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

Pre-IPO analysis, grading & scoring -- updated Nov 30

. 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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scheduled below

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Summary ratios for the week of Dec 4 (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

Aegean Marine (ANW)

$527

1.1

45

3.2

3.2

31%

refined marine fuel and lubricants to ships (C+, 7)

Post-IPO shrs:40.5mm

Allegiant Travel (ALGT)

$304

1.3

22

2.4

2.4

26%

low-cost passenger airline: (B-, 7)

Post-IPO shrs:19mm

Heelys (HLYS)

$459

2.9

19.4

6.5

6.6

23%

HEELYS-branded wheeled footwear (B-, 8)

Post-IPO shrs:27mm

Penn Virginia GP (PVG)

$768

n/a

n/a

13.0

13.0

16%

coal/natural gas limited partnership: C+, 6

Post-IPO shrs:38.1mm

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

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scheduled below

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Aegean Marine Petrol

ANW, C+, 7

refined marine fuel and lubricants to ships

Post-IPO shrs:40.5mm

Athens, Greece

2003

2004

2005

Sept 06*

Sept 06**

IPO Mkt

Rev ($mm)

$220

$263

$517

$197

$375

Cap (mm)

Cost of Goods %

87%

84%

90%

89%

92%

$527

Profit (loss) ($mm)*

$11

$18

$22

$9

$9

@$13

Profit (loss) %

5%

7%

4%

4%

2%

*nine months ended Sept 30, 2005

**nine months ended Sept 30, 2006

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

Aegean Marine (ANW)

$527

1.1

45

3.2

3.2

31%

SCORECARD

Mgt

Market

Market Do-

Proprie-

Total

1-5, 5 is high

Growth

mination

tary

rating

20 is perfect

2

2

2

1

7

Summary

> Low margin fuel supply business,

> Insignificant dividend of .3% at price range mid-point of $13

> 33% of revenue increase due to increase price of fuel, which has since declined

> Annualized p/e ratio seems high

Business

. Marine fuel logistics company that physically supplies and markets refined marine fuel and

lubricants to ships in port and at sea.

. Purchases marine fuel from refineries, major oil producers and other sources and resells and

delivers these fuels using bunkering tankers to a broad base of end users.

Service centers

With service centers in Greece, Gibraltar, the United Arab Emirates, Jamaica and Singapore

(which commenced operations June 2, 2006), ANW believes that it is are one of a limited number

of independent physical suppliers that owns and operates a fleet of bunkering tankers and conducts

physical supply operations in multiple jurisdictions.

Income taxes

. The principal operating subsidiary, AMP, is incorporated in the Republic of Liberia.

. Under regulations promulgated by the Liberian Ministry of Finance, because AMP is considered

a non-resident domestic corporation,

. It is not required to pay any tax or file any report or return with the Republic of Liberia in respect

of income derived from its operations outside of the Republic of Liberia

Operations

. Presently owns a fleet of ten double hull and two single hull bunkering tankers with an average

carrying capacity of approximately 5,940 dwt.

. Provides fueling services to virtually all types of ocean-going vessels and many types of coastal

vessels, such as oil tankers, container ships, drybulk carriers, cruise ships and ferries.

. Customers include a diverse group of ocean-going and coastal ship operators and marine fuel

traders, brokers and other users.

Sales of six months ended June 30, 2006 up 93%

(compared to the six months ended June 30, 2005), due to

. Increased volume of sales in Greece, Gibraltar, the United Arab Emirates and Jamaica, mainly

attributable to improved market conditions, and due to sales of marine fuel for a full six months of

operations in 2006 in the service center in Jamaica, which commenced physical supply operations

on March 1, 2005. The Singapore service center, which commenced physical supply operations on

June 2, 2006, contributed minimal sales volumes during the six months ended June 30, 2006.

. 33.6% increase in the average price of marine fuel, primarily due to the increase in worldwide oil

and gas prices.

ANW believes it is branded globally

. ANW believes that its customers recognize the ANW brand as representing high quality and

service at each of its locations around the world.

. ANW uses its bunkering tankers in its own physical delivery operations and does not generally

charter them out to others.

Employees

Currently has 297 employees

Competition

. Competes with marine fuel traders and brokers such as World Fuel Services Corporation,

Chemoil Corporation and major oil producers, such as BP Marine, Shell Marine Products and

ExxonMobil Marine Fuel, for services and end customers.

. Also competes with physical suppliers of marine fuel products such as CESPA (Gibraltar) Ltd.

and Fujairah National Bunkering Co. LLC for business from traders and brokers as well as end

customers.

