Summary ratios for the week of July 24

(P/E ratios based on annualizing the March quarter, unless otherwise noted)

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

Alien Technology (RFID)

$510

25.5

-9

3.4

3.4

19%

radio frequency identification products

Sept 30 fiscal

Post-IPO shrs:46mm

Chart Industries (GTLS)

$512

1.1

19

2.8

-2.5

49%

machinery for oil/gas production

Post-IPO shrs: 25.6mm

CHG Healthcare (CHGH)

$282

0.7

25

6.2

-8.2

28%

temporary physician staffing

Post-IPO shrs:17.6mm

Crystal River Cap (CRZ)

$704

14.3

11

1.2

1.2

36%

REIT

Post-IPO shrs: 25.6mm

GeoMet (GMET)

$532

10.8

18

2.5

2.5

16%

energy production & development

Post-IPO shrs:38mm

WNS (Holdings) (WNS)

$756

5.0

41

4.9

6.9

26%

travel/fin business outsourcing offshore

Post-IPO shrs: 40mm

=========================================================================

SEARCH BY COMPANY

Use 'Edit, find on this page' to search for companies

for analysis

scheduled below

=========================================================================

Analysis -- week of July 24

Alien Technology

RFID, C, 6

radio frequency identification products

Sept 30 fiscal

Post-IPO shrs:46mm

Morgan Hill, CA

2004

2005

Mar31/6mos

IPO Mkt

Revenue ($mm)

$6.8

$9.9

$19.8

$10.0

Cap (mm)

Gross Profit

20.6%

-70.7%

-12.1%

-60.0%

$510

Net income (loss) $mm*

($19.0)

($27.0)

($53.0)

($28.0)

@$11

Net income %

-279.4%

-272.7%

-267.7%

-280.0%

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

Alien Technology (RFID)

$510

25.5

-9

3.4

3.4

19%

SCORECARD

Mgt

Market

Market Do-

Proprie-

Total

1-5, 5 is high

Growth

mination

tary

rating

20 is perfect

1

2

1

2

6

Business

. Manufactures radio frequency identification, or RFID, products, and provide professional and

educational services to support these products.

. Organizations in retail, consumer goods, manufacturing, defense, transportation and logistics,

pharmaceuticals and other industries use RFID’sproducts and services to improve the

effectiveness, efficiency and security of their supply chains and asset tracking operations.

. RFID believes its passive, ultra high frequency, or UHF, RFID products deliver the combination

f long read range, fast read speed and low cost required for many supply chain and asset tracking

applications.

Proprietary design

Since 2000, has focused efforts on the design and development of RFID products and the

production of low-cost RFID tags utilizing RFID’s proprietary Fluidic Self-Assembly, or FSA,

technology.

. RFID believes its proprietary tag manufacturing process, which is based on FSA and related

processes, gives it a strong cost and performance advantage in manufacturing tags over current

alternative RFID tag manufacturing processes, and will enable RFID to increase our production

capacity to keep pace with the anticipated growth in customer tag demand in the years ahead.

Competition

. Principal competitors in producing passive UHF RFID inlays include Avery Dennison, UPM

Raflatac, Symbol Technologies and Texas Instruments. Other companies, including Impinj,

Philips and ST Microelectronics, are primarily focused on selling ICs, and therefore are

ggressively promoting the use of RFID inlays utilizing their ICs, including the inlays of our

competitors.

. In the RFID hardware business, principal competitors include Impinj, Intermec, SAMSys,

Symbol Technologies, ThingMagic and Tyco.

. In the airport baggage security and handling business, Quatrotec competes with a number of

companies depending on the contract, including ADT Security, Cage, FKI Logistics, Honeywell,

Johnson Controls and Turner Construction.

. Avery Dennison, Philips, Symbol Technologies and certain label converters and tag

manufacturing equipment manufacturers have indicated that they are actively working on

programs to reduce the cost of producing RFID inlays and labels.

