This document discusses the potential benefits and challenges for US companies pursuing initial public offerings (IPOs) on the Alternative Investment Market (AIM) in London as an alternative to the NASDAQ. Some key points made: - AIM allows for earlier IPOs than NASDAQ as it targets micro-cap and early-stage companies. Transaction costs are similar but AIM offers more ownership liquidity at the IPO. - From 2001-2006, there were only 44 US company IPOs on AIM compared to over 1,500 listings total. However, US listings have been increasing in recent years. - Successful AIM IPOs typically have experienced management, a clear growth strategy,

1. 1
Taking “AIM” at NASDAQ’s Home Turf

2. 2
46
56
95
80
148
203
129
85
308
221
19 16 23
54
40 34
0
50
100
150
200
250
300
350
1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
Ann.
#ofTechnologyTransactions
U.S. Technology IPOs Enter 6U.S. Technology IPOs Enter 6thth
Year of DarknessYear of Darkness
157 IPOs
Per Year
31 IPOs
Per Year
Source: Thomson Financial; SEC filings; IPO Monitor; Data as of 6/24/2006

3. 3
AIM Makes Move on NASDAQAIM Makes Move on NASDAQ
63
51 56
170
118
9794
60 66
243
335
262
0
50
100
150
200
250
300
350
2001 2002 2003 2004 2005 2006
NASDAQ AIM
AIM Avg 177
NASDAQ Avg 93
Annualized
#ofIPOs
IPO data 2001-2006 YTD; 2006 IPO data annualized

4. 4
AIM Listed U.S. Companies on the RiseAIM Listed U.S. Companies on the Rise
U.S. AIM IPOs U.S. AIM Tech IPOs
0
5
10
15
20
25
30
2000 2001 2002 2003 2004 2005 2006*
U.S. AIM Tech IPO Avg 3
U.S. AIM IPO Avg 9
% U.S. AIM
IPOs of Total:
#ofIPOs
4
1 1
3
7
20
28
2% 1% 5% 2% 3% 6% 11%
* Annualized 2006 U.S. AIM IPOs as of 5/31/06, actual is 14 (5 tech)

5. 5
Primary Benefits of an AIM Offering for U.S. Companies
AIM is predominantly a micro-cap / early stage public exchange, which allows companies to
go public much earlier in their life than on the NASDAQ
Although SOX regulations are a potential requirement on AIM, the typical AIM structure is
called a “Placement” which avoids SOX because there are less than 500 shareholders
Easier access to large U.S. institutions who are active on AIM (e.g. Fidelity)
On the NASDAQ, typically 25% of the company is floated in an IPO, while that percentage is
closer to 40% on the AIM
AIM allows for significantly larger secondary sales compared to NASDAQ
Employees have the opportunity to cash out up to 30% of their equity in an AIM IPO
Follow-on offerings within a year of the IPO are commonplace on AIM
While it is now taking 4-6 months to go public on NASDAQ, a company is public in 3-4
months on AIM

6. 6
Core Challenges AIM Presents to a U.S. Company
AIM and NASDAQ global IPO activity slowed in June
AIM is for early stage and generally higher risk enterprises - creates greater volatility
and uncertainty. In the last 6 years, there were only 44 U.S. company IPOs (17 tech)
on AIM. 2006 to date has 14 (5 tech).
Once public, liquidity is limited on AIM as it is on NASDAQ
AIM is 3,000 miles away - CEO / CFO will need to market regularly to London
institutions
It is unclear on which exchange you achieve a better valuation
Transaction costs are similar to that of an IPO on NASDAQ

7. 7
AIM IPO HighlightsAIM IPO Highlights
130 IPOs on AIM v. 48 on NASDAQ for Jan-May 2006
A 5% median aftermarket performance for all AIM IPOs in 2006
Easier access to large U.S. institutions who are active on AIM (e.g. Fidelity)
129 AIM IPOs in 2005 with proceeds in excess of $25M, with a median market
cap of $50M
68 AIM IPOs in Jan-May 2006, with proceeds in excess of $25M with a median
market cap of $66M – AIM IPOs growing in size
IPO backlog** at LSE shows 40 companies with intent to list on AIM (as of 5/06)
2006 AIM data as of April 30, 2006; Companies not necessarily required to report intention to list, so figure could be low
Based on previous close price as of 6/5/06

