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

Pre-IPO analysis, grading & scoring -- updated Sept 29

. 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

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Summary ratios for the week of Oct 2 (IPOs not previously analyzed, scored & graded)

(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

BreitBurn Energy(BBEP)

$440

7.9

110

3.2

3.3

27%

oil & gas partnership, C, 6

Post-IPO shrs:22mm

Danaos Corp (DAC)

$1,147

5.0

13

2.3

2.3

19%

containerships, C+, 7

Post-IPO shrs:55mm

Light Sciences (LSON)

$278

n/a

-19

2.3

2.3

28%

light activated solid tumor treatment, C, 6

Post-IPO shrs:19mm

Rosetta Genmcs(ROSG)

$126

n/a

-20

2.7

2.7

29%

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

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

for analysis

scheduled below

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BreitBurn Energy Prtnrs

BBEP, C, 6

oil & gas partnership

Post-IPO shrs:22mm

Los Angeles, CA

Proforma ==>

2005

6mos June

IPO Mkt

Rev ($mm)

$67

$28

Cap (mm)

Income ($mm)

$22

$2

$440

Net income %

33%

7%

@$20

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

BreitBurn Energy(BBEP)

$440

7.9

110

3.2

3.3

27%

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: a limited partnership in a 'non-hot' area with an history of production declines

Limited partnership

Pay out expectations

. $.4125 per common unit to the extent BBEP has sufficient cash from operations after establishment

of cash reserves and payment of fees and expenses.

. Which is $1.65 or 8+% annualized

Business

. Independent oil and gas partnership focused on the acquisition, exploitation and development of

oil and gas properties.

. Assets consist primarily of producing and non-producing crude oil reserves located in the Los

Angeles Basin in California and the Wind River and Big Horn Basins in central Wyoming

Production declines

Pro forma results as if Nautilus had been acquired January 1, 2005.

. From 2003 to 2004, the production volumes for the Partnership Properties declined by 6% due

primarily to natural production declines, which were partially offset by increased production from

two wells drilled in the Santa Fe Springs Field in 2004.

. On a pro forma basis to reflect a full six months of Nautilus volumes in 2005, production

volumes decreased by 3% primarily as a result of natural production declines.

History

. A predecessor to BreitBurn Energy was formed in May 1988 by Randall Breitenbach and Halbert

Washburn. Messrs. Breitenbach and Washburn are the co-CEOs of the general partner.

. In June 2004, Provident, a publicly traded Canadian energy trust, acquired a 92% indirect interest

in BreitBurn Energy.

. Pre-IPO Provident owns a 95.55% indirect interest in BreitBurn Energy, and BreitBurn

Corporation owns the remaining interest in BreitBurn Energy.

. In connection with this offering, BreitBurn Energy will contribute certain oil and gas properties

to BBEP. Upon completion of this offering, Provident and BreitBurn Corporation will indirectly

own the general partner, with a 2% general partner interest in BBEP, and in the aggregate a

71.24% limited partner interest BBEP.

Use of $108mm in IPO proceeds

. Repay $36.5mm in debt

. Distribute $71.6mm to Provident and BreitBurn Corp.

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

Danaos Corp

DAC, C+, 7

containerships

Post-IPO shrs:55mm

Athens, Greece

2003

2004

2005

6mos June

IPO Mkt

Rev ($mm)

$146

$208

$242

$114

Cap (mm)

Income ($mm)

$60

$116

$123

$44

$1,147

Net income %

41%

56%

51%

39%

@$21

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

Danaos Corp (DAC)

$1,147

5.0

13

2.3

2.3

19%

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: containerized shipping, average remaining lease is 10.6 years.

However, a large supply of new ships is expected to enter the market in several years, putting

downward price pressure on the business

Dividend distribution expectations

. Intends to pay quarterly dividends of $0.44 per share, or $1.76 per share per year

. 8.38% annualized payout

. Expects to pay the first dividend in February 2007

Business

. International owner of containerships, chartering our vessels to many of the world's largest liner

companies.

. Current fleet of 27 containerships aggregating 116,115 TEUs

[Container capacity is measured in twenty-foot equivalent units (TEU). A twenty-foot equivalent

unit is a measure of containerized cargo capacity equal to one standard 20 ft (length) × 8 ft (width)

× 8 ft 6 in (height) container.]

. Making DAC among the ten largest containership charter owners in the world, based on total

TEU capacity.

Six months ended June 30, 2006 versus 2005

. Operating revenue decreased 8.0%, or $9.9 million, to $114.5 million in the six months ended

June 30, 2006, from $124.4 million in the six months ended June 30, 2005.

