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

Pre-IPO analysis, grading & scoring -- updated Sept 22

. 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

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

SEARCH BY COMPANY

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

for analysis

scheduled below

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

Summary ratios for the week of Sept 25

(P/E ratios based on annualizing the June six months, unless otherwise noted)

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

Adcare Health, tba, units

$21

1.0

-8

2.0

3.2

52%

assisted living facilities: C, 6

Post-IPO shrs:4.2mm

Bare Escentuals (BARE)

$1,392

3.7

28

-3.5

-3.5

11%

Mineral-based cosmetics, B-, 8

Post-IPO shrs:87mm

CBRE Realty (CBF)

$467

7.6

52

1.1

1.1

34%

REIT, C+, 6

Post-IPO shrs:29mm

EV Energy Prtnrs(EVEP)

$152

1.1

5

1.7

1.7

102%

oil & gas partnership, C+, 6

Post-IPO shrs:20mm

ICF International (ICFI)

$194

1.4

-323

1.9

10.6

36%

consulting for the US gov, C+, 7

Post-IPO shrs:13mm

ImaRX Thera (IMRX)

$196

1.5

15

4.1

4.3

28%

therapies for blood clots, C+, 7

Post-IPO shrs:42mm

Mindray Medical (MR)

$1,141

6.7

28

5.7

7.8

19%

Chinese medical devices, B-, 9

Post-IPO shrs:104mm

Omni Financial (OFSI)

$116

4.8

21

1.8

1.9

29%

regional bank, 11 states in so east U.S., C+, 7

Post-IPO shrs:10.5mm

Shutterfly (SFLY)

$330

0.4

-45

2.5

2.5

25%

online photo service, C, 6

Post-IPO shrs:24mm

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

SEARCH BY COMPANY

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

for analysis

scheduled below

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

Adcare Health Systems

tba, C, 6

assisted living facilities

Post-IPO shrs:4.2mm

Springfield, OH

2004

2005

6mos June

IPO Mkt

Rev ($mm)

$18.3

$21.9

$11.0

Cap (mm)

Income ($mm)

$0.1

-$0.9

-$1.3

$21

Net income %

0.4%

-4.0%

-11.8%

@$10 units

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

Adcare Health, tba, units

$21

1.0

-8

2.0

3.2

52%

SCORECARD

Mgt

Market

Market Do-

Proprie-

Total

1-5, 5 is high

Growth

mination

tary

rating

20 is perfect

2

2

1

1

6

Units

1,100,000 units, with each unit consisting of two shares of common stock and two five-year

`warrants each to purchase one share of common stock.

Business

. Developer, owner and manager of retirement communities, assisted living facilities, nursing

homes, and home health care services in the state of Ohio.

. Currently manages fifteen facilities, comprised of six skilled nursing centers, seven assisted

living residences and two independent living/senior housing facilities, totaling over 800 beds. Also

recently acquired an established home health care business.

Accounting problem

In July 2006, Adcare determined that it had accounted incorrectly for two transactions. As a result

Adcare restated consolidated financial statements for the years ended December 31, 2005 and

December 31, 2004, to correct the method of accounting for those two transactions.

Use of $8.8mm in IPO proceeds

. Retirement of Debt, $2.2mm

. Expansion of Home Health Care, $.5mm

. Acquisitions of New Businesses, $4mm

. Working Capital, $2.1mm

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

Bare Escentuals (BARE)

BARE, B-, 8

Mineral-based cosmetics

Post-IPO shrs:87mm

San Francisco, CA

2003

2004

2005

6mos June

IPO Mkt

Rev ($mm)

$95

$142

$259

$186

Cap (mm)

Gross Margin %

67%

72%

71%

72%

$1,392

Income ($mm)

$12

$4

$24

$25

@$16

Net income %

13%

3%

9%

13%

Interest expense

$2

$6

$22

$22

Interest exp % of net income

13%

158%

90%

88%

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

Bare Escentuals (BARE)

$1,392

3.7

27.8

-3.5

-3.5

11%

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 -- trailing 12 month P/E's

Alberto-Culver Co. (ACV)

23.6

Estee Lauder Companies Inc. (EL)

35.1

Avon Products Inc. (AVP)

