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

Pre-IPO analysis -- updated Sept 15

. 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 quarter's revenues times 4)

(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 Sept 18

(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

CommVault (CVLT)

$583

4.4

44

188.1

175.0

27%

data management software: B-, 8

Post-IPO shrs:42mm

DivX (DIVX)

$434

8.0

36

3.6

3.7

27%

compression-decompression software: B-, 8

Post-IPO shrs:33mm

Hawkeye Hldngs (HWR)

$856

4.5

-130

1.9

2.1

41%

3rd largest US ethanol producer: C, 7

Post-IPO shrs:39mm

Home Diagnstcs (HDIX)

$264

2.4

41

2.7

4.3

38%

blood monitoring & supplies for diabetics: C+, 7

Post-IPO shrs:18mm

Porter Bancorp (PBIB)

$186

5.1

14

1.8

2.1

21%

regional bank: B-, 7

Post-IPO shrs:7.6mm

Riverbed Tech (RVBD)

$515

8.1

-25

6.6

6.8

13%

appliances to optimize bandwidth: C+, 8

Post-IPO shrs:64mm

Warner Chilcott (WCRX)

$4,158

5.9

-32

3.0

-2.7

31%

women's healthcare & dermatology prods: C, 7

successor

Post-IPO shrs:231mm

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

SEARCH BY COMPANY

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

for analysis

scheduled below

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

CommVault

CLVT, B-, 8

data management software

March 31 fiscal

Post-IPO shrs:42mm

Oceanport, New Jersey

2004

2005

2006

3mos June

IPO Mkt

Rev ($mm)

$61.0

$83.0

$109.0

$33.5

Cap (mm)

Gross profit

85.2%

85.5%

86.2%

85.7%

$583

Income ($mm)

-$11.7

$0.5

$10.8

$3.3

@$14

Net income %

-19.2%

0.6%

9.9%

9.9%

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

CommVault (CVLT)

$583

4.4

44

188.1

175.0

27%

SCORECARD

Mgt

Market

Market Do-

Proprie-

Total

1-5, 5 is high

Growth

mination

tary

rating

20 is perfect

2

3

2

1

8

Note: proprietary is scored a 1 because even though CVLT has patents, growth is somewhat

limited, or impacted, by competition from the majors, see below

. Also, use of proceeds is primarily to redeem preferred shares. Often preferred shares are

converted to common stock prior to the IPO

. Grade is B- instead of B, because preferred shareholders are electing to cash out

Business

. Suite of data management software applications under the QiNetix (pronounced "kinetics")

brand.

. QiNetix is specifically designed to protect and manage data throughout its lifecycle in less time,

at lower cost and with fewer resources than alternative solutions.

Markets

. QiNetix addresses the markets for backup and recovery, replication, archival and storage

management

. Offering customers high-performance and comprehensive solutions for data protection, business

continuance, corporate compliance and centralized management and reporting.

Industry

. CVLT believes that worldwide disk storage systems exceeded 1.2 million terabytes in 2004 and

will grow to nearly 10.6 million terabytes in 2009, representing an estimated annual growth rate of

approximately 52%.

. The driving forces for the growth of the data management software industry are the rapid growth

of data and the need to protect and manage that data.

. New government regulations, such as those issued under the Sarbanes-Oxley Act, the Health

Insurance Portability and Accountability Act (HIPAA) and the Basel Committee on Banking

Supervision (Basel II), as well as company policies requiring data preservation, are expanding the

proportion of data that must be archived and easily accessible for future use.

Most of revenue from data protection sofwtare applications

. CVLT derives the majority of software revenue from data protection software applications,

which primarily include Galaxy Backup and Recovery.

. Sales of data protection software applications represented 90% of total software revenue for the

year ended March 31, 2006 and the three months ended June 30, 2006.

. In addition, derives substantially all of services revenue from customer and technical support

associated with data protection software applications.

Customers

. As of June 30, 2006, had licensed data management software to approximately 4,300 registered

customers across a variety of industries.

. Customers with a significant deployment of CommVault software includes Ace Hardware

Corporation, Centex Homes, Clifford Chance LLP, Cozen O’Connor, Halcrow Group Ltd.,

Newell Rubbermaid Inc., North Fork Bank, Ricoh Company, Ltd., the United Kingdom’s

Department of International Development and Welch Foods Inc. Each of these customers has at

least 125 servers protected by CVLT software.

