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AboutTheUbikaGold50 IndexForinvestorslookingtofindthenextinvestmenthomerun,webelievethatjuniorgold

explorationcompaniespresentthemostcompellingcase.Thisisespeciallytruenowwhenthe

priceofgoldseemstobeinasecularuptrend.Thepriceofgoldrecentlyreachedanalltime

highofover$1921.15perounce(innominaltermsforDecemberfutures)andwebelievethis

upwardtrendwillcontinuefortheforeseeablefuture,althoughtherecouldbesomecorrections

alongtheway.

Formostsmallcapinvestorsthereisalackofgoodquality,widelyavailableresearchand

informationonpromisingjuniorgoldexplorationcompanies. UbikaResearch,throughour

portal,isfillingthisgapbyofferingqualityinformationandresearchonsmallcapcompanies.

The

release

of

the

Ubika

Gold

50

Index

is

a

continuation

of

our

commitment

to

provide

high

qualityresearchandinformationtosmallcapinvestors.

Afterextraordinaryinvestorinterest,UbikaResearch,thepremiersmallcapresearchandcapital

marketsfirm,haslaunchedthetheUbikaGold50Index. Theindexcomprisesof50promising

juniorgoldexplorationcompanies.Weusevariousproprietarycriteriainselectingthese

companiesincludingmarketcapitalization,tradingvolume,explorationlocation,typeandsizeof

depositsandtheexplorationstage.Mostofthecompaniesintheindexareeitherunderour

comprehensiveresearchcoverageorarecompaniesthatwehaveprofiledunderourweekly

seriesJuniorResourceStockWatchlist.

ToviewallthecompaniesintheUbikaGold50Index,readtheirreportsandviewCEOvideo

interviewspleasevisithere.

Thestarting

point

for

the

Index

is

February

1,

2010.

The

value

of

the

Index

is

based

on

the

marketcapitalizationofthe50companiesintheIndex.Wearetrackingtheperformanceofthe

indexbasedonthechangeinthecumulativemarketvalueofall50companies.

AboutTheUbikaGold50ReportThisreportprovidesasummaryofthekeyperformancedatafortheindexanditsconstituents

andalsocomparestheperformanceoftheindexversusthebenchmarkTSXVentureIndexand

SpotGoldprice.

Apartfromtheperformanceoftheindexandchangeinthemarketvalueofeachcompanyin

theGold

50

list,

we

also

provide

asummary

of

major

news

related

to

these

companies

and

highlightoneormorecompaniesintheweeklyUbikaGold50Report.

UbikaResearchwillcontinuouslyevaluatethislistandmakechangesbyeitherincludingnew

promisingcompaniesand/orexcludingthosethatfailtomeetourproprietarycriteria.

November28,2011Issue# 54

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Overall Performance

The Ubika Gold 50 Index (UG 50) has been tracked since February 1, 2010. The

cumulative market capitalization or value of the 50 companies in the Index on

Feb 1, 2010 was C$9,921,832,745 and the market cap based on the closing prices on

November 25, 2011 was C$15,713,081,493 for an increase of 58.37%. In comparison,

the benchmark TSX Venture Index decreased from 1509.94 to 1505.14, for a decrease

of 0.32% during the same time period. The Gold Futures in the New York Mercantile

Exchange moved from $1103.10 to $1688.50 per one ounce, an increase of 53.07%

from February 1, 2010 to November 25, 2011.

Graph 1 shows the relative performance of the Ubika Gold 50 Index (UG 50) against the

TSXV index and Gold spot prices since the start of the index in terms of percentage

return.

Graph 1: The Ubika Gold 50 (UG 50) Relative Performance

58.37%

0.32%

53.07%

10%

0%

10%

20%

30%

40%

50%

60%

70%

SinceInception

INDEXUbikaGold50

TSXVINDEX

GoldSpot (NewYork)

Source: Ubika Research

Gold Canyon Resources Inc. is still the overall top 5 gainer and there is no change in the

constituents compared to last week.