24.9

Versus Bare Escentuals (BARE) *

27.8

*assuming price range midpoint, annualizing June 30 six months results

Summary

. Profitable, high gross margin, significant top line revenue growth, brand building momentum

. Business is diversified between wholesale, infomercials & retail

. Strong income statement, significant interest expense

. Highly leveraged: interest expense as a % of net income was 88% for the June 30 six months

. June 2004 leveraged buyout, stockholders since then have paid themselves $645mm in dividends,

and the entire use of proceeds is to repay debt

. Weak balance sheet with a negative book value

Business

. One of the fastest growing prestige beauty companies in the U.S. and a leader by sales and

consumer awareness in mineral-based cosmetics, including skin care, and body care products

under the BARE i.d. bareMinerals, i.d., RareMinerals and namesake Bare Escentuals brands, and

professional skin care products under the md formulations brand.

Segments, based on six months ended July 2, 2006

. Wholesale, 53.5%

. Retail, 13%

. Infomercials, 33.5%

Differentiated

. BARE believes its i.d. bareMinerals cosmetics, particularly the core foundation products, offer a

highly differentiated, healthy and lightweight alternative to conventional liquid- or cream-based

cosmetics while providing light to maximum coverage for all skin types.

. As such, BARE believes its foundation products have broad appeal to women of all ages

including women who did not previously wear foundation before using i.d. bareMinerals.

Marketing

. BARE utilizes a distinctive marketing strategy and multi-channel distribution model consisting

of infomercials, home shopping television, specialty beauty retailers, company-owned boutiques

and spas and salons.

. This model has enabled BARE to increase brand awareness, consumer loyalty and market share

and achieve favorable operating margins.

. Bare Escentuals was the top-selling cosmetics brand company-wide at leading specialty beauty

retailers Sephora and Ulta during 2005.

. Over the last five fiscal years, BARE has increased net sales approximately 87.5% on a

compound annual basis, and during the fiscal year ended January 1, 2006, operating income was

29.8% of net sales

Growth Strategy

> Further penetrate each of multiple distribution channels.

o Wholesale.

o Retail. Intends to expand the base of company-owned boutiques and to grow infomercial sales.

As of July 2, 2006, operated 30 boutiques and reported average annual net sales of

$1,400 per square foot for the fiscal year ended January 1, 2006

> Cross-sell other products.

> Develop new product concepts

> Expand global presence. BARE currently believes that Japan, the United Kingdom, Germany,

France and South Korea represent the most significant market opportunities for expanding its

global presence.

Competition

. Competes with the major makeup and skin care companies which market many brands including

Avon, Bobbi Brown, Chanel, Clarins, Clinique, Estée Lauder, L'Oréal, Lancôme, M.A.C.,

Neutrogena, Shiseido and Smashbox, as well as many specialty players in the beauty industry.

. Also competes with several smaller mineral-based cosmetics brands.

Recapitalizations

$645mm in dividends paid to stockholders

. In June 2004 affiliates of Berkshire Partners LLC, JH Partners, LLC, a San Francisco-based

private equity firm, and members of management acquired a majority controlling interest in the

company.

. In the transaction, BARE incurred approximately $100.0 million of new indebtedness, raised

approximately $87.5 million of new equity financing and used $169.6 million to repurchase

outstanding shares of capital stock and fully vested options

. In February 2005, incurred approximately $224.5 million of new indebtedness, repaid a total of

$92.6 million of existing debt and paid a special dividend to stockholders of $122.4 million.

. In October 2005, incurred approximately $187.5 million of new indebtedness and paid a special

dividend to stockholders of $183.5 million.

. In June 2006, incurred approximately $331.6 million of new indebtedness and paid a special

dividend to stockholders of $340.4 million.

Use of $236mm in IPO proceeds

. $233.8 million to repay debt

. After application of the net proceeds of this offering and the concurrent refinancing of a portion of debt,

BARE expects to have a total of $479.9 million in outstanding indebtedness.

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

CBRE Realty Finance

CBF, C+, 6

REIT

Post-IPO shrs:29mm

Hartford, CT

3mos June

IPO Mkt

Rev ($mm)

$15

Cap (mm)

Pre-tax Income ($mm)

$2

$467

Net income %

15%

@$16

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

CBRE Realty (CBF)

$467

7.6

52

1.1

1.1

34%

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 -- REIT

. Externally managed and advised by CBRE Realty Finance Management, LLC, an indirect

subsidiary of CB Richard Ellis, Inc., or CBRE, and a direct subsidiary of CBRE Melody &

Company, or CBRE/Melody.

