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

Pre-IPO analysis, grading & scoring -- updated July 20

. 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

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

July 23 week IPO schedule

BladeLogic (BLOG)

$337

5.9

-498

7.9

7.9

19%

data center automation sftw: C+, 7

Post-IPO shrs: 26mm

lululemon athletica LULU

$828

4.6

59

13.1

15.1

24%

yoga-inspired apparel: B-, 8

Post-IPO shrs: 75mm

Monotype Imaging TYPE

$470

4.6

74

5.2

-3.0

33%

text imaging solutions: C+, 7

Post-IPO shrs: 33.6mm

Perfect World (PWRD)

$728

16.1

35

6.2

6.2

34

China online 3D video games: B-, 8

Post-IPO shrs:56mm ADSs equiv

Rex Energy

$374

38.6

-101

1.6

1.6

47%

oil/gas drilling: C+, 7

Post-IPO shrs:31mm

Validus Holdings, (VR)

$1,798

1.8

6

1.1

1.2

22%

property catastrophe reinsurance: C+, 7

Post-IPO shrs:726mm

Voltaire Ltd. (VOLT)

$267

7.7

22

3.2

3.2

38%

server/storage switching and software: C+, 6

Post-IPO shrs: 20.5mm

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

SEARCH BY COMPANY

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

or ticker for analysis

scheduled below

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

July 23wk financials, analysis, grading, scoring

BladeLogic

BLOG, C+, 7

data center automation sftw

Dec 31 fisal year

Sept, 06*

Post-IPO shrs: 26mm

Lexington, MA

2004

2005

2007

March, 06**

March, 07**

IPO Mkt

Rev ($mm)

$12.0

$18.3

$25

$12.2

$27.0

Cap (mm)

Gross Profit

84%

80%

84%

87%

86%

$337

Profit (loss) $mm

-$4.0

-$7.9

-$7.2

-$4.1

-$0.2

@$13

Profit (loss) %

-33%

-43%

-29%

-34%

-1%

* nine months ended Sept 30

**six months ended March 31

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

BladeLogic (BLOG)

$337

5.9

-498

7.9

7.9

19%

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

. Data center automation software to enterprises, service providers, government agencies and other

organizations in North America, Europe and Asia.

. Products and services enable organizations of any size to address the full lifecycle of data center

management using one integrated solution for provisioning, change, administration and compliance across

complex, distributed server and application environments.

Results of operations for the March six months, 07 vs 06

> License revenue.

. License revenue increased 142%, after excluding the change in foreign currency exchange rates, or 149%

in absolute dollars.

. The increase in license revenue was primarily a result of an increase in the licenses delivered during the

six months ended March 31, 2007 as compared to the six months ended March 31, 2006, which reflected

the growth in the worldwide market for products, geographic expansion, primarily in Europe, and an

increase in headcount of 22 employees in our sales and marketing organizations.

. International revenues, excluding Canada, represented 37% of license revenues for the six months ended

March 31, 2007, compared to 8% for the six months ended March 31, 2006 and the international sales force

increased by three.

> Services revenue

. Services revenue, which consists of revenue from maintenance and professional services, increased 71%,

after excluding the change in foreign currency exchange rates, or 73% in absolute dollars.

. The increase in services revenue was attributable to an increase of 70% in maintenance and support fees

associated with the growth in our installed product base and an increase of 30% in consulting and training

revenue, including reimbursable travel expenses.

. Maintenance revenue, which is generally recurring revenue renewed annually, represented 53% of

services revenue for the six months ended March 31, 2006 and 59% for the six months ended March 31,

'2007.

. The balance of the services revenue relates to professional services, which are generally project-oriented

and performed on a time-and-materials basis. International revenues, excluding Canada, represented 24%

of services revenues for the six months ended March 31, 2007, compared to 17% for the six months ended

March 31, 2006.

Competition

Primary competitors include BMC Software, Inc., Configuresoft, Inc., Hewlett-Packard Company,

International Business Machines Corporation, Opsware Inc. and Symantec Corporation.

Use of $45.4mm in IPO proceeds from sale of 3.94mm shares

(shareholders intend to sell 1.06mm shares)

o $5.9 million to redeem and cancel Series A redeemable preferred

o for general corporate purposes, including the potential funding of strategic acquisitions or investments,

the continued expansion of sales and marketing activities and the expanded funding of research and

development efforts.

