— a WTAS VALUATION SERVICES GROUP AliphCom Common Equity Valuation as of June 20, 2011 CONFIDENTIAL EFTA00307193

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— WTAS kL ALIPHCOM — COMMON EQUITY VALUATION REPORT Table of Contents Transmittal Letter Definition of Value Scope of Engagement Conclusion Statement of Limiting Conditions Certification Background Exhibit A: Company Overview Exhibit B: Historical Financial Analysis Exhibit C: Industry Overview Exhibit D: Economic Overview Exhibit E: Valuation Methodologies Company Valuation (Step 1) Allocation of Company Value to Each Ownership Class (Step 2) Selected Approaches Total Company Valuation Exhibit F: Income Approach Revenue, Expenses, and Profitability Income Taxes Cash Flow Items Discount Rate Residual Value Conclusion Exhibit G: Discounted Cash Flow Analysis Exhibit H: Weighted Average Cost of Capital Exhibit I: Guideline Company Ratios Exhibit J: Market Approach: Public Company Market Multiple Method Overview Search Criteria Analysis Conclusion Exhibit K: Market Approach: Public Company Market Multiple Method Analysis CONFIDENTIAL | WTAS LLC As of June 20, 2011 EFTA00307194

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a WT AS ALIPHCOM — COMMON EQUITY VALUATION REPORT As of June 20, 2011 Common Equity Valuation Exhibit L: Capitalization Rights Overview Exhibit M: Capitalization Table Exhibit N: Option Pricing Method Overview Analysis Black-Scholes Model Black-Scholes Model Assumptions Allocation of Value to Each Share Class Conclusion Exhibit O: Option Pricing Method Analysis Exhibit P: Adjustment for Lack of Marketability William L. Silber Study Management Planning, Inc. Study FMV Study Selected Marketability Discount Exhibit Q: Put Option Analysis Appendices Appendix 1: Guideline Company Tear Sheets Appendix 2: Studies Regarding Adjustments for Lack of Marketability Pre-IPO Studies Restricted Stock Studies Appendix 3: Appraisers’ Qualifications Appendix 4: Facts, Factual Assumptions, and Factual Representations Relied Upon in Our Valuation (Pursuant to Circular 230 Requirements) CONFIDENTIAL | WTAS LLC EFTA00307195

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—— WTAS ALIPHCOM — COMMON EQUITY VALUATION REPORT As of June 20, 2011 August 3, 2011 Mr. Michael Tamaru Chief Financial Officer AliphCom 99 Rhode Island Street, 3" 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 the Subject Interest, as developed in this report, will be utilized for tax planning and financial reporting purposes in conjunction with regulations of Section 409A of the Internal Revenue Code (“IRC”) as well as Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 718 - Compensation*. We have not been engaged to make any purchase or sale recommendations associated with the Company and this report should not be utilized for any other purpose. Our valuation is dependent on numerous factors both internal and external to the Company as of the Valuation Date. However, a willing buyer, taking into account its own facts and circumstances, might have a different assessment of value. Thus, we make no representation, nor should it be implied that the Company would be sold at the indicated value. Such price would be dependent on market conditions and negotiations between buyer and seller. DEFINITION OF VALUE For tax reporting purposes and in conjunction with Section 409A of the IRC, the standard of value utilized in our analysis is fair market value, which is defined as: The price at which the property would change hands between a willing buyer and a willing seller when the former is not under any compulsion to buy and the latter is not under any compulsion to sell, both parties having reasonable knowledge of the relevant facts. This definition of value is supported by pronouncements from the Internal Revenue Service (the “IRS”) and has been further established in numerous court decisions dealing with fair market value issues. For financial reporting purposes, the standard of value to be utilized in our analysis is fair value as defined in the Glossary of FASB ASC Topic 718 as follows: The amount at which an asset (or liability) could be bought (or incurred) or sold (or settled) in a current transaction between willing parties, that is, other than in a forced or liquidation sale. We also considered recent Financial Accounting Standards Board discussions and activity related to refining this definition and other current staff positions / decisions. For the purposes of this valuation analysis, it was assumed that no material difference existed between the estimated fair market value and the fair value of the Company’s common equity on a per share basis. Throughout the course of this report and the related analysis, it can be assumed that the terms “fair market value” and “fair value” are interchangeable. » FASB ASC Topic 718 supersedes Statement of Financial Accounting Standards (“SFAS”) No. 123R. CONFIDENTIAL | WTAS LLC EFTA00307196

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a WT AS ALIPHCOM — COMMON EQUITY VALUATION REPORT As of June 20, 2011 SCOPE OF ENGAGEMENT Where applicable, our valuation of the Subject Interest included an analysis of the Company’s historical operating results, review of the industry in which the Company operates, research of comparable publicly traded companies, and a review of the Company's pro-forma forecast of future business operations. Consistent with Revenue Ruling 59-60 and standard practice, the following factors have also been analyzed and accorded due weight, where applicable: «The nature and history of the entity's business; « The general economic conditions and specific industry outlook; « The book value of the entity and its financial condition; « The earning capacity of the entity; « The entity’s distribution history and capacity; « The existence of goodwill or other intangible value within the business; ¢ Prior interest sales and the size of the interests being valued; and « The market price of companies engaged in the same or a similar line of business having their equity securities actively traded in a free and open market, either on an exchange or over-the- counter (“OTC”). We also considered differences between the Company's preferred and common shares with respect to liquidation preferences, conversion rights, voting rights, and other features. We also considered appropriate adjustments to recognize lack of marketability. Revenue Ruling 59-60? is the definitive source outlining the standard of value, approach, methods, and factors to be considered in valuing shares of the stock of a closely held entity similar to Palantir. Although initially presented for use in estate and gift tax calculations, Revenue Ruling 59-60 is regularly referenced and used in the valuation of closely held businesses for other tax reporting, and other purposes, and its principles are applicable in the valuation of most closely held businesses. In the course of our valuation analysis, we used financial and other information provided by management or obtained from private and public sources. We have accepted the financial data provided to us without verification as accurately reflecting the historical and projected financial position and operating results of the Company. * Revenue Ruling 59-60, 1959-1 CB 237, modified by Revenue Ruling 65-193, 1965-2 CB 370, and amplified by Revenue Ruling 77-287, 1977-2 CB 319, Revenue Ruling 80-213, 1980-2 CB 101, and Revenue Ruling 83-120, 1983-2 CB170. CONFIDENTIAL | WTAS LLC EFTA00307197

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a WT AS ALIPHCOM - COMMON EQUITY VALUATION REPORT As of June 20, 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 SEVENTY-SEVEN CENTS With regard to tax issues, pursuant to Internal Revenue Service requirements (Circular 230), please note that: « This opinion is limited to the tax issue addressed in the opinion (the valuation of the Subject Interest for tax reporting purposes). « Additional issues may exist that could affect the tax treatment of the subject transaction or matter. Our opinion does not consider or conclude on those additional issues. « With respect to any significant tax issues outside the limited scope of the opinion, the opinion was not written, and cannot be relied on by the taxpayer, for the purpose of avoiding penalties that may be imposed on the taxpayer. We appreciate this opportunity to perform this engagement and would be pleased to discuss our findings and the methodology used in the valuation. A copy of this report is retained in our files, together with the data from which it was prepared. Please do not hesitate to contact us if you have any questions or if we can be of further assistance concerning this engagement. Very truly yours, WTAS LLO CONFIDENTIAL | WTAS LLC EFTA00307198

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— A ii WTAS ALIPHCOM — COMMON EQUITY VALUATION REPORT As of June 20, 2011 Statement of Limiting Conditions The value conclusions related to the asset(s), propert(ies), business entit(ies), or business interest(s) (the “Subject Asset(s)”) specified in our appraisal report / deliverable (hereafter referred to as the “Analysis”) are governed by the following limiting conditions: 1. No investigation of the legal description or matters, including title or encumbrances, will be made, and the owner's claim to the Subject Asset(s) is assumed to be valid and marketable. Further, unless otherwise specifically indicated, we have made the following assumptions: (i) the Subject Asset(s) is free and clear of any liens or encumbrances; (ii) the Subject Asset(s) meets full compliance with all applicable federal, state, and local zoning, as well as use, environmental, and similar laws and regulations; and (iii) all licenses, certificates, consents, or other legislative or administrative authority from any local, state, federal government, or private entity have been or can be obtained or renewed for any use on which the value conclusion is based in the Analysis. 2. WTAS LLC (*WTAS") has relied upon information furnished by others, which is believed to be reliable. We have not independently verified the accuracy or completeness of the information. 3. During the course of our analysis, we were provided certain financial information, including estimates of cash flow, by management. We have not performed an examination, review, or compilation in accordance with standards prescribed by the American Institute of Certified Public Accountants and, therefore, do not express an opinion or offer any form of assurance on the cash flow data or their underlying assumptions. 4. The value conclusions are not intended to represent values for the Subject Asset(s) at any date other than the date of value specified in the Analysis. We assume no responsibility for changes in market conditions or physical factors that could affect the value of the Subject Asset(s) at a later date, or the inability of the owner to sell the Subject Asset(s) at the value specified in the Analysis. 5. The Analysis has been prepared solely for the purpose stated, and should not be used for any other purpose or by any other person / party than to or for whom it is addressed and prepared. Our value conclusions are not intended to represent investment advice of any kind and do not constitute a recommendation as to the purchase price or sale of the Subject Asset(s). 6. Neither the Analysis nor any portion thereof (including, without limitations, any conclusions as to value, the identity of the appraiser, or the identity of WTAS) shall be disseminated to the public or third parties through advertising, public relations, news, sales, mail, direct transmittal, Securities and Exchange Commission disclosure documents, or any other media without the prior written consent and approval of WTAS. Possession of the Analysis, or a copy thereof, does not afford the holder the right to publication. The Analysis may not be used without the prior written consent of WTAS and Palantir. 7. Our engagement team is not required to give further consultation, testimony, or be in attendance in court with reference to the Subject Asset(s) in question or to update any report, recommendation, analysis, conclusion, or other document related to our services, unless additional arrangements are made. 8. Responsible ownership and competent property / asset management are assumed. CONFIDENTIAL | WTAS LLC 6 EFTA00307199

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a WT AS ALIPHCOM - COMMON EQUITY VALUATION REPORT As of June 20, 2011 Certification I certify, that to the best of my knowledge and belief: ¢ The statements of fact contained in this report are true and correct. e The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions. e WTAS and I have no present or prospective interest in the property that is the subject of this report, and have no personal interest with respect to the parties involved. e [have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. e The engagement of WTAS and myself in this assignment was not contingent upon developing or reporting predetermined results, nor was the compensation received for completing this engagement contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of the appraisal. e The undersigned have performed services with respect to interests in the Company within the three- year period immediately preceding acceptance of the valuation engagement. Prior services were the valuation of one common share of the Company as of February 28, 2009, February 28, 2010, February 10, 2011, March 28, 2011, and June 30, 2007. e The procedures, opinions, and conclusions developed constitute an Appraisal Report, in conformance with the Business Valuation Standards of the American Society of Appraisers. No persons, other than the appraisers acknowledged below, provided significant business appraisal assistance to the person(s) signing this certification. Petra Loer, CFA, ASA WTAS Tax ID Number: 26-1437743 Contributing Appraiser: Shirley Zhang CONFIDENTIAL | WTAS LLC EFTA00307200

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EXHIBIT A Company Overview ALIPHCOM —- COMMON EQUITY VALUATION As of June 20, 2011 EFTA00307201

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—— WTAS ALIPHCOM — COMMON EQUITY VALUATION REPORT As of June 20, 2011 Exhibit A: Company Overview Founded in 1998 and headquartered in San Francisco, California, Aliph originated as a leading developer of design-driven, noise-eliminating bluetooth headsets. Since inception, Aliph has refined its noise suppression technology? for commercial applications. In December 2006, the Company introduced its award-winning Jawbone Bluetooth headset with Noise Shield nationwide. Since its launch, the Jawbone Bluetooth headset has become one of the best-selling Bluetooth headsets in the U.S. and is also sold in the U.K. The Company subsequently launched its low- and mid-price-range product series, the Jawbone Prime and Jawbone ICON series, in 2009 and early 2010, respectively, which featured headsets with innovative and sleek designs. Since its release, the Jawbone ICON series has received outstanding reviews and experienced strong sales volume through online and third-party retailers. As of the Valuation Date, Aliph has expanded its product lines from headsets to wireless speakers and speakerphones (the JAWBOX series), as well as new software applications and services. For instance, the Company introduced MyTalk in 2010, a web portal that allows users to download applications and software for enhanced setting control and connectivity with their devices. The Company also introduced a free mobile phone service called “THOUGHTS”, which allows users to record and send instant voice messages to individual or group contacts (vs. traditional methods of texting and emailing). Furthermore, the Company expects to release its Armstrong activity band in July 2011, which will primarily target physically active urban adults. The Company's products received various accolades and awards, with the most recent being the winner of the 2010 Industrial Designer's Society of America (“IDSA”) Design of the Decade. Going forward, management is forecasting significant growth from recently launched new products and services, expanding existing market segments, and developing new products. Based on discussions with management, the applicable target market for the Company's Armstrong activity band is significantly larger than previously anticipated. As such, management expects to achieve a larger sales volume of activity bands, which is reflected in the revised forecast for the current Valuation Date. Similarly, management also expects the stereo headphone line to achieve a higher sales volume from the Company's recently launched Jambox, which is expected to be sold globally going forward. Management expects bluetooth sales to remain flat and sales of its enterprise products to decline going forward. Overall, due to competitive pricing pressure, management is forecasting similar pricing points, and expects to achieve a similar long-term profitability margin as previously forecasted. In June 2011, Aliph secured its latest round of Series 5 preferred financing with JP Morgan Digital Growth Fund, LP. However, according to management, there were a couple of investors who were considering making additional Series 5 investments in the Company. As a result of the uncertainty related to these potential investments, we did not consider them in our analysis as of the Valuation Date. Based on discussions with management, the Series 5 preferred round of financing was not considered arms length, as the financing was not marketed to solicit other competing offers. In addition, the potential investors did not perform extensive financial due diligence of the Company, and the investors were personal friends of the Chief Executive Officer. As such, we did not rely upon the Series 5 preferred round of financing as an indication of value in arriving at our concluded value for the Company's common shares at the Valuation Date. Since inception, the Company has had seven rounds of preferred share financing, through which the Company had raised aggregate proceeds of approximately $118.5 million. Its primary investors at the Valuation Date included JP Morgan Digital Growth Fund, LP; Sequoia Capital; the Mayfield Fund; Khosla Ventures; Andreessen Horowitz Fund II, LP; and AH Capital Management, LLC. As a result of the economic recession and investments the Company has made in development thus far, the Company incurred operating losses before interest expense and tax of approximately $17.6 million on revenues of approximately $86.8 million for the fiscal year ended December 31, 2010. However, going forward, the Company is forecasted to break even in the 2012 time frame, and revenues are projected to experience significant growth in the near term as the Company expects to see an increase in sales volume from its entry into new geographic markets and expansion in the new activity band market. 3 Originally used for military applications, with its participation in a Defense Advanced Research Projects Agency (DARPA) program. CONFIDENTIAL | WTAS LLC 9 EFTA00307202

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EXHIBIT B Historical Financial Analysis ALIPHCOM — COMMON EQUITY VALUATION As of June 20, 2011 10 EFTA00307203

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a WT AS ALIPHCOM - COMMON EQUITY VALUATION REPORT As of June 20, 2011 Exhibit B: Historical Financial Analysis Aliph’s revenues rebounded in 2010 following the decline in 2009 as a result of the lackluster demand due to the economic recession. As of the Valuation Date, management expects its products to continue gaining traction in their primary markets. See the historical financial statement analysis below. Selected Historical Income Statement Data (in 8000s) Revenue $55,708 = $145,455 $70,434 Operating income (loss) (2,928) (13,007) (17,636) Net income (loss) (2,148) (13,089) (17,663) CONFIDENTIAL | WTAS LLC Ml EFTA00307204

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EXHIBIT C Industry Overview ALIPHCOM — COMMON EQUITY VALUATION As of June 20, 2011 EFTA00307205

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5 ——EEEs a WT AS ALIPHCOM — COMMON EQUITY VALUATION REPORT As of June 20, 2011 Exhibit C: Industry Overview: The wireless communications equipment industry consists of two general sectors: the wireless handsets / headsets sector and the wireless infrastructure (network equipment) sector. The wireless handset sector consists of both analog and digital handsets, and is estimated to be the world’s largest consumer electronic market. According to Datamonitor, the global wireless handset market reached total revenues of approximately $95.8 billion in 2009, representing a compound annual growth rate (“CAGR”) of approximately 8.5% for the period spanning 2005 through 2009. Over the four-year period spanning from 2005 through 2009, more consumers dropped landline phones completely and instead relied on their wireless handsets for phone service, such that the volume of mobile handsets that were in use increased at a four-year CAGR of 10.7% from 2005 to 2009, and reached an approximate one billion units in 2009. Going forward, the performance of the wireless handset market is forecasted to continue to accelerate, with an anticipated CAGR of 10.1% for the five-year period spanning from 2009 to 2014, reaching a total market value of approximately $155.3 billion by the end of 2014. See below for additional details. Global mobile phones market value forecast: $ billion, 2009-14 $ billion € billion 95.8 68.9 103.2 74.2 113.2 614 124.8 89.7 138.9 99.9 155.3 117 CAGR: 2009-14 Source: Datamonitor DATAMONITOR + Sources: Standard & Poor’s Industry Surveys (“P), the Datamonitor Group, and information provided by management. CONFIDENTIAL | WTAS LLC 3 EFTA00307206

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— — WT AS ALIPHCOM — COMMON EQUITY VALUATION REPORT As of June 20, 2011 Figure 10: Global mobile phones market value forecast: $ billion, 2009-14 180 160 140 120 100 80 60 40 20 o Source: Datamonitor DATAMONITOR GEBS billion -® % Growth 12 sa 10 8 7 : 2009 2010 2014 2011 2012 2013 Year $ billion a % Growth he On a According to [. the wireless infrastructure market is continuing to experience growth due to the expansion of fourth generation (4G) digital networks. The usage of these high-speed networks has been fueled by the growing demand for smartphones, such as Apple’s 4G iPhone and Google Inc.’s Android- based G2. The rise in demand for smartphones has been largely driven by the significant growth in social networking, as these devices provide access to popular social networking websites such as Facebook, Twitter, and MySpace. In upcoming years, the demand for these devices will depend on product differentiation, as consumers require more customized, intelligent, and powerful applications. Geographically, the world’s mature economies continue to play an important role in the wireless handset market; however, the number of new mobile subscribers in these developed countries is rapidly declining as penetration rates have reached relatively saturated levels. As a result, the focus of market growth has turned to emerging markets in regions within the Asia-Pacific, where low penetration rates and pent-up demand for network connectivity bode well for new subscriber acquisitions. According to Datamonitor, as of 2009, the Asia-Pacific region had the majority share (or approximately 55.2%) of the total wireless handsets sold globally. See the chart on the following page for details. CONFIDENTIAL | WTAS LLC 14 EFTA00307207

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— «A ' ——— WTAS ALIPHCOM — COMMON EQUITY VALUATION REPORT As of June 20, 2011 Figure 3: Global mobile phones market segmentation Il: % share, by value, 2009 Amencas 18.0% Asia-Pacific 55.2% Europe 26.9% Source: Datamonitor DATAMONITOR The number of unified communications (“UC") users is expected to increase from approximately 2.1 million in 2010 to approximately 50 million in 2015. Based on information provided by management, the increase will be driven by both enterprise and personal usage. Overall, the growth in headphone sales is expected to be primarily driven by an increase in smartphone usage. Participants operating in the wireless handset / headset industry include large public companies such as Motorola Mobility, Inc.5, Palm, Inc.®, Nokia Corp., Plantronics Inc., Research in Motion Ltd., Netgear Inc., and Logitech International SA, as well as a number of smaller companies such as AliphCom and BlueAnt Wireless. The continuing recovery of the worldwide economy is expected to continue to drive consumer demand for wireless products, which represents a significant market opportunity for companies in that space. 5 Effective January 4, 2011, Motorola Mobility, Inc., and Motorola Solutions, Inc. spun-off into two separate publicly traded companies. Motorola Mobility, Inc. primarily provides products and services to consumer and entertainment sectors. Motorola Solutions, Inc. primarily provides products and services to enterprise and government sectors. © As of July 1, 2010, Palm, Inc. was acquired by Hewlett-Packard Company. CONFIDENTIAL | WTAS LLC 15 EFTA00307208