8. 8
AIM Matches Up Well Against NASDAQ on Key Benchmarks
Comments
AIM NASDAQ
Number of IPOs 130 48 AIM at 2-3x the Volume
Total Capital Raised $7.7b (b) $4.2b AIM Raises More $$$ than NASDAQ
Median Amount Raised $18m $67m AIM Serving Early Stage Companies
Median Market Cap for IPOs $49m $268m AIM a Micro Cap Market
Offer Amount as % Market Cap 37% 34% AIM Providing Nearly 40% Liquidity at IPO
IPO Aftermarket Performance 5% (1%) AIM Outperforms NASDAQ
% U.S. HQ Companies 10% 88% AIM Not Yet Well Known in the U.S.
Overall Exchange Market Capitalization $139b $3,616b NASDAQ dwarfs AIM
Number of Companies Listed 1,527 3,362
AIM growing over 20% U.S., NASDAQ
growing only 3%
Market Cap over $250m 3% 45% AIM truly a micro-cap exchange
Market Cap under $45m 56% 17%
Exchange Performance(c) 7% 2% AIM outperforming
Note: IPO data through 5/31/06
(a) Adjusted for exchange rate as of 3/21/06; $1.7466/£
(b) Adjusted for exchange rate as of 6/14/06; $1.8477/£; aftermarket performance closing price as of 6.14.06
(c) Exchange performance June 23, 2005 & 2006
Jan - May 2006
(a)

9. 9
Characteristics of a Successful AIM Offering
A successful flotation on AIM typically exhibits the following characteristics:
Experienced management team
Strong track record
Potential for growth
Visibility of projections and earnings
Well defined market with strongly defendable position
Competitive advantages
Clearly communicated strategy
Innovative products/service/technology
Highly Valued Characteristics for U.S. businesses looking to float on AIM:
International flavor to the business
Plans for international expansion
Willingness to “Anglicize” the Board with suitable Chairman and non-executive directors
Adherence to IFRS accounting standards
Minimum size or fundraising requirements:
Market capitalization on float – ideally greater than £50 million
Free float and fundraising – minimum £10m or at least 25% in public hands
Maximum sell-down for management – 30%
Source: Investec; Offerings can be made in U.S. dollars

10. 10
AIM & NASDAQ Trade Together in 2006
2,000
2,050
2,100
2,150
2,200
2,250
2,300
2,350
2,400
Jan Feb Mar Apr May Jun
1,000
1,050
1,100
1,150
1,200
1,250
1,300
NASDAQ AIM
AIM 1,162
NASDAQ 2,296
NASDAQ at 2,091 is (9%) below the 6 month average of 2,296
AIM at 1,085 is (7%) below the 6 month average of 1,162
As of 6/12/2006)

11. 11
Survey of Top AIM Investment Banks
Top Aim Broker
I would invest in
its IPOs
I make time to
read its reasearch
I would meet
companies it floats
I get updates after
I've invested
Generally, I
respect this broker Overall Score
1 Investec 4.2 4.8 4.7 4.3 4.5 4.5
2 ABN Amro 4.0 4.5 4.5 4.5 4.8 4.5
3 Brewin Dolphin 4.2 4.2 4.4 4.4 4.2 4.3
4 Panmure Gordon 3.8 4.2 4.4 4.4 4.2 4.1
5 Bridgewell Securities 3.5 4.4 4.2 4.2 4.2 4.1
Median (Top 30 Brokers) 3.0 3.3 3.3 3.2 3.1 3.2
Fund Manager's Top Picks (Top 30)
* Source: Master Class - Investors Chronicle, April, 2006; survey of UK small-cap fund managers; rating is based on a scale w/max score of 5

12. 12
AIM Offers For Greater Liquidity at IPO – 2005/2006 U.S. AIM IPOs
Aftermarket performance as of 6/5/06
IPO Date Company State Industry
Raised
US$ in
($mm)
Market Cap
US$ in
($mm)
Amount as %
Market Cap
Aftermarket
Performance %
2005-2006
1 Mar-06 Peach Hldgs Inc FL Business Services $210 $560 37% (4%)
2 Oct-05 International Metal Enterprises MA Industrial 200 312 64% (98%)
3 Apr-06 Cross Shore Acquisition Corp DE Business Services 115 155 74% (16%)
4 Mar-05 Frontera Resources Corp TX Industrial 80 158 51% (20%)
5 Apr-06 Burst Media Corp MA Media & Entertainment 68 121 56% 5%
6 Jul-05 Cyberscan Technology DE Technology 60 162 37% (48%)
7 Oct-05 Dic Entertainment Hldgs CA Media & Entertainment 58 186 31% 5%
8 Mar-06 Aqua Bounty Technologies MA Agriculture 35 129 27% (7%)
9 Oct-05 Spacelabs Healthcare WA Healthcare 30 150 20% 8%
10 Feb-06 Bodisen Biotech DE Agriculture 21 226 9% (21%)
11 Jul-05 Enova Systems CA Transportation 20 59 34% 19%
12 Apr-06 Entelos CA Healthcare 20 78 26% 2%
13 May-06 Powerfilm IA Semiconductors 18 73 25% 4%
14 Apr-05 Utek Corp CA Industrial 14 98 14% 39%
15 Jul-05 Polyfuel CA Technology 14 40 35% 60%
16 Mar-06 Planet Group NY Business Services 12 31 39% 16%
17 Dec-05 Cardiomag Imaging Inc DE Medical Equipment 9 51 18% (19%)
18 Dec-05 Allied Healthcare International MO Healthcare - 163 0% (40%)
19 Jun-05 Billing Services group Ld IL Technology 84 136 62% (17%)
20 Sep-05 Clipper Windpower Plc CA Energy 75 181 41% 95%
21 Dec-05 Cosentino Signature Wines plc CA Other 11 28 41% 14%
22 Feb-06 Econergy CO Technology 60 87 69% (1%)
23 Oct-05 Energy XXI (Bermuda) NA Energy 172 215 80% -
24 Apr-05 Gulfsands Petroleum Plc TX Energy 39 120 33% (6%)
25 Nov-05 IRF European Finance Investments NY Financial Services 2 197 1% 56%
26 Dec-05 Lancashire holdings NA Financial Services 547 556 98% 0%
27 Mar-06 Legacy Distributions Group NA Other - 10 0% 0%
28 Jun-06 OCZ Technology Group CA Technology 5 - - (15%)
29 Mar-06 Platinum Diversified Mining NY Manufacturing 46 57 80% (6%)
30 Jun-05 Renova Energy Plc NA Energy 9 18 50% 150%
31 Jun-05 Spearhead Limited FL Business Services - 22 0% -
32 May-06 Turbotec Products CT Energy 5 11 44% (1%)
33 May-05 Ubiquity Sotfware Corporation plc NA Technology 20 54 37% (18%)
34 Mar-06 Vinaland Limited NA Real Estate 117 117 100% (5%)
Overall Median $25 $118 37% (1%)
2006 IPOs Median $35 $87 39% (4%)
2005 IPOs Median $34 $143 36% 3%

