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

Pre-IPO analysis, grading & scoring -- updated Jan 26

. 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 (from 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

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

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January 29 week schedule

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

Animal Health(AHII)

$271

0.5

75

3.4

-6.8

48%

animal health prod dist: C+, 7

Post-IPO shrs: 19mm

Duncan Enrgy Prtnr DEP

$402

0.5

17

0.7

1.4

65%

Formed by EPD, $12bb market cap: C+, 6

Post-IPO shrs: 20mm

Employers Hldgs (EIG)

$791

1.7

5

2.9

2.9

44%

workman's comp ins: B-, 8

Post-IPO shrs: 53mm

HFF (HF)

$589

2.8

54

70.1

266.7

39%

real estate fin services: C+, 7

Post-IPO shrs: 37mm

Molecular Insight (MIPI)

$371

n/a

-13

5.0

5.0

20%

molecular imaging & radiotherapeutics: C, 6

Post-IPO shrs: 25mm

XTENT (XTNT)

$388

n/a

-16

3.8

3.8

21%

medical devices for artery disease: C, 6

Post-IPO shrs: 23mm

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

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Analysis, grading, scoring

January 29 week

Animal Health Intern'l

AHII, C+, 6

animal health products dist

June 30 fiscal

***predecessor***

Post-IPO shrs: 19mm

Westlake TX

2004

2005

2006

Sept 05*

Sept 06*

IPO Mkt

Rev ($mm)

$503

$536

$571

$128

$146

Cap (mm)

Gross Profit %

19%

18%

20%

20%

18%

$271

Operating profit %

4%

3%

4%

3%

4%

@$25

Interest ($mm)

5.0

5.0

14.0

3.3

4.1

Interest % of revenue

1.0%

1.0%

0.9%

2.5%

2.6%

Profit (loss) ($mm)

$10.2

$7.3

$7.4

$0.7

$0.9

Profit (loss) %

2.0%

1.4%

1.3%

0.5%

0.6%

*three months ended Sept 30

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

Animal Health(AHII)

$271

0.5

75

3.4

-6.8

48%

SCORECARD

Mgt

Market

Market Do-

Proprie-

Total

1-5, 5 is high

Growth

mination

tary

rating

20 is perfect

2

1

2

1

6

Leveraged buyout on June 30, 2005

Business

. Based upon net sales, one of the largest animal health products distributors in the United States.

. Distributes more than 35,000 products sourced from more than 1,500 manufacturers.

. Currently does not manufacture any products and are dependent on manufacturers for supply of

products.

. The top 10 manufacturers supplied products that accounted for approximately 60% of our

purchases in fiscal 2006, and one manufacturer, Pfizer, Inc., or Pfizer, accounted for approximately 26% of purchases.

Customers

Principal customers are veterinarians, production animal operators and animal health product

retailers

Leveraged buy-out

. Commenced operations in 1954 as part of a family-owned drug store business.

. Following a series of business combinations, renamed Walco International, Inc. in 1972.

. On June 30, 2005, investment funds affiliated with Charlesbank Capital Partners LLC, or

Charlesbank, acquired the Company.

. In September 2006, changed our name to Animal Health International, Inc.

Three months ended September 30, 2006 compared to three months ended Sept 30, 2005

Net sales

. Net sales increased $18.0 million, or 14.1%, to $145.7 million for the three months ended

September 30, 2006, from $127.7 million for the three months ended September 30, 2005.

. This increase in net sales was primarily attributable to continued expansion into new territories,

the addition of new customers and increased sales to existing customers.

. In addition, vendor initiated price increases that occurred in June 2005 accelerated approximately

$6 million of customer purchases, which might otherwise have occurred in the quarter ended

September 30, 2005, into the quarter ended June 30, 2005.

. No similar vendor price increases occurred in June 2006. The number of field sales

representatives increased to 223 as of September 30, 2006, from 218 as of September 30, 2005,

while the number of inside sales representatives decreased to 55 as of Septe

Gross profit

. Gross profit increased by $2.3 million, or 9.2%, to $27.1 million for the three months ended

September 30, 2006, from $24.8 million for the three months ended September 30, 2005.

. Gross profit as a percentage of sales was 18.6% for the three months ended September 30, 2006,

compared to 19.4% for the three months ended September 30, 2005.

. Gross profit increased as a result of sales growth but was offset by an unfavorable shift in

product mix to more sales of lower gross margin products.

Seasonality

Seasonality has been caused by product usage, climate changes, promotions and announced price

increases.

. Historically, sales have been higher during the spring and fall months due to increased sales of

production animal health products.

. The transportation of production animals during the spring and fall months drives seasonal

product usage. The transportation of production animals occurs during various times in the

animal's life cycle.