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EXHIBIT D Economic Overview ALIPHCOM — COMMON EQUITY VALUATION As of June 20, 2011 16 EFTA00307209

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a WT AS ALIPHCOM - COMMON EQUITY VALUATION REPORT As of June 20, 2011 Exhibit D: Economic Overview - A fundamental consideration in the valuation of any business is the performance of the economy in which that business operates or from which it derives its benefits (ie., revenues and profits). In the case of the Company, it is important to consider the performance and outlook of the economy in which it operates. Current economic concerns include global political upheaval, uncertainty related to European sovereign debt, quantitative easing, government stimulus programs, and a continually weak housing market. Despite widespread agreement that the U.S. economy began to grow in late-2009, weak labor, retail, and housing markets in 2010 have caused the economic recovery to be slow. Furthermore, high household indebtedness is expected to continue to lead to weak demand in the retail markets. Please see below for further details. GROSS DOMESTIC PRODUCT According to the Economist Intelligence Unit (“EIU”), the economic gross domestic product (“GDP”) in the U.S. is expected to grow 2.9% in 2011 as the recovery continues and consumer confidence improves. The government has approved a $300 billion economic stimulus package, which was expected to continue to support economic growth in 2011. Quarterly Real GDP Growth 1.5% 1.0% 0.5% 0.0% 0.5% # 1.0% + “1.5% “2.0% ECONOMIC INDICATORS The projected growth in GDP is also supported by a modest expansion in production, consumer spending, and manufacturing. The continually increasing economic indicators represent an increase in inventories and economic activity. Please see below for further information. Consolidated - Annual Change (2/10 - 2/11) Industrial Production 5.81% Business Manufacturing 7.53% Consumer Spending 3.77% 7 Sources: Capital 1Q, Federal Reserve Board, the Bureau of Economic Analysis, the Bureau of Labor Statistics, the University of Michigan Consumer Sentiment Report, Institute for Supply Management, the Livingston Survey, the EIU, and Standard & Poor's Industry Surveys. CONFIDENTIAL | WTAS LLC 7 EFTA00307210

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a WT AS ALIPHCOM - COMMON EQUITY VALUATION REPORT As of June 20, 2011 HOUSING MARKET Since 2008, the subprime debt crisis has placed downward pressure on economic growth as significant losses from subprime loans have reduced the willingness of banks to loan funds to other financial institutions and consumers. Despite the stabilization of prices in the housing markets since 2008, many states hit hardest by the subprime crisis have yet to recover, resulting in a surplus inventory of homes available in the housing market. This has resulted in significant declines in new home construction and construction-related industries, which has also slowed economic growth. Home sales began to recover in late 2009; however, inventories remained high in 2010, which has kept home prices low. Furthermore, new housing starts have remained weak as excess housing inventory has been slow to sell. New Home Starts (000's) 1500 1000 > LABOR / CONSUMER STATISTICS According to EIU, the unemployment rate is expected to decrease to an average of 8.0% for fiscal year 2011. Reports from the Bureau of Labor Statistics indicate that the Consumer Price Index for All Urban Consumers increased 2.2% from February 2010 to February 2011. According to EIU, consumer confidence has improved in the first quarter of 2010 as consumer confidence reached its highest level since February 2008. In general, labor markets and consumer sentiment have improved but remain weak, which has resulted in slow economic recovery. Unemployment Rate (%) 12.0% 10.0% > 8.0% 6.0% + 40% — 20% 0.0% CONFIDENTIAL | WTAS LLC 18 EFTA00307211

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WTAS ALIPHCOM — COMMON EQUITY VALUATION REPORT As of June 20, 2011 INTEREST RATES According to the December 2010 Livingston Survey, the interest rate on three-month Treasury bills is expected to increase from 0.2% in December 2010 to 0.4% by December 2011, before further increasing to 1.6% by December 2012. In addition, ten-year Treasury bond interest rates are expected to increase from 2.8% in December 2010 to 3.3% by December 2011. Current estimates for the ten-year Treasury bond interest rates anticipate an increase to 4.0% by December 2012. The U.S. Federal Reserve has kept long- term and short-term interest rates low in an effort to incentivize economic growth and prevent deflation. Please refer to the chart below. 10 Year (Weekly) Interest Rates 9.0% 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% es # & gy a es fo eh Ry ) we ; vt ” oe FINANCIAL MARKETS For the 12 months ended June 20, 2011, U.S. equity markets demonstrated strong gains. Please see below for annual market returns. 6/20/2010 6/20/2011 Return Dow Jones Industrial 10,450.64 12,080.38 15.6% Nasdaq 2,309.80 2,629.66 13.8% 1,117.51 1,278.36 14.4% CONCLUSION The future performance of the Company is correlated with both the overall growth and performance of the economy. As noted above, the economy in which the Company operates is in the midst of an economic recovery. If the economic environment continues to improve, the Company will be well-prepared for further growth. However, if the economy dips back into a recession, the future outlook for the Company could be materially affected. CONFIDENTIAL | WTAS LLC 19 EFTA00307212

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EXHIBIT E Valuation Methodologies ALIPHCOM — COMMON EQUITY VALUATION As of June 20, 2011 20 EFTA00307213

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a WT AS ALIPHCOM - COMMON EQUITY VALUATION REPORT As of June 20, 2011 Exhibit E: Valuation Methodologies COMPANY VALUATION (STEP 1) There is no universal formula to determine an appropriate value for an illiquid, non-controlling interest in a closely held company. Determination of value is a matter of judgment, which takes into consideration economic and market conditions, as well as investment opportunities that would be considered as alternatives to the interest being valued. The methods commonly used to value a closely held business include the following: Income Approach. This approach focuses on the income-producing capability of a business. The income approach estimates value based on the expectation of future cash flows that a company will generate — such as cash earnings, cost savings, tax deductions, and the proceeds from disposition. These cash flows are discounted to the present using a rate of return that incorporates the risk-free rate for the use of funds, the expected rate of inflation, and risks associated with the particular investment. The selected discount rate is generally based on rates of return available from alternative investments of similar type, quality, and risk. Market Approach. This approach measures the value of an asset or business through an analysis of recent sales or offerings of comparable investments or assets. When applied to the valuation of equity interests, consideration is given to the financial condition and operating performance of the entity being appraised relative to those of publicly traded entities operating in the same or similar lines of business, potentially subject to corresponding economic, environmental, and political factors and considered to be reasonable investment alternatives. The market approach can be applied by utilizing one or both of the following methods: * Public Company Market Multiple Method (“PCMMM”). This methodology focuses on comparing the subject entity to guideline publicly traded entities. In applying this method, valuation multiples are: (i) derived from historical or forecasted operating data of selected guideline entities; (ii) evaluated and / or adjusted based on the strengths and weaknesses of the subject entity relative to the selected guideline entities; and (iii) applied to the appropriate operating data of the subject entity to arrive at a value indication. ¢ Similar Transactions Method. This methodology utilizes valuation multiples based on actual transactions that have occurred in the subject entity's industry or related industries to arrive at an indication of value. These derived multiples are then adjusted and applied to the appropriate operating data of the subject entity to arrive at an indication of value. Cost Approach. This approach measures the value of an asset by the cost to reconstruct or replace it with another of like utility. When applied to the valuation of equity interests in businesses, value is based on the net aggregate fair market value of the entity's underlying individual assets. The technique entails a restatement of the balance sheet of the enterprise, substituting the fair market value of its individual assets and liabilities for their book values. The resulting approach is reflective of a 100% ownership interest in the business. This approach is frequently used in valuing holding companies or capital-intensive firms. It is not necessarily an appropriate valuation approach for companies having significant intangible value or those with little liquidation value. ALLOCATION OF COMPANY VALUE TO EACH OWNERSHIP CLASS (STEP 2) As outlined in the American Institute of Certified Public Accountants (“AICPA”) guidelines pertaining to the allocation of an enterprise’s value, the three most commonly used methodologies for determining the value of a single class of equity capital in a privately held company include the following: Option Pricing Method (“OPM”). This approach allows for the allocation of a company’s equity value (as determined in Step 1) among the various equity capital owners (preferred and common shareholders). The OPM uses the preferred shareholders’ liquidation preferences, participation rights, dividend policy, CONFIDENTIAL | WTAS LLC 21 EFTA00307214

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—— WT AS ALIPHCOM - COMMON EQUITY VALUATION REPORT As of June 20, 2011 and conversion rights to determine how proceeds from a liquidity event shall be distributed among the various ownership classes at a future date. Per the AICPA guidelines: “The option pricing method treats common stock and preferred stock as call options on the enterprise's value, with exercise prices based on the liquidation preference of the preferred stock. Under this method, the common stock has value only if the funds available for distribution to shareholders exceed the value of the liquidation preference at the time of a liquidity event (for example, merger or sale), assuming the enterprise has funds available to make a liquidation preference meaningful and collectible by the shareholders...Thus, common stock is considered to be a call option with a claim on the enterprise at an exercise price equal to the remaining value immediately after the preferred stock is liquidated...the common implicitly considers the effect of the liquidation preference as of the future liquidation date, not as of the valuation date.”* Probability Weighted Expected Return Method (“PWERM”). ‘This approach involves the estimation of future potential outcomes for the company, as well as values and probabilities associated with each respective potential outcome. The common stock per share value determined using this approach is ultimately based upon probability-weighted per share values resulting from the various future scenarios, which can include an 1PO, merger or sale, dissolution, or continued operation as a private company. Per the AICPA guidelines: “Under a probability-weighted expected return method, the value of the common stock is estimated based on upon an analysis of future values for the enterprise assuming various future outcomes. Share value is based upon the probability-weighted present value of expected future investment returns, considering each of the possible future outcomes available to the enterprise, as well as the rights of each share class." Current Value Method. This approach involves allocating the company’s current value (as determined in Step 1) among the various capital owners based on their respective liquidation preferences and conversion, dividend, and other rights under the assumption that all capital owners act in a manner that maximizes their financial return. Unlike the OPM and the PWERM approaches, this methodology is not forward-looking, and therefore fails to consider the possibility that the value of the company and the individual share classes will increase or decrease between the valuation date and a future date when the common shareholders receive a return on their investment (e.g., through a liquidity event such as an IPO or sale/merger). Per the AICPA guidelines: “Because the current-value method focuses on the present and is not forward-looking, the task force believes its usefulness is limited primarily to two types of circumstances. The first occurs when a liquidity event in the form of an acquisition or dissolution of the enterprise is imminent, and expectations about the future of the enterprise as a going concern are virtually irrelevant. The second occurs when an enterprise is at such an early stage of its development that (a) no material progress has been made on the enterprise's business plan, (b) no significant common equity value has been created in the business above the liquidation preference on the preferred shares, and (c) there is no reasonable basis for estimating the amount and timing of any such common equity value above the liquidation preference that might be created in the future.” * American Institute of Certified Public Accountants 2004, Valuation of Privately-Held-Company Equity Securities Issued as Compensation, p. 61-62. * American Institute of Certified Public Accountants 2004, Valuation of Privately-Held-Company Equity Securities Issued as Compensation, p. 59-60. *° American Institute of Certified Public Accountants 2004, Valuation of Privately-Held-Company Equity Securities Issued as Compensation, p. 63. CONFIDENTIAL | WTAS LLC EFTA00307215

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—— WTAS ALIPHCOM — COMMON EQUITY VALUATION REPORT As of June 20, 2011 SELECTED APPROACHES The first step in valuing the Company’s common shares was to determine the value of the Company’s total equity (associated with all preferred and common equity). In arriving at a conclusion of value for the Company's equity, we considered all of the aforementioned valuation methodologies from Step 1: « Income Approach. The Company is an operating entity expected to generate future cash flows for its capital owners. Any future sale or transaction is expected to be based on the Company's future cash flow expectations. As such, the Income Approach was the primary methodology used in arriving at a value for the Company's equity. Please see Exhibits F and G for further details related to our analysis utilizing the Income Approach. * PCMMM of the Market Approach. This methodology was considered as a reasonableness check in our analysis, but ultimately not relied upon due to differences between the Company and the selected guideline companies. Specifically, the selected publicly traded guideline companies that are most comparable to the Company offer a broader range of products and services compared to those of the Company. In addition, the companies that operate in the Company's specific segment of the industry that were considered most similar to the Company in terms of operational profile and size were not publicly traded as of the Valuation Date. Please see Exhibits J and K for further details related to our use of the PCMMM of the Market Approach in our analysis. ¢ Similar Transactions Method of the Market Approach. This methodology was considered but not used due to a lack of available data surrounding recent acquisitions of companies with operations similar to the Company. * Cost Approach. This methodology was considered but not used, as it does not accurately reflect the going concern value of the Company. The second step in valuing the Company's common shares was to allocate the Company's value from Step 1 among the various capital owners. In doing so, we considered the three valuation approaches outlined in Step 2: « OPM. As of the Valuation Date, there was a very wide range of possible future exit events, and forecasting specific probabilities and potential values associated with any future events would be highly speculative and imprecise. As such, we relied primarily upon the OPM in order to allocate the Company’s total equity value among its equity owners. Please see Exhibits N and O for further details related to this methodology and its application in our analysis. « PWERM. The PWERM was considered but ultimately not used due to the uncertainty surrounding future potential liquidity events. Estimating the Company and common stock values, timing, and probabilities of such future events was considered to be highly speculative. « Current Value Method. The current value method was not utilized in our analysis, as the Company is not expecting an impending liquidity event. Given the lack of an imminent transaction, the current value method would fail to consider the possibility that the value of the company and the individual share classes could increase or decrease between the valuation date and a future liquidity event date. Since the Subject Interest is an interest in a closely held entity, we also considered appropriate adjustments to recognize the lack of marketability inherently present in interests of this type. Please see Exhibits P and Q for further details related to our analysis related to the concluded adjustment for lack of marketability applicable to the Subject Interest. CONFIDENTIAL | WTAS LLC 3 EFTA00307216

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EXHIBIT F Income Approach Method ALIPHCOM — COMMON EQUITY VALUATION As of June 20, 2011 24 EFTA00307217

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a WT AS ALIPHCOM - COMMON EQUITY VALUATION REPORT As of June 20, 2011 Exhibit F: Income Approach A discounted cash flow analysis for the Company, presented in Exhibit G, was developed based on (i) discussions with management, (ii) a forecast prepared by Company management (“Management's Forecast”), (iii) historical financials for the Company, and (iv) guideline company / industry growth and margin indications (presented in Exhibit I). The forecasted cash flows represent the economics that both a minority and controlling shareholder would be able to realize and, therefore, were assumed to represent both a control and minority premise of value. In addition, the discount rate was developed considering the capital structure of the industry and the long-term expected capital structure of the Company. Since these were similar, the resulting value indication represents both a control, marketable and minority, marketable premise of value. The primary assumptions utilized in the discounted cash flow analysis are described below. Assumptions REVENUE, EXPENSES, AND PROFITABILITY Forecasted revenues and expenses were based on consideration of historical Company indications, discussions with management, Management's Forecast, and guideline company indications, and were each forecasted to trend toward long-term sustainable levels based on discussions with management. Overall revenue growth, expenses as a percentage of revenue, and operating profit estimates were determined to not be unreasonable based on guideline company indications and consideration of management's expectations for the Company. In addition, the risk associated with achieving the forecasted margins has been considered in the selected discount rate. Please see the table below and Exhibit G for further information. SELECTED FORECASTED REVENUE, EXPENSE, AND PROFITABILITY DATA ($000s) For the fiscal years ending December 31, $144,552 $270,039 $423,664 $586,943 $719,389 $805,489 Sh69,928 S930,H23 u/y growth 66.6% 87.4% 56.4% 38.5% 22.6% 12.0% 8.0% 7-0% CAGR, 2013-2019 (6-71) 15.5% CAGR, 2011-2019 (8-yr) 274% icocs 108,582 181,795 273,293 360,555 432,878 480,469 555,290 as Sof revenue T5A% 67.1% 64.5% 61.4% 60.2% 59.6% 59.6% Operating expenses 64,700 86,918 120,921 140,295 152,595 164,290 189,888 as Sof revenue 44.8% 32.4% 28.4% 23.9% 21.2% 20.4% 20.4% EBIT (28,730) 2,226 29,850 86,093 193.915 160,730 185,706 as % af revenue 19.9% 0.8% 7.0% 14.7% 18.6% 20.0% 20.0% INCOME TAXES Income tax expense was estimated based on an applicable combined federal and state tax rate. Benefits associated with any net operating losses (“NOLs”) were also considered in our analysis. CASH FLOW ITEMS « Capital expenditures (“capex”). Capex includes expenditures on new and replacement fixed assets, and are deducted from net income to arrive at expected cash flow levels. Capex as a percentage of revenue were estimated to remain constant at a long-term sustainable level based on discussions with management and indications from guideline companies. ¢ Depreciation. Depreciation includes the non-cash charges deducted from net income (included in the forecasted operating expenses). As this expense represents a non-cash charge, it is added CONFIDENTIAL | WTAS LLC 25 EFTA00307218

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—— WTAS ALIPHCOM — COMMON EQUITY VALUATION REPORT As of June 20, 2011 back to arrive at expected cash flow levels. Depreciation was estimated based on the Company's existing fixed asset balance at the Valuation Date and anticipated capital expenditures. The useful lives of the existing fixed assets and anticipated capital expenditures were estimated based on consideration of indications from the Company’s historical financials, the composition of the subject fixed assets, and useful lives used by the guideline companies. ¢ Debt-free net working capital (“DFNWC”). As a company’s operations expand, additional working capital is generally needed to fund future growth and, as such, the annual change in requirements represents an additional cash outflow. The DFNWC needs were based on an analysis of the Company's historical DFNWC requirements and normalized guideline company indications, as well as discussions with management. Forecasted DFNWC requirements were normalized to exclude excess cash, which was estimated based on three month of cash operating expenses. Furthermore, DFNWC requirements for 2011 were forecasted based on the assumption that the Company will hold sufficient cash to offset losses in the first year. Thereafter, DFNWC requirements incorporate certain assumptions related to the Company's cash conversion cycle (ie. inventory, accounts receivable, and accounts payable turnover), which, according to management, was expected to be negative in 2011, but will turn slightly positive in 2012 as the Company achieves total revenues of approximately $270 million. DFNWC as a percentage of revenue was forecasted to trend toward approximately 10% to 11% in the long-term based on guidance from management. With the exception of the cash balance, opening balance figures were taken from the Company's balance sheet as of March 31, 2011, which was assumed to approximate that at the Valuation Date. The cash balance as of the Valuation Date was estimated based on information provided by management, and includes the cash proceeds from the most recent Series 5 round of financing (of approximately $40 million), which closed recent to the Valuation Date. Please see the table below and Exhibit G for further information. SELECTED FORECASTED CASH FLOW DATA ($000s) For the fiscal years ending December 31, Depreciation $4,041 $5,883 SH.g1a $11,370 $13,622 $15,650 as Sof revenue 1.0% 1.0% 1.2% 1.4% 1.6% 1.7% Capital expenditures S473 11,799 14,388 16410 17,399 18,616 as %of revenue “ . 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% For the fiscal years ending December 31, DFNWC 20,779 21,675 38.190 58,604 79,193 BB 604 95,692 102,391 108,534 as % of revenue 14.4% 8.0% 9.0% 10.0% 18.0% 12.0% 11.0% 11.0% 11.0% The discount rate applied to the Company's cash flows was based on a weighted average cost of capital (*WACC"). The steps involved in calculating a WACC include estimating (i) the after-tax cost of equity; (ii) the after-tax cost of debt; and (iii) the appropriate capital structure. Each of these components is discussed below. Arithmetically, the formula for calculating the after-tax WACC is: (Cost of equity capital) x (Proportion of equity to total capital) plus (After-tax cost of debt capital) x (Proportion of debt to total capital) CONFIDENTIAL | WTAS LLC 26 EFTA00307219

