Financial Performance & Scoring -- © 2006 Gaskins IPO Desktop/IPOdesktop

Pre-IPO analysis -- updated June 23

. Business Model Rating Criteria

A = high growth market, potential leader; B = more competitive market; C='public venture capital'

. Calculations

. IPO Price to annualized Sales Ratio -- (Price / Sales)

Numerator

Denominator

IPO market capitalization…

Annualized Sales (last quarter's revenues times 4)

(post-IPO # of shares times mid-point of IPO price range)

. IPO Price to annualized Earnings (loss) -- (Price / Earnings)

Numerator

Denominator

IPO market cap

Annualized Earnings (loss) from the last quarter

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

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

for analysis

scheduled below

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

Summary ratios for the week of June 26

(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

Summary -- scheduled for week of June 26

Aventine (AVR)

$1,621

1.3

33

5.4

7.8

19%

ethanol producer & distributor

Post-IPO shrs: 42mm

Bidz.com (BIDZ)

$255

1.8

19

5.6

5.6

22%

online jewelry retailer with an auction

Post-IPO shrs: 50mm

Compare & Contrast

For the quarter ended about April 30, 2006

Bidz.com (BIDZ)

$255

1.8

19

5.6

5.6

Blue Nile (NILE)

$552

2.7

58

6.8

6.8

Blue Nile, Inc. engages in the online retailing of diamonds, jewelry, and watches in the United States, the United Kingdom, and Canada.

Gordon Biersch (BIER)

$112

1.0

158

2.1

5.3

44%

upscale brewery restaurants

Post-IPO shrs: 9.3mm

Gmarket (GMKT)

$705

5.9

88

7.7

7.8

18%

S. Korean consumer ecommerce

Post-IPO shrs: 50mm

J. Crew (JCG)

$910

0.9

11

-4.2

-4.2

33%

Compare & Contrast

IPO Mrkt

Price /

Price /

Price /

Price /

After tax

For the quarter ended 4/30/06

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

Profits

J. Crew (JCG)

$910

0.9

11

-4.2

-4.2

8.3%

(JCG is proforma assuming the IPO)

GAP (GPS)

$14,480

1.1

15

2.7

2.7

7.0%

Limited Brands (LTD)

$10,810

1.3

27

4.3

15.4

4.8%

The Jan quarter is comparably larger for LTD

For the year ended about January 31, 2006

J. Crew (JCG)

$910

1.0

18

-4.2

-4.2

5.5%

(JCG is proforma assuming the IPO)

GAP (GPS)

$14,480

0.9

13

2.7

2.7

7.0%

Limited Brands (LTD)

$10,810

1.1

16

4.3

15.4

4.8%

(summary continued)

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

Omniture (OMTR)

$372

5.8

-27

4.0

4.5

24%

online business optimization software

Post-IPO shrs: 45mm

PGT (PGTI)

$418

1.1

13

2.1

-4.9

36%

impact-resistant windows & doors

2005 results

Post-IPO shrs: 42mm

Replidyne (RDYN)

$395

34.0

-10

3.4

3.3

19%

new class of antibiotics

Post-IPO shrs: 26mm

Wintegra (WMTG)

$291

10.1

96

5.7

5.7

22%

infrastructure equipment semiconductors

Post-IPO shrs: 22mm

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

SEARCH BY COMPANY

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

for analysis

scheduled below

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

Analysis -- week of June 26

Aventine Renewable

AVR, C+, 8

ethanol producer & distributor

Post-IPO shrs: 42mm

Pekin, IL

2004

2005

Mar 31 qtr

IPO Mkt

Revenue ($mm)

$859.0

$935.0

$312.0

Cap (mm)

Gross Profit %

7.7%

9.3%

9.8%

$1,621

Operating income %

6.2%

7.1%

8.0%

@$39

Net income (loss) $mm

$29.2

$32.2

$12.2

Net income %

3.4%

3.4%

3.9%

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

Aventine (AVR)

$1,621

1.3

33

5.4

7.8

19%

SCORECARD

Mgt

Market

Market Do-

Proprie-

Total

1-5, 5 is high

Growth

mination

tary

rating

20 is perfect

2

3

2

1

8

Note: It is unusual to have a company graded C+ and scored 8.

AVR is graded C+ because it is essentially in a commodity business.

Ethanol spot prices

. $1.61 on March 31, 2005

. $2.30 on March 31, 2006

. As of June 23, Ethanol has jumped to $5 a gallon in the spot market.

Ethanol supply coming online

. Currently, 101 ethanol bio-refineries nationwide have the capacity to produce more than

4.8 billion gallons annually.

. There are 34 ethanol refineries and seven expansions under construction with a

combined annual capacity of more than 2.2 billion gallons.

Business

. Producer and marketer of ethanol in the United States based both on the number of

gallons produced and sold.