SEC cease and desist order

"On June 28, 2006, the SEC announced the filing and simultaneous settlement of cease-and-desist

proceedings against us and our Chief Executive Officer, James Robison, relating to our purchase

of products from Virbac and the filing and simultaneous settlement of a civil action against Virbac

Corporation and certain of its officers. The SEC found that from late 1999 through the first half of

2003, Virbac improperly reported inflated revenue relating to sales to certain of its distributors,

including us. The SEC made the following additional findings: that we caused Virbac to violate

Sections 17(a)(2) and 17(a)(3) of the Securities Act of 1933, as amended, or the Securities Act,

and Section 13(a) and 13(b) of the Exchange Act, and that we caused similar violations by Virbac

employees, by participating in transactions intended to help Virbac inflate its revenues and thereby

achieve its sales and income targets. In the settled cease-and-desist proceedings (in which we and

Mr. Robison neither admitted nor denied the SEC's findings), we and Mr. Robison consented to

an SEC order to cease and desist from committing or causing any violation and any future

violation of certain antifraud provisions set forth in Section 17(a) of the Securities Act, violation

of the Exchange Act's reporting, recordkeeping and internal accounting controls provisions, and

violation of the Exchange Act's financial record falsification and internal accounting controls

circumvention prohibitions, set forth in Sections 13(a) and 13(b) of the Exchange Act and the

rules and regulations thereunder. In connection with the settlement, Mr. Robison paid a $50,000

fine to the SEC."

Competition

. Primary competitors, excluding manufacturers, include the following and other national,

regional, local and specialty distributors: Butler Animal Health Supply, LLC, IVESCO, LLC

(Iowa Veterinary Supply), Lextron, Inc., MWI Veterinary Supply, Inc., Professional Veterinary

Products, Ltd., and Webster Veterinary Supply, a division of Patterson Companies, Inc.

. Distribution of animal health products is often characterized as "ethical" and "over-the-counter,"

commonly referred to as OTC, channels of product movement. Ethical distribution is defined as

those sales of goods to licensed veterinarians for use in their professional practice.

Use of $91mm in IPO proceeds from sale of 9.1mm shares

(2.7mm shares intended to be offered by leveraged buyout sponsor, Charlesbank Capital Partners)

o $40.0 million will be used to repay amounts owed under $40.0 million second lien term loan;

o $45.0 million will be used to repay amounts owed under $45.0 million second lien term loan;

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

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

Duncan Energy Partners

DEP, C+. 6

Formed by EPD, $12bb market cap

Post-IPO shrs: 20mm

Houston, TX

2003

2004

2005

Sept 9 mos

IPO Mkt

Rev ($mm)

$668

$749

<predecessor

$947

$733

Cap (mm)

Operating cost %

91%

92%

proforma=>

96%

95%

$402

Partnership profit ($mm)

$53

$58

$20

$23

@$20

Profit (loss) %

7.9%

7.8%

2.1%

3.1%

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

Duncan Enrgy Prtnr DEP

$402

0.5

17

0.7

1.4

65%

SCORECARD

Mgt

Market

Market Do-

Proprie-

Total

1-5, 5 is high

Growth

mination

tary

rating

20 is perfect

2

1

2

1

6

Partnership unit offering

Business

. Delaware limited partnership formed by Enterprise Products Partners in September 2006 to own,

operate and acquire a diversified portfolio of midstream energy assets.

. Engaged in the business of gathering, transporting, marketing and storing natural gas and

transporting and storing natural gas liquids, or NGLs, and petrochemicals.

. DEP assets were previously owned by Enterprise Products Partners (NYSE:EDP, $12bb market

cap)and are part of its integrated midstream energy asset network, or "value chain," which

includes natural gas gathering, processing, transportation and storage; NGL fractionation (or

separation), transportation, storage and import and export terminaling; crude oil transportation;

and offshore production platform services.

EPD ownership

. After this offering, DEP will own 66% of the equity interests in the subsidiaries that hold DEP's

operating assets

. Affiliates of Enterprise Products Partners will continue to own the remaining 34%, after

receiving $410mm in cash (see use of proceeds below) for transferred assets, at historical cost

Four business segments:

o NGL & Petrochemical Storage Services.

