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All Matters of Valuation

 Tri-State  Business​  Appraisal, LLC

Certification Statement

                                      Valuation of Equity of [Company]

OPINION OF VALUE
            In the opinion of the undersigned appraiser, using accepted methods of valuation, and subject to the assumptions and limiting conditions incorporated herein, the value of 100% of the Common Stock in [Company] as of [Date] is:

                                                           $XXX,000

Appraiser’s Certification
_____________________________________________________________________________

1. The statements of fact contained in this report, upon which the analysis, conclusions and opinions expressed herein are based, are true and correct. However, 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 of the subject business and their accountants and legal counsel.

2. The reported analysis, opinions and conclusions are limited only by the reported assumptions and limiting conditions, and our personal, unbiased professional analysis, opinions and conclusions.

3. We have no present or prospective interest in the property that is the subject of this report, and we have no personal interest or bias with respect to the parties involved.

4. In accordance with recognized professional ethics, our professional fees for this service are not contingent upon the opinion expressed herein, and neither Tri-State Business Appraisal, LLC nor any of its employees has a present or intended financial interest in the present or prospective interest of the subject entity.

5. This valuation report has been prepared in conformity with and subject to the standards, and the code of professional ethics conduct requirements of The Institute of Business Appraisers.
 
6. No one provided significant professional assistance to the persons signing this report, whose qualifications are not included herein. Copies of this report must be signed below by the appraiser in blue ink in order to be authorized and complete.


______________________________________                                    ______________
Steven J. Iannelli, MBA CBA                                                              Date