13. 13
Only 10 U.S. IPOs on AIM Between 2001 and 2004
IPO Date Company State Industry
Raised
US$ in
($mm)
Market Cap
US$ in
($mm)
Amount as %
Market Cap
Aftermarket
Performance %
2001-2004
1 Oct-03 Ocean Power Technologies NJ Technology $42 $107 40% (34%)
2 Oct-04 Xl Techgroup FL Business Services 41 131 32% 100%
3 May-04 Solar Integrated Technologies CA Technology 22 102 22% 10%
4 Dec-04 Gatekeeper Systems CA Technology 16 41 38% (3%)
5 Sep-04 Frontier Mining CO Mining 6 16 39% 50%
6 Dec-01 Clean Diesel Technologies CT Transportation 6 31 19% (46%)
7 Jul-02 Sky Capital Hldgs NY Business Services 6 48 12% (49%)
8 May-02 Akers Biosciences NJ Healthcare 5 79 6% (49%)
9 Dec-04 121Media Inc TX Business Services 4 33 13% 98%
10 Apr-04 Elcom International MA Technology 4 10 36% (12%)
2001-2004 IPOs Median $6 $41 27% (3%)
Aftermarket performance as of 6/5/06

14. 14
Blue Chip Institutional Money Managers are Most Active Participants
on Both AIM and NASDAQ
US Funds
Fund # of IPOs
1 Citadel Gbl 16
2 Barclays Gbl 11
3 Federated 9
4 Fidelity Mgmt & Research 8
5 Timessquare 8
6 Blackrock 6
7 Millennium 6 7
8 Morgan Stanley 6
9 Rs Investments 6
10 T. Rowe Price 6
11 Aim Management 5 1
12 Balyasny Asset 5
13 Cortina Asset 5
14 D. E. Shaw & Co. 5
15 Franklin Advisers 5
16 J.P. Morgan 5
17 Riversource 5
18 UBS Securities 5 1
19 Union Inv Group 5
20 Wellington 5
21 California Public Emp' Re 4
22 Essex 4
23 Fred Alger 4
24 Galleon Management 4
25 Gruber & Mcbaine 4
Fund
# of
Investments
1 Threadneedle 516
2 Hargreave Hale 380
3 New Star 154
4 Fidelity 113
5 Henderson 112
6 Foreign & Colonial 112
Artemis 94
8 Insight 76
9 Jupiter Asset 73
10 Gartmore 65
1 M&G 59
12 RAB Capital 58
13 Framlington 56
14 Chase Manhattan 52
15 Invesco 51
16 Standard Life 48
17 Pershing Keen 48
8 Newton 46
19 Merrill Lynch 46
20 Goldman Sachs 46
21 HSBC 46
22 Schroder Investment 45
23 Rathbones 44
24 Bank of New York 44
25 Aviva 41

15. 15
BurstMedia – Boston Based Internet Advertiser Priced on the AIM
• BurstMedia completed a $68 million IPO or 56% of their $121 million
market cap on the AIM on 4/06
– Sold 91% secondary offering with an enterprise value of $130 million
– P/E = 35x
– Summit invested $15 million in BurstMedia on 2/00 and sold 100% of its position
at the IPO for $38 million
• BurstMedia
– Based in Burlington, MA
– Provider of internet advertising solution for a network of 1,850 specialty content
web publishers
– Burst Network reaches one in 3 U.S. Internet users across 3,400 websites
– Delivers more than 5 billion monthly impressions
– One of the top 20 largest online media properties in terms of unique visitors and
reach

