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

Pre-IPO analysis, grading & scoring -- updated March 25

. 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

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or ticker for analysis

scheduled below

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March 26 week IPO schedule

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

Aruba Networks (ARUN)

$677

6.6

-29

8.5

8.5

11%

secure data wireless networking: C+, 8

Post-IPO shrs: 75mm

Capital Prod L.P (CPLP)

$420

28.0

91

1.9

1.9

56%

shipping vessel partnership: C+, 7

Post-IPO shrs: 21mm

eTelecare Global (ETEL)

$374

1.6

17

4.0

4.8

20%

voice-based business outsourcing: C+, 7

Post-IPO shrs:28mm ADS equiv

Flagstone Reinsure FSR

$1,141

3.0

6

1.0

1.1

15%

property and casualty reinsurance: C+, 7

Post-IPO shrs: 85mm

GSI Technology (GSIT)

$199

3.4

25

2.6

2.6

29%

SRAM integrated circuits: C+, 6

March 31 fiscal

Post-IPO shrs: 28mm

SenoRx (SENO)

$180

7.0

-12

2.6

3.4

37%

medical devices: C, 8

Post-IPO shrs: 15mm

Super Micro (SMCI)

$300

0.7

15

2.6

2.6

28%

high performance servers: B-, 7

Post-IPO shrs: 29mm

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

March 26 week analysis

Aruba Networks

ARUN, C+, 8

secure data wireless networking

July 31 fiscal

Post-IPO shrs: 75mm

Sunnyvale, CA

2004

2005

2006

Jan 06*

Jan 07*

IPO Mkt

Rev ($mm)

$1

$12

$73

$28

$51

Cap (mm)

Gross Profit %

-136%

25%

59%

55%

61%

$677

Profit (loss) ($mm)

($22.5)

($32.6)

($12.0)

($9.0)

($11.8)

@$9

Profit (loss) %

-2045%

-272%

-17%

-32%

-23%

6 months ended Jan 31

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

Aruba Networks (ARUN)

$677

6.6

-29

8.5

8.5

11%

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

. Enterprise mobility solution that enables secure access to data, voice and video applications

across wireless and wireline enterprise networks.

. The Aruba Mobile Edge Architecture allows end-users to roam to different locations within an

enterprise campus or office building while maintaining secure and consistent access to all of their

network resources.

. ARUN's architecture also enables IT managers to establish and enforce policies that control

network access and prioritize application delivery based on an end-user's organizational role and

authorization level.

. ARUN enables enterprise customers to extend the same user-centric solution to remote locations

such as branch offices and home offices connected over the Internet.

ARUN's solution

ARUN's solution integrates the ArubaOS operating system, optional value-added software

modules, a centralized mobility management system, high-performance programmable mobility

controllers, and wired and wireless access points.

Relationship with Microsoft

. ARUN's strategic relationship with Microsoft began in June 2005, when Microsoft chose

ARUN's products for a worldwide deployment, pursuant to which Microsoft has installed ARUN

products in various sites in the United States, Asia and Europe.

. As part of the relationship, ARUN supports Microsoft's Network Access Protection (NAP)

architecture for enterprise security and provide interoperability with Microsoft products such as

the Internet Authentication Server (IAS) and Network Policy Server (NPS).

. In addition, ARUN entered into a stock issuance agreement with Microsoft, pursuant to which,

upon the closing of the initial public offering, ARUN will issue shares of common stock to

Microsoft with a value of $3.5 million, based on the initial public offering price.

. Upon completion of this offering, and assuming all other revenue recognition criteria have been

met, ARUN will recognize revenues on sales to Microsoft in excess of $3.5 million.

(looks like ARUN is paying Microsoft to be a customer)

Six months comparison, Jan 31 2007 versus Jan 31 2006

. Total revenues increased 85% over the six months ended January 31, 2007 due to a $33.1 million

increase in product and related professional services and support sales to new and existing

customers, partially offset by a $9.6 million decrease in ratable product and related professional

services and support revenues.

. In the three months ended January 31, 2007, total revenues increased 9% over the three months

ended October 31, 2006 due to a $4.1 million increase in product and related professional services

and support sales to new and existing customers, partially offset by a $1.9 million decrease in

ratable product and related professional services and support revenues.

. ARUN expects ratable product and related professional services and support revenues to continue

to decrease in absolute dollars and as a percentage of total revenues in future periods., see note

below

Note:

. In Q2 of fiscal 2006 (May, 2005 quarter) revenue began to be recognized when program

segments were delivered and accepted, instead of over the life of the support contract.