QiNetix features include

• high-performance data protection, including backup and recovery;

• disaster recovery of data;

• data migration and archiving;

• global availability of data;

• replication of data;

• creation and management of copies of stored data;

• storage resource discovery (the automated recognition of available storage resources allowing

more efficient storage and management of data) and usage tracking (tracking the use of available

storage resources);

• data classification (the creation and tracking of key data attributes to enable intelligent,

automated policy-based data movement and management); and

• management and operational reports and troubleshooting tools.

History

. Began operations in 1988 as a development group within Bell Labs and were later designated as

an AT&T Network Systems strategic business unit.

. Formed to develop automated backup, archiving and recovery products for AT&T’s internal use.

. The business became a part of Lucent Technologies, which was created by and later spun-off

from AT&T.

. Donaldson, Lufkin & Jenrette Merchant Banking and the Sprout Group funded and completed a

management buyout of CVLT from Lucent in May 1996

. In April 1998, the board of directors and a new management team changed our strategic

direction.

. CVLT has spent the past six years developing, enhancing and introducing the following eight

applications as part of the QiNetix software suite built upon our unified architectural design:

QiNetix Galaxy Backup and Recovery (released in 2000), QiNetix DataMigrator (released in

2002), QiNetix QuickRecovery (released in 2002), QiNetix DataArchiver (released in 2003),

QiNetix StorageManager (released in 2003), QiNetix QNet (released in 2003), QiNetix Data

Classification (released in 2005) and QiNetix ContinuousDataReplicator (released June 2006).

Intellectual property

. As of June 30, 2006, had nine issued patents and 66 pending patent applications in the United

States and 13 issued patents and 55 pending patent applications in foreign countries.

. As of June 30, 2006, also had 11 pending European Patent applications with the European Patent

Office which, if allowed, may be converted into issued patents in various European Contracting

States.

. Additionally, as of June 30, 2006, had four pending patent applications under the Patent

Cooperation Treaty, which may be converted into foreign patent applications in various Patent

Cooperation Treaty Contracting States within the time periods specified in the treaty.

Competition

Primary competitors in the data management software applications market, each of which has one

or more products that competes with a part of or all of CVLT’s software suite:

• CA (formerly known as Computer Associates International, Inc.);

• EMC;

• Hewlett-Packard;

• IBM; and

• Symantec.

Use of $75mm in IPO proceeds from sale fo 6.15mm shares

(shareholders intent to offer 5mm shares)

. Use of proceeds, together with the estimated proceeds of $1.4 million from the concurrent

private, estimated borrowings of $15.0 million under a new term loan and $10.7 million of

existing cash and cash equivalents,

. To pay $101.8 million in satisfaction of amounts due on Series A, B, C, D and E preferred stock

upon its conversion into common stock.

. CVLT affliates will receive $99.8 million as a result of their holdings of Series A, B, C, D and E

preferred stock

. Which includes affiliates of Credit Suisse Securities (USA) LLC, which will receive $98.0

million in cash upon the completion of the offering.

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

DivX (DIVX)

DIVX, B-, 8

compression-decompression software

Post-IPO shrs:33mm

San Deigo, CA

2003

2004

2005

6mos June

IPO Mkt

Rev ($mm)

$8

$16

$33

$27

Cap (mm)

Gross profit %

75%

78%

89%

94%

$434

Income ($mm)

-$4

-$4

$2

$6

@$13

Net income %

-52%

-26%

7%

22%

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

DivX (DIVX)

$434

8.0

36

3.6

3.7

27%

SCORECARD

Mgt

Market

Market Do-

Proprie-

Total

1-5, 5 is high

Growth

mination

tary

rating

20 is perfect

2

3

2

1

8

Summary: high gross margin, nice top line revenue growth, but 10 customers account for 48% of

revenue

. Significant competition suggests it may be difficult for DIVX to add more OEM customers on

historically favorable terms

. It is also unlikely that the 22% after tax profit margin will continue given the competition

Business

. First product offering was a video compression-decompression software library, or codec, which

has been actively sought out and downloaded by consumers over 180 million times in the last four

years, including over 50 million times during the last twelve months.

. Have since built on the success of DIVX’s codec [an analog-to-digital (A/D) and digital-to

analog (D/A) converter for translating the signals from the outside world to digital, and back

again].with other consumer software, including the DivX Player application.

. During the second quarter of 2006, DIVX distributed over 15 million copies of the DivX Player

application to consumers from the website, DivX.com, which averaged over five million unique

visitors per month during that same period.

Industry overview

. DIVX believes three general trends—digitization, connectedness and openness—are converging

to create a historic transformation of content.