The table and graph below show the overall top gainers to date.

Table 1: Top Five Market Cap Gainers (Feb 1, 2010 Nov 25, 2011)

Company Ticker % Change

Gold Canyon Resources Inc GCU 1,449.68%

PMI Gold Corp PMV 756.60%

Silverquest Resources SQI 507.92%

Kaminak Gold Corp KAM 477.38%

Belo Sun Mining BSX 404.71%Note: PMI Gold Corp. (TSXV: PMI), Kaminak Gold Corp (TSXV: KAM) and Belo Sun Mining Corp. (TSXV:BSX) were former Ubika Research Junior Resource Stock Watchlist picks. To access the profile report ofthese companies, please visit:PMI Gold Corp. (TSXV: PMI): http://www.smallcappower.com/PMI_Gold_Corp.aspx

Kaminak Gold Corp (TSXV: KAM) http://www.smallcappower.com/Kaminak_Gold_Corp.aspx

Belo Sun Mining Corp. (TSXV: BSX): http://www.smallcappower.com/Belo_Sun_Mining_Corp.aspx

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1,449.68%

756.60%

507.92% 477.38%404.71%

0.00%

200.00%

400.00%

600.00%

800.00%

1,000.00%

1,200.00%

1,400.00%

1,600.00%

GCU PMV SQI KAM BSX

Top5MarketCapGainers(ToDate)

The Ubika Gold 50 Index Weekly Performance (Week of Nov 21 Nov 25, 2011)

Key Findings for the week of Nov 21 Nov 25 are summarized below:

The UG 50 and both the benchmarks were down again this week on mountingEuropean concerns.

The UG 50 underperformed the Gold Futures, but outperformed the TSXV overthis week. The cumulative market cap of the UG50 companies decreased fromC$16,727,351,984 to C$15,713,081,493, a decrease of 6.06%.

The TSXV also dropped heavily this week. It finished at 1505.14, a decrease of6.38%.

Gold lost again this week. It closed below $1700 after four weeks. It closed theweek at $1688.50 an ounce, a decrease of 2.12%.

The performance of the UG 50 constituent companies were mostly negative with

just 7 companies finishing the week in black.

Rainy River Resources Ltd. (TSXV: RR) was the top market cap gainer for the

week as it gained over 5% as its stock price increased from $7.00 to $7.40 on

positive developments.

Table 2 and Graph 2 below show the top gainers for this week.

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Table 2: Top Market Cap Gainers for the Week of Nov 21 Nov 25, 2011

Company Ticker % Change

Rainy River Resources Ltd RR 5.71%

St Andrew Gold Fields SAS

2.04%Kiska Metals Corp KSK 1.37%

Meadow Bay Gold Corp. MAY 0.65%

Almaden Minerals Ltd AMM 0.38%

Source: Ubika Research

Graph 2: Top 5 Ubika Gold 50 Market Cap Gainers for the Week Nov 21 Nov 25

5.71%

2.04%

1.37%

0.65%0.38%

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%

7.00%

RR SAS KSK MAY AMM

Top5MarketCapGainers fortheWeek

Note: Meadow Bay Capital Corp. (TSXV: MAY) is under Ubika Research coverage. Please visit the followingcompany information hub below to view research reports, analyst commentary and CEO video interviews:http://www.smallcappower.com/companies/meadow-bay-gold-corp/home.html

Rainy River Resources Ltd. (TSXV: RR) and Kiska Metals Corp. (TSXV: KSK) were former Ubika Researchjunior Resource Stock Watchlist picks. To access the profile report of these companies, please visit:

Rainy River Resources Ltd. (TSXV: RR): http://www.smallcappower.com/rainy_river_resources.aspx

Kiska Metals Corp. (TSXV: KSK): http://www.smallcappower.com/Kiska_Metals_Corp.aspx

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Musings from Ubika

The worsening debt crisis in Europe that sent the European bond yieldshigher coupled with the stalemate in US debt talks made the marketsworldwide finish the week deep in the red as investors saw no light inthe end of the tunnel. The holiday-shortened week in the US and a

much lower volume of trading didnt stop the major US indices to finishthe week lower. The Dow lost 4.8% for the week, its second continuousweekly loss, S&P 500 fell 4.7% for the week and the Nasdaq lost 5.1%,its fourth week of losses.

