ValiCert, Inc.

DateInflation Amount Per Share*
7/28/2000**$3.44852***
7/31/2000$2.94113
8/1/2000$3.44852
8/2/2000$3.44852
8/3/2000$3.44852
8/4/2000$3.44852
8/7/2000$3.44852
8/8/2000$3.44852
8/9/2000$3.44852
8/10/2000$3.4184
8/11/2000$3.27857
8/14/2000$3.44852
8/15/2000$3.44852
8/16/2000$3.44852
8/17/2000$3.44852
8/18/2000$3.44852
8/21/2000$3.44852
8/22/2000$3.44852
8/23/2000$3.44852
8/24/2000$3.44852
8/25/2000$3.44852
8/28/2000$3.44852
8/29/2000$3.44852
8/30/2000$3.44852
8/31/2000$3.44852
9/1/2000$3.44852
9/5/2000$3.44852
9/6/2000$3.44852
9/7/2000$3.44852
9/8/2000$3.44852
9/11/2000$3.44852
9/12/2000$3.44852
9/13/2000$3.44852
9/14/2000$3.44852
9/15/2000$3.44852
9/18/2000$3.44852
9/19/2000$3.44852
9/20/2000$3.44852
9/21/2000$3.44852
9/22/2000$3.44852
9/25/2000$3.44852
9/26/2000$3.44852
9/27/2000$3.44852
9/28/2000$3.44852
9/29/2000$3.44852
10/2/2000$3.44852
10/3/2000$3.44852
10/4/2000$3.44852
10/5/2000$3.44852
10/6/2000$3.44852
10/9/2000$3.44852
10/10/2000$3.44852
10/11/2000$3.44852
10/12/2000$3.44852
10/13/2000$3.44852
10/16/2000$3.44852
10/17/2000$3.44852
10/18/2000$3.44852
10/19/2000$3.44852
10/20/2000$3.44852
10/23/2000$3.44852
10/24/2000$3.44852
10/25/2000$3.44852
10/26/2000$3.44852
10/27/2000$3.44852
10/30/2000$3.44852
10/31/2000$3.44852
11/1/2000$3.44852
11/2/2000$3.44852
11/3/2000$3.44852
11/6/2000$3.44852
11/7/2000$3.44852
11/8/2000$3.44852
11/9/2000$3.44852
11/10/2000$3.44852
11/13/2000$3.44852
11/14/2000$3.44852
11/15/2000$3.44852
11/16/2000$3.44852
11/17/2000$3.44852
11/20/2000$3.44852
11/21/2000$3.44852
11/22/2000$3.41046
11/24/2000$3.41316
11/27/2000$3.05497
11/28/2000$2.4086
11/29/2000$1.45982
11/30/2000$1.54663
12/1/2000$1.45333
12/4/2000$1.18916
12/5/2000$0.9967
12/6/2000$0

* Data shown are adjusted forward for all stock splits between the IPO and 12/6/00.

** Purchases on a date not listed in the chart above have no artificial inflation.

*** Purchases in the IPO itself at $10.00 per share have no artificial inflation.