Use of $88mm in IPO proceeds

. $19 million to fund equipment purchases and tenant improvements for the Fargo, North Dakota

manufacturing facility

. Remainder for general corporate purposes, including expansion of sales and marketing and

research and development efforts, working capital, capital expenditures and potential acquisitions

=============================================

Chart Industries

GTLS, C, 7

machinery for oil/gas production

Post-IPO shrs: 25.6mm

Garfield Heights, Ohio

2005

Mar 31 qtr

IPO Mkt

Revenue ($mm)

successor co ===>

$403

$121

Cap (mm)

Gross Profit %

27.3%

30.6%

$512

Operating income %

4.4%

13.1%

@$20

Interest expense ($mm)

$24

$6

Net income (loss) $mm

($6.4)

$6.6

Net income %

-1.6%

5.5%

Highly leveraged"

. Notice for the three months ended March 31, 2006 interest expense almost equaled after-tax income

. Also notice the low (not good) negative price-to-tangible book value valuation ratio

. Graded C because GTLS is very highly leveraged with debt

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

Chart Industries (GTLS)

$512

1.1

19

2.8

-2.5

49%

SCORECARD

Mgt

Market

Market Do-

Proprie-

Total

1-5, 5 is high

Growth

mination

tary

rating

20 is perfect

2

2

2

1

7

Business

. Leading independent global manufacturer of highly engineered equipment used in the

production, storage and end-use of hydrocarbon and industrial gases

. Supplies engineered equipment used throughout the liquid gas supply chain globally.

. GTLS believes it is the number one or two equipment supplier in all of its primary end-user

markets.

Recent Developments

. On May 26, 2006, purchased the common stock of Cooler Service Company, Inc., or Cooler

Service, a Tulsa, Oklahoma-based company that designs and manufactures custom air cooled heat

exchangers utilizing advanced technology in thermal and mechanical design. Cooler Service

provides air cooled heat exchangers into multiple markets, including hydrocarbon, petrochemical

and industrial gas processing.

. The aggregate purchase price for the acquisition was $16.5 million, which GTLS paid in cash.

Business segments

. Operates in three segments: (i) Energy and Chemicals, or E&C, (ii) Distribution and Storage, or

D&S, and (iii) BioMedical.

. While each segment manufactures and markets different cryogenic equipment and systems to

distinct end-users, they all share a reliance on GTLS's heat transfer and low temperature storage

know-how and expertise.

. The E&C and D&S segments manufacture products used in energy-related and other

applications, such as the separation, liquefaction, distribution and storage of hydrocarbon and

industrial gases.

. Through hte BioMedical segment, supplies cryogenic equipment used in the storage and

distribution of biological materials and oxygen used primarily in the medical, biological research

and animal breeding industries.

Product applications & other products

. The largest portion of end-use product applications is for energy-related, accounting for 51% of

sales and 58% of orders in 2005, and 77% of backlog at December 31, 2005.

. Also a leading manufacturer of standard and engineered equipment primarily used for low

temperature and cryogenic, or very low temperature, applications.

. Developed an expertise in cryogenic systems and equipment, which operate at low temperatures

sometimes approaching absolute zero (0 kelvin; -273° Centigrade; -459° Fahrenheit).

. The majority of products, including vacuum-insulated containment vessels, heat exchangers, cold

boxes and other cryogenic components, are used throughout the liquid gas supply chain for the

purification, liquefaction, distribution, storage and use of hydrocarbon and industrial gases.

The Leveraged Buy-Out Acquisition

. On August 2, 2005, Chart Industries entered into an agreement and plan of merger with certain of

its stockholders, First Reserve Fund X, L.P.,

. The Acquisition closed on October 17, 2005. In connection with the Acquisition, entities

affiliated with First Reserve contributed $111.3 million in cash to fund a portion of the purchase

price of the equity interests in Chart Industries, and management contributed $6.4 million in the

form of rollover options.

. The remainder of the cash needed to finance the Acquisition, including related fees and expenses,

was provided by funds raised by the offering of $170.0 million senior subordinated notes due 2015

and borrowings under GTLS $240.0 million senior secured credit facility.

. The senior secured credit facility originally consisted of a $180.0 million term loan facility and a

$60.0 million revolving credit facility and will be amended effective upon the closing of this

offering to increase the size of the revolving credit facility to $115.0 million.

Competition

. Companies that operate in GTLS's industry are Air Products, Kobe, Linde, Nordon, Puritan

Bennett, a division of Tyco International, Ltd., Sumitomo and Taylor-Wharton, a Harsco

Company.

. Additionally, GTLS competes with several suppliers owned by global industrial gas producers

and many smaller fabrication-only facilities around the world.

Use of proceeds& loans

. Cash dividends: $243.9mm

. Of that amount $197.4 million will be received by FR X Chart Holdings LLC, an affiliate of First

Reserve.

