Archived IPO reports: INWK, AYR, EVR, GNC, MTRO, QI, ACCI, BGHI, OSIR, SCA

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scheduled below

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VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

Scheduled for August 14th week

InnerWorkings (INWK)

$374

2.8

72

5.0

5.5

24%

print procurement solutions (B-, 7)

Post-IPO shrs:44mm

Scheduled for August 7th week

Aircastle Limited (AYR)

$1,100

6.5

25

1.8

1.8

18%

lessor of commercial jet aircraft (C+, 6)

Post-IPO shrs:50mm

Evercore Partners (EVR)

$515

3.7

99

5.8

11.0

15%

investment banking boutique (C+, 7)

Post-IPO shrs:27mm

GNC Corporation (GNC)

$1,020

0.7

19

3.6

-242.9

39%

nutritional retailer, 5,800 store nutritional retailer (C+, 7)

Post-IPO shrs:60mm

InterMetro Comm MTRO

$88

4.2

-8

4.9

5.5

22%

voice-over Internet Protocol (VoIP), C, 5

Post-IPO shrs:10mm

Qimonda AG (QI)

$5,814

1297.8

-291

1.5

1.4

18%

semiconductor memory spinoff from Infineon (C, 6)

Post-IPO shrs:342mm

Scheduled for July 31 week

Asset Capital (ACCI)

$188

8.5

-28

1.2

1.3

47%

real estate developer ( C, 4)

Post-IPO shrs:20mm

Buckeye GP L.P. (BGH)

$566

not an operating co

2.3

29.0

50%

General Prnter of Buckeye (NYSE:BKL) (C+, 6)

Post-IPO shrs: 28mm

Osiris Thera(OSIR)

$324

72.3

-16

6.9

6.7

13%

stem cell treatments ( C, 7)

Post-IPO shrs:27mm

Security Capital (SCA)

$1,410

4.0

12

1.1

1.1

35%

insurance: credit enhancement/protection (B-, 7)

Post-IPO shrs: 64mm

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Summary ratios for the week of Aug 7

(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

InnerWorkings (INWK)

$374

2.8

72

5.0

5.5

24%

print procurement solutions (B-, 7)

Post-IPO shrs:44mm

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scheduled below

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Summary ratios for the week of Aug 14

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

InnerWorkings (INWK)

INWK, B-, 7

print procurement solutions

Post-IPO shrs:44mm

Chicago, IL

2005

6mosJun30

IPO Mkt

Revenue ($mm)

proforma

$100.0

$68.0

Cap (mm)

Gross Profit %

18.6%

19.1%

$374

Income ($mm)

$3.0

$2.6

@$8.5

Net income %

3.0%

3.8%

Enterprise clients, end of period (see below)

71

81

Transaction clients

709

484

Total clients

780

565

Print jobs

13,558

8,075

VALUATION RATIOS

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

InnerWorkings (INWK)

$374

2.8

72

5.0

5.5

24%

SCORECARD

Mgt

Market

Market Do-

Proprie-

Total

1-5, 5 is high

Growth

mination

tary

rating

20 is perfect

3

1

2

1

7

Business

. Provider of print procurement solutions to corporate clients in the United States.

. Utilizes a proprietary technology and database, as well as extensive domain expertise, to create a

competitive bid process to procure, purchase and deliver printed products as part of a

comprehensive outsourced enterprise solution and in individual transactions.

Expects decreasing growth rate

. As INWK’s revenue has grown since inception, growth rates have decreased.

. INWK expects that its revenue will continue to increase and that its growth rates will continue to

decrease.

Experienced management team

. The non-executive Chairman, John Walter, is the former Chairman and Chief Executive Officer

of R.R. Donnelley.

, CEO Steven Zuccarini, is the former president of the Catalog & Retail and the Global Solutions

business units of North America’s largest print company, R.R. Donnelley & Sons Company,

where he was responsible for providing enterprise solutions to its largest clients

Seasonal patterns

. The print industry has historically been subject to seasonal sales fluctuations because a

substantial number of print orders are placed for the year-end holiday season.

. INWK historically experienced seasonal client buying patterns with a higher percentage of

revenue being earned in third and fourth quarters.

. Revenue from the wholly-owned subsidiary, Insight World Group, LLC, is particularly subject to

these seasonal fluctuations because its primary products include toys, games and other items that

clients generally order in increased quantities in anticipation of the year-end holiday season.

