Financial Performance & Scoring -- © 2007 Gaskins IPO Desktop/IPOdesktop

Pre-IPO analysis, grading & scoring -- updated July 27

. 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 (based on recent results)

(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

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

or ticker for analysis

scheduled below

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

July 30 week IPO schedule

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

Amedica (AMCA)

$214

n/a

-10

2.5

2.5

31%

orthopedic spine & joint implants: C, 6

Post-IPO shrs: 15mm

Concho Resources CXO

$1,088

4.5

59

1.4

1.4

29%

oil/gas; West Texas, New Mex:, C+, 7

Post-IPO shrs: 26mm

Dolan Media (DM)

$364

2.5

45

3.0

-8.6

42%

print & online media for legal industry: C+, 7

Post-IPO shrs: 25mm

Genpact Limited (G)

$3,509

5.0

487

3.7

12.0

17%

manages business processes: C+, 7

Post-IPO shrs: 206mm

NanoDynamics (NDMX)

$345

66.3

-24

3.8

3.8

25%

tech for clean energy & infrastructure: C, 5

Post-IPO shrs: 26.5mm

Sucampo Pharma SCMP

$626

12.0

303

8.5

9.1

9%

proprietary drugs based on prostones: C, 6

Post-IPO shrs: 42mm

Virtusa (VRTU)

$342

2.7

18

2.5

2.5

19%

offshore IT tech services: C+, 8

March 31 fisal

Post-IPO shrs: 23mm

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

SEARCH BY COMPANY

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

or ticker for analysis

scheduled below

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

July 30 week IPO schedule

Amedica

AMCA, C, 6

orthopedic spine & joint implants

Post-IPO shrs: 15mm

Salt Lake City, UT

2004

2005

2006

March, 06*

March, 07*

IPO Mkt

Grant revenue ($mm)

$0.2

$0.1

$0

$0.0

$0.0

Cap (mm)

Profit (loss) $mm

-$1.8

-$4.2

-$6.2

-$1.3

-$5.6

$214

* three months ended March 31

@$14

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

Amedica (AMCA)

$214

n/a

-10

2.5

2.5

31%

SCORECARD

Mgt

Market

Market Do-

Proprie-

Total

1-5, 5 is high

Growth

mination

tary

rating

20 is perfect

2

2

0

2

6

Business

. An orthopedic implants company focused on using its own silicon nitride ceramic technologies to

develop, manufacture and commercialize a broad range of advanced, high-performance spine and joint

implants.

Silicon nitride formulation

. Has developed a formulation of silicon nitride which AMCA believes has the strength, toughness and

wear resistance necessary to overcome the limitations of currently available orthopedic implants.

. Upon introduction to market, AMCA believes its implants will represent the first commercial use of

silicon nitride ceramics in orthopedic applications and will have the potential to provide an improved

combination of characteristics, including greater strength and resistance to fracture, improved resistance to

wear, greater ability to promote bone attachment and better compatibility with surgical and diagnostic

imaging.

. Based on these potential advantages, AMCA believes its silicon nitride product candidates may achieve

better long-term clinical outcomes with enhanced durability, longevity, biocompatibility and patient fit.

FDA clearance & goal

. While AMCA has not received regulatory clearance or approval for any product candidates that AMCA

intends to commercialize, in the second half of 2007 AMCA expects to submit premarket notifications to

the U.S. Food and Drug Administration, or the FDA, seeking regulatory clearance of our first commercial

product candidate.

. AMCA's goal is to establish its silicon nitride implants as new standards of care for the largest and

fastest growing orthopedic implant markets: the spine, hip and knee markets.

Products & clinical trials

> Spinal implants

. Lead product candidates are the Valeo™ family of spinal implants, intended to restore and maintain the

alignment of vertebrae in the cervical, or neck, region and lumbar, or lower back, region of the spine.

. Expects to launch the first of these products by mid-2008, subject to clearance by the FDA.

. In 2006, received clearance from the FDA for a silicon nitride ceramic spinal spacer, a device for insertion

between two vertebrae to help stabilize the spine.

. AMCA believes this is the first ceramic spinal spacer ever cleared by the FDA for human use. Although

AMCA does not plan to commercialize this spinal spacer, it will be the predicate device for the Valeo spinal spacers.

. Plans to introduce additional spinal spacers by the end of 2008, subject to regulatory clearance, including

cortico-cancellous spacers that feature a bone-like structure with a solid, or cortical, load-bearing portion

and a cancellous, or porous, structure that is intended to promote bone attachment for spinal fixation.

. In mid-2009, subject to regulatory approval, plans to introduce cortico-cancellous spinal spacers with a

surface coating designed to enhance bone attachment.

