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IPO performance, grading & scoring

IPOs Priced

Amount

Offer

Close

%

Grade/

Priced

Week Ending Oct. 27, 2006

Raised ($mm)

Price

Oct 27, 06

Change

score

Above/below

GRADED B- or better, scored 8

range

Observations:

. HMIN & OPTIM priced above range

. DEI priced at the range top

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Home Inns & Hotel Mgt (HMIN)

$109.02

$13.80

$25.44

84.35%

B, 8

above range

China economy hotels

Douglas Emmett (DEI)

$1,386.00

$21.00

$23.93

13.95%

B-, 8

range top

REIT

Optium (OPTM)

$91.00

$17.50

$19.60

12.00%

B-, 8

above range

optical subsystems for communications

Scored 6, graded C+ or below

Observations:

. ACHN & CADX priced below range

. EROC priced at the range bottom

. GHS is a special case of a company with questionable financials but sponsored by a very hot

buy out fund -- Fortress

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Achillion Pharmaceuticals (ACHN)

$51.75

$11.50

$13.34

16.00%

C, 6

below range

infectious disease treatments

Cadence Pharmaceuticals (CADX)

$54.00

$9.00

$9.75

8.33%

C, 6

below range

drugs for use in hospitals

Eagle Rock Energy L.P. (EROC)

$237.50

$19.00

$18.37

-3.32%

C+, 6

range bottom

processing/selling natural gas in TX & LA

GateHouse Media (GHS)

$248.40

$18.00

$22.00

22.22%

C, 6

range top

. print/online media publishing services

. GHS is a special case of a company with questionable financials but sponsored by a very hot

buy out fund -- Fortress

Catalyst Pharmaceuticals (CPRX)

C, 6

rescheduled

prescriptions drugs for addiction