Industry

. INWK business of providing print procurement solutions intersects two large and growing

industries, commercial printing and business process outsourcing, or BPO.

. Total shipments in the worldwide commercial print industry were projected to be approximately

$367 billion in 2005 and are expected to increase by an average of $8 billion per year through

2009, according to a 2005 Datamonitor global commercial printing industry profile.

. To become more competitive, many businesses seek to focus on core competencies and

outsource non-core business functions, such as print procurement.

. According to a 2005 IDC global BPO forecast, the worldwide market for BPO is estimated to

grow from $422 billion in 2005 to $641 billion in 2009, representing a compound annual growth

rate of 11%.

Excess print industry capacity

. In recent years, the print industry has been impacted by developments in technology, including

enhanced output capacity of printing presses and increased utilization of Internet-based

communications and digital printing.

. These developments have lowered barriers to entry, increased the number of print suppliers

available to clients and reduced the utilization of printing presses.

. As a result, the print industry has experienced, and is continuing to experience, significant excess

manufacturing capacity and the market for printed products has become increasingly

commoditized.

Fragmented

. In addition, the U.S. print industry is highly fragmented, with an estimated 39,300 printing

plants.

. In 2005, the ten largest commercial print companies accounted for only approximately 16% of

the total domestic print market.

. The traditional process of designing, procuring and producing a print order requires extensive

collaboration by printers, designers, brokers and other middlemen and is often highly inefficient

for the customer, who typically pays a mark-up at each intermediate stage of the supply chain.

Enterprise (recurring) clients versus transactional clients

. Contracts with enterprise clients generally have an open-ended term subject to termination by

either party upon prior notice of 90 to 180 days. Several of INWK’s larger enterprise clients have

outsourced substantially all of their recurring print needs to INWK.

. INWK provides printed products to transactional clients on an order-by-order basis.

. As of December 31, 2005, had 69 enterprise clients and, from inception through December

31, 2005, served over 1,100 transactional clients.

. During 2005, enterprise clients accounted for 69% of revenue, while transactional clients

accounted for 31% of revenue.

Growth from enterprise clients

. During 2005, INWK entered into contracts with 23 enterprise clients, including 17 new clients

and six clients that INWK initially serviced on a transactional basis.

. 25 of 81 enterprise clients as of June 30, 2006 began as transactional accounts.

Gross & net profits

. Revenue from enterprise clients tends to generate lower gross profit margins than revenue from

transactional clients because the gross profit margins established in INWK contracts with large

enterprise clients are generally lower than the gross profit margins typically realized in the

transactional business.

. Although enterprise revenue generates lower gross profit margins, INWK enterprise business

tends to be more profitable than its transactional business on an operating profit basis because the

commission expense associated with enterprise jobs is generally lower.

INWK’s sofware & database

. INWK’s proprietary software applications and database, PPM4™, create a fully-integrated

solution that stores, analyzes and tracks the production capabilities of INWK’s supplier network,

as well as quote and price data for each bid receives and print jobs INWK executes.

. As a result, INWK believes PPM4™ contains one of the largest independent repositories of

equipment profiles and price data for print suppliers in the United States.

. INWK leverages its technology to match each print job with the supplier that is optimally suited

to meet the client’s needs at a competitive price. INWK procurement managers use PPM4™ to

manage the print procurement process from end-to-end.

2,700 supplier network

Through INWK’s network of over 2,700 suppliers, INWK offers a full range of print, fulfillment

and logistics services that allows INWK to procure printed products on virtually any substrate.

Growth plan

. INWK believes the opportunity exists to expand its business into new geographic markets.

. Headquarters are located in Chicago, and approximately 66% of INWK’s clients as of December

31, 2005 were located in Illinois.

. INWK’s objective is to increase sales in other major print markets in the United States, such as

Boston, Los Angeles, Minneapolis, New York and San Francisco.

. INWK intends to hire or acquire more account executives within close proximity to these large

markets, which accounted for, in aggregate, $18.4 billion of print expenditures in 2005, according

to PIA/GATF.

. In addition, given that the print industry is a global business, over time INWK intends to evaluate

opportunities to access attractive markets outside the United States.

. For example, in March 2006 we entered into a strategic agreement to grant SNP Corporation Ltd.

a non-exclusive, non-transferable license to use certain non-core applications of its software in

China, Singapore and Hong Kong.