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a WT AS ALIPHCOM - COMMON EQUITY VALUATION REPORT As of June 20, 2011 Cost of Equity — Capital Asset Pricing Model To estimate The Company’s cost of equity financing, the Capital Asset Pricing Model (“CAPM”) was utilized. The CAPM measures the return required by investors given a company’s risk profile. This model is expressed arithmetically by the following equation: Equity rate of return = Rf + (Rm-RABP+SSp+e The inputs required for the CAPM calculation are discussed in the following section. « Risk-free Rate (Rf). The risk-free rate is the return on a security that has no default risk, is uncorrelated with returns on any other economic indicators or financial markets, and provides a guaranteed rate of return. In theory, the best estimate of a risk-free rate would be the return on a zero-beta security or portfolio of securities. However, given the complexity of constructing such portfolio, the yield on a 20-year Treasury bond at the Valuation Date was used to estimate the risk-free rate, as Treasury securities are generally viewed by investors as having virtually no default risk. « Equity risk premium (“ERP”, Rm — Rf). The ERP represents the difference between the expected return on the market portfolio (Rm) and the risk-free rate (Rf). This excess return compensates investors for assuming the relatively higher risk inherent in the equity markets. There are several approaches used to estimate the ERP, including, but not limited to, considering both historical-looking (ex post) and forward-looking (ex ante) return data. The ERP used in the analysis was based on the supply-side long-horizon historical ERP as provided in Morningstar's Stocks, Bonds, Bills, and Inflation Valuation Yearbook. Long-term expected equity returns can be forecasted by use of supply-side models, which use historical data to predict forward-looking ERPs. Use of the supply-side long-horizon historical equity returns serves to eliminate the impact on equity returns resulting from changes in price to earnings ratios and earnings growth expectations. « Beta (6). The beta is a coefficient that relates a specific company’s systematic, or non- diversifiable, risk to the average risk of a fully diversified portfolio of stocks. A security with a beta of zero suggests that its price is not at all correlated with the market. A positive beta means that the asset generally follows the market (ie., the security generally increases in value if the market goes up); while a negative beta indicates that the asset inversely tracks the market. A beta greater than one is generally considered riskier than the overall market, while a beta less than one is generally considered less risky than the general market. Beta is calculated using a statistical technique known as regression analysis, which estimates a statistical “best fit” in explaining movements in an individual stock's return in terms of the rate of return on the overall market; specifically, the beta represents the slope of the regression equation. In our analysis, the [J 500 Index was utilized to represent the overall market. The amount of financial leverage has a direct impact on a company’s beta. For example, the more leverage in a capital structure, the greater risk for default and the higher the probability of bankruptcy. Since equity shareholders are residual claimants on the assets of a company after debtholders have been paid, the required return to an equity holder increases commensurately with the level of default risk. As such, all else equal, a company with high debt levels will have a higher beta relative to one with less leverage. As such, we considered the appropriate capital structure for the Company (discussed below) in re-levering the betas of the guideline companies to estimate a beta specific to the Company. « Small stock premium (“SSp”). All else equal, investments in smaller companies are riskier than investments in larger companies and, as such, investors require an additional return to compensate for the additional risk. As such, we also considered factors such as the relative small size of the Company as well as an analysis of future growth expectations in our estimation of the Company's cost of equity financing. The SSp was based on Morningstar's Stocks, Bonds, Bills, CONFIDENTIAL | WTAS LLC 7 EFTA00307220

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a WT AS ALIPHCOM - COMMON EQUITY VALUATION REPORT As of June 20, 2011 and Inflation Valuation Yearbook and consideration of the Company's estimated market capitalization. « Other premium (e). An asset or security may warrant an additional premium to account for risk factors specific to the subject company (i.e., unsystematic or diversifiable risk) not captured in the ERP or SSp. The application of such premium is based on consideration of the risk of achieving the forecasted economics, among other factors. Cost of Debt / Capital Structure At the Valuation Date, the Company had a minimal level of interest-bearing debt, a level of which was expected to continue into the long-term. As such, the selected WACC was assumed to approximate a rate reflective of the Company's long-term total capitalization. RESIDUAL VALUE A residual value estimates the value of the company's expected cash flows beyond the explicit forecast period, after a company has reached long-term sustainable growth and profitability levels. The calculation of the residual value is a key component in any appraisal, as it often accounts for a large portion of a company’s total value. The residual value for the Company was calculated utilizing the Gordon Growth Model (“GGM"). In applying the GGM, net cash flow available in the final year of the projection period (“CFt") is calculated, increased by the long-term growth rate (“g"), and then divided by the discount rate (“k”) less the estimated long-term growth rate (g). Arithmetically, GGM is defined as: Terminal year value = CFt+: / (k-g) In our analysis, a terminal growth rate was assumed based on historical growth levels, estimated growth for the Company over the forecast period, and industry / economic trends. This rate was subtracted from the appropriate discount rate described above to arrive at an expected terminal year capitalization rate. CONCLUSION Please see Exhibit G for our use of these assumptions in the application of the Income Approach in arriving at a value indication for the Company's invested capital. We deducted the balance of any interest-bearing debt as of the Valuation Date from this value to arrive at the value of the Company's total equity. CONFIDENTIAL | WTAS LLC 28 EFTA00307221

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EXHIBIT G Discounted Cash Flow Analysis ALIPHCOM — COMMON EQUITY VALUATION As of June 20, 2011 29 EFTA00307222

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Rf ORL‘LTIS Jerpesas Jo anyEA WIRY 0610 SOE, STYRA RISA ze0's pouag als'eL9$ Tenprsay OLE we Fe (MOT map -ssa] OT ares HMOISECT ame de =8q paprip Srs‘rls (hea) snag prunaa ayn or Moy ysna xePsayy Fo eg. ayes ype wa} oT :Xq paSEADUy P90'S01S (a) 288 peuy oy UE MOG, YSED | XELAYY ‘pouad roipdxa ag) puotag uorsundxa jayseur panciqwos soyeu HSE WONEYUT sposoxe ayer yo waapiuoy YL “Wot uuayp-Swos parodsxa ssay ais yunoasip oq) fo ums ay) 2aA0 pousd uogsofoad ay) Jo seat peuy ay Mr MOY YsED Surapendes — LL WOD,,) POA WIMoNT) BoPUOL) oe Sure PayE[MaqRI sea angeA pENprsas ay ‘Twnatsay (iT Bripsa ane gUNODSIP popnyUwa-) “SIRBOGOND PorsIAOy oat Furaqyae Jo ysu og Paya oF UNAUAId YSU |RUONIPpE UN porIodsoou! ay, “TING VOHENEA ay jo se Aurdwoy ay 209 (DOV A.) fendea jo oo aSeaan poryiiam op wo paseq panumss sem ayes FINOOSIP aq], ALLVY.LNIOOSIC (Or OOW'ELS (Deve) msansnfpe powad jerueg os (2) saaunsnipe oy gee jo wing [amg vorenye s, aq1 Jo Se 9q oF pocuMesT S} OURPEG DAV NAC Pus papoou sasnipe ON] OD OMNAC [esoge 9 aomogy ut paydde joannipy) sammmpuadxs jeudr 3 [Pre voneN[e, osp Jo se AIURPEG Sep st WEIR JSST Pay Furaado ayy se papoou jwousnipe oN] — worrtosdacy suausn pe Moy yst (oez’sts) (.€1,) (S80]) aunooar 198 parsnipy “ort FEC TEA O1 LL/T/L S20 S80] 196 poms :S5>] (oe'szs) (.¥.) (S80]) auaout 1N) 6107 8107 Liz 9107 S10z Fr0z E10z Tor TLOZ “THOT 4eaK yersy wy Furumeuas step ps] sae aaaKT UP IRF oe HAYAL OF Apu SEM yUDeEINNIpE por jerynd y ANAINISOPGY GORd TVLLAVd (6 qoeeaddy aamouy THOT “OT UME JO sy {s000S) BOHTENTE 4 Y2OIS OMT) wo udiyy EFTA00307231

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‘pouad ysroog05 9Y Ur WP OU ALEY oy POUAMSsE Sem puN ‘IEC] BoTEM|N A oyT Ie Yap ou pey AuBckuo> yy , Tes: SUIATS NED TON JO AMPA [EVOL os os Os os os 9n0'es: Ems cy oS STULARs XE POTUMODSICT 96r'0 orT0 a) oO iPro 1es0 790 11g0 ined “STH (papenas)} so1sey anyea wuasaad ; Ambo yo 190-9 TeO's Terk res Tens Te0'r THE TET Teor 970 powag 0 0 0 0 0 99's 890° 0 o (al + ¥) (eemO] YE) pur exapa4) sures xe] [HIOY, 0 0 0 0 0 pest 0 0 o 68'S (.gf,) ames xey erogte> aanaaya ye sures xe], 008'8T 008'8T 00R'sz 08'S 008'8z 008'8Z 0 0 o pasn ©JON BRUOHTE: AAI 0 0 0 0 0 OO88Z 0 0 o pasn JON erage) 0 ) o 0 0 008'8Z OO88T o08'Sz OO8'8Z STON PHBOSTE.D S1GEMOTTE [FIO |, 0 a 0 0 i) 0 oO 0 0 STON BRONTE [eROMEppY ssp os as os os os OOs'STS «= DUR'HTS_—OUS'STS OHSS. STON BRUOY PED Sunmsag SPS'O6L = WML'SHE = ESSELT. «= OELOOL = SIG'EEE = OEP'IL 0 0 o STON Tapey Jo asn saye SeuaouT Keay 0 0 0 0 0 Tae 890° 0 o 6 TE Coy,,) 2103 am pesspag aariaayya me Suyams xe | o00's1 00'S oon'eL o00'st 000'E1 oo0'EL ope'e 9 o Past SION apey army 0 0 0 0 0 ps9'6 PTE 0 o Pash TON [9pAT 0 a o 0 0 ps9'6 OOO'EL O00'S1 o00'EL STON Fapay ojqemoqye [0 |, i) i) 0 Of) 0 0 oO 0 0 STON [apa jevorppy send 0 0 0 0 0 ps9'6 000° 000'E1 000°EL STON [esapay SuruSag SbS'961 90L'S8t ASS*ELI DEL OST SI6'CEL Ee OR ee o (oti'8z) autor xE-aud payers 3 0 0 0 oO 0 0 o 0 0 , Dsuades psauayUE pOrRUITSy 3859] SPSOGIS BDL'SHIS LSSELIS OELOOIS SIG'CEIS EEAORS OPT ES os (oee'8zs) § Momooy woy Liga pasnipy 6107 8107 L107 SLOT soz lalla Gis T10T 110T Te 4eq@iazag ‘SawaA [EIS 94) 204 O08'8T OLOT/ITETT SOMEEG TON FreaagHTE O00'E1S. OLOT/TETI MHEG TON [PAT uawateueu Aq paprvod worRuLOgUt wo pasHg UONNE g>_TS Ajomunxoadde sem GLOT ‘TE 29quIZ09q] Popus seat ay Te aug JON ERVOEgTED 91gesn aq] “WeAMIATeUNML Aq paprrcad UoYUEOYUE UO paseg WONT £18 Spaveunrxoudde sem O1 07 “LE 2x wAAg PopuD mat oe Fe |DUEEHG “TON [SPA aIQUsN ayy “AEC MOKENA AL STON Tunsrxe sAurduo) ayp jo asm oe) OF portyay WyAUDG IY) ParapeswOD avy am “¢ MOUIOOY Ut PIOU sy AINAG TION (ZI qoeaaddy aumouy TLOT “OT FHME 50 sy {s000S) BOHTENTE A YIO)S UOMO) wo udiyy EFTA00307232

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EXHIBIT H Weighted Average Cost of Capital ALIPHCOM - COMMON EQUITY VALUATION As of June 20, 2011 EFTA00307233

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AliphCom ‘Common Stock Valuation (USS millions) As of June 20, 2011 Weighted Average Cost of Capital ("WACC") GUIDELINE COMPANIES: Equity Interest Other Beta Market Bearing (Pf Stk, Tax Unlevered Ticker ie Name Levered' Value * Debt" Etc.) ' Rate * Beta MSI Motorola Solutions, Inc. 143 $15,472 $2,698 $96 40.0% 1.29 MMI Motorola Mobility Holdings, Inc. NMF 7,224 7 o 40.0% NMF KOSS Koss Corp. NMF 48 4 o 40.0% NMF NOKIV Nokia Corporation 1.10 21,519 9,513 3,501 32.3% O78 CPSE:GN GN Store Nord A/S 133 1,830 a7 o 40.0% 131 PLT Plantronics, Inc. 137 1,659 o o 22.1% 1.37 RIMM Research In Motion Limited 114 13,774 o o 27.7% LM NTGR Netgear Inc. 1.53 1458 o o 51.3% 1.53 LOGI Logitech International SA. 159 2,019 o o 14.7% 1.59 Market-weighted industry capitalization 80.3% 15.3% 44% Median industry capitalization 98.7% 13% 0.0% Average industry capitalization 921.9% 5.9% 12% Selected capitalization (rounded) 100.0% 0.0%4 oy Market Cap Weighted Beta 0.96 Median Beta il Average Beta 1.29 Selected Beta Cs) SUBJECT CAPITAL STRUCTURE Equity Interest Other Unlevered Market Bearing (Pf Stk, Tax Beta SUBJECT COMPANY Beta Value Debt Ete.) Rate Levered Capital structure* 131 100.0% 0.0% OM 40.7% 131 COST OF EQUITY Equity Risk Small Stock Other After-Tax Risk-Free Rate’ Premium‘ Beta Premium * Premiums’ Cost of Equity Capital Asset Pricing Model: "RE "ERP™ "B" “SSp" re" Cost of equity = Rf + (ERP*B) + SSp +e ANN% 5.96% 131 2.94% 8.00% 22.7% COST OF DEBT Average Cost Tax Rate After-Tax Of Debt" (per above) _ Cost of Debt Cost of debt 6.0% 40.7% 3.6% WEIGHTED AVERAGE COST OF CAPITAL %of After-Tax Cost Weighted Total Capital Of Capital Cost of Capital Equity 100.0% 22.7% 22.7% Debt Oo. 3.6%. 0.0% Weighted Average Cost of Capital 22.7% Concluded WACC (rounded) 23, Note: Palm, Inc, was acquired by Hewlett-Packard Company as of July 1, 2010. Motorola inc. split into two publicly traded companses, Motorola Solutions, Inc and Motoeols Mobility Holdiegs, Ine., effective January 4 2011. Motceuila Solutions bee primseily provides peoducts and solutices to cateepuise aad goverment sectors. Motoeola Mobility Hobdings, Inc. primarity provides products and solutions t consumer and entertainment sectoes, ' Source: Capital 1Q. Five-year monthly betas calculated based on data from Capital [Q, with the exception of PLT and RIMM. which weilized two-year weekly betas. Consistent with the capital structure of the axdusitey at the Valuation Date. " Risk-fhee rate based on 2-year U.S. Treasury noee. Source: Bloomberg, * ReGcets supply-side kag-hoeizon ERP fleas 2011 Ibbotson SHE Yearbook. Small stock premauin reflects a company market capitalization in the ninth decsie. * Other preminm incorporated to reflect the risk associated with achieving the forecasted economics, “The wverage cost of debt was etinnaned based on considerution of the Moody's Bax-ruied corporate bend yield at the Valuation Dute 41 EFTA00307234

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EXHIBIT | Guideline Company Ratios ALIPHCOM — COMMON EQUITY VALUATION As of June 20, 2011 42 EFTA00307235

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tr ITI REL ol OF oR ET %99T eres TID E09 eR 0S e601 SLI eSL sey wo udiy uTrpay wraay ‘UEEpALY atuaaay OPT uUPA waaay errr apa Minaay GUST %O9T OP PT OR TT OTT PTZ aa) 89 989 %T PO LS 89 AP 99 "I'S SL TT 6P “oT EL of OT le Quen 1I0T VS [euonemauy qonsoy ET ol 61 VN S91 So LT VN eS LT al VN LT EO ‘~T 0 oF ero ee card EE wet or 6T 09 Sette %TLT rs YN 60 DE Et 6 WN SST 16 YN LOT ETE Slr GOST “CET O9T TT G9'DE ~S'Es POT “SET WO LT 6f'61 GP DE o's LTT eL'61 er 9T G6 1T GOT %i'sh FOL %~90T “STE PLT GD DE “Ooh 60°61 LSI VN %GT'ST SRT GOTE PIT TIT VN TPT P67 Ter SET Tél VN LSS 68 OP “e0' eh 6P'69 SSS SEL 09S 60S 68'S %ELO %S'SS %6'6L 6 ES %L9S “URE 69 %ELS 68°08 me'RP 40'S %E'RP 49°59 %T19 EBL oP'sh %609 “0's %S'L9 "E19 YN oe Pb 59S URS %40'S9 9°79 YN oO LP 0S RP LLP %619 "49°09 YN 406 %T UT 406 %S'1 YN STL PST %I'6 EL se WN "9°01 a %LT 00 WEE WN att ol 6h Are wt HR wer WEEE a OL ‘68° tt'8 “e'T tre YN SL wt card %S0T "89 YN 59 EDT %I'S %OET %S'P YN 97 Amemagag Te ey Te saqueaaaqy rg saquusanacy Of Sune Te aaquaaaagy wart carl NOFaSdD ALON ssom TW “oay SSuPION POMP] MONTY yuonnued sv wogez0d10> 7 apparasy OE PAN 14995 ND UNION tin en on PIT LET GST LTT OTT PIT red Loo TOL Sr Lo 999 %T 99 %T 99 6 L9 POT TST OT er L cay CRT FET Te qs2aq] YON “Uy anasaNy e10z T10z Latins o10z IT 00 £007 9007 S00 PONT ANUDAA JO YS LITA olor 600T 8007 L00T 900T s00T Poot anuaaal jo % se sosuadya Sunmadc o10z O0T 9007 Loot 900T s00z 0c anaanad Jo % SB SNOD e10z T10z roc o10z OT B00 OT FIRE SUDVD AMDATY puo snag peastg JPL sonny Aundwo- augapynsy Toz ‘Oz aun jo sy BOTPENTE 4 PHOS Bourne) EFTA00307236

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“PApNpIXa TAM Sop WEY saiAIs so aAneSau aa yy] suOeETpUL Yse pazrpeULOS TIM ANAC “Kundwo> ag) 20) suonmaadxe Aqyprqeyyord aanyny yo aaqeIIpUT jou st sip se ‘SuONETIpUT [IGT OANeToG yu saruMdiiOD papapax ayy, “OAneiog ogam Tey) SUOTEDIpUT YNWD yu sarumdiusos papapaxs a4, “SHON 001 6 0T %LTI UIT C09 %L'0 %C'E HE o10z PL LRT FE ERT PT S'S %6U'ST Et 6007 %o°S1 COT 00'S Sab DE 6°81 "OP %6 TT rs 9007 09 ae Ypay %o'S1 861 coat %E6T TOT OT ORE YN L00z LI atnaaay ETI 61 FRI mL 9T %ETL PP %GR'ET YN 900g 9b BLT LIT a0 IT 09'SE SE MCSE YN S00z “eH om LO ITI 69ST OE cad 09° %OT eer YN uz TUAAAI JO 4 SH YSED PazITEUUBOG / DAANAC “ET WN “IP WN Or %I1 YN YN E107 ET WN OP %IT %IP %II YN YN Z10z “TT WN hs %ET hb %T' YN YN Haz %S'T YN “T'S %LT %S'1 “OI wT ral o10z OZ %9'D %L'9 01 %I1 %E'1 ere “90 6007 “TT ET %S'L %S'E WHT %S'1 oe" 60 3007 %TT BeIpaTy bord %P' 6's %IE %IT Pl 60 “0 Loz %6T ainaaay %ET %O' P's Ore “99 “OT %S'1 YN 900z OE 60 L's 9's ST ST OT VN S00T LS mT 90 %LT LD %'S ‘O'S OE 461 EE YN uz anuanas jo %, se xade) 1907 YDIN Wart ia NOFaSdD ALON ssom TW 27 PUL TT OV USS SR —oee VS reuoneasaiuy PUT Boney er sv wogeszodso, 7 wn aN qpontoy oma an aeasy OE PAON A415 ND DION ° tin en AERO EISIOVOW sonny Aundwo- augapynsy Z “OZ AUN Jo sy BOTPENTE 4 PHOS Bourne) wo udiy EFTA00307237

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EXHIBIT J Market Approach: Public Company Market Multiple Method Overview ALIPHCOM — COMMON EQUITY VALUATION As of June 20, 2011 45 EFTA00307238

