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0, 2011 August 3, 2011 Mr. Michael Tamaru Chief Financial Officer AliphCom 99 Rhode Island Street, 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 "Sub
court cases, including: (I) John J. ICania, "Evolution of the Discount for lack of Marketability," Business Valuation Review, March 200!, (ii) Hall, Lance S., "The Search for the Holy Grail, Getting Away from the t5-Minute Discount Determination," The Value Examiner, July/August 2004, (iii) Estate of McCo
0, 2011 August 3, 2011 Mr. Michael Tamaru Chief Financial Officer AliphCom 99 Rhode Island Street, 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 "Sub
court cases, including: (I) John J. ICania, "Evolution of the Discount for lack of Marketability," Business Valuation Review, March 200!, (ii) Hall, Lance S., "The Search for the Holy Grail, Getting Away from the t5-Minute Discount Determination," The Value Examiner, July/August 2004, (iii) Estate of McCo
0, 2011 August 3, 2011 Mr. Michael Tamaru Chief Financial Officer AliphCom 99 Rhode Island Street, 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 "Sub
court cases, including: (I) John J. ICania, "Evolution of the Discount for lack of Marketability," Business Valuation Review, March 200!, (ii) Hall, Lance S., "The Search for the Holy Grail, Getting Away from the t5-Minute Discount Determination," The Value Examiner, July/August 2004, (iii) Estate of McCo
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