. CBRE indirectly owns 54.5% of the economic interest in the Manager and the remainder is

owned in the aggregate by executive officers and certain executives of CBRE/Melody.

Sources

. Sources investments through two primary channels: the unique relationship with the

CBRE/Melody origination system, and the origination capabilities of our management team,

including their relationships with borrowers, sellers of whole loans, various financial institutions

and other financial intermediaries, which we refer to as our internal origination system.

. Of the $1,057.3 million of investments held as of August 31, 2006, 45.1% was sourced through

the affiliated CBRE system.

Formation and Structure

. Organized as a Maryland corporation in May 2005 and completed a private offering of common

stock in June 2005 in which we raised net proceeds of approximately $282.5 million. Credit Suisse

Securities (USA) LLC, Deutsche Bank Securities Inc., Banc of America Securities LLC and

Citigroup Global Markets Inc.

Use of $126mm in IPO proceeds from sale of 8.5mm shares

(shareholders intend to sell 1.5mm shares)

Repay debt

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

EV Energy Partners L.P.

EVEP, C+, 6

oil & gas partnership

Post-IPO shrs:20mm

Houston, TX

2003

2004

2005

6mos June

IPO Mkt

Rev ($mm)

$13.6

$30.0

$26.0

$15.0

Cap (mm)

Pre-tax Income ($mm)

$2.7

$8.3

$10.4

$6.3

$152

Net income %

19.9%

27.7%

40.0%

42.0%

@$20

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

EV Energy Prtnrs(EVEP)

$152

1.1

5.1

1.7

1.7

102%

SCORECARD

Mgt

Market

Market Do-

Proprie-

Total

1-5, 5 is high

Growth

mination

tary

rating

20 is perfect

2

2

1

1

6

8% anticipated return on limited partnership units

Business

. Limited partnership formed in April 2006 to acquire, produce and develop oil and gas properties.

. Intends to pay holders of common units distributions of available cash of $0.40 per unit for each

quarter, or $1.60 per unit annually, before pay any distributions paid to holders of subordinated

units.

Properties

. Located in the Appalachian Basin, primarily in Ohio and West Virginia, and in the Monroe field

in Northern Louisiana.

. At December 31, 2005, oil and gas properties had estimated net proved reserves of 44.8 Bcf

of gas and 1.1 MMBbls of oil, or 51.2 Bcfe, and a present value of future net cash flows,

discounted at 10%, or standardized measure, of $161.2 million.

. Properties are located in mature fields and have a long reserve to production index of 18.8 years.

. EVEP;s 2005 reserve report includes a multi-year inventory of 80 relatively low risk, proved

undeveloped drilling locations, all of which are located on Appalachian properties.

Seasonal Business

. Seasonal weather conditions and lease stipulations can limit EVEP’s drilling and producing

activities and other operations in certain areas of the Appalachian Basin.

. As a result, EVEP generally performs the majority of drilling in the Appalachian Basin during

the summer and autumn months

Competition

. Other independent operators and from major oil companies in acquiring properties, contracting

for drilling equipment and securing trained personnel.

. Also affected by competition for drilling rigs and the availability of related equipment.

. In the past, the natural gas and oil industry has experienced shortages of drilling rigs, equipment,

pipe and personnel, which has delayed development drilling and other exploitation activities and

has caused significant price increases.

. Has entered into contracts with a drilling company to drill all of the wells on EVEP’s

Appalachian properties that EVEP plans to drill during 2006.

