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+DESCRIPTION OF THE ASSIGNMENT 
+ 
+IncreMental Advantage, LLC has been retained by V TT Technical Research Centre of Finland Ltd. 
+(“VTT”) to provide a valuation of VTT’s MEMS Reso nator Patent Portfolio. The reason for commissioning 
+this Patent Valuation Report is to determine the Fair  Market Value of the afore-referenced patent portfolio. 
+The primary, immediate-term, purpose of this Pat ent Valuation Report is to determine an arms-length 
+price that a willing buyer would pay a willing seller to acquire—or cumulative value that unaffiliated 
+licensees would pay to license—the afore-referenced patent portfolio. This Patent Valuation Report may 
+also be used in the context of negotiating a spin-off of the afore-referenced patent portfolio from VTT.  
+ STANDARDS OF VALUATION 
+As illustrated below, there are a multitude of Standards  of Value, each of which applies to specific 
+situations.  
+ 
+ 
+Hierarchy of Standards of Valuation 
+ 
+ 
+In view of VTT being receptive to considering offers  from unaffiliated parties to  acquire or license the 
+subject patent portfolio, Fair Market Value is the appropriate Standard of Valuation. However, it is 
+important to realize that Fair Ma rket Valuations are almost always lower than Investment Valuations. 
+Thus, any Investment Value that an interested party may anticipate achieving in terms of (inter alia) 
+realizing synergies resulting from obtaining rights to  the subject patent portfolio is not specifically 
+addressed in this Patent Valuation Report.   
+ As the scope of this patent valuation was limited to  determining the value of  VTT’s MEMS Resonator 
+Patent Portfolio (see the Summary of Subject Patent  Portfolio chart on page 7), my analysis did not take 
+into account the value of any other tangible or intang ible assets that may be included in a sale, license or Investment  
+Value
+Fair Value
+Fair Market Value
+Orderly Liquidation  Value
+Forced Liquidation  ValueVALUATION  OF VTT’S MEMS RESONATOR  PATENT PORTFOLIO   MAY 24, 2016 
+ 
+INCREMENTAL  ADVANTAGE   PAGE 6 
+ spin-off of the subject patent portfolio. This is an import ant point in light of VTT’s investment in relevant 
+research equipment over 15 years. VTT may file several additional patent applications in various 
+jurisdictions throughout the world in the near future. (See Exhibit A for a related summary of such 
+potential patent filings.) VTT has also demonstrated su ccess in assembling a talented team of inventors 
+in connection with its MEMS Resonator research. A dditional intangible assets possessed by VTT that 
+could be included in a patent sale, licensing agreement or spin-off but that are not included in this Patent 
+Valuation Report could include know-how, negative know -how, research notes and data from some 15 
+years of relevant research, industry knowledge, c ontracts, managerial skills and relationships with 
+external investigators and other pr ofessionals in the MEMS space.  
+  
+DEFINITIONS OF STANDARDS OF VALUE
+ 
+ 
+Forced Liquidation Value    “An opinion of the gross amount, expressed in terms of money, that typically 
+could be realized from a properly advertised and c onducted public auction, with the seller being 
+compelled to sell with a sense of immediacy on an as-is, where-is basis, as of a specific date.”1 
+ 
+Orderly Liquidation Value    “An opinion of the gross amount, express ed in terms of money, that typically 
+could be realized from a liquidation sale, given a reasonable period of time to find a purchaser (or 
+purchasers), with the seller being compelled to sell on an as-is, where-is basis, as of a specific date.”2  
+ 
+Fair Market Value    “The price, expressed in terms of cash equivalents, at which property would change 
+hands between a hypothetical willing and able buyer and a hypothetical willing and able seller, acting at 
+arm’s length in an open and unrestricted market, when neither is under compulsion to buy or sell and 
+when both have reasonable knowledge of the relevant facts.”3 
+ 
+Fair Value    “…the price that would be received to sell an as set or paid to transfer a liability in an orderly 
+transaction between market participants in the ma rket which would be the most advantageous for the 
+asset or liability.”4 Fair Value can be more easily understood as Fair Market Value before discounts (for 
+lack of control and/or lack of marketability). 
+ 
+Investment Value    Investment value is the value of an asset to the owner or a prospective owner for 
+individual investment or operational objectives.5