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

Pre-IPO analysis, grading & scoring -- updated Oct 14

. 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 month's revenues times 2)

(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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for analysis

scheduled below

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

Summary ratios for the week of Oct 16 (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

Asthmatx (AZMA)

$192

n/a

-10

2.5

2.5

31%

therapeutic treatments for asthma: C, 6

Post-IPO shrs:16mm

BioVex (BVEX)

$148

n/a

-11

3.0

3.3

28%

biotech focused on cancer: C, 6

Post-IPO shrs:12mm

ExLService (EXLS)

$248

2.0

77

2.7

3.7

22%

offshore business processing outsource: C+, 8

Post-IPO shrs:22.5mm

First Mercury Fin (FMR)

$270

3.6

12

2.0

2.9

61%

specialty underwriter of excess & surplus: C+, 7

Post-IPO shrs:16mm

LeMaitre Vasclr (LMAT)

$142

4.1

-2133

2.2

2.6

38%

peripheral vascular disease devices, C, 7

Post-IPO shrs:16mm

Stanley (SXE)

$260

0.7

21

2.4

34.2

32%

IT consulting: C+, 7

Post-IPO shrs:20mm

Susser Holdings (SUSS)

$261

0.1

77

1.0

2.7

39%

convenience stores, gas/diesel stations: C+, 7

Post-IPO shrs:15mm

Trubion Pharma (TRBN)

$237

8.5

-26

3.5

3.5

24%

rheumatoid arthritis & systemic lupus: C, 6

Post-IPO shrs:17mm

Universal Comp (UCLP)

$252

3.3

14

3.5

8.4

44%

natural gas compression services: C+, 6

Post-IPO shrs:12.6mm

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

SEARCH BY COMPANY

In your browser use 'Edit/Find' to search for companies

for analysis

scheduled below

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

Asthmatx

AZMA, C, 6

therapeutic treatments for asthma

Post-IPO shrs:16mm

Mountain View, CA

2004

2005

June 06*

IPO Mkt

Grant Rev ($mm)

$1

$0

$0

Cap (mm)

Income ($mm)

-$6

-$11.0

-$9

$192

*for the six months ended June 30

@$12

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

Asthmatx (AZMA)

$192

n/a

-10

2.5

2.5

31%

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

. Developing and commercializing a novel therapeutic treatment for asthma.

. Has developed proprietary technology designed to deliver controlled thermal energy to the

airways of adult patients to reduce the mass of airway smooth muscle, in a procedure called

Bronchial Thermoplastytm.

. The contraction of airway smooth muscle in the lung airways is a main cause of airway

constriction that leads to difficulty in breathing during asthma attacks.

. AZMA believes that reducing airway smooth muscle in asthma patients can decrease the ability

of the airways to constrict, thereby providing a significant therapeutic benefit to those asthma

patients whose symptoms are poorly controlled despite using conventional asthma medications.

Market Opportunity

The estimated annual cost of asthma in the United States is approximately $16.1 billion, including

an estimated $11.5 billion in direct costs such as asthma medications, physician office visits,

emergency room visits and hospitalizations.

Alair® System

. AZMA has developed a device named the Alair® System specifically to perform the Bronchial

Thermoplasty procedure.

. The Alair System is composed of two primary components: a proprietary, single-use, small

diameter catheter with an expandable tip, the Alair Catheter; and a radio frequency controller, the

Alair RF Controller.

. During Bronchial Thermoplasty, a pulmonologist inserts the Alair Catheter into the patient’s lung

airways through the working channel of a bronchoscope. A bronchoscope is a commonly used

instrument with a small light and camera that is inserted through the nose or mouth.

. Once in place, the pulmonologist expands the tip of the Alair Catheter and uses the Alair RF

Controller to deliver thermal energy (heat) to the airway walls. This thermal energy reduces the

mass of airway smooth muscle, and we believe that it does not have any meaningful lasting effect

on other airway tissues.

. Bronchial Thermoplasty is performed under conscious sedation with local anesthesia on an

outpatient basis in three 30-60 minute procedures, each spaced at least three weeks apart.

Clinical trials

. Physicians had administered Bronchial Thermoplasty to 150 asthma patients in clinical trials as

of August 31, 2006.

. AZMA believes that the data from completed trials indicate that Bronchial Thermoplasty

performed using the Alair System, when combined with conventional asthma medications, offers

adult patients with moderate-to-severe asthma a significant improvement in the control of their

asthma symptoms, enhancing their quality of life.

. AZMA also believes that Bronchial Thermoplasty provides a persistent reduction in asthma

symptoms for moderate-to-severe asthma patients, based primarily on one-year follow-up data

from more than 85 patients in clinical trials.

