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

Pre-IPO analysis, grading & scoring -- updated Nov 18

. 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 six or nine months)

(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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Summary ratios for the week of Nov 20 (IPOs not previously analyzed, scored & graded)

(P/E ratios based on annualizing recent results, see notes)

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

AerCap Holdings (AER)

$1,955

2.4

14

2.9

3.2

31%

leases aircraft & engines: C+, 8

Post-IPO shrs: 85mm

Spirit Aerosys (SPR)

$3,072

0.9

23

7.0

5.4

41%

parts for commercial & military aircraft: C+, 7

Post-IPO shrs:128mm

Willdan Group (WLDN)

$67

0.9

9

2.4

2.7

42%

outsources services to government: C+, 6

Post-IPO shrs:6.7mm

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

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or ticker for analysis

scheduled below

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AerCap Holdings

AER, C+, 8

leases aircraft & engines

Post-IPO shrs: 85mm

The Netherlands

2003

2004

2005

Sept 06*

IPO Mkt

Rev ($mm)

$471

$391

$493

$603

Cap (mm)

Cost of goods sold

$7

$19

$68

$183

$1,955

Cost of goods sold %

1%

5%

14%

30%

@$23

Inerest ($mm)

$123

$113

$114

$111

Interest %

26%

29%

23%

18%

Profit (loss) ($mm)

$37.0

-$105.0

$83.0

$105.0

Profit (loss) %

8%

-27%

17%

17%

EBITDA

$332.0

$134.0

$325.0

$309.0

EBITDA %

70%

34%

66%

51%

*for the nine months ended Sept 30

---------------------------------------------------------------------------

Reported on page 1 of the SEC filing

Revenue ($mm)

$628

$662

Profit ($mm)

$108

$105

Profit %

17.2%

15.9%

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

AerCap Holdings (AER)

$1,955

2.2

14

2.9

3.2

31%

SCORECARD

Mgt

Market

Market Do-

Proprie-

Total

1-5, 5 is high

Growth

mination

tary

rating

20 is perfect

2

2

3

1

8

---------------------------------------------------------------------------

Compare & contrast

based on annualizing results for the nine months ended September 30, 2006

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

Price

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

Nov 6, 06

AerCap Holdings (AER)

$1,955

2.4

14

2.9

3.2

31%

Aircastle LTD (AYR)

$1,565

9.2

42

2.4

2.4

$30.39

As of March 31, 2006, AER’s aircraft portfolio consisted of 42 aircraft that were leased

to 24 lessees located in 16 countries

AYR IPO date, price: August 8, 2006, $23

Summary

. Relative to AYR, AER appears to be priced at a significant P/E discount, & a smaller price-to-book value premium

. Notice that in this business, see below, quarterly results can vary even when the secular trend is rising

Business

. Aircraft and engine leasing, trading and parts sales

. Also provides aircraft management services and perform aircraft and engine MRO services and

aircraft disassemblies through certified repair stations.

. Operates the business on a global basis, providing aircraft, engines and parts to customers in

every major geographical region.

. Has the infrastructure, expertise and resources to execute a large number of diverse aircraft and

engine transactions in a variety of market conditions

Industry Trends

. AER believes that trends in the aviation industry identified by SH&E, a recognized expert in the

aviation industry, and described in "Aircraft, Engine and Aviation Parts Industry" create a

favorable environment for AER to leverage its competitive strengths and grow its business.

. AER believes that its operating capabilities and aircraft and engine portfolios will provide AER

with a competitive advantage in the expanding aviation market.

Recent developments & growth

. October 17, 2006, signed a letter of intent with Airbus to purchase 20 new A330-200 widebody

aircraft.

. Expects to expand leasing activity in Asia and in China in particular through the AerDragon joint

venture with China Aviation Supplies Import & Export Group Corporation, which commenced

operations in October 2006.

Financial Results for the Three Months Ended December 31, 2006

. Financial results for the three months ended December 31, 2006 will be affected by non-cash

compensation expense AER will recognize from the vesting of options and restricted stock

previously granted or sold to the owners of AeroTurbine at the time of its acquisition by AER and

to members of senior management and one consultant primarily in connection with the 2005

Acquisition.

. As a result, assuming an initial public offering price of $23.00 per ordinary share, the mid-point

of the price range, AER expects to recognize $73 million of non-cash compensation expense

before tax in the fourth quarter of 2006 and expect to report a net loss for the period.