. Through AVR production facilities, marketing alliances with other producers and

purchase and resale operations, marketed and distributed 529.8 million gallons of ethanol

in 2005 and 164.9 million gallons in the three months ended March 31, 2006.

. For the year ended December 31, 2005, sold approximately 13.5% of the total ethanol

volume in the United States.

. Has comprehensive national distribution capabilities through a leased railcar fleet and

terminal network at critical points on the nation's transport grid where AVR ethanol is

blended with customers' gasoline.

Revenues

Equity Production represents ‘substantial majority of operating income’

. Owns and operates one of the few coal fired corn wet milling plants in the United States

in Pekin, Illinois, which AVR refers to as the "Illinois facility," and holds a 78.4% interest in

a natural gas fired corn dry milling plant in Aurora, Nebraska, which AVR refers to as the

"Nebraska facility." The remaining 21.6% of the Nebraska facility is owned by Nebraska

Energy Cooperative, an agricultural cooperative comprised of over 200 corn producers.

. Facilities have a combined total annual ethanol production capacity of 150.0 million

gallons with corn processing capacity of approximately 56.0 million bushels per year.

. Although revenues from ethanol sourced from equity production operations represented

approximately 20.5% and 17.6% of total revenues for the year ended December 31, 2005

and the three months ended March 31, 2006, respectively, equity production operations

represented the substantial majority of operating income.

Expansion

. Expanding the Illinois facility by adding a new dry mill facility, expected to complete in

early 2007 expected to increase total annual production capacity by approximately 56.5

million gallons, or 37.7%, to 206.5 million gallons. (Dry milling refers to an ethanol

production process in which the entire corn kernel is first ground into flour before

processing. Wet milling refers to an ethanol production process in which the corn is first

soaked or "steeped" in water before processing.)

. Also see 'use of proceeds' below

Gross margin & spread between ethanol and corn prices

. During the years ended December 2003, 2004 (particularly in the fourth quarter), 2005

and the first quarter of 2006 AVR enjoyed a wide spread between ethanol and corn

prices and as a result, recognized record gross margins.

. Conversely, during 2002, the spread between ethanol and corn prices was substantially

tighter, in part, due to the excess capacity created in anticipation of the MTBE ban in

California which went into effect later than anticipated, and as a result our margins were

substantially worse than those achieved in 2003 and 2004.

. Based on our results of operations for the year ended December 31, 2005, a 1.0%

decrease in the average ethanol sales price would have resulted in a $2.0 million

decrease in operating income and a 1.0% per bushel increase in the price of corn would

have resulted in a $0.5 million decrease in operating income.

. The spread between ethanol and corn prices is at a historically high level, driven in large

part by ethanol demand outpacing supply, high oil prices and high corn production which

led to a significant drop in the average price of corn in the fourth quarter of 2004 and

‘2005.

VeraSun (VSE) not renewing

. VerSun (VE) with the capacity to produce 230.0 million gallons per notified AVR in

writing that VSE elected not to permit automatic renewal of their marketing alliance

agreement with the Company on March 31, 2007.

. Although AVR believes that the loss of this capacity will be substantially offset by the

addition of 208.0 million gallons of capacity announced or under construction by three

new alliance partners and by increased volume of purchase and resale activity

Top 10 ethanol producers:

Annual Capacity (mil. gallons)

Archer-Daniels-Midland, 1070; VeraSun Energy Corporation, 230; Hawkeye Renewables,

LLC, 200; Aventine Renewable Energy, LLC; 150; Cargill, Inc., 120; Abengoa

Bioenergy Corp., 110; New Energy Corp., 102; Midwest Grain Processors, 95; MGP

Ingredients, Inc., 78; Tate & Lyle, 67

TOTAL: 2,222 million gallons

Competition

. According to the RFA, for the year ended 2005 the United States accounted for roughly

35.1% of global ethanol production. Research indicates the world's ethanol producers

compete primarily on a regional basis; high transportation costs prohibit extensive trade

between regions, except in regions where there are not sufficient local supply sources

. Furthermore, a United States tariff of $0.54 per gallon increases costs for importers,

although imports from certain countries are exempt, up to a specified limit, from this tariff.

. As of June 2006, in the United States, there are 86 producers using 101 plants. The top

ten producers account for 46.3% of total capacity of approximately 4.8 billion gallons .

The remaining producers primarily consist of farmer cooperatives.

Use of $238mm in IPO proceeds from 6.4mm shares

(shareholders intend to offer 1.3mm shares)

. $169mm to repay debt

. Remainder for general corporate purposes

Note:

. "Although we are continually exploring opportunities to increase production capacity, at

this time we have no specific plans other than the following: (i) the currently underway

6.5 million gallon dry mill pre-funded expansion of our Illinois facility (ii) we are in the

preliminary stages of evaluating a potential 220.0 million gallon per year brownfield

development (iii) we recently signed a letter of intent with the Aurora Cooperative to

develop a second 220.0 million gallon plant adjacent to our Nebraska facility and (iv) we

are also exploring a further 110.0 million gallon dry mill expansion in Pekin."

