February 26 week IPO schedule

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

OncoGenex (OGXI)

$172

n/a

-15

2.0

3.1

29%

helps treatmemts for cancer: C, 6

Post-IPO shrs: 15.6mm

Rosetta Genomic ROSG

$90

n/a

-12

1.7

3.2

33%

microRNA diagnostic/therapeutic prdcts: C, 6

Post-IPO shrs: 11mm

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

February 26 week analysis

OncoGenex

OGXI, C, 6

helps treatmemts for cancer

Post-IPO shrs: 15.6mm

Vancouver, British Columbia

2003

2004

2005

Sept 06*

IPO Mkt

Profit (loss) ($mm)

($1.9)

($4.0)

($4.9)

($8.6)

Cap (mm)

*nine months ended Sept 30

$172

@$11

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

OncoGenex (OGXI)

$172

n/a

-15

2.0

3.1

29%

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

. Biopharmaceutical company committed to the development and commercialization of new

cancer therapies that address treatment resistance in cancer patients.

. Product candidates are being developed to block the production of specific proteins associated

with the development of treatment resistance which OGXI believes will increase survival time and

improve the quality of life for cancer patients.

Product candidates

Three product candidates in development: OGX-011, OGX-427 and OGX-225.

. Lead drug candidate, OGX-011, is currently in five phase 2 clinical trials investigating the

potential to improve treatment outcomes for patients with prostate cancer, non-small cell lung

cancer and breast cancer.

. OGX-427, the second drug candidate, is currently being developed to improve treatment

outcomes for patients with various solid and hematological cancers. OGX-427 is expected to enter

clinical investigation in mid 2007.

. Third drug candidate, OGX-225, is in pre-clinical development to assess its ability to inhibit or

delay progression of hormone dependent and other tumors.

Competition

Major competitors are large pharmaceutical, specialty pharmaceutical and biotechnology

companies, in Canada, the United States and abroad.

. Many oncology drugs in clinical trials are being developed for the four primary cancer indications:

lung, breast, colorectal, and prostate cancer.

. Certain of these drugs are, like OGXI’s, designed to interfere with treatment resistance.

Use of $44mm in IPO proceeds

. Fund the further development and expansion of product candidates and

. Other working capital and general corporate purposes

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

Rosetta Genomics

ROSG, C, 6

microRNA diagnostic/therapeutic prdcts

Post-IPO shrs: 11mm

Rehovot, Israel

2003

2004

2005

Sept 06*

IPO Mkt

Profit (loss) ($mm)

($2.3)

($3.0)

($5.8)

($5.5)

Cap (mm)

*nine months ended Sept 30

$90

@$8

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

Rosetta Genomic ROSG

$90

n/a

-12

1.7

3.2

33%

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

. Seeking to develop products based on a recently discovered group of genes known as

microRNAs.

. MicroRNAs are naturally expressed, or produced, using instructions encoded in DNA and are

believed to play an important role in regulating protein production.

. Because proteins control most biological processes, ROSG believes that microRNAs have the

potential to form the basis of a novel class of diagnostic tests and therapies for many serious

illnesses, including cancer and infectious diseases.

Focus & process

. RSOG has decided to focus initial efforts on cancer, as research has indicated that microRNAs

play a role in various types of tumors.

. Has developed a discovery process that utilizes proprietary computer-based algorithms, which

are procedures for solving complex problems, to scan the entire genome for microRNA

candidates.

. microRNA candidates are identified, RSOG conducts one or more biological experiments using

tissue or body fluid samples to prove their existence, or expression, a process known as biological

validation.

Patent strategy

. RSOG believes that it is the first commercial enterprise to focus on the emerging microRNA

field, and as a result, RSOG believes it has developed an early and strong intellectual property

position related to the development and commercialization of research, diagnostic and therapeutic

products and other applications based on microRNAs.

. RSOG's patent strategy is to seek broad coverage on all of identified microRNA sequences and

then file patent applications claiming a novel chemical structure, or composition-of-matter, on

individual microRNAs of commercial interest

. To date, has filed patent applications with claims potentially covering approximately 350

biologically validated human microRNAs and 35 biologically validated viral microRNAs, which

constitute more than half of all biologically validated human and viral microRNAs of which

RSOG is aware.

. In addition, patent applications cover thousands of genomic sequences that we have identified

using our discovery process and believe are potential microRNA candidates.

Competition

. Products, if approved, will compete against existing non-microRNA-based diagnostic tests and

therapies.