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—— a WT AS ALIPHCOM - COMMON EQUITY VALUATION REPORT As of June 20, 2011 Exhibit J: Market Approach: Public Company Market Multiple Method OVERVIEW In the PCMMM, valuation multiples are calculated based on operating data from publicly traded guideline companies. Multiples derived from guideline companies provide an indication of how much a knowledgeable investor in the marketplace would be willing to pay for a company. The accuracy and applicability of the PCMMM depends on the comparability between the Company and the guideline companies. It is difficult to identify truly comparable publicly traded companies, as, in general, companies with publicly disclose financial results are diversified companies with different organizational, corporate, and financial strategies and structures. In our analysis, we considered the PCMMM but ultimately did not rely on this approach because most of the companies that operate primarily in the subject industry that are most similar to the Company are not publicly traded and, therefore, could not be incorporated in the PCMMM analysis. As such, the selected guideline companies perform a broader range of general industries activities and participate in the same general field as the Company. Although these companies have a limited degree of comparability, they are influenced by similar industry and market trends and economic conditions. Since most of the guideline companies are not directly comparable to the Company, we used the PCMMM as a reasonableness check against the value indication derived from the Income Approach. The following section describes our analysis related to the PCMMM, including detail on the selection of guideline companies and the calculation of market multiples. This analysis ultimately indicates that the value conclusion from the Income Approach is reasonable, based on a comparison of implied market multiples. SEARCH CRITERIA The first step in employing the PCMMM is to identify potential guideline companies to which to compare the Company. A global list of companies that could be considered similar to the Company was compiled for comparative purposes, utilizing a variety of sources, including (i) Capital IQ, (ii) Hoover's, (iii) Bloomberg, and (iv) discussions with management. From an initial list of eligible publicly traded companies within the Company's industry, we selected publicly traded guideline companies based on consideration of: « Business descriptions; « Operations and geographic presence; « Financial size and performance; ¢ Stock liquidity; and * Management recommendations regarding most similar companies. Since most of the guideline companies were not directly comparable to the Company with respect to size, products, and markets served, the guideline companies used in our analysis included the best available comparable companies that operate in the general industry and are engaged in similar operations as the Company, as these companies reflect the economic conditions and business risks for the industry in general. CONFIDENTIAL | WTAS LLC EFTA00307239

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a WT AS ALIPHCOM - COMMON EQUITY VALUATION REPORT As of June 20, 2011 ANALYSIS Market multiples calculated for the guideline companies as of the Valuation Date are presented in Exhibit K. For the purpose of this analysis, we considered the Enterprise Value (“EV”)" to forward twelve months (“FWD") revenue multiple indications for the guideline companies. Please see Exhibit K for the calculated and selected market multiples for the guideline companies, as well as the calculated implied multiple for the Company. As noted above, we did not rely on the PCMMM in our analysis, due to the differences between the Company and the guideline companies (comparability was limited). Specifically, the Company incurred operating losses in the last two years and was forecasting growth expectations much higher than those of the guideline companies. CONCLUSION The implied revenue multiple falls within the range of guideline company indications presented in Exhibit K and, accordingly, indicates that the value conclusion from the Income Approach is not unreasonable. Please see Exhibit K for further details. “ Enterprise Value = Invested capital value less cash, or the return to both debt and equity holders. By using EV multiples, valuation differences based solely on differences in cash balance are eliminated. CONFIDENTIAL | WTAS LLC 47 EFTA00307240

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EXHIBIT K Market Approach: Public Company Market Multiple Method Analysis ALIPHCOM — COMMON EQUITY VALUATION As of June 20, 2011 EFTA00307241

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AliphCom Common Stock Valuation ($000s) As of June 20, 2011 Market Approach Summary -- Public Company Market Multiple Method Ev/ Guideline Companies Tickers Fwd Revenue Motorola Solutions, Inc. MSI 1.44 Motorola Mobility Holdings, Inc. MMI 0.30 Koss Corp. KOSS NA Nokia Corporation NOKIV 0.20 GN Store Nord A/S GN 1.74 Plantronics, Inc. PLT 1.68 Research In Motion Limited RIMM 0.54 Netgear Inc. NTGR 0.96 Logitech International SA LOGI 0.60 High 1.74 Low 0.20 Average 0.93 Median 0.78 Indicated value of invested capital from Income Approach (minority, marketable basis) $286,500 less: Cash and cash equivalents balance at the Val. Date ' (63,000) Indicated enterprise value (minority, marketable basis) 223,500 divided by: Company indication* 203,764 Implied multiple 1.10 EV = Enterprise Value (invested capital less cash); Pwd = Forward ‘ Cash and cash equivalents at the Valuation Date were based on estimates provided by management, and includes the cash proceeds received from the Series 5 round of financing as of the Valuation Date. * The forward indication was estimated based on the Company's forecasted fiscal year 2011 and 2012 revenues for the twelve months period ending as of June 20, 2012. Forward indications Revenues Adjusted Fwd Revenue 2011 Revenue $144,552 $76,830 2012 Revenue 270,939 126,933 Revenue for the twelve months ending June 20,2012 $203,764 49 EFTA00307242

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EXHIBIT L Capitalization Rights Overview ALIPHCOM — COMMON EQUITY VALUATION As of June 20, 2011 30 EFTA00307243

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a WT AS ALIPHCOM - COMMON EQUITY VALUATION REPORT As of June 20, 2011 Exhibit L: Capitalization Rights Overview As of the Valuation Date, Aliph had issued seven classes of preferred shares, namely Series 5, Series 4, Series 3, Series 2, 1-A, 1-B, and 1-C, and one class of common shares. According to the Company's Amended and Restated Articles of Incorporation dated June 8, 2011 (the “Articles”), distribution or payment to shareholders in the event of liquidation follows an order of seniority. The order of seniority is as follows: (i) Series 4 and 5 preferred shareholders, (ii) Series 3 preferred shareholders, (iii) Series 2 preferred shareholders, (iv) Series 1-C preferred shareholders, (v) Series 1-A and 1-B preferred shareholders, and, finally, (vi) common shareholders. Based on the Articles and information provided by management, the Company's Series 4 preferred shareholders were entitled to receive a non-participating liquidation preference of $6.73 per share (or approximately 1.714x its purchase price of $3.926 per share). After all preferred share classes have received their 1.0x liquidation preference, the Series 2 preferred shareholders are entitled to participate with common in the upside up to 2.0x their liquidation preference, such that the Series 2 preferred shareholders will receive up to 3.0x their liquidation preference in aggregate. As a result, the Series 2 shareholders would choose to convert to common when the proceeds upon conversion exceed 3x their liquidation preference. Similarly, all other preferred shareholders would choose to convert to common when the proceeds upon conversion exceed 1x their liquidation preference. Based on discussions with management, all preferred shares shall accrue non-cumulative dividends as and if declared by the Board of Directors on an annual basis. If declared, all preferred shareholders (i.e. Series 5. 4, 3. 2, 1-A, 1-B, and 1-C) shall be entitled to receive dividends at the rate of 8% of the applicable original issue price per share related to each preferred share class. According to the Articles, dividends shall be distributed to the preferred shareholders in the following order of seniority: (a) Series 4 and 5; (b) Series 3, (c) Series 2; (d) Series 1-C; (e) Series 1-A and 1-B; and (f) common. Lastly, after the payment of dividends on the preferred shares, any further dividends declared or paid shall be distributed, pro rata, to the outstanding preferred shares (on an as-converted-to-common basis) and common shares. The original issue prices per share for Series 5, 4, 3, 2, 1-A, 1-B, and 1-C are $7.19113, $3.92600, $1.35190, $0.17770, $0.80000, $0.86000, and $0.32921, respectively. As of the Valuation Date, no dividends had been declared. According to the Articles, upon any liquidation, dissolution, or winding up of the Company (after the debt holders have been paid in full their unpaid principal and interest), all preferred shareholders shall be paid their liquidation preferences plus any declared and unpaid dividends. As mentioned above, distribution or payment to shareholders follows an order of seniority. The order of seniority is as follows: (i) Series 4 and 5 preferred shareholders, (ii) Series 3 preferred shareholders, (iii) Series 2 preferred shareholders, (iv) Series 1-C preferred shareholders, (v) Series 1-A and 1-B preferred shareholders, and, finally, (vi) common shareholders. The Series 4 preferred shareholders are entitled to receive a non-participating liquidation preference of $6.73 per share (or approximately 1.714x its purchase price of $3.926 per share). After the preferred share classes have received their liquidation preferences, the Series 2 preferred shareholders are entitled to proceeds of up to an additional two times (2x) their liquidation preference. Based on our analysis, the aggregate liquidation preferences related to Series 5, 4, 3, 2, 1-A, 1-B, and 1-C are approximately $39,999,999, $47,997,956, $29,999,999, $10,062,662, $1,000,000, $1,751,997, and $7,654,525, respectively. All preferred shares are convertible into common on a one-for-one basis. The preferred shares automatically convert to common upon the closing of the sale of the Company's common stock in a firm commitment, underwritten public offering registered under the Securities Act of 1933, as amended (the “Securities Act”), other than a registration relating solely to a transaction under Rule 145 under such Securities Act or to an employee benefit plan of the Company, providing gross proceeds to the Company prior to deductions of underwriting discounts and expenses, in excess of $25 million. According to the Articles, for each class of preferred shares, where (i) Series 1-A, 1-B, and 1-C preferred share classes are referred as “Class 1” in aggregate, (ii) Series 2 preferred share class is referred as “Class 2”, (iii) Series 3 preferred share class is referred as “Class 3”, (iv) Series 4 preferred share class is referred as “Class 4”, and (v) Series 5 preferred share class is referred as “Class 5”, with the agreement of holders of a majority of the then outstanding preferred shares of the respective class (voting on an as-converted basis), each share of CONFIDENTIAL | WTAS LLC 51 EFTA00307244

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a WT AS ALIPHCOM — COMMON EQUITY VALUATION REPORT As of June 20, 2011 the particular class shall also automatically convert into common. As of the Valuation Date, Series 1-C represented a majority of Class 1 preferred shares. In general, all preferred shareholders shall have one vote for each share of common stock into which the preferred shares could then be converted, and common shareholders have the right to one vote per common share held. Additionally, the holders of preferred shares shall vote together with the common shares as a single class at any annual or special meeting of the shareholders, and may act by written consent in the same manner as the common stock. The preferred shares also have special voting rights. CONFIDENTIAL | WTAS LLC 52 EFTA00307245

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EXHIBIT M Capitalization Table ALIPHCOM —- COMMON EQUITY VALUATION As of June 20, 2011 33 EFTA00307246

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AliphCom ‘Common Stock Valuation (000s) ‘Capitalization Table As of June 20, 2011 (0005) a7 BY Sev Below sek Stated Accrued Liquidation Adjusted Conversion Liquidation Divishends Preference Aggregate Pre-Rate Shares Ratio at End = Common Share Preference PerShare —-& Dividends Liquidation —_ Interest Upon Outstanding: of Term Equivalents Per Share _ Through Term Per Share Preference Conversion 5,562 1.00 5,562 Sv.19tis $0,000 STA9LIS $40,000 33% Series 4! RAED 100 TA32 6.73000 0.00000 673000 $47,998 42% Series 3 22,191 1.00 D191 135190 0.00000, 135190 $10,000 12% Series 2 56,627 1.00 $6,627 0.17770 0.00000 ar7770 $10,063 336% Series 1-C 23,251 100 23,251 0.32921 0.00000, 0.32921 S7H55 1.3% Series 1-6 2,037 1.00 2,037 0.86000 0.00000 0.36000 1752 12% Series 1-4 1.290 1.00 1,250 0.80000 0.00000 a.sn000 1.000 ams All Prettsred 118,051 118,051 $138,467 TO Common 5,682. 752 1.00 $0,683 o.n0000 0.00000 a.co000 so 30.0% ‘Toral commen 50,683 30,683 30 0% Total 168,734 168,734 $138,467 100.0% Warrants and Options. Total Strike Proceeds thom Exercised Stores Prive Exercise Shares Series 2 warrants 0 80.1770 % 6 ‘Total Series 2 warrants 0 ‘0 0 Low Strike ‘Weighned Strike (Common warrants 3,600,000 0.40000 0.02599 S108 3,600 ‘Common warrants 556. s.asoo0 0.00669 28 556 Lon Swrike Common Wasranes 4156.016 ‘90.03268 3136 4156 High Strihe . Common warrants 117.00 0.15000 soosss 18 118 Common warrants - a0 o.c0000 0 0 ‘Common warrants 639.098 0.27000 0.19083 173 639 Commen warrants 100,000 0.26000 0.03971 M 100 Common warrants 0.000 a.sso00 0.02978 27 30 High Saike Common Woerants WO5.598 ‘M227 $253 ‘907 Low Sirike ‘Common opeions s.737 0,000 0.00031 s 706 ‘Common options - o.00ss0 a.ceo00 0 0 (Common options 3,491,705 0.03000 a.00913 0s 3492 (Common options 25000 0.05000 Q.00011 ] 25 ‘Common options - 0.05800 a.ce000 0 0 ‘Common options - 0.08000 aceon 0 0 ‘Commen options - 0.10000 4.00000 0 0 (Commen options 6,161,750 0.15000 @.08053 om 6.162 (Common options 1,092 500 O.17770 G.01692 1 1.993 ‘Common options - 0.20000 a.co000 ° 0 Lor Strike Comenon Options T1A76.692 ‘10699 $1228 WAT? High Sorthe ‘Weighned Strike ‘Common opeions 0.28000 ‘0.00000 so 0 ‘Common opeions 0.27000 o.09821 1,839 6s12 Common opeions 0.29700 0.00587 110 370 Common opeions 0.311000 o.n7a10 3,260 9.056 ‘Common apeions 0.53000 Oo717s 1344 a8 High Sarike Common Opeions 9034993 36,553 18726 Total Common Options (Low + High) 201961 ” Series 4 Thquidation preference por shure is devermined to be approximately 1.714 its basic quidhstion preference of $3,926, 34 EFTA00307247

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EXHIBIT N Option Pricing Method Overview ALIPHCOM — COMMON EQUITY VALUATION As of June 20, 2011 35 EFTA00307248

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a WTAS ALIPHCOM — COMMON EQUITY VALUATION REPORT Exhibit N: Option Pricing Method Overview In order to value the Company's common shares, we performed the following series of steps: As of June 20, 2011 Step 1. Step 2. Step 3. Step 4. Step 5. Step 6. ANALYSIS We determined the value of the Company's total equity (including preferred and common equity), as summarized in Exhibit F above. Our analysis assumes that as the value of the Company increases, each equity holder benefits from certain value components. We determined the ranges of equity values at which the various Company stakeholders receive value. The maximum values of these ranges, or “break points”, are based on the full liquidation preference amounts, the points at which options / warrant holders choose to exercise, and the points at which the preferred shareholders would be indifferent between converting their shares into common and retaining their preferred shares. For analysis purposes, the common options and warrants were grouped into two categories based on their respective strike prices. We calculated the weighted average strike price for both (i) options with a relatively lower strike price (the “Lower Strike Options”) and (ii) options with a relatively higher strike price (the “Higher Strike Options”). Similarly, we calculated the weighted average strike price for both (i) warrants with a relatively lower strike price (the “Lower Strike Warrants”) and (ii) warrants with a relatively higher strike price (the “Higher Strike Warrants”). We used the Black-Scholes option pricing model to isolate the value allocated to each “range” (discussed in Step 2 above), calculated as the difference between the option values at each break point. The determination of the various inputs to the Black-Scholes option model (strike price, stock price, term, volatility, and risk-free rate) is described in detail in the sections below. Based on the Company’s capital structure (outlined in Exhibits L and M above) and the Articles, we calculated the percentage of each range attributable to each share class. For each range, the value allocable to each share class was then calculated by multiplying the value of each range by each security's respective percentage in which it shares in the range. For each security, the value derived from each range was summed in order to determine the aggregate value of each share class. The total value of each share class was divided by the security's respective fully diluted shares outstanding, in order to calculate the per share value for each security on a marketable basis. As discussed in Step 3 above, we utilized several call options to isolate the value of each range in which the various share classes are allocated varying percentages. Please see the table on the following page for further details relating to each call option. CONFIDENTIAL | WTAS LLC EFTA00307249 56

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—— WTAS ALIPHCOM — COMMON EQUITY VALUATION REPORT As of June 20, 2011 DESCRIPTION OF CALL OPTIONS Call Option Description Call Option #1 Call Option #2 Call Option #3 Call Option #4 Call Option #5 Call Option #6 Call Option #7 Call Option #8 Call Option #9 Call Option #10 Call Option #11 Call Option #12 Call Option #13 Call Option #14 Call Option #15 Value above basic Series 5, 4 liquidation preference Value above basic Series 5, 4 and 3 liquidation preference Value above basic Series 5, 4,3 and (1x) 2 liquidation prefere Value above basic Series 5, 4, 3, (1x) 2 and 1-C liquidation pre Value above all liquidation preferences Value above exercise of common warrants (low strike) Value above exercise of common options (low strike) Value above exercise of common warrants (high strike) Value above Series 1-C indifference threshold Value above exercise of common options (high strike) Value above Series 2 reaches participation cap Value above Series 2 indifference threshold Value above Series 3 indifference threshold Value above Series 4 indifference threshold Value above Series 5 indifference threshold The chart below details how the call options were utilized to arrive at the different components of value attributable to each of the Company's equity holders. The individual components of the chart below represent the ranges in which the various share classes are allocating varying percentages. COMPONENTS OF VALUE Sitios 5 dterwase thawed CaN Open #8 Cnmenn. Wornants Cah, Optinee (aL Sete 43.3, 1-0, 1-84 1-8 Sorina 4 edi erweee handball Call Open eng ‘Comme, Mearrant (af Option fh, Berber 9.38 6 ER A Sitios 9 diteewave thawed Cal Open #8 ‘Crmeme. Woreants (aL Optinn (aL Berien 2, 1-C, 1-8, 1-4 Aeties2 nditeeeese theedalt Cal pein 01 (Coenen, Wires fll Option (AL Sete 9 9-9. Setiow 2 unseen partsipatban cap Ca Open on Serhew 2. Cereme, Warren fl, Optom CM. 120 2B, toh eerctoe af comic agrinns (high vere) Call pein #10, Serker someon, Warrants (ABD, Optinns thaw 1-01 A Serie intone freteid Cal Opin #9 Serie 2. Cotman, Weer fall Options Ore Leorcte of cams warrants (high wrike? Cal Opin 08 yan (hes Ota thine) Beeretoe cermin aprons (how ere) Call Opin #7 evi 2, Corum, Warrants han’ eorctoe lemme warrants thre eho) Call Opeion #8 Series -A Ra-Biquitation preferences CaN Option Settee 1-Celignbtethn poetrrenee Cal Opto Sevios de hate (x4) iqublition protoreaes Call Open 09 Serien-t Bysedatenn preference Cal Opin 92 Seren 4 p> tiation pootesenee alt Opetan Please see the sections on the following page for details related to specific assumptions used in the calculation of these call options, as well as details related to arriving at values for each of the Company's equity holders. CONFIDENTIAL | WTAS LLC 37 EFTA00307250

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—— a WT AS ALIPHCOM - COMMON EQUITY VALUATION REPORT As of June 20, 2011 BLACK-SCHOLES MODEL The Black-Scholes model was used to determine the value of the call options described above. The following outlines the history of the model and its primary inputs. « In 1973, Fisher Black and Myron Scholes derived what is today the most widely used and best-known theoretical model for the valuation of marketable options. ¢ The Black-Scholes model calculates the value of an option based on five inputs: o The current value of the underlying asset o The investment cost or exercise price (also called the strike price) o The time to decision date or time to maturity of the option o The volatility of the underlying asset o Therisk-free rate of interest The model is as follows: Risk neutral probability of current value of Expected value of underlying asset underlying asset (incorporating consideration of (ineorp. div. if dividends if applicable) if > X at applicable) > X at expiration expiration a—_—— {jf Call value = S; x N(d1) — Xe-"\l) x N(d2) ee Present value of cost of investment Where Si = Current value of underlying asset X= Exercise or strike price e= Base of natural logarithms (2.78128) (T-t)= Time to maturity, in years v= Annual standard deviation of return (commonly referred to as volatility) NQ= _ Value of cumulative normal distribution at the points di and d2 di= __ Risk factor [In (S:/X) + (r + 0.5v2)(T-t)] / v(T-t)/ d2= Risk factor da — v(T-t)¥/2 In= Natural logarithm r= Risk-free rate with time-to-maturity equal to expected time to liquidation event CONFIDENTIAL | WTAS LLC 58 EFTA00307251

