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

Pre-IPO analysis, grading & scoring -- updated August 11

. 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

or ticker for analysis

scheduled below

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

Aug 13 week IPO schedule

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

CCS Medical (CCSM)

$570

1.0

165

2.0

-2.0

26%

medical supply distributor: C+, 7 -- highly leveraged, high p/e ratio

Post-IPO shrs:38mm

Vmware (VMW)

$10,503

8.8

77

11.7

34.6

9%

virtual storage solutions: B, 10*

Post-IPO shrs:375mm

*however notice software IPO aftermarket performance, below

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

SEARCH BY COMPANY

In your browser use 'Edit/Find' to search for companies

or ticker for analysis

scheduled below

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

Aug13 week IPO schedule: analysis, grading, scoring

CCS Medical

CCSM, C+, 7 -- highly leveraged, high p/e ratio

medical supply distributor

Post-IPO shrs:38mm

Clearwater, FL

2006

June, 07*

IPO Mkt

Rev ($mm)

$432

$274

Cap (mm)

Gross Profit

44%

46%

$570

Interest expense %

12%

10%

@$15

Profit (loss) $mm

-$27.0

$4.9

Profit (loss) %

-6%

2%

* six months ended June 30

Last four quarters

Sept, 06

Dec, 06

March, 07

June, 07

Rev ($mm)

$113

$120

$137

$138

Gross Profit

42%

44%

47%

45%

Interest expense %

11.5%

10.8%

9.5%

10.4%

Profit (loss) $mm

-$4.1

-$1.1

$4.0

$0.9

Profit (loss) %

-4%

-1%

3%

1%

Number of customers

390,446

397,051

399,081

399,846

Acquisition cost per diabetic patient*

$132

$141

$159

$168

*Notice the increase in acquisiton cost

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

CCS Medical (CCSM)

$570

1.0

165

2.0

-2.0

26%

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 medical supply management company delivering products and value-added services to

individuals living with select chronic medical conditions, including diabetes, urological and ostomy-related

disorders, chronic wounds, incontinence, respiratory conditions and other illnesses

. Targets healthcare professionals who focus on chronic conditions to expand an extensive relationship

based network. Target markets are large, growing at epidemic (definition: the occurrence of more cases of

a disease than would be expected in a community or region during a given time period) levels and being

serviced more frequently by mail

. Primary product focus is on diabetes, a large and fast growing component of the chronic care market.

Products distributed in the diabetes market include blood glucose testing supplies, insulin pumps and

related supplies, and prescription medications.

History

Formed in September 2005 in connection with the acquisition of Chronic Care Solutions, Inc. and MPTC

Holdings, Inc. by Warburg Pincus

Competition

Retail pharmacies such as CVS Corporation, Rite Aid Corporation, and Walgreen Co

. Direct-to-consumer distributors of medical supplies such as Polymedica Corp., Edgepark Surgical, and

Byram Healthcare; healthcare product distributors such as Henry Schein Inc., PSS World Medical Inc., and

Patterson Companies, Inc.

. Pharmacy benefit management companies such as Caremark Inc., Medco Health Solutions Inc., and

Express Scripts, Inc

. Prescription drug plans with in-house pharmacies.

Use of $138mm in IPO proceeds

Repay debt

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

Vmware

VMW, B, 10 -- however notice software IPO aftermarket performance, below

virtual storage solutions

Post-IPO shrs:375mm

Palo Alto, CA

2005

2006

June, 06*

June, 07*

IPO Mkt

Rev ($mm)

$387

$704

$204

$374

Cap (mm)

Gross Profit

83%

82%

83%

83%

$10,503

Profit (loss) $mm

$67.0

$86.0

$35.7

$75.3

@$28

Profit (loss) %

17%

12%

18%

20%

Deferred revenue

$199

$416

* six months ended June 30

Last five quarters

June, 06

Sept, 06

Dec, 06

March, 07

June, 07

Rev ($mm)

$156

$189

$230

$259

$297

Gross Profit

83%

80%

83%

83%

84%

Profit (loss) $mm

$15.1

$19.3

$31.0

$41.1

$34.2

Profit (loss) %

10%

10%

13%

16%

12%

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

Vmware (VMW)

$10,503

8.8

77

11.7

34.6

9%

SCORECARD

Mgt

Market

Market Do-

Proprie-

Total

1-5, 5 is high

Growth

mination

tary

rating

20 is perfect

2

3

3

2

10

Software IPO performance in the last 12months

Notice: on average software IPOs have lost 12% of their value in the aftermarket

Company

IPO

1st day

1st day

Aug 9

%chg

%chg from

(most recent IPOs first)

price

close

% chg

price

from IPO

from 1st

from IPO

day

DemandTec (DMAN)

$11.00

$9.63

-12%

$9.50

-14%

-1%

BladeLogic (BLOG)