. The decrease was a result of a $21.5 million decrease in revenue generated by drybulk carriers

(DAC has exited that business, see below), which were deployed on short-term time charters,

because of the lower charter rates DAC's drybulk carriers earned during the period

. However, DAC experienced an $11.6 million increase in revenues generated by escalations in

contractual charter rates in accordance with the terms of existing charters for certain of DAC's

containerships as well as the addition of the MOL Confidence, a 4,651 TEU containership, to

DAC's fleet on March 23, 2006

Strategy

. Charter containerships under multi-year, fixed-rate time charters to a geographically diverse

group of liner companies, including many of the largest such companies globally, as measured by

TEU capacity.

. Currently, customers include Maersk, COSCO, Hapag-Lloyd, CMA-CGM, Hyundai, APL-NOL,

Norasia, Yang Ming, Wan Hai and China Shipping.

. Charters range from two and a half to 12 years, which provides with stable cash flows and high

utilization rates.

. The average remaining duration of the charters for DAC's containership fleet, including 16

contracted vessels for which DAC has arranged charters, will be 10.6 years as of October 1, 2006

(weighted by aggregate contracted charter hire).

In and out of the dry bulk business

. While the focus is on the containership sector, in 2002 DAC made an investment in the drybulk

sector when DAC believed there was a significant opportunity to capitalize on the cyclicality and

volatility inherent in that market.

. In August 2006, however, DAC agreed to sell the six 1994-built drybulk carriers in its fleet, with

an aggregate capacity of 342,158 dwt, for an aggregate of $143.5 million to a single purchaser,

which is not affiliated with DAC.

History

. Principally owned by the Coustas Family. Dimitris Coustas, the father of the chief executive

officer, John Coustas, first invested in shipping in 1963 and founded the manager, Danaos

Shipping Company Limited, or Danaos Shipping, in 1972.

. After assuming management of our company in 1987, John Coustas has focused a strategy on building a large, modern containership fleet to serve the container shipping industry.

Newbuilding contracts

. DAC currently has newbuilding contracts or purchase agreements for 16 additional

containerships aggregating 84,704 TEUs, which represent a 72.9% growth in the TEU capacity of

the containership fleet.

. DAC expects the newbuildings to be delivered during the remainder of 2006, in 2007, in the

second half of 2008 and in 2009.

Use of $198mm in IPO proceeds

Repay debt

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

Light Sciences Oncology

LSON, C, 6

light activated solid tumor treatment

Post-IPO shrs:19mm

Snoqualmie, WA

2003

2004

2005

6mos June

IPO Mkt

Cap (mm)

Loss ($mm)

-$4.6

-$9.0

-$8

-$7

$278

@$15

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

Light Sciences (LSON)

$278

n/a

-19

2.3

2.3

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

. Developing Light Infusion Therapy ("Litx"), an innovative light-activated treatment for solid

tumors.

. Currently developing Litx for the treatment of patients with cancers such as hepatoma, metastatic

colorectal cancer and glioma, for which the current therapeutic alternatives are of limited efficacy.

Litx has been designed to treat a wide range of solid tumors, including previously treated or

untreatable tumors, and to be used repeatedly throughout a patient’s life as needed.

. Goal is to enable physicians to use Litx to treat cancer as a chronic disease.

Phase III trials

. Treatment of patients with hepatoma has begun in a Phase III trial, the final trial required by the

U.S. Food and Drug Administration ("FDA") prior to commercial registration of a drug.

. Patient treatments in a Phase III trial for metastatic colorectal cancer and a Phase II trial for

glioma are scheduled to begin in the second half of 2006.

. A Phase III trial for glioma is scheduled to begin in early 2007.

Litx

. Litx is a combination drug/device product that includes a proprietary flexible light emitting diode

("LED") array and LS11 (talaporfin sodium), a light-activated, water-soluble drug.

. Talaporfin sodium has been approved in Japan, where it is currently marketed by Meiji Seiki

Kaisha, Ltd. as Laserphyrin® for the treatment of early-stage bronchopulmonary cancer.

. In a Litx treatment, the physician inserts the LED array into the tumor through the skin in a

biopsy-like procedure. The physician then injects the patient with LS11, an inert molecule that has

no biological activity. When the LED array is activated, the light from the array energizes the

LS11 molecule, causing conversion of molecular oxygen to singlet oxygen, which kills tissue

within a zone surrounding the LED array and shuts down tumor blood supply within that zone.

compete with the potential products we are developing, and may obtain regulatory approvals for

such products more rapidly than we do, or develop products that are more effective than those we

are developing.

History – spin-off from Light Sciences.