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a WT AS ALIPHCOM - COMMON EQUITY VALUATION REPORT As of June 20, 2011 BLACK-SCHOLES MODEL ASSUMPTIONS The following section details the specific assumptions and inputs used in the Black-Scholes model as it pertains to our valuation of each of the call options described above. All option models utilize the same assumptions with regard to (i) current value of the underlying asset, (ii) volatility, (iii) risk-free interest rate, and (iv) time to maturity. The models, however, use different assumptions with regard to the strike price. Please see below for further details related to the inputs used in the call option models. Current Value of the Underlying Asset ¢ For all call options, the current asset value was determined to be the total equity of the Company. As of the Valuation Date, the Company's equity value was determined to be $266,100,000 on a minority, marketable basis. Please see Exhibits F and G for further details related to the discounted cash flow analysis performed in arriving at this value for the total equity of the Company. Strike Price « As discussed in Step 2 of the Option Pricing Method Overview, we calculated the breakpoints at which various Company stakeholders receive value associated with their ownership interests. The strike prices were calculated based on the full liquidation preference amounts, the points at which the options/warrant holders choose to exercise, and the points at which the preferred shareholders would be indifferent between converting their shares into common and retaining their preferred shares. Please see the chart below and Exhibit O for further details related to the calculation of the strike. OPTION STRIKE PRICES Call Option Description Strike Price Call Option #1 Value above basic Seri Call Option #2 Value above basic Se: 5,4 liquidation preference $47,998 5,4 and 3 liquidation preference 77,998 Call Option #3 Value above basic Se: 5,4, 3 and (1x) 2 liquidation preferences 88,061 Call Option #4 Value above basic Series 5, 4, 3, (1x) 2 and 1-C liquidation preferences 95,715 Call Option #5 Value above all liquidation preferences 138,467 Call Option #6 Value above exercise of common warrants (low strike) 141,974 Call Option #7 Value above exercise of common options (low strike) 150,257 Call Option #8 Value above exercise of common warrants (high strike) 171,437 Call Option #9 Value above Series 1-C indifference threshold 175,953 Call Option #10 ~——- Value above exercise of common options (high strike) 179,069 Call Option #11 Value above Series 2 reaches participation cap 179,994 Call Option #12 Value above Series 2 indifference threshold 199,983 Call Option #13 Value above Series 3 indifference threshold 338,453 Call Option #14 Value above Series 4 indifference threshold 1,367,311 Call Option #15, Value above Series 5 indifference threshold 1,458,816 Volatility of the Underlying Asset ¢ Generally, the wider the fluctuations in the value of the underlying stock over time, the greater the time value of the option. Fluctuations add to the value of the upside and enhance the value of the option, theoretically infinitely, while downside fluctuations cannot drive the option below zero. ¢ For all call options, a volatility input of 45% (rounded) was developed by analyzing the standard deviation of historical stock prices, as well as the implied volatilities of publicly traded companies with operations similar to the Company, detailed below. The concluded volatility represents estimated volatility for equity and was based on guideline company indications. The selected volatility attempts to incorporate the following factors: (i) matches the term of the option, (ii) the nature of the Company's operations, and (iii) greater risk than the guideline companies due to the lack of product and customer diversification. Consideration of factors (ii) and (iii) results in a selected volatility which is greater than the overall average/median of guideline company indications. Please see the chart on the following page for details related to the historical and implied volatility indications for the guideline companies. CONFIDENTIAL | WTAS LLC 59 EFTA00307252

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a WTAS iii iii ALIPHCOM — COMMON EQUITY VALUATION REPORT As of June 20, 2011 HISTORICAL AND IMPLIED EQUITY VOLATILITIES OF THE GUIDELINE COMPANIES Comparable Company Ticker 1YrHistorical 2 YrHistorical 3 Yr Historical Implied Volatility Motorola Solutions, Inc. MSI 56.0% 47.2% 60.6% 26.0% Motorola Mobility Holdings, Inc. MMI NA NA NA 42.0% Koss Corp. Koss 26.1% 48.2% 55.7% NA Nokia Corporation NOKIV 37-2% 35-4% 41.9% 38.0% GN Store Nord A/S CPSESGN 25.8% 36.1% 50.8% 29.0% Plantronics, Ine. PLT 28.3% 34.9% 50.6% 34.0% Research In Motion Limited RIMM 46.6% 44.6% 58.9% 51.0% Netgear Ine. NTGR 48.5% 42.5% 53.3% NA Logitech International SA LOGI 35-8% 34.7% 44.2% 36.0% High 56.0% 48.2% 60.6% 51.0% Low 25.8% 34.7% 41.9% 26.0% Average 38.0% 40.5% 52.0% 36.6% Median 36.5% 39.3% 52.1% 36.0% Risk-Free Rate of Interest e Higher levels of interest rates in the economy tend to produce higher values for call options. One reason is that as interest rates increase, required rates of return also increase on all investments, including common stock. Concurrently, stock values decline, so that their expected total rates of return to the investor, including dividends and capital appreciation, will equate rates of return available in the market on other investments of comparable risk. Therefore, to the extent that the values of the underlying common stocks reflect efficient capital markets, the higher the level of interest rates, the higher the expected rate of appreciation in the value of the underlying stock. Moreover, as interest rates increase, so does an investor's carrying cost (or opportunity cost) for direct investment in the underlying stock, thus enhancing the attractiveness of the leverage feature of the stock option. For all call options, the risk-free rate was based on the rate of treasury securities with the same term as the options (approximately two years), 0.4084%. Time-to-Maturity of the Option ¢ The longer the time to expiration, the greater the stock's opportunity to appreciate in value, thus enhancing the option value. e The term of all call options was estimated to be approximately two years based on management's expectations for a future liquidity event. Using the assumptions outlined above, we arrived at the following values for the call options: Values as of Val. Date Call Option #1 $238,943,110 Call Option #2 209,798,593 Call Option #3 200,322,563 Call Option #4 193,256,552 Call Option #5 156,658,146 Call Option #6 153,899,653 Call Option #7 147,538,681 Call Option #8 132,280,033 Call Option #9 129,213,023 Call Option #10 127,134,413 Call Option #11 126,523,382 Call Option #12 113,968,598 Call Option #13 55,381,001 Call Option #14 CONFIDENTIAL | WTAS LLC EFTA00307253

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— WT ‘AS ALIPHCOM — COMMON EQUITY VALUATION REPORT As of June 20, 2011 ALLOCATION OF VALUE TO EACH SHARE CLASS By using the call options described above, we were able to isolate several components of value attributable to the Company's preferred and common shares. Please see the table below for the descriptions and formulas related to these components by class. Value Description Formula Sharing classes Upside to all sharehoklers beyond Series 5% indif. threshold Call 15 All Between Series 5's indif. threshold and Series 4's indi. threshold Call ¢24 - Call #15 i, 2, 16C, 298, aA, Common (incl warrants &options) Between Series 4's indif. threshold and Series 9's indif threshold i, 2, 16C, 298, aA, Common (incl warrants &options) Between Series 9's indif. threshold and Series 2's indif threshold 2, 1°C, 1B, aA, Common (incl warrants £ options) Between Series 2's indif. thresbold and Series 2's y.0x eap 1-€, 1B, 1A, Common (incl. warrants & options) Between Series 2's 3.0x cap and exercise of common options (high) Call ¢20 -Call 11 2, 1-C, 1-B, 2A, Common (incl warrants & options) Between exercise of common options (high) and Series 1's indif.threshokl Call ¢g « Call #10 C, 1B, 1-4, Options (low), Warrants (all), 2, Common Between Series 1-C’s indif. threshold and exercise ofeommon warrants (high) Call ¢8- Call #9 Options (low), Warrants (all), 2, Common Between exercise of common warrants (high) and exercise of common options Call ¢7 - Call #8 Options (low), Warrants (low), 2, Common, Between exercise of common options (low) and exercise of common warrants (Call #6 - Call #7 Warrants (low), 2, Common Between exercise of common warrants (low) and Series t-A & 1-Blig, pret Call #5 - Call #6 2,Common Between Series 1-A & 1-B and Series t-Cs liq. pref. Call ¢4- Call #5, 1-A,1-B Between Series 1-Cs and Series 2's basic (1x) lig. pref. Call #3 - Call #4 1c Between Series 2's basic (1x) and Series 3° liq. pref. Call #2 - Call #3 2 Between Series 3% and Series 4 & 5% liq. pref. Call ¢1 -Call e2 3 Series 4's & 5's liq. pref. Company value - Call #1 as Using the assumptions outlined above, we arrived at the values of each component as follows: ae ssa tos ‘cal open 205 ‘Comeron. Warrants (all Opticen tall, Series 4, 9.2.00. 1-8 sagt Sethe 4 baie rw nce thveabad ‘Call pein #04 (Camens, Warrants (a), Opti (all, Soren 5 2,16, 1 bo, Berton 3 taiterence thresbd ‘Cal pein 0ay Options (ally Serbs 3,1 Series 2 bebtrence thresbedd ‘Cal pein aaa ‘Coenmce. ars oh. prin aE, Serb 1-2 3A B13 554784 Savion 3 Conus, Warrant (lll Ageia (AB, AC, elk aA Reercive afcornmea agtaes Orgh Hrthe ‘Call Oyeian 230, Serten 2. Coomrnon, Warrants (nl, Cptionn neh 1-€, 1-2 eA Preiry Setios Cadi tocsene vmsbeld ‘call Open a Series 3 Corunna, Wr vanes (all. Cpa Came} er Reerctve efcornmen warrants Oegh rh ‘Cal pein a Sevier, Crenimee, Wreant (lem, Options (he) preter) Reercive afcornmeaagtaes Cem sre) ‘Call pein #7 Servers, Common, Warrants Oem! si s0.978 Kensie afcoeuon wasracts fam ribs ‘Call penn #6 Seties 3 wad Coenen bares Series 1A 1 aiiqubiathon preteens Cal pean a5 SSerion 1-4 and Seren 0 sys. 40s Sethe | Coliquitation portoreace ‘Call pein #@ Sevier oman 14) bqabtation proterwes ‘eal pein oy Nerter searenye Setios 74 Lquidainn pootiewsee ‘Call penn ae Series ea Berton 4 Raiy Aquitiation preterence ‘eal yeian 0 Serter as 247.556.su0 After calculating the values of each component (as illustrated in the figure above), we allocated these values to the appropriate classes (preferred and common) based on their respective ownership proportions. We then summed the values by class in order to determine the aggregate value for each class of preferred and common shares. Please see Exhibit O for further details regarding our calculation of the values for each class. CONFIDENTIAL | WTAS LLC 61 EFTA00307254

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—— WTAS ALIPHCOM — COMMON EQUITY VALUATION REPORT As of June 20, 2011 CONCLUSION Using the assumptions outlined above, we arrived at the value of all of the Company’s common shares of $50,498,200, or $1.00 per share. This value represents both a minority and control, marketable basis before giving any consideration to an applicable lack of marketability adjustment. In order to arrive at an appropriate adjustment for the lack of marketability inherent in the Subject Interest, we looked at two major sources of empirical evidence on adjustments for lack of marketability: (i) studies based on restricted stocks of companies whose unrestricted shares are freely traded and (ii) studies of private transactions prior to initial public offerings. Please see Appendix 1 for further details related to these marketability discount studies. In arriving at the concluded adjustment, consideration was given to the financial performance and nature of the Company and its early stage nature, sale/transfer restrictions associated with the common stock, the lack of voting rights associated with the common stock and the inability to influence decisions regarding the Company, the Company’s dividend policy, and the expected holding period associated with the common stock, among other factors. Please see Exhibit P for our detailed analysis related to the concluded discount for lack of marketability. An adjustment for lack of marketability inherent in the Company's common shares was determined to be 22.5%." By applying a 22.5% adjustment for lack of marketability, we arrived at a value per share on a minority, non-marketable basis of $0.77 for the Company’s common equity. * Please see Exhibit P for further discussion related to the concluded adjustment for lack of marketability. The concluded adjustment for lack of marketability was further supported by a put option analysis as presented in Exhibit Q. CONFIDENTIAL | WTAS LLC 62 EFTA00307255

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EXHIBIT O Option Pricing Method Analysis ALIPHCOM — COMMON EQUITY VALUATION As of June 20, 2011 63 EFTA00307256

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EXHIBIT P Adjustment for Lack of Marketability ALIPHCOM — COMMON EQUITY VALUATION As of June 20, 2011 70 EFTA00307263

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— WT AS ALIPHCOM - COMMON EQUITY VALUATION REPORT As of June 20, 2011 Exhibit P: Adjustment for Lack of Marketability In order to reflect the lack of a recognized market for a closely held interest and the fact that a non- controlling equity interest may not be readily transferable, an adjustment for lack of marketability is required. Hypothetical willing buyers prefer investments that have quick access to a liquid market, as these investments can be both readily and efficiently converted into cash. Investors who hold interests in closely held entities may, in addition to the liability of holding a relatively illiquid investment, incur additional costs in terms of time and money, when trying to locate a willing buyer for such an interest. Therefore, with all other factors being equal, equity interests in closely held entities with marketability limitations sell at a substantial discount when compared to shares that actively trade on established markets. The applicability of an adjustment for lack of marketability is supported in guidance provided by the U.S. Securities and Exchange Commission (“SEC”). In a December 2005 speech at the AICPA National Conference on Current SEC and Public Company and Accounting Oversight Board (“PCAOB”) Developments, Todd Hardiman, Associate Chief Accountant, noted the following: “[Another] issue we address with frequency is ... the magnitude of the discount for...lack of marketability...Jt's not enough to simply cite the average marketability discount used by [an] investment banker or to highlight that the amount of the discount used falls within a broad range you noted in an academic study. As a starting point in evaluating these discounts, we try to understand the duration of the restrictions and the volatility of the underlying stock. Generally, the longer the duration and the higher the volatility, the higher the discount... It’s important to note that if you are deriving a marketability discount from what you believe to be comparable companies, you need to ensure that the discount only gives effect to the lack of liquidity of the comparable companies’ stock and not to other factors specific to the comparable companies such as the successful execution of a business plan or the reduction in risk associated with achieving projected results.” The framework of our analysis addresses Hardiman’s concerns. The following section describes references to specific studies incorporating comparisons of Company-specific factors (e.g., revenues, earnings, etc.), rather than conclusions based on averages from a “broad range...[from] an academic study.” Two major sources of empirical evidence on adjustments for lack of marketability exist: (i) studies based on restricted stocks of companies whose unrestricted shares are freely traded and (ii) studies of private transactions prior to initial public offerings (“IPO”). While both the restricted stock and pre-IPO studies have been used by appraisers to derive adjustments for lack of marketability, we believe that there are a number of problems associated with relying on the pre- IPO studies. There are three common critiques related to using the pre-IPO studies, including the following!3: 1. The IPO stock prices used in the studies are affected by the hype and marketing efforts associated with bringing a new issue to market, thereby temporarily inflating the stock price following an IPO. There are also significant financial and reporting incentives for most pre-IPO companies to understate the true value of the stock in the pre-IPO transactions. These efforts ultimately exaggerate the magnitude of the calculated adjustment. 2. The transactions prior to the IPO are likely to be different in nature from those that take place at the time of the IPO or following the IPO. Prior to an IPO, buyers of shares are likely to be insiders who provide a service to the firm (e.g., employees). Therefore, a portion of the adjustment «s Based on various articles and court cases, including: (1) John J. Kania, “Evolution of the Discount for Lack of Marketability,” Business Valuation Review, March 2001, (ii) Hall, Lance S., “The Search for the Holy Grail, Getting Away from the 15-Minute Discount Determination,” The Value Examiner, July/August 2004, (iii) Estate of McCord, 120 T.C. No. 13, May 2003, and (iv) Bajaj, Denis, Ferris, and Sarin, “Firm Value and Marketability Discounts,” 27 J. Corp. Law 89, Fall 2001. CONFIDENTIAL | WTAS LLC 71 EFTA00307264

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WT AS ALIPHCOM — COMMON EQUITY VALUATION REPORT As of June 20, 2011 indicated from these transactions is likely compensation for these services rather than compensation for lack of marketability. Furthermore, the data used in the pre-IPO studies use older less relevant data. 3. The transactions identified in the IPO studies suffer from a success bias. Those firms that are successful and have good prospects are usually the ones that complete the IPO process, while companies with poor prospects often elect to bypass the IPO process. Since the IPO studies only consider transactions involving companies that have successfully completed the IPO process, a number of transactions involving companies with worse prospects are ultimately excluded. Therefore, adjustments for lack of marketability indicated by pre-IPO studies tend to naturally select only the highest discount data. Based on these criticisms of the pre-IPO studies, we have ultimately relied upon the restricted stock studies as a basis from which to determine an appropriate adjustment for lack of marketability. As detailed in Appendix 1, many of the restricted stock studies are based on data from as far back as 40 years. We believe that the use of such dated studies as a primary basis for determining an adjustment for lack of marketability would result in an indication less reflective of the current market conditions. As a result, we have relied on restricted stock studies that have been published since 1991. These studies include the following: RESTRICTED STOCK STUDIES PUBLISHED SINCE 1991 William L. Silber Management Planning , Inc. — — — — FMV (two-year holding period transactions) 1980 — 1997 243 22.3% Hertzel — Smith 1980 — 1987 106 20.1% Johnson 1991 — 1995 72 20.0% Our methodology for determining an appropriate adjustment for lack of marketability included the following steps: 1. Examination and further analysis of transaction detail that was available for the studies above. Detailed data related to the performance of companies covered in the studies and other information for the Silber, Management Planning, and FMV studies were available, and as a result, we relied on the information from these three studies as a starting point for our analysis. 2. For each of the studies, we sorted and analyzed the underlying data to focus on the companies most similar to the Company based on a variety of measures, including revenues, earnings, market capitalization, and total assets. For each study, we concluded a benchmark Company- specific adjustment for lack of marketability as a starting point. Please see the following several pages for further details. 3. The benchmark Company-specific adjustments were further adjusted based on additional factors described in the Selected Marketability Section below. WILLIAM L. SILBER STUDY The William Silber study examined 69 companies and separated them into two groups, one with companies whose indicated discounts were greater than 35% and one with companies whose discounts were less than 35%. The mean discount for the higher discount group (i.e., those with discounts greater than 35%) was calculated to be 54%. The mean discount for the lower discount group (i.e., those with discounts less than 35%) was calculated to be 14%. The overall average discount for the entire study was calculated to be 34%. The groups were evaluated according to several factors, as outlined below. For the purposes of our analysis, the Company was compared to the two groups and the overall average according CONFIDENTIAL | WTAS LLC n EFTA00307265

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—— WTAS ALIPHCOM — COMMON EQUITY VALUATION REPORT As of June 20, 2011 to the same factors, and the appropriate group (or overall average) for each factor was selected. Please see the table below for details related to our analysis of the various factors considered and the resulting selected adjustment for lack of marketability. SILBER STUDY FACTORS AND SELECTED ADJUSTMENT FOR LACK OF MARKETABILITY Subject Comparable Discount Group Interest / Discount Comparable Factor Lower Average Higher Company Group Discount Restricted Stock Total. The size of the 10.9% 13.6% 16.3% teommon Lower 14.0% restricted block relative to total shares restricte restricte —_restricte share outstanding differed between the two d d d groups. Earnings. The annual earnings differed $3.2 $0.9 $1.44 -$17.7 between the two groups. million million million million loss Revenues. The average company size in $65.4 $40.0 $13.9 $86.8 terms of annual revenues differed between million million million million Market Capitalization. The average $74.6 $54.0 $33.8 $286.5 company size in terms of market million million million million capitalization differed between the two groups. Selected Adjustment 25.0% MANAGEMENT PLANNING, INC. STUDY The Management Planning, Inc. study analyzed 49 private transactions occurring between 1980 and 1996. Five variables indicated clear tendencies with regard to the level of restricted stock discounts, and the 49 transactions were organized into quartiles for each of the five key variables. The five key variables are as follows: e Revenues. Companies with greater revenues, on average, tended to have lower restricted stock discounts than companies with lower revenues because larger companies are generally viewed as less risky than smaller companies. e Earnings. Companies with higher earnings, on average, tended to have lower restricted stock discounts than companies with lower earnings because greater earning power tends to mitigate risk. « Market Price / Share. Companies with higher market prices per share, on average, tended to have lower restricted stock discounts than companies with lower market prices because higher share prices are often associated with less speculative or risky companies. ¢ Price Volatility. Price volatility is measured as the standard deviation of a company’s month- ending stock price over the past 12 months divided by its average stock price over that time period. Companies with more volatile stock prices tended to have higher restricted stock discounts. e Earnings Stability. Companies with greater earnings stability, on average, tended to have lower restricted stock discounts than companies with lower earnings stability because greater earnings stability tends to mitigate risk. The earnings stability measure was based on reported net income for the ten years prior to each transaction and was measured as the “R-squared,” or variance, of the observations related to each transaction. The Company was then compared to the data from the private transactions with respect to each of the five key variables in arriving at a Company-specific adjustment for lack of marketability based on the CONFIDENTIAL | WTAS LLC 3B EFTA00307266