$17.00

$25.07

47%

$22.57

33%

-10%

Netezza (NX)

$12.00

$17.39

45%

$13.94

16%

-20%

Solera Hldg )SLH)

$16.00

$18.40

15%

$20.03

25%

9%

Sourcefire (FIRE)

$15.00

$15.49

3%

$10.10

-33%

-35%

Salary.com (SLRY)

$10.50

$12.50

19%

$12.89

23%

3%

Double-Take (DBTK)

$11.00

$12.66

15%

$16.25

48%

28%

Guidance (GUID)

$11.50

$15.18

32%

$12.16

6%

-20%

MEDecision (MEDE)

$10.00

$10.00

0%

$4.05

-60%

-60%

DivX (DIVX)

$16.00

$18.70

17%

$13.96

-13%

-25%

CommVault (CLVT)

$14.50

$17.00

17%

$17.56

21%

3%

Total (11)

19%

-11%

Range

-12 to 47%

-60 to 28%

Ticker

IPO date

Business

BLOG

7/24/2007

data center automation software

NZ

7/18/2007

data warehousing

DMAN

8/8/2007

on-demand pricing optimization software

SLH

5/10/2007

auto claimes processing software

FIRE

3/8/2007

real-time computer network intrusion detection

SLRY

2/14/2007

on-demand compensation management software

DBTK

12/14/2006

data protection software for Microsoft servers

GUID

12/12/2006

analyzes digital data across a network.

MEDE

12/12/2006

for healthcare insurers

DIVX

9/21/2006

digital video compression software

CVLT

9/21/2006

data management software

Business

. The leading provider of virtualization solutions

. Virtualization solutions represent a pioneering approach to computing that separates the operating system

and application software from the underlying hardware to achieve significant improvements in efficiency,

availability, flexibility and manageability.

. VMW solutions enable organizations to aggregate multiple servers, storage infrastructure and networks

together into shared pools of capacity that can be allocated dynamically, securely and reliably to

applications as needed, increasing hardware utilization and reducing spending.

. VMW believes that the market opportunity for its virtualization solutions is large and expanding, with

24.6 million x86 servers and 489.7 million business client PCs installed worldwide as of December 2006.

Customer base

. Includes 100% of the Fortune 100 and over 84% of the Fortune 1,000.

. Has grown to include 20,000 organizations of all sizes across numerous industries

. VMW believes its solutions deliver significant economic value for customers, and many have adopted

VMW's solutions as the strategic and architectural foundation for their future computing initiatives.

Market growth

. VMW believes that the addressable market opportunity for its virtualization solutions is large and

expanding.

. IDC estimates that less than one million of the 24.6 million x86 servers and less than five million of the

489.7 million business client PCs deployed worldwide are running virtualization software.

. VMW believes industry trends towards more powerful yet under-utilized multi-core servers and the

increasing complexity of managing desktop environments will further accelerate the widespread adoption

of virtualization for both server and desktop deployments.

Virtualization history

. First introduced in the 1970s to enable multiple business applications to share and fully harness the

centralized computing capacity of mainframe systems.

. Virtualization was effectively abandoned during the 1980s and 1990s when client-server applications and

inexpensive x86 servers and desktops established the model of distributed computing.

. Rather than sharing resources centrally in the mainframe model, organizations used the low cost of

distributed systems to build up islands of computing capacity, providing some benefits but also introducing

new challenges.

. In 1999, VMware introduced virtualization to x86 systems as a means to efficiently address many of these

challenges and to transform x86 systems into general purpose, shared hardware infrastructure that offers

full isolation, mobility and operating system choice for application environments.

Industry Background

The introduction of x86 servers in the 1980s provided a low-cost alternative to mainframe and proprietary

UNIX systems. The broad adoption of Windows and the emergence of Linux as server operating systems in

the 1990s established x86 servers as the industry standard. The growth in x86 server and desktop

deployments has introduced new operational risks and IT infrastructure challenges.

> These challenges include:

o Low Infrastructure Utilization

Typical x86 server deployments achieve an average utilization of only 10% to 15% of total capacity,

according to International Data Corporation (IDC), a market research firm. Organizations typically run one

application per server to avoid the risk of vulnerabilities in one application affecting the availability of

another application on the same server.

o Increasing Physical Infrastructure Costs

The operational costs to support growing physical infrastructure have steadily increased. Most computing

infrastructure must remain operational at all times, resulting in power consumption, cooling and facilities

costs that do not vary with utilization levels.

o Increasing IT Management Costs

As computing environments become more complex, the level of specialized education and experience

required for infrastructure management personnel and the associated costs of such personnel have

increased. Organizations spend disproportionate time and resources on manual tasks associated with server

maintenance, and thus require more personnel to complete these tasks.

o Insufficient Failover and Disaster Protection

Organizations are increasingly affected by the downtime of critical server applications and inaccessibility

of critical end user desktops. The threat of security attacks, natural disasters, health pandemics and

terrorism has elevated the importance of business continuity planning for both desktops and servers.

o Desktop Management and Security

Managing and securing enterprise desktops present numerous challenges. Controlling a distributed desktop

environment and enforcing management, access and security policies without impairing users' ability to

work effectively is complex and expensive. Numerous patches and upgrades must be continually applied to

desktop environments to eliminate security vulnerabilities.