Recent acquisition

. INWK acquired Graphography Limited LLC on May 31, 2006. Graphography is a provider of

production management services, including print procurement and promotional services

. In 2005, Graphography generated revenue of $23.8 million, representing 23.6% of 2005 pro

forma revenue.

. Results of operations during the six months ended June 30, 2006 include Graphography’s results

of operations in June 2006.

Acquisition price

. The acquisition consideration for Graphography consisted of $4.525 million in cash paid on May

31, 2006. In addition, the former owners of Graphography will receive:

• $1 million if revenue generated from certain accounts exceeds $5 million by the second

anniversary of the closing date,

• $2 million if revenue generated from these accounts exceeds $7.5 million by the third

anniversary of the closing date, minus any amount paid on the second anniversary of the closing date, and

• $3 million if revenue generated from these accounts exceeds $12 million by the fourth

anniversary of the closing date, minus any amounts paid on the second and third anniversaries of

the closing date.

Recent Developments

$200 market cap in January, 2006 transaction

. In January 2006, INWK issued 10mm shares, or approximately 25% of equity interests on a

fully-diluted basis, to New Enterprise Associates 11, Limited Partnership, NEA Ventures 2005,

Limited Partnership and Printworks Series E, LLC in exchange for $50 million in cash, or $4.92

per share

. INWK retained $10 million of these proceeds for working capital and general corporate

purposes, which means shareholders sold $40mm worth of stock

. $200mm market cap at that time.

SNP Transaction

. In March 2006, INWK entered into a strategic agreement pursuant to which it granted SNP

Corporation Ltd., a leading, Singapore-Exchange listed printing group in the Asia Pacific region

(SNP), a non-exclusive, non-transferable license to use certain non-core applications of INWK’s

software in China, Singapore and Hong Kong.

. Pursuant to the terms of the agreement, SNP is paying INWK $1.0 million in five monthly

installments of $200,000, which began in April 2006.

. The initial term of the agreement is one year and is automatically renewed for successive one

year terms in the absence of a termination by either party. In the event the agreement is renewed

. SNP will pay INWK 1% of the gross revenue for all transactions processed through the licensed

software during the term of the agreement.

. In connection with the agreement, INWK sold 254,065 shares of common stock to SNP at a

price of $4.92 per share for a total purchase price of $1.25 million.

Competition

Print-related industries, including paper and pulp, graphics art and pre-press and fulfillment and

logistics.

Printers

. Primary competitors are printers that employ traditional methods of marketing and selling their

printed materials.

. Many of these printers, such as Banta, Quad/Graphics, Quebecor and R.R. Donnelley have larger

client bases and significantly more resources than we INWK.

. Print buyers may prefer to utilize the traditional services offered by the printers with whom

INWK competes.

. Alternatively, some of these printers may elect to offer outsourced print procurement services or

enterprise software applications, and their well-established client relationships, industry

knowledge, brand recognition, financial and marketing capabilities, technical resources and

pricing flexibility may provide them with a competitive advantage over INWK

Print distributors and brokers

. These competitors generally do not own or operate printing equipment, and typically work with a

limited number of suppliers and have minimal financial investment in the quality of the products

produced for their clients.

. INWK’s industry experience indicates that several of these competitors, such as Cirqit,

Workflow/Relizon and Newline/Noosh, offer print procurement services or enterprise software

applications for the print industry.

Use of $54mm in IPO proceeds from sale of 7mm shares

(shareholders intend to offer 3.5mm shares)

To expand sales force, acquire or make strategic investments in complementary businesses and for

working capital and other general corporate purposes

Recapitalization

Prior to the completion of this offering, INWK intends to recapitalize all outstanding shares of

common and preferred stock into shares of common stock on a one-for-one basis.

. In connection with the recapitalization and the closing of this offering, intends to make

$7.0 million of required preference and accrued dividend payments to the holders of Series B,

D and E preferred shares (which doesn’t include shares purchased in the IPO).

