We have included a Statement of Assumptions and Limiting Conditions as required by the Business Valuation Standards of the American Society of Appraisers. These assumptions and limiting conditions are an integral part of this report and communicate our dependence on information obtained from management and public information sources, the proper use of this report, and other limitations on the scope of this engagement.

1. Each intellectual property or bundled group of IP assets being valued relates to a single product, product line, or product feature and attendant implied options present in any product.

2. The highest and best use of the technology has been properly identified and the ability to realize that value, either independently, or through appropriate collaborative or assignment mechanisms, exists.

3. The collective wisdom of the world's stock markets, or a portion thereof, is a generally more accurate and responsive determiner of value than individual subject matter experts.

4. The legal rights underlying the intangible assets were crafted with usual degree of professionalism, and the rights were issued following due diligence by the appropriate authorities.

5. Unless otherwise noted, this valuation assumes 100% ownership of the asset and unrestricted use thereof. We further assume that information provided by the client or its representatives about these issues is accurate and true.

6. Our valuation services constitute neither an audit nor a verification of the Company's underlying financial records pertaining to the asset. We do not render legal, tax, or accounting advice. Our services relate solely to the opinion of value of the intellectual property described herein.

7. We have relied, without independent verification, on the accuracy, completeness, and fairness of all financial and other information that were publicly available, or furnished to us by the management and their accountants and legal counsel

8. The conclusions are based on the assumption that the intellectual property's owners would continue to maintain the character and integrity of the intellectual property through any sale, reorganization or diminution of the owner's participation

9. If, after the valuation report is issued, CHAPIN Associates Ltd. becomes aware of any information concerning the intellectual property that would, in our opinion materially change the opinion of value as of the date of the valuation, then we have the option, but not the obligation, to notify the client (and other known recipients of the report) that the report is withdrawn and should not be relied upon.

10. Events subsequent to the valuation date may alter our conclusion of value. CHAPIN Associates Ltd. will not be responsible for updating our report as a result of these events occurring subsequent to the valuation date.

11. This report has considered all the information referenced in it, whether specifically mentioned in the report or not. The various estimates and opinions presented apply to this report only, and may not be used out of the context presented herein.

12. The obligations of CHAPIN Associates Ltd. and the Company are solely corporate obligations, and no officer, director, employee, agent, shareholder or controlling person shall be subject to any personal liability whatsoever to any person, nor will any such claim be asserted by or on behalf of any party to this engagement or any person relying on the report.

13. Due to the economic and individual motivational influences that may affect the sale of intellectual property, CHAPIN Associates Ltd. assumes no responsibility for the actual price of the subject intellectual property if it is sold or transferred.

14. This report is not to be disclosed, in whole or in part, outside the client's organization without our prior written approval, except for the parties involved in the referenced transaction or litigation matter.

15. This report is to be used solely for the purposes described in the report. A valuation for a different purpose, or under a different standard of value, or for a different date, could result in a materially different value conclusion.