Quarterly sales revenue varies

Sales revenue is generated from the sale of aircraft, engines, and inventory.

. The timing of the closing of aircraft and engine sales is often uncertain, as a sale may be

concluded swiftly or negotiations may extend over several weeks or months.

. As a result, even if sales are comparable over a long period of time, during any particular fiscal

quarter or other reporting period AER may close significantly more or fewer sale transactions than

in other reporting periods.

. Accordingly, sales revenue recorded in one fiscal quarter or other reporting period may not be

comparable to sales revenue in other periods.

Aircraft & engines

. As of April 2006, had the fifth largest aircraft leasing portfolio in the world, and the third largest

new aircraft order book among operating lessors, according to SH&E, in each case by number of

aircraft.

. As of September 30, 2006, owned 109 aircraft and 61 engines, managed 110 aircraft, had 79 new

aircraft and six new engines on order, had entered into purchase contracts for 17 aircraft with

GATX and had executed letters of intent to purchase an additional nine aircraft.

. As of September 30, 2006, AER's owned and managed aircraft and engines were leased to 97

commercial airline and cargo operator customers in 47 countries and were managed from our

offices in The Netherlands, Ireland and the United States.

Competition

. Competition is comprised of major aircraft leasing companies including GE Commercial

Aviation Services, International Lease Finance Corp., CIT Group, Aviation Capital Group,

Pegasus Aviation, GATX Air,

. Aircastle Limited, RBS Aviation Capital, AWAS, Babcock & Brown, Boeing Capital Corp.,

Pembroke Group Ltd. and Singapore Aircraft Leasing Enterprise, and

. Six major engine leasing companies, including GE Engine Leasing, Engine Lease Finance

Corporation, Pratt & Whitney Engine Leasing LLC, Willis Lease Finance Corporation, Rolls

Royce and Partners Finance and Shannon Engine Support Ltd.

. On October 18, 2006, GE Commercial Aviation Services completed the acquisition of The

Memphis Group, Inc., an aircraft parts trading company. This acquisition could provide

competition to AER's integrated business strategy.

Use of $140 in IPO proceeds from sale of 6.8mm shares

(shareholders intend to sell 19.3mm shares)

. Repay a portion of debt incurred in connection with the acquisition of AeroTurbine in April 2006

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

Spirit Aerosystems

SPR, C+, 7

parts for commercial & military aircraft.

Post-IPO shrs:128mm

Wichita, Kansas

9-Sept 06*

3-Sept 06**

IPO Mkt

Rev ($mm)

$2,356

$830

Cap (mm)

Gross profit %

56.4%

n/a

$3,072

Profit (loss) ($mm)

$94.0

$34.0

@$24

Profit (loss) %

4%

4%

*nine months ended 9/30/06

**six months ended 9/30/06

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

Spirit Aerosys (SPR)

$3,072

0.9

23

7.0

5.4

41%

Note: the price-to-tangible book value can't be below price-to-book value,

so there appears to be an inconsistency in the S-1 filing

SCORECARD

Mgt

Market

Market Do-

Proprie-

Total

1-5, 5 is high

Growth

mination

tary

rating

20 is perfect

2

1

3

1

7

Summary

. Stable business with a 5.2 year backlog at current delivery rates

. Growth depends on growth from Boeing & Airbus (and the ability to access more business from Airbus)

. Annualized (from Sept 2006 quarter) P/E ratio seems on the high side

Leveraged buyout (see below) -- $2.5bb profit

. Equity sponsor invested $375mm cash inJune 2005

. Expects to receive $1bb from IPO proceeds

. Remaining equity forth $1.8bb

. After return of $375mm in equity, that's a profit of $2.5bb

Business

. The largest independent non-OEM designer and manufacturer of aerostructures in the world.

Aerostructures are structural components such as fuselages, propulsion systems and wing systems

for commercial and military aircraft, including Fuselage Systems, Propulsion Systems and Wing

Systems.

. Sales related to large commercial aircraft production, some of which may be used in military

applications, represented 99% of revenues for the nine months ended September 28, 2006.

. For the quarter ended Sept 30, 2006 Fuselage Systems, Propulsion Systems, Wing Systems and

All Other represented 49%, 27%, 23% and 1%, respectively, of revenues.

Largest independent supplier of aerostructures to both Boeing and Airbus.

