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et, 3 ni floor San Francisco, CA 94103 Dear Mr. Tamaru: We have completed our analysis of the fair market value of the common equity of AliphCom ("Aliph" or the "Company") on a per share basis (the "Subject Interest") as of June 20, 2011 (the "Valuation Date"). We understand that our valuation of th
sing levels in the marketplace. is From John D. Emory Sr., F.R. Dengel 111, and John D. Emory Jr., 'Expanded Study of the Value of Marketability as Illustrated in Initial Public Offerings of Common Stock; May 1997 through December 2000," Business Valuation Review, December 2001, pp. 4-20; and John D. Emory
et, 3 ni floor San Francisco, CA 94103 Dear Mr. Tamaru: We have completed our analysis of the fair market value of the common equity of AliphCom ("Aliph" or the "Company") on a per share basis (the "Subject Interest") as of June 20, 2011 (the "Valuation Date"). We understand that our valuation of th
sing levels in the marketplace. is From John D. Emory Sr., F.R. Dengel 111, and John D. Emory Jr., 'Expanded Study of the Value of Marketability as Illustrated in Initial Public Offerings of Common Stock; May 1997 through December 2000," Business Valuation Review, December 2001, pp. 4-20; and John D. Emory
et, 3 ni floor San Francisco, CA 94103 Dear Mr. Tamaru: We have completed our analysis of the fair market value of the common equity of AliphCom ("Aliph" or the "Company") on a per share basis (the "Subject Interest") as of June 20, 2011 (the "Valuation Date"). We understand that our valuation of th
sing levels in the marketplace. is From John D. Emory Sr., F.R. Dengel 111, and John D. Emory Jr., 'Expanded Study of the Value of Marketability as Illustrated in Initial Public Offerings of Common Stock; May 1997 through December 2000," Business Valuation Review, December 2001, pp. 4-20; and John D. Emory
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