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Summary ratios for the week of Aug 7

(P/E ratios based on annualizing the March quarter, unless otherwise noted)

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

Aircastle Limited (AYR)

$1,100

6.5

25

1.8

1.8

18%

lessor of commercial jet aircraft (C+, 6)

Post-IPO shrs:50mm

Evercore Partners (EVR)

$515

3.7

99

5.8

11.0

15%

investment banking boutique (C+, 7)

Post-IPO shrs:27mm

GNC Corporation (GNC)

$1,020

0.7

19

3.6

-242.9

39%

nutritional retailer, 5,800 store nutritional retailer (C+, 7)

Post-IPO shrs:60mm

InterMetro Comm MTRO

$88

4.2

-8

4.9

5.5

22%

voice-over Internet Protocol (VoIP), C, 5

Post-IPO shrs:10mm

Qimonda AG (QI)

$5,814

1297.8

-291

1.5

1.4

18%

semiconductor memory spinoff from Infineon (C, 6)

Post-IPO shrs:342mm

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Summary ratios for the week of Aug 7

(P/E ratios based on annualizing the March quarter, unless otherwise noted)

Aircastle Limited

AYR, C+, 6

lessor of commercial jet aircraft

Post-IPO shrs:50mm

Stamford, Connecticut

2005

3mos Mar

3mos June

IPO Mkt

Rev ($mm)

$36.0

$33.0

$42.1

Cap (mm)

Pre-tax income ($mm)

0.2

11.2

5.0

$1,100

EBITDA ($mm)

$23.0

$26.3

$30.0

@$22

Pre-tax income %

0.6%

33.9%

11.9%

Note: June three month numbers includes $6.1 in write-offs, not include in P/E ratio

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

Aircastle Limited (AYR)

$1,100

6.5

25

1.8

1.8

18%

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

.Global company that acquires and leases high-utility commercial jet aircraft to passenger and

cargo airlines throughout the world.

. High-utility aircraft are generally modern, operationally efficient jets with a large operator base

and long useful lives.

. As of March 31, 2006, AYR's aircraft portfolio consisted of 42 aircraft that were leased to 24

lessees located in 16 countries and managed through offices in the United States, Ireland and

Singapore.

Net operating leases

. All of AYR's aircraft are subject to net operating leases whereby the lessee is generally

responsible for maintaining the aircraft and paying operational and insurance costs although, in a

majority of cases, AYR is obligated to pay a portion of specified maintenance or modification

costs.

Other aviation assets

. AYR also makes investments in other aviation assets, including debt securities secured by

commercial jet aircraft.

. As of July 18, 2006, had acquired and committed to acquire aviation assets having an aggregate

purchase price equal to $1.3 billion and $305.3 million, respectively, for a total of $1.6 billion.

. In addition, as of July 18, 2006, had entered into non-binding letters of intent to acquire an

additional 8 aircraft subject to lease. These letters of intent will not become binding commitments

for us or the seller until internal approvals, due diligence and certain other steps are completed.

We expect to benefit from the size and growth of the commercial aircraft market and to increase

our revenues and earnings by acquiring additional aviation assets.

Worldwide market

. Of comercial aircraft fleet consists of more than 17,000 aircraft with an aggregate estimated

value in excess of $330 billion and is expected to grow at a compound annual growth rate of 6.1%

through 2015.

. The market is highly fragmented, with over 1,800 owners.

. Operating lessors, including AYR, owns 30.1% of the global fleet.

. The continued growth in air traffic, driven in large part by emerging markets with strong

economic growth and rising levels of per capita air travel, has increased the demand, and lease

rates, for certain high-utility aircraft types.

Fortress, 98% owner pre-IPO

Fortress is a leading global alternative investment management firm founded in 1998 with over

$21 billion of equity capital currently under management. Fortress is headquartered in New York

City and has affiliates with offices in Dallas, Frankfurt, Geneva, Hong Kong, London, Rome, San

Diego, Sydney and Toronto. Fortress manages capital for a diverse group of investors, including

pension funds, university endowments and foundations, financial institutions, funds-of-funds and

Recent, pre-IPO dividends

. On July 20, 2006, declared a $14.4 million dividend, for the three months ended June 30, 2006,

payable on July 31, 2006.

. In addition, declared a $7.2 million, to shareholders of record as of August 1, 2006

Future dividend policy

. Intends to continue to pay regular quarterly dividends

. Plans to grow dividends through the acquisition of additional aviation assets.

Use of $183mm in IPO proceeds

. Repay approximately $143.2 million of a $750 million senior secured revolving credit facility

. General corporate purposes

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

Evercore Partners

EVR, C+, 7

investment banking boutique

Post-IPO shrs:27mm

New York, NY

2005

3mos Mar31

IPO Mkt

Advisory Rev ($mm)

proforma

$127.0

$35.0

Cap (mm)

Inv mgt rev ($mm)

$18.4

$8.8

$515

Total Rev ($mm)

$146.0

$44.0

@$19

Income ($mm)

$3.5

$1.3

Net income %

2.8%

3.7%

VALUATION RATIOS

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

Evercore Partners (EVR)

$515

3.7

99

5.8

11.0

15%

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

. Evercore Partners believes it is the leading investment banking boutique in the world, based on

the dollar volume of announced worldwide merger and acquisition transactions on which EVY

have advised since 2001.