. Competitors include both large corporations and small, specialized firms

Dividend policy

. Expects to declare a dividend of $0.01 per share in March 2007 for the fourth quarter of 2006

. Annual rate of $.04 or 0.3% per share at price range midpoint of $!3

Use of $148mm in IPO proceeds from sale of 12.5mm shares

. $114.5 to repay debt

. $22.5mm to purchased secondhand double hull bunkering tankers

. Remainder for working capital and general corporate purposes, including new vessel acquisitions

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

Allegiant Travel

ALGT, B-, 7

low-cost passenger airline

Post-IPO shrs:19mm

Las Vegas, NV

2003

2004

2005

Sept 06*

Sept 06**

IPO Mkt

Rev ($mm)

$50

$90

$133

$92

$180

Cap (mm)

Fuel % of revenue

24%

31%

40%

38%

43%

$304

Operating income %

5.8%

6.8%

6.4%

7.1%

8.4%

@$16

Fuel derivative gain (loss)

$0.3

$4.4

$0.6

$2.6

-$2.9

Profit (loss) ($mm)*

$3

$9

$7

$8

$10

Profit (loss) %

6.6%

10.1%

5.5%

8.4%

5.7%

*nine months ended Sept

**nine months ended Sept 30, 2006

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

Allegiant Travel (ALGT)

$304

1.3

22

2.4

2.4

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

Summary

. Los-cost passenger airline service niche markets, many of which are without competition

. Also generates ancillary income

. Recent growth due to added flights and cities to the route structure

. Visible top line revenue growth, although not clear that future markets will generate the same profitability

Business

. Operates a low-cost passenger airline marketed to leisure travelers in small cities, allowing

ALGT to sell air travel both on a stand-alone basis and bundled with hotel rooms, rental cars and

other travel related services

. Scheduled service revenues currently consist of nonstop flights between leisure destinations and

45 small cities.

. Positioned as a leisure travel company focused on linking travelers in small cities to world-class

leisure destinations such as Las Vegas, Nevada, Orlando, Florida and Tampa/St. Petersburg,

Florida.

Business model

. Provides for diversified revenue streams, which ALGT believes distinguishes it from other U.S.

airlines and other travel companies.

. Generated $11.55 of ancillary revenue per scheduled service passenger in 2005 and $15.08 per

scheduled service passenger in the first nine months of 2006.

. Ancillary revenues are generated from the sale of hotel rooms, rental cars, advance seat

assignments, in-flight products and other items sold in conjunction with scheduled air service.

. Fixed fee contract revenues consist largely of fixed fee flying agreements with affiliates of

Harrah's Entertainment Inc. and Apple Vacations West, Inc. that provide for a predictable revenue

stream.

. ALGT believes a large percentage of customers fall within the baby boomer demographic and

ALGT targets these customers through the use of advertisements

Growth plan

. Currently provides scheduled air service to customers in 45 small cities and have announced

service from three additional small cities to commence in December 2006 and first quarter 2007

. These 48 cities have an aggregate population of over 50 million within a 50-mile radius of the

airports in those cities.

. ALGT has identified at least 52 additional cities in the United States and Canada with similar

characteristics and where we do not presently have any arrangements for service. These cities

represent an estimated population of over 50 million people that ALGT could potentially serve to

Las Vegas, Orlando and Tampa/St. Petersburg destinations.

Financial results

As of September 30, 2006, had a fleet of 25 aircraft with 21 in service compared with a fleet of 15

aircraft with 15 in service as of September 30, 2005.

. The growth of the fleet enabled a 84.8% increase in available seat miles ("ASMs") for first nine

months of 2006 compared to the same period in 2005 as departures increased by 79.7% and

average stage length increased by 2.0%.

. Substantially all of the ASM growth in the nine month period ended September 30, 2006

compared to the corresponding period in 2005 was in scheduled service which represented 85.3%

of total ASMs in 2006 compared to 73.3% in 2005.

Operating margins & net income

. For the year ended December 31, 2005, ALGT maintained an operating margin of 6.4% which

was higher than the U.S. legacy carriers and U.S. low-cost carriers other than Southwest Airlines

Co. We had operating income of $6.1 million in 2004 and $8.5 million in 2005.

. Net income was $9.1 million in 2004 and $7.3 million in 2005, the decline attributable to a

substantially higher gain on fuel derivatives in 2004.

Competitive advantages

Focus on Underserved Cities

. By focusing on underserved small cities, ALGT believes it avoids the overcapacity and intense

competition presently seen in high traffic domestic air corridors.

. On 55 of its 58 routes, ALGT is the only carrier providing nonstop service to Las Vegas, Orlando

or Tampa/St. Petersburg.