. The cost to produce, distribute and market content today is lower than it was in the past, allowing

a larger and more diverse group of people to create and generate revenue from quality content.

. Content is also becoming more international, as people around the world become engaged

consumers of global content and publish their own content to a global audience.

Sources of revenues

. Three of these are derived from technologies, including technology licensing to manufacturers of

consumer hardware devices, software licensing to independent software vendors and consumers,

and services relating to digital media distribution over the Internet that is made possible via the

deployment of DIVX’s technologies.

Licenses technology

. DIVX also licenses its technologies to consumer hardware device manufacturers and certify their

products to ensure the interoperable support of DivX-encoded content.

. Over 46 million DivX Certified hardware devices have been shipped worldwide through June 30,

2006, including over 10 million devices reported to DIVX by its customers during the second

quarter of 2006.

. Customers include major consumer video hardware original equipment manufacturers such as

Koninklijke Philips Electronics, or Philips, and Samsung Electronics.

. DIVX is entitled to receive a royalty for each DivX Certified device customers ship.

Business segments

. Technology licensing revenues from consumer hardware device manufacturers comprised 70%,

71%, 55% and 22% of total revenues in the first half of 2006 and in the full years 2005, 2004 and

2003, respectively

. License revenue is derived primarily from per-unit royalties received from original equipment

manufacturers.

. DIVX licenses its technologies to manufacturers of integrated circuits designed for consumer

hardware products, as well as consumer hardware device manufacturers who have licensed DIVX

technologies for incorporation in products such as DVD players, personal media players, portable

media players, and digital still cameras.

. Licensing arrangements typically entitle the company to receive a royalty for each product unit

incorporating technologies that is shipped by original equipment manufacturer partners.

. Though significantly smaller in magnitude than royalties from unit-based shipments, DIVX also

receive technology fees from integrated circuit manufacturers, original design manufacturers and

original equipment manufacturers for rights to include DIVX technologies in their products and

for DivX product certifications.

Cyclical

. Because royalties are generated by the shipment volumes of consumer hardware device

customers, and because sales by consumer hardware device manufacturers are highly cyclical,

DIVX expects revenues relating to consumer hardware devices to be highly cyclical, with second

quarter revenues in any calendar year being generally lower than any other quarter in that calendar

year.

Software license revenues

. Revenues from software licensing comprised 9%, 11%, 20% and 33% of total revenues in the

first half of 2006 and in the full years 2005, 2004 and 2003, respectively.

. While software licensing revenues as a percentage of total revenues have declined, in absolute

dollars such revenues have increased for each period presented.

. Software license revenues are derived primarily through per-unit royalties from independent

software vendors and to a lesser extent from direct software sales to consumers via DIVX’s

website.

. DIVX works with independent software vendors to help them incorporate DIVX technologies

into their video creation, editing and playback software products.

. Licensing arrangements typically entitle DIVX to receive a royalty for each DivX-enabled

software unit shipped by independent software vendor partners.

. DIVX also offers software to consumers via the DIVX website both for a fee and on a free or

trial basis.

Advertising and product distribution revenues

. Advertising and distribution revenues comprised approximately 20%, 15%, 17% and 28% of

total revenues in the first half of 2006 and in the full years 2005, 2004 and 2003, respectively.

. In absolute dollars, advertising and product distribution revenues have increased for each period

presented.

Customer concentration

. Derived 79%, 82%, 75% and 55% of total revenues from licensing technology in the first half of

2006 and in the full years 2005, 2004 and 2003, respectively.

. Most of revenue from the licensing of technologies to consumer hardware device manufacturers,

software vendors and consumers.

. In the first half of 2006, two customers accounted for 20% and 10%, respectively, of revenues. In

2005, the same two customers accounted for 15% and 13%, respectively, of revenues. In 2004, the

same two customers accounted for 10% and 13%, respectively, of revenues. In 2003, a third

customer accounted for 27% of revenues.

. In 2005 and in the first half of 2006, Philips accounted for approximately 13% and 10%,

respectively, of DIVX total revenues, and top 10 licensees by revenue accounted for

41% and 48%, respectively, of total revenues.

International sales

. For the first half of 2006 and for the full years 2005, 2004 and 2003, revenues outside North

America comprised 75%, 78%, 63% and 39%, respectively, of total revenues.

. In particular, a large number of such consumer hardware device manufacturers are located in

Asia, which is reflected in the large percentage of international revenues derived from Asia, which

comprised 59%, 56%, 49% and 26% of sales for the first half of 2006 and for the full years 2005,

2004 and 2003, respectively

Competition

. Potential competitors currently include Apple Computer, Google, Microsoft, News Corporation,

Sony and Yahoo!.