. When EVR uses the term "investment banking boutique", it means an investment banking firm

that does not underwrite public offerings of securities or engage in commercial banking activities.

. Provides advisory services to prominent multinational corporations on significant mergers,

acquisitions, divestitures, restructurings and other strategic corporate transactions.

. Evercore also includes a successful investment management business through which it manage

private equity funds for sophisticated institutional investors.

. Serves a diverse set of clients around the world from our offices in New York, Los Angeles and

San Francisco.

Founded in 1996, has grown from three Senior Managing Directors at our inception to 25 today.

Two business segments

Advisory business

. In the advisory business, has thirteen Senior Managing Directors with expertise and client

relationships in a number of industry sectors, including telecommunications, technology, media,

energy, general industrial, consumer products and financial institutions.

. In addition, has augmented the advisory business by adding professionals with extensive

restructuring experience.

Investment management business

. In the investment management business, has eight Senior Managing Directors with expertise and

client relationships in a variety of industries.

. Has raised three private equity funds, with capital commitments as of March 31, 2006 of over

$1.2 billion.

Management

. Senior leadership is comprised of Roger Altman, the former U.S. Deputy Treasury Secretary and

Vice Chairman of The Blackstone Group; Austin Beutner, a former General Partner of The

Blackstone Group; and Eduardo Mestre, the former head of Citigroup’s Global Investment Bank

. On May 12, 2006, agreed to combine the business with that of Protego Asesores, a leading

investment banking boutique in Mexico founded by Pedro Aspe. Following our combination with

Protego, Mr. Aspe, the former Minister of Finance of Mexico, will join our management team.

Pending Protego combination

. With the pending Protego combination, will add another seven Senior Managing Directors.

. Expects to continue growth by hiring additional highly qualified professionals with a broad range

of product and industry expertise, expanding into new geographic areas, raising additional private

equity funds and diversifying investment management services.

Competition

. Primary competitors in securing advisory engagements are Citigroup, Credit Suisse, Goldman,

Sachs & Co., Lazard, Lehman Brothers, Merrill Lynch, Morgan Stanley, UBS Investment Bank

and other large investment banking firms as well as investment banking boutiques such as Allen &

Co., The Blackstone Group, Gleacher Partners, Greenhill & Co. and Rohatyn Associates.

. Evercore Asset Management, which seeks to make investments for institutional and high net

worth investors, faces substantial competition from a large number of traditional asset

management companies

Use of $63mm in IPO proceeds from sale of 4mm shares

. $36 million to repay debt

. Remaining $26.8 million to expand and diversify advisory and investment management

businesses and for general corporate purposes.

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

GNC Corporation

GNC, C+, 7

nutritional retailer, 5,800 store nutritional retailer

Post-IPO shrs:60mm

Pittsburgh, Pennsylvania

2004

2005

3mos Mar

3mos June

IPO Mkt

Rev ($mm)

$1,345.0

$1,318.0

$387.0

$382.0

Cap (mm)

Gross profit

33.5%

31.8%

33.6%

n/a

$1,020

Income ($mm)

$41.7

$18.4

$11.4

$13.1

@$17

Net income %

3.1%

1.4%

2.9%

3.4%

EBITDA ($mm)

$140.0

$113.0

$37.4

$40.0

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

GNC Corporation (GNC)

$1,020

0.7

19

3.6

-242.9

39%

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

. Largest global specialty retailer of health and wellness products, including vitamins, minerals,

herbal and specialty supplements, sports nutrition products, and diet products.

. Based on a worldwide network of over 5,800 locations and the www.gnc.com website

. As of June 30, 2006, operated 2,523 company-owned stores in the United States, 132 company

owned stores in Canada, 1,098 domestic franchised stores, 899 international franchised stores in

43 international markets, and 1,183 store-within-a-store locations.

Revenue sources & products

. GNC derives its revenues principally from product sales through company-owned stores,

franchise activities, and sales of products manufactured in GNC facilities to third parties.