Canadian markets continued the trend with the TSX falling 3.6% for the week, its fourthweek of losses and worst drop in two months. The junior Venture index also fell thisweek, it dropped by 6.4% as investors sought safety and dumped small caps.

European and Asian markets were down as the signs of the debt crisis spreading arebecoming evident. This week Belgiums and Hungarys debt were downgraded andFrance escaped with a warning, moreover the European leaders are unable to agree on

a clear path to solve the debt crisis and The International Monetary Fund warned Japanthat the crisis is spreading to Japan and it faces a huge risk of increasing governmentbond yields, given the countrys huge debt levels. The only thing that finished the weeknot in red was the VIX, the fear index that shows the investors anxiety.

Most commodities also finished the week lower on the raising US Dollar and the fear thatdemand for commodities might seriously reduce in case of a prolonged recovery. Crudefinished the week 0.7% lower on worsening macroeconomic outlook, still WTI Crudesettled at $96.77 a barrel on strong oil fundamentals. Natural gas on the other handgained 6.7% this week as winter is approaching and as it is gaining back some of thelost position. Precious metals and Copper finished the week much lower. Gold finishedbelow the $1700 mark closing at $1688.50 an ounce. We are bullish on Gold and do notsee a huge decline in Gold prices given the current Economic environment of the world.

The UG 50 lost heavily this week as investors shed small caps to seek safety intreasuries. The index fell 6.1% this week, its third week of losses, but losing UG50companies offer new opportunities for investors to enter some of the constituentcompanies at much lower levels. Given the valuation discrepancies between Gold bullionand the UG 50 companies, we are confident that the companies with solid management,good assets, NI43-101 resources and strong exploration program will out-perform theGold in the long run.

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Company Spotlight: Kiska Metals Corp. (TSXV: KSK)

The company in focus this week is Kiska Metals Corp. (TSXV: KSK). Kiska Metals Corp.formerly Geoinformatics Exploration Inc., is a mineral exploration company. Kiska Metalswas formed in August 2009, created through the business combination of RimfireMinerals and Geoinformatics Exploration. Kiskas portfolio of assets includes its flagshipWhistler Project, which is a gold exploration project in Alaska. In addition to Alaska, the

Company has properties in British Columbia, Mexico and Australia.

Whats interesting about KSK?

Kiskas key project of interest is the Whistler property in Alaska, which covers527 square kilometres in an area about 150 kilometres northwest of Anchorage,Alaska.

The Whistler project covers an east-west trending copper-gold porphyry belt andis located in an emerging gold-copper porphyry district with high value of gold.

The Whistler Property is an advanced exploration project with NI 43-101compliant resource estimate of 5.60 million oz equivalent of gold.

The project has strong exploration potential with many untested targets and hasexpansion potential. The company just completed intensive 2011 drill program that resulted in

intersection of 1.37 g/t gold and 54.2 g/t silver at Island Mountain prospect andexpects more news flow.

A strong management team with experienced professionals managing theexploration and operational activities.