Intellectual property

. As of August 31, 2006, had obtained 11 issued U.S. patents, and had 25 additional U.S. patent

applications pending.

. ASMA believes it will take up to five years, and possibly longer, for these pending U.S. patent

applications to result in issued patents.

. Not including any term extensions that may be available, 11 issued U.S. patents expire between

2017 and 2018.

. As of August 31, 2006, also had obtained 14 foreign patents and had 15 additional foreign patent

applications pending.

Competition

. AZMA is not aware of any interventional procedures to treat asthma that are currently in use or

development other than Bronchial Thermoplasty performed using the Alair System

. In addition, while AZMA believes that Bronchial Thermoplasty will be complementary to many

asthma medications, Bronchial Thermoplasty may be perceived by pharmaceutical companies as

being competitive with their products, and may directly compete with some asthma medications

. The pharmaceutical market for asthma medication is intensely competitive and significantly

affected by new product introductions. The leading medications for asthma include Advair from

GlaxoSmithKline, Singulair from Merck, Pulmicort and Symbicort from AstraZeneca and Xolair

from Genentech and Novartis.

Use of $53mm in IPO proceeds

• $20.0 million for clinical trials and other research and development expenses;

• $20.0 million for building our commercial infrastructure, including sales and marketing

resources; and

• the remainder for working capital and general corporate purposes

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

BioVex

BVEX, C, 6

biotech focused on cancer

Post-IPO shrs:12mm

Woburn, MA

2004

2005

2006

June 06*

IPO Mkt

Rev ($mm)

$0

$0

$0

none

Cap (mm)

Loss ($mm)

-$8

-$11.7

-14.3

-$4

$148

Note: March 31 fiscal, three months ended June 30, 2006

@$12

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

BioVex (BVEX)

$148

n/a

-11

3.0

3.3

28%

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

. Clinical-stage biotechnology company focused on the development and future commercialization

of targeted treatments for cancer and the prevention of infectious disease.

. Pipeline of cancer product candidates is built on what BVEX believes to be a first-in-class

oncolytic, or "cancer destroying", virus technology that works by replicating and spreading within

solid tumors, causing the death of cancer cells while leaving surrounding healthy cells unharmed.

Competition

. The pioneer in the oncolytic virus field was Onyx Pharmaceutics, Inc., which worked with an

engineered version of the adenovirus, a respiratory virus which we believe to be of low lytic

potential and therefore to be a less potent oncolytic agent then those based on the herpes simplex

virus. The original Onyx product candidate, named Onyx 015, was partnered with Warner

Lambert, which later merged with Pfizer. Pfizer and Onyx abandoned the program in 2001. In

2005, the Onyx 015 program was sold to Shanghai Sunway Biotech Co., a Chinese company.

Sunway has also obtained product approval to market a similar adenovirus-based oncolytic

product for use in head and neck cancer in China - the first oncolytic virus approved anywhere in

the world.

. Cell Genesys, Inc. has also developed a number of oncolytic adenovirus product candidates,

mainly targeted at prostate cancer. We understand that Cell Genesys has ceased development of

the prostate cancer product candidates, but that it has an adenovirus-based product potentially with

activity in a broader range of tumor types in a Phase I clinical trial in superficial bladder cancer. In

July 2003, Cell Genesys announced that it had entered into an agreement with Novartis for the

development and commercialization of oncolytic adenovirus therapies, pursuant to which it

obtained exclusive worldwide rights to certain oncolytic adenovirus therapy products and related

intellectual property of Novartis, including rights to the virus currently being tested in superficial

bladder cancer described above.

. Other companies are, like BVEX, seeking to develop oncolytic viruses based on the herpes

simplex virus. These companies include Crusade Laboratories Ltd. in the United Kingdom, whose

efforts are focused on glioma, a type of brain tumor, and which is planning a pivotal trial in

Europe, and MediGene AG, which has recently concluded a Phase I trial in colorectal liver

metastases and has a further clinical trial in this indication underway. Medigene also has a Phase I

investigator-sponsored study underway in glioma.

. BVEX's OncoVEX technology uses a more potent strain of HSV than has been used previously

for construction of an oncolytic HSV virus, and BVEX has modified HSV to further improve the

ability of product candidates to destroy tumor tissue. BVEX believes that no other such "second

generation" or similarly potent HSV-based oncolytics have yet entered clinical development.

