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

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

SEARCH BY COMPANY

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

for analysis

scheduled below

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

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

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

SEARCH BY COMPANY

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

for analysis

scheduled below

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

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

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

SEARCH BY COMPANY

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

for analysis

scheduled below

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

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).

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

SEARCH BY COMPANY

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

for analysis

scheduled below

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

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

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

SEARCH BY COMPANY

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

for analysis

scheduled below

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

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