Use of $72.5mm in IPO proceeds

• $60.19 million to the former owners of the predecessors

• $10.35 million to repay in full the indebtedness incurred by one of the predecessors to purchase

EVEP’s Northern Louisiana properties;

• $2.0 million of the net proceeds for pocket legal, accounting, printing and other fees and

expenses of the offering

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

ICF International

ICFI, C+, 7

consulting for the US gov

Post-IPO shrs:13mm

Fairfax, VA

2003

2004

2005

6mos June

IPO Mkt

Rev ($mm)

$146.0

$139.0

$208.0

$110.0

Cap (mm)

Gross profit

38%

40%

41%

40%

$194

Income ($mm)

$2.4

$3.0

$1.8

-$0.3

@$15

Net income %

1.6%

2.2%

0.9%

-0.3%

Note: June 30, 2006 results include a lease abandonment charge of $4.3mm

. After tax earnings without the lease abandonmnet charge*

$1.8

. Annualized P/E multiple without lease cabandonment charge

54

*assuming 2005 proforma tax rate

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

ICF International (ICFI)

$194

1.4

-323

1.9

10.6

36%

SCORECARD

Mgt

Market

Market Do-

Proprie-

Total

1-5, 5 is high

Growth

mination

tary

rating

20 is perfect

2

2

2

1

7

Notice the "Road Home Contract" below

Business

. Management, technology and policy consulting and implementation services primarily to the

U.S. federal government, as well as to other government, commercial and international clients.

. Helps clients conceive, develop, implement and improve solutions that address complex

economic, social and national security issues.

. Services primarily address four key markets: defense and homeland security; energy;

environment and infrastructure; and health, human services and social programs.

. Revenue generated from state and local government clients is expected to increase in 2006, due

primarily to work in connection with the Road Home Contract with the State of Louisiana

Clients

. U.S. federal government clients include every cabinet-level department, including the

Department of Defense, the Environmental Protection Agency, the Department of Homeland

Security, the Department of Transportation, the Department of Health and Human Services, the

Department of Housing and Urban Development, the Department of Justice and the Department of

Energy. U.S. federal government clients generated 72% of revenue in 2005.

. State and local government clients include the states of California, Louisiana, Massachusetts,

New York and Pennsylvania. State and local government clients generated 9% of revenue in 2005.

. Also serves commercial and international clients, primarily in the energy sector, including

electric and gas utilities, oil companies and law firms. Commercial and international clients

generated 19% of revenue in 2005.

Road Home Contract

. ICFI has been awarded a contract (Road Home Contract) by the State of Louisiana’s Office of

Community Development, effective June 12, 2006, to serve as the manager for The Road Home

Housing Program

. This program, which is being funded with approximately $8.1 billion of Community

Development Block Grant funds allocated by the Department of Housing and Urban

Development, is designed to assist the population affected by Hurricanes Rita and Katrina to

repair, rebuild or relocate by making certain reimbursements to qualified homeowners and small

rental unit landlords for their uninsured, uncompensated damages.

Contract terms

. Although the request for proposals leading to this award anticipated a five-year contract, due to

limitations under Louisiana law, the Road Home Contract has a stated term of three years.

. The maximum amount payable to ICF EMS and its subcontractors with respect to the first four

month phase of the contract will be $87.2 million, and funding levels beyond the first phase have

not yet been negotiated.

. ICFI does not expect the amount payable during the first phase to be indicative of future revenue

levels during the balance of the contract term.

. In addition, key subcontractors will perform a substantial portion, perhaps 50 to 65%, of the

work under the contract, which will increase ICFI’s direct costs associated with the contract.

Three phases of work

. Funding has been secured only for the first phase that lasts for a period of four months

. Additional funding will depend on performance in phase one and the ability of ICF EMS and its

subcontractors to meet the deadlines stated in the contract.

. There is no assurance the State of Louisiana will amend the contract to add funding for later

phases if these deadlines are not met or if the State is not satisfied with ICFI’s and ICFI’s

subcontractors’ performance

Competition

. Some of the principal competitors include BearingPoint, Inc., Booz Allen Hamilton, Inc., CRA

International, Inc., L-3 Communications Corporation, Lockheed Martin Corporation, Navigant

Consulting, Inc., Northrop Grumman Corporation, PA Consulting Group, SAIC, Inc., and SRA

International, Inc.

. In addition, within each of the four key markets, ICFI has numerous smaller competitors, many

of which have narrower service offerings and serve niche markets.

Use of $49mm in IPO proceeds from sale of 3.7mm shares

(shareholders intend to sell 1mm shares)

. up to $46 million to repay a portion of the existing indebtedness under our revolving credit and

term loan facilities;

. $2.7 million for one-time bonus payments due to employees under an amended and restated

employee annual incentive compensation pool

. balance for general corporate purposes, including working capital and potential acquisitions.