. Manufactures aerostructures for every Boeing commercial aircraft currently in production,

including over 70% of the airframe content for the Boeing B737.

. Also awarded a contract that makes SOR the largest aerostructures content supplier on the

Boeing B787, Boeing's next generation twin aisle aircraft.

. SPR believes it is the largest content supplier for the wing for the Airbus A320 family and is a

significant supplier for Airbus' new A380.

Backlog

The current backlog represents approximately 5.2 years of production at expected 2006 delivery

rates.

Industry Overview

. SPR believes the global market for aerostructures is estimated to have totaled $24 billion in

annual sales in 2004.

. Currently, OEMs outsource approximately half of the aerostructures market to independent third

parties such as SPR.

. SPR expects the outsourcing of the design, engineering and manufacturing of aerostructures to

increase as OEMs increasingly focus operations on final assembly and support services for their customers.

. SOR estimates that the commercial sector represents approximately 61% of the total

aerostructures market, while the military sector represents approximately 28% and the

modifications, upgrades, repairs and spares sector represents approximately 11%.

Demand

. Demand for commercial aerostructures is directly correlated to demand for new aircraft. New

large commercial aircraft deliveries by Boeing and Airbus totaled 668 in 2005, up from 605 in

2004 and 586 in 2003, which was the most recent cyclical trough following the 1999 peak of 914

deliveries.

. Demand for aircraft has rebounded since 2003, resulting in record orders in 2005 for 2,057

Boeing and Airbus aircraft, which are expected to be delivered over the next several years. .

According to published estimates by Boeing and Airbus, they expect to deliver a combined total of

approximately 825 commercial aircraft in 2006.

. As of September 30, 2006, Boeing and Airbus had a combined backlog of 4,294 commercial

aircraft, which has grown from a combined backlog of 2,597 commercial aircraft as of December

31, 2004.

Long term supply agreements with Boeing & Airbus

. For the nine months ended September 28, 2006, 89% and 10% of combined revenues (assuming

the BAE Acquisition occurred on January 1, 2006) were generated from sales to Boeing and

Airbus, respectively.

. Currently the sole-source supplier of 96% of the products sold to Boeing and Airbus, as

measured by dollar value of the products sold.

. Under supply agreements with Boeing and Airbus, SPR supplies essentially all of its products

for the life of the aircraft program (other than the A380), including commercial derivative models.

For the A380 SOR has a long-term supply contract with Airbus that covers a fixed number of

product units.

Leveraged buy-out

. Spirit's operations commenced on June 17, 2005 following the acquisition of Boeing's

commercial aerostructures manufacturing operations located in Wichita, Kansas, Tulsa, Oklahoma

and McAlester, Oklahoma, collectively referred to as Boeing Wichita.

. On April 1, 2006, SPR a supplier to Airbus through the acquisition of the aerostructures division

of BAE Systems, or BAE Aerostructures, headquartered in Prestwick, Scotland

. Although Spirit Holdings is a recently-formed company, its predecessor, Boeing Wichita, had 75

years of operating history and expertise in the commercial and military aerostructures industry.

The Boeing Acquisition and Related Transactions

. In December 2004 and February 2005, an investor group led by Onex Partners LP and Onex

Corp (see below) formed the companies of Spirit and Spirit Holdings, respectively, for the purpose of

acquiring Boeing Wichita.

. On June 16, 2005, Spirit acquired Boeing Wichita for a cash purchase price of $904 million and

the assumption of certain liabilities, pursuant to the Asset Purchase Agreement

. The acquisition was financed through borrowings of a $700 million Term Loan B under Senior

Secured Credit Facilities and

. An equity investment of $375 million.

Cost Savings

. In connection with and since the Boeing Acquisition, Spirit was able to achieve substantial cost

reductions by renegotiating labor contracts, reducing pension and fringe benefit costs and utilizing

strategic sourcing to lower the cost of procuring raw materials and certain internal processes

Recent Events

BAE Aerostructures acquisition

. On April 1, 2006, through the wholly-owned subsidiary, Spirit Europe, acquired BAE

Aerostructures for a cash purchase price of approximately $145.7 million and the assumption of

certain normal course liabilities (including accounts payable of approximately $57.8 million)

. Spirit Europe manufactures leading and trailing wing edges and other wing components for

commercial aircraft programs for Airbus and Boeing and produces various aerostructure

components for certain Raytheon business jets.