VMW's virtualization solutions

. Run on industry-standard servers and desktops and support a wide range of operating system and

application environments, as well as networking and storage infrastructure.

. Functions independently of the hardware and operating system to provide customers with a broad

platform choice

. VMW's solutions provide a key integration point for hardware and infrastructure management vendors to

deliver differentiated value that can be applied uniformly across all application and operating system

environments.

> Key benefits to VMW's virtualization solutions include:

o Server Consolidation and Infrastructure Optimization

Enables organizations to achieve significantly higher resource utilization by pooling common infrastructure

resources and breaking the legacy "one application to one server" model.

o Physical Infrastructure Cost Reduction

. Through server consolidation and containment, solutions reduce the required number of servers and other

related infrastructure overhead.

. Organizations are able to significantly decrease physical infrastructure costs through reduced data center

space, power and cooling requirements.

o Improved Operational Flexibility and Responsiveness

. Offers a set of automation and management solutions that reduce the amount of time IT professionals

must spend on largely reactive tasks, such as provisioning, configuration, monitoring and maintenance

. Additionally, as the need for physical infrastructure decreases, so does the need for the highly-specialized

personnel required to manage and maintain such environments.

o Increased Application Availability and Improved Business Continuity

. Solutions enable organizations to reduce both planned and unplanned downtime in their computing

environments by allowing them to securely migrate entire virtual environments to separate servers or even

data center locations without user interruption.

o Improved Desktop Manageability and Security

. VMW's desktop virtualization solutions allow IT organizations to efficiently control and secure desktop

environments to end users regardless of their location, desktop hardware, operating system or business

application access needs.

History with EMC Corp (NYSE: EMC, $37bb market cap)

. VMW was acquired by EMC in January 2004, and prior to this offering operated as a wholly owned

subsidiary of EMC

. Immediately following this offering and subject to the closing of the sales of our Class A common stock

to Intel Capital Corporation and Cisco Systems, Inc. EMC will hold 87% of VMW's outstanding common

stock and 98% of the combined voting power of outstanding common stock

Competition

> Microsoft is the primary competitor for virtualization solutions

. Microsoft currently provides products that compete with some of VMW's entry-level offerings and has

announced its intention to provide products that will compete with some of VMW's enterprise-class

products in the future.

. VMR has developed its virtualization solutions as a software layer between the hardware and the

operating system that is not tied to a specific operating system

. VMR believes its approach is differentiated from Microsoft's and delivers significant flexibility and

superior economic value to customers.

> Other

. Also competes with small companies whose products are based on emerging open-source technologies for

system virtualization.

. In addition, competes with companies that take different approaches to virtualization.

. However, VMR believes these solutions offer limited support for heterogeneous operating system

deployments.

. Furthermore, VMR's VMware Infrastructure suite competes with products that provide high availability

clustering, workload management and resource management.

Intellectual Property

. 22 US patents covering various aspects of server virtualization and other technologies

. The granted United States patents will expire beginning in 2018, with the latest granted patent expiring in

'2024.

. Also has numerous United States provisional and non-provisional patent applications pending that cover

other aspects of virtualization and other technologies.

Investments by Intel & Cisco

> Intel

. Intel Capital, the global investment arm of Intel, has agreed to invest $218.5 million in VMR's Class A

common stock at $23.00 per share

. Intel's investment is intended to foster strengthened intercompany collaboration towards accelerating

VMware virtualization product adoption on Intel architecture and reinforcing the value of virtualization

technology for customers.

> Cisco

In July 2007, Cisco Systems, Inc., or Cisco, agreed to purchase $150mm of Class A common stock from

EMC at $25.00 per share for an aggregate purchase price of $150.0 million

Use of $866mm in IPO proceeds from sale of 75.1mm shares

including 9.5mm shares to be sold to Intel

o Repay $350.0 million of intercompany indebtedness* owed to EMC;

o Purchase from EMC VMW's new headquarters facilities for an amount equal to the cost expended by

EMC to date in constructing the facilities, which totaled approximately $127.0 million

o For working capital and other general corporate purposes, including to finance growth, develop new

products and fund capital expenditures and potential acquisitions.

* the intercompany indebtedness was incurred in April 2007 to fund an $800 million dividend paid to EMC

in the form of a note.