Note: Since it was founded more than a decade ago, Light Sciences has been funded primarily by

former Microsoft treasurer Craig Watjen, along with a handful of other angel investors.

. Until October 2005, LSON was part of Light Sciences Corporation.

. LSON operated as a division of Light Sciences Corporation until December 2004, at which time

LSON became a subsidiary of Light Sciences Corporation.

. In October 2005, Light Sciences Corporation granted LSON a license and sublicense to use

certain intellectual property that is critical to the business and transferred certain assets to LSON;

LSON assumed certain liabilities of Light Sciences Corporation; and issued shares of Series A

convertible preferred stock to a group of investors for total net cash proceeds of approximately

$57.8 million; and also issued additional shares of Series A convertible preferred stock to an

investor upon conversion of $6.25 million of loans that the investor had made.

. As a result of these transactions, Light Sciences Corporation ceased to be the majority

shareholder and LSON began to operate as a company separate from Light Sciences Corporation.

Employees

As of August 15, 2006, 26 employees, six of whom were dedicated primarily to clinical development and

10 of whom were dedicated primarily to engineering and product development

Use of $71mm in IPO proceeds

• $44 million for costs of clinical trials;

• $2 million for preclinical costs;

• $4 million for costs associated with developing the ability to have drug and device produced in

sufficient quantities for commercial sale; and

• balance for working capital and other general corporate purposes, which may include costs

associated with establishing relationships with one or more development and commercialization

partners

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

Rosetta Genomics

ROSG, C, 6

microRNA diagnostic/therapeutic prdcts

Post-IPO shrs:19mm

Rehovot, Israel

2003

2004

2005

6mos June

IPO Mkt

Cap (mm)

Loss ($mm)

-$2.3

-$3.0

-$6

-$3

$126

@$12

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

Rosetta Genmcs(ROSG)

$126

n/a

-20

2.7

2.7

29%

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

. Seeking to develop products based on a recently discovered group of genes known as

microRNAs.

. MicroRNAs are naturally expressed, or produced, using instructions encoded in DNA and are

believed to play an important role in regulating protein production.

. Because proteins control most biological processes, ROSG believes that microRNAs have the

potential to form the basis of a novel class of diagnostic tests and therapies for many serious

illnesses, including cancer and infectious diseases.

Focus & process

. RSOG has decided to focus initial efforts on cancer, as research has indicated that microRNAs

play a role in various types of tumors.

. Has developed a discovery process that utilizes proprietary computer-based algorithms, which

are procedures for solving complex problems, to scan the entire genome for microRNA

candidates.

. microRNA candidates are identified, RSOG conducts one or more biological experiments using

tissue or body fluid samples to prove their existence, or expression, a process known as biological

validation.

Patent strategy

. RSOG believes that it is the first commercial enterprise to focus on the emerging microRNA

field, and as a result, RSOG believes it has developed an early and strong intellectual property

position related to the development and commercialization of research, diagnostic and therapeutic

products and other applications based on microRNAs.

. RSOG’s patent strategy is to seek broad coverage on all of identified microRNA sequences and

then file patent applications claiming a novel chemical structure, or composition-of-matter, on

individual microRNAs of commercial interest

. To date, has filed patent applications with claims potentially covering approximately 350

biologically validated human microRNAs and 35 biologically validated viral microRNAs, which

constitute more than half of all biologically validated human and viral microRNAs of which

RSOG is aware.

. In addition, patent applications cover thousands of genomic sequences that we have identified

using our discovery process and believe are potential microRNA candidates.

Competition

. Products, if approved, will compete against existing non-microRNA-based diagnostic tests and

therapies.

. In addition, ROSG believes a significant number of non-microRNA-based diagnostic products

and drug candidates are currently under development and may become available for the diseases

ROSG is targeting or may target.

. In addition to the competition ROSG may face from non-microRNA-based competing products,

ROSG may also face competition from other companies working to develop novel products using

technology that competes more directly with ROSG’s microRNAs.

. RSOG is aware of several other companies, including some collaborators, that are working to

develop microRNA diagnostic and therapeutic products, including Alnylam Pharamceuticals,

Asuragen, Celera, Invitrogen, Isis Pharmaceuticals, Merck, Santaris and others.

Use of $32mm in IPO proceeds

. $17.0 million to fund product research and development activities

. $2.5 million to fund licensing and protection of intellectual property rights, including payment

of fees associated with the in-licensing of intellectual property and fees associated with the

continued prosecution of existing patent applications and the filing and prosecution of new patent

applications

. $12.6 million to fund business development, including personnel costs and legal and other

administrative fees related to seeking and entering into strategic business collaborations, and for

general corporate purposes, including working capital

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