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

lululemon athletica

LULU, B-, 8

yoga-inspired apparel

January 31 fiscal

Post-IPO shrs: 75mm

Vancouver, BC, Canada

2005

2006

2007

April, 06*

April, 07*

IPO Mkt

Rev ($mm)

$41.0

$84.0

$149

$28.0

$45.0

Cap (mm)

Gross Profit

52%

51%

51%

52%

51%

$828

Profit (loss) $mm

-$1.4

$1.4

$7.7

$3.2

$3.5

@$11

Profit (loss) %

-3%

2%

5%

11%

8%

*quarter ended April 30

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

lululemon athletica LULU

$828

4.6

59

13.1

15.1

24%

SCORECARD

Mgt

Market

Market Do-

Proprie-

Total

1-5, 5 is high

Growth

mination

tary

rating

20 is perfect

3

2

2

1

8

Compare & contrast

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

Profit

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

Margin %

lululemon athletica LULU

$828

4.6

59

13.1

15.1

7.8%

Under Armour, Inc. (UA)

$2,760

5.6

69

12.2

12.6

8.0%

Bebe Stores, Inc. (BEBE)

$1,450

2.4

28

3.0

3.0

8.4%

Business

. LULU believes lululemon is one of the fastest growing designers and retailers of technical athletic apparel

in North America, marketing yoga-inspired apparel is marketed under the lululemon athletica brand name

. As of July 1, 2007, LULU's branded apparel was principally sold through 59 corporate-owned and

franchise stores that are primarily located in Canada and the United States.

> Vertical retail strategy

LULU believes its vertical retail strategy allows LULU to interact more directly with and gain insights

from customers while providing greater control of the brand.

> Comparable sales & $ per sq ft

During fiscal 2006, comparable store sales increased 25% and stores opened at least one year averaged

sales of approximately $1,400 per square foot, which LULU believes is among the best in the apparel retail

sector.

Corporate-owned stores opened & planned expansion

end of fiscal year (Jan 31)

Year ended Jan 31 2005: 14

Year ended Jan 31, 2006: added 17; total 31

Year ended Jan 31, 2007: added 14; total 45

Year ended Jan 31, 2008: expects to add 20-25; total 65-70

Year ended Jan 31, 2009: expects to add 30-35; total 95-105

Comparable store sales growth

Year ended Jan 31, 2007: 25%:

Year ended Jan 31, 2006: 19%

Revenue

. For fiscal 2006, 87.1% of net revenue was derived from sales of products in Canada, 11.7% of net revenue

was derived from the sales of products in the United States and 1.2% of net revenue was derived from sales

of our products in Australia and Japan.

. For the first quarter of fiscal 2007, 82.0% of net revenue was derived from sales of products in Canada,

16.5% of net revenue was derived from the sales of products in the United States and 1.5% of net revenue

was derived from sales of products in Australia and Japan.

. Recently increased focus on the men's apparel line, which represented approximately 11% of net revenue

for each of fiscal 2006 and the first quarter of fiscal 2007, and the accessories business, which represented

approximately 9% and 10% of net revenue for fiscal 2006 and the first quarter of fiscal 2007, respectively

Growth plan

> Grow our Store Base in North America.

. Plans to add new stores to strengthen existing markets while selectively entering new markets in the

United States and Canada.

. Believes that strong sales in the United States to date demonstrate the portability of LULU's brand and

retail concept.

. Expects to open 20 to 25 stores in fiscal 2007 and 30 to 35 additional stores in fiscal 2008 in the United

States and Canada.

> Expand Beyond North America

. Plans to open additional stores in Japan and Australia through existing and planned joint venture

relationships.

. Over time, intends to pursue additional joint venture opportunities in other Asian and European markets

that we believe offer similar, attractive demographics.

. Believes the joint venture model allows LULU to leverage partners' knowledge of local markets to reduce

risks and improve LULU's probability of success in these markets.

Competition

Vertical retail distribution strategy differentiates LULU from competitors

. In direct competition with wholesalers and direct sellers of athletic apparel, such as Nike, Inc., adidas AG,

which includes the adidas and Reebok brands, and Under Armour, Inc.

. Also competes with retailers specifically focused on women's athletic apparel including Lucy Activewear

Inc., The Finish Line Inc. (including Finish Line and Paiva collection), and bebe stores, inc. (BEBE

SPORT collection).

Private equity

Upon completion of a private equity investment in December 2005 the founder beneficially owned 52% of

the equity of lululemon, while Advent International Corporation, Brooke Private Equity Advisors and

Highland Capital Partners together effectively beneficially owned a total of approximately 48% of the

equity of lululemon, before giving effect to employee stock options.

Use of $18.4mm in IPO proceeds from sale of 2.3mm shares

(shareholders intent to sell 15.9mm shares for $175mm)

. Together with cash flow from operations, to fund new store openings and working capital, and for other

general corporate purposes, which may include general and administrative expenses, and potential

acquisitions of franchises.