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

Bidz.com (BIDZ)

BIDZ, B-, 8

online jewelry retailer with an auction

Post-IPO shrs: 50mm

Culver City, CA

2003

2004

2005

Mar 31 qtr

IPO Mkt

Revenue ($mm)

$47.7

$65.3

$90.6

$34.7

Cap (mm)

Gross Profit %

11.5%

18.8%

21.3%

26.5%

$255

Net income (loss) $mm*

($5.8)

$0.8

$2.6

$3.3

@$9

Net income %

-12.2%

1.2%

2.9%

9.5%

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

Bidz.com (BIDZ)

$255

1.8

19

5.6

7.8

22%

Compare & Contrast

For the quarter ended about April 30, 2006

Bidz.com (BIDZ)

$255

1.8

19

5.6

7.8

Blue Nile (NILE)

$552

2.7

58

6.8

6.8

Blue Nile, Inc. engages in the online retailing of diamonds, jewelry, and watches in the United States, the United Kingdom, and Canada.

SCORECARD

Mgt

Market

Market Do-

Proprie-

Total

1-5, 5 is high

Growth

mination

tary

rating

20 is perfect

3

2

2

1

8

Note: BIDZ has done an effective job of establishing itself in the business with very competitive

gross margin and net profit margin ratios

Business

. Online retailer of jewelry, featuring a live auction format.

. Sells to consumers looking for reliable bargains on jewelry.

. BIDZ believes it is the second largest online retailer of jewelry based on revenue and

the largest online jewelry auction Internet site based on web traffic.

Auction format

. Offers products through a continuous live format, featuring "no reserve" auctions

(requiring only $1 minimum opening bids), and a unique 15-second auction extension

period that allows auctions to continue until all bids are received.

. The majority of our auctions are short-term, often lasting less than one hour, providing

for immediate consummation of sales.

Metrics

. In assessing the business, BIDZ considers operational and non-financial performance

metrics, such as average selling price per order, average orders per day, average items

sold per day, acquisition cost per new buyer, and number of new buyers.

. During 2005, we averaged daily sales of approximately 7,000 items with an average

order size of $112.

Competition

. Online auction jewelry sellers, such as eBay and uBid;

. Online liquidation companies, such as Overstock; and online jewelry retailers, such as

Odimo and Blue Nile.

. Also competes with traditional offline jewelry retail chains, such as Zales, Finlay Fine

Jewelry, and Reed's Jewelers, as well as with department and discount and other stores

that sell jewelry at wholesale prices, such as Wal-Mart, Target, J. C. Penney, and Costco,

as well as with QVC and Home Shopping Network.

Use of $40mm in IPO proceeds from sale of 5mm shares

(shareholders intend to offer 1.2mm shares)

. $20.0 million of the proceeds from this offering to finance the purchase of greater levels

of merchandise

. $2.0 million over the next two years to invest in technology and information systems and

to develop a second co-location facility.

. Balance of the proceeds for working capital and general corporate purposes.

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

Gmarket

GMKT, C+, 7

S. Korean consumer ecommerce

Post-IPO shrs: 50mm

Seoul, Korea

2005

Mar 31 qtr

IPO Mkt

Revenue ($mm)

$72.4

$29.7

Cap (mm)

Gross Profit %

47.8%

46.0%

$705

Operating income %

5.1%

5.4%

@$14.25

Net income (loss) $mm*

$5.2

$2.0

Net income %

7.2%

6.7%

*includes interest income, net income not taxed

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

Gmarket (GMKT)

$705

5.9

88

7.7

7.8

18%

SCORECARD

Mgt

Market

Market Do-

Proprie-

Total

1-5, 5 is high

Growth

mination

tary

rating

20 is perfect

2

2

2

1

7

Note: GMKT is executing is business plan very well.

However, it is a high multiple company in a limited geographica market, up against global leaders

American Depositary Shares

Business

. A leading retail e-commerce marketplace in Korea based on gross merchandise value,

or GMV, which represents the total value of all goods sold on an e-commerce

marketplace.

. Further, GMKT believes it is are currently a leader in Korea in terms of monthly unique

visitors among e-commerce retailers.

. For the month of May 2006, GMKT’s GMV (gross merchandise value) was Won 190.13

billion (US$195.7 million) and the average monthly unique visitors was approximately

15.7 million for the five months ended May 31, 2006.

. GMKT has over 8.9 million registered users as of May 31, 2006.