. Of the 70 routes ALGT will be serving by the end of first quarter 2007, there are only six routes

with existing or announced service by other airlines.

. ALGT believes it would be difficult for potential competitors to profitably contest ALGT's

market positions with nonstop service as the markets are generally too small to support either two

carriers or the high frequency service provided by most U.S. legacy carriers and U.S. low-cost

carriers.

. In addition, leisure routes from small cities are generally too low-yielding to be a priority for

most carriers. Moreover, while some of these markets may be suitable for service with regional

jets, we believe our unit costs are significantly less than the unit costs for most regional jets,

making it difficult for regional jets to effectively compete.

Low Operating Costs

. ALGT believes its cost per available set mile (CASM) the year ended December 31, 2005 was

approximately 31.2% lower than the average of the U.S. legacy carriers, and was approximately

18.3% lower than the average of the Low Cost Carriers (Southwest).

. ALGT's CASM for the first nine months of 2006 increased only 3.9% to 7.73¢ despite

significantly higher fuel costs.

. Excluding the cost of fuel, ALGT's CASM was 4.63¢ for the year ended December 31, 2004,

4.27¢ for the year ended December 31, 2005 and 4.09¢ for the first nine months of 2006.

Low Distribution Costs

. ALGT does not sell product through outside sales channels and, as such, avoid the fees charged

by travel web sites (such as Expedia, Orbitz or Travelocity) and the traditional global distribution

systems (such as Sabre or Worldspan).

. HLGT customers can only purchase travel at airport ticket counters or, for a fee, through

telephone reservations center or the website.

. ALGT actively encourages sales on its website. This is the least expensive form of distribution

and accounted for 84.8% of scheduled service sales for the nine months ended September 30,

'2006.

. ALGT believes its percentage of direct website sales is among the highest in the U.S. airline

industry.

History

In June 2001, Allegiant Air, Inc. emerged from bankruptcy

Competition

The principal competitive factors in the airline industry are fare pricing, customer service, routes

served, flight schedules, types of aircraft, safety record and reputation, code-sharing relationships,

and frequent flyer programs.

Use of $73mm in IPO proceeds

. $0.9 million of the net proceeds to retire secured debt to the chief executive officer

. Balance of the net proceeds to purchase additional aircraft consistent with the growth strategy

and acquisition criteria, and to fund working capital and general corporate purposes.

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

Heelys

HLYS, B-, 8

HEELYS-branded wheeled footwear

Post-IPO shrs:27mm

Carrollton, Texas

2003

2004

2005

Sept 06*

Sept 06**

IPO Mkt

Rev ($mm)

$22

$21

$45

$29

$117

Cap (mm)

Gross Margin %

30%

32%

33%

34%

35%

$891

Profit (loss) ($mm)*

$1

$1

$4

$3

$18

@$17

Profit (loss) %

5%

4%

10%

10%

15%

*nine months ended Sept

**nine months ended Sept 30, 2006

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

Heelys (HLYS)

$891

5.7

37.8

12.7

6.6

12%

SCORECARD

Mgt

Market

Market Do-

Proprie-

Total

1-5, 5 is high

Growth

mination

tary

rating

20 is perfect

2

2

2

2

8

Summary

. Significant recent top line revenue growth

. Accompanied by profit margin expansion

. Intellectual property not protected in all counties, but does have 77 isued US patents

with 25 more pending

Business

. Sports-inspired products under the HEELYS brand targeted to the youth market.

. The primary product, HEELYS-wheeled footwear, is patented, dual-purpose footwear that

incorporates a stealth, removable wheel in the heel.

. HEELYS-wheeled footwear allows the user to seamlessly transition from walking or running to

skating by shifting weight to the heel.

. Users can transform HEELYS-wheeled footwear into street footwear by removing the wheel.

. In 2005, approximately 95% of our net sales was derived from the sale of HEELYS-wheeled

footwear.

.Also sells branded accessories such as replacement wheels, helmets and other protective gear.

Sales issues

. Introduced HEELYS-wheeled footwear in 2000, and for several years domestic sales were

concentrated with one large, national specialty retailer.

. Although HLYS initially focused on driving domestic sales growth, HLYS also established

relationships with an independent distributor in each of Japan, South Korea and Southeast Asia

. As a result, the sources of net sales were largely concentrated and HLYS was susceptible to

customer-specific and region-specific factors, including competition from counterfeit, knockoff

and infringing products in international markets.

. This concentration caused variability in results of operations. Since that time, HLYS has

diversified its retail customer base in the United States and expanded international distribution

channels to mitigate this concentration.