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

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

Pre-IPO analysis, grading & scoring -- updated August 3

. 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

or ticker for analysis

scheduled below

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

Aug 6 week IPO schedule

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

Cross Match Tech

$431

4.9

-179

1.8

3.0

41%

biometric technologies: C+, 7

Post-IPO shrs:29mm

Cumberland Phar (CPIX)

$378

16.0

128

3.9

3.0

25%

acquisition of prescription products: C+, 6.5

Post-IPO shrs:25mm

DemandTec (DMAN)

$288

5.5

-60

6.0

7.5

23%

demand mgt softwr for retailiing: C+, 6.5

Post-IPO shrs:26mm

E-House (China) (EJ)

$933

10.1

37

4.9

5.0

20%

China real estate services: B-, 9

Post-IPO shrs:75mm

Hireright (HIRE)

$179

2.8

37

3.0

3.0

39%

employee screening software: C+, 7

Post-IPO shrs:11mm

Horsehead Holding ZINC

$646

1.1

6

4.4

3.8

16%

zinc recyler: C+, 6

Post-IPO shrs:34mm

Masimo Corp (MASI)

$898

3.8

51

10.4

11.0

23%

on-invasive patient monitoring: C+, 8

Post-IPO shrs:53mm

MercadoLibre (MELI)

$745

12.0

186

11.0

17.0

37%

Online trading platform, Latin Am: C+, 7

Post-IPO shrs:44mm

Paragon Shipng (PRGN)

$408

n/a

n/a

1.6

1.6

43%

dry bulk shipping: C+, 6

Post-IPO shrs:24mm

Quicksilver Gas LP KGS

$230

10.6

-64

2.5

5.2

43%

natural gas processor in Texas: C+, 7

Post-IPO shrs:11.5mm

Tully's Coffee (TULY)

$99

1.5

-11

3.5

3.6

39%

specialty coffee stores: C, 5

March fiscal

Post-IPO shrs:9mm

WuXi PharmaTech (WX)

$720

5.3

30

3.5

3.7

22%

biopharma R&D outsourcing: B-, 9

Post-IPO shrs:60mm

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

SEARCH BY COMPANY

In your browser use 'Edit/Find' to search for companies

or ticker for analysis

scheduled below

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

Aug 6 week IPO schedule: analysis, grading, scoring

Cross Match Tech (CROS)

CROS, C+, 7

biometric technologies

Post-IPO shrs:29mm

Palm Beach Gardens, FL

2004

2005

2006

March, 06*

March, 07*

IPO Mkt

Rev ($mm)

$32

$46

$77

$18

$22

Cap (mm)

Gross Profit

50%

47%

47%

46%

54%

$431

Profit (loss) $mm

-$4.6

-$4.9

-$11.3

-$2.8

-$0.6

@$15

Profit (loss) %

-14%

-11%

-15%

-16%

-3%

* three months ended March 31

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

Cross Match Tech

$431

4.9

-179

1.8

3.0

41%

SCORECARD

Mgt

Market

Market Do-

Proprie-

Total

1-5, 5 is high

Growth

mination

tary

rating

20 is perfect

2

2

1

2

7

Business

. Global provider of biometric technologies designed to protect people, property and privacy.

. Customers include systems integrators, governments, law enforcement agencies and businesses around the

world that use CROS products in identity management systems.

. CROS products include fingerprint, palm and full-hand scanning devices, commonly known in the

industry as Livescan devices, document readers and proprietary software, such as criminal booking, civil

identification and facial recognition applications.

. Offers customized solutions to address customers' needs by combining proprietary software applications

with CROS's biometric devices and third-party technologies. In addition, provides maintenance and

installation and training services.

Acquisitions

. In August 2005, acquired Smiths Heimann Biometrics GmbH, a leading provider of finger and palm print

biometric devices and document readers headquartered in Jena, Germany. This acquisition significantly

increased revenue, expanded our international presence, enhanced product offerings and increased

manufacturing, engineering and research and development capabilities.

. Subsequently renamed the acquired company Cross Match Technologies GmbH, or CMTG.

. In May 2006, acquired C-Vis Computer Vision and Automation GmbH, or C-Vis, a respected European

leader in developing and deploying facial recognition systems. This acquisition provides valuable

technology that enhances CROS's ability to provide products using multiple biometric technologies

Intellectual property

As of June 30, 2007, had more than 80 issued patents and more than 80 patent applications pending in the

United States and other countries

Competition

. Primary competitors are companies that are actively engaged in developing and marketing biometric

products, particularly Livescan devices.

. Primary competitors include Cogent, Inc., Cognitec Systems GmbH, L-1 Identity Solutions, Inc., Precise

Biometrics AB, SafLink Corporation and Secugen Corporation.