. For fiscal 2007 and fiscal 2008, budgeted an aggregate of $28.0 million to $34.0 million for new store

openings

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

Monotype Imaging

TYPE,

text imaging solutions

Post-IPO shrs: 33.6mm

Woburn, MA

2005

2006

March, 06*

March, 07*

IPO Mkt

Rev ($mm)

$74.0

$86.0

$18.5

$25.7

Cap (mm)

Gross Profit

87%

90%

89%

89%

$470

Operating income %

37%

34%

34%

32%

@$14

Interest payments

20%

23%

22%

21%

Profit (loss) $mm

$7.1

$7.1

$1.7

$1.6

Profit (loss) %

10%

8%

9%

6%

*quarter ended March 31

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

Monotype Imaging TYPE

$470

4.6

74

5.2

-3.0

33%

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 global provider of text imaging solutions.

. Technologies and fonts enable the display and printing of high quality digital text.

. Software technologies have been widely deployed across, and embedded in, a range of consumer

electronic, or CE, devices, including laser printers, digital copiers, mobile phones, digital televisions, set

top boxes and digital cameras, as well as in numerous software applications and operating systems.

Applications

. In the laser printer market, worked together with industry leaders for over 15 years to provide

critical components embedded in printing standards.

. Scaling, compression, text layout, color and printer driver technologies solve critical text imaging issues

for CE device manufacturers by rendering high quality text on low resolution and memory constrained CE

devices.

. TYPE combines these proprietary technologies with access to over 9,000 typefaces from a library of some

of the most widely used designs in the world, including popular names like Helvetica and Times New

Roman.

. Also licenses typefaces to creative and business professionals through custom font design services, direct

sales and e-commerce websites fonts.com, itcfonts.com, linotype.com and faces.co.uk, which attracted

more than 20 million visits in 2006 from over 200 countries.

Customers

o mobile phone makers Nokia, Motorola and Sony Ericsson;

o eight of the top ten laser printer manufacturers based on the volume of units shipped worldwide;

o digital television and set-top box manufacturers TTE Technology, Toshiba and JVC; and

o multinational corporations Agilent, British Airways and Barclays.

> Also

. TYPE's text imaging solutions are embedded in a broad range of CE devices and are compatible with

most major operating environments and those developed directly by CE device manufacturers.

. Partners with operating system and software application vendors Microsoft, Apple, Symbian,

QUALCOMM and ACCESS (PalmSource).

Recent Acquisitions

> Linotype

. On August 1, 2006, completed the acquisition of the capital stock of Linotype. The total purchase price

for Linotype and the related intellectual property was approximately $59.7 million in cash, which included

the related acquisition costs of approximately $699.

. The purchase price was financed with proceeds from the term loans under First and Second Lien Credit

Facilities. Linotype's results of operations have been included in consolidated financial statements since the

date of acquisition and all intercompany balances have been eliminated.

> China Type Design

. On July 28, 2006, acquired 80.01% of the capital stock of China Type Design for approximately $4.1

million in cash and three promissory notes in the aggregate amount of $600 that are convertible into a total

of 413,345 shares of our restricted common stock as of June 1, 2007 upon the closing of this offering.

. At the time of this acquisition, already had a 19.99% ownership interest in China Type Design, and

following the acquisition, it became a wholly-owned subsidiary.

. The results of operations of China Type Design have been included in consolidated financial statements

since the date of acquisition and all intercompany balances have been eliminated.

. Prior to the acquisition, TYPE did not have the ability to exercise significant influence over operating and

financial policies of China Type Design, and accordingly, the results of its operations were accounted for

using the cost method of accounting.

Limited number of customers

. In 2006 and during the three months ended March 31, 2007, the top ten licensees by revenue accounted

for approximately 53.0% and 48.7%, respectively, of total revenue.

. If Linotype had not been included for all of 2006, the top ten licensees by revenue would have accounted

for approximately 58.0% of total revenue for the period.

. In 2005, customer Lexmark International, Inc. accounted for more than 10% of total revenue for the year.

Accordingly, if we are unable to maintain relationships with major customers or establish relationships with

new customers, our licensing revenue will be adversely affected.

Worldwide

. For 2006 and the three months ended March 31, 2007, sales by subsidiaries located outside

North America comprised 56.5% and 64.0%, respectively, of total revenue.

. Expects that sales by international subsidiaries will continue to represent a substantial portion of revenue

for the foreseeable future and that this will increase when Linotype and China Type Design revenue is

included for a full year.