. In addition, ROSG believes a significant number of non-microRNA-based diagnostic products

and drug candidates are currently under development and may become available for the diseases

ROSG is targeting or may target.

. In addition to the competition ROSG may face from non-microRNA-based competing products,

ROSG may also face competition from other companies working to develop novel products using

technology that competes more directly with ROSG's microRNAs.

. RSOG is aware of several other companies, including some collaborators, that are working to

develop microRNA diagnostic and therapeutic products, including Alnylam Pharamceuticals,

Asuragen, Celera, Invitrogen, Isis Pharmaceuticals, Merck, Santaris and others.

Use of $26mm in IPO proceeds

. $17.0 million to fund product research and development activities

. $2.5 million to fund licensing and protection of intellectual property rights, including payment

of fees associated with the in-licensing of intellectual property and fees associated with the

continued prosecution of existing patent applications and the filing and prosecution of new patent

applications

. $6.6 million to fund business development, including personnel costs and legal and other

administrative fees related to seeking and entering into strategic business collaborations, and for

general corporate purposes, including working capital

purposes, including working capital.

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

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

Pre-IPO analysis, grading & scoring -- updated Feb 12

. 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

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scheduled below

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

February 12 week IPO schedule

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

Converted Orgnc COINu

$20

n/a

n/a

2.8

2.5

56%

development stage company: C, 4

Post-IPO shrs: 80mm

Opnext (OPXT)

$868

5.6

68

3.5

3.6

27%

optical modules/components for comm: B-, 8

Post-IPO shrs: 62mm

Quadra Realty (QRR)

$412

n/a

n/a

1.1

1.1

65%

REIT: C+, 6

Post-IPO shrs: 26mm

Salary.com (SLRY)

$129

5.7

-24

5.9

5.1

35%

compensation software & data: C+, 7

Post-IPO shrs: 14.3

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

February 12 week analysis

Converted Organics

COIN-u, C, 4

development stage company

Post-IPO shrs: 80mm

Boston, MA

development stage

IPO Mkt

Rev ($mm)

startup

Cap

Profit (loss) ($mm)

$20

Profit (loss) %

@$5.5

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

Converted Orgnc COINu

$20

n/a

n/a

2.8

2.5

56%

SCORECARD

Mgt

Market

Market Do-

Proprie-

Total

1-5, 5 is high

Growth

mination

tary

rating

20 is perfect

1

1

1

1

4

Units

Each unit consists of one share of common stock, one redeemable Class A warrant, and one non-

redeemable Class B warrant

Business

. A development stage company seeking to use organic food waste as raw material to manufacture

all-natural soil amendment products combining both nutritional and disease suppression

characteristics.

. Plans to sell and distribute products in the agribusiness, turf management, and retail markets.

. Proposed process, which has been demonstrated in a pilot manufacturing facility, uses heat and

bacteria to transform food waste into a natural fertilizer.

New Jersey Economic Dev Authority

. A substantial portion of the net proceeds of this offering, together with the net proceeds of an

$17.5 million bond issue of the New Jersey Economic Development Authority that is to close

simultaneously with the closing of this offering,

. Will be used to develop and construct an organic waste conversion facility in Woodbridge, New

Jersey.

. COIN expects this facility to be operational approximately 12 to 15 months from the date of the

closing of this offering and the bond issue.

Bridge Securities

In June 2006, COIN completed a $1.515 million bridge loan from lenders to help working capital

needs.

Use of IPO proceeds

Purchase capital equipment and pay engineering and design fees for the construction of the first

processing line; to repay bridge and shareholder loans; to pay expenses and deferred

compensation; to pay fees to the technology licensor; and for working capital purposes.

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

Opnext

OPXT, B-, 8

optical modules/components for comm

March 31 fiscal

Post-IPO shrs: 62mm

Eatontown, NJ

2004

2005

2006

Dec 05*

Dec 06*

IPO Mkt

Rev ($mm)

$80

$138

$152

$106

$157

Cap (mm)

Gross Profit %

8%

22%

21%

18%

34%

$868

Profit (loss) ($mm)

($80.5)

($32.7)

($30.5)

($27.7)

$0.9

@$14

Profit (loss) %

-100.6%

-23.7%

-20.1%

-26.1%

0.6%

*nine months ended Dec 31

3 months ended ==>

Dec 05

Dec 06

Rev ($mm)

$39

$62

Gross Profit %

28%

35%

Profit (loss) ($mm)

($4.0)

$3.2

Profit (loss) %

-10.3%

5.2%

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

Opnext (OPXT)

$868

5.6

68

3.5

3.6

27%

SCORECARD

Mgt

Market

Market Do-

Proprie-

Total

1-5, 5 is high

Growth

mination

tary

rating

20 is perfect

2

2

2

2

8

Business

Optical modules and components which enable high-speed telecommunications and data

communications networks globally.

