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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
12" I.TL t" OM 4141 ..t" -MO 4094 blif% 0" 4".. 111 Tk Ca9n1 4840 nle as hoed «94.4498.1.8144% M..4. a , hieing. oalonsionpunkd ~no al Jr AM boot Ificeopabe%4Woilomon ~al oltud44Jon nikertslal~oro lo Son • es ortení ass, »watt ~no a.- Ida« 14 4 on.15944m10.91841m19•1944•40415494•34.11
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
12" I.TL t" OM 4141 ..t" -MO 4094 blif% 0" 4".. 111 Tk Ca9n1 4840 nle as hoed «94.4498.1.8144% M..4. a , hieing. oalonsionpunkd ~no al Jr AM boot Ificeopabe%4Woilomon ~al oltud44Jon nikertslal~oro lo Son • es ortení ass, »watt ~no a.- Ida« 14 4 on.15944m10.91841m19•1944•40415494•34.11
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
12" I.TL t" OM 4141 ..t" -MO 4094 blif% 0" 4".. 111 Tk Ca9n1 4840 nle as hoed «94.4498.1.8144% M..4. a , hieing. oalonsionpunkd ~no al Jr AM boot Ificeopabe%4Woilomon ~al oltud44Jon nikertslal~oro lo Son • es ortení ass, »watt ~no a.- Ida« 14 4 on.15944m10.91841m19•1944•40415494•34.11
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