. For example, DIVX’s digital rights management technology competes with technologies from

companies such as Apple Computer, ContentGuard, Intertrust Technologies, Microsoft, Nagra

Audio, NDS Group and 4C Entity, as well as the internal development efforts of certain of

DIVX’s licensees.

. Similarly, content distribution providers, such as Amazon.com, Apple Computer, CinemaNow,

Google, MovieLink, Netflix and subscription entertainment services and cable and satellite

providers compete against DIVX content distribution services. In addition, Google, Microsoft,

Yahoo!, MySpace.com, a subsidiary of News Corporation, and YouTube offer online communities

that compete with Stage6.com.

. DIVX’s proprietary technologies also compete with other video compression technologies,

including other implementations of MPEG-4 or implementations of H.264/AVC. A number of

companies such as Adobe Systems, Google, Microsoft and RealNetworks offer other competing

video formats.

Intellectual property

Trademarks.

As of June 30, 2006, had 21 trademark registrations and 40 pending trademark applications in the

U.S. and 29 other countries for a variety of word marks, logos and slogans.

Copyrights.

. Has a significant amount of copyright-protected materials, including among other things,

software, codecs and textual material

. Has also obtained U.S. copyright registrations on 16 software products as of June 30, 2006.

Patents

. As of June 30, 2006, had one issued U.S. patent.

. Are in the process of applying for additional patent coverage for various aspects of technology,

including technologies for digital rights management, digital media formats, mobile content

delivery, connected devices and video encoding and decoding.

. As a result, as of June 30, 2006, had 31 U.S. and international patent applications on file relating

to various aspects of DIVX’s technology.

MPEG LA technology license.

. Has entered into a license agreement with MPEG LA, effective January 2000, under its MPEG-4

Part 2 Visual Patent Portfolio.

. Agreement with MPEG LA will expire on December 31, 2008, unless the agreement is earlier

terminated

. Upon expiration, the license agreement may be renewed for successive five year periods upon

notice of renewal to DIVX by MPEG LA.

. For the first half of 2006 and for the full years 2005, 2004 and 2003, DIVX paid $1.5 million,

$2.0 million, $1.0 million and $0 to MPEG LA under this license agreement

Use of $87.4mm in IPO proceeds from sale of 7.5mm shares

(shareholders intend to offer 1.6mm shares)

. For working capital and general corporate purposes.

. In addition, may use a portion of the net proceeds to acquire or license products, technologies or

businesses, but currently has no agreements or commitments relating to material acquisitions or

licenses

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

Hawkeye Holdings

HWR, C, 7

3rd largest US ethanol producer

restated

restated

proforma

Post-IPO shrs:39mm

Iowa Falls, IA

2004

2005

6mos June

IPO Mkt

Rev ($mm)

$8.3

$89.0

$94.5

Cap (mm)

Gross profit

6.0%

17.9%

33.5%

$856

Interest expense

$0.9

$65.7

$31.7

@$22

Interest expense %

10%

74%

34%

Income/loss ($mm)

-$2.2

-$31.0

-$3.3

Net income/loss %

-254%

-47%

-10%

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

Hawkeye Hldngs (HWR)

$856

4.5

-130

1.9

2.1

41%

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: highly leveraged, notice interest expense is about the same as the gross margin,

not a profitable company

Business

. Third largest ethanol producer in the United States based on production capacity as reported by

the Renewable Fuels Association—RFA.

. Owns two of the largest ethanol production facilities in the United States and we are capable of

producing aggregate ethanol output of approximately 215 MMGPY.

. Intends to expand production capacity by approximately another 330 MMGPY over the next few

years, by breaking ground on the third plant by October 2006, the fourth plant by March 2007, and

the fifth plant in the second quarter of 2007, which will bring our total production capacity to

Industry

. According to the RFA, world ethanol production rose to 12 billion gallons in 2005. Fuel-grade

ethanol accounted for 73% of world production.

. The United States and Brazil are the world's largest producers of ethanol. According to RFA, as

of August 2006, industry capacity in the United States was 4.8 billion gallons per year, with an

additional 2.8 billion gallons per year of capacity under construction.

. The ethanol industry in the United States consists of more than 100 production facilities and is

primarily corn-based, while ethanol production in Brazil is primarily sugar cane-based.

Ethanol prices are extremely volatile.

. In early 2005, ethanol prices decreased due to a perceived over-supply of ethanol, which had a

negative effect on operating results in the first quarter of 2005.