16. 16
BurstMedia (cont.)
Selected Financials (in millions) IPO (in millions)
LTM Revenue $22 Price per Share $1.43
LTM Gross Margin 49% Underwriting Fees $0.84
LTM Operating Margin 15%
EBITDA $3 Primary Shares 4
Cash 11 Secondary Shares 43
Debt 0 Shares Offered 47
P/E # 35x Market Cap $118
'05 Revenue Multiple 5x Enterprise Value 108
'05 EBITDA Multiple 33x
Proceeds to Company $5
Proceeds to Shareholders $61

17. 17
U.S. Technology IPO Vital SignsU.S. Technology IPO Vital Signs
Financial Profile (Medians) 2005 2006
41
$87
10%
39%
2.7x
17
$177
10%
27%
2.8x
Post IPO Market Cap ($M):
Offering Amount ($M):
% of Market Cap:
Secondary Component:
Largest IPO:
Smallest IPO:
NASDAQ / NYSE (%):
US / International (%):
$320
$88
28%
71% of the time
Dolby ($686M)
Tri-S Security ($12M)
85% / 12%
68% / 32%
$330
$120
32%
53% of the time
Vonage ($499M)
IncrediMail ($17M)
90% / 10%
60% / 40%
Post-IPO Performance
Aftermarket Performance:
Best Performing IPO:
Worst Performing IPO
30%
Rackable (+323%)
Fusion (-53%)
(-14%)
Nextest Systems (+26%)
Traffic.com (-66%)
No. of Deals:
LQA Revs ($M):
LQ Op Margin:
YoY Rev Growth:
LQA Rev Mult:
Transaction Parameters
(Medians)
Note: Medians used. Source: IPO Monitor; Thomson Financial; U.S. IPO Transactions; SEC Filings; Data as of 6/24/2006

18. 18
Operating Profile of 2006 Technology IPOs Completed & FiledOperating Profile of 2006 Technology IPOs Completed & Filed
17 technology IPOs completed in 2006 with a median revenue run rate of $177M
and the 22 on file have a median revenue run rate of $83M
Only 12 of the 17 technology IPOs had positive operating income and roughly half of
the 22 IPOs currently in registration are not profitable
YTD completed tech IPO median revenue growth rate is 19%
Completed IPOs:
71% are profitable this year (vs. 54% profitable in filings YTD)
24% of companies are located in California
29% of companies have LTM revenues of less than $50M
(Median in $mm)
Completed
IPOs (17) IPOs Filed (22)
Revenue Run Rate $177 $83
Low 7 13.5
LQ Operating Margin 10% 4%
YoY Growth Rate 19% 64%
% Profitable 71% 54%

19. 19
Why Only 17 U.S. Technology IPOs so far in 2006?Why Only 17 U.S. Technology IPOs so far in 2006?
Economic and opportunity costs imposed by SOX regulations
Preference/holding out for 100% liquidity in M&A transactions as an alternative
Unprecedented availability of cheaper private capital as a late stage alternative
Ongoing concerns regarding compliance costs, SOX etc.
Lack of IPO activity and poor aftermarket stock performance of IPOs creating
uncertainty on ability to successfully execute an IPO
Bulge Bracket resistance to small IPOs due to lower fees and higher risk
1990’s CEOs cherished the IPO, 2006 CEOs dread it
Exposure to litigation for missed expectations, SOX and just about anything

20. 20
Private Equity Funding Explosion Continues in 1H06
InBillions
$13.5
$4.7
$4.3
$3.5 $3.5
$3.2
$2.3 $2.1$2.5
$8
$14
$1 $.9 $.7
$0
$2
$4
$6
$8
$10
$12
$14
$16
TPG
Blackstone
Bain
W
C
A
S
TA
VestarC
apitalP
artners
C
layton,D
ubilier&
R
ice
G
oldm
an
Francisco
Partners
N
ew
Enterprise
A
ssociatesEnergy
C
apital
Arclight
Polaris
Sequoia