========================================================

CHG Healthcare Srvs

CHGH, C+, 7

temporary physician staffing

Post-IPO shrs:17.6mm

Salt Lake, UT

2003

2004

2005

Mar 31 qtr

IPO Mkt

Revenue ($mm)

$286

$381

$405

$108

Cap (mm)

Gross Profit %

31.3%

29.4%

28.1%

27.8%

$282

Operating income %

7.5%

7.0%

5.1%

6.9%

@$16

Interest expense ($mm)

$1.3

$4.0

$6.4

$2.1

Net income (loss) $mm

$11.6

$12.2

$7.3

$2.8

Net income %

4.1%

3.2%

1.8%

2.6%

CHGH is yet another highly leveraged company,

. Notice for the three months ended March 31, 2006 interest is almost 75% of after-tax income

. Notice the negative price-to-tangible book value (not as severe as Chart Industries, however)

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

CHG Healthcare (CHGH)

$282

0.7

25

6.2

-8.2

28%

SCORECARD

Mgt

Market

Market Do-

Proprie-

Total

1-5, 5 is high

Growth

mination

tary

rating

20 is perfect

2

2

2

1

7

SCORECARD

Mgt

Market

Market Do-

Proprie-

Total

1-5, 5 is high

Growth

mination

tary

rating

20 is perfect

2

2

2

1

7

Business

"Locom tenens"

. One of the oldest and largest nationwide providers of temporary physician staffing services,

commonly referred to in the industry as "locum tenens," in the United States.

Other services

. Also a leading nationwide provider of temporary allied health and travel nurse staffing services

and permanent placement of physicians and other healthcare professionals.

. CHGH’s temporary staffing services focus exclusively on travel staffing. Founded over 25 years

ago, CHCG has many long-standing relationships with healthcare professionals and customers,

and CHGH believes we have a reputation as one of the most trusted and experienced providers of

healthcare staffing services.

Market

.Staffing Industry Analysts, Inc., or SIA, an independent provider of market data and analysis to

the staffing industry, estimates that locum tenens experienced annual growth rates of at least 11%

for each year from 2003 through 2005 and projects that locum tenens will grow 12% in each of

2006 and 2007.

Placements

. In 2005, CHGH placed more than 6,500 healthcare professionals on over 18,500 temporary

assignments in more than 35 physician and over 50 other healthcare specialties and subspecialties

with over 4,100 customers.

. Primary customers are hospitals and physician practices.

. Locum tenens accounted for 51.2% of our 2005 revenue, other healthcare staffing, which consists

of allied health and travel nurse staffing, generated 42.6% and permanent placement of physicians

and other healthcare professionals generated 6.2%.

. Contracts directly with customers and do not rely on third-party payors, such as Medicaid,

Medicare or insurance companies, for reimbursement.

Operations

. Physicians are the primary generators of revenue and demand for other services in most

healthcare settings and are an important factor in achieving high quality outcomes and patient

satisfaction.

. In addition, CHGH believes the cost to the customer of a locum tenens physician is

approximately the same as the cost of a full-time local physician. Hospitals, physician practices

and other customers use locum tenens physicians to fill in for permanent physicians during

vacations, maternity leave, sabbaticals and continuing education, to address peak or seasonal

demands and to fill open positions while conducting a search for a permanent physician.

. Because physician absences often are planned months in advance, demand for locum tenens

generally is more predictable and less dependent on hospital admission trends or general economic

conditions than other types of healthcare staffing.

Locum Tenens

. Locum tenens involves placing physicians, which include general practitioners and specialists, on

temporary assignments in a variety of healthcare settings. Locum tenens assignments vary

significantly in length, lasting from several days to a year or more in duration.

. Based on CHGH’s experience, assignments most commonly last from 10 to 20 days.

. According to estimates for 2003 through 2005 and projections for 2006 and 2007 published by

SIA, locum tenens is currently the fastest growing component of the temporary healthcare staffing

industry.

. SIA estimates that locum tenens grew 16.5% in 2003, 11% in 2004 and 12% in 2005, generating

revenue of $1.2 billion in 2005, and projects that locum tenens will grow 12% in each of 2006 and

2007. Revenue for CHGH’s locum tenens segment grew 16.0% in 2003, 13.2% in 2004, 10.2% in

2005 and 15.3% in the first quarter of 2006 as compared to the first quarter of 2005.

Competition

Locum tenens (locum tenens physicians are considered be independent contractors)

. CHGH believes it is one of the two largest providers of locum tenens. Based on SIA’s estimate

of total 2005 locum tenens revenue, CHGH share of the locum tenens market in 2005 was

approximately 17%.

. CHGH largest competitor in locum tenens is AMN Healthcare Services, Inc./The MHA Group,

Inc. CHGH also competes with numerous smaller niche providers of locum tenens.