The NGL & Petrochemical Storage Services segment consists of 33 salt dome caverns located in

Mont Belvieu, Texas, with an underground storage capacity of approximately 100 MMBbls, and

certain related assets. These assets receive, store and deliver NGLs and petrochemical products for

industrial customers located along the upper Texas Gulf Coast, which has the largest concentration

of petrochemical plants and refineries in the United States.

o Natural Gas Pipelines & Services

The Natural Gas Pipelines & Services segment consists of the Acadian Gas system, which is an

onshore natural gas pipeline system that gathers, transports, stores and markets natural gas in

Louisiana. The Acadian Gas system links natural gas supplies from onshore and offshore Gulf of

Mexico developments (including offshore pipelines, continental shelf and deepwater production)

with local gas distribution companies, electric generation plants and industrial customers,

including those in the Baton Rouge-New Orleans-Mississippi River corridor. In the aggregate, the

Acadian Gas system includes over 1,000 miles of high-pressure transmission lines and lateral and

gathering lines with an aggregate throughput capacity of approximately one Bcf/d and a leased

storage facility with approximately three Bcf of storage capacity.

o Petrochemical Pipeline Services

The Petrochemical Pipeline Services segment consists of two petrochemical pipeline systems with

an aggregate of 284 miles of pipeline. The Lou-Tex Propylene pipeline system consists of a 263

mile pipeline used to transport chemical-grade propylene between Sorrento, Louisiana and Mont

Belvieu, Texas. The Sabine Propylene pipeline system consists of a 21-mile pipeline used to

transport polymer-grade propylene from Port Arthur, Texas to a pipeline interconnect in Cameron

Parish, Louisiana on a transport-or-pay basis.

o NGL Pipeline Services

The NGL Pipeline Services segment consists of a 290-mile pipeline system used to transport

NGLs from two Enterprise Products Partners' facilities located in South Texas to Mont Belvieu,

Texas and related interconnections. We acquired a 223-mile segment of the system in August

2006, and we are in the process of acquiring and constructing other segments of the pipeline. The

system became operational and began transporting NGLs in January 2007 after undergoing

modifications, extensions and interconnections. Additional expansions are scheduled to be

completed during the remainder of 2007.

Use of $243mm in IPO proceeds

o distribute $212 million to Enterprise Products OLP as a portion of the cash consideration and

reimbursement for capital expenditures relating to the assets contributed

o provide $28.2 million to fund capital expenditures to complete planned expansions to the South

Texas NGL pipeline system and brine production and above-ground storage projects at Mont

Belvieu subsequent to the closing of this offering; and

o pay $2.9 million of other estimated net expenses associated with this offering and related

formation transactions

And will borrow $200mm more

. In addition, will borrow $200 million under a new $300 million credit agreement

. And will distribute $198.9 million of these borrowings to Enterprise Products OLP in partial

consideration for the assets contributed to upon the closing of this offering.

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

Employers Holdings

EIG, B-, 8

workman's compensation insurance

Post-IPO shrs: 53mm

Reno, NV

2003

2004

2005

Sept 05*

Sept 06**

IPO Mkt

Rev ($mm)

$331

$457

$497

$371

$359

Cap (mm)

Profit (loss) ($mm)

$96.0

$96.0

$138.0

$63.0

$116.0

$791

Profit (loss) %

29%

21%

28%

17%

32%

@$15

Combined exp & loss ratio

78%

85%

75%

88%

64%

*nine months ended Sept 30

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

Employers Hldgs (EIG)

$791

1.7

5

2.9

2.9

44%

SCORECARD

Mgt

Market

Market Do-

Proprie-

Total

1-5, 5 is high

Growth

mination

tary

rating

20 is perfect

3

2

2

1

8

Conversion from a mutual company to a stock company

Note:

. P/E ratio based on annualizing Sept quarter results, however…

. Expense-loss ratio for the Sept quarter very low by historical standards

. Prices expected to drop, see 'net premiums earned' below

prices expected to drop

Dividend policy

. $0.06 per share of common stock per quarter beginning in the second quarter of 2007.

. 1.6% annualized rate of $.24 per year

Business

. Specialty provider of workers' compensation insurance focused on select small businesses

engaged in low to medium hazard industries.

. Historically targeted employers located in several western states, primarily California and

Nevada. We believe that the market we serve has, to date, been characterized by fewer

competitors, more attractive pricing and strong persistency, or repeat business, when compared to

the U.S. workers' compensation insurance industry in general.

. During 2005, based on net premiums written, was the largest, seventh largest and seventeenth

largest non-governmental writer of workers' compensation insurance in Nevada, California and

the United States, respectively, as reported by A.M. Best Company, or A.M. Best.

. Total assets of $3.2 billion at September 30, 2006.

Net Premiums Earned

. Nnet premiums earned have historically been generated primarily in California and Nevada.

. In California, EIG reduced rates by 60% since September 2003 through January 1, 2007,

principally because of competitive conditions caused by regulatory changes designed to reduce

loss costs in that market.

. Expects that will need to further reduce rates in California in the foreseeable future.

. Rates in Nevada have been stable and revenue growth is expected to be sourced from business in

growing sectors in the Nevada economy, such as construction.

. The bundling of products with those of principal strategic distribution partners, ADP and

Wellpoint, has contributed to the growth of revenues because of its attractiveness to customers.