Kiska Metals Corp. (TSXV: KSK) were former Ubika Research junior Resource StockWatchlist picks. To access the profile report of these companies, please visit:http://www.smallcappower.com/Kiska_Metals_Corp.aspx

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Ubika Gold 50 weekly performance (week ending Nov 25, 2011)

Company Symbol52 Wk

High

52 Wk

Low

Last

Price

M.Cap

18 Nov, 2011

M.Cap

25 Nov, 2011

%

Change

Week

AlamosGoldI nc AGI 21. 65 13. 26 15.47 1,857, 010, 107 1, 829, 814,837 1.46%

AlmadenMineralsLtd AMM 5.25 2.23 2.64 152,386,993 152,966,411 0.38%

AtlantaGoldInc ATG 0.19 0.06 0.06 12,784,800 11,871,600 7.14%

AvionGoldCorp AVR 2.57 1.26 1.55 739,549,753 682,322,689 7.74%

B2goldCorp BTO 4.45 2.21 3.24 1,189,057,006 1,116,679,611

6.09%

BayfieldVenturesCorp BYV 1.02 0.41 0.47 31,383,845 29,186,976 7.00%

BeloSunMiningCorp BSX 1.54 0.73 1.15 244,477,463 238,261,940 2.54%

CarpathianGoldInc CPN 0.77 0.38 0.43 197,526,488 184,644,325 6.52%

CliftonStarResourcesInc CFO 5.39 1.86 2.90 85,761,384 85,761,384 0.00%

ColossusMineralsInc CSI 9.87 5.14 6.49 732,406,516 680,991,133 7.02%

EagleHillExplorationCorp EA G 0.35 0.13 0.13 16,757,446 14,523,118 13.33%

GoldCanyonResourcesIn c GCU 4. 22 1. 57 2.35 278, 041, 241 235, 883, 355 15.16%

GoldOreResourcesLtd GOZ 1.14 0.66 0.85 77,489,742 72,380,528 6.59%

GowestGoldLtd GWA 0.43 0.17 0.19 24,110,988 20,275,149 15.91%

GuyanaGoldfieldsInc GUY 10.95 6.82 8.44 706,505,528 706,505,528 0.00%

HYLakeGoldInc HYL 0.15 0.60 0.27 12,078,253 11,245,270 6.90%

KaminakGoldCorp KAM 4.71 2.30 2.37 200,571,333 174,762,512 12.87%

KeeganResources

Inc KGN 9.59 3 .91 3.91 350,241,913 294,504,491

15.91%

KiskaMetalsCorp KSK 1.56 0.36 0.37 36,227,550 36,723,818 1.37%

LaQuintaResourcesCorp LAQ 0.13 0.05 0.06 5,589,893 5,159,901 7.69%

LexamVGGoldInc LEX 1.52 0.30 0.38 90,218,107 85,707,200 5.00%

MagellanMineralsLtd MNM 1.94 0.50 0.63 82,108,650 68,971,265 16.00%

MeadowBayGoldCorp. MAY 2.01 0.13 1.20 52,451,267 52,792,790 0.65%

MetanorResourcesInc MTO 0.48 0.21 0.34 76,641,021 68,573,547 10.53%

NorthernGoldMiningInc N GM 0.64 0.23 0.24 39,176,678 34,823,711 11.11%

NovaGoldResourcesInc NG 16.92 6.26 10.27 2,692,445,171 2,462,280,879 8.55%

NWMMiningCorp NWM 0.20 0.08 0.08 43,409,611 34,718,727 20.02%

OrvanaMineralsCorp ORV 3.97 1 .05 1.16 179,946,631 158,134,907 12.12%

ParamountGoldandSilver PZG 4. 40 1. 65 2.35 340, 599, 631 321, 449,437 5.62%

PcGoldIncorporate d PKL 1.16 0.30 0.30 22,038,675 20,035,159 9.09%

PelangioExploration

Inc PX 1.23 0.41 0.49 73,209,320 67,684,093

7.55%

PetaquillaMineralsLtd PTQ 1.36 0.59 0.67 154,815,287 148,418,136 4.13%

PMIGoldCorp PMV 1.42 0.36 1.02 252,070,758 219,753,998 12.82%

PremierGoldMinesLtd PG 8.00 4.56 4.84 649,567,608 616,573,427 5.08%

QueenstonMiningInc QMI 8.07 4.12 5.83 487,904,166 482,115,458 1.19%