. GNC believes it has a broad and deep product mix, focused on high-margin, value-added

nutritional products, sold under our GNC proprietary brands, including Mega Men®, Ultra

Mega®, Pro Performance®, and Preventive Nutrition®, and under nationally recognized third

party brands.

Leveraged buyout

. Pre-IPO 98% owned by Apollo Management V (a private equity, leveraged buyout fund)

. On December 5, 2003, GNC acquired 100% of the outstanding equity interests of General

Nutrition Companies, Inc. from Numico for an aggregate purchase price of $747.4 million,

consisting of $733.2 million in cash and the assumption of $14.2 million of mortgage debt.

Competition

. Other specialty retailers, supermarkets, drugstores, mass merchants, multi-level marketing

organizations, mail-order companies, other internet sites, and a variety of other smaller

participants.

. In addition, GNC believes the market is highly sensitive to the introduction of new products,

including various prescription drugs, which may rapidly capture a significant share of the market.

. GNC’s wholesale and manufacturing operations also competes with other wholesalers and

manufacturers of third-party nutritional supplements.

Use of $148mm of IPO proceeds from sale of 9.4mm shares

(shareholders intend to sell 14.1mm shares)

Redeem all outstanding preferred stock

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

InterMetro Comm

MTRO, C, 5

voice-over Internet Protocol,, VoIP

Post-IPO shrs:10mm

Simi Valley, California

2005

3mos Mar31

IPO Mkt

Rev ($mm)

$18.4

$5.3

Cap (mm)

Gross Profit

26.6%

13.3%

$88

Loss ($mm)

($1.6)

($2.9)

@$9

Loss %

-8.7%

-55.2%

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

InterMetro Comm MTRO

$88

4.2

-8

4.9

5.5

22%

SCORECARD

Mgt

Market

Market Do-

Proprie-

Total

1-5, 5 is high

Growth

mination

tary

rating

20 is perfect

1

2

1

1

5

Goal

. MTRO’s goal is to displace the incumbent long distance carriers as the presumed choice for

voice transport services

. By focusing on providing the national transport component of voice services over MTRO’s

private VoIP infrastructure

Business

. InterMetro has built a national, private, proprietary voice-over Internet Protocol, or VoIP,

network infrastructure offering an alternative to traditional long distance network providers.

. MTRO uses its network infrastructure to deliver voice calling services to traditional long distance

carriers, broadband phone companies, VoIP service providers, wireless providers, other

communications companies and end users.

. MTRO’s believes VoIP technology is generally more cost efficient than the circuit-based

technologies predominantly used in existing long distance networks and is also easier to integrate

with enhanced IP communications services such as web-enabled phone call dialing, unified

messaging and video conferencing services.

Recent developments

Cantata Technology Agreement.

.In May 2006, entered into a strategic agreement with Cantata Technology, Inc., or Cantata,

formerly known as Excel Switching Corporation, a leading provider of VoIP equipment and

support services.

. Plans to significantly expand our VoIP network using Cantata’s latest, state of the art VoIP

equipment

Acquisition of Advanced Tel, Inc. In March 2006

Switchless reseller of wholesale long-distance services

SS-7 Network Build-out.

. In the fall of 2005, began to develop and implement technology to connect network directly to

local telephone companies and wireless networks in the major metropolitan markets that MTRO

serves through the addition of SS-7 capabilities to MTRO’s VoIP infrastructure.

. SS-7 technology allows access to customers of the local telephone companies as well as

customers of wireless carriers.

. Prior to the SS-7implementation, MTRO primarily connected to competitive local exchange

carriers, or CLECs, in each metropolitan market which in turn connected to the local telephone

company in that market.

. In March 2006, we began utilizing the SS-7 connections to provide services.

Competition

Carrier Services

. When selling to carrier customers, primarily competes with other carriers, including MCI, Qwest

and Global Crossing.

