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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
9,389 5805.489 $869,928 $930,823 $986,673 2) Coal °Pseuds sold 108.582 181.795 273.293 360.555 432.878 480.469 518.906 555.230 588.543 Cnoss nrawn 35,970 89,144 150,371 216,388 286,511 325.020 351,022 375,594 398.129 3) Operating expernes 64300 86,918 120,521 140,295 152.59
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
9,389 5805.489 $869,928 $930,823 $986,673 2) Coal °Pseuds sold 108.582 181.795 273.293 360.555 432.878 480.469 518.906 555.230 588.543 Cnoss nrawn 35,970 89,144 150,371 216,388 286,511 325.020 351,022 375,594 398.129 3) Operating expernes 64300 86,918 120,521 140,295 152.59
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
9,389 5805.489 $869,928 $930,823 $986,673 2) Coal °Pseuds sold 108.582 181.795 273.293 360.555 432.878 480.469 518.906 555.230 588.543 Cnoss nrawn 35,970 89,144 150,371 216,388 286,511 325.020 351,022 375,594 398.129 3) Operating expernes 64300 86,918 120,521 140,295 152.59
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