. Before, the policy was that revenue was initially deferred and then released to the income

statement over the life of the support contract

. At January 31, 2007, had $7.8 million in deferred revenue associated with ratable product and

professional services and support revenues, of which $2.1 million will be amortized to revenue

over the remainder of fiscal 2007 and $3.5 million, $1.4 million and $800,000 will be amortized to

revenue in fiscal 2008, 2009 and 2010, respectively.

Product differentiation

. ARUN believes that the Aruba Mobile Edge Architecture is fundamentally different from "fixed

edge" mobility solutions such as Wireless Local Area Networks (WLANs), open access to fixed

ports and Virtual Private Networks (VPNs).

. ARUN's user-centric architecture enables a new "mobile edge" that allows users to enjoy secure,

high performance access to network applications as they roam across the enterprise network and to

remote locations that have an Internet connection.

. Using ARUN's architecture, IT departments can manage user-based network access and enforce

application delivery policies from a single integrated point-of-control in a consistent manner.

StockValution by an outside third party for stock option purposes

'4/30/2006: $2.19

'6/30/2006 $2.33

'10/2/2006: $3.63

'11/7/2006: $4.94

'11/21/2006: $5.12

'12/13/2006: $5.74

'1/25/2007: $7.21

History

. Founded in 2002 with the intention to develop a new approach to enabling secure enterprise

mobility.

. ARUN believes that end-users and IT departments were demanding mobility solutions, but

traditional approaches were limited by security, application performance and scalability

challenges.

. Began commercial shipments in June 2003. Since that time, ARUN's products have been sold to

more than 2,000 end customers worldwide, including some of the largest and most complex global

organizations such as Burlington Northern Santa Fe, Google, Guangzhou Metro, NTT Data

Corporation, The Ohio State University, Pu Dong International Airport (Shanghai), SAP, Saudi

Aramco, United States Air Force and University of Washington.

Competition

. Primary competitors include Cisco Systems, primarily through its Wireless Networking Business

Unit, and Symbol Technologies (which was recently acquired by Motorola for $3.9 billion).

. Also faces competition from a number of smaller private companies and new market entrants.

Use of $64.6mm in IPO proceeds

. Based on ARUN's current cash and cash equivalents balances, ARUN does not expect that it will

have to utilize the net proceeds of this offering to fund operations during the 12 months following

this offering.

. Currently plans to use the net proceeds for working capital and general corporate purposes,

including further expansion of sales and support functions for both direct and indirect sales

channels.

. Specifically, plans to hire additional personnel and anticipate incurring additional facilities costs

associated with such increased sales headcount.

. Also expects to increase investments in research and development by hiring additional engineers.

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

Capital Product Partners

CPLP, C+, 7

shipping vessel partnership

Post-IPO shrs: 21mm

Piraeus, Athens, Greece

2006

IPO Mkt

Rev ($mm)

$15

Cap (mm)

Profit (loss) ($mm)

$4.6

$420

Profit (loss) %

31%

@$20

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales*

Earnings

BookValue

TangibleBV

in IPO

Capital Prod L.P (CPLP)

$420

28.0

91

1.9

1.9

56%

SCORECARD

Mgt

Market

Market Do-

Proprie-

Total

1-5, 5 is high

Growth

mination

tary

rating

20 is perfect

2

2

2

1

7

Compare & contrast with withdrawn IPO of the parent Capital Maritime in the summer of 2005

Capital MaritimeCPM

$945

3.1

4.7

2.5

2.5

27%

Capital Prod L.P (CPLP)

$420

28.0

91

1.9

1.9

56%

Initial anticipated distribution rate

. $0.3750 per unit, or $1.50 per year.

. 7.5% on an annual basis

Business

. An international owner of product tankers, newly formed by Capital Maritime, an international

shipping company with a long history of operating and investing in the shipping market.

. Charters vessels under medium to long-term time and bareboat charters (two to ten years, with an

average remaining term of approximately 6.3 years) to large charterers.

Note: the parent Capital Maritime pulled it's proposed IPO at the last minute in the summary of 2005, see below

Limited operating history

As of December 31, 2006, only five of the vessels in the initial fleet had been delivered to the

relevant vessel-owning subsidiaries

Following the offering

. Initial fleet will consist of eight newly built, Ice Class 1A, double-hull, medium-range (MR)

product tankers, each of which is capable of carrying crude oil, refined oil products, such as

gasoline, diesel, fuel oil and jet fuel, as well as edible oils and chemicals, such as ethanol.