RainyRiverResourcesLtd R R 13.50 5.66 7.40 586,511,940 620,026,916 5.71%

RomarcoMineralsInc R 2.73 0.88 0.90 537,076,966 525,401,356 2.17%

RubiconMineralsCorp RMX 6.50 3.05 3.45 869,102,522 819,235,976 5.74%

RXExplorationInc RXE 0.64 0.31 0.47 87,000,051 78,634,664 9.62%

RyePatchGoldCorp RPM 0.48 0.23 0.38 55,877,270 47,715,421 14.61%

SanGoldCorp SGR 4.09 1.68 1.69 593,895,913 528,254,810 11.05%

SandspringResourcesLtd S SP 3. 75 1. 33 1.64 191, 371, 487 178,323, 430 6.82%

SeafieldResourcesLtd SFF 0.77 0.17 0.18 32,033,297 30,347,335 5.26%

SilverQuestResourcesLtd SQI 1. 28 0. 44 1.03 120, 244, 829 114, 677, 931 4.63%

StAndrewGoldfieldsLtd SA S 1.55 0.45 0.50 180,321,866 184,001,900 2.04%

StEliasMinesLtd SLI 2.80 1.46 2.03 257,199,951 234,569,339 8.80%

TemexResourcesCorp TME 0.44 0.17 0.20 28,091,925 24,427,760 13.04%

USGoldCorp UXG 9.44 3.45 3.85 597,754,384 525,423,347 12.10%

VictoriaGoldCorp VIT 1.14 0.32 0.42 152,696,066 142,516,328 6.67%

VistaGoldCorp VGZ 4.55 2.30 3.26 251,612,696 233,027,668 7.39%

INDEX Ubika Gold 50 16,727,351,984 15,713,081,493 6.06%

TSXV INDEX 1,607.67 1,505.14 6.38%

Gold Spot (New York) 1,725.10 1,688.50 2.12%

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Key Ubika Gold 50 Company News during the week of Nov 21 Nov 25, 2011:

Pelangio Exploration Intersects 1.12 g/t Gold Over 82 Metres at Pokukrom EastZone on the Manfo Property

CMTX - Mon Nov 21, 07:00AM

Pelangio Exploration Inc. is pleased to announce results from nine additional diamonddrill holes totaling 2,058 metres on the Manfo Property in Ghana.http://smallcappower.websol.barchart.com/?module=stockDetail&topnum=50&storyID=2167782&selected=news

PMI announces key appointments to strengthen Ghanaian management team

CMTX - Mon Nov 21, 02:46PM

PMI Gold Corporation is pleased to announce a number of key appointments tostrengthen its in-country management team in Ghana as it completes the Pre-FeasibilityStudy on its flagship Obotan Gold Project and ramps up regional exploration activities.http://smallcappower.websol.barchart.com/?module=stockDetail&topnum=50&storyID=2176939&selected=news

Kaminak Intersects Multiple High-Grade Gold Zones in Deep Drilling at Latte andNew Gold Zone Discovered at Connector

CMTX - Mon Nov 21, 03:01PM

Kaminak Gold Corp. announced diamond drill results from the Latte and Connectorzones, located on the Company's 150,000 acre Coffee Gold property, Yukon Territory.

http://smallcappower.websol.barchart.com/?module=stockDetail&topnum=23&storyID=2177135&selected=news

New Base Metal Discovery: Metanor Intersects a Zone With Significant Zinc andSilver While Drilling the Hewfran Gold Zone

CMTX - Tue Nov 22, 08:04AM

Metanor Resources Inc. is pleased to provide a special update of its activities at theBachelor Lake Project.http://smallcappower.websol.barchart.com/?module=stockDetail&topnum=23&storyID=2187668&selected=news