. More than 1.7 million products currently available for sale in 27 product categories at

competitive prices.

. Some of the products listed for sale on GMKT’s website include apparel, beauty

products, computers, electronics, furniture and jewelry.

Korea and the opportunity

. Korea is one of the most advanced countries in the world in terms of the percentage of

Internet users and broadband Internet penetration rate.

. The popularity of the Internet and high broadband Internet penetration rate have allowed

companies in Korea to generate revenues from a variety of services over the Internet,

which has emerged as a popular medium for conducting commercial transactions in

Korea, in particular for retail e-commerce transactions.

. The ability to reach a large number of customers at a relatively low cost has made retail

e-commerce an attractive sales and marketing channel.

GMKT’s growth

. In the past several years, has experienced significant growth in the number of registered

users, the number of goods sold on GMKT’s website and GMV.

. This has resulted from a widening acceptance of the use of the Internet to purchase

goods in Korea and Korea’s improving Internet and delivery network infrastructure, as

well as due to GMKT’s implementation of key strategic initiatives and service

developments to attract users to its website.

Segment %

Transaction fee %

. 70.6% and 82.4% of total revenues for the three months ended March 31, 2006 and

2005, respectively.

. 80.7%, 85.1% and 79.4% of total revenues for the years ended December 31, 2005,

2004 and 2003, respectively,

Advertising & other revenues %

. 29.4% and 17.6% of total revenues for the three months ended March 31, 2006 and

2005, respectively.

. 19.3%, 14.9% and 20.6% of total revenues for the years ended December 31, 2005,

2004 and 2003, respectively

History

. Until the third quarter of 2003, operated as an online retailer, selling products from

inventory, and as an e-commerce marketplace, where various sellers could list and sell

their products.

. In the third quarter of 2003, began transitioning to an exclusively e-commerce

marketplace.

. By December 31, 2004, sold all of our inventory and since then, have been generating

revenues exclusively from GMKT’s e-commerce marketplace.

. Currently derives substantially all revenues from transaction fees on the sale of products

on GMKT’s website, as well as standard and premium listing, banner advertisement and

keyword search fees.

Competition

GMKT expects that competition will continue to increase as the retail e-commerce

industry continues to grow.

. Competes directly with Auction.co.kr, an auction-based website operated by Internet

Auction Co., Ltd., which is a subsidiary of eBay Inc., and Onket.com, an e-commerce

marketplace operated by Daum Corporation, one of the leading Internet portals in Korea.

. Also competes against other online retailers, such as Interpark, GMKT’s largest

shareholder, GS Home Shopping, which operates two online retail websites, CJ Home

Shopping and other online retail websites operated by some of the largest department

stores in Korea, such as Lotte.com, Shinsegae.com and Hmall.com.

. Competes indirectly with Internet portals in Korea, such as Naver.com and Nate.com

. Additionally, competitors include traditional retailers and merchandisers, such as

department stores, discount warehouses, direct retailers and home shopping channels.

Use of $79mm in IPO proceeds from sale of 6mm shares

(shareholders intend to offer 3mm shares)f

• US$20 million to upgrade and expand our network, including servers and data

storage/back-up systems, and for the purchase of information technology solutions,

software and Internet security equipment;

• US$20 million for conducting marketing activities, including advertising and promotion;

• potential acquisitions of, and investments in, Korean companies engaged in related

businesses (including other retail e-commerce marketplaces or companies which provide

products and services such as payment, delivery or software technology that are utilized

by us in operating our e-commerce marketplace) and establishment of one or more

subsidiaries overseas to pursue growth outside of Korea; and

• working capital and general corporate purposes.

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

J. Crew (JCG)

JCG, B, 8

Multi-channel retailer

fiscal 2006 & April 28, 06 are proforma

Post-IPO shrs: 57mm

New York, NY

2004

2005

2006

April 28qtr

IPO Mkt

Revenue ($mm)

$690

$804

$953

$241

Cap (mm)

Gross Profit %

36.2%

40.4%

41.8%

45.2%

$910

Operating income %

-4.5%

4.7%

8.3%

11.7%

@$16

Interest

$64

$88

$24

$7

Net income (loss) $mm

($50)

($10)

$52

$20

Net income %

-7.2%

-1.2%

5.5%

8.3%

Selected store data:

Number of stores open

196

197

203

206

(end of period)

Sales per gross square foot

$338

$400

$459

$114

Comp store sales change

-2.5%

16.4%

13.4%

11.6%

Notes: JCG's tax rate in the April quarter was only 7%.