. Additional types of viruses are also in development as oncolytic agents by other competitors:

Cash requirements

BVEX currently estimates that at least $12 million to $15 million to fund planned direct clinical

trial costs over the next 18 months

Use of $36.5mm in IPO proceeds

o continued clinical development of OncoVEXGM-CSF

o development of ImmunoVEXHSV2 through the completion of Phase I

o research and development infrastructure, including manufacturing operations, and

o administrative and business development expenses, including working capital needs and general

corporate purposes

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

ExLService Holdings

EXLS, C+, 8

offshore business processing outsource

Post-IPO shrs:22.5mm

New York, NY

2005

June 06*

IPO Mkt

Rev ($mm)

results

$95

$60

Cap (mm)

Gross profit %

are

38.4%

36.6%

$248

Operating profit %

proforma

4.2%

3.3%

@$11

Income ($mm)

$5.0

$2

Net income %*

5.3%

2.6%

*for the six months ended June 30

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

ExLService (EXLS)

$248

2.0

77

2.7

3.7

22%

SCORECARD

Mgt

Market

Market Do-

Proprie-

Total

1-5, 5 is high

Growth

mination

tary

rating

20 is perfect

2

3

2

1

8

Compare & contrast

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

Price

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

Oct 13

ExLService (EXLS)

$248

2.0

77

2.7

3.7

WNS Holdings (WNS)(1)

$1,188

5.6

65

7.8

10.3

$29.70

IPO-July 26, 2206 at $20

PeopleSupport (PSPT)

$350

3.4

23

3.8

4.2

$18.18

IPO-Oct 1, 2004 at $7

(1) WNS is a direct competitor

(2) serves customer management and accounts receivable management clients in travel and hospitality, technology,

telecommunications, retail, consumer products, and financial services industries based in the United States

Summary:

. Revenue increased but gross profit% , operating profit% and net income% all declined for the June 6 momths

. Notice client concentration below

Business

. Provides offshore business process outsourcing services, primarily serving the needs of Global

1000 companies in the banking, financial services and insurance sector (BFSI), which produced

86% of pro forma revenues in 2005

. Operations centers are located in India, which enables EXLS to leverage India's large pool of

highly qualified and educated English-speaking technical professionals, who are able to handle

complex processes and services that require functional skills and industry expertise

. Total number of employees, substantially all of whom are based in India, has grown from 1,800

at December 31, 2002 to approximately 7,300 at July 1, 2006.

Recent acquisition

. On July 1, 2006, completed the Inductis Acquisition, which significantly increased the size and

scale of existing research and analytics capabilities and

. Enhanced EXLS's ability to deliver services to clients, introduced management to a well

diversified base of clients and strengthened and expanded the depth of EXLS's management pool,

including senior managers with long-term client relationships in key areas of business.

Market Opportunity

. The NASSCOM-McKinsey report estimates that the offshore BPO 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 report identifies the banking and insurance industries as representing 50% of the potential

offshore BPO market and estimates that providers have captured less than 10% of the total

opportunity, even in industries that began outsourcing processes early on such as insurance (life,

health, and property and casualty) and retail banking (including deposits and lending, credit cards,

mortgages, and loans).

. The report estimates that India-based companies accounted for 46% of offshore BPO revenue in

fiscal 2005 and that India will retain its dominant position as the most favored offshore BPO

destination for the foreseeable future.

. It forecasts that the Indian offshore BPO 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%. The

report and the data within the report are based on studies and analysis of surveys of BPO service

providers and customers conducted by McKinsey & Company.

Clients & client concentration

. Currently has over 50 clients.

. Largest clients in 2005, on a pro forma basis, were thee clients (Norwich Union, American

Express and Dell, including Dell Financial Services), accounted for 62.8% of total pro forma

revenues in 2005.

. For 2005 on a proforma basis, Norwich accounted for 38.3% of pro forma 2005 revenues,

American Express 12.6% and Dell, 11.9%

. Other BPO clients include Centrica plc, Indymac Bank, Prudential Financial and a top three U.S.

bank.

. Advisory clients include Sunterra Resorts, Stanley Tool, United Technologies, Charter Mac,

Suntrust Bank and Affirmative Insurance.

Six Months Ended June 30, 2006 Compared to Six Months Ended June 30, 2005

Revenues.

. Revenues increased 31.5% from $35.6 million for the first six months of 2005 (including $1.6

million of reimbursable expenses) to $46.8 million for the first six months of 2006 (including $2.0

million of reimbursable expenses).

. Recognized revenues from 39 clients, including clients for research and analytics services and

advisory services, during the first six months of 2006 compared to 25 during the first six months

of 2005.

. Revenues attributable to new clients (excluding revenue increases attributable to existing clients)

were $8.4 million for the first six months of 2006.

Gross Profit

. Gross profit increased 42.0% from $11.9 million for the first six months of 2005 to $16.9 million

for the first six months of 2006.

. As a percentage of revenues, gross profit increased from 33.4% for the first six months of 2005

to 36.1% for the first six months of 2006.

