111.0 and* &Mkt% ea «WM arphunms anda nhr0.11raJ rar cormeny's NAMTEQ wgincal ;toad:. maims dgenel m.pmf.mmnlm 0810 100.1 1,441804nIMJ <NM% 461, 04,4401 ~Ink Jea.34 36.1 hauled memareelacim Ja001014.2 maewheas. an.14.1
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