. Since that time, ethanol prices have recovered due to increased gasoline prices, legislative

changes and continued oil refining capacity shortages, resulting in an average realized price for the

first six months of 2006 that is $0.56 per gallon higher than for the comparable period of the prior

year.

. The ethanol Bloomberg rack price rose from $1.19 per gallon in May 2005 to $1.84 per gallon at

December 31, 2005, and was $2.55 per gallon at August 31, 2006.

Recent Developments

• In 2005, secured the right to acquire four well-located sites in Iowa, upon three of which HWR

intends to build the Menlo, Ogden and Shell Rock plants. In July 2006, completed the acquisition

of the site located in Menlo, Iowa. The sites are each approximately 100 acres and HWR believes

are located in prime areas in Iowa for the construction of ethanol plants.

• In July 2006, signed a letter of intent with AECom, a global project design and management

company, to build six plants, including the Menlo, Ogden and Shell Rock plants, using technology

from Delta-T, an ethanol technology provider.

. Each plant is expected to take approximately 18 months to construct and is expected to cost

approximately $1.25–$1.50 per gallon of capacity.

Competition

. Competes with Archer Daniels Midland—ADM, the largest ethanol producer in the United States

with 1,070 million gallons of current annual capacity, representing 25% of total production

capacity in the United States.

. Also competes with other large ethanol producers such as VeraSun (230 MMGPY), Aventine

(150 MMGPY), Cargill (120 MMGPY) and Abengoa (110 MMGPY).

Use of $325mm in IPO proceeds

. $125.0 million to redeem a portion of the 8% mandatorily redeemable preferred stock

. $150.0 million to fund the growth strategy

. $50.0 million to repay debt under a 2006 senior secured first lien term loan facility.

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

Home Diagnostics

HDIX, C+, 7

blood monitoring & supplies for diabetics

Post-IPO shrs:18mm

Fort Lauderdale, Florida

2003

2004

2005

6mos June

IPO Mkt

Rev ($mm)

$74.0

$85.0

$100.0

$56.0

Cap (mm)

Gross profit

59.5%

58.8%

59.0%

58.9%

$264

Income ($mm)

$7.9

$2.0

$5.9

$3.2

@$15

Net income %

10.7%

2.4%

5.9%

5.7%

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

Home Diagnstcs (HDIX)

$264

2.4

41

2.7

4.3

38%

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

. Blood glucose monitoring systems and disposable supplies for diabetics.

. HDIX believes it offers diabetics performance and features that are comparable to or better than

competitors’ products

. In most cases at a substantially lower price.

Market growth

. Frost & Sullivan estimates that the combined worldwide market for blood glucose monitors and

test strips was approximately $6.3 billion in 2005, of which $3.7 billion was in North America,

. And that the market for monitors and test strips will grow 8% per annum in North America and

16% per annum outside of North America over the next five years.

Branding

. Market products through distribution channels in two ways, under the HDI brand, including

SideKick, TrueTrack Smart System, TrackEASE Smart System and Prestige IQ,

. And in a unique co-branded format through which customers market HDIX’s products under

their brands alongside the HDI brands.

Distribution channels

• Retail pharmacies: Leading retail customers include industry leaders such as Walgreen Co.,

CVS Corporation and Brooks Eckerd Pharmacy. In 2005, net sales directly to the retail pharmacy

customers were $20.5 million.

• Domestic distributors: Domestic distributor customers include the leaders in medical products

delivery, AmerisourceBergen Corporation, Cardinal Health Inc., McKesson Corporation and

Invacare Corporation, which deliver HDIX’s products into food and drug retailers and mass

merchandisers, home medical equipment providers and acute, primary and extended care markets.

In 2005, net sales to our domestic distributor customers were $53.3 million.

• Mail service: Sells products to leading mail service providers such as Apria Healthcare Group

Inc., CCS Medical, Liberty Medical Supply Inc. and Lincare Holdings Inc., which supply their

customers with our products by mail. In 2005, net sales to our mail service customers were $16.2

million.

• International: Markets products internationally through regional distributors and have developed

strong partnerships with such companies as Farmacias Ahumadas S.A. (FASA) in Latin America,

SuperDrug Stores plc in the United Kingdom, Grace Medical Inc. in China and DiaCare

International Pty. Ltd. in Australia. In 2005, net sales to our international customers were $10.2

million.

Managed care

. Also focuses marketing efforts on the managed care market.