Operating staff

Increased from 4,573 employees at June 30, 2005 to 7,107 at June 30, 2006

Competition

. BPO service companies based in offshore locations, particularly India, such as Genpact and

WNS Global Services;

. BPO divisions of large IT service companies and global BPO services companies located in the

United States, such as Accenture, Electronic Data Systems Corp. and International Business

Machines; and

. BPO divisions of IT 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).

History

Founders

. Founded in 1999 by a group of experienced professionals including Vikram Talwar, the former

Chief Executive Officer and Managing Director of Ernst & Young Consulting India and the

former Country Manager for Bank of America in India and other Asian countries, and

. Rohit Kapoor, a former business head for South Asian clients at Deutsche Bank Private Bank and

a former head of non-resident Indian banking at Bank of America.

. Mr. Talwar is Vice Chairman and Chief Executive Officer and Mr. Kapoor is President and Chief

Financial Officer.

Conseco

. In August 2001, was acquired by Conseco and operated as its wholly owned subsidiary and in

house business processing service provider for the following 14 months.

. Through this relationship, EXLS gained a deep understanding of the financial services sector,

especially back-office processing functions and debt collections.

. In November 2002, Messrs. Talwar and Kapoor, Oak Hill Capital Partners L.P., FTVentures and

certain members of the senior management team purchased EXL Inc. from Conseco in the 2002

Acquisition and EXL Inc. became EXLS's wholly owned subsidiary.

Use of $49mm in IPO proceeds

o repurchase preferred stock, $6.5mm including accrued dividends

o repay $4.9mm of senior promissory notes payable to stockholders, plus accrued interest of $0.8

million at June 30, 2006

o balance for working capital and general corporate purposes.

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

First Mercury Financial

FMR, C+, 7

specialty underwriter of excess & surplus

Post-IPO shrs:16mm

Southfield, Michigan

2005

June 06*

IPO Mkt

Direct & assumed premiums ($mm)

results

$176

$113

Cap (mm)

Operating revenue

are

$131

$69

$270

Income ($mm)

proforma

$24.9

$14

@$17

Net income %*

14.1%

12.6%

Combined ratio

70.0%

71.8%

Note: a combined ration less than 100% suggestions that underwriting operations are profitable

*for the six months ended June 30

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

First Mercury Fin (FMR)

$270

0.8

10

2.0

2.9

61%

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

. Primarily an excess and surplus, or E&S, lines underwriter focusing on niche and underserved

segments

. During 33 years of underwriting security risks, established CoverX® as a recognized brand

among insurance agents and brokers. CoverX is a licensed wholesale insurance broker that

produces and underwrites all of the insurance policies for which FMR retains risk and receives

premiums

. Over the last six years, have leveraged the brand, expertise and infrastructure to expand into

other specialty classes of business, particularly focusing on smaller accounts that receive less

attention from competitors.

FMR becomes the direct writer of CoverX policies

. Prior to June 2004, when FMR's insurance subsidiary's rating was upgraded by A.M. Best

Company, Inc., or A.M. Best, to "A-," did not directly write a significant amount of insurance

policies produced by CoverX, but instead utilized fronting arrangements under which FMR

contracted with third party insurers, or fronting insurers, to directly write the policies produced by

CoverX.

. Under these fronting arrangements, FMR controlled the cession of the insurance from the

fronting insurer and either assumed most of the risk under these policies as a reinsurer or arranged

for it to be ceded directly to other reinsurers.

. In connection with FMR's insurance subsidiary's rating upgrade, FMR was able to eliminate

most of the fronting relationships by May 2005 and become the direct writer of substantially all of

the policies produced by CoverX

Ratings increase

. In June 2004, an investment by Glencoe along with additional cash from FMFC, increased

FMIC's statutory surplus by $26 million.

. As a result of this capital infusion, A.M. Best raised FMIC's financial strength rating to "A-,"

and beginning in July 2004, FMIC began directly writing the majority of new and renewal policies

produced by CoverX.

Holdings Transaction

. On August 17, 2005, completed a transaction in which FMR formed Holdings to purchase shares

of FMFC common stock from certain FMFC stockholders and to exchange shares and options

with the remaining stockholders of FMFC.

. As a result of this transaction, Glencoe became the majority stockholder of Holdings and

Holdings became the controlling stockholder of FMFC. The purchase and exchange of shares was

financed by the issuance of $65 million aggregate principal amount of senior notes by Holdings.

Holdings will be merged into FMFC prior to the completion of this offering, and the senior notes

will be repaid in full with a portion of the net proceeds from this offering.

Competition (note: MGA's are managing general agents)

Security classes

. Primary competitors with respect to security classes are MGAs supported by various insurance or

reinsurance partners.