. The BAE Acquisition provides SPR with a foundation to increase future sales to Airbus, as

Spirit Europe is a key supplier of wing and flight control surfaces for the A320 platform, Airbus'

core single aisle program, and of wing components for the A380 platform, one of Airbus' most

important new programs and the world's largest commercial passenger aircraft.

. Under supply agreements with Airbus, SPR supplies most of its products for the life of the

aircraft program, including commercial derivative models, with pricing determined through 2010.

For the A380, we have a long-term supply contract with Airbus that covers a fixed number of units.

Boeing Strike

. On September 2, 2005, Boeing experienced a strike during collective bargaining discussions with

the International Association of Machinists and Aerospace Workers, or the IAM.

. At the onset of the strike, Boeing implemented a ship-in-place plan for all Spirit-produced major

components.

. During the ship-in-place period, SPR continued production at a reduced rate, but did not

physically deliver any products to Boeing, other than miscellaneous spares and small components.

. SPR recognized revenue on these ship-in-place units consistent with contractual terms

. After Boeing reached a three-year agreement with the IAM on September 29, 2005, Spirit and

Boeing worked together to return production to normal rates by January 2006.

. The reduced production rates during and for a period of time after the strike reduced Spirit's

revenue by an estimated $172 million for the six and one-half months ended December 29, 2005

and negatively impacted revenue, income and cash flows for the first quarter of 2006.

Competition

. Although SPR says it s the largest aerostructures supplier with a 19% market share, it also says

the aerostructures market remains highly fragmented.

. Primary competition comes from either work performed by internal divisions of OEMs or third

party aerostructures suppliers.

. Principal competitors among OEMs may include Airbus S.A.S., Boeing, Dassault Aviation,

Embraer Brazilian Aviation Co., Gulfstream Aerospace Co., Lockheed Martin Corp., Northrop

Grumman Corporation, Raytheon Company and Textron Inc.

. Principal competitors among non-OEM aerostructures suppliers are Alenia Aeronautica, Fuji

Aerospace Technology Co., Ltd., GKN Aerospace, The Goodrich Corporation, Kawasaki

Precision Machinery (U.S.A.), Inc., Mitsubishi Electric Corporation, Saab AB, Snecma, Triumph

Group, Inc. and Vought Aircraft Industries.

Employees

As of October 15, 2006, had 11,600 employees, including contract labor, located in three U.S.

facilities. 81% of U.S. employees are represented by five unions.

Principal Equity Investor

. Onex Partners LP is an approximately $1.7 billion private equity fund established in 2003 by

Onex Corporation. Onex Partners LP provides committed capital for Onex-sponsored acquisitions.

. Onex Corporation is a diversified company with annual consolidated revenues of approximately

$16.5 billion and 136,000 employees.

. Onex’s subordinate voting shares are listed and traded on the Toronto Stock Exchange under the

symbol "OCX". Onex is one of Canada’s largest companies with global operations in the service,

manufacturing and technology industries.

. Onex has extensive experience carving divisions out of large, multinational corporations and

establishing them as stand alone enterprises. Other Onex operating companies include Celestica

Inc., Center for Diagnostic Imaging, Inc., Cineplex Entertainment Limited Partnership,

ClientLogic Corporation, Cosmetic Essence, Inc., Emergency Medical Services Corporation,

Radian Communication Services Corporation and Skilled Healthcare Group, Inc.

Use of $229mm from sale of 10.4mm shares

(shareholders intend to sell 41.7mm shares, a $1 billion payday)

. Repay $100 million of debt

. Pay $129 million of obligations due under the Union Equity Participation Plan

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

Willdan Group

WLDN, C+, 6

outsources services to government

Post-IPO shrs:6.7mm

Anaheim, CA

2003

2004

2005

Sept 05*

Sept 06*

IPO Mkt

Rev ($mm)

$55

$58

$67

$50

$59

Cap (mm)

Direct cost %

42%

39%

40%

41%

39%

$67

Profit (loss) ($mm)*

$2

$2

($2)

$2

$5

@$24

Profit (loss) %

3%

4%

-3%

3%

9%

*proforma with income taxes after converstion to a C from S corp

*nine months ended Sept

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

Willdan Group (WLDN)

$67

0.9

9

2.4

2.7

42%

SCORECARD

Mgt

Market

Market Do-

Proprie-

Total

1-5, 5 is high

Growth

mination

tary

rating

20 is perfect

2

1

2

1

6

Willdan Group (WLDN)

$67

0.9

9

2.4

2.7

42%

outsources services to government

Post-IPO shrs:6.7mm

Two reasons third quarter income is inflated

One time increase in third quarter operating income

. In the third quarter of fiscal year 2005, WLDN experienced a larger than normal increase in

operating income as a result of being awarded projects with higher operating margins than we

typically experience.