. In the past 24 months, has had success in this effort, winning multiple formulary contracts with

pharmacy benefits managers, such as Caremark Rx Inc., ProCare Rx Pharmacy Care, LLC,

RxAmerica L.L.C., and with state Medicaid formularies, including California, Florida, Illinois and

Missouri.

. HDIX’s successes and growing recognition have been further rewarded with exclusive provider

status for certain regional health plans, including Molina Healthcare, Inc., Total Health Care, Inc.

and Great Lakes Health Plan, Inc.

Competition

. Competitors include Bayer Corp., Becton Dickinson Corp., LifeScan Inc., a division of Johnson

& Johnson, the MediSense Inc. and TheraSense Inc. divisions of Abbott Laboratories, and Roche

Ltd. These competitors’products, like HDIX’s, use a meter and disposable test strips to test blood

obtained by pricking the finger or, in some cases, the forearm.

. In addition, other companies are developing or marketing continuous blood glucose testing

devices and technologies that could compete with HDIX devices.

. To date, the FDA has approved five continuous monitors or sensors: one by DexCom, Inc., three

by Medtronic Corp. and one by Cygnus Corp., which ceased operations and sold its remaining

assets to Animas Corp., a subsidiary of Johnson & Johnson. The Medtronic CGMS System Gold,

the Medtronic Guardian System and the Cygnus GlucoWatch all have been approved for limited

indications.

. Neither the Medtronic CGMS System Gold nor the Medtronic Guardian System provide real

time blood glucose measurements, but rather, in the case of the CGMS System, store values for

later retrieval by a healthcare professional, or, in the case of the Guardian System, notify the

patient when it detects dangerously high or low levels of blood glucose. Medtronic received FDA

approval for its MiniMed Paradigm REAL-Time Insulin Pump and Continuous Glucose

Monitoring System in April 2006.

. The Medtronic Paradigm System measures glucose levels via an implantable sensor and

transmits the data to an insulin pump every five minutes, for a period of up to three days.

However, patients must still perform a confirmatory test with finger-stick measurements prior to

every insulin injection. DexCom received FDA approval in March 2006 for adjunctive use of its

STS Continuous Glucose Monitoring System, or STS, which also provides continuous real-time

blood glucose measurements for a period of up to three days.

. The system includes a small implantable sensor that continuously measures glucose levels in

subcutaneous tissue and a small external receiver to which the sensor transmits glucose levels at

specified intervals.

. Diabetic patients using the DexCom STS are still required to calibrate the STS with finger-stick

measurements twice per day to ensure reliable operation. Additionally, DexCom is developing a

long-term system, which will provide continuous real-time blood glucose measurements for a

period of up to one year. Others are also developing technology for long-term continuous glucose

monitoring, including Abbott and Medtronic, but progress is difficult to assess. Although the

introduction of these continuous blood glucose testing devices could adversely affect our business,

no device has yet been approved or, to our knowledge, developed as a replacement to the finger

stick testing method.

. Within the last few years there have been a series of low-cost blood glucose monitoring systems

introduced into the United States market, such as GlucoCheck, Easy Gluco, EZSmart, Senova,

Control and GlucoLeader. Most of these systems are manufactured by companies based in Asia

that have United States distribution partners.

. These manufacturers offer low-cost alternatives that are being marketed primarily within the mail

service, long-term care and durable medical equipment distribution channels.

Use of $44.4mm in IPO proceeds from sale of 3.3mm shares

(shareholders intend to offer 3.3mm shares)

• $10.4 million to redeem all outstanding shares of Series F Preferred Stock

• $5.8 million to complete the purchase of manufacturing equipment for new product

development (out of a total purchase price of $12.6 million);

• to repay outstanding indebtedness to Wachovia Bank N.A. ($2.2 million at July 31, 2006); and

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

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

Porter Bancorp

PBIB, B-, 7

regional bank

Post-IPO shrs:7.6mm

Louisville, KY

2003

2004

2005

6mos June

IPO Mkt

Net interest income

$26.1

$30.2

$36.4

$18.4

Cap (mm)

Income ($mm)

$8.4

$10.9

$14.6

$6.8

$186

Net income %

32.2%

36.1%

40.1%

37.0%

@$24.5

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

Porter Bancorp (PBIB)

$186

5.1

14

1.8

2.1

21%

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: regional bank IPOing at a relatively low P/E ratio

Business

. Bank holding company headquartered in Louisville, Kentucky

. Seventh largest independent banking organization domiciled in the state based on total assets

. Operates banking offices in Louisville and 12 other Kentucky communities located along central

Kentucky’s Interstate 65 corridor

. As of June 30, 2006, had total assets of $1.0 billion, total loans of $814.5 million, total deposits

of $812.2 million and stockholders’ equity of $75.5 million

Competition

. Experiences competition in the market from many other financial institutions.

