May 24, 2001
Gary E. Jones, President
ValueNomics® Research, Inc.
10090 Pasadena Avenue, Suite A 1
Cupertino, CA 95014

Dear Gary:

Subject: Open Letter of Recommendation

It is my distinct pleasure to have made your acquaintance last year through a respected mutual friend. You and the employees of ValueNomics have rendered a number of valuable services to our company in its startup phase, during what a leading Silicon Valley venture capital attorney has called "the most challenging funding environment in his 30-year career." Thanks in no small part to your efforts and friendship, Blue Iguana Networks has become a viable company with a strong management team, blue ribbon advisors and investors, and a very bright future.

Our decision to work with ValueNomics was driven in part by a need to diversify our funding strategy. Although it is unusual for a seed stage company to seek valuation services, you demonstrated that the benefits were as much in the research process and our interaction with your staff as in the final report and results. You delivered detailed information about venture capital investments in companies with business models and market focus similar to ours. This included corporate valuations, amounts invested, and investor names, and a deeper understanding about our positioning. The result was your First Blush Valuation report, which clearly documented the parameters of our valuation, including an economic backgrounder on our market space. In subsequent conversations with investors, we were better informed about the investment climate and the variables that mattered, adding substance and credibility to our team.

The First Blush Valuation was only the first stage of your assistance to Blue Iguana. You took personal interest in our business opportunity, and formed relationships with our existing investors. You introduced us to your circle of accredited investors, and helped us raise additional seed funding in a difficult climate. Additionally, based on their assessment of our potential, the employees of ValueNomics invested their own funds in our company, only the fourth time they had taken this step in over 500 valuation engagements. Finally, despite your busy schedules, you and your employees maintain active communication with our management team.

Over the past 25 years, I have been a manager in a Fortune 50 company, founded four companies, worked for two large consulting organizations, hired hundreds of people, and spent millions on professional services. ValueNomics stands out from other providers, for the quality of your people and your level of service. I am happy to recommend you and your firm to any who care to ask.

Alan Lattanner
Founder, Chairman and CEO
Blue Iguana Networks, Inc.

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