Also, in fiscal 2006 (ended Jan 31) the April quarter generated the lowest sales

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

J. Crew (JCG)

$910

0.9

11

-4.2

-4.2

33%

SCORECARD

Mgt

Market

Market Do-

Proprie-

Total

1-5, 5 is high

Growth

mination

tary

rating

20 is perfect

3

2

2

1

8

Compare & Contrast

After tax

Notice the relatively high after-tax profit margin, although the April tax rate was only 7%

Profit

For the quarter ended about April 30, 2006

% margin

J. Crew (JCG) priced at $20

$1,138

1.2

14

-5.3

-4.2

8.3%

(JCG is proforma assuming the IPO)

GAP (GPS) 6/27 close

$14,100

1.0

15

2.6

2.6

7.0%

Limited Brnds LTD 6/27 close

$9,880

1.2

25

3.9

14.1

4.8%

The Jan quarter is comparably larger for LTD

For the year ended about January 31, 2006

J. Crew (JCG) priced at $20

$1,138

1.2

22

-5.3

-4.2

5.5%

(JCG is proforma assuming the IPO)

GAP (GPS)

$14,480

0.9

13

2.7

2.7

7.0%

Limited Brands (LTD)

$10,810

1.1

16

4.3

15.4

4.8%

Business

. Nationally recognized apparel and accessories brand

. On the basis of data collected on JCG’s Internet channel customers, JCG believes its

customer base consists primarily of affluent, college-educated and professional and

fashion-conscious women and men.

Two operating divisions

> Retail and factory stores:

. For the year ended Dec 31, 2005, $670mm in sales, 72.5%

. As of June 2, 2006, operated 164 retail stores and 45 factory stores throughout the

United States.

> Direct, which consists of catalog and Internet sales:

. For the year ended Dec 31, 2005, $254mm, 27.5%

. In fiscal 2005, distributed 20 catalog editions with a circulation of 55 million copies and

the JCG website logged over 64 million visits, representing a 33% increase over fiscal

‘2004.

Trends towards women’s apparel and accessories

. Fiscal year ended January 31, 2005: Women’s apparel (62%), Men’s apparel (27%), accessories (11%)

. Fiscal year ended January 31, 2006: Women’s apparel (65%), Men’s apparel (21%), accessories (14%)

. Three months ended April 29, 2006: Women’s apparel (68%), Men’s apparel (18%), accessories (14%)

Store expansion

. Expanded store base by six stores in fiscal 2005.

. Plans to further expand the store base by between 15 and 30 stores in fiscal 2006 (note

from IPOdesktop – JCG must mean ‘for the year ending January 31, 2007).

Thereafter, in the near term, plans to expand the store base by between 25 and 35

stores annually

New management

. In early 2003, the newly-appointed chief executive officer and chairman of the board,

Millard Drexler, and the newly-appointed president, Jeffrey Pfeifle, initiated a program to

reposition J.Crew

. This strategy improved sales per gross square foot to $459 in fiscal 2005, which represents

a 14.8% increase over fiscal 2004.

Leveraged buy-out history

In 1997, completed a recapitalization as a result of which Texas Pacific Group, a private

investment group, obtained a controlling interest in JCG.

Competition

Competes primarily with specialty retailers, higher-end department stores, catalog

retailers and Internet businesses that engage in the retail sale of women’s, men’s and

children’s apparel, accessories, shoes and similar merchandise.

Use of $300mm in gross IPO proceeds

Sources of Funds

Gross proceeds from the offering, $300,800

Net proceeds from the TPG Subscription*, 73,500

Additional borrowings under New Term Loan, $79,500

Total sources: $453,800

Uses of Funds

Redemption of the Series A Preferred Stock., $319,435

Redemption of the Series B Preferred Stock, $111,865

Transaction fees and expenses, $22,500

Total uses: $453,800

* TPG-MD Investment, LLC, an entity controlled by TPG and Mr. Drexler, CEO, has

agreed to convert the $20.0 million principal amount of Operating’s 5.0% Notes Payable

due 2008 (the "5.0% Notes Payable") (plus accrued and unpaid interest of $3.6 million)

into shares of JCG common stock at a conversion price of $3.52 per share of common

stock immediately prior to the consummation of this offering --- 6.7mm shares

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

Omniture (OMTR)

OMTR, C, 6

online business optimization software

Post-IPO shrs: 45mm

Orem, Utah

2003

2004

2005

Mar 31 qtr

IPO Mkt

Revenue ($mm)

$8.7

$20.1

$42.8

$16.4

Cap (mm)

Gross Profit %

71.3%

-6.5%

-40.7%

-20.7%

$372

Net income (loss) $mm*

$0.1

($1.3)

($17.4)

($3.4)

@$8.25

Net income %

1.6%

-6.5%

-40.7%

-20.7%

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

Omniture (OMTR)

$372

5.8

-27

4.0

4.5

24%

SCORECARD

Mgt

Market

Market Do-

Proprie-

Total

1-5, 5 is high

Growth

mination

tary

rating

20 is perfect

1

2

2

1

6

Note: this is a subscription-based business model, which will most likely

earn a high multiple when it begins to make money, but their environment is very competitive.

