TERMS AND CONDITIONS

This report ("Report"), provided by Gemological Science International ("GSI"), a grading and appraisal organization, is given to the Purchaser subject to the following terms and conditions to which the Purchaser agrees.

This Report is not and shall not be regarded as a warranty of grading characteristics, or a recommendation of purchase, or a guarantee that any valuation listed will result in a sale at such price. The value(s) expressed is based on the appraiser's best judgment and opinion and on current information, excluding all taxes, on the date indicated. No opinion is hereby expressed as to any past or future value unless otherwise stated. The date indicated is the date the appraisal was completed and is the appraisal's effective date.

Valuation information or grading contained in this Report is based on the application of the testing equipment and system used at the time the article(s) is examined. The carat weight, clarity grade, color grade and proportions of mounted gemstones can only be estimated; reasonable differences in opinion may result from factors such as lighting, grading techniques, type and condition of the equipment used, and the ability and experience of the gemologist or appraiser and may differ in the future as a result of changes and improvements in techniques and equipment. In addition, appraisals consider the range of prices at different retailers and marketing organizations.

GSI and its employees certify to the following: we have acted in a completely independent manner with respect to this Report; and no principal or employee of GSI has or had any direct financial or material indirect financial interest in the submittee, or its affiliates or such affiliates' acts or in the gems and/or jewelry submitted for valuation and/or evaluation.

GSI charges a flat fee for its services, based on the length of time necessary for a thorough examination. Such fees are not contingent on the values derived.

The valuation set forth in this Report represents the approximate cost of replacing or recreating the gem or jewelry article as closely as possible based upon GSI's analysis of current market prices for labor, materials, creative design, gemstones and precious metals, along with the cost of gemstone certification and preparation of this Report. Where this Report includes companying data supplied to GSI, GSI makes no representation as to the accuracy of this data.

Any valuation information contained in this Report is provided for the Purchaser's use only, for the purpose of indicating retail replacement value in order to obtain insurance coverage. Any other use, such as for investment purposes, renders the Report and the value conclusion null and void.

GSI can provide this Report for a relatively small fee compared to the present and potential value of the article(s) described herein only because this Report is subject to the following limitations on GSI's liability and the limitations described herein, all of which extend to Purchaser for whom this Report was prepared and to every other person to whom this Report is distributed or shown:

GSI AND ITS EMPLOYEES AND/OR AGENTS SHALL NOT BE LIABLE FOR ANY LOSS, DAMAGE OR EXPENSE FOR ANY ERROR IN OR OMISSION FROM, OR FOR THE ISSUANCE OR USE OF THIS REPORT, EVEN IF CAUSED BY OR RESULTING FROM THE NEGLIGENCE OR OTHER FAULT (EXCEPT FRAUD, WILLFUL MISCONDUCT OR GROSS NEGLIGENCE) OF GSI OR ANY OF ITS EMPLOYEES AND/OR AGENTS, AND (2) IN ANY EVENT, GSI AND ITS EMPLOYEES AND/OR AGENTS SHALL NOT BE LIABLE FOR SPECIAL OR CONSEQUENTIAL DAMAGES FOR ANY ERROR IN OR OMISSION FROM, OR FOR THE ISSUANCE OR USE OF THIS REPORT, OR FOR ANY ERROR IN OR OMISSION FROM THIS REPORT CAUSED BY THE ACTS OF OTHERS, EVEN IF ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. IN NO EVENT SHALL GSI'S OR ITS EMPLOYEES' AND/OR AGENTS' LIABILITY FOR ANY DAMAGES EVER EXCEED THE AMOUNT PAID TO GSI TO PREPARE THIS REPORT, REGARDLESS OF THE FORM OF ACTION WHETHER IN CONTRACT, NEGLIGENCE, STRICT LIABILITY, TORT, PRODUCTS LIABILITY OR OTHERWISE.

Notice: appraiser's bona fide opinions as to the value of jewelry items may vary up to 25%. This Report is to be used solely for the purpose stated herein and may not be made public, in whole or in part, without express written approval from GSI. Purchaser shall not use or reproduce GSI's name, or trademarks or logos, in whole or in part for advertising or promotion without the express written permission of GSI.

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