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PRIVATE PLACEMENT VALUATION 8 ($27 - $35 Million and 3.85% - 4.35% Equity) Post-Money Valuation (DCF Value) $31.4 $34.5 $37.7 Pre-Money Value at 4/1/11: Private Placement Proceeds $1.25 $1.25 $1.25 Implied Valuation at 4/1/11: IRR $28.72 $31.73 $34.72 33.3% $27.68 $30.57 $33.45 66.6% $26.85 $29.65 $32.45 99.9% Implied Ownership at 4/1/11: 4.35% 3.94% 3.60% 4.52% 4.09% 3.74% 4.65% 4.22% 3.85%