Business

. Online business optimization software, which customers use to manage and enhance

online, offline and multi-channel business initiatives.

. Business optimization software, which OMTR hosts and delivers to customers on

demand, consisting of SiteCatalyst, the flagship service, and the Omniture

DataWarehouse, Omniture Discover and Omniture SearchCenter services.

. These services enable customers to capture, store and analyze real-time and historical

information generated by their websites and other sources and to gain critical business

insights into the performance and efficiency of marketing and sales initiatives and other

business processes.

Two types of revenue segments

. Subscription revenues and professional services and other revenues.

. Subscription revenues accounted for 89% of total revenues in 2003, 95% of total

revenues in 2004, 96% of total revenues in 2005 and 95% of total revenues in the first

quarter of 2006.

Marketing & customers

. OMTR markets its on-demand services to online businesses across a broad range of

industries, including automotive, financial services, media, technology and travel.

. Currently has over 1,000 customers, including America Online, Apple Computer, eBay,

Expedia, Ford, Gannett, Hewlett-Packard, Major League Baseball and Microsoft.

. In 2005, OMTR’s on-demand services captured data from over 650 billion page views

for customers.

Competition

• companies such as Coremetrics, Inc., Google Inc., Nedstat Ltd., WebSideStory,

• software vendors such as Epiphany, Inc. (acquired by SSA Global), NetRatings, Inc.,

Sane Solutions, LLC (acquired by Unica Corporation) and SAS Institute, Inc.; and

• online marketing service providers such as aQuantive, Inc., DoubleClick Inc. and 24/7

Real Media, Inc.

Use of $64.3mm in IPO proceeds from sale of 8.7mm share

(shareholders intend to offer 2mm shares)

• expansion of domestic and international sales and marketing organizations, which may

include increasing the number of direct sales personnel, expanding reseller and other

sales relationships with third parties, and investing in advertising and marketing activities

to increase brand awareness;

• investments in network infrastructure, which may include continuing to make significant

upfront investments in network infrastructure equipment, such as servers and other

network devices, to support the customer base;

• further development of service offerings, which may include increasing the number of

software engineering and quality assurance personnel; and

• other corporate opportunities that may arise in the future.

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

PGT (PGTI)

PGTI, C+, 6

impact-resistant windows & doors

Post-IPO shrs: 42mm

Nokomis, FL

11 months 2004

2005

Mar 31 qtr

IPO Mkt

Revenue ($mm)

$237.0

$333.0

$96.4

Cap (mm)

Gross Profit %

35.9%

36.9%

37.0%

$418

Operating income %

9.1%

7.6%

-13.5%

@$17

Interest

$9.9

$14.0

$10.4

Net income (loss) $mm

$7.0

$7.9

($14.0)

Net income %

3.0%

2.4%

-14.5%

Note: March 31 quarter includes $27mm in stock compensation expense

March 31 quarter interest includeds $4.6mm in deferred financing cost write-off

Price earnings ratio calculated on 2005 results because of 'Note' just above

--also, notice that for 2005 interest payments were almost double after-tax income

--a relatively low gross profit margin business

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

PGT (PGTI)

$418

1.1

13

2.1

-4.9

36%

SCORECARD

Mgt

Market

Market Do-

Proprie-

Total

1-5, 5 is high

Growth

mination

tary

rating

20 is perfect

2

1

2

1

6

Business

. The leading U.S. manufacturer and supplier of residential impact-resistant windows and

doors and pioneered the U.S. impact-resistant window and door industry in the aftermath

of Hurricane Andrew in 1992.

. Impact-resistant products, which are marketed under the WinGuard brand name,

combine heavy-duty aluminum or vinyl frames with laminated glass to provide protection

from hurricane-force winds and wind-borne debris by maintaining their structural integrity

and preventing penetration by impacting objects. Impact-resistant windows and doors

satisfy increasingly stringent building codes in hurricane-prone coastal states and provide

an attractive alternative to shutters and other "active" forms of hurricane protection that

require installation and removal before and after each storm.

Market share

. Current market share in Florida, which is the largest U.S. impact-resistant window and

door market, is significantly greater than that of any of the competitors.

. WinGuard sales have increased at a compound annual growth rate of 51% since 1999

and represented 56% of 2005 net sales, as compared to 17% of our 1999 net sales.

. Expects WinGuard sales to continue to represent an increasingly greater percentage of

net sales.

. In addition to the core WinGuard product line, offers a complete range of premium,

made-to-order and fully customizable aluminum and vinyl windows and doors primarily

targeting the non-impact-resistant market, which represented 44% of 2005 net sales.

Market

. The impact-resistant window and door market is growing faster than any major segment

of the overall window and door industry.