21. 21
2006 Tech IPOs are Down 14%2006 Tech IPOs are Down 14% -- Not a Good OmenNot a Good Omen
Company
Market Cap
@ IPO
($mm)
Amount
Raised
($mm)
LQA Rev
($mm)
LQ Op
Margin
($mm) YoY Growth
LQA Rev
Multiple
Aftermarket
Performance
1 Nextest Systems $236 $52 $78 12% 52% 3.0x 26%
2 Visicu 512 89 23 (396%) NA 22.1x 20%
3 Synchronoss Technologies 204 49 63 16% 39% 3.2x 11%
4 Luna Innovations Inc. 62 20 18 (47%) 39% 3.4x 3%
5 SMART Modular Technologies 524 76 633 9% 2% 0.8x 2%
6 Verigy 897 119 680 (6%) 115% 1.3x 2%
7 Techwell Inc 180 21 39 10% 72% 4.6x 1%
8 Eagle Test Systems 320 88 90 33% 11% 3.6x 0%
9 CPI International 307 49 330 13% 12% 0.9x (14%)
10 Corel 407 74 177 13% 11% 2.3x (27%)
11 Clayton Holdings 330 119 225 5% 19% 1.5x (30%)
12 Dyncorp International 911 353 1,891 5% 1% 0.5x (30%)
13 IncrediMail 73 17 6 28% 9% 11.6x (33%)
14 China GrenTech 467 84 187 42% 36% 2.5x (34%)
15 Himax Technologies 1,822 107 709 11% 99% 2.6x (37%)
16 Vonage Holdings 2,727 499 476 (69%) 192% 5.7x (49%)
17 Traffic.com 232 74 43 (176%) (443%) 5.4x (66%)
Median $330 $76 $177 10% 27% 3.0x (14%)
Aftermarket performance as of 6/23/06

22. 22
2006 Technology IPOs Market Statistics2006 Technology IPOs Market Statistics
Performance
Company
State or
Country Offer Date
Amount
Offered ($mm)
EV @
Offering
Market Cap @
IPO ($mm)
Shares Offered
as % of Total
# of
Underwriters
Secondary
Shares
Offered
Aftermarket
Performance
1. Techwell Inc CA 6/21 $57 $203 $180 32% 5 Yes 1%
2. Synchronoss Technologies Inc. NJ 6/15 65 225 204 32% 3 Yes 11%
3. Verigy Ltd. Singapore 6/13 147 889 897 16% 4 No 2%
4. Luna Innovations Inc. VA 6/2 24 57 62 39% 3 No 3%
5. Vonage Holdings NJ 5/24 611 2,577 2,727 22% 6 No (49%)
6. Dyncorp International Inc TX 5/4 431 907 911 47% 7 No (30%)
7. CPI International CA 4/27 146 585 307 48% 4 Yes (14%)
8. Corel Canada 4/25 120 481 407 29% 6 Yes (27%)
9. Visicu MD 4/5 110 413 512 22% 4 No 20%
10. Himax Technologies China 3/30 538 1,842 1,822 30% 6 Yes (37%)
11. China GrenTech Corp China 3/29 129 472 467 28% 3 Yes (34%)
12. Clayton Holdings CT 3/23 147 409 330 44% 5 No (30%)
13. Nextest Systems CA 3/21 87 220 236 37% 3 Yes 26%
14. Eagle Test Systems IL 3/8 116 324 320 36% 5 Yes (0%)
15. SMART Modular Technologies CA 2/3 209 591 524 40% 6 Yes 2%
16. IncrediMail Israel 1/31 22 72 73 29% 1 No (33%)
17. Traffic.com PA 1/25 80 214 232 35% 2 No (66%)
$120 $413 $330 32% 4 53% (14%)Median:
Source: IPO Monitor; Thomson Financial; U.S. IPO Transactions; SEC Filings, Data as of 6/24/2006