Almaden Hits 21.95 m of 2.75 g/t Au and 210.1 g/t Ag (7.0 g/t AuEq) on Main IxtacaZone

CMTX - Tue Nov 22, 03:31PM

Almaden Minerals Ltd. is pleased to announce results from the on-going drilling programon the Company's 100% owned Tuligtic project, Mexico.http://smallcappower.websol.barchart.com/?module=stockDetail&topnum=23&storyID=2

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195330&selected=news

Sandspring Reports Additional Higher Grade Drilling Results From Toroparu;Expects Announcement of Updated Resource Estimate and Updated PreliminaryAssessment Results in December 2011

CMTX - Wed Nov 23, 08:31AM

Sanspring Resources Ltd. is pleased to announce further results from its 2011expansion and infill-drilling program at the Toroparu Gold Deposit in the Republic ofGuyana.http://smallcappower.websol.barchart.com/?module=stockDetail&topnum=23&storyID=2206800&selected=news

Drilling at Serra Intersects 7m @ 6.10g/t Gold at Coringa Project, Brazil

CMTX - Thu Nov 24, 08:52AM

Magellan Minerals Ltd. is pleased to report results from thirteen additional drill holes from

the Serra, Meio and Domingo zones at the Coringa project, Brazil.http://smallcappower.websol.barchart.com/?module=stockDetail&topnum=23&storyID=2221322&selected=news

Keegan Settles Majority Interest of Ghanaian Lawsuit

CMTX - Fri Nov 25, 02:23PM

Keegan Resources Inc. announced that it has entered into a written settlementagreement with two parties who together hold a 60% interest in the outcome of thelitigation commenced in 2009 in Accra, Ghana involving the Company's Esaase Project.http://smallcappower.websol.barchart.com/?module=stockDetail&topnum=23&storyID=2

233489&selected=news

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Vikas Ranjan, Managing DirectorPhone: (647) 352-2666Email: vikas@ubikacorp.com

Vishy Karamadam, Managing DirectorPhone: (647) 352-0666Email: vishy@ubikacorp.com

Raj Ravindran, Research AssociatePhone: (647) 344-4222rajkumar.ravindran@gmail.com

Doug Morrison, DirectorPhone: (647) 352-0687Email: doug@ubikacorp.com

Contact Us:

See following pages for important disclosure:

700 - 36 Lombard Street

Toronto, Ontario

Canada M5C 2X3

T: 416-646-1941

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Email: info@ubikacorp.com

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Vancouver, British Columbia

Canada V6C 3L2T: (604) 484-5761

F: (604) 484-5761

Web: www.ubikaresearch.com

UBIKA RESEARCH

RESEARCHING THE UNDER-RESEARCHED

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Disclosure

Ubika Research Disclaimer

This report has been prepared by Ubika Research, a division of Ubika Corporation.

Copyright

This report may not be reproduced in whole or in part, or further distributed or published or

referred to in any manner whatsoever, nor may the information, opinions or conclusions

contained in it be referred to without in each case the prior express written consent of Ubika

Corporation.

Disclaimer

Certain companys profiled in this report have entered into a commercial relationship with Ubika

Corporation, our partners or our affiliates for research coverage and capital market services and

paid fees and or shares or stock options or warrants for being mentioned at smallcappower.com

and in this report. Hence the highlighted company information in this report is an advertisement

only and does not and will not constitute an offer to buy or sell securities in the highlighted

company.

Ubika Corporation is not registered with any financial or securities regulatory authority, and does

not provide nor claims to provide investment advice or recommendations to readers of this report.

The information in this report is designed to present the opinion of Ubikas analysts and what they

believe to be the objective prospects or information on the companies mentioned in this report.

Where reference is made to estimates of value or relative value of a specific company, those are

purely opinions of Ubika Research. There is no guarantee that these estimates are reliable or will

materialize. They should not be relied upon in making specific investment decisions and readers

should seek advice based on their risk profile and investment requirements from a person

qualified and authorized to provide advice. This report does not constitute an offer or invitation to

purchase or acquire any shares or securities in any company or any interest therein, nor shall it

form the basis of any contract entered into for the sale of shares or securities in any company.