. This growth has been driven primarily by increased adoption and more active

enforcement of stringent building codes that mandate the use of impact-resistant

products and increased penetration of impact-resistant windows and doors relative to

active forms of hurricane protection.

. An estimated 80% of the U.S. impact-resistant market uses active forms of hurricane

protection. However, homeowners are increasingly choosing impact-resistant windows

and doors due to ease of use, superior product performance, improved aesthetics, higher

security features, and resulting lower insurance premiums for homeowners relative to

standard windows.

Factors influencing future results of operations

. Residential new construction

. Home repair and remodeling expenditures

. Adoption and Enforcement of Building Codes

. Cyclical market pressures

Installations

. Over one million installed WinGuard units and, following the devastating 2004 and 2005

hurricane seasons, there were no reported impact failures.

. According to the National Hurricane Center, we are currently in a period of heightened

hurricane activity that could last another 10 to 20 years, which PGTI expects to further

drive awareness of impact-resistant windows and doors.

Geographic regions

. Currently operates in Southeastern U.S., the Gulf Coast and the Caribbean.

. According to The Freedonia Group, the Southeastern U.S. and the Gulf Coast comprise

41% of the total U.S. window and door market and are benefiting from population growth

rates above the national average and from growing second home ownership

. Additionally, expects increased demand along the Atlantic coast, from Georgia to New

York, as recently adopted building codes are enforced and awareness of the PGT brand

continues to grow.

Manufacturing

. Operate strategically located manufacturing facilities in North Venice, Florida and

Lexington, North Carolina, both capable of producing fully-customizable windows and

doors. Our North Venice plant is vertically integrated with a glass tempering and

laminating facility, which provides us with a consistent source of impact-resistant

laminated glass, shorter lead times, and substantially lower costs relative to third-party

sourcing.

. Because of increased demand for products, PGTI is moving its Lexington operations to

a larger facility in Salisbury, North Carolina acquired in February 2006. This facility will

increase manufacturing capacity by over 160,000 square feet, include glass laminating

and tempering capabilities, and support the expansion of PGTI’s geographic footprint as

the impact-resistant market continues to grow.

History, acquisitions, divestiture

. The subsidiary, PGT Industries, Inc., was founded in 1980 as Vinyl Technology, Inc. by

Paul Hostetler and the current President and Chief Executive Officer, Rodney

Hershberger. The PGT brand was established in 1987, and PGTI introduced the

WinGuard product line in the aftermath of Hurricane Andrew in 1992.

. PGT Industries acquired Triple Diamond Glass of Venice, Florida in December 2001

and in 2002 acquired Binnings Building Products, Inc. of Lexington, North Carolina.

These acquisitions were effected to acquire additional manufacturing capacity.

. On February 20, 2006, PGTI sold its NatureScape product line, which constituted

approximately $18.8 million of sales in 2005.

Competition

> Local and Regional Window and Door Manufacturers:

. This group of competitors consists of numerous local job shops and small

manufacturing facilities that tend to focus on selling branded products to local or regional

dealers and wholesalers and that typically lack the service levels and quality controls

demanded by larger distributors.

. Further, the significant emphasis on stringent building codes requires windows and

doors with increasing design, testing, and manufacturing complexity.

. As a result, these smaller local manufacturers would need to invest significant capital for

their products to become or remain compliant with building codes.

. While a number of these firms are stand-alone entities, some are regional divisions of

larger companies. Competitors include Kinco, a division of Atrium Companies, Inc.,

Lawson Industries Inc., CGI® (Construction Glass Industries), and Florida Extruders

International, Inc. (manufacturer of the Milestone® brand of windows).

> National Window and Door Manufacturers:

This group of competitors tends to focus on selling branded products nationally to dealers

and wholesalers and have multiple locations. Competitors include Simonton® Windows,

Jeld-Wen® Windows and Doors, and Silver Line® Windows.

Leveraged buyout

. On January 29, 2004, PGTI’s predecessor, PGT Holding Company, was acquired by an affiliate of JLL Partners.

. The consolidated results of operations for the year ended December 27, 2003 as well as

the period from December 28, 2003 to January 29, 2004 represent periods of PGT

Holding Company, referred to as the "Predecessor."

. The consolidated results of operations for the period from January 30, 2004 to January

1, 2005, and the year ended December 31, 2005, as well as the consolidated balance

sheets at the end of each period, represent periods of the company.

. In evaluating results of operations and financial performance, management has

compared full year results for 2005 and of our Predecessor for 2003 to the eleven

month period from January 30, 2004 to January 1, 2005.

. The one-month period of the Predecessor from December 28, 2003 to January 29, 2004

is not included in such comparisons because it does not reflect the purchase accounting

that resulted from the acquisition by an affiliate of JLL Partners on January 29, 2004, and

accordingly is not comparable to the eleven-month period from January 30, 2004 to

January 1, 2005.