23. 23
Technology IPOsTechnology IPOs -- Pricings 2003Pricings 2003--2006 (134)2006 (134)
Aftermarket performance as of 6/23/06
Company Offer Date
Aftermarket
Performance Company Offer Date
Aftermarket
Performance Company Offer Date
Aftermarket
Performance
1 Archipelago Holdings Aug-04 459% 45 SYNNEX Information Technologies Nov-03 33% 89 Cascade Microtech Dec-04 (20%)
2 Google Aug-04 376% 46 The9 Limited Dec-04 30% 90 Directed Electronics Dec-05 (21%)
3 Rackable Systems Jun-05 223% 47 Nextest Systems Mar-06 26% 91 PlanetOut Inc. Oct-04 (24%)
4 Multi-Fineline Electronix Jun-04 223% 48 TOM Online, Inc. Mar-04 25% 92 Scopus Video Networks Dec-05 (25%)
5 Baidu.com Aug-05 200% 49 NCI Oct-05 24% 93 Corel Apr-06 (27%)
6 Ctrip.com International Dec-03 185% 50 Dolby Laboratories Feb-05 23% 94 Patni Computer Systems Dec-05 (30%)
7 Formfactor Jun-03 176% 51 Saifun Semiconductors Nov-05 23% 95 Dyncorp International Inc May-06 (30%)
8 American Reprographics Compan Feb-05 164% 52 Spansion Dec-05 22% 96 Clayton Holdings Mar-06 (30%)
9 NetLogic Microsystems Jul-04 163% 53 Shanda Interactive Entertainment May-04 22% 97 Intervideo Jul-03 (31%)
10 GFI Group Jan-05 160% 54 Cogent Inc. Sep-04 22% 98 IncrediMail Jan-06 (33%)
11 Blackbaud Jul-04 154% 55 Dex Media Inc. Jul-04 21% 99 China GrenTech Corp Mar-06 (34%)
12 salesforce.com Jun-04 153% 56 Visicu Apr-06 20% 100 Lipman Electronic Engineering Jan-04 (36%)
13 Marchex Mar-04 152% 57 Emageon Feb-05 15% 101 Himax Technologies Mar-06 (37%)
14 SiRF Technology Holdings Inc Apr-04 150% 58 Universal Technical Institute Dec-03 15% 102 AlphaSmart Feb-04 (38%)
15 Kenexa Jun-05 147% 59 Ikanos Communications Sep-05 13% 103 PortalPlayer Nov-04 (41%)
16 VistaPrint Sep-05 136% 60 Fastclick Mar-05 12% 104 PowerDsine Jun-04 (42%)
17 RightNow Technologies Aug-04 125% 61 Synchronoss Technologies Inc. Jun-06 11% 105 Interchange Corp. Oct-04 (43%)
18 Huron Consulting Group Inc. Oct-04 124% 62 Ituran Location and Control Sep-05 11% 106 Hurray! Holding Feb-05 (44%)
19 Providence Service Aug-03 124% 63 TNS Inc. Mar-04 10% 107 Gravity Feb-05 (46%)
20 Freescale Semiconductor (ex SP Jul-04 115% 64 Ultra Clean Holdings Mar-04 10% 108 Cambridge Display Technology Dec-04 (47%)
21 NAVTEQ Corp Aug-04 106% 65 Kanbay International Inc. Jul-04 8% 109 AMIS Holdings Sep-03 (49%)
22 Tessera Technologies Nov-03 104% 66 LG.Philips LCD Co., Ltd. Jul-04 6% 110 Vonage Holdings May-06 (49%)
23 Blackboard Jun-04 100% 67 Digital Theater Systems Jul-03 4% 111 Greenfield Online, Inc. Jul-04 (50%)
24 Hittite Microwave Jul-05 99% 68 eLong, Inc. Oct-04 4% 112 Tri-S Security Feb-05 (51%)
25 PeopleSupport Inc. Oct-04 96% 69 LECG Corporation Nov-03 3% 113 Intersections Inc Apr-04 (51%)
26 Xyratex, Ltd. Jun-04 87% 70 iRobot Nov-05 3% 114 Webzen, Inc Dec-03 (54%)
27 Cbeyond Communications Nov-05 79% 71 Luna Innovations Inc. Jun-06 3% 115 Ninetowns Digital World Trade Ho Dec-04 (55%)
28 SSA Global Technologies May-05 76% 72 SMART Modular Technologies Feb-06 2% 116 Linktone Ltd. Mar-04 (56%)
29 Volterra Semiconductor Corp Jul-04 76% 73 Verigy Ltd. Jun-06 2% 117 Integrated Alarm Services Jul-03 (59%)
30 Netgear Jul-03 73% 74 Techwell Inc Jun-06 1% 118 Staktek Holdings Feb-04 (60%)
31 JAMDAT Mobile Inc. Sep-04 69% 75 Gurunet Corp. Oct-04 1% 119 Ipass Jul-03 (63%)
32 Color Kinetics Inc. Jun-04 62% 76 Eagle Test Systems Mar-06 (0%) 120 SMI Corp. Mar-04 (63%)
33 Phase Forward Inc. Jul-04 60% 77 Advanced Analogic Technologies Aug-05 (1%) 121 Callidus Software Nov-03 (63%)
34 IHS Nov-05 57% 78 KongZhong Jul-04 (1%) 122 Sirva Inc Nov-03 (64%)
35 RBC Bearings Aug-05 51% 79 Website Pros Nov-05 (2%) 123 Leadis Jun-04 (64%)
36 Vocus Dec-05 49% 80 TRX Sep-05 (2%) 124 Motive, Inc Jun-04 (65%)
37 WebSideStory Inc. Sep-04 47% 81 Syniverse Holdings Feb-05 (3%) 125 Traffic.com Jan-06 (66%)
38 51job Inc Sep-04 47% 82 MathStar Oct-05 (4%) 126 Pixelplus Dec-05 (74%)
39 Actions Semiconductor Nov-05 44% 83 China Techfaith Wireless May-05 (9%) 127 Sigmatel Sep-03 (74%)
40 Open Solutions Nov-03 43% 84 Unica Aug-05 (10%) 128 Cherokee International, Inc. Feb-04 (75%)
41 Vimicro International Nov-05 42% 85 WiderThan Dec-05 (13%) 129 Kintera, Inc Dec-03 (75%)
42 Atheros Communications Feb-04 40% 86 CPI International Apr-06 (14%) 130 SmartPros Ltd. Oct-04 (76%)
43 Monolithic Power Systems Nov-04 39% 87 Ness Technologies Inc. Sep-04 (15%) 131 Orbitz Dec-03 NA
44 Silicon Motion Technology Jun-05 35% 88 Taleo Corporation Sep-05 (20%) 132 NPTest Dec-03 NA
133 DigitalNet Oct-03 NA
134 iPayment May-03 NA
Overall Median 7%