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

ImaRX Therapeutics

IMRX, C+, 7

therapies for blood clots

Post-IPO shrs:42mm

Tuscon, AZ

2003

2004

2005

6mos June

IPO Mkt

Rev ($mm)

$0.2

$0.6

$0.6

$0.4

Cap (mm)

Income ($mm)

-$3.8

-$5.7

-$28.0

-$7.0

$196

Note: 2005 results include $24mm in acquired in-process R&D

@$11

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

ImaRX Thera (IMRX)

$196

1.5

15

4.1

4.3

28%

SCORECARD

Mgt

Market

Market Do-

Proprie-

Total

1-5, 5 is high

Growth

mination

tary

rating

20 is perfect

2

2

1

2

7

Note: graded C+ because of near term revenue expectations, see below

Business

. Innovative therapies for vascular disorders associated with blood clots.

. Development and commercialization efforts are primarily focused on therapies for treating

ischemic stroke and massive pulmonary embolism, respectively, by restoring the flow of blood

and oxygen to the brain and vital tissues.

Near term revenue

. Abbokinase, a form of urokinase that is approved and marketed for the treatment of acute

massive pulmonary embolism. IMRX intends to begin selling Abbokinase in the second half of

2006. Abbokinase sales will provide near-term revenue, an opportunity to form sales relationships

with vascular physicians and acute care institutions that regularly administer blood clot therapies

and a commercialization infrastructure that we believe can grow to support future products.

Product pipeline

. PROLYSE is a recombinant pro-urokinase, or a pro-drug form of urokinase that IMRX believes,

based on a number of published third-party scientific studies, does not become active until it

reaches a blood clot, which may reduce the risk of bleeding. PROLYSE has been shown, in a

Phase 3 clinical trial of 180 patients conducted by Abbott Laboratories between 1996 and 1998, to

be well tolerated and to demonstrate activity in dissolving cerebral blood clots when administered

as long as six hours after the onset of stroke symptoms

. SonoLysis combination therapy is the combination of SonoLysis bubbles and ultrasound in

conjunction with a thrombolytic. IMRX believes that SonoLysis combination therapy incorporates

complementary mechanisms of action that will both reduce the time required to dissolve a blood

clot and enable a lower dose of thrombolytic to be used. In addition, we believe a lower dose of

thrombolytic will reduce the risk of bleeding and extend the current treatment window beyond that

of a thrombolytic alone for ischemic stroke patients. IMRX has an open Investigational New Drug

application, or IND, and expects to initiate a Phase 1/2 dose-escalation clinical trial in the second

half of 2006 using SonoLysis bubbles, ultrasound and tPA to expand upon the prior work of

academic investigators in this area.

. Open-Cath-R, another form of urokinase acquired in 2005, has been shown in two Phase 3

multinational clinical trials conducted by Abbott Laboratories prior to 2003 to be well tolerated

and active as a treatment for clearing blocked intravascular catheters. IMRX is investigating the

remaining regulatory and manufacturing requirements and the opportunity to license Open-Cath-R

to a third party.

Acquired R&D in process

. IMRX acquired PROLYSE, Open-Cath-R and Abbokinase from Abbott Laboratories. In

connection with these acquisitions, issued a $15.0 million promissory note that matures in

December 2006 and another $15.0 million promissory note that matures in December 2007.

. If IMRX is unable to satisfy these debt obligations when due, Abbott Laboratories will have a

right to reclaim the acquired assets and rights

Competition

There are two principal groups of competitors offering treatments to break up or remove blood

clots, thrombolytic companies and vendors of mechanical thrombectomy or similar devices.

Thrombolytic Competitors

. The U.S. market for thrombolytics is dominated by Genentech, Inc., which manufactures tPA,

the most widely used thrombolytic.

. IMRX is not a significant competitor in the sale of thrombolytics, because IMRX recently

acquired its only approved product, Abbokinase, which is approved by the FDA for treatment of

acute massive pulmonary embolism.

. Genentech’s tPA in various formulations is currently the only thrombolytic that has been

approved by the FDA for treatment of ischemic stroke and catheter occlusion clearance, and is

also approved for myocardial infarction and pulmonary embolism indications.