Use of $138mm in IPO proceeds

• Repay up to $115.0 million of indebtedness under the second lien credit facility;

• Repay up to $23.0 million of indebtedness under the first lien credit facility; and

• Balance for working capital and general corporate purposes.

Note: On February 14, 2006, PGTI entered into an amended and restated $235 million

senior secured credit facility and entered into a new $115 million second lien credit

facility. The proceeds of such amended and restated senior secured credit facility and

second lien credit facility were used to refinance then-existing indebtedness; pay a $83.5

million dividend to stockholders; make a $26.9 million cash payment to holders of stock

options (cash-out to shareholders of $110 mm)

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

Replidyne (RDYN)

RDYN, C+, 6

new class of antibiotics

Post-IPO shrs: 26mm

Louisville, CO

2003

2004

2005

Mar 31 qtr

IPO Mkt

Revenue ($mm)

$0.7

$0.8

$0.4

$2.9

Cap (mm)

Gross Profit %

71.3%

-6.5%

-40.7%

-20.7%

$395

Net income (loss) $mm*

($15.0)

($23.0)

($41.0)

($10.3)

@$15

Net income %

-2142.9%

-2875.0%

-10250.0%

-355.2%

Note: RDYN is an interesting speculation based on its recent collaborative agreement with

Forest Labs, see below

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

Replidyne (RDYN)

$395

34.0

-10

3.4

3.3

19%

SCORECARD

Mgt

Market

Market Do-

Proprie-

Total

1-5, 5 is high

Growth

mination

tary

rating

20 is perfect

2

2

0

2

6

Business

. Biopharmaceutical company initially focused on discovering, developing, in-licensing

and commercializing innovative anti-infective products.

. Lead product, Orapem, is a novel oral community antibiotic for which RDYN has filed an

NDA.

Lead product

. In December 2005, submitted to the FDA the NDA for Orapem for four indications: acute

bacterial sinusitis, community-acquired pneumonia, acute exacerbation of chronic

bronchitis and uncomplicated skin and skin structure infections.

. Although the efficacy data for acute exacerbation of chronic bronchitis and

uncomplicated skin and skin structure infections may be adequate for FDA approval,

RDYN expects that the FDA will likely require additional clinical trials, including a

placebo-controlled trial in the case of acute exacerbation of chronic bronchitis, before it

will approve these indications.

Collaboration & commercialization

. In February entered into a collaboration and commercialization agreement with Forest Laboratories

to co-develop and co-market Orapem in the U.S.

. RDYN and Forest Laboratories are currently conducting a Phase III placebo-controlled

clinical trial for acute exacerbation of chronic bronchitis for adult use.

. RDYN is also developing, together with Forest Laboratories, an oral liquid formulation of

Orapem for the pediatric market and are currently conducting a Phase II clinical trial

using a prototype oral liquid formulation among pediatric patients with acute otitis media. .

RDYN intends to conduct Phase III clinical trials seeking clinical indications for the two

largest pediatric indications: acute otitis media and tonsillitis/pharyngitis.

Payments from Forest

. Granted Forest Laboratories a right of first refusal to extend the territory to include

Canada. RDYN received an up-front payment of $50.0 million in February 2006 and

$10.0 million in milestone payments in March 2006 from Forest Laboratories.

. May receive up to an additional $190.0 million in development and commercial

milestones for both adult and pediatric indications, which will be reduced by $25.0 million

if RDYN exercises its option to directly market and promote Orapem to pediatricians on

an exclusive basis, which RDYN expects to do.

. These milestone payments are largely dependent on the acceptance of additional NDA

filings, FDA approvals and achieving certain sales levels of adult and pediatric

formulations of Orapem. Forest Laboratories will book all Orapem sales and pay RDYN a

co-promotion fee, reimburse marketing expenses and pay royalties on all sales,

milestones on development of the liquid oral formulation and, provided RDYN exercises

its option to market Orapem directly to pediatricians

Second product candidate

. Second product candidate is REP8839, which RDYN is 4 developing for topical use for

skin and wound infections and prevention of S. aureus infections, including MRSA, in

hospital settings.

. REP8839 is an inhibitor of methionyl tRNA synthetase and, in pre-clinical studies, has

shown promising activity.

. RDYN submitted an investigational new drug application, or IND, for the development of

a REP8839/mupirocin combination product in May 2006.

Competition

. The oral anti-infective marketplace has traditionally been one of the most competitive

within the pharmaceutical industry due to the large number of products competing for

market share and significant levels of commercial resources being utilized to promote

brands.

. Several pharmaceutical and biotechnology companies are actively engaged in research

and development related to new generations of antibiotics.