24. 24
Market’s Long Road to Nowhere – Post-Bubble Market (2001-2006)
4,500
7,000
9,500
12,000
Jun-01 Jun-02 Jun-03 Jun-04 Jun-05 Jun-06
1,000
1,500
2,000
2,500
Dow NASDAQ
Dow 10,793
NASDAQ 1,939
NASDAQ at 2,091 is 8% above the 5 year average of 1,939
The Dow at 10,793 is 6% above the 5 year average of 10,226
(As of 6/12/2006)

25. 25
NASDAQ vs. Dow (June 2004 – June 2006)
NASDAQ at 2,091 is 4% above the 2 year average of 2,100
The Dow at 10,793 is 6% above the 2 year average of 10,586
8,000
8,400
8,800
9,200
9,600
10,000
10,400
10,800
11,200
11,600
12,000
Jun-04 Jun-05 Jun-06
1,700
1,800
1,900
2,000
2,100
2,200
2,300
2,400
Dow NASDAQ
Dow 10,586
NASDAQ 2,100
(As of 6/12/2006)

26. 26
Yet Investor Demand is Strong for Early IPOs Despite Few IPOs iYet Investor Demand is Strong for Early IPOs Despite Few IPOs in 2006n 2006
More than 8,000 “New-Age” institutional funds with more than $1 trillion in
capital deployed drives demand for “Early IPOs” on the NASDAQ
46 Technology and Business Services IPOs (under $250M market cap at
pricing) have been completed since 2002, with a median aftermarket
performance of 4% ̶ including some of the best performers
Emergence of AIM market as the IPO volume leader demonstrates
fundamental demand for high growth companies
130 IPOs in 2006 on AIM v. 48 on NASDAQ (as of 5/30/06)
Median offering amount on AIM is $18M and $107M on NASDAQ (as of 5/30/06)
Many of the largest AIM investors are U.S. funds (e.g. Fidelity)
Many emerging growth companies have reached a stage of maturity that
would be attractive to both NASDAQ and AIM investors
1) Hennessee Group Press Release 11/28/05
Source: IPO Monitor; Thomson Financial, U.S. IPO Transactions; SEC Filings; Data as of 6/14/06
1

27. 27
Still Hope for 2006 U.S. IPO Market in 2H06Still Hope for 2006 U.S. IPO Market in 2H06
• May IPO filings spike with 36, highest level since April ’05
• Q106 earnings were strong; market responded favorably until Fed rate talk
• Available cash and institutional demand for IPOs has been strong
• IPO filings by bulge brackets underwriters is catalyst for earlier stage IPOs
Riverbed, a bulge bracket led IPO with $23M in revenues and a $17M operating loss
Omniture, a bulge bracket led IPO with $43M in revenues and a $13M operating loss
• Abundance of private companies ready to go IPO
• Technology M&A activity slowing forcing companies to consider an “IPO”
Source: IPO Monitor; Thomson Financial, U.S. IPO Transactions; SEC Filings; Data as of 6/24/06

28. 28
IPO Filings Spiked in May 2006IPO Filings Spiked in May 2006
16
19 19
36
30
23
21
30
25
23 23
18
10
24
33
27
36
23
0
5
10
15
20
25
30
35
40
Jan Feb March Apr May June July Aug Sept Oct Nov Dec Jan Feb March Apr May June
2005 2006
Source: IPO Monitor, filings as of 6/19/06, Red indicates total amount of Tech filings
Filings Avg 24
Tech Filings Avg 4
Filings Tech Filings

29. 29
IPOs Completed (2005IPOs Completed (2005--2006 YTD)2006 YTD)
9
26
8
7
14
24
16
29
17
12
21
19
12
25
12
17
15 15
0
5
10
15
20
25
30
35
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
Source: IPO Monitor; Data as of 6/24//2006
Avg 16
20062005