. Also compete with a number of smaller IP-based providers that focus either on a specific product

or set of products or within a geographic region

Retail Services

. Compete for retail distribution partners against long distance providers including AT&T, MCI,

Sprint and IDT who provide calling cards and prepaid services

Note: Vonage is mentioned as having been involved with FCC filings, but is notably absent form

MTRO’s list of competitors

Use of $17mm in IPO proceeds

• expansion of sales and

• investments in network infrastructure

• further development of service offerings

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

Qimonda AG

QI, C, 6

semiconductor memory spinoff from Infineon

Post-IPO shrs:342mm

Munich, Germany

2005

6mos Mar31

IPO Mkt

Rev ($mm)

$3,406.0

$1,950.0

Cap (mm)

Gross Profit

23.4%

13.1%

$5,814

Operating income

1.8%

-8.3%

@$17

Income (loss) ($mm)

$22.0

($165.0)

Income (loss) (%)

0.6%

-8.5%

Cash from operatating activities

$583.0

($6.0)

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

Qimonda AG (QI)

$5,814

1297.8

-291

1.5

1.4

18%

SCORECARD

Mgt

Market

Market Do-

Proprie-

Total

1-5, 5 is high

Growth

mination

tary

rating

20 is perfect

1

1

3

1

6

Note: market growth is scored 1 because the DRAM forecast for 2006 is -4.5% relative to 2005

Proprietary is scored 1 because the gross profit is very low

American Depositary Shares

Business

. One of the world’s leading suppliers of semiconductor memory products, especially DRAMs

(dynamic random access memory)

. Designs semiconductor memory technologies and develops, manufactures, markets and sells a

large variety of semiconductor memory products on a chip, component and module level.

Spin-off/Carve-out

. Began operations within the Semiconductor Group of Siemens AG, whose roots in

semiconductor R&D and manufacturing date back to 1952

. Operated as the Memory Products segment of Infineon Technologies AG since its carve-out from

Siemens AG in 1999.

. In each of the past five years, captured between 9% and 15% of the worldwide DRAM market

based on revenues, according to industry research firm Gartner.

. Although market share fluctuates, and QI may lose market share quarter-to-quarter or year-to

year as it did in the fourth quarter of the 2005 calendar year and in 2005 overall, in each of those

five years, QI remained among the four largest DRAM suppliers worldwide based on revenues.

March 31, 2006 quarter

. For the first time in the quarter ended March 31, 2006, QI was the world’s second largest

supplier of DRAM by revenue, with a market share of approximately 17%, according to Gartner.

Principal products

. DRAM components and modules for use in a wide range of electronic products.

. QI’sDRAM products include standard DRAMs for use in personal computers, notebooks and

workstations as well as a growing range of technologically more advanced DRAMs for use in

infrastructure, graphics, mobile and consumer applications.

Principal customers

. Include major computing original equipment manufacturers, or OEMs, most prominently HP,

Dell, IBM, Sun Microsystems and Sony.

. To expand customer coverage and breadth, QI also sells a wide range of products to memory

module manufacturers that have diversified customer bases, such as Kingston, and to a number of

distributors.

. More recently and in connection with the ongoing expansion of QI’s product portfolio, especially

into graphics applications, added customers with a strong focus on enabling these applications,

such as nVidia and ATI.

Competition

. Samsung Electronics, Standard, infrastructure, graphics, mobile and consumer DRAMs, 28%

. Hynix Semiconductor, Standard, infrastructure, graphics, mobile and consumer DRAMs, 15%

. Micron Technology, Standard, infrastructure, mobile and consumer DRAMs, 14%

. Elpida Memory, Infrastructure, mobile and consumer DRAMs, 9%

. Nanya Technology Corporation, Standard DRAMs, 6%

According to market research firm Gartner Group, QI had the second largest market share based

on DRAM revenue in the first quarter of calendar year 2006, with a 17% share.

Use of $684mm from sale of 41mm shares

(Infineon intends to sell 21mm shares)

. Between $375 million and $438 million to expand manufacturing capacity and improve

manufacturing efficiency, primarily at the 300mm (mili-meter) wafers manufacturing facility in

Richmond, Virginia, and to a lesser extent at the backend facilities in Porto, Portugal and Suzhou,

China.

. Plans to invest up to $125mm for capacity upgrades at the 300mm manufacturing facility in

Dresden, Germany.

. Expects to invest remaining proceeds in equipment for technology and product research and

development at R&D locations in Dresden, Germany and Xi’an, China and R&D locations in

North America.

. QU anticipates that it will take one year to make these investments.