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a WTAS iii i i ii ALIPHCOM — COMMON EQUITY VALUATION REPORT As of June 20, 2011 Management Planning, Inc. data. Please see the table below for details related to our analysis of the five factors and the resulting selected adjustment for lack of marketability. MANAGEMENT PLANNING, INC, STUDY FACTORS AND SELECTED ADJUSTMENT FOR Factor Average Revenues ($ millions) Average Discount Median Discount Average Earnings ($ millions) Average Discount Median Discount Average Market Price / Share Average Discount Median Discount Average Price Volatility Average Discount Median Discount Average Earnings Stability Average Discount Median Discount FMV STUDY LACK OF MARKETABILITY $114.042 22.7% 21.8% $4.297 18.0% 16.1% $21.02 23.3% 23.3% 9-44 22.0% 19.4% 0.88 16.4% 14.1% Quartiles 2 $35.809 22.9% 18.8% $1.226 30.0% 30.5% $11.38 24.5% 22.2% 17.69 21.0% 19.2% 0.63 28.8% 26.2% Company Com parable 4 Discount $86.781 22.7% 21.8% -$17.663 34.1% 39.4% NA NA NA NA NA NA NA NA NA The FMV study*s analyzed 243 private transactions occurring between 1980 and 1997 and identified five variables that indicated clear tendencies with respect to the level of restricted stock discounts. The 243 transactions were organized into quintiles for each of the five key variables. The five key variables are as follows: « Revenues. Companies with greater revenues, on average, tended to have lower restricted stock discounts than companies with lower revenues because larger companies are generally viewed as less risky than smaller companies. ¢ Market Value. Companies with greater market values, on average, tended to have lower restricted stock discounts than companies with lower market values because larger companies are generally viewed as less risky than smaller companies ¢ Market Price / Share. Companies with higher market prices per share, on average, tended to have lower restricted stock discounts than companies with lower market prices because higher share prices are often associated with less speculative or risky companies. 44 The FMV study analyzed a total of 597 transactions with six-month, one-year, and two-year holding periods. For the purposes of our analysis, we have used only the two-year holding period data, since the illiquidity of a security with a two-year holding period is more similar to that of a privately held non-controlling interest than a security with a one- year holding period. Therefore, hereafter, references to the FMV study refer only to those securities with a two-year holding period. CONFIDENTIAL | WTAS LLC 74 EFTA00307267

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a WTAS — _ _— ALIPHCOM — COMMON EQUITY VALUATION REPORT As of June 20, 2011 ¢ Market Price Volatility. Companies with greater volatility tended to have higher restricted stock discounts than companies with lower volatility. ¢ Total Assets. Companies with more assets, on average, tended to have lower restricted stock discounts than companies with fewer assets because larger companies are generally viewed as less risky than smaller companies. The Company was then compared to the data from the private transactions with respect to each of the five key variables in arriving at a Company-specific adjustment for lack of marketability based on the FMV study. Please see the table below for details related to our analysis of the five factors and the resulting selected adjustment for lack of marketability. FMV STUDY FACTORS AND SELECTED ADJUSTMENT FOR LACK OF MARKETABILITY Factor Average Revenues ($ millions) Average Discount Median Discount Average Market Value (S$ millions) Average Discount Median Discount Average Market Price / Share Average Discount Median Discount Average Market Price Volatility Average Discount Median Discount Average Total Assets ($ millions) Average Discount Median Discount CONFIDENTIAL | WTAS LLC $295-054 17.0% 18.4% $478.188 14.8% 12.7% $21.29 13.1% 10.6% 0.37 14.2% 13.4% $1,145.940 14.8% 12.5% $35-796 19.6% 15.0% $99.2B8 18.4% 14.5% $9.62 18.7% 14.5% 0.56 15.5% 14.1% 843-556 15.1% 14.4% $13.096 21.5% 20.8% $53-623 21.8% 20.0% 36.07 20.3% 18.4% 0.70 22.0% 21.1% $16.694 24.1% 24.1% 34.720 27.7% 27.1% $26.147 24.6% 23.0% $3.67 24.7% 24.1% 0.84 26.7% 25.3% $7.938 27.5% 26.3% $0.484 25.7% 24.5% $10.833 32.9% 33-5% $1.43 34-8% 35.0% 1.49 34-5% 35-2% $2.875 30.1% 32.0% Com pany Quintiles Comparable a 2 3 4 5 Discount 75 EFTA00307268

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— a WTAS ALIPHCOM — COMMON EQUITY VALUATION REPORT As of June 20, 2011 SELECTED MARKETABILITY DISCOUNT In arriving at a Company-specific adjustment for lack of marketability, we used the data from the Silber, Management Planning, and FMV restricted stock studies, all of which were published after 1991. We placed the most weight on the indications from the Management Planning, Inc. and FMV studies, since these studies utilize more recent data than the Silber study. Based on our analysis of the underlying data from the Silber, Management Planning, and FMV restricted stock studies, we arrived at a benchmark Company-specific adjustment for lack of marketability as detailed in the table below. SUMMARY OF RESTRICTED STOCK STUDIES Although the above analysis has allowed us to consider and make adjustments for a number of important factors (e.g., earnings, assets, volatility, etc.), additional factors not considered in the above analysis also impact the magnitude of the concluded adjustment for lack of marketability. We have analyzed each of these factors and discussed their impact on the concluded adjustment for lack of marketability below. ¢ Financial Statement Analysis. Larger companies with historically stable earnings and greater profitability warrant lower adjustments. The effects of these factors have already been captured in our analysis of the transactions in each of the restricted stock studies above. Therefore, this factor does not further impact the concluded adjustment for lack of marketability. Dividend Policy. Based on conversations with management, the Company is not expected to pay dividends. For the purposes of our analysis, we examined the benchmark transactions in the Management Planning and FMV studies. The benchmark transactions for both the Management Planning and FMV studies involved companies with distribution policies primarily involving no distributions or minimal levels. Therefore, this factor would not be expected to affect the adjustment. History and Nature of the Company. Companies that maintain a less positive economic outlook warrant a higher adjustment for lack of marketability. The Company was assumed to have a similar risk profile as the benchmark companies in the Management Planning and FMV studies. As such, this factor would not have any impact on the adjustment for lack of marketability. « Management. The reputation and experience of the management of the Company are important attributes considered by investors. In our analysis, the management of the Company was considered to be competent and experienced. As a result, this factor does not impact the concluded adjustment for lack of marketability. Amount of Control in Transferred Shares. Greater levels of control over company activities and/or larger member interests would tend to decrease the adjustment for lack of marketability. The Subject Interest is one common share — a non-controlling interest with respect to the Company's management and operations. Therefore, this factor does not affect the adjustment for lack of marketability. ¢ Transfer or Sale Restrictions. As provided in Revenue Ruling 59-60, restrictive agreements are a factor to be considered with other relevant factors in determining fair market value. Ownership interests that have sale restrictions require higher than average adjustments for lack of marketability. Based on the Company's Second Amended and Restated Right of First Refusal Agreement (the “Agreement”), existing shareholders and the Company may exercise their right of CONFIDENTIAL | WTAS LLC 16 EFTA00307269

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— — _— WT AS ALIPHCOM — COMMON EQUITY VALUATION REPORT As of June 20, 2011 first refusal in any transfers of shares. According to the Agreement, after the intent to transfer was notified, the Company has up to 30 days to purchase the shares subject to transfer. Thereafter, existing shareholders have up to 30 days to purchase the shares. Since the only sales / transfer restriction associated with shares subject to transfer is the 60-day period that allows the Company and existing investors to exercise their right of first refusal, this factor would not have a material impact on the adjustment. ¢ Holding Period. Interests in companies with long or indefinite holding periods require higher than average adjustments for lack of marketability. Based on discussions with management, the Company is expected to experience a liquidity event in approximately two years, which is similar to the holding period for the benchmark transactions in both the Management Planning and FMV studies (two years). Therefore, this factor would not affect the adjustment. « Redemption Policy. Interests in companies with a history or policy of redeeming shares warrant a lower adjustment, as this would give the holder of such an interest a potential cash-out option. The Company does not maintain redemption policies for the common shares, and there are no tions for redemptions in the future. Therefore, this factor does not impact the adjustment for lack of marketability. Based on the selected benchmark Company-specific adjustment for lack of marketability, and making no additional adjustments based on the factors outlined above, we have concluded an adjustment for lack of marketability of 22.5% to apply to the Subject Interest. It is important to emphasize that the adjustments for lack of marketability derived from the studies described above are related to securities in entities that were, or were soon to be, publicly traded. In other words, the prospect of liquidity was known and understood to the buyers and sellers of the interests in the studies. In comparison, the expectation of a market for the Subject Interest was not certain at the Valuation Date, especially considering the Company's current status as an emerging business. Therefore, it is logical to expect that the adjustment for lack of marketability for a closely held interest would be greater than that which is derived from the most recent restricted stock studies. CONFIDENTIAL | WTAS LLC 7 EFTA00307270

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EXHIBIT Q Put Option Analysis ALIPHCOM — COMMON EQUITY VALUATION As of June 20, 2011 78 EFTA00307271

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AliphCom Common Stock Valuation (000s) Black-Scholes Model As of June 20, 2011 Put Option -~ Reasonableness Check for Selected Marketability Adjustment Implied marketability adjustment: Put option value divided by: Value of the Company's equity Implied marketability adjustment [Compares to selected marketability adjustment Black-Scholes Formula (European-style call option) ©. S,N(d,) - Xe“ "N(d) dy = (IrgS\/X) + (r+ S(eP TAY) / (ve y!?) dy =d, = o(Tt)'? Put-Call Parity Pym eS, Xe" Inputs a) @) @) “4 (Ss) (ly (2) (3) (4) (5) ‘The equity value of the Company was estimated based on the discounted cash flow analysis performed as of the Valuation Date. S- x- (Tat) v= Ryo Symbol Nid.) = d= Nidy)} = Description Value of the Company's total equity Value of the Company’s total equity Time until expiration (years) Volatility (standard deviation) Risk-free rate Description Value of put option Value of call option Risk factor (see formula above) ‘Standard normal curnulative distribution of d, Risk factor (see formula above) ‘Standard normal cumulative distribution of dy ‘The strike price as the value of the Company's total equity. ‘The term of the option was estimated to be approximately 2 years based on the Company's expectations with regard to an exit strategy such as an [PO or liquidation event. ‘The concluded equity volatility was based on guideline company indications. Amount $286,500 $286,500 2.00 45.0% O4i% Amount $70,079 $72,409 O331 63.0% 0.305 38.0% ‘The risk-five rate was based on the rate of treasury securities with the same term as the option. 79 EFTA00307272

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APPENDIX 1 Guideline Company Tear Sheets ALIPHCOM — COMMON EQUITY VALUATION As of June 20, 2011 EFTA00307273

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MOTOROLA SOLUTIONS, INC. (NYSE:MSI) COMPANY INFORMATION Mctorola Sohitaans, Inc. provides business- and missien-critical communicason products and services for emerprise and governement customers woekdwade. Its products inchade barcode scanners and scan ecpipped mobile computers; cellular networks; compuner aided dispatch, dispatch consoles, logging recorders, emerpency call tracking systems, fire station alerting systems, and consoke Jacocsscrics, total Enterprise Acces afd Mubdity solutions that provide voice and du services to enterprises, ata miceo Ricsks and accesories The company also offs voice and data sveibile computing peedlucts; private Wrondhand netwveks, RFID tags, suiereas, readers, and accessories, SCADA systems; sotware fir mobility, WLAN sasegesat aad security, network design, public sector hpplications, and support and belp-desk applications; two-way radio products for government and public safety: two-way radio products and papers for besinesses; wireless bevadband netwurk peoducts; and irekess LAN products, as well as involves in original equipmere marrafacouring of scan engines and fixed mount scanners. In addition, it provides design. implementation, management, socwrity. suppet services for worvereances std public safety, and entexprises; and applications, managed and support, profissiueail, atal syslem avlegration services foe wircless service providers. Motorola Solutions primarily serves educstion, gowversancet, healthcare, hospitality, human services, manufacturing, mobile operuters, petrochemical, retail, tmesportatinn weal logistics, utility, aad luholesade distribution audustrics The company was formerly kncrwe as Motorola fie. aad chestged jecila Selutions, Inc. on Jueuary 04 2011. Motorola Solutions, Lac. was Soutaed in 1928 asad 8 bendiqessrtared im Schaumburg. Itinas Wet Latest Fiscal Qua i> HEBLT honing & Do ane vaz011 Eployomn LIM ssof 42011 Aube Other VALUATION PRICE/VOLUME GRAPH I otnatone Market Daca [Currant Price (6°20 Pres) Dividend Yield 6460 Baa (2-year) 46 Beta (S-yeart 199.50 Market Capitalizatio yisaT v radiag Valu Pas: Tonal Dete Last Week Pax Preterred Sask Last 6 Months s ‘ Phas: Minority Inenest Last Your tevested Capital Value ieee v0 | | | | Lew: Cant && Exgui om Aetatire Performance : Vebon 1 eaten Enterprise Vater MSL YTD BBs vr NASDAQ YTD me tee ot DIA YTD sbi i 0 Aegt8tO GCE DeeIe VALUATION MULTIPLES FINANCIAL SUMMARY Fiscal Year Ending. Fiscal Year Ending. Fineal Vear Ending, L™ Fiscal Year Ending. Dec SIH — Dec s2WH Beet} 2018 2011 mit Dec Sh I0G Dee dI09 Dec 200 WD mt 1012 EW ( Hhevermae 91x 1x 104s en ev ( RRETDA 44x ds 10.78 Dox 5% am NA 3,400 $7.190.0 NM 193s Lavo 1,364.0 incurs Statement x NA a’ 19.0" tame 760 te we 77%) (4,244.0) 151.0) EXITDA 14%) 3 s ' Mangia (0 ory EBIT 13.0% Total Auats 10.9%) [Dituiea EPS 10.06) |Canh Phorm Statement [Cas feven Operas 2260 Cast thorn Rnvestin 7200 (665.0) 30 ads fe (885.0 (210.0) 09.0) Pe peccsstse - 403.0 ah0 a S780 [Capital Expendnures asap (1360) Lanest S274000 — $25,001.0 ” 3inSsO0 Liabelities 19,2740 5.7200 0154 Tred Exyaity 9.5050 0881.0 0 A606 HISTORICAL SEGMENT INFORMATION Net Working Capital 6ua0 Pineal V 7 Delt-Free NW oanso 7.0 ’ ono Desi Dect I09 Decal avo shart-Torm Date s20 360 ens Tod Debe 4.00 1.40 2.78.0 6970 963.0 24420 1,012.0 71.0 ‘ Mio KEY EXECUTIVES & BOARD MEMBERS OWNERSHIP Tite Ieowa, Geegury (Chairmas of the Bard Chief Execative Officer, Prosidert and Chairman of Exccutive Commitee Fitepatrack Exbward Chief Pinancial Officer and Senior Vice President Valucact Capital, Lie acy, Eagne Exocutive Vice Preddent of Product and Business Operations « Enterprise Mobily Sc Morgan Stankey Invewsneat Mureggemest Inc oon I Tha, Sonjay Chief Executive Officer of Mot Holdings bac Ite Director, Chairnean of Aust & Legal Contrittee and Mereber of Execetive Comsitice Director, Mereber of Aulit & Loyal Coremitce and Member of Govemance & Norsirating Coremnitter| Director and Member of Comparertion & Leadership Comenitice EFTA00307274

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MOTOROLA MOBILITY HOLDINGS, INC. (NYSE:MMI) COMPANY INFORMATION Motorola Mobibey Hokdings, Inc. peuvides tochnologes, products, and services for motile and wire line digtal communication, informats el on the Android operating systern, as well as ublets and Bluesooh accessories Is hatte portfilio & video, wie, ata data solutions fir service providers’ seewerks to the heeme, at the hoeie, annd beyond the howe. The ccmepany al erpal alia experiences, such as Motcecila Meitioe software suite ther enables service providers to deliver content on devices, Motorola Mobility sells its procucts principally in the United States, China, Brazil, and Singapore, The company i based in Libertyville, Illinois. As of Jarmary 04, 2011, Motoeota Mobility Holdings, Inc. (NYSE:MMI) operates indepmdmtly of Motorola Solirions. Inc ‘and entertainment applications. The company’s mebibe gnc devices portfilio inchakes an array of coavespal devices, inchuding senartyfhowcs by oéers co maa inary adasty 422011 HELI Rtxing & Dine 2911 iat ‘Coenatvaracanicars Exqulpernsit NA NA I Tacs Flom Ver Letest Fiscal Querter LTM as of VALUATION PRICE/VOLUME GRAPH | alusatiow Maret Bata [Currant Prive (6/2001) Dividend Vie 52 Week High (1/19/11 Besa (2-year Wook Low (4/271) Bist (5-year Total Cmrecn Shares Outstanding Market Capttalization Phas: Toad Dete tax Preferred Stack Phas: Minority meres Nevested Capital Value Lem: Can && xpi [Enterprise Vato 294.985 Dar s) c ca) Last Wee Lent 6 Moeths Last Yeer Relative Rerfermanse MMI YTD Sse yr NASDAQ YTD DIA YTD it CuO Dee DHO FeSO ApeDALL VALUATION MULTIPLES Dees 2008 Fixcal Year Ending. Dec 3120 Dee 31-20) FINANCIAL SUMMARY Fiscal Vear Ending. 1 1a Fiscal Year Ending, Deedhlm® Deca ave Tm 301K NM NM Mos S149876 21 si7esa0 evan) (5.899 stinsoo St (349.0) sy (1.2260) (760.0) 2980.0) mo SIZOILD SII 122% AVALUE! AVALUE! ms 00) EBITDA ERIT Tonal Assets VALUATION MULTIPLES CHART (51.2360) $687.0 (ay 12080 2270 £81,104.) (66.0) 1,186.0 Deprectenion & Ammon. 2110 al Expendinures (67.0) 606.0 Cast thorn Operathons ing a (an. R30) 270.0 29 so Te) {im $ eeilticens) Deo-3E-208 Latest 37.1670 $9,429. Sisto Leen 6.1M0 44e00 50 SS.R5RO 1,019.0 HISTORICAL SEGMENT INFORMATION (san a0) ao KEY EXECUTIVES & BOARD MEMBERS OWNERSHIP Ie (Chairmas and Chicf Execative Officer n Inwestrecens, Inc Groap, Ine Ftaxkervek. Ine T. Rowe Prive Groap, Ine stave Street Ghibal Advisors, tne Highficidls Capital Mwnayernent, Lys amitvar Investors, Lio coonrgant Asset Managersern Holdings Inc Chief Financial (Officer and Seniur View Preedest Chie Technology Officer and Senior Vive Presktene Chief Pople Officer and Snice View President Tite Chairnas and Chief Execative Officcr (Primary leside Helter Tha. Samjay K. Director and Chainnas o€ Governance & Nominating Conemétee Director and Chairman o€ Compensation & Leadership Conumince Meredteh, Thornes Director, Chairnas of Aacit Coremitter and Member of Comperaation & Leadership Camsitice N. Andrew Director and Memter of Governanee & Nominating Con Jackeuse, Jeanne Director and Member of Aulit Commitee Sasree: Capital JQ EFTA00307275

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KOSS CORP. ASDAQGM:KOSS) COMPANY INFORMATION Koss Corporation designs, manufactores, and sells sere headphones and related accessory products. The company offers speaker-phones, computer headsets, telecommunications beadsees. active newse caseeting stercophones, wireless stcreuphumes, and compact dise recordings of Amexican Symphony Orchestras ort the Kens Classics label. It markets its products wade the “Kass” beand ame through audio specialty stores, the Imemet, direct mail catalogs regional department stoee chains, disccuse departenent stores, miliary exchanges, peiscers, amt national retailers The compaity abso sells is products to distributors for resale to school systems, and directly 10 other manufactures, Koss Corporation distributes its products internationally through sales representatives aned independere distributors. The company was founded in 1953 and is based in Mitwaukee, Wisconsin Shock Exchange Neslagi Tacs Flom Ver ireary dusty Comanner Eee Wetnite = Lest Fic Querter MMi Thenpeos = NA NA emp hoyees 6 LTM as of Audi Baker Tilly Virchow Krause, LLP VALUATION PRICE/VOLUME GRAPH Market Data Currant Price (6.201 Dividend Yield 0 52 Weck High (4104/1 Baa (2-year) a 52 Wook Low (22/180 Baa (5-year) Tetad Comrece Shares Outstanding Maret Capéealicata woraze Traiag V E imo Trad Debt 8 Lat Week Preferred Stack Lat 6 Morshe xity Imrest List Year mo i | teveted Capital Value 3 oo : | | tevested Capetal Value ~ - club liu wll he bad ili MRR iy Less: Cash & Equi Koss YTD Eaterpeise Valor WB sw vro ' a NASDAQ YTD em saw uns nie DIA YTD VALUATION MULTIPLES FINANCIAL SUMMARY Fiscal Year Endong. my mp LIM Ten TH Jue 382008 Naat EW ( Hhevermae Ls Tile ev (EBITDA 4x Ste 4% a sy S4x a3 ns 124 ke 03) VALUATION MULTIPLES CHART ssa 10.9} 155) & Ainen. lo al Exponditiwes (06) (ie $ maillicers) Tota Lishnlities Tova Equity HISTORICAL SEGMENT INFORMATION [Net Working Capital Total Net PPRE KEY EXECUTIVES & BOARD MEMBERS OWNERSHIP ics aes Tie SIM shares Kec, Michael ‘Vice Chateman, Chief Executive Offloer, Presider and Cale Operating Ottiver smith, Davie Chief Financial Officer, Principal Acavanting (Officer, Executive Vice President and Secretary Morgan Derrqucy Capital Montapement, Lic Kom, ote ‘Vice Preshtent of Sales Kuryce & Amuxiates | The Hank Of New York MeBon Corp, Privete Banking & Sec Vice Provident of Hares Re Needsern Trust Cikibal Ieveatree Athena Capel Marcagereent, [ne Tite ve Oaks Capital Managem cet. Lhe Chairman of the Baxard omia Public Exrployeey’ Retirereent Sytem Vice Chesrstan, Chief Excentive Officer, President and Chief Operating Officer Director, Member of Au ince, Member o€ Noménatiag Conemitee and Meriter of Conpeneticn Cornatitios Independent Director, Mereber af Audi e ing Commitice and Mariber Seolkeawerk. sites independent Directive, Mereber of Audi e ing Commitice and Mariber of Corepenedion Coenatitioe Director, Member of Audit Commnitice and Meaniber of Cumpernatinn Comatitice EFTA00307276