Other segments

. In the travel nurse business line, our competition includes two larger competitors, AMN

Healthcare Services, Inc. and Cross Country Healthcare, Inc., as well as numerous similarly sized

and smaller competitors such as InteliStaf Healthcare, Inc., Medical Staffing Network Holdings,

Inc. and On Assignment, Inc. Based on SIA’s estimate of total 2005 travel nurse revenue, our

share of the travel nurse market in 2005 was approximately 4%.

. In our allied health business line, CHGH competes with larger healthcare staffing companies that

focus on healthcare professionals in a number of specialties as well as small providers focused on

a particular specialty. The largest competitors include AMN Healthcare Services, Inc., Cross

Country Healthcare, Inc. and Medical Staffing Network Holdings, Inc. Competition in this

business line is highly fragmented. Based on SIA’s estimate of total 2005 allied health revenue,

CHGH’s share of the allied health market in 2005 was approximately 3%.

Permanent placement market

. Primary competitors on a national level are AMN Healthcare Services, Inc./The MHA Group,

Inc. and Cross Country Healthcare, Inc./Cejka Consulting.

. Based on CHGH’s internal estimates of total 2004 physician permanent placement revenue,

CHGH believes its share of the physician permanent placement market in 2004 was 6%.

Use of $35.2mm in IPO proceeds from sale of 2.5mm shares

(shareholders intend to offer 2.3mm shares)

Repay debt

==========================================================

Crystal River Capital

CRZ, C, 6

REIT

Post-IPO shrs: 25.6mm

New York, NY

Mar 31 qtr

IPO Mkt

Net interest income ($mm)

recently formed ==>

$12

Cap (mm)

Income before other income

$10

$704

Other income (mostly derivative income)

$6

@$27.5

Net income (loss) $mm

$15.5

Note: derivative income shouldn't be included in analysis of operations

REITs are a special category, they are not operating companies in the traditional sense

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

Crystal River Cap (CRZ)

$704

14.3

11

1.2

1.2

36%

SCORECARD

Mgt

Market

Market Do-

Proprie-

Total

1-5, 5 is high

Growth

mination

tary

rating

20 is perfect

2

2

1

1

6

Business

. Specialty finance company formed on January 25, 2005 by Hyperion Brookfield to invest in real

estate-related securities, real estate loans and instruments and various other asset classes.

. Completed a private offering of common stock in March 2005, in which CRZ raised net proceeds

of $405.6 million.

Use of $203mm in IPO proceeds from sale of 8mm shares

(selling shareholders will offer 1mm shares)

Plans to invest "in accordance with our investment objectives and strategies described in this

prospectus"

========================================================

GeoMet

GMET, C, 7

energy production & development

Post-IPO shrs:38mm

Houston, TX

2003

2004

2005

Mar 31 qtr

IPO Mkt

Revenue ($mm)

$12.0

$20.9

$42.0

$12.3

Cap (mm)

Operating income %*

40.0%

34.9%

44.5%

32.5%

$532

*before derivative income(loss)

@$14

Operating income %

7.5%

7.0%

5.1%

6.9%

Net income (loss) $mm*

$2.5

$3.8

($1.6)

$7.2

*including derivative results after tax

Net income %

20.8%

18.2%

-3.8%

58.5%

Note: operating income is a better indicator of operations than with derivative results;

which begs the question why don't they concentrate on their basic business?

Graded C because they lost money trading derivatives in 2005

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

GeoMet (GMET)

$532

10.8

18

2.5

2.5

16%

SCORECARD

Mgt

Market

Market Do-

Proprie-

Total

1-5, 5 is high

Growth

mination

tary

rating

20 is perfect

2

2

2

1

7

Business

. Exploration, development, and production of natural gas from coal seams (coalbed methane or

CBM).

. Principal operations and producing properties are located in the Cahaba Basin in Alabama and

the Appalachian Basin in West Virginia and Virginia.

Operations

. At December 31, 2005 controlled a total of approximately 255,000 net acres of coalbed methane

development rights, primarily in Alabama, West Virginia, Virginia, Louisiana, Colorado, and

British Columbia.

. Are developing a total of approximately 77,000 net acres of coalbed methane development rights

in the Gurnee field in the Cahaba Basin and in the Pond Creek field in the Appalachian Basin.

. Also controls the balance of approximately 178,000 net acres of coalbed methane exploration and

development rights primarily in north central Louisiana, British Columbia, West Virginia, and

Colorado.