Seasonality

. Similar to other vendors of footwear products, sales of products are subject to seasonality. There

are three major buying seasons in footwear: spring/summer, back-to-school and holiday.

Shipments for spring/summer take place during the first quarter and early weeks of the second

quarter, shipments for back-to-school generally occur over the summer and shipments for the

holiday season begin in October and finish in early December.

. Historically, HLYS has experienced greater revenues in the second half of the year than those in

the first half due to a concentration of shopping around the back-to-school and holiday seasons.

The first quarter has typically been the lowest sales quarter.

Backlog

. HLYS typically receives most of their orders three to four months prior to the date the products

are shipped to customers.

. At September 30, 2006, the backlog was $69.0 million, compared to $13.0 million at September

'30, 2005.

. At December 31, 2005, the backlog was $10.7 million, compared to $3.6 million at December

'31, 2004.

. For a variety of reasons, including the timing of release dates for product offerings, shipments,

order deadlines and receipt of orders, backlog may not be a reliable measure of future sales and

may not be comparable from one period to another.

Intellectual property

HLYS owns more than 77 issued patents and pending patent applications in more than 25

countries, 49 of which are related to our HEELYS-wheeled footwear.

Competition

In certain international markets where enforcing intellectual property rights is more difficult than

in the United States, HLYS competes against counterfeit, knockoff and infringing products, which

typically are offered at lower prices.

Use of $47mm in IPO proceeds from sale of 3.125mm shares

(shareholders intend to sell 3.125mm shares)

Repay $25mm in debt

. Remainder for infrastructure improvements, including expanding and upgrading information

technology systems; hiring new employees; marketing and advertising; product development;

working capital; and other general corporate purposes.

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

Penn VirginiaGP Holding

PVG, C+, 6

coal/natural gas limited partnership

Post-IPO shrs:38.1mm

Radnor, PA

Manages & owns 41% of

IPO Mkt

Rev ($mm)

PVR (NYSE, $1.07bb market cap)

Cap (mm)

Gross Margin %

$768

Profit (loss) ($mm)*

PVG's financials are PVR's financials, see below

@$20

Profit (loss) %

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

Penn Virginia GP (PVG)

$768

n/a

n/a

13.0

13.0

16%

SCORECARD

Mgt

Market

Market Do-

Proprie-

Total

1-5, 5 is high

Growth

mination

tary

rating

20 is perfect

2

2

1

1

6

Summary

This is a financial structuring transaction IPO with no change in general partner management

Initial cash distribution policy

> $0.235 per unit, or $0.94 per unit on an annualized basis.

> 4.7% annualized return at the price range mid-point of $20

Business

. Limited partnership formed in June 2006 that currently owns three types of equity interests in

Penn Virginia Resource Partners, L.P. (NYSE: PVR, $1.07 billion market cap), a publicly traded

partnership that is principally engaged in the management of coal properties and the gathering and

processing of natural gas.

PVG's cash generating assets

Will initially consist of the following:

o 2.0% general partner interest in PVR, which PVG holds through its 100% ownership interest in

Penn Virginia Resource GP, LLC, PVR's general partner;

o All of the incentive distribution rights in PVR, which PVG holds through its 100% ownership

interest in Penn Virginia Resource GP, LLC; and

o 19,283,506 units of PVR, consisting of 15,541,738 common units and 3,741,768 Class B units of

PVR, representing an aggregate 41.3% limited partner interest in PVR.

. PVG will purchase 416,444 common units and all of the Class B units from PVR using

substantially all of the net proceeds of this offering

Incentive distribution rights

. Incentive distribution rights in PVR entitle PVG to receive an increasing percentage of the total

cash distributions made by PVR as it reaches certain target distribution levels.

. At PVR's current quarterly cash distribution rate of $0.40 per unit, or $1.60 per unit on an

annualized basis, aggregate quarterly cash distributions to PVG on all of its interests in PVR will

be $10.3 million, representing 49.2% of the total cash distributed by PVR.

Competition

Coal segment

PVR's lessees compete with both large and small coal producers in various regions of the United

States for domestic sales.

Natural Gas Midstream Segment

. PVR experiences competition in all of its midstream markets.

. Its competitors include major integrated oil companies, interstate and intrastate pipelines and

companies that gather, compress, process, transport and market natural gas.

Use of $110mm from IPO proceeds

. $105.4 million to purchase from PVR 416,444 common units and 3,741,768 Class B units

representing limited partner interests in PVR; and

. $2.2 million to make a capital contribution to PVR to maintain our 2% general partner interest.

. Remainder for general partnership purposes.

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