. Also compete with companies that provide document readers, such as 3M Company and Rochford

Thompson Equipment Limited.

Use of $114mm in IPO proceeds from sale of 8.3mm shares

(shareholders intend to sell 3.5mm shares)

. $4mm for debt repayment

. Balance for working capital and general corporate purposes as well as funding for possible acquisitions

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

Cumberland Pharma

CIPX, C+, 6.5

acquisition of prescription products

Post-IPO shrs:25mm

Nashville, TN

2004

2005

2006

March, 06*

March, 07*

IPO Mkt

Rev ($mm)

$12.0

$10.7

$17.8

$1.4

$5.9

Cap (mm)

Operating profit (%)

13%

7%

12%

-86%

21%

$378

Profit (loss) $mm

$0.6

$2.0

$4.4

-$1.2

$0.7

@$15

Profit (loss) %

5%

19%

25%

-86%

13%

* three months ended March 31

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

Cumberland Phar (CPIX)

$378

16.0

128

3.9

3.0

25%

Note: the price to book value should always be higher

than the price to tangible book value

so CIPX's numbers in the filing are not consistent

SCORECARD

Mgt

Market

Market Do-

Proprie-

Total

1-5, 5 is high

Growth

mination

tary

rating

20 is perfect

2

2

1

1.5

6.5

Business

. Specialty pharmaceutical company focused on the acquisition, development and commercialization of

branded, prescription products.

. Building our product portfolio primarily by acquiring rights to FDA-approved and late-stage development

products and marketing them to specialty physician segments.

. Primary target markets are hospital acute care and gastroenterology.

. Current portfolio consists of two marketed products and one late-stage development product nearing

completion of Phase III clinical trials.

Summary: products & candidates

Amelior®, Pain and Fever, Injectable, Phase III

Acetadote®, Acetaminophen Poisoning, Injectable, Marketed

Kristalose®, Chronic and Acute Constipation, Oral Solution,Marketed

> Amelior

.CPIX believes Amelior currently represents its most significant product opportunity.

Lead pipeline candidate, is an intravenous formulation of ibuprofen currently in Phase III clinical trials.

. Expects to complete clinical development by early 2008. Preparing to submit a new drug application, or

NDA, to the FDA for review.

. There currently are no injectable products approved for sale in the U.S. for the treatment of both pain and

fever. If CPIX completes clinical development and receives FDA approval for Amelior on the current

projected timeline, we believe Amelior would be the first injectable product available for the treatment of

both pain and fever in the country.

. If approved, CPIX plans to market Amelior in the U.S. through its hospital sales force and to market

Amelior internationally through alliances with marketing partners.

> Acetadote

The only intravenous formulation of N-acetylcysteine, or NAC, approved in the U.S. for the treatment of

acetaminophen poisoning

> Kristalose

a prescription laxative product, is a crystalline form of lactulose designed to enhance patient acceptance

and compliance.

Revenue

Three months ended March 31, 2007 compared to three months ended March 31, 2006

. Net revenues for the three months ended March 31, 2007 totaled $5.9 million, representing an increase of

$4.5 million, or 326%, over net revenues for the three months ended March 31, 2006 of $1.4 million.

. The increase reflected growth of sales of Acetadote of $3.0 million as well as recording all sales for

Kristalose in the three months ended March 31, 2007 versus recording a co-promotion fee for Kristalose in

the three months ended March 31, 2006.

. In April 2006, entered into an agreement to acquire the U.S. commercial rights to Kristalose and began

recording revenue based on shipments of the product.

. Prior to April 2006, co-promoted Kristalose and recorded a co-promotion fee based on a percentage of the

product's sales.

Employees

. As of July 16, 2007, had 35 full-time employees, which includes the sales staff recently acquired from

Cardinal, now comprised of 15 representatives.

. Also has a dedicated gastroenterology field sales force under contract that is comprised of 26 dedicated

sales representatives and managers.

Intellectual Property

> Amelior

. Owns U.S. Patent No. 6,727,286, which is directed to ibuprofen solution formulations, methods of making

the same, and methods of using the same, and which expires in 2021.

. This U.S. patent is associated with CPIX's completed international application No. PCT/US01/42894

. Hasapplied for additional protection for the invention related to ibuprofen solution formulations, methods

of making the same and methods of using the same through U.S. application No. 10/739,050 and

international application No. PCT/US04/39770, both of which remain pending.

> Has an exclusive, worldwide license to clinical data for intravenous ibuprofen from Vanderbilt

University, in consideration for royalty and other payment obligations that are conditioned upon approval

by the FDA of Amelior.

. If Amelior is approved by the FDA, CPIX intends to seek three years marketing exclusivity from the FDA

based on the clinical studies CPIX has sponsored to pursue approval of the product.

> Acetadote

. Acetadote was approved by the FDA in January 2004 as an orphan drug for the intravenous treatment of

acetaminophen overdose.