. Has conducted substantial gas desorption testing and drilling of core holes throughout the

property base.

. GMET believes its extensive undeveloped acreage position in the Gurnee field in the Cahaba

Basin and in the Pond Creek field in the Appalachian Basin contains a total of 586 additional

drilling locations.

Reserves, sales, capital expenditures

. At December 31, 2005 had 262.5 Bcf of estimated proved reserves with a PV-10 of

approximately $880 million using gas prices in effect at such date.

. Estimated proved reserves at December 31, 2005 were 100% coalbed methane and 74% proved

developed.

. For the month of May 2006, net gas sales averaged 16,500 Mcf per day.

. For 2005, GMET’s total capital expenditures were $60 million, and development expenditures

for the development of the Gurnee and Pond Creek fields were $46.4 million.

Development plans

. Intends to increase development expenditures by 57% in 2006 to $72 million to accelerate the

drilling of the Gurnee and Pond Creek fields, of which GMET had spent $10.3 million on

development expenditures as of March 31, 2006.

. For 2006, GMET estimates that total capital expenditures will be $90 million, of which GMET

had spent $13.4 million as of March 31, 2006.

History

. Originally founded as a consulting company to the coalbed methane industry in 1985 and have

been active as an operator and developer of coalbed methane properties since 1993.

Competition

. Primarily competes regionally in the northeastern and southeastern United States.

. Competition throughout the United States is regionalized.

. GMET believes that the gas market is highly fragmented and not dominated by any single

producer.

Use of $71mm in IPO proceeds

Repay debt

==========================================================

WNS (Holdings) (WNS)

WNS, C+, 7

travel/fin business outsourcing offshore

March fiscal

Post-IPO shrs: 40mm

Jersey, Channel Islands

2004

2005

2006

IPO Mkt

Revenue

$104

$162

$203

Cap (mm)

Gross Profit

13.8%

13.5%

28.1%

$756

Operation income

-6.7%

-2.7%

9.8%

@$19

Revenue less repair payments*

Revenue

$50

$99

$150

Gross Profit

28.9%

22.1%

38.6%

Operation income

-14.1%

-4.4%

13.4%

Net income

($7)

($6)

$18

Net income % of revenue less repair paymts

-13.4%

-5.9%

12.2%

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

WNS (Holdings) (WNS)

$756

5.0

41

4.9

6.9

26%

SCORECARD

Mgt

Market

Market Do-

Proprie-

Total

1-5, 5 is high

Growth

mination

tary

rating

20 is perfect

2

2

2

1

7

American Depositary Shares, or ADSs: The ADSs are evidenced by American Depositary Receipts, or ADRs.

One ADR is equivalent to one share of common stock

Business

. Offshore business process outsourcing, or BPO, services -- comprehensive data, voice and

analytical services that are underpinned by an expertise in target industry sectors.

. Transfers the execution of the business processes of clients, which are typically companies

located in Europe and North America, to delivery centers located primarily in India.

. In fiscal 2006, the top five clients represented 41.0% of revenue, the top 20 clients represented

73.0% of revenue and one client represented more than 10% of our revenue for this period.

. Largest clients in terms of revenue contribution include leading global corporations such as Air

Canada, AVIVA, British Airways, First Magnus Financial Corporation, GfK, IndyMac Bank,

Marsh, SITA, Tesco, Travelocity and Virgin Atlantic Airways.

One of top two

According to the National Association of Software and Service Companies (NASSCOM), WNS

were among the top two India-based offshore business process outsourcing companies in terms of

revenue in 2004, 2005 and 2006.

History

. Began operations as an in-house unit of British Airways in 1996, and started focusing on

providing business process outsourcing services to third parties in fiscal 2003.

. According to the National Association of Software and Service Companies, or NASSCOM, an

industry association in India, WNS was among the top two India-based offshore business process

outsourcing companies in terms of revenue in 2004, 2005 and 2006.

Market Opportunity

. Businesses globally are outsourcing a growing proportion of their business processes to

streamline their organizations, focus on their core operations, benefit from best-in-class process

execution and increase shareholder returns.

. More significantly, many of these businesses are outsourcing to offshore locations such as India

to access a high quality and cost effective workforce. As a pioneer in the offshore business process

outsourcing industry, WNS believes it is well positioned to benefit from the combination of the

outsourcing and offshoring trends.

Market research market growth estimates – 37% annual compound growth

. The NASSCOM-McKinsey report estimates that the offshore business process outsourcing

industry will grow at a 37.0% compound annual growth rate, from $11.4 billion in fiscal 2005 to

$55.0 billion in fiscal 2010.