. WLDN believes this increase in operating income in the third quarter of fiscal year 2005 was a

one-time occurrence and not an indication of a seasonal trend in our business.

Life Insurance Proceeds

. On May 15, 2006, WLDN's co-founder and chief executive officer, Dan W. Heil, passed away. .

WLDN carried two life insurance policies on Mr. Heil. In June and July 2006, WLDN received

the cash proceeds from these two policies of $2.3 million.

Summary

. IPO'ing on inflated 3rd quarter figures, see above

. Co-founder passed away six months ago, business effect unclear

Business

. Privatized governmental services for small and mid-sized public agencies in California and other

western states,

. Mostly engineering services: civil engineering; building and safety services; geotechnical

engineering; plus financial and economic consulting; and a little disaster preparedness and

homeland security.

. Operates through a network of over 20 offices located throughout California and other western

states and has a staff of 668 as of September 29, 2006 that includes licensed engineers and other

professionals.

. Core clients are public agencies in communities with populations ranging from 10,000 to

300,000 people

. Provide services to 60% of the 478 cities and over 60% of the 58 counties in California. Also

serves special districts, school districts and other public agencies.

Legal proceedings

. In the fourth quarter of 2005, following a trial in the Los Angeles County Superior Court, the

jury rendered a verdict against WLDN and awarded damages to the City in the amount of $6.3

million, including attorney's fees, interest and costs.

. City of West Hollywood, California: the above legal matter concerns a construction project in the

City of West Hollywood for the improvement of Santa Monica Boulevard. The project required

the reconstruction of approximately three miles of roadway. The city and the general contractor

claimed that the structural design WLDN prepared was inadequate for the volume and type of

traffic on Santa Monica Boulevard. The City also claimed that WLDN failed to control the costs

of the project due to contractor claims for extra costs.

. As of December 30, 2005, WLDN believed that $3.2 million of the damages was covered by its

professional liability insurance policy.

. Therefore, in fiscal year 2005, WLDN expensed $2.7 million of this judgment and recorded

related interest expense of $0.4 million. In our consolidated balance sheet as of December 30,

2005, reflected a total liability of $6.3 million and the related receivable of $3.2 million from the

insurance company.

. In the third quarter of 2006, obtained a court ruling awarding $1.0 million on a claim for

indemnity, recovering the settlement amount and interest thereon and attorney fees and costs in

connection with an unrelated claim that arose in fiscal year 2002. Because the claim arose in 2002

and WLDN's insurance carrier previously paid the settlement amount, WLDN will be able to

replenish its insurance coverage by approximately $1.0 million for that policy year.

. As a result, WLDN has $1.0 million of additional insurance coverage available for the West

Hollywood case discussed above since that claim also arose in 2002.

. Therefore, WLDN reflected an additional receivable of approximately $1.0 million from the

insurance company in the third quarter of 2006 and a corresponding reduction in the litigation

accrual expense related to the West Hollywood case.

Competition

. Primary competitors for the Engineering Services segment include: Charles Abbott & Associates,

Inc., Bureau Veritas, Harris & Associates, Psomas, RBF Consulting, TetraTech, Inc., Stantec, Inc.

and Jacobs Engineering Group, Inc.

. For the Public Finance Services segment, chief competitors include: David Taussig &

Associates, Harris & Associates, Inc., NBS Government Finance Group and Ernst & Young LLP.

. WLDN believe its Homeland Security Services segment competes primarily with EG&G (a

division of URS Corporation) and SRA International, Inc.

Use of $16.9mm in IPO proceeds from sale of 2mm shares

(shareholders intend to sell 800,000 shares)

. Working capital and other general corporate purposes, including the financing of acquisitions of

complementary businesses or services

. To fund a payment of $6.3 million as the estimated final S Corporation distribution to

stockholders who were stockholders immediately prior to this offering, including some of our

officers, directors and significant employees

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