. As an orphan drug, Acetadote is entitled to seven years of marketing exclusivity for the treatment of this

approved indication.

. CPIX has applied for patent protection for a new formulation of Acetadote through U.S. patent application

No. 11/209,804, as well as through international application No. PCT/US06/20691, both of which are

directed to acetylcysteine compositions, methods of making the same and methods of using the same

> Kristalose

CPIX is the exclusive licensee of two U.S. patents owned by Inalco relating to Kristalose.

. The first, U.S. Patent No. 5,003,061, is directed to a method for preparing high-purity crystalline

lactulose.

. The second, U.S. Patent No. 5,480,491, is directed to a process for preparation of crystalline lactulose.

Competition

> Amelior, being developed for the treatment of pain and fever, primarily in a hospital setting. A variety of

products already address the acute pain market.

. Morphine, the most commonly used product for the treatment of acute, post-operative pain, is

manufactured and distributed by several generic pharmaceutical companies.

. Depodur® is an extended release injectable formulation of morphine that is marketed by SkyePharma

PLC.

. Other generic injectable opioids, including fentanyl, meperidine and hydromorphone.

. Ketorolac (brand name Toradol®), an injectable NSAID, is also manufactured and distributed by several

generic pharmaceutical companies.

Other

. Companies developing injectable, non-narcotic analgesics for the treatment of post-surgical pain are the

primary potential competitors to Amelior.

. Cadence Pharmaceuticals Inc. is developing an injectable formulation of acetaminophen for the treatment

of pain and fever

. Javelin Pharmaceuticals Inc. is developing an injectable form of an NSAID, diclofenac.

Not aware of others

. CPIX is not aware of any approved injectable products indicated for the treatment of fever in the U.S.

. There are, however, numerous drugs available to physicians to reduce fevers in hospital settings via oral

administration to the patient, including acetaminophen, ibuprofen and aspirin. These drugs are

manufactured by numerous pharmaceutical companies.

> Acetadote

. Acetadote is CPIX's injectable formulation of NAC for the treatment of acetaminophen overdose. NAC is

accepted worldwide as the standard of care for acetaminophen overdose. Despite the availability of

injectable NAC outside the United States, Acetadote, to our knowledge, is the only injectable NAC product

approved in the U.S. to treat acetaminophen overdose.

. Competitors in the acetaminophen overdose market are those companies selling orally administered NAC

including, but not limited to, Geneva Pharmaceuticals, Inc., Bedford Laboratories division of Ben Venue

Laboratories, Inc., Roxane Laboratories, Inc. and Hospira Inc.

> Kristalose

. Kristalose is a dry powder crystalline prescription formulation of lactulose indicated for the treatment of

constipation.

. The U.S. constipation therapy market includes various prescription and OTC products. The prescription

products which CPIX believes are primary competitors are Amitiza® and liquid lactuloses:

-- Amitiza is indicated for the treatment of chronic idiopathic constipation in adults AND is marketed by

Sucampo Pharmaceuticals Inc. and Takeda Pharmaceutical Company Limited; and

-- Liquid lactulose products #NAME? marketed by a number of pharmaceutical companies.

-- In addition, Kristalose competed with the prescription product Zelnorm® until it was pulled from the

market in March 2007 due to adverse safety findings. Indicated for treatment of chronic idiopathic constipation

in persons under aged 65 and produced by Novartis Pharma AG, Zelnorm is under further

review by the FDA.

-- There are several hundred OTC Products used to treat constipation marketed by numerous

pharmaceutical and consumer health companies. MiraLax® (polyethylene glycol 3350), previously a

prescription product, is indicated for the treatment of constipation and is manufactured and marketed by

Braintree Laboratories, Inc. and other generic pharmaceutical firms. Under an agreement with Braintree,

Schering-Plough introduced MiraLax as an OTC product in February 2007.

Use of $84mm in IPO proceeds

Principally for acquisitions of product candidates, new products, intellectual property rights to products or

companies that complement the business

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

DemandTec

DMAN, C+, 6.5

demand mgt softwr for retailiing

Post-IPO shrs:26mm

San Carlos, CA

2004

2005

2006

March, 06*

March, 07*

IPO Mkt

Rev ($mm)

$20

$33

$44

$10

$13

Cap (mm)

Gross Profit

55%

62%

67%

66%

67%

$288

Profit (loss) $mm

-$9.3

-$2.7

-$1.5

$0.3

-$1.2

@$11

Profit (loss) %

-48%

-8%

-3%

3%

-9%

* three months ended March 31

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

DemandTec (DMAN)

$288

5.5

-60

6.0

7.5

23%

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

. Provider of consumer demand management, or CDM, software.