. IMRX is aware that other thrombolytics are also under development, such as alfimeprase and

desmoteplase. Alfimeprase is a recombinant form of a derivative of copperhead snake venom

being developed by Nuvelo, Inc. and is in clinical trials for use in catheter occlusion clearance and

peripheral arterial occlusions, with clinical trials planned for ischemic stroke and deep vein

thrombosis indications.

. Desmoteplase is a recombinant form of a derivative of vampire bat saliva being developed by

PAION AG that is currently in Phase 3 clinical trials for treatment of ischemic stroke.

. Other companies also offer or are developing thrombolytics for treatment of blood clots

associated with myocardial infarction and peripheral vascular occlusions.

. IMRX does not consider those product offerings or programs to be competitive with our current

business strategy.

Device Competitors

. IMRX believes that the primary device-based treatment for ischemic stroke clots on the market is

the MERCI (Mechanical Embolus Removal in Cerebral Ischemia) Retriever, which is an

intravascular catheter-based therapy marketed by Concentric Medical, Inc. This device is used to

engage the clot and retract it through the catheter and out of the body.

. Mechanical thrombectomy devices are also approved and marketed for removing blood clots

associated with peripheral vascular and coronary indications and dialysis access grafts, such as

AngioJet by Possis Medical, Inc., Micro-Infusion Catheter by EKOS Corp., and Resolution

Endovascular System by OmniSonics Medical Technologies, Inc.

. A variety of companies also offer catheter-delivery systems for thrombolytics or other drugs used

in the treatment of blood clots.

. IMRX does not consider these devices to be directly competitive with its current business

strategy.

Use of $50mm in IPO proceeds

IMRX anticipates that the net proceeds from this offering together with existing cash and cash

equivalents will be sufficient to meet anticipated cash requirements until December 2007.

• $16 million for payment of a $15 million promissory note plus accrued interest, that we issued

in connection with our 2005 acquisition of recombinant urokinase drug technologies, which

matures on December 31, 2006 and accrues interest at 6% annually;

• $12 million to fund a portion of PROLYSE development activities, including a portion of a

Phase 3 clinical trial (approximately $15 million in additional funds will likely be required to

complete the Phase 3 clinical trial), and manufacturing and materials costs related to the trial;

• $9 million to fund a portion of SonoLysis combination therapy development activities, including

a Phase 1/2 clinical trial, preclinical safety studies, manufacturing and material costs related to the

trial;

• $4 million to fund a portion of SonoLysis therapy development activities, including a preclinical

safety and mechanism of action studies, manufacturing and material costs related to the studies;

• $5 million to fund research and development activities for Abbokinase, Open-Cath-R and other

preclinical and research-stage product candidates;

• $4 million to fund Abbokinase sales and marketing costs and other business development

activities; and

• for working capital and other general corporate purposes

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

Mindray Medical

MR, B-, 9

Chinese medical devices

Post-IPO shrs:104mm

Shenzhen, People's China

2003

2004

2005

6mos June

IPO Mkt

Rev ($mm)

%

%

$135.0

$85.0

Cap (mm)

Gross profit

54.3%

54.3%

54.1%

54.1%

$1,141

Income ($mm)

22.8%

26.1%

$25.6

$20.6

@$11

Net income %

22.8%

26.1%

19.0%

24.2%

Note: tax rate in the 7% range

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

Mindray Medical (MR)

$1,141

6.7

28

5.7

7.8

19%

SCORECARD

Mgt

Market

Market Do-

Proprie-

Total

1-5, 5 is high

Growth

mination

tary

rating

20 is perfect

2

2

3

2

9

Notes:

. Direct P/E comparisons with fully taxed international competitors are difficult (most are taxed higher than 7%)

. Also, China's regulatory, legal and business environment makes direct comparisons difficult

. Each ADS represents one Class A ordinary share

Business

. A leading developer, manufacturer and marketer of medical devices in China.

. Also has a significant and growing presence outside of China, primarily in other regions of Asia

and in Europe.

. Offers broad range of more than 40 products across our three primary business segments: patient

monitoring devices, diagnostic laboratory instruments and ultrasound imaging systems.

. Leading market share – in patient monitoring devices. According to Frost & Sullivan, MR had

the leading market share in China by units sold, and the second leading market share by revenue,

for the sale of patient monitoring devices in 2003. . MR believes that it continues to be a market

leader in China today.