. AMCA's Valeo family of spinal implant candidates also includes an all-ceramic, motion-preserving

cervical disc, for which AMCA anticipates commencing a clinical trial by mid-2009.

> Hip & knee implants

. AMCS believes that its Infinia Total Hip and Knee Implants, if approved or cleared by the FDA, may

provide competitive advantages over currently marketed total hip and knee replacement implants.

. Designing designing the Infinia Total Hip Implant to offer surgeons a range of sizes and design options

comparable to implants with metal and plastic components but with improved wear resistance.

. Anticipates commencing a clinical trial for the first of these total hip implant candidates in 2009. Also are

designing an Infinia Total Knee Implant and anticipates commencing a clinical trial for this product

candidate in 2010

. AMCA believes that its design will provide natural anatomic motion and offer lower wear and improved

longevity compared to currently marketed knee replacement implants.

Production

. AMCA anticipates its facility will be fully operational for commercial-scale production by the end of

'2007

. Which AMCA believes would make AMCA the only vertically integrated silicon nitride orthopedic

implant manufacturer in the world.

Revenue and Deferred Revenue

. To date, has not generated any revenue from the sale of any product. Does not expect to generate revenue

from the sale of any product until the first half of 2008, subject to FDA clearance of lead implant product

candidates.

. Has received revenue from research grants from the NIH primarily related to development of ceramic

implants.

Intellectual property

Four issued U.S. patents, 12 pending U.S. patent applications, and ten pending foreign patent applications.

Competition

> Main global competitors in the

. Spine implant market include Medtronic Spinal and Biologics, a subsidiary of Medtronic, Inc.; Synthes,

Inc.; DePuy Spine, Inc., a subsidiary of Johnson & Johnson; Stryker Spine, a division of Stryker

Corporation; Biomet Spine and Biomet Trauma, a subsidiary of Biomet, Inc.; and Zimmer Spine, a

subsidiary of Zimmer Holdings, Inc., which, in 2006, together accounted for over 80% of the market.

. Hip and knee implant market are Zimmer Holdings, Inc.; DePuy Orthopaedics, Inc., a subsidiary of

Johnson & Johnson; Stryker Orthopaedics, a division of Stryker Corporation; Biomet, Inc.; and Smith &

Nephew Orthopaedics, a subsidiary of Smith & Nephew plc, which, in 2006, together accounted for over

80% of the market.

> Others

. Orthopedic companies may seek to introduce new ceramic-based implants to compete. Presently, these

companies buy ceramic components from manufacturers such as Ceramtec, Metoxit, Morgan-Matroc,

Kyocera and NTK.

. These companies manufacture and provide ceramic femoral heads on an original equipment manufacturer,

or OEM, basis to orthopedic implant companies such as Stryker, DePuy and Zimmer.

. AMCA ill seek to compete with their products based on the performance advantages offered by AMCA's

silicon nitride-based ceramic technologies.

Use of $58mm in IPO proceeds

o $3.0 million to fund the development and commercialization of lead product candidates;

o $22.0 million to fund research and development and commercialization activities of pipeline product

candidates;

o $10.0 million to build sales, marketing and distribution capabilities for spine and reconstructive implants

including the costs of instrumentation sets; and

o remainder for working capital and other general corporate purposes.

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

Concho Resources

CXO, C+, 7

oil/gas; West Texas, New Mex

Post-IPO shrs: 26mm

Midland, TX

proforma =>

2006

March, 07*

IPO Mkt

Rev ($mm)

$220

$60

Cap (mm)

Profit (loss) $mm

$23.6

$4.6

$1,088

Profit (loss) %

11%

8%

@$13

EBITDA ($mm)

$143.0

$38.2

EBITDA (%)

65%

64%

* three months ended March 31

* three months ended March 31

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

Concho Resources CXO

$1,088

4.5

59

1.4

1.4

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

. Independent oil and natural gas company engaged in the acquisition, development, exploitation and

exploration of oil and natural gas properties.

. Conventional operations are primarily focused in the Permian Basin of Southeast New Mexico and West

Texas.

. Intends to grow reserves and production through development drilling, exploitation and exploration

activities on multi-year project inventory and through acquisitions that meet strategic and financial

objectives.

Competition

. Strong competition from numerous parties, ranging generally from small independent producers to major

integrated oil companies, primarily when acquiring properties, contracting for drilling and workover

equipment and securing trained personnel

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

gas industry is currently experiencing shortages of drilling and workover rigs, equipment, pipe, materials

and personnel, which has delayed developmental drilling and exploitation activities and caused significant

price increases. The shortage of personnel has also made it difficult to attract and retain personnel with

experience in the oil and gas industry and has caused us to increase our general and administrative budget.