. The NASSCOM-McKinsey report estimates that India-based players accounted for 46% of

offshore business process outsourcing revenue in fiscal 2005 and India will retain its dominant

position as the most favored offshore business process outsourcing destination for the foreseeable

future.

. It forecasts that the Indian offshore business process outsourcing market will grow from $5.2

billion in revenue in fiscal 2005 to $25.0 billion in fiscal 2010, representing a compound annual

growth rate of 36.9%.

. Additionally, it identifies retail banking, insurance, travel and hospitality and automobile

manufacturing as the industries with the greatest potential for offshore outsourcing. WNS provides

industry-focused business process outsourcing services to the majority of these industries.

Risks

Industry concentration

Travel industry

In fiscal 2006 and fiscal 2005, 30.9% and 28.9% of revenue and 42.3% and 47.3% of revenue less

repair payments.

Banking, financial services & insurance (BFSI)

During the same periods, clients in the BFSI industry contributed 55.6% and 61.4% of revenue

and 39.1% and 36.8% of revenue less repair payments

Customer concentration

. For fiscal 2006 and fiscal 2005, the five largest clients accounted for 41.0% and 40.1% of

revenue and 52.8% and 56.4% of revenue less repair payments.

. WNS’s contract British Airways, expires in March 2007. In May 2006, WNS entered into a non

binding letter of intent with British Airways to extend the term of this contract to May 2012,

subject to negotiating and entering into a definitive contract.

. For fiscal 2006 and fiscal 2005, British Airways accounted for 7.2% and 10.1% of revenue and

9.9% and 16.5% of our revenue less repair payments.

AVIVA

. Contracts with another major client, AVIVA, provide the client options, exercisable at will after

November 18, 2006 and April 28, 2007, to require WNS to transfer the relevant projects and

operations to this client. In May 2006, WNS entered into non-binding letters of intent with respect

to the AVIVA contracts to postpone the start of the option exercise periods to after June 2007 and

after December 2007.

. For fiscal 2006 and fiscal 2005, AVIVA accounted for 9.8% and 6.2% of revenue and 13.4% and

10.1% of our revenue less repair payments.

Contracts

. Clients may terminate contracts before completion or choose not to renew contracts

. The terms of client contracts typically range from three to five years.

. Many of client contracts can be terminated by clients with or without cause, with three to six

months’ notice and in most cases without penalty.

. Contracts representing 15.0% of revenue and 20.5% of revenue less repair payments from clients

in fiscal 2006 will expire on or before March 31, 2007

Competition

• Focused business process outsourcing service companies based in offshore locations like India,

such as Genpact and ExlService Holdings Inc.;

• Business process outsourcing divisions of numerous information technology service companies

located in India such as Progeon, owned by Infosys Technologies Limited, Tata Consultancy

Services Limited and Wipro BPO, owned by Wipro Technologies Limited; and

• Global companies such as Accenture Ltd, Affiliated Computer Services Inc., Electronic Data

Systems or, EDS, and International Business Machines Corporation, or IBM, which provide an

array of products and services including broad-based information technology, software, consulting

and business process outsourcing services.

. Global companies such as Accenture and IBM have significant client relationships and

information technology capabilities, but WNS believes these companies are at a disadvantage in

the offshore business process outsourcing business because of their relatively limited offshore

focus.

• While companies such as Infosys (through its business process outsourcing subsidiary, Progeon)

and Tata Consulting can offer clients integrated information technology and business outsourcing

services, WNS believes these companies focus on information technology as their core business

. WNS also competes against other offshore business process outsourcing-focused entities like

Genpact and ExlServices Holdings Inc. by seeking to provide industry-focused services with an

offshore focus and building on WNS’s track record of operational excellence.

Shareholders—post IPO

Warburg Pincus, 57%

British Airways plc, 2% (plans to sell 4.4mm shares)

Employees

As of March 31, 2006, WNS had 10,433 employees, of whom 9,700 were employees who execute

client operations, or associates. Approximately 9,200 associates are based in India, with around

250 in each of Sri Lanka and the UK. Most of associates hold university degrees. As of March 31,

2005 and 2004, WNS had 7,176 and 4,472 employees.

Use of $74mm in IPO proceeds from sale of 4.5mm shares

(shareholders intend to offer 6mm shares)

General corporate purposes, including capital expenditures and working capital, and for possible

acquisitions of businesses and delivery platforms.

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