. Other products -- MR believes it holds a leading market share position in China in diagnostic

laboratory instruments and grayscale ultrasound imaging systems.

Recognized brands

. Due to MR’s leading market position, MR believes it has one of the most recognized brands in

the medical device industry in China.

Distribution

. MR sells its products primarily to distributors, and the balance directly to hospitals, clinics,

government agencies, original design manufacturers, or ODMs, and original equipment

manufacturers, or OEMs.

. With over 1,950 distributors and 500 direct sales and sales support personnel, MR believes its

nationwide distribution, sales and service network is the largest of any medical device

manufacturer in China. This extensive platform allows MR to be closer than competitors to end

users and enables MR to be more responsive to local market demand.

. In addition, MR sells its products internationally through more than 660 distributors and 75 sales

and sales support personnel. This established and expanding international sales and distribution

network provides MR with a platform from which to build and expand its market position

globally.

. To date, MR has sold our products to approximately 25,000 hospitals, clinics and other

healthcare facilities in China and sold over 170,000 devices worldwide.

R&D

. MR increased its annual investment in research and development activities from 8.6% of net

revenues in 2003 to 9.8% of net revenues in 2005 and to 9.9% in the six months ended June 30, 06

. Establishing what MR believes is the largest research and development team of any medical

device manufacturer in China, with more than 570 engineers on our staff.

. MR believes its current spending level, as a percentage of net revenues, is comparable to many of

international competitors and greater than most of MR’s domestic competitors.

Competition

Patient monitoring devices.

For domestic sales of patient monitoring devices, primary competitors are Draeger Medical, GE

Healthcare, Goldway Industrial, Koninklijke Philips Electronics, Nihon Kohden and Shenzhen

Creative Industry Co.. For international sales of patient monitoring devices, our primary

competitors are Datascope, Draeger Medical, GE Healthcare, Koninklijke Philips Electronics and

Nihon Kohden.

Diagnostic laboratory instruments

For domestic sales of hematology analyzers, our primary competitors are Abbott Laboratories,

Beckman Coulter, Horiba, MEKICS Co., Nihon Kohden, and Sysmex Corporation. For

international sales of hematology analyzers, our primary competitors are Abbott Laboratories,

Bayer Healthcare, Beckman Coulter, Horiba and Sysmex Corporation.

Domestic sales of biochemistry analyzers

. Primary competitors are Biotecnica Instruments, Hitachi, Sysmex Corporation and UV-Vis

Metrolab. For international sales of biochemistry analyzers, primary competitors are Beckman

Coulter, Erber-Transasia, Furuno Electrics Co., Olympus Medical Systems, Roche Diagnostics,

Tokyo Bokei and UV-Via Metrolab.

Ultrasound imaging systems

For domestic sales of ultrasound imaging systems, our primary competitors are Aloka and

Medison. For international sales of ultrasound imaging systems, our primary competitors are

Draeger Medical, GE Healthcare, Koninklijke Philips Electronics, Teknova and Toshiba America

Medical Systems.

Use of $105mm in IPO proceeds form sale of 10.4 ADSs

(shareholders intend to sell 9.6mm ADSs)

• US$75 million for construction of a new headquarters building and expansion of manufacturing,

assembly and warehouse facilities, including the potential relocation into a new facility in Shenzhen, China;

• the balance to fund working capital and for other general corporate purposes.

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

Omni Financial Services (OFSI)

OFSI, C+, 7

regional bank, 11 states in so east U.S.

Post-IPO shrs:10.5mm

Atlanta, GA

2003

2004

2005

6mos June

IPO Mkt

Net interest income ($mm)

$9.6

$13.0

$18.1

$12.1

Cap (mm)

Proforma net Income ($mm)*

$1.5

$3.3

$3.4

$2.7

$116

Net income %

15.6%

25.4%

18.8%

22.3%

@$11

*adjusting for tax change to a C corporation from S

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

Omni Financial (OFSI)

$116

4.8

21

1.8

1.9

29%

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

. Bank holding company with operations are principally conducted through Omni National Bank, a

national bank headquartered in Atlanta, Georgia.