. CPLP plans plan to leverage the expertise and reputation of Capital Maritime to pursue growth

opportunities in this market.

. Upon the closing of this offering, Capital Maritime will own a 44.0% interest in CPLP

New vessels

. Have an agreement to purchase seven additional vessels from Capital Maritime comprised of

four Ice Class 1A sister vessels that are scheduled for delivery in 2007 and three MR product

tanker sister vessels that are scheduled for delivery in 2008, all of which will be under time or

bareboat charters that commence at the time of delivery.

. CPLP expects that by the end of the third quarter of 2008, the contracted fleet will consist of 15

MR double-hull product tankers with an average age of approximately 1.3 years

Use of Proceeds

100% to Capital Maritime

++++++++++++++++++++++++++++

Capital Maritime

CPM -- offering pulled in the summary of 2005

product tankers, oil-bulk-ore carriers and bulk carrier vessels

Post-IPO shrs:63mm

Athens, Greece

2002

2003

2004

Mrch3mos

IPO Mkt

Revenue ($mm)

$18

$78

$189

$76

Cap (mm)

Voyage Ops Exp %

53%

44%

32%

32%

$945

Net Income*

$1.7

$26.1

146.00

50.80

@$15

Net Income %

10%

34%

77%

67%

EBIDTDA %

33%

50%

89%

80%

*no taxes according to the filing

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

Capital MaritimeCPM

$945

3.1

4.7

2.5

2.5

27%

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

. International shipping company that owns, operates and actively manages a diverse fleet of

product tankers, oil-bulk-ore carriers, or OBOs, and bulk carrier vessels in the highly fragmented

international shipping market.

. As of June 3, 2005, existing fleet was comprised of 26 product tankers, including four OBOs,

and nine bulk carriers, ranging in size from 12,000 dwt to 103,203 dwt. The aggregate carrying

capacity of the fleet as of that date was approximately 1.7 million dwt.

Dividend Policy

Currently targeting an annual dividend of $1.05 per share, payable quarterly

. $66mm per year, 7% annual rate at price range midpoint of $15

Risk

. Charter hire rates in the spot market are at or near historically high levels

. The shipping industry is cyclical with attendant volatility in charter hire rates and profitability

. The degree of charter hire rate volatility among different types of product tanker, OBO and bulk

carrier vessels has varied widely, and charter hire rates for COM's vessels are currently at or near

historically high levels.

. Currently, most of CPM's vessels are employed in the spot market on time and voyage charters

that were fixed for agreed periods of 12 months or less

Competition

Arranges voyage and time charters in the spot market through the use of shipbrokers.

. The international tanker industry is highly fragmented and is divided among major oil companies

and independent tanker owners.

. Ownership of dry bulk carriers is highly fragmented and is divided among many independent dry

bulk carrier owners.

Use of $230mm in IPO proceeds

o $60.0 million of short-term debt used to facilitate the purchase of vessels delivered in the period

January 1, 2005 to date; and

o $157.3 million of long-term debt to partially finance the acquisition cost of 24 vessels

o Balance for general corporate purposes

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

eTelecare Global Solns

ETEL, C+, 7

voice-based business outsourcing

Post-IPO shrs:28mm ADS equiv

Quezon City, Philippines

2003

2004

2005

2006

IPO Mkt

Rev ($mm)

$32

$98

$152

$195

Cap (mm)

Cost of Servicet %

63%

73%

75%

70%

$374

Profit (loss) ($mm)

($4.5)

$4.4

$2.4

$12.2

@$13.5

Profit (loss) %

-14%

4%

2%

6%

L:ast four quarters

March

June

Sept

Dec

Rev ($mm)

$41

$42

$52

$59

Profit (loss) ($mm)

$1.7

$1.5

$4.4

$5.6

Profit (loss) %

4%

4%

8%

9%

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales*

Earnings*

BookValue

TangibleBV

in IPO

eTelecare Global (ETEL)

$374

1.6

17

4.0

4.8

20%

*annualizing Dec results

SCORECARD

Mgt

Market

Market Do-

Proprie-

Total

1-5, 5 is high

Growth

mination

tary

rating

20 is perfect

2

2

2

1

7

Compare & contrast

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

Price

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

28-Mar

eTelecare Global (ETEL)

