<table><tbody><tr style="vertical-align: top; text-align: justify">
<td style="width: 4%; text-align: right">&nbsp;</td><td style="width: 3%"></td><td style="text-align: justify; width: 93%">The Series D Preferred Stock
is subject to accretion to its redemption value, through charges to equity, over the period from issuance to the contractual redemption
date, discussed in Note 4, above, using the effective interest method. The redemption value is determined based upon the stated
redemption amount of $1.00 per share, plus an accretion amount, more fully discussed below. For the years ended March 31, 2012
and 2011, accretion amounted to $566,262 and $499,496, respectively.</td>
</tr></tbody></table>
<table><tbody><tr>
<td> </td><td></td><td>The Series D Preferred Stock
is subject to accretion to its redemption value, through charges to equity, over the period from issuance to the contractual redemption
date, discussed in Note 4, above, using the effective interest method. The redemption value is determined based upon the stated
redemption amount of $1.00 per share, plus an accretion amount, more fully discussed below. For the years ended March 31, 2012
and 2011, accretion amounted to $566,262 and $499,496, respectively.</td>
</tr></tbody></table>