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NOKIA CORPORATION (HLSE:NOKIY) COMPANY INFORMATION Nokia Corporation manufactures and sells matele devices, and prow comprising applications and content, It aluo oéfers Inrarnet sorvives f pcetfotio of motile devaes: and servis jes Internet and diptal mapping « 4 navigation services worldwide. fts Devices & Services segment develops and manages ming on navigation, applications and games, music, and mail. as well as on the tools that enable developers to create applications under the Ovi brand name. The company’s NAVTEQ segment provides various digital map information and related kxcation-based comers and services to mobile devace and haalsct seemufactarers, automobile muarratacnurers and dealers, navigation systems a puficourers, software developers, Internet portals, parcel and ovemigh delivery servives lconpanics, afd soverrenercal and quasi-poverreniental ereitics fis map dhitabase crubles its customers to offer advuscol driver assistance systerm dynamic servigatioe, couse planning. location-based services, and goographic infoematicn-based products and services to consumer and commercial users, [ts Nokia Siemens Netwurks saginent provides mobile and srstemes iniegration, service management, and charging and billing software; and subscriber Opeitizatinn, aad network operations; software and handwue operators and service pecrviders. This sag Miutabase management. 1 also provides matagel servings, inching nctwork plan ment offers various besiness sohemions uch as conselting ved network sciutions and related services to ietenance, peuactive, ara multinvendoe ciee, as veil as competence developenestt services; and project management, curnikey anplewertuticns, and enerpy eMficiene sites be adding this seyrnent offers fixed and audbile neswerk infrastructure compresing Flexi muliradio bese stations, packet core products based in Espoo, Finbar ical transport systems, and broadband access equipment, as well as network solutions. Nokia Corporation was founded in 1865 and is Stock Eacteanye Wet VALUATION [Current Prive (6.2011) 52 Wook High (DUBS) Shares Ounaanting Minority Imcrent Less: Cash & Equivalents [Enterprise Vutec Tr Toten Five Vea Latest Fiscal Querve LTM as of ‘Market Data Dividend Yiekt Bea (2-year) Beta (Syeurt Average Tradteg Volume Leet Weck Last 6 Months Leet Year ‘Reletive Performance NOKIV YED. WB sw vr NASDAQ YTD freoey Iadawey Connraracaiie = Exquiperncnt GEELT Reng a De BHD. 692011 Ataitur PricevertcrhoassCoopers LLP PRICE/VOLUME GRAPH rw mer pee ram DIA YTD VALUATION MULTIPLES Fiseul Your Ending, Fiscal Year Ending. Fiscol Veor Exsing, Fiscal Your Ending. Dec Dee-31-200) —Dee-31-2010 2018 TNH Dee 31-2009 Dee-3t-30I0 mit waz 1.79% O.75x ern Dla 3.1K 73K 5% 26x Lx O08 135s SMASK? —-SSRTRTA SSK HIT2-—-SHLAIRO = $55,505.39 — SS7,729.6 los 1922.1 6082.4 SAM. $5520 19378 387K NA 150% 10.4 *% or 67%5| 8,762.7 3.9.1 AIT. 5.5726 LT DOI EBITDA, 2 F 4 ERIT Total Awets . mM VALUATION MULTIPLES CHART 2 A673 (4.9892) $4,053.5 S6A0LS m havesting Ome a 4) (147.3) [Cash fren Firencing 2.1885) (aT (1784.0) epraciatien & Aurvort 22805 23 224 23443 {Capital Expenditures (1.422) (761.09 (961.5) $5.1005 {nS wilBoves) [Boleace Sheet Doe i Dee 3-9 Deedee ry Ree Tot Amscts S51.21k9 — $524613 Liatelities 30.18 1.0 6% Equity 21379 24647 HISTORICAL SEGMENT INFORMATION 5700 Lunas naw Fincad Veor Ending, 10,7678 H3387 14,356.0 (906.2) Deedh MF Dec 32009 Dee 31-200 ‘I 59178 1261.2 164 SIRS 629 6130 7.166 6612.6 118K! isot6.8 14372 26113 24848 2813.6 emma KEY EXECUTIVES & BOARD MEMBERS OWNERSHIP Top 10 latiturtional Holders Deeige & Morgan Stanky, Invesrnent Hanking Art Brokerage Investments [Choweraerentt Peredoe Fura - Globe 1a] Resear Aad Management Company Rackrock. Ine Narvocn Ievestrecrit, Ie od Group, Ite Ienarinen Pension Insurance Co. Lad. Asset Monagernent Are Tite [Old Mutual Aut Mansggezneat Lc Chairman of Se Investment Managerent Aly op. Stephen airman o€ Nokia Leackesh ip Teane, Chief Executive Offkxer, Proslent and Dirocwor itsaesastita, Titras CAieC Financial Officer, Executive Vice President, Member o€Nokin Leadership Tears and Chaienean of Dinclomare Corrente Executive View President, Acting Head of Services & Developer Experimee snd Meraher of Nokia Lenderstiip Teare Chief Developer Onticer, Executive Vice Presiden ond Member af Nokia Lesdership Teern paapers, Tere Ovbsairne, Kak log, Stephen (Chainmas of Nokia Leaskership Tears, Chief Executive Officer, President and Director Scartino, Dene Vie Chesrstan, Chainnas of Corporate Governaace & No snmitice and Member uf Personnel Commitee Kallen, Olli-Pebles (Chairman o€ Nokia Shemens Neoworks Kapermare, Hersting Director, Mereher af Perncerne! Commitice and Meather of Corporate Governance & Norsinatim Comrratice Siitesrnen, Ris Director, Chairman of Aut Cormitter and Member of Corporate Guverasnes & Nori Commence Sasree: Capital JQ 84 EFTA00307277

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GN STORE NORD A/S (CPSE: COMPANY INFORMATION IGN Store Nord A'S develops, manufictures, and sells hearing instruments and audiologic diagnostic equipment workt bres, and audiokoyical diagnostics cquipineet user the MADSEN, AURICAL, ICS, aad HORT MANN beand names. The o ese-none-ttecut specialists, ata oxiginal cqpipunert eemufscturers Bt also develops tal sells headaets atal in-car spenikerphntes and other devices for comact center and office-based users under the Jabra beand name. The compart has a strategic partnership with Skype. GN Store Nord A/S was founded in 1864 and is beadquartered in Ballerep, Denmark tt offers hearing instrements under the ReSoend. Beltone, and Interton repeety seis audiclogical diageastics equipment to hearing clinics, hospatals mobile users, and wireless sid corded headsets, as well as speakerphone: [Current Prive (602001 52 Week High (1/811 52 Week Lara (KIS105 Total Cumrecn Shares Outstanding Market Capttalization Pax: Tored Dobe tax Preferred Sask Phas: Minority Irnerest Nevested Capital Value Lem: Can & Expie Enterprise Vale VALUATION MULTIPLES Tacs Fis Ver Latest Fiscal Querter LTM as of Market Data Dividend Yiel Beta (2-year Bieta {5-year} La Lent 6 Moeths Your CPSEGN YTD Gs vt NASDAQ YTD DIA YTD. EBITDA ERIT Tonal Assets ATION MULTIPLES CHART ie S sailliens) HISTORICAL KEY EXECt Elaberg. Mogens Vikamoen, Lars Sciecied Roars Mewahers Wotd-Oben, Per tdoower, Williare Thoneses, Carsten SEGMENT INFORMATION Tee. TIVES & BOARD MEMBERS Iie Chief Financial officer and Member af Exoxutiv Exccutive Vice Presickett Merater of Executive Management and Chief Executive Officer af GN Netcom Mersber of the Exeentive Maragemeat, Chief Execative Officer of GIN feSound and President of GN RcSeund I Chairman of the Supervisory Booed, Chairren of Rerauscratiaa Commitiec and Mereber of Strategy Comratice Deputy Chsirsian of Supervisory Bemed, Member of Strategy Coremitter and Member of Resruneration Commettee Meraber of the Supervisory Board and Chairman of Aude € cenrentce Mereber of Superviecty Bisard and Mester of Rianeneration Committee Meriter of Supervisory Board Meriter of Supervisory Board and Member of Aux Treary ledasty BEBE Reine & De Au PRICE/VOLUME GRAPH FINANCIAL SUMMARY Fiscal Vear Edin, la Healthcare Eqaipeneat NA NA KPMG LLP LIM sili dat : Veluwe te wflboon Dee SENG Dee 31-2009 Decsae —_N3NIT S108 34S _ or 4s) SIRI a1) Cast fhern Financing (10.7) [Deprectenion & Ammon. 08 | Expenditures SLATAL s56 Toned Liabelitien Tonal Equity [Net Working Capital as ete Free NWC 959 [Staset-Teras Date na a0 239 Tod Net PPRE nao OWNERSHIP [Too 1@ bastituttenal Welders \Capetsisty Nesded Nested ty Neoded) [Prismary tmide Mabie uy Neoded) 396.6 Oss) asa ant Latest $1209 4S. LI7S8 sR wl st MSo 31.6 set 310853 AVALUED rd an EFTA00307278

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PLANTRONICS, INC. COMPANY INFORMATION YSE:PLT) Plantronics, Inc. topetber with its subsidianes, engages in the design, manufacture. and marketing of lightweyht communications headsets, tekephone haxdset systems, and accessories for the since anal comsuener maces under the Plaskrenics beand name wee Mwale. It also offers specialty telepibae produces such pcople with special communication nents under the Clueity beand name The compass peoducts are desigead for specific markets and applicatio as nckephones fie the heseing impaired ata ether related peoducts for such as offices; custuct comers; mobile devices compresing cell phones and personal digital asistants; competer and gaming; and residential applications, as well as for other specialty applications. sells its products throwgh a network of diisributors, retailers. wireless carriers, original equipemerk marrafacturers, and telephony service providers be company was founded in 1961 and is headquartered in Santa Cruz, California. [Currant Prive (6/200 52 Week High (S101 52 Wook Lara (824/105 Total Cumrecn Shares Outstanding Market Captialization Pax: Toned Debt tax Preferred Sack Phas: Minority Irnerest Kevested Capital Value Lem: Can & Expir Eatcrprise Vale VALUATION MULTIPLES Tacs Fis Ver Latest Fiscal Querter LTM as of Market Data Dividend Yiel Besa (2-year) Bieta {5-year} La Laat 6 Months Last Your STARS (430.0) cist sw yt NASDAQ YTD DIA YTD. Fiscal Year E Mersi2010 Mar3i20ny EBITDA ERIT Tonal Assets Lets 192s Rox 80s 3% 185s VALUATION MULTIPLES CHART (ie $ maillicens) Mar-S1-D0It HISTORICAL SEGMENT INFORMATION Fisced Veor Ending, on 0 Mar-31-2008 KEY EXECUTIVES & BOARD MEMBERS Kev Eves Karnappes, Kenneth Taoa, Marvin Karoappan, Kenneth Wry, Ruger Humireanin, Gre Motu, Mowshatl Dexhsener, Brian sf 10 Iie Chie Executive Officer, Preddent and Executive Director Chief Financial Officer, Principal Accu Officer and Senin Vice President of Finance & Adrrenisration o€ Vice President of Sales Maraazing Deractor of Europe, Middle Eat & Africa I Chairman, Chairen of Nominating & Corps Commatice, Member of Saraizay Commitio: and Member af Corparertua Cumitiee Chief Executive Officer, President and Exooutive Directne Governance Commitice, Meraber af Aulit Independern Thrector, Chairman of Strategy Commitee, Member of Norinating & Corporate Goveraance Coremitter and Member of Mer pers & Acytisitoms Coerenitice Independent Directive, Chairman of Corpenedion Committe and Mereher of Audit Comenitice Independern TArector, Chairman of Audit Commintce and Memiber o€ Mergers & Acquisitions Commantee Independern Director, Meneher of Mergers & Acquisitions Conunittce and Member o€ Strategy Comratice ireary ledasty GBT Beene & De Auli Coeninvanecenien PRICE/VOLUME GRAPH ll 2 OIE Dew Pe ish FINANCIAL SUMMARY Fiscal Vear Edin, ns Equipennat blll ail hilt ; W3EI0G Mar 312010 Mar3h20It ICcast thorn Finencin Deproctenion & Ammon. | Expenditures Sessa 840 Equity m3 [Net Working Capital 00 000 oo oo 349.2 Teed Net PPRE 68.7 OWNERSHIP Top 19 bastitutbenal Welders Prarccap Management Coerpary ackerock. Ine & Associates, Lie Pyramnix Cilobal Advieors, Lie Discsplined Crrath Investors, ine urriia Management Investment Advisers, Lic [Calamon Aanct Mareqement l [Primary teside Helter Kansappan §. Kenneth SISK? (160.9 68.4) _ ake 00 106 10.15% pei 08 18a IT LaI% Lem Mr EFTA00307279 7% 86

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RESEARCH IN MOTION LIMITED (NASDAQGS:RIMM) COMPANY INFORMATION Research In Mosion Limited (RIM) designs, manufacteres, and markets wircless sobutions for the wueldwide mobile commurications market. The company, through the development of integrated hardware softuser, and services, provides platfients atl solutions foe seamless access to time-sersuitive inforstecion, including ernail, phonic, short messaging service, wea Inemet and batrans-based applications and browsing, Its products anal scxviees principally compeise the BlackBerry wireless plutfin, the RIM Wirckss Handheld product lite, saftuaee developinst tools, and otter sedtware ant hardware. The company's Blackiierry smartphones use wireless, pesh-based tochnology thst delivers dita to mobile users” business and consumer applications, Its BlackBerry smartphone portfilio inchades [stackierry Bold series, the Black erry Torch, [ihackBeery Curve series, the BlackBerry Style, BlackBerry Storm series, the IMxckieery Tour, BlackBerry Pearl series, and the BlackBerry PlayDBook ables. The company's BlackBerry ertexprise sautions comprise BlackBerry enterprise server, BlackBerry amerprsie server express, BlackBerry auibde voice system, and hosted BlackBerry services tos toctancdingy also cnables third purty developers and manufacturers to enhusce their products and services theuuph safluuee developences kits, wiecless commectivity to data, weal third-party support programs. In addition, che company offers BlackBerry technical sepport services, nom-warranty repairs, and noneecurring engineering services. Further, it provides BlackBerry App World thee offers Backlierry smartphone users an electronic catalogue that aids in the discovery and downked purchase of applications directly from their BlackBerry smartphone, The company markets and sells its BlackBerry wireless suletioes pranarily theoayh global wireless conmusications carriers, and thied paety di jon chasnek Research In Motice Limied wes founded at 1984 arad tx trcadguartered in Wateeloo, Canada [Stock Exchange Nels Lanes Fis Ver TIeDI Piiteary ladusty Coeearvaracanionns Equip Wetnite baignoaw xine Letent Fiscal Quarter SaR2011 EBLE Rexing & Dine NA NA Emp boyees 00 LTM asof 5282011 Audios Ernst & Young LLP VALUATION PRICE/VOLUME GRAPH fie nitliows. erceypt }> abuaations Market Data [Current Price (6/2018) Dividend Yiel 52 Week High ( Besa (2-year 52 Wek Lerw (1AM ? Bieta (5-year) Total Common Shares Outstanding $20,968 Market Capitalization SIAR c n a0 Lent Week ao Lent 6 Mortis y Imeret c Last Your sate = it mettwems vill a daha Enterprise Vale Ties RIMM YTD sw vt NASDAQ YTD ee ee user mee DAVID HA2010 Phen NE Pe AgesA VALUATION MULTIPLES FINANCIAL SUMMARY Fiscal Year Endong. LM my. Finest Year Ending, LIM Feb 28-2008 Feb 27-2010 Feb 262001 saat Fev T8100 Feb 27209 Fee IeDe SINIT Tox Six Lads 1s 64x lhe Ss ion 7K iy 45x m SIL06S50 = SOS S199 SIns800 | SOG fis . 32840 4181.0 54 $054.0 46228 ts 220" MI% ns 22.5% 363.0 471: assno 3,089 Mergiv (0 ee Net tecusae EBITDA ERIT Tonal Assets VALUATION MULTIPLES CHART 280" siaszo Sui68.0 (1823.0 1,470.0) n Financing 250 (43.0) a (168.0) enon & Ammon. 2995 160 L880 | Eapenditizes (1,000.0 (eas ie S sailtions) ssa Fee-te2011 Latext sro.ms.0 Siam Tored Lishslitien 12 Mle 4254 703.0 9588 EY emcee Tonal Equity HISTORICAL SEGMENT INFORMATION iNet Working Capital 6 381.0 14 ete Free NWE 3381.0 Lo Feb-26- [Sbasrt-Teras Dete oo Tora! Debs oo Tort Cash 12.0 Tod Net PPRE 3 1,957.0 KEY EXECUTIVES & BOARD MEMBERS OWNERSHIP Tite Top 19 bastitusenal Welders Co-Founder, Co-Chairren, Co-Chacf Exccutive Officer, Presdeat and Memiber of Strategic Manning | |Btackrck, Ine Comratice Mclean Busch Limited Co-Chainnas, Co-Chief Execative Officer and Mereher of Strategic Planning Comenitice Primocep Monagernent Company Alef Financial Office howshy, Praser Limied Pyramnix Cilobal Advieors, Lie ene levestrnecrsts Ine be Global Asset Management Ins beet Exauutive (Seer, Preedcat and Moniber of Sratesic Manrone | Management, Lic Comratice Co-Chainnas, Co-Chicf Execative Officer and Meraber of Strategic Planning Coeranitice prvi Director, Chairman o€ Compensation, Nomination & Governance Commimce and Member o€ Stratepc Penning Conretice Stymiiest, Bertoare Director and Chairnas of Aaukt & Risk Management Cumitter Richardson, Jobe Lead Independent Director, Member of Audit & Risk Management Corrmunee arnt Member of Compensation, Nomination & Governance Cornminee an, Roger Director and Menter of Strategic Phaniag Commitee EFTA00307280 s22asne 5001.8 m2 87