. These MGAs include All Risks, Ltd., Brownyard Programs, Ltd., Mechanics Group and RelMark

Program Managers. These MGAs provide services similar to CoverX, and they typically do not

retain any insurance risk on the business they produce.

. These MGAs also typically do not handle the claims on the business they produce, as claims

handling is retained by the company assuming the insurance risk or outsourced to third party

administrators.

. Also faces competition from U.S. and non-U.S. insurers, including American International

Group, Inc. (Lexington Insurance Company) in the security guard segment, The Hartford

Financial Services Group, Inc. in the alarm segment, and ACE Limited in the safety segment.

Other specialty classes

. Primary competitors with respect to other specialty classes tend to be E&S lines insurance

carriers.

. Competitors vary by region and market, but include W.R. Berkley Corp. (Admiral Insurance

Company), Argonaut Group (Colony Insurance Company), RLI Corp, American International

Group, Inc. (Lexington Insurance Company) and International Financial Group, Inc. (Burlington

Insurance Co.).

Use of $151mm in IPO proceeds

o $68.3 million to repay senior notes issued in August 2005

o $58.0 million to pay convertible preferred

o $24.7 million to repurchase stock held by Glencoe

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

LeMaitre Vascular

LMAT, C, 7

peripheral vascular disease devices

Post-IPO shrs:16mm

Burlington, MA

2003

2004

2005

June 06*

IPO Mkt

Rev ($mm)

$21

$26

$31

$26

Cap (mm)

Gross profit %

70%

70%

71%

72%

$142

Income ($mm)

$0

$1

$0.1

-$0.5

@$9

Net income %*

-1.0%

3.4%

0.2%

-1.9%

*for the nine months ended Sept 30

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

LeMaitre Vasclr (LMAT)

$142

4.1

-2133

2.2

2.6

38%

SCORECARD

Mgt

Market

Market Do-

Proprie-

Total

1-5, 5 is high

Growth

mination

tary

rating

20 is perfect

2

2

1

2

7

Business

. Disposable and implantable vascular devices to address the needs of vascular surgeons and

interventionalists.

. Diversified portfolio of peripheral vascular devices consists of brand name products that are used

in arteries and veins outside of the heart and are well known to vascular surgeons.

Market

. LMAT estimates that the annual worldwide market for all peripheral vascular devices exceeds $3

billion and that the annual worldwide market addressed by LMAT's nine current product lines

exceeds $500 million.

. LMAT's estimates the market is growing at 8% per year

Growth by acquisition

. Completed six acquisitions for $14.9 million in cash, assumed debt and stock.

. For the twelve month period ended September 30, 2006, the product lines acquired in these six

acquisitions accounted for 64% of total net sales.

Products

. Product portfolio consists of brand name vascular devices that are designed to treat peripheral

vascular disease, including the Expandable LeMaitre Valvulotome and the Pruitt-Inahara Carotid

Shunt.

. Recent acquisitions include our EndoFit Aortic Stent Graft, an endovascular device used to treat

aortic aneurysms, and LMAT's AnastoClip Vessel Closure System, an implantable device used

primarily in the creation of dialysis access sites.

Not for coronary artery disease

. Peripheral vascular disease affects blood vessels outside the heart and is typically treated by

vascular surgeons.

. Coronary artery disease affects the coronary arteries and is typically treated by cardiovascular

surgeons and cardiologists.

. LMAT does not market products for the treatment of coronary artery disease, and most of

LMAT's devices are not indicated for this use.

Sales

. Sells products primarily through a direct sales force.

. As of September 30, 2006, LMAT's sales force was comprised of 49 professionals in the United

States, European Union and Japan.

. Also sells products through a network of distributors in various countries outside of the United

States and Canada.

. For the twelve month period ended September 30, 2006, 83% of net sales were generated through

direct sales to hospitals, and no customer accounted for more than approximately 4% of our net

sales.

Competition

Includes C.R. Bard, Inc., Edwards LifeSciences Corporation, W. L. Gore & Associates,

Medtronic, Inc., Cook Group Incorporated, Applied Medical Resources Corporation, VNUS

Medical Technologies, Inc. and Uresil, LLC.

Intellectual Property

As of September 30, 2006, owned or has rights in 33 issued U.S. patents, four pending U.S. patent

applications, 49 issued foreign patents, and 13 pending foreign patent applications, certain of

which relate to various aspects of products or manufacturing processes

Use of $55mm in IPO proceeds

. Repay debt

. Working capital

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

Stanley Inc.