$429

1.8

19

5.5

5.5

$15.50

ExLS (EXLS) (a)

$591

3.8

25

5.7

6.1

$20.91

PeopleSupport Inc. (PSPT) (b)

$280

2.3

18

1.5

1.5

$11.89

WNS Holdings (WNS) (c)

$1,160

2.8

41

6.3

8.4

$28.88

IPO-July 26, 2006 at $20

(a) IPO'd October 19, 2006 @$13.50

(b) IPO'd Oct 1, 2004 @$7

(c) IPO'd July 26, 2006 @$20

American Depositary Shares (one ADS represents two shares)

Business

. A leading provider of business process outsourcing, or BPO, services focusing on the complex,

voice-based segment of customer care services delivered from both onshore and offshore

locations.

. Provides a range of services including technical support, financial advisory services, warranty

support, customer service, sales, customer retention and marketing surveys and research.

11 delivery centers, 9.800 employees

Services are delivered from four delivery centers in the Philippines and seven delivery centers in

the United States, with approximately 6,800 employees in the Philippines and approximately

3,000 employees in the United States as of December 31, 2006.

Clients

Largest clients in terms of revenue for the year ended December 31, 2006 were American Express

Company, AOL LLC, Cingular Wireless LLC, Dell Inc., Intuit Inc., Sprint Nextel Corporation and

Vonage Holdings Corp., together representing approximately 91% of revenue.

Top line revenue comparisons

> 2006

. In 2006, service revenue increased $42.9 million, or 28.2%, over the prior year.

. This increase was primarily driven by new service programs with two new and two existing

clients and, to a lesser extent, expansion of existing service programs with four existing clients.

. These increases were partially offset by the ramping down of service programs or loss of clients.

. ETEL declined to reduce pricing with respect to the two largest clients that were lost and another

client terminated services due to a decline in its business.

> 2005

. In 2005, which included a full year of Phase 2 operations, service revenue increased $54.4

million, or 55.6%, over the prior year.

. This increase was primarily due to our addition of six new programs with four existing clients,

which ETEL believes was the result of demonstrating value per dollar spent by these clients for

existing programs, and expansion of a client relationship that gained through our acquisition of

Phase 2.

. In addition, revenue in 2005 increased over 2004 due to expansion of existing programs with

existing clients and the addition of 18 programs with 11 new clients.

. The increase in revenue in 2005 was partially offset by revenue lost as a result of the decision to

reduce a significant client program due to ETEL's inability to negotiate satisfactory pricing terms,

the bankruptcy of one clients and loss of another client, whose direct response marketing program

was not well suited to ETEL's delivery model due to its sporadic call arrival patterns.

A Different Business Model?

See competition below

. Founded in 1999 by alumni of the management consulting firm McKinsey & Company, who

implemented analytical tools and a focus on quantifiable value for the client in the customer care

BPO market.

. Business model has three key elements: a focus on delivering complex, voice-based BPO

services via a multi-shore delivery platform; making significant investments in the quality of

ETEL's people and processes; and entering into contracts that contain pricing terms that clients

agree are based on the value created per dollar spent by the client,

. Rather than a pricing model focused solely on being able to deliver the least expensive service

offering, or a cost-based commodity pricing model, that ETEL believes is most often emphasized

in its industry.

Competition

o offshore-based customer care BPO companies with offshore delivery center services

capabilities, such as Ambergris Solutions Inc., ePLDT, Inc., ExlService Holdings, Inc.,

PeopleSupport, Inc., and Wipro

o U.S.-based customer care BPO companies with onshore and offshore delivery center services

capabilities, such as APAC Customer Services Inc., ClientLogic Corporation, Convergys

Corporation, ICT Group, Inc., Sutherland Global Services, Inc., SITEL Corporation, Sykes

Enterprises, Incorporated, TeleTech Holdings, Inc. and West Corporation;

o broad-based U.S. outsourcing companies such as Accenture Ltd., Affiliated Computer Services,

Inc., Electronic Data Systems Corporation, and IBM Global Services; and

o numerous smaller companies, including 24/7 Customer, NuComm International Inc.,

SlashSupport and Vision-X, Inc.

Use of $66mm in IPO proceeds

. Repay $30mm in debt

. Balance for working capital

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

Flagstone Reinsurance

FSR, C+, 7

property and casualty reinsurance

Post-IPO shrs: 85mm

Hamilton, Bermuda

2006

IPO Mkt

Gross Premiums written ($mm)

$302