. There are a number of banks that offer services exclusively over the internet, such as NetBank

and E*TRADE Bank, and other banks, such as Bank of America and Wells Fargo Bank that

market their internet services to their customers nationwide.

Use of $28mm in IPO proceeds from sale of 1.25mm shares

(shareholders intend to sell 300,000 shares)

. General corporate purposes, which may include, among other things, development of new

banking offices in Louisville, expansion into new and in existing markets in central Kentucky and

to provide additional capital to PBI Bank to support asset growth.

. Also anticipates that the increase in capital will allow the company to pay off $9.5 million in

notes that mature on December 31, 2008

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

Riverbed Technology

RVBD, C+, 8

appliances to optimize bandwidth

Post-IPO shrs:64mm

San Francisco, CA

2003

2004

2005

6mos June

IPO Mkt

Rev ($mm)

----

$2.6

$22.9

$31.8

Cap (mm)

Gross profit

----

38.5%

62.4%

65.4%

$515

Income ($mm)

-$4.0

-$9.8

-$17.1

-$10.3

@$8

Net income %

----

-376.9%

-74.7%

-32.4%

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

Riverbed Tech (RVBD)

$515

8.1

-25

6.6

6.8

13%

SCORECARD

Mgt

Market

Market Do-

Proprie-

Total

1-5, 5 is high

Growth

mination

tary

rating

20 is perfect

2

3

2

1

8

Summary: significant top line revenue growth, adequate gross margin, still showing

significant losses, to-date, lots of competition

Business

. Products enhance performance of wide area networks (WANs)

. Incorporated in May 2002 and shipped first Steelhead appliance in May 2004

Steelhead appliance line

Utilizes proprietary software to deliver significant benefits to customers, including the ability to:

. Accelerate performance of applications and access to data over the WAN;

. Consolidate geographically distributed IT resources;

. Reduce the need for WAN bandwidth;

. Shorten storage back-up and replication time over the WAN;

. Provide local storage for continued access to remote files during WAN failures; and

. Improve productivity and reduce frustration for IT managers and end-users.

Shipments

. Began commercial shipments of products in May 2004.

. Since that time, products have been sold to more than 1,000 customers worldwide, from large

global organizations with hundreds or thousands of locations to smaller organizations with as few

as two locations.

. Sells products and support indirectly through value-added resellers (VARs) and original

equipment manufacturer (OEM) partners and directly through a sales force.

Intellectual property

. Two United States patents for the Content-Based Segmentation Scheme (which covers aspects of

the Data Streamlining) and has a United States patent ready to issue for aspects of the

Transaction Accelerator system (the architectural framework of RiOS).

Competition

. RVBD believes it is currently the only provider of a comprehensive WDS solution.

. However, a large number of vendors provide one or more of the component optimization

technologies that comprise the WDS market or have made recent acquisitions in an attempt to

bolster their current WAN optimization or WAFS platforms.

. For example, Packeteer, a WAN optimization vendor, recently acquired Tacit Networks, a

WAFS vendor.

. Primary competitors include Cisco Systems (through its Actona acquisition), Juniper Networks

(through its Peribit Networks acquisition), F5 Networks (through its Swan Labs acquisition),

Packeteer (through its Tacit Networks acquisition) and Citrix Systems (through its Orbital Data

acquisition).

. Also faces competition from a large number of smaller private companies and new market

entrants.

. Competes with cache-based architectures, including Cisco Systems’ WAE product. Caches store

copies of data in a local cache to help client-side servers avoid having to request the

retransmission of the same data again across a WAN.

. RVBD’s WDS architecture, which includes its Data Streamlining technology, is a substitute for

caching. RVBD’s Data Streamlining technology employs sophisticated data mapping and pattern

recognition techniques to minimize the amount of redundant data traversing WAN connections.

RVBD’s Steelhead appliances detect requests for redundant information and send little more than

the data that has actually been modified over the WAN.

. In addition, caches store only the specific data objects associated with a particular caching

technology. For instance, file caches only store files, while web caches only store static web

objects.

. RVBD’s Steelhead appliances store WAN traffic at the byte level, without regard for the

application that was used or data object name.

. Also competes with WAN optimization products, including Juniper’s WX appliances, which

typically offer some combination of compression, TCP optimization and quality-of-service

functions, in order to reduce network congestion and to more efficiently utilize bandwidth.