SXE, C+, 7

IT consulting

Post-IPO shrs:20mm

Arlington, Virginia

results

3/31/2005 year

June 06*

IPO Mkt

Rev ($mm)

are

$346

$93

Cap (mm)

Gross profit %

proforma

13.0%

13.4%

$260

Operating income %

5.7%

6.6%

@$13

Income ($mm)

$9.6

$3

Net income %*

2.8%

3.3%

*for the three months ended June 30

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

Stanley (SXE)

$260

0.7

21

2.4

34.2

32%

SCORECARD

Mgt

Market

Market Do-

Proprie-

Total

1-5, 5 is high

Growth

mination

tary

rating

20 is perfect

2

2

2

1

7

Compare & contrast

With contractors focused principally on U.S. Government IT and other technical services

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

Price

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

Oct 13

Stanley (SXE)

$260

0.7

21

2.4

34.2

CACI Int'l (NYSE:CAI)

$1,790

1.5

21

2.4

-20.6

$58.37

ManTech Int'l (MANT)

$1,120

1.0

23

2.7

7.3

$33.29

SRA Int'l (NYSE: SRX)

$1,740

1.5

27

3.3

5.1

$31.10

Business

. Information technology services and solutions to U.S. defense and federal civilian government

agencies, including systems integration, founded in 1966

. As of August 31, 2006, had more than 200 active contractual engagements across 38 federal

government agencies. Acted as the prime contractor on contractual engagements that provided

approximately 80% of revenues for fiscal 2006.

. Customers include the Department of Defense (including all major agencies within the

Department of Defense), the Department of Health and Human Services, the Department of

Homeland Security, the Department of Justice, the Department of State, the Department of

Transportation, the Department of the Treasury and NASA.

. 2300 employees

Market Opportunity

. According to INPUT, an independent federal government market research firm, federal

government information technology spending is expected to grow from $75.4 billion in federal

fiscal year 2005 to $93.4 billion in federal fiscal year 2011.

. Of the total information technology spending, INPUT forecasts that the contracted-out portion

will grow from $63.3 billion in federal fiscal year 2006 to $80.5 billion in federal fiscal year 2011.

. Information technology professional services and outsourcing, which are the primary

components of SXE’s systems integration services, are expected by INPUT to be among the

fastest growing segments of the federal information technology market in the next five years.

Contracts and an acquisition

For the fiscal year ended March 31, 2006 (fiscal 2006), derived 61% of revenues from the

Department of Defense, including agencies within the intelligence community, and

. 39% of revenues from federal civilian government agencies

. Acted as the prime contractor on contractual engagements that provided approximately 80% of

revenues for fiscal 2006.

. In February 2006 we completed the acquisition of Morgan, which

Morgan Research acquisition

. In February 2006, acquired Morgan Research Corporation, or Morgan, a privately-held

technology company providing specialized engineering and technology services to the federal

government, for $76.0 million in cash at closing plus an additional $6.2 million in working capital

and other purchase price adjustments.

. Morgan provides access to new customers and enables SXE to offer an expanded suite of

services to customers.

. Financed the acquisition through term loan borrowings under a new senior credit facility.

Expects to repay those term loan borrowings with the proceeds of this offering.

. Morgan provides SXE with a major presence in Huntsville, Alabama, which, as a result of the

Department of Defense's Base Realignment and Closure, or BRAC, program, will be the new

headquarters of the Army Materiel Command, the Army Space and Missile Defense Command

and a substantial portion of the Missile Defense Agency

Contract win rates

. Over the twelve months ended August 31, 2006, won 100% of competitively awarded contracts

on which SXE was the incumbent and

. 58% of competitively awarded contracts on which SXE was not the incumbent.

Backlog

. As of June 30, 2006, total backlog was $833.0 million and funded backlog was $201.7 million.

. Compared to June 30, 2005 respectively of $791mm and $128mm

Competitors generally include large defense and information technology prime contractors, as well

as a number of smaller federal contractors with specialized capabilities.

Use of $73mm in IPO proceeds from sale of 5.3mm

(shareholders intend for offer 1mm shares)

Repay debt

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

Susser Holdings

SUSS, C+, 7

convenience stores, gas/diesel stations

Post-IPO shrs:15mm

Corpus Christi, TX

2005

June 05*

June 06*

IPO Mkt

Rev ($mm)

results

$1,896

$859

$1,173

Cap (mm)

Gross profit %

are

10.7%

10.8%

9.2%

$261

Operating income %

proforma

-13.9%

0.7%

0.8%

@$17

Interest % of operating profit

-4.9%

70.8%

101.6%

Income ($mm)