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NETGEAR INC. (NASDAQGS:NTGR) COMPANY INFORMATION NETGEAR, Inc, designs. develops, and markets networking products for home users and small businesses workiwide. The company's products enable wsers to connect and communicate across local ares loctwoeks atal the Woeld Wade Web, ata share Intemet access, peripherals, files, and digital multimadia custo! and applications anwneg vaeious networked devices and other Iinienset-ceabled devices ics protease Bine consists of wired and wireless devices that enable Ethemet neowerking, bruadbard acco, nctwork consexcivity, and metwurk storage and security appiinscss NETGEAR's products that erable Ethernet networking inchudke Ethernet switches. wireless controllers. Internet security appliances, and network attached storage. Its products, which enable broadband access comprise rcanters, gateways, Intemet protocol telephony peoducts, and media servers. The company’s products that enable network connectivity consists of wireless access points, wireless network imerface cunts and adapiers, Ethernet network interface cards snd adkeptces, media adapiers, powerline adapters and badges, send MoCA ck NETGEAR markets its products throwgh taditioe retailers, online retaiices, wholesale disteitvators, direct market resellers, value added resellers, and broadhand service providers The company was founded in 1996 and is headquartered in Suet Jos IC aiornia Taare Treary edasy GEBLT Beene & De Neat Lanes Fiscal Vear Coeninvanacanicars Exquipernait Latest Fiscal Querter LTM as of Market Data Dividend Yiel Besa (2-year Bieta {5-year} [Current Price (6/201 52 Week High (429/15, $2 Week Lev (T1059 Totad Comment Shares Outstanding Market Capitalization c Phew: Total Debe Ls tax Preferred Sack Phas: Minority Irnerest Kevested Capital Value Lem: Cash & Expivalenta Enterprise Vale Lent 6 Moeths Last Your ATOR YTD Gs vt NASDAQ YTD sls DIA YID VALUATION MULTIPLES FINANCIAL SUMMARY Fiscal Year E Fiscal ¥ Focal Year Exit Dees D0 Dec sI20) Dee dl20) 2018 Dees Dect 209 Decal ae0 25x OTe Tass Os 24x Rte ts 82s 2% 1.9% 86x NM MS 163s 10s 2 NA al Reeves: EBITDA ERIT Tonal Assets VALUATION MULTIPLES CHART sR) 23) Le 2s nen & Amor. In4 ‘ ial Expenditures 1.0) d Filing Mode: (ie $ maillicens) Dee-SE-208 meteor Tore Liabelitien Toa Equity HISTORICAL SEGMENT INFORMATION Fisced Veor Eni [Net Working Capital Tord Net PPRE KEY EXECUTIVES & BOARD MEMBERS OWNERSHIP Tite Top 19 bastitusenal Welders Co-Founder, Chairman and Chief Exeautive Officer Fidelity Irvestreen acksrock. Ine Tine Van guard Group. Ine Jeanie Aawocisnics Lhe Chief Financial (Officer and Chacf Accounting Officer Sealce Vice ee Associates, Lie eds Wager Anact Marsagsreces, lh ievenco Lid Tite Sante & Compa Co-Founder, Chairmnas and Chief Excoutive Officer Annct Marcgemens l Sesice Vice President of Retail Haxiiem and General Masaper Lead Independent Director, Chairsian of Nominating & Corporste Clovemance Cormmratice and Meraber of Aust € x Director, Chairman o€ Audit Conemnéttee and Member of Nominating & Cor cetwin, A rarer hannce Comrratice Fain, Ralph Director, Chainnas of Compervation Commitice and Mesther of Noesnating & Corporste Goveraanwe Conemrettee Director and Member of Conpenss Rossman, Goegory Comneinee Cirshare, Jef Director, Member of 2 Commeinice and Meriter of Nominating & Corporane Governance Comratice sf ID 88 EFTA00307281

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LOGITECH INTERNATIONAL SA (NASDAQGS:LOGI) COMPANY INFORMATION oghoch interrestional $.A. engages in the development and marketing of products in AC navigation, Ineemet communications, digital music, bome-eetertamment control, gaming. and wireless ldcvices. The company operutes in two segments, Persueal Peripherals and Video Conferenciny vesisting mice, Webcams, spesikers, headsets, preseeution tools, auseric pads lapdeds, cooling pads, and notebook sisers, voace and Valeo comeusticatioas headsets: gaming peoducts, such as PC game corerollers, console game comtrotlers and its peripheral products 10 various remil distributces and resellers, and original equipment marraéacturers (OEMs), The desktops; notebook cxscatials inchating Web cameras and video security systems: audio comprising speakers and earphones, streaming media, and P hocessories. and gaming baadkets: and remcte cormrols. The company sl seyment clude HID video communications products HID audio conference telephones, haedwat Jcompany”s Video Confers video amd audi communications. It sells its video ennderencing pemducts to distrbutees, value-adiled eesellers, OEMS, and direct eeterp Mikidlc East, Africa, and Asia Pacific, Logitech International $A. was founded in 1981 and is baesad in Apples, Switzerkand, The conipanty"s Persona Peripherals sepment anclude pp feafeasteuctu se customers. The cv ing devices, such as mice and trackball, keyboards and sobitiogs, video management software. atl services to epadty operates in the Americas, Eurupe VALUATION | atuation [Current Prive (6/2011) 52 Week High ¢ 52 Week Lavw (1AM Total Common Shares Outstanding Mar ket Capitalization y Imnerest Kewvested Copia Valine Lem: Can && Exp Enterprise Vale WALUATION MULTIPLES Latent Fiscal Yeu Latest Fiscal Quenter LTM as of TOT a9 201 331/201 Market Data Dividend Yield Besa (2-year) Bieta {5-year} Leet Week Lent 6 Moeths Last Your Relative Rerfermanse LoGr YTD sw vt NASDAQ YTD DIA YTD. Fivcal Year E Dees 008 Tees! 25x dx 1% tx EBITDA ERIT Tonal Assets VALUATION MUL Dee 31-2018 Rie 1.9% Dee 3hme HISTORICAL SEG! icrarting Pooctacts KEY EXECUTIVES & BOARD Chang. Erte Hsen Ruiter, Monika Hiemanjuctic, Matthew Sawree: € Deetanee ee tron Dee M2010 MEMBERS Tite Exccutive Chasirsian, Chainnan of Nominating Comenitice and Chairrean of Beard Comperaation Comeratice Chief Executive Officer, President, Director and Member of Board Compensation Coremitter Founder and Director Chief Financial Officer, Principal Acovanting Officer and Senior Vice President of Finance Tite Enxccutive Chesrstan, Chainnan of Noeran ice and Chairman of Board Crmnpersatio Comratice Chief Executive Officer, President, Director and Mersher of Board Compessation Corernittre Founder and Director Director, Member of Auslit Coerenitice and Vice Chainmas of Taivan Salmidiary Non Executive Director and Chairman of Audit Comminse soe) Commit Non Enccutive Director, Chainnan o€ Comper and Member of Au Primary lndasty Conapater Shrage and Periph GHB feaing & Dine NA NA Adar PricewanerteraseCcepers LLP PRICE/VOLUME GRAPH Dee a0 mm mn FINANCIAL SUMMARY Fiscal Year Exding, LM Vehuows tha edtoasy hi sia abicdbdia daha! * Fiscal Year Ei Deeb Dect IM9 Dec shoe — N3INIT mI mn sws3 sims S1566 (99 a9) (0k) “4 464 in4 G4 40 (3.9) d Filing Mode! 5) Aunt. | Expanditiees Equity [Net Working Capital OWNERSHIP MM Shares WALLE VALUE VALUE VALUE AVALUE VALUE VALUE AVALUE ty Neoded) Nested | Capebriity Neoded) \Capebsiity Neoded) i Capobiuy Nested) | Capebriity Neoded) \Capbsiity Neoded I Capobiiny Neoded \Capebsiity Neoded) [Primary teside Helter \Capebiity Neoded) SEIT 13,3 AVALUES 89 EFTA00307282

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APPENDIX 2 Studies Regarding Adjustments for Lack of Marketability ALIPHCOM —- COMMON EQUITY VALUATION As of June 20, 2011 EFTA00307283

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a WT AS ALIPHCOM - COMMON EQUITY VALUATION REPORT As of June 20, 2011 Appendix 2: Studies Regarding Adjustments for Lack of Marketability Two major sources of empirical evidence on adjustments for lack of marketability exist: (i) studies of private transactions prior to public offerings and (ii) studies of restricted stocks. The results of pre-IPO and restricted stock studies are important to the determination of an appropriate adjustment for lack of marketability, since in each study the share price analyzed reflected the buyer's ability to gain access to a public market within a readily foreseeable, defined time period, ranging from a few months to a few years. Minority shareholders in privately held companies do not enjoy as favorable an investment. Their shares have no immediate or predictable access to a public market, and the value of those shares suffers accordingly. PRE-4PO STUDIES In general, pre-IPO studies compare the prices paid in arm’'s-length transactions for private stocks immediately prior to (i.e., within five months of) a public offering with the prices at which the stocks went public. Generally, the adjustments for lack of marketability for interests in closely held companies with little likelihood of going public in the foreseeable future should be higher than for pre-1PO stocks. Emory Studies ‘5 Using data from the investment bank Robert W. Baird & Company, John Emory measured the differences in prices of private and public transactions of companies’ stock from 1980 through 2000. The Emory studies compared the prices of stock transactions occurring within five months prior to an IPO to the subsequent IPO price. Emory noted that the discounts found in these studies occur where a high degree of marketability is probable but not certain, and observed that these companies were generally perceived as sound financial investments and likely to go public in the near future; as such, he argued that marketability discounts for the more typical company’s stock, with extremely limited marketability and dim prospects for the company being sold or having a near-term IPO would tend to be higher than those indicated in his study. These studies indicated a median discount of 47% and an average discount of 46%. The figure on the following page summarizes all of Emory’s studies. A review of the figure on the following page reveals that (i) the most recent data (1997 — 2000) was based on a very large number of qualifying transactions and (ii) this data reflected the highest mean and median marketability discounts ever recorded (with the exception of the original study in 1980 — 1981). The trend of increasing discounts would likely have continued as the investment environment had turned decidedly more conservative after 2000 and risk of all sorts (including lack of marketability) was being penalized at increasing levels in the marketplace. 4s From John D. Emory Sr., F.R. Dengel II, 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 Sr., F.R. Dengel III, and John D. Emory Jr., “The Value of Marketability as [Illustrated in Initial Public Offerings of Dot-Com Companies,” Business Valuation Review, September 2000, pp. 111-121. CONFIDENTIAL | WTAS LLC 91 EFTA00307284

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—— — — — —_ LT WT ‘AS ALIPHCOM - COMMON EQUITY VALUATION REPORT As of June 20, 2011 EMORY MARKETABILITY DISCOUNTS Valuation Advisors Study!® Brian Pearson of Valuation Advisors conducted pre-IPO studies in 1999, 2000, and 2001. These studies included a review of more than 500 IPO prospectuses. For the 1999 study, these transactions were screened to exclude transactions with warrants or options. The 2000 and 2001 studies were also updated to reflect discounts associated with convertible preferred stock. In each case, the discounts were computed for different time periods prior to the IPO. The studies indicated that, generally, the discounts were larger as the holding period until the IPO increased, often substantially so. The average one-year discounts from the 1999 through 2001 studies are shown below. VALUATION ADVISORS DISCOUNTS Pearson noted that the lower marketability discounts in 2001 reflected favorably on the quality of the companies that went public and did not necessarily mean that marketability discounts were generally lower; riskier companies generally could not complete an IPO in 2001. * From Brian K. Pearson, “The 2001 Marketability Discount Study," CPA Expert, Spring 2002; Pearson, “2000 Marketability Discounts as Reflected in Initial Public Offerings,” Business Valuation Update, September 2001; Pearson, “1999 Marketability Discounts as Reflected in Initial Public Offerings,” CPA Expert, Spring 2000. CONFIDENTIAL | WTAS LLC 92 EFTA00307285

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EE WT. ‘AS ALIPHCOM — COMMON EQUITY VALUATION REPORT As of June 20, 2011 RESTRICTED STOCK STUDIES The restricted stock studies, summarized in the figure below, examined the difference in prices paid for restricted stocks and their unrestricted, freely traded counterparts. An owner of restricted stock, also referred to as letter stock or Rule 144 stock, is restricted from selling the stock in the public market until a certain period lapses, at which time the stock becomes fully marketable. In general, the restricted stock studies indicated that restricted stocks trade at a discount from the prices of their freely traded counterparts due to their restricted marketability. As shown in the figure below, the average discount for lack of marketability indicated by these studies ranged from 20.0% to 35.6%, with an overall central tendency of 29.4%. Generally, the discounts for lack of marketability for interests in closely held companies should be higher than for restricted stocks, since there is no readily-established market in which the equity interests could be sold within a known period of time. The figure below summarizes the average and median discounts from the restricted stock studies. SUMMARY OF RESTRICTED STOCK STUDIES The following is a brief description of each of the restricted stock studies: e SEC Institutional Investor Study’’. In 1971, the Securities and Exchange Commission (“SEC”) published the Institutional Investor Study. The study provided considerable evidence that substantial value is attributable to the right to sell stock in the usual markets at any time, with the result that restrictions on the flexibility of sale result in additional price discounts. Based on more than 350 private transactions of stock subject to Rule 144 of the Securities Act of 1933, which regulates the public sale of restricted shares by requiring a minimum holding period of two years before such shares can be sold in a public market, the SEC study found that these restricted securities sold at substantial discounts from their unrestricted counterparts. These companies were analyzed based on trading market, class of institution, sales and earnings. The study concluded mean and median discounts of 26.0% and 24.0%, respectively, along with the following observations: o There is an exchange effect (New York Stock Exchange and American Stock Exchange listed companies have lower discounts). o The higher the sales of the issuer, the lower the discounts. o Companies with higher earnings have lower discounts. © From “Discounts Involved in Purchases of Common Stock (1966-1969), “Institutional Investor Study Report of the Securities and Exchange Commission, H.R. Doc. No. 64, Part 5, 92nd Congress, ist Session, 1971, pp. 2444-2456. CONFIDENTIAL | WTAS LLC 93 EFTA00307286

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a WTAS — _— ALIPHCOM — COMMON EQUITY VALUATION REPORT As of June 20, 2011 This study found that the average marketability discount was 32.6% for non-reporting over-the- counter (“OTC”) companies (OTC companies are more likely to resemble most closely-held companies). The study concluded that companies with stocks listed on national exchanges had lower discounts than companies with stocks traded OTC. ¢ Gelman Study’*. The Gelman Study reviewed the prices paid by four closed-end investment companies specializing in restricted securities from 1968 to 1970. This study found that the average and median marketability discounts were 33.0% and that nearly 60.0% of the discounts were at or greater than 30.0%. « Moroney Study®. In his study, Moroney reviewed the prices paid for restricted stocks by ten registered investment companies. The average and median marketability discounts indicated by his analysis were 35.6% and 33.0%, respectively. e¢ Maher Study*°. Maher's study reviewed restricted stock transactions from 1969 to 1973. The mean discount for these years was 35.4% and the median was 33.3%. e Trout Study. In his analysis of letter stocks purchased by mutual funds, Trout developed a multiple regression model that attempted to estimate the appropriate marketability discount for a particular company. His analysis indicated an average marketability discount of 33.5% and corroborated the SEC study’s conclusion that stocks listed on national exchanges had lower discounts than OTC stocks. e Standard Research Consultants Study**. In 1983, SRC reviewed 28 private placements of restricted stocks occurring from 1978 to 1982, indicating discounts ranging from 7.0% to 91.0%, with a median of 45.0%. Further, SRC concluded that the earnings pattern of the issuer was an important factor associated with the size of the discounts. Companies that displayed five or more years of successive profits were able to sell their securities at substantially smaller discounts (a median of 34.0%) than companies with one or more years of losses in the five years prior to the sale. Further, companies with the largest revenues had the smallest discounts (a median of 36.0%). e Silber Study*3. In a 1991 article in the Financial Analysts Journal, Silber found an average discount of 33.8% for 69 private placements of common stock of publicly traded companies between 1981 and 1988. He also found a direct relationship between the size of the discount and the size of the block of the private placement relative to total shares outstanding. ¢ Management Planning, Inc. Study**. A study conducted by Management Planning, Inc. analyzed restricted stocks of public companies from 1980 through 1996. This extensive study examined several factors including size, revenue growth and stability, trading volume, and many others. After eliminating financial institutions and under-performing entities from the sample, the average restricted stock discount was 27.7%. The study concluded with the following observations: Companies with greater revenues exhibited lower discounts. Companies with higher earnings exhibited lower discounts. Companies with a higher market price per share exhibited lower discounts. Companies with lower price stability exhibited higher discounts. Companies with higher earnings stability exhibited lower discounts. ooooo$no “8 From Milton Gelman, “An Economist-Financial Analyst's Approach to Valuing Stock of a Closely Held Company,” Journal of Taxation, June 1972, pp. 353-54- “” From Robert E. Moroney, “Most Courts Overvalue Closely Held Stocks,” Taxes, March 1973, pp. 144-54. ** From J. Michael Maher, “Discounts for Lack of Marketability for Closely-Held Business Interests," Taxes, September 1976, p. 562-71. 2 From Robert R. Trout, “Estimation of the Discounts Associated with the Transfer of Restricted Securities,” Taxes, June 1977, pp. 381-5. == From “Revenue Ruling 77-287 Revisited,” SRC Quarterly Reports, Spring 1983, pp. 1-3. 23 From William L. Silber, “Discounts on Restricted Stock: The Impact of IIliquidity on Stock Prices,” Financial Analysts Journal, July-August 1991, pp. 60-64. *+ From Robert P. Oliver and Roy H. Meyers, “Discounts Seen in Private Placements of Restricted Stock: The Management Planning, Inc., Long-Term Study (1980-1996)" (Chapter 5) in Robert F. Reillyand — Robert Schweihs, eds. The Handbook of Advanced Business Valuation (New York: McGraw-Hill, 2000). CONFIDENTIAL | WTAS LLC P. EFTA00307287

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—— WTAS ALIPHCOM — COMMON EQUITY VALUATION REPORT As of June 20, 2011 e¢ FMV Study*s. FMV conducted a study on discounts associated with restricted stocks. The study was based on approximately 597 private placements of restricted common stock from 1980 through 2008, which include transactions with holding periods of six-month, one-year, or two-year. However, as previously mentioned, we have selected only those transactions with a two-year holding period (243 total transactions). The study confirmed the findings of the SEC Institutional Investor Study in that the size of the discount is often related to the amount of earnings, sales, and the presence/ nature of a rading exchange. The range of discounts from the study related to the two-year holding period was negative 29.6% (a premium) to 71.0%, with an overall mean and median of 22.3% and 20.1%, respectively. e Hertzel — Smith Study*®. Hertzel and Smith conducted a study on discounts associated with restricted stocks. The study was based on approximately 106 restricted stock transactions taking place between 1980 and 1987. The overall average discount for the study was 20.1%. e Johnson Study*’. Johnson conducted a study on discounts associated with restricted stocks. The study was based on approximately 72 restricted stock transactions from 1991 through 1995. The overall average discount for the study was 20.0%. 2s From FMV Restricted Stock Study. ** From Michael Hertzel and Richard L. Smith, “Market Discounts and Shareholder Gains for Placing Equity Privately,” The Journal of Finance, June 1993, pp. 459-485. *” From Bruce Johnson, “Restricted Stock Discounts, 1991-95," Shannon Pratt’s Business Valuation Update, | March 1999, pp. 1-3- CONFIDENTIAL | WTAS LLC 95 EFTA00307288

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APPENDIX 3 Appraisers’ Qualifications ALIPHCOM — COMMON EQUITY VALUATION As of June 20, 2011 EFTA00307289

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AS Scat Poe i Re moa Petra Loer is a member of the Valuation Services Group at WTAS. Her experience includes the valuation of closely-held businesses, business interests, intangible assets, intellectual property, debt instruments, and derivatives. These engagements span a variety of purposes, including financial | reporting, tax planning and reporting, mergers and acquisitions, litigation support, strategic planning, and 415.764.2740 restructuring. 415.762.7534 Managing Director — San Francisco Her client basis ranges from small closely held businesses to multi-billion dollar multinational public companies, in industries +UC Berkeley, BS (Business Administration, as diverse as manufacturing to technology. Global Trade Management) Before joining WTAS, Petra was a member of the Valuation Services practices at a national consulting firm and an *CFA Institute international accounting firm. Petra holds the Chartered +American Society of Appraisers (ASA) Financial Analyst (CFA) and Accredited Senior Appraiser +Association for Corporate Growth (ACG) (ASA) designations. +Financial Women’s Association Petra teaches national valuation training for WTAS and contributes to the firm's publications focused on key valuation topics. Additionally, she serves on the Advisory Board of World Bridges, an Oakland-based nonprofit organization. 97 EFTA00307290

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APPENDIX 4 Facts, Factual Assumptions, and Factual Representations Relied Upon (Pursuant to Circular 230 Requirements) ALIPHCOM — COMMON EQUITY VALUATION As of June 20, 2011 98 EFTA00307291

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__ a WT. ‘AS ALIPHCOM - COMMON EQUITY VALUATION REPORT As of June 20, 2011 Appendix 4: Facts, Factual Assumptions, and Factual Representations Relied Upon in Our Valuation (Pursuant to Circular 230 Requirements) CONFIDENTIAL | WTAS LLC 99 EFTA00307292

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—— a WT. ‘AS ALIPHCOM - COMMON EQUITY VALUATION REPORT As of June 20, 2011 CONTINUED CONFIDENTIAL | WTAS LLC 100 EFTA00307293