. Designs, manufactures and markets optical modules and components that transmit and receive

data and are primarily used in telecommunications and data communications networks.

. OPXT believes it has one of the most comprehensive transceiver product portfolios for both of

these markets, particularly at the 10Gbps data rate

. For the first time, achieved positive net income of $1.2 million during the quarter ended

September 30, 2006 and net income was $3.2 million for the quarter ended December 31, 2006.

Product portfolio

. Consists of 10Gbps and 40Gbps transceiver modules, including tunable transceivers, a broad line

of 2.5Gbps and lower speed SFP transceivers

. Demand for 10Gbps and 40Gbps products which have grown from 38.9% of revenue in the year

ended March 31, 2004 to 78.6% of revenue in the nine month period ended December 31, 2006.

. Also has new or planned products for emerging standards such as SFP+ and XMD.

Sales Comparisons

> Three Month Periods Ended December 31, 2006 and 2005

. Overall sales increased $23.1 million or 59.9% to $61.7 million in the three month period ended

December 31, 2006 from $38.6 million in the three month period ended December 31, 2005

including a decrease of $0.1 million due to fluctuations in foreign exchange rates.

. During the three month period ended December 31, 2006, 10Gbps and above products increased

$23.2 million or 82.9% to $51.2 million and less than 10Gbps products increased $0.9 million or

16.2% to $6.1 million while sales of industrial and commercial products decreased by $1.0 million

or 19.3% to $4.3 million.

. The increase in 10Gbps and above products primarily resulted from increased demand for 300

pin tunable, XENPAK, XFP, X2 and 40Gbps products while the increase in less than 10Gbps

products primarily resulted from an increase in demand for SFP products offset by lower demand

for our 2.5Gbps custom modules.

. The decrease in sales of industrial and commercial products primarily resulted from volume

decreases in DVD products that resulted from a last time buy arrangement through September

2006 with a subsidiary of Hitachi, the sole customer for DVD products offset by increased

demand for our other industrial and commercial products.

. Salesof DVD products were $0.0 million and $1.9 million in the three month periods ended

December 31, 2006 and 2005, respectively.

> Compared to prior quarter

. Sales also increased $6.4 million or 11.6% from $55.3 million in the previous quarter ended

September 30, 2006.

. This increase was primarily driven by a $8.3 million or 19.5% increase in 10Gbps and above

products offset by a $2.3 million decrease in sales of our DVD products.

> Quarter over quarter increases

. Since the quarter ended June 30, 2005 OPXT has experienced quarter over quarter increases in

total sales and sales of 10Gbps and above products in five of the six comparative periods, the only

decrease occurring in the quarter over quarter period ended June 30, 2006.

. During this period total sales decreased by $5.8 million or 12.5% primarily due to a $1.8 million

or 5.7% decrease in 10Gbps and above products and a $3.4 million decrease in sales of DVD

products.

. The decrease in 10Gbps and above products primarily resulted from vendor supply and

production delays which limited OPXT's ability to ship certain 300 pin modules, including

tunable transceivers, and certain Xenpak modules.

> Customer concentration

. For the three month period ended December 31, 2006, Cisco and Alcatel-Lucent accounted for

41.1% and 20.4% of revenues, respectively.

. For the three month period ended December 31, 2005, Cisco and Alcatel, accounted for 26.0%

and 12.7% of revenue respectively.

. No other customers accounted for more than 10% of total sales in either period.

Industry Background

. Network service providers continue to add high speed network access such as Wi-Fi, WiMAX,

3G, DSL, cable and FTTx, and are converging traditionally separate networks for delivering voice,

video and data into IP-based integrated networks.

. Concurrent with these trends, a growing demand for high bandwidth applications by both

consumers and enterprises is driving increased network utilization across the core and at the edge

of wireline, wireless and cable networks (collectively refered to as telecommunications networks)

Solution providers outsourcing modules & component to suppliers like OPXT

According to OPXT both telecommunications network systems vendors such as Alcatel-Lucent

and data communications network systems vendors such as Cisco are producing optical systems

increasingly based on 10Gbps and 40Gbps speeds.