Combination/recapitalization

. On February 24, 2006, we entered into a combination agreement to acquire properties owned by Chase

Oil Corporation, Caza Energy LLC and certain other individual working interest owners (which we refer to

collectively as the "Chase Group") and combine them with substantially all of the outstanding equity

interests of Concho Equity Holdings Corp. to form CXO company.

. For 35mm shares and $400 million in cash

. Former shareholders of Concho Equity Holdings Corp. that were a party to the combination agreement

received 23,767,691 shares of CXO common stock.

Use of $183mm in IPO proceeds from sale of 13.3mm shares

(shareholders intend to sell 7.9mm shares for $117mm)

Repay debt

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

Dolan Media

DM, C+, 7

print & online media for legal industry

Post-IPO shrs: 25mm

Minneapolis, MN

proforma =>

2006

March, 07*

IPO Mkt

Rev ($mm)

$128

$36

Cap (mm)

Operating Income %

17%

21%

$364

Interest %

5%

4%

@$14.5

Profit (loss) $mm

$7.8

$2.0

Profit (loss) %

6%

6%

EBITDA ($mm)

$31.7

$10.7

EBITDA (%)

25%

30%

* three months ended March 31

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

Dolan Media (DM)

$364

2.5

45

3.0

-8.6

42%

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

. A leading provider of necessary business information and professional services to the legal, financial and

real estate sectors in the United States.

. Provide companies and professionals in the markets served with access to timely, relevant and dependable

information and services that enable them to operate effectively in highly competitive and time sensitive

business environments.

Two operating segments: Business Information and Professional Services.

> The Business Information Division publishes business journals, court and commercial newspapers and

other publications, operates web sites and conducts a broad range of events for targeted audiences in each

of the 20 markets that serves in the United States.

> The Professional Services Division comprises two operating units, APC and Counsel Press, LLC, that

provide services that enable law firms and attorneys to process residential mortgage defaults and court

appeals in a timely and efficient manner.

Revenues

. Two operating segments Business Information Division and Professional Services Division.

. In 2006 and the first quarter of 2007, total revenues were $111.6 million ($127.7 million on a pro forma

basis) and $35.7 million, respectively, and the percentage of our total revenues attributed to each of our

segments was as follows:

o 66.1% (57.8% on a pro forma basis) and 54.6%, respectively, from the Business Information Division;

o 33.9% (42.2% on a pro forma basis) and 45.4%, respectively, from the Professional Services Division.

Competition

> Business Information Division

At least one metropolitan daily newspaper and one local business journal in many of the markets served

> Professional Services Division

DM estimates that the outsourced mortgage default processing services market primarily consists of the

back-office operations of approximately 350 local and regional law firms.

. According to DM th market for appellate consulting and printing services is highly fragmented and DM

believes that it includes a large number of local and regional printers across the country. DM believes that

most appellate service providers are low-capacity, general printing service companies that do not have the

resources to assist counsel with large or complex appeals or to prepare the electronic, hyperlinked digital

briefs on CD-ROM that are being accepted by an increasing number of appellate courts.

Use of $139mm in IPO proceeds

o $101mm to redeem preferred stock

o $30mm to repay debt

o Balance for general corporate purposes, including for acquisitions and working capital.

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

Genpact Limited

G, C+, 7

manages business processes

Post-IPO shrs: 206mm

Hamilton, HMBermuda

2005

2006

March, 06*

March, 07*

IPO Mkt

Rev ($mm)

$492.0

$613

$132.0

$176.0

Cap (mm)

Gross Profit

38%

41%

41%

38%

$3,509

Profit (loss) $mm

$17.1

$40.0

$5.1

$1.8

@$17

Profit (loss) %

3%

7%

4%

1%

* three months ended March 31

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

Genpact Limited

$3,509

5.0

487

3.7

12.0

17%

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

. Manages business processes for companies around the world.

. Began in 1997 as the India-based captive business process services operation for General Electric Capital

Corporation, or GE Capital, GE's financial services business.

. Became a significant provider to many of GE's businesses, including Consumer Finance (GE Money),

Commercial Finance, Insurance, Healthcare, Industrial, NBC Universal and GE's corporate offices.

Reorganization

. On December 30, 2004, in a series of transactions we refer to as the "2004 Reorganization," GE

reorganized these operations by placing them all under Genpact Global Holdings, a newly formed

Luxembourg entity, and

. Subsequently sold an indirect 60% interest in that entity to General Atlantic and Oak Hill

. As of December 31, 2006, GE owned approximately 29% of G's equity, after giving effect to the

conversion of preferred stock but excluding shares issuable pursuant to outstanding options.