-$8.0

-$0.4

$2

Net income %*

-0.4%

0.0%

0.2%

Adjusted EBITDA**

$43

$21

$17

** net income before interest expense, net, income taxes and depreciation, amortization and

accretion. Adjusted EBITDA further adjusts EBITDA by excluding cumulative effect of changes

in accounting principles, discontinued operations, non-cash stock based compensation expense,

and certain other operating expenses that are reflected in net income that SUSS does not believe

are indicative of ongoing core operations

*for the six months ended June 30

Revenue components

2005

2005

June 06*

June 06*

Merchandise

$330

17%

$181

15%

Motor fuel, retail

$780

41%

$499

43%

Mortor fuel, wholesale

$764

40%

$481

41%

Other

$22

1%

$12

1%

Total Revenue

$1,896

$1,173

Gross profit components

Merchandise

$106

53%

$60

55%

Motor fuel, retail

$50

25%

$25

23%

Mortor fuel, wholesale

$24

12%

$12

11%

Other

$21

10%

$12

11%

Total Gross Proifits

$201

$109

Note: merchandise contributes over 50% of gross profits

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

Susser Holdings (SUSS)

$261

0.1

77

1.0

2.7

39%

SCORECARD

Mgt

Market

Market Do-

Proprie-

Total

1-5, 5 is high

Growth

mination

tary

rating

20 is perfect

2

2

2

1

7

Compare & contrast

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

Price

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

Oct 13

Delek US Holdings (DK)

$925

0.3

8

2.7

2.7

$18.18

gas stations/convenience stores & refining

Susser Holdings (SUSS)

$261

0.1

77

1.0

2.7

39%

Recent Results

.While full financial information for the third quarter 2006 is not available, based on

management’s current estimates, SUSS expects that for the three month period ended October 1,

‘2006,

. Same store merchandise sales will increase between 7.5% and 8.25% and

. Average retail gallons per store will increase between 5.5% and 6.5% compared to the

comparable period in 2005.

. In addition, SUSS expects retail fuel margin per gallon to exceed the comparable period last year

by two to five cents per gallon, and expects wholesale fuel margin per gallon for the third quarter

2006 to be between six and seven cents.

Business

. Largest non-refining operator in Texas of convenience stores based on store count and SUSS

believes it is the largest non-refining motor fuel distributor by gallons in Texas.

. Operations include retail convenience stores and wholesale motor fuel distribution.

. As of July 2, 2006, retail segment operated 320 convenience stores in Texas and Oklahoma,

offering merchandise, foodservice, motor fuel and other services.

. Susser believes its unique retail/wholesale business model, scale, market share and foodservice

and merchandise offerings, combined with its highly productive new store model and selected

acquisition opportunities

Recent developments

. On July 28, 2006, SUSS entered into a new long-term supply agreement with Valero Marketing

and Supply Company to supply all of retail stores with motor fuel that are currently supplied by

CITGO as well as selected wholesale locations, which expires July 13, 2018.

. In connection with this new supply agreement, SUSS is rebranding all existing stores that are

currently supplied by CITGO to the Valero or Shamrock brand or the Stripes brand, which SUSS

expects will be completed in five to seven months.

. SUSS estimates the cost to remove the CITGO brand and rebrand to Valero, Shamrock or Stripes

brand to be approximately $11 million to $13 million.

. On June 30, 2006, sold 25 unattended fueling facilities for $3 million. We are continuing to

supply these locations with motor fuel on an unbranded basis.

Industry Trends

Overview

. According to Retail Forward, Inc., the industry is expected to grow from $474.2 billion in 2005

to $559.9 billion in 2009, which represents a CAGR (compound annual growth rate) of 4.2%.

. The industry is highly fragmented, with the 10 largest convenience store retailers accounting for

approximately 9% of total industry stores in 2004.

. Furthermore, small, local operators with 50 or fewer stores account for 74% of all convenience

stores operated by retailers in 2005

Stores & consumers

. Increasing size of retail stores, specifically supermarkets and large format hypermarkets, driving

consumers to small box retailers, such as convenience stores, to meet their demand for speed and

convenience in daily shopping needs;

. Continuing shift of consumer food and general merchandise purchases away from traditional

supermarkets to convenience stores, hypermarkets and drug stores;

. Changing consumer demographics and eating patterns resulting in more food consumed away

from home;

. Highly fragmented nature of the industry providing larger chain operators with significant scale

advantage

Market leader in growing, localized markets

. 78% of dealer locations are located in the Houston MSA.

. SUSS believes it is the largest non-refining convenience store chain in Texas, owning five times

as many stores as the next largest convenience store competitor in the rapidly growing South

Texas market.

. 90% of stores are located in South Texas, which includes high population growth areas

(Brownsville and McAllen in the Rio Grande Valley and Laredo) and popular tourist destinations

(Corpus Christi, Port Aransas and South Padre Island).

