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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
ICTO 17.1%1 M 510 Vin Lei NASDA12 1 H) 11,4 MA TM a)% ILV fR.eta. ILV 401141111A IV [MT 111 111119 rsiRenaue EMMA ERIC rad Atm% flå Var %Sm. DnJ1.M10 Otc31.21109 Dte31.201.0 06% 1.42s Ibis 113.0% 3r.4 193s 19.49 33Zdti KM NM 63s 1.40 19.91sl 1133%1 421.7%1 150270 15
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
ICTO 17.1%1 M 510 Vin Lei NASDA12 1 H) 11,4 MA TM a)% ILV fR.eta. ILV 401141111A IV [MT 111 111119 rsiRenaue EMMA ERIC rad Atm% flå Var %Sm. DnJ1.M10 Otc31.21109 Dte31.201.0 06% 1.42s Ibis 113.0% 3r.4 193s 19.49 33Zdti KM NM 63s 1.40 19.91sl 1133%1 421.7%1 150270 15
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
ICTO 17.1%1 M 510 Vin Lei NASDA12 1 H) 11,4 MA TM a)% ILV fR.eta. ILV 401141111A IV [MT 111 111119 rsiRenaue EMMA ERIC rad Atm% flå Var %Sm. DnJ1.M10 Otc31.21109 Dte31.201.0 06% 1.42s Ibis 113.0% 3r.4 193s 19.49 33Zdti KM NM 63s 1.40 19.91sl 1133%1 421.7%1 150270 15
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