. Faced with technological and cost challenges, they are focusing on their core competencies of

software and systems integration

. And are relying upon established module and component suppliers, like Opnext, for the design,

development and supply of critical hardware components such as products that perform the optical

transmit and receive functions.

Sell cycle

The evaluation and qualification cycle prior to the initial sale of OPXT's products generally spans

a year or more.

Sales

> Communications

. Sales to telecommunication and data communication customers accounted for 92.9%, 90.5%,

81.9%, 72.4% and 66.7% of sales during the three and nine month periods ended December 31,

2006 and each of the years ended March 31, 2006, 2005 and 2004, respectively

. For the year ended March 31, 2006, our top three customers, Cisco Systems, Hitachi together

with its affiliates, and Alcatel accounted for 27.9%, 15.0% and 12.7% of sales, respectively and

during the nine months ended December 31, 2006, Cisco and Alcatel-Lucent accounted for 37.3%

and 19.7% of sales, respectively

> Components

Also supplies components to several major transceiver module companies and sell to select

industrial and commercial customers.

. Also during the three and nine month periods ended December 31, 2006 and each of the years

ended March 31, 2006, 2005 and 2004, sales of products with 10Gbps or higher data rates, which

OPXT refers to as its 10Gbps & above products, represented 82.9%, 78.6%, 69.4%, 58.7% and

38.9% of total sales, respectively.

History

. Incorporated as a wholly-owned subsidiary of Hitachi, Ltd., or Hitachi, on September 18, 2000

. Hitachi contributed the fiber optic components business of its telecommunications system

division to Opnext Japan, Inc.

. On July 31, 2001, Hitachi contributed 100% of the shares of Opnext Japan, Inc. to OPXT in

exchange for 70% of OPXT's then outstanding Class A common shares

. Clarity Partners, L.P., Clarity Opnext Holdings I, LLC, and Clarity Opnext Holdings II, LLC

(collectively referred to as Clarity) together contributed $321.3 million in exchange for Class A

common stock representing a 30% interest in OPXT company.

. On October 1, 2002, acquired 100% of the shares of Opto Device, Ltd. from Hitachi for a

purchase price of $40.0 million. This acquisition of Hitachi's opto device business expanded the

product line into select industrial and commercial markets

. On June 4, 2003 acquired 100% of the outstanding shares of Pine Photonics Communication Inc.,

in exchange for 1,672,515 shares of Class B common stock. This acquisition expanded the product

line of SFP transceivers with data rates less than 10Gbps that are sold to telecommunication and

data communication customers. OPXT refers to these products, together with its legacy 2.5 Gbps

custom modules, as OPXT's less than 10Gbps products.

Intellectual property licenses to Hitachi

. OPXT licenses its intellectual property to Hitachi and its wholly owned subsidiaries without

restriction

. Hitachi is free to license certain intellectual property used in our business to any third party,

including competitors, which could harm OPXT's business and operating results.

Competition

. While no company competes against OPXT (according to OPXT) in all of its product areas,

competitors range from the large, international companies offering a wide range of products to

smaller companies specializing in narrow markets.

. OPXT believes that a number of companies have developed or are developing transmit and

receive optical modules and components and lasers and infrared LEDs that compete directly with

OPXT product offerings

> telecommunications and data communications markets

. Competes primarily with suppliers of transmit and receive optical modules and components, at

both the level of basic building blocks, such as lasers and photodetectors, as well as at the

integrated module level such as transceivers for telecommunications and data communications

applications.

. Competitors include Avago, Avanex, Bookham, Finisar, Fujitsu, Intel, JDS Uniphase,

Mitsubishi, Optium, and Sumitomo (which markets products in North America as Excelight)

> Industrial and commercial product lines

Principally competes with Sanyo, Sony, Arima and QSI

Use of $125mm from sale of 10mm shares

(shareholders intend to sell 6.9mm shares, including 6.7mm from Hitachi, Ltd., which will still

own 47% post-IPO)

. $25 million to fund future capital expenditures

. $25 million for the expansion of research and development of new products and the enhancement

of existing products including sales and marketing efforts associated with these products

. $50.4mm to repay debt

. Remainder for working capital and general corporate purposes

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

Quadra Realty Trust

QRR, C+, 6

REIT

Post-IPO shrs: 26mm

New York, NY

newly formed, see below

IPO Mkt

Rev ($mm)

Cap (mm)

Gross Profit %

$412

Profit (loss) ($mm)

@$16

Profit (loss) %