Competitive Strengths

> Established Relationships with Market Leaders.

. Benefits from established relationships with our OEM customers, many of which date back 15 years or

more.

. Because our technologies and fonts are embedded in the hardware of our customers' CE devices, it would

be costly and time-consuming to replace them.

> Attractive Business Model

. Has a large, recurring base of licensing revenue.

. In addition, has significant operational leverage, a relatively low cash tax rate and low capital

requirements.

Intellectual property

Eight patents, and have 13 patents pending with, the U.S. Patent and Trademark Office

Competition

. Principally Adobe and Bitstream

. Also competes with local providers of text imaging solutions whose solutions are specific to a particular

country's language.

. Also competes with FreeType, an open source collaborative organization that provides its Linux font

rendering code for free, and with printer driver provider Software Imaging.

. The competition for TYPE's fonts and custom font design services generally comes from companies

offering their own typeface libraries and custom typeface services, including Bitstream and Adobe, font

foundry websites, font-related websites and independent professionals.

. More generally, also competes with in-house resources of OEM customers in the areas of font, driver and

color technologies.

Leveraged buy-out

. Until November 2004, Agfa Corporation, or Agfa, operated its font and printer driver business through its

wholly-owned subsidiary, Agfa Monotype Corporation, or Agfa Monotype.

. On November 5, 2004, through a series of transactions, all of the common stock of Agfa Monotype was

acquired by a newly formed entity, Monotype Imaging Inc., or Monotype Imaging, for a total purchase

price of $194.0 million consisting of cash plus assumption of certain obligations.

. The transaction was financed with $112.2 million in debt financing from certain credit facilities and $78.4

million in capital contributions made by investment funds associated with TA Associates, Inc., or TA

Associates, D.B. Zwirn Special Opportunities Fund, or D.B. Zwirn, and certain of the former officers and

employees of Agfa Monotype, or the Investing Employees, in exchange for convertible preferred stock,

common stock and subordinated notes of Imaging Holdings Corp., or IHC, the parent of Monotype

Imaging.

. These capital contributions represented $2.36 per share on an as converted basis which compares with an

assumed value of $14.00 per share, the midpoint of the range on the cover page of this prospectus.

. In August 2005, IHC entered into a recapitalization transaction and debt refinancing, which resulted in

Monotype Imaging Holdings Inc., the issuer in this offering, becoming the parent of IHC. All of the holders

of shares of common stock of IHC exchanged their shares for shares of our common stock and all of the

holders of shares of convertible preferred stock of IHC exchanged their shares for shares of TYPE's

convertible preferred stock and payments of an aggregate of $48.3 million. The relative equity interests of

the stockholders remained unchanged following this recapitalization.

Use of $73.6mm in IPO proceeds from sale of 6mm shares

(shareholders intent to sell 5mm shares for $70mm)

Together with the $10.2 million in proceeds from the increase in the term loan under the First Lien Credit

Facility, to:

o repay in full our term loan arranged by D.B. Zwirn, or the Second Lien Credit Facility, in the amount of

$72.1 million, which includes $2.1 million in prepayment penalties; and

o redeem the shares of redeemable preferred stock issuable upon conversion of the convertible preferred

stock from TA Associates, D.B. Zwirn and the Investing Employees in the amount of $9.7 million.

. After giving effect to this offering, TA Associates will hold approximately 52.4% of common stock.

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

Perfect World

PWRD, B-, 8

China online 3D video games

Post-IPO shrs:56mm ADSs equiv

Beijing, China

2006

March, 07*

IPO Mkt

Rev ($mm)

$13

$11

Cap (mm)

Gross Profit %

75%

78%

$728

Profit (loss) $mm

-$4

$5.2

@$13

Profit (loss) %

-27.7%

46.0%

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

Perfect World (PWRD)

$728

16.1

35

6.2

6.2

21%

Compare & contrast

Mrkt

Price /

Price /

Price /

Price /

Op earn

Compare & contrast

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

multiple

Perfect World (PWRD)

$728

16.1

35

6.2

6.2

34

Game operators

The9 Limited (NCTY)

$1,260

9.0

37

6.8

6.8

34

Shanda Interactive (SNDA)

$2,400

8.7

10

6.8

6.8

21

Game developer

July 16

Netease.com Inc. (NTES)

$2,300

8.3

15

5.6

5.6

14

SCORECARD

Mgt

Market

Market Do-

Proprie-

Total

1-5, 5 is high

Growth

mination

tary

rating

20 is perfect

2

3

2

1

8

ADS offering, five shares per ADS

MMORPG: a massively (or massive) multiplayer online role-playing game

Business