The information in this report is believed to be correct, but its accuracy, timelines or completeness

cannot be guaranteed. No representation or warranty, express or implied, is given by any person

as to the accuracy or completeness of the information and no responsibility or liability is accepted

for the accuracy or sufficiency of any of the information, for any errors, omissions or

misstatements, negligent or otherwise. Ubika Research did not make an independent

investigation or inquiry as to the accuracy of any information provided on any of the companies

mentioned in this report.

Readers of this report are advised to conduct their own due diligence before investing in any of

the companies mentioned in this report. Readers of this report are informed that the value of

shares in the highlighted company or companies mentioned in this report may go up or down.

Past performance is not necessarily a guide to future performance. Readers of this report are

advised that Ubika Corporation (including its directors, employees and representatives) or a

connected person will have positions in or options on the securities detailed in this report, and

may buy, sell or offer to purchase or sell such securities from time to time. Hence any mention of

companies in this report should be treated merely as a commercial advertisement and does not

constitute a recommendation or an offer to buy or securities.

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Independence, Objectivity & Best Practices

Unless otherwise noted, research reports by Ubika Research, a division of Ubika Corporation, are

often paid for on a fixed fee basis by the company under coverage directly or by financial

intermediaries and investment relation firms working on the behalf of those companies. Ubika

Corporation can also at times receive options to purchase shares from the companies under its

research and capital market exposure services program. Since Ubika Corporation and its

divisions including Ubika Research and SmallCapPower.com receive such compensation, thereis an inherent conflict of interest in Ubika Researchs research statements and opinions and we

do not make any claim of such statements and opinions being independent. Readers of this

report should not rely on this report for making any investment decision and are advised to

conduct their own due diligence before investing in any companies mentioned in this report.

Note: Ubika Research has NOT visited various mining sites to do any independent physical

assessment of any company mentioned in this report.

Safe Harbour Statement for US Residents/ Investors

The information set forth in this report may contain forward-looking statements. Statements in

the report, which are not purely historical, are forward-looking and include statements regardingbeliefs, plans, expectations or intentions regarding the future.

Except for the historical information presented herein, matters discussed in this document contain

forward-looking statements that are subject to certain risks and uncertainties that could cause

actual results to differ materially from any future results, performance or achievements expressed

or implied by such statements. Statements that are not historical facts, including statements that

are preceded by, followed by, or that include such words as estimate, anticipate, believe,

plan, intend, expect, may or should or similar statements are forward-looking statements.

Risks and uncertainties for the company include, but are not limited to, the risks associated with

the impact of general economic conditions in countries in which the company conducts business,

the impact of competitive products and pricing, product demand and market acceptance, newproduct development, the continuation and development of key customer and supplier

relationships, and the availability of high quality, qualified personnel and management.

Other risks include but are not limited to factors affecting development and expansion activities

generally including access to capital to meet all of the highlighted companys financial

requirements, and the companys ability to control costs. There can be no assurance that the

highlighted companys efforts will succeed and the company will ultimately achieve sustained

commercial success. These forward-looking statements are made as of the date of this

document, and neither Ubika Corporation nor the highlighted company assumes any obligation to

update the forward-looking statements, or to update the reasons why actual results could differ

from those projected in the forward-looking statements. Although management of the highlightedcompany have advised Ubika Corporation that they believe that the plans, expectations, beliefs

and intentions contained in the information provided to Ubika Corporation and reproduced in the

report are reasonable, there can be no assurance those beliefs, plans, expectations or intentions

will prove to be accurate.

The forward looking statements contained in the document have been prepared by management

of the highlighted company who believe and have so advised Ubika Corporation, without

independent verification by Ubika Corporation that a reasonable basis exists for making such

statements.