. Software enables retailers and consumer products, or CP, companies to define merchandising and

marketing strategies based on a scientific understanding of consumer behavior and makes actionable

pricing, promotion and other merchandising and marketing recommendations to achieve their revenue,

profitability and sales volume objectives.

. Delivers applications by means of a software-as-a-service, or SaaS, model, which allows DMAN to

capture and analyze the most recent retailer and market-level data and enhance software rapidly to address

customers' ever-changing merchandising and marketing needs.

Customers

. Software as a service is used by 35 retailers and over 100 CP (consumer products) companies worldwide.

. Retail customers together accounted for 94% of our revenue in fiscal 2007.

> Retail

. Based on annual contract value, the largest U.S.-based retail customers are Best Buy, Office Depot, Safeway, Target and Wal-Mart

. DMAN's largest international-based retail customers are Casino Supermarkets and Companhia Brasileira

de Distribuição

> Consumer Products companies

. DMAN's largest CP company customers are Kraft Foods Global, Nestlé USA, Procter & Gamble and

Tyson Foods, and DMAN's largest sales agency customers that broker items on behalf of CP companies

are Acosta Sales and Marketing and Advantage Sales and Marketing.

Contracts

. At February 28, 2007, had agreements with initial terms of one year or longer with 24 retail customers and

103 CP companies.

. Retail customers accounted for 94% of our revenue in fiscal 2007.

. Agreements with retailers are large contracts that generally are two to three years in length. They had an

average annual value of approximately $2.4 million in fiscal 2007, an increase from $1.6 million in fiscal

'2006.

Strategic Partnerships

ACNielsen, Inc., International Business Machines Corporation, or IBM, and Accenture LLP.

o ACNielsen is a leading marketing information provider. In 2005, DMAN entered into an exclusive

agreement with ACNielsen to deliver consumer-centric merchandising solutions to fast moving consumer

good (FMCG) retailers around the globe. Retailers utilizing both our and ACNielsen's offerings can access

a combination of consumer and market information, demand-modeling science and optimization software

to generate merchandising plans.

o The Global Business Services division of IBM provides business process outsourcing, systems

integration and general consulting services. IBM has pre-existing relationships with many of DMAN's

retail customers and prospects. DMAN has worked with IBM to jointly sell and implement solutions in

multiple geographies.

o Accenture has a strong retail industry practice that includes expertise and solutions focused on precision

pricing. DMAN has successfully collaborated with Accenture on joint sales and implementation efforts for

a number of retail customers around the globe.

Competition

> Competes primarily with vendors of packaged software, whose software is installed by customers on

their own premises. Also competes with internally-developed solutions

> Current principal competitors include:

o enterprise software application vendors such as SAP AG and Oracle Corporation;

o niche retail software vendors targeting smaller retailers such as KSS Group and Athens Group;

o statistical tool vendors such as SAS, Inc.;

o marketing information providers for the CP industry such as ACNielsen and Information Resources,

o business consulting firms such as McKinsey & Company, Inc., Deloitte & Touche LLP and Accenture

Use of $58mm in IPO proceeds

. $10.4 million to repay debt

. Remaining proceeds for working capital and other general corporate purposes, including to finance

growth, develop new software and fund capital expenditures

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

E-House (China) Hldigs

EJ, B-, 9

China real estate services

Post-IPO shrs:75mm

Shanghai, China

2004

2005

2006

March, 06*

March, 07*

IPO Mkt

Rev ($mm)

$31

$39

$56

$4

$16

Cap (mm)

Gross Profit

69%

72%

82%

68%

85%

$933

Operating profit (%)

22%

38%

43%

-43%

37%

@$12.5

Profit (loss) $mm

$5.6

$11.1

$18.0

-$1.3

$4.4

Profit (loss) %

18%

29%

32%

-33%

28%

* three months ended March 31

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

E-House (China) (EJ)

$933

10.1

37

4.9

5.0

20%

SCORECARD

Mgt

Market

Market Do-

Proprie-

Total

1-5, 5 is high

Growth

mination

tary

rating

20 is perfect

3

3

2

1

9

Each ADS represents one ordinary share

Recent developments

. EJ estimates that it generated revenues ranging from approximately $22.5 million to $24.0 million for

the quarter ended June 30, 2007.

. Also estimates that it had income from operations ranging from approximately $9.2 million to $10.0 million and

. Net income ranging from approximately $6.0 million to $6.5 million for the quarter ended June 30, 2007.

Business

. A leading real estate services company in China based on scope of services, brand recognition and

geographic presence.

. Provides primary real estate agency services, secondary real estate brokerage services as well as real

estate consulting and information services

. China Real Estate Information Circle system, or CRIC system: EJ believes their CRIC system is the only

information system that provides up-to-date, comprehensive and in-depth information covering residential

and commercial real estate properties in all major regions in China.