. RVBD’s Steelhead appliances employ its Data Streamlining algorithms to remove repeat traffic,

and thereby reduce network congestion and more efficiently utilize bandwidth.

. Further, RVBD’s Steelhead appliances include Transport Streamlining and Application

Streamlining techniques to optimize the behavior of TCP and other application protocols.

. Finally, RVBD believes it competes favorably in each of the sub-segments of WAN optimization

and WAFS in addition to being the only provider of a comprehensive WDS solution.

Use of $57mm in IPO proceeds

. For working capital and other general corporate purposes, including to finance growth, develop

new products and fund capital expenditures.

. In addition, RVBD may choose to repay its credit facility with Lighthouse Capital Partners V,

L.P. or expand current business through acquisitions of other businesses, products or technologies.

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

Warner Chilcott Hldngs

WCRX, 7, C

women's healthcare & dermatology prods

successor

Post-IPO shrs:231mm

Hamilton, Bermuda

2003

2004

2005

6mos June

IPO Mkt

Rev ($mm)

$365.0

$490.0

$515.0

$353.0

Cap (mm)

Gross profit

88.5%

89.2%

81.6%

80.5%

$4,158

Income ($mm)

$96.0

$152.0

-$557.0

-$64.0

@$18

Net income %

26.3%

31.0%

-108.2%

-18.1%

Above expenses include

Amortization of intangible assets

281

Acquired R&D in process

38

52

233

122

Interest expense

$7.7

$9.3

$148.0

$91.0

Interest expense $ of rev

2.1%

1.9%

28.7%

25.8%

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

Warner Chilcott (WCRX)

$4,158

5.9

-32

3.0

-2.7

31%

SCORECARD

Mgt

Market

Market Do-

Proprie-

Total

1-5, 5 is high

Growth

mination

tary

rating

20 is perfect

2

2

2

1

7

Summary: highlighly leveraged, interest expense % of revenue is 25.8%, negative price-to-tangible book ratio is -2.7 -- suggesting a grade of C

Business

. Aleading specialty pharmaceutical company focused on marketing, selling, developing and

manufacturing branded prescription pharmaceutical products

. In women’s healthcare and

. In dermatology in the United States.

Competition

Principal competitors are in the United States and include:

. Hormonal Contraceptives—Johnson & Johnson (Ortho Tri-Cyclen® Lo, Ortho Evra®), Schering

A.G./Berlex (Yasmin®, Yaz®), Akzo Nobel N.V./Organon (Nuvaring®) and Barr

Pharmaceuticals, Inc. (Seasonale®);

. Hormone Therapy—Wyeth (Premarin®, Premarin® Vaginal Cream, Prempro™, Premphase®),

Pfizer, Inc. (Estring®), Schering A.G./Berlex (Climara®, Menostar®) and Barr Pharmaceuticals,

Inc. (Cenestin®);

. Doryx—Medicis Pharmaceutical Corporation (Dynacin®) and Bradley Pharmaceutical

(Adoxa®); and

. Psoriasis—Galderma Laboratories, L.P. (Clobex®), Connetics Corporation (Olux® foam,

Luxíq® foam), Allergan, Inc. (Tazorac®).

. WCRX branded pharmaceutical products are or may become subject to competition from generic

equivalents. Ovcon, Estrace Tablets and Estrace Cream are currently not protected by patents.

. Potential generic entrants may also challenge WCRX patents. For example, Watson submitted an

abbreviated ANDA in June, 2006 seeking approval to market a generic version of Loestrin 24 Fe

prior to the expiration of WCRX’s patent. WCRX has filed an infringement lawsuit against

Watson in response to this submission. In addition, under an agreement to settle patent claims

against Barr relating to WCRX’s Estrostep oral contraceptive and our femhrt hormone therapy

product, WCRX granted Barr a non-exclusive license to launch generic versions of Estrostep and

femhrt six months prior to patent expiration in 2008 and 2010, respectively.

Use of $1.2bb in IPO proceeds

. Pay $470.0 million to reduce the $1,621.9 million (as of June 30, 2006) of debt outstanding

under the $1,790.0 million senior secured credit facility

. Pay $228.4 million to repurchase a portion of the $600.0 million 8 3/4% senior subordinated

notes due 2015 issued by Warner Chilcott Corporation

. Pay $462.8 million to repurchase the Preferred Shares issued by Warner Chilcott Holdings

Company II, Limited; and

. Pay $27.4 million as a termination fee to under an advisory services and monitoring agreement.

. Remainder of the net proceeds for general corporate purposes.

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