. Began actively pursuing business from Global Clients as of January 1, 2005.

. Net revenues from GE excluding the Unassigned Revenues were $385.1 million in 2004, $449.7 million

in 2005 and $453.3 million in 2006, respectively, representing a CAGR of approximately 8.5%.

. Since G became an independent company, G has increased business from both GE and Global Clients

such that total net revenues (excluding the Unassigned Revenue) increased from $405.4 million in 2004 to

$491.9 million in 2005 and $613.0 million in 2006 representing a CAGR of 23.0%

Competition

o large multinational service providers, such as Accenture Ltd and International Business Machines

Corporation, with whom we compete most often;

o companies that are primarily BPO service providers operating from low-cost countries, most commonly

India, such as WNS Holdings Limited and ExlService Holdings, Inc.;

o companies that are primarily IT service providers with some BPO service capabilities, such as Infosys

Technologies Limited, Tata Consultancy Services Limited and Wipro Limited; and

o smaller, niche service providers that provide services in a specific geographic market, industry segment or

service area.

Use of $273mm in IPO proceeds from sale of 17.6mm shares

(shareholders also intend to sell 17.6mm shares)

. $100 mm to repay debt

. Balance for working capital and general corporate purposes

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

NanoDynamics

NDMX, C, 5

tech for clean energy & infrastructure

Post-IPO shrs: 26.5mm

Buffalo, NY

2004

2005

2006

March, 06*

March, 07*

IPO Mkt

Rev ($mm)

$1.1

$3.3

$4

$0.9

$1.3

Cap (mm)

Profit (loss) $mm

-$5.4

-$10.3

-$14.7

-$3.1

-$3.6

$345

Profit (loss) %

-491%

-312%

-334%

-344%

-277%

@$13

* three months ended March 31

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

NanoDynamics (NDMX)

$345

66.3

-24

3.8

3.8

25%

SCORECARD

Mgt

Market

Market Do-

Proprie-

Total

1-5, 5 is high

Growth

mination

tary

rating

20 is perfect

2

2

0

1

5

Business

. Products, advanced materials and process technologies that provide clean technology, with a principal

focus on the energy, environmental and infrastructure markets.

. To date, generated most of the revenues from contract research and development services.

. For the year ended December 31, 2006, 89% of revenues were derived through grants from U.S. federal

and state governmental agencies, and the remaining 11% was derived from development agreements with

strategic partners and the sale of products and advanced materials.

. Expect to continue to devote the majority of time, energy and capital resources on the acquisition and

development of proprietary technologies for commercialization.

Intellectual property

. Policy is to patent or in-license the technology, inventions and improvements that NDMX considers

important to the development of the business.

. Built a portfolio of more than 115 patents and patent applications that NDMX either owns or has licensed

around key products and technologies.

. As of July 1, 2007, this portfolio included 19 issued U.S. patents and over 35 pending U.S. patent

applications, as well as related foreign applications.

. Of these, three patents and one patent application cover water filtration products, one patent and five

patent applications relate to solid oxide fuel cells (SOFC)s, six patents and 11 patent applications cover

advanced materials and one patent application relates to process intensification technologies.

Competition

> SOFC's

. The solid oxide fuel cell product (SOFC), competes not only with companies that are developing solid

oxide fuel cell technology, but also with companies that are developing PEMs, phosphoric acid fuel cells,

molten carbonate fuel cells and alkaline fuel cells.

. These companies include Smart Fuel Cells, Protonex, Adaptive Materials, Ceramic Fuel Cells Ltd. And

Acumentrics.

. NDMX's solid oxided fuel cell products also compete with other distributed generation technologies,

including microturbines and reciprocating engines, and with certain types of battery technologies, which

are available at prices competitive with existing forms of power generation

> Water filters

Expects to compete with a wide variety of companies, such as Bayer, Dow Chemical, Argonide, KX

Industries and Veolia, that supply water filtration products, including those that produce ultraviolet

membranes and ion exchange systems

. We will be engaged in a segment of the water filtration industry that is highly competitive and rapidly

changing.

> Infrastructure market

Competes with several large domestic and multi-national advanced materials and chemical companies, as

well as suppliers of traditional materials, including General Electric, E.I. DuPont and W.R. Grace

> Others

Also faces competition from companies similar that are developing new products. These include

Nanophase Technologies (nanoceramics), Novacentrix (nanometals), Degussa (nanoceramics), Ferro

(nanometals), Cabot Corporation (carbon and metal powders), Umicore (metal powders) and Hycrete

(cement additives), among others.

Use of $78mm in IPO proceeds from sale of 6.6mm shares