. SUSS believes it is well positioned to capitalize on the growth in the markets by tailoring the

merchandise mix, especially Laredo Taco Company, and marketing strategy to the preferences of

the local population

. Offers a varied selection of food, beverage, snacks, grocery and non-food items

. Also offers made-from-scratch food under the Laredo Taco Company brand at 137 locations,

which has contributed to strong same store sales growth and margins in excess of industry

averages

Store model & openings

Compared to the industry -- Source: 2006 NACS State of the Industry July 2006.

Earnings before interest, depreciation, amortization and rent per store (dollars in thousands)

. SUSS, $147,000; Industry average, $131,500

For the last eight fiscal years, annual merchandise same store sales growth

has averaged 5.1% (which was not inflated by increases in cigarette excise taxes)

. Opened 55 new large format stores since 1999

. Has increased retail store count by 75% over the last five years through a combination of new

large format store construction and acquisitions.

. SUSS’s new store model is almost twice the size of the typical convenience store and features a

comprehensive convenience merchandise selection of 2,800 merchandise units, an in-store Laredo

Taco Company kitchen and large fountain and coffee bar fixtures.

. New store model averages 4,800 square feet, includes larger fueling facilities and features an

extensive selection of convenience merchandise and beverages as well as a Laredo Taco Company

Growth Strategy

. New Store Pipeline

. Opened 16 new stores in 2005 and plans to open 16 to 18 stores in 2006 & 2007 in existing markets

. New Dealer Pipeline

Intends to increase wholesale distribution network by at least 25 to 35 dealers per year in fiscal

2006 and 2007, which requires minimal capital expenditures.

. Expand Proprietary Laredo Taco Company Restaurants

Currently only offered in 40% of stores. Plans to add proprietary restaurant offering to every

newly constructed store and to 30 to 45 existing stores. In addition, while currently focuses on

breakfast and lunch, plans to include a dinner service in a variety of locations, which is expected

to further drive profitability and same store sales growth.

. Enhance Profitability Through Rebranding Initiative

o As of July 2, 2006, 305 of 320 store locations were branded under the Circle K banner. The

license agreement with Circle K licensor expires in November 2006. Does do not plan to renew

the agreement and has started to rebrand all of convenience stores to the proprietary Stripes brand

during the second half of 2006.

o For the twelve months ended July 2, 2006, and for the fiscal year ended January 1, 2006, paid

$3.6 million, and $3.4 million, respectively, for the use of the Circle K trade name and SUSS

believes rebranding to Stripes will afford us more flexibility for future growth while enhancing

profitability.

Competition

Retail

. Retail segment competes with other convenience store chains, independently owned convenience

stores, motor fuel stations, supermarkets, drugstores, discount stores, dollar stores, club stores and

hypermarkets.

. Over the past ten years, several non-traditional retailers, such as supermarkets, club stores and

hypermarkets, have impacted the convenience store industry, particularly in the geographic areas

in which SUSS operates, by entering the motor fuel retail business.

. These non-traditional motor fuel retailers have captured a significant share of the retail motor

fuel market, and SUSS expects their market share will continue to grow.

. In addition, some large retailers and supermarkets are adjusting their store layouts and product

prices in an attempt to appeal to convenience store customers.

Wholesale

. SUSS’s wholesale segment competes with major oil companies that distribute their own

products, as well as other independent third party motor fuel distributors.

. SUSS may encounter more significant competition if major oil companies increase their own

motor fuel distribution operations or wholesale customers choose to purchase their motor fuel

supplies directly from the major oil companies

Recapitilization in December 2005

. Wellspring Capital Partners III, L.P. invested $92 million in cash equity in Stripes Holdings LLC

(merged into SUSS). Sam L. Susser, CEO, and certain members of management and board of

directors rolled over $37 million in equity interests in Susser Holdings

. Existing common and preferred unit holders of Susser Holdings received $276.8 million in

aggregate merger consideration.

. Susser Holdings, L.L.C. and a subsidiary, Susser Finance Corporation, issued $170 million

aggregate principal amount of 10 5/8% senior notes due 2013.

. SSP Partners, a subsidiary of Susser Holdings, L.L.C., sold 74 of SUSS’s retail stores to affiliates

of National Retail Properties, Inc. for $170 million, and entered into leaseback agreements for

each of the stores.

. Susser Holdings. and SSP Partners entered into a new $50 million revolving credit facility.

Use of $93.3mm in IPO proceeds

. Redeem $50.0 million of senior notes due 2013, plus $5.5 mm of accrued interest and premium

. Repay revolving credit facility, $11.4 million as of July 2, 2006

. Balance for general corporate purposes, including growth capital

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

Trubion Pharma

TRBN, C, 6

rheumatoid arthritis & systemic lupus

Post-IPO shrs:17mm

Seattle, WA

2003

2004

2005

June 30*

IPO Mkt

Rev ($mm)

none

$0

$0

$14

Cap (mm)

Income ($mm)