. One full-service banking location in Atlanta, Georgia, one in Dalton, Georgia, four in North

Carolina, one in Chicago, Illinois and one in Tampa, Florida.

. In addition, loan production offices in Charlotte, North Carolina, Dalton, Georgia and

Birmingham, Alabama.

. On a consolidated basis, as of June 30, 2006, had approximately $585.7 million in assets, $416.0

million in net loans, $428.5 million in deposits and $35.9 million in shareholders’ equity.

Use of $30mm in IPO proceeds

General corporate purposes, including but not limited to the acquisition of commercial banks or

financial service companies in markets with attractive growth prospects and the development of

additional products or services

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

Shutterfly

SLFY, C, 6

online photo service

Post-IPO shrs:24mm

Redwood City, CA

2003

2004

2005

6mos June

IPO Mkt

Rev ($mm)

$31.0

$54.0

$84.0

$36.5

Cap (mm)

Gross profit

54.8%

55.6%

56.0%

49.3%

$330

Operating income %

8.1%

8.1%

5.8%

-16.7%

@$14

Income ($mm)

$2.0

$3.7

$28.5

-$3.7

Net income %

6.5%

6.9%

33.9%

-10.1%

Notes

. Notice declining gross profit, and non-profitable operations

. Also: 2005 results include $24.1 in tax benefit, see the following:

During the fourth quarter of 2005, SFLY concluded that it was more likely than not that it would

be able to realize the benefit of deferred tax assets in the future. Consequently, SFLY recognized

a non-cash tax benefit of $24.1 million in the fourth quarter of 2005 resulting primarily from the

release of the entire net deferred tax valuation allowance

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

Shutterfly (SFLY)

$330

0.4

-45

2.5

2.5

25%

SCORECARD

Mgt

Market

Market Do-

Proprie-

Total

1-5, 5 is high

Growth

mination

tary

rating

20 is perfect

2

2

1

1

6

Business – online photo service

Print revenues are derived from sales of photo processing of digital images, including sales of 4x6

prints, and the related shipping revenues from these sales.

Prices declining

. Historically, average selling prices for prints have declined, and they may continue to decline in

the future.

. For example, in the second quarter of 2005, certain of competitors reduced the list prices of their

4×6 prints from $0.29 to $0.12.

. In response, SFLY lowered the list price of 4×6 prints to $0.19 in order to remain competitive.

This decrease negatively affected our print revenues for the six months ended June 30, 2006.

. A further drop in our 4×6 prices without a corresponding increase in volume would also

negatively impact net revenues.

. Larger competitors could elect to further reduce the list prices of their 4×6 prints or use lower

pricing of prints as a loss leader. If this were to occur, we might not be able to remain competitive

on pricing for 4×6 prints, which could result in a loss of customers.

Competiton

• Online digital photography services companies such as Kodak EasyShare Gallery (formerly

known as Ofoto), Snapfish, which is a service of Hewlett-Packard, Sony’s ImageStation and

others;

• "Big Box" retailers such as Wal-Mart, Costco and others that are seeking to offer low cost

digital photography products and services, such as in-store fulfillment and self-service kiosks for

printing, and that may, among other strategies, offer their customers heavily discounted in-store

products and services that compete directly with our offerings;

• Drug stores such as Walgreens, CVS and others that offer in-store pick-up from Internet orders;

• Regional photography companies such as Wolf Camera and Ritz Camera that have established

brands and customer bases in existing photography markets;

• Internet portals and search engines such as Yahoo!, AOL, Google and CNET that offer broad

reaching digital photography and related products and services to their large user bases;

• Home printing service providers such as Hewlett-Packard, Epson and Canon, that are seeking to

expand their printer and ink businesses by gaining market share in the emerging digital

photography marketplace; and

• Photo-related software companies such as Adobe, Apple, Microsoft, Corel and others.

Use of $73mm in IPO proceeds

. Expects capital expenditures to be between $30 million and $35 million in the second half of

2006 and through 2007, which will be funded by a combination of cash and cash equivalents,

expected cash flows from operations and the net proceeds from the offering.

. Expects to spend approximately half of this amount to purchase manufacturing equipment, obtain

new manufacturing facilities and on improvements to our new and existing manufacturing

facilities, with the remainder to be allocated for the purchase of website infrastructure equipment.

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