The product bundling provides customers with both convenience and some level of premium

savings to the employer for both independent lines of coverage, which EIG believes increases the

persistency of the business.

Geographic areas

. In 2005, generated 77.7% and 18.3% of direct premiums written in California and Nevada,

respectively.

. Also writes business in seven other states (Arizona, Colorado, Idaho, Illinois, Montana, Texas

and Utah) and is licensed to write business in six additional states (Florida, Maryland, New

Mexico, New York, Oregon and Pennsylvania).

Marketing & sales

. Markets and sells insurance products through independent local and regional agents and brokers,

and through our strategic distribution partners,

. Including principal partners, ADP, Inc., or ADP, and Blue Cross of California, an operating

subsidiary of Wellpoint, Inc., or Wellpoint.

. In 2005, policies underwritten directly or through independent agents accounted for 70.6%, of

gross premiums written,

. While those underwritten through strategic relationships generated $126.9 million, or 27.7%

Competition

. Includes other specialty workers' compensation carriers, state agencies, multi-line insurance

companies, professional employer organizations, third-party administrators, self-insurance funds

and state insurance pools.

. In Nevada, the three largest competitors are American International Group, Inc., Builders

Insurance Company Inc. and Liberty Mutual Insurance Company.

. In California, the three largest competitors are the California State Compensation Insurance

Fund, American International Group, Inc. and Zenith National Insurance Company.

Use of $322mm in IPO proceeds

o $10.5 million is estimated to be required for the cost of the non-recurring fees and

o $6.1 million is estimated to be required for the cost of the non-recurring fees and expenses

directly related to this offering;

o $10.5 million is estimated to be necessary to provide consideration to members eligible solely for

cash; and

o $294.6 million is estimated to be used to make elective cash payments to those eligible members

that elect to receive this form of consideration in the conversion.

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

HFF (HF)

HF, C+, 7

financial services for real estate

Post-IPO shrs: 37mm

Pittsburgh, PA

2006

Sept 06*

IPO Mkt

Rev ($mm)

proforma, see

$206

$156

Cap (mm)

Cost of Revt %

'reorginzation transaction'

58%

57%

$589

Profit (loss) ($mm)

below

$11.0

$8.2

@$16

Profit (loss) %

5%

5%

*nine months ended Sept 30

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

HFF

$589

2.8

54

70.1

266.7

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

. A leading provider of commercial real estate and capital markets services to the U.S. commercial

real estate industry based on transaction volume

. And is one of the largest private full-service commercial real estate financial intermediaries in the

country

. Operates out of 18 offices nationwide with more than 130 transaction professionals and

270 support associates. In 2005

. Advised on $32 billion of completed commercial real estate transactions, more than a 40%

increase compared to the approximately $22 billion of completed transactions advised on in 2004.

Integrated national capital markets platform

allows HF to effectively act as a "one-stop shop" for clients, providing a broad array of capital

markets services including:

o Debt placement;

o Investment sales;

o Structured finance;

o Private equity, investment banking and advisory services;

o Note sale and note sales advisory services; and

o Commercial loan servicing.

Revenues

. Over 95% of revenues are capital market service revenues.

. These capital market service revenues are in the form of fees collected from clients, usually

negotiated on a transaction-by-transaction basis, which includes origination fees, investment sales

fees earned for brokering sales of commercial real estate, loan servicing fees and note sale and

note sales advisory and other production fees

Competition

. The top competitors HF faces on national, regional and local levels include, but are not limited

to, CB Richard Ellis Group, CBRE Capital Markets (formerly L.J. Melody & Company),

Cushman & Wakefield, Eastdil Secured, Trammell Crow, Jones Lang LaSalle, Northmarq Capital

(Marquette) and CapMark (formerly GMAC).

. There are numerous other local and regional competitors in each of the local markets where we

are located as well as the markets we do business in.

Reorganization Transactions

. HFF, Inc. was formed in November 2006 for purposes of this offering. HFF, Inc. has not

engaged in any business or other activities except in connection with its formation and the

Reorganization Transactions.

. If HF had effected the Reorganization Transactions on January 1, 2006, this assumed tax rate for

2006 would have been approximately 46%.

. Upon the consummation of this offering, HFF, Inc. will contribute the net proceeds raised in this

offering to HoldCo LLC, its wholly-owned subsidiary. In consideration for the net proceeds from

this offering and one share of Class B common stock, HFF Holdings will sell all of the shares of

Holliday GP, which is the sole general partner of each of the Operating Partnerships, and

approximately 39% of the partnership units in each of the Operating Partnerships (including

partnership units in the Operating Partnerships held by Holliday GP), or approximately 45% of the

partnership units in each of the Operating Partnerships (including partnership units in the