. EJ ranked as the largest real estate agency and consulting services company in China for three consecutive

years from 2004 to 2006 by the China Real Estate Top 10 Committee, as measured by the number of

transactions facilitated, transaction value and GFA of properties sold and geographic coverage.

Segments

For the quarter ended March 31, 2007 the segment distribution of revenue was

. Real estate agency services, 79.4%

. Secondary real estate brokerage services, 11.5%

. Real estate consulting and information services, 9.1%

Highlights

o Enhanced brand recognition and leading position in the real estate services market, as evidenced by the

award received on March 28, 2007 as the largest real estate agency and consulting service company for the

third consecutive year;

o CRIC system was further expanded from covering real estate data in nine cities as of March 31, 2007 to 24 cities

as of June 30, 2007

o Secondary brokerage store network was further expanded from 114 stores as of March 31, 2007 to 141

stores as of June 30, 2007;

o Experienced a minimum of 40.6% increase in revenues from $16.0 million for the first quarter of 2007 to

the estimated revenues ranging from approximately $22.5 million to approximately $24.0 million for the

second quarter of 2007; and

o Experienced a minimum of 36.4% increase in net income from $4.4 million for the first quarter of 2007 to

the estimated net income ranging from approximately $6.0 million to approximately $6.5 million for the

second quarter of 2007.

Tax issues

. Under the new Enterprise Income Tax Law, enterprises that are established under the laws of foreign

countries or regions and whose "de facto management bodies" are located within the PRC territory are

considered PRC resident enterprises, and will be subject to the PRC enterprise income tax at the rate of

25% on their worldwide income.

. However, the new law does not define the term "de facto management bodies." Substantially all of our

management are currently located in China, and if they remain located in China after January 1, 2008, the

effective date of the new law, EJ's offshore holding companies may be considered PRC resident enterprises

and therefore be subject to the PRC enterprise income tax at the rate of 25% on their worldwide income

. This may increase EJ's tax expenses and adversely affect results of operations.

Customer concentration & developer relationships

. Generated 95.2%, 89.2% and 81.6% of total revenues from primary real estate agency services in 2004,

2005 and 2006, respectively.

. Although EJ is expanding service offerings, EJ expects to continue to rely on primary real estate agency

services to generate a significant portion of revenues for the foreseeable future.

. Revenues from primary real estate agency services are typically generated on a project-by-project basis

and are non-recurring in nature. This may contribute to the fluctuations in our period-to-period operation

results.

. EJ typically enters into agency agreements with developers shortly before they are expected to obtain

permits to sell their newly developed properties. However, the timing of obtaining these sales permits

varies from project to project and is subject to uncertain and potentially lengthy delays as developers need

to obtain a series of other permits and approvals related to the development before obtaining the sales

permit.

Seasonal

. Operating income and earnings have historically been substantially lower during the first quarter than

other quarters.

. This results from the relatively low level of real estate activity during the winter and the Chinese New

Year holiday period, which normally falls within the first quarter each year.

Competition

> EJ's competitive position in Shanghai, Wuhan and Fuzhou is stronger than its position in other local

markets.

. In Shanghai, EJ remained as the leading comprehensive real estate services company for three consecutive

years starting in 2004 and

. EJ's leading position was recognized by the prestigious "Golden Bridge" Award EJ received annually for

the same period from the Shanghai Real Estate Services Company Association.

> In the primary real estate agency services market, main competitors include World Union Real Estate

Consultancy (China) Ltd., Hopefluent Group Holdings Limited, Shanghai T&D Real Estate Co. Ltd. And

B.A. Consulting Company, all of which operate in multiple cities in China

> In the secondary real estate brokerage services market, EJ competes with established international and

domestic real estate brokerage firms, including Century 21 China Real Estate, Centaline Group, Coldwell

Banker, Shanghai House Exchange Co., Ltd., SUNCO Real Estate Co., Ltd., and 5i5j Real Estate Co. Ltd.,

in terms of number of brokerage storefronts, sales force and geographic coverage.

> In the real estate consulting and information service market, competes with other leading international

and domestic real estate services companies which provide real estate consulting services, including DTZ

International, Jones Lang LaSalle, CB Richard Ellis and First Pacific Savills

Use of $130mmin IPO proceeds from sale of 11.45mm ADSs

(shareholders intend to sell 3.15 ADSs)

o $20.0 million to fund capital expenditure, including approximately $10.0 million to fund opening of new

secondary storefronts and approximately $10.0 million to invest in information and operational systems;

o $5.0 million to expand our sales and marketing efforts; and

o balance for general corporate purposes, including funding possible acquisitions of complementary

businesses, although EJ is not currently negotiating any such transactions.

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

Hireright (HIRE)

HIRE, C+, 7

employee screening software

Post-IPO shrs:11mm

Irvine, CA

2004

2005

2006