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

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

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

Pre-IPO analysis -- updated July 28

. 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

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

Summary ratios for the week of July 31

(P/E ratios based on annualizing the March quarter, unless otherwise noted)

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

Asset Capital (ACCI)

$188

8.5

-28

1.2

1.3

47%

real estate developer ( C, 4)

Post-IPO shrs:20mm

Buckeye GP L.P. (BGH)

$566

not an operating co

2.3

29.0

50%

General Prnter of Buckeye (NYSE:BKL) (C+, 6)

Post-IPO shrs: 28mm

Osiris Thera(OSIR)

$324

72.3

-16

6.9

6.7

13%

stem cell treatments ( C, 7)

Post-IPO shrs:27mm

Security Capital (SCA)

$1,410

4.0

12

1.1

1.1

35%

insurance: credit enhancement/protection (B-, 7)

Post-IPO shrs: 64mm

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

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

for analysis

scheduled below

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

Analysis -- week of July 31

Asset Capital

ACCI, C, 4

real estate developer

Post-IPO shrs:20mm

Bethesda, Maryland

2005

3mos Mar31

IPO Mkt

Revenue ($mm)

$20.9

$5.5

Cap (mm)

Net income (loss) $mm

($5.4)

($1.7)

$188

EBIDTDA

$10.0

$2.2

9.5

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

Asset Capital (ACCI)

$188

8.5

-28

1.2

1.3

47%

SCORECARD

Mgt

Market

Market Do-

Proprie-

Total

1-5, 5 is high

Growth

mination

tary

rating

20 is perfect

1

1

1

1

4

Graded 4 because of self-dealing, see 'conflicts of interest' below

Business

. Self-managed real estate company focused on opportunistically acquiring, redeveloping,

financing, managing and disposing of commercial real estate properties

. Located primarily in the greater metropolitan Washington, D.C. marketplace and its surrounding

areas, ranging generally from Baltimore, Maryland through Richmond, Virginia and the Hampton

Roads, Virginia metropolitan statistical area.

. Formed as a Maryland corporation on March 30, 2005, with transactions valued at $8.50 per

share.

Conflicts of Interest

. Acquired five properties (Century South, Commerce Center I, Garden City Drive, Pidgeon Hill I

and Pidgeon Hill II) and one structured real estate investment (Twelve Oaks) from the predecessor

business.

. Did not obtain third-party appraisals, nor did we receive any independent third-party valuations

or fairness opinions in connection with these acquisitions.

. The amount of consideration paid by us in each of these transactions was based upon

management’s estimates of the fair market value of these assets, which was arrived at by applying

a market capitalization rate determined by the founders and based on comparable transactions

known to the founders, and was not the result of arm’s length negotiations.

. The transactions were not approved by any of our independent directors.

. In addition, the three founders, Messrs. Minshall, Fernau and LeBlanc, each of whom is an

executive officer of the company, had significant influence in negotiating the acquisition of the

aforementioned properties, had preexisting ownership interests in those assets and received

substantial economic benefits as a result of these acquisitions.

. The aggregate amount of consideration received by the three founders as a result of the

acquisition of those assets is approximately $10.4 million, approximately $10.0 million of which

was paid in shares of common stock valued at $8.50 per share, which was the offering price of our

common stock in the 2005 private offering, and approximately $420,000 of which was paid in

cash (approximately $136,000 for purchase price consideration and approximately $284,000 in

distributions of lender reserves and prepaid items held by the entities that owned these properties).

Dividend policy

. On May 22, 2006, the board of directors declared a distribution of $0.11 per share of common

stock.

. This distribution was comprised of a special one-time cash distribution of $0.08 per share and a

regular cash distribution of $0.03 per share.

. This distribution constituted a return of capital and was funded the distribution out of available

borrowings.

Use of $67.5mm in IPO proceeds from sale of 8mm shares

(shareholders intend to offer 1.25mm shares to net $10.5mm)

• $41.9 million to fund the acquisition of the Lynnhaven Corporate Center, Southport Center,

Twin Oaks I and Twin Oaks II properties (Gees Group portfolio)

• $1.4 million to fund the acquisition of the Godwin Business Park property, including related

transaction costs;

• $6.9 million to fund the acquisition of the 4230 Forbes Boulevard property, including related

transaction costs;

• $10.0 million to repay the portion of the outstanding notes due August 16, 2006 on the

Hollymead Town Center property incurred in connection with the property’s acquisition. These

notes mature at varying dates through August 2009 and have a current interest rate of 8%;

• any remaining proceeds to fund working capital needs and investments in additional office

properties and related assets

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

Buckeye GP L.P.

BGH, C+, 6

General Prnter of Buckeye (NYSE:BKL)

Post-IPO shrs: 28mm

Emmaus, PA

see note below

IPO Mkt

Gross Premiums ($mm)

not an operating company

Cap (mm)

Net income (loss) $mm

$566

Net income %