Also it is good to remember, Poet has advanced considerably in technical milestones since P2.
The effective date of the opinions and conclusions in P&A’s report is March 1, 2014
The valuation model indicates the fair market value of the Subject Property in the markets
considered at a 90% confidence level is between $851,235,961 and $4,271,102,920 with a mean
value of $2,415,029,242 and a median value of $2,330,489,354. P&A used the statistical median
as their expected value, as it removes the impact of improbable outliers. Therefore, in P&A’s
opinion, based upon a reasonable degree of probability within the valuation profession, the fair
market value of the Subject Property in the context of the POET licensing program is
$2,330,489,354 using the income approach to value.