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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