30. 30
22 Technology IPOs In Registration (22 Technology IPOs In Registration (‘‘0505--‘‘06 filings still in reg.)06 filings still in reg.)
Company Sub-Sector Filing Date State
Months in
Registration
Amount
Filed
($mm)
LTM Revs at
Filing ($mm)
Run Rate Rev
Growth over
LTM Rev
YoY
Growth
LQ Op.
Margin
1. Acme Packet Inc Communications Services Jun-06 MA 1 $85 $47 $76 126% 32%
2. Systems Xcellence Biotechnology Jun-06 Canada 1 56 25 77 64% 19%
3. The Go Daddy Group Inc Internet Content & Services May-06 AZ 1 200 140 179 92% (3%)
4. Stanley Inc Business Services May-06 VA 1 130 269 267 58% 7%
5. ICF International Inc Business Services May-06 VA 2 75 177 207 27% (2%)
6. DivX Inc Software & Programming May-06 CA 2 135 27 NA 120% 12%
7. Jazz Semiconductor Inc Semiconductors Apr-06 CA 2 105 206 223 (9%) (3%)
8. Riverbed Technology Inc Software & Programming Apr-06 CA 2 75 34 55 894% (30%)
9. Alien Technology Corp Audio & Video Equipment Apr-06 CA 2 138 19 40 101% (61%)
10. Omniture Inc Software & Programming Apr-06 UT 3 120 51 66 108% (20%)
11. Local Matters Inc Software & Programming Mar-06 CO 3 58 8 NA 347% (91%)
12. CommVault Systems Inc Software & Programming Mar-06 NJ 3 150 128 108 35% 11%
13. Premier Alliance Group Inc Communications Services Mar-06 NC 3 15 11 NA (6%) 2%
14. Wintegra Inc Semiconductors Feb-06 TX 4 86 20 29 110% 21%
15. Merrill Corp Business Services Feb-06 MN 4 253 770 786 17% NM
16. Ascent Solar Technologies Electronic Instr. & Controls Jan-06 Mexico 5 17 1 14 NA NM
17. VeriChip Corp Electronic Instr. & Controls Dec-05 FL 6 46 16 26 NM (30%)
18. Taberna Realty Finance Trust Real Estate Operations Nov-05 PA 7 541 NA 32 NA 60%
19. Eastern Insurance Holdings Inc Business Services Oct-05 PA 8 83 87 89 31% 16%
20. A-Max Technology Ltd Audio & Video Services Sep-05 Hong Kong 9 150 239 232 259% 7%
21. SAIC Inc Scientific & Technical Instr Sep-05 CA 10 1,725 7,511 7,808 23% 0.1%
22. eFuture Information Technology Inc. software & Programming Jun-05 China 12 9 4 NA 22% 15%
Median 3 $96 $47 $83 64% 4%
Source: IPO Monitor; Thomson Financial; U.S. IPO Transactions; SEC Filings, Data as of 6/24//2006

31. 31
Top 100 Technology & Business Services IPO Investors 2005Top 100 Technology & Business Services IPO Investors 2005--TodayToday
Fund # of IPOs Fund Manager Fund # of IPOs Fund Manager
1 Citadel Gbl 16 Jonathan Leden 51 Munder Capital 3 Julie Hollinshead
2 Barclays Gbl 11 Patrick O'Connor 52 Northern Trust Company Of Ct 3 David Dykstra
3 Federated 9 Jonathon Art 53 Numeric Investors 3 Arup Datta
4 Fidelity Mgmt & Research 8 Mohammed Ali 54 Pioneer Investment 3 David Adams
5 Timessquare 8 Keith Ferguson 55 Principal Gbl Investors (Eq) 3 Paul Blankenhagen
6 Blackrock 6 Erin Xie 56 Provident Invt 3 Ned Brines
7 Millennium 6 Charles Garland 57 RBC Asset 3 Christopher Blake
8 Morgan Stanley 6 Eric Carlson 58 RCM Capital 3 Sebastian Thomas
9 Rs Investments 6 Stephen Bishop 59 Russell Investment 3 Mark Amberson
10 T. Rowe Price 6 Donald Easley 60 Smith Barney 3 Vincent Gao
11 Aim Management 5 Barrett Sides 61 Sterling Johnston 3 Marc Patten
12 Balyasny Asset 5 Patricia Reddington 62 Systematic 3 Kenneth Burgess
13 Cortina Asset 5 John Potter 63 Turner Invt 3 Tara Hedlund
14 D. E. Shaw & Co. 5 Brian Marshall 64 Vanguard 3 Ryan Ludt
15 Franklin Advisers 5 Grant Bowers 65 Weintraub 3 Joseph Ziolkowski
16 J.P. Morgan 5 Gary Schernierow 66 Zweig-Dimenna 3 Joseph Dimenna
17 Riversource 5 Nina Hughes 67 Alliance Capital 2 Bruce Aranow
18 UBS Securities 5 Jeffrey Putman 68 American Century 2 Brian Brady
19 Union Inv Group 5 Andrea Boelinger 69 Babson Capital 2 Joe Hosler
20 Wellington 5 Ian Link 70 Birmiwal Asset 2 Kailash Birmiwal
21 California Public Emp' Re 4 Eric Baggesen 71 Capital Research & Mgmt 2 David Riley
22 Essex 4 Tony Huang 72 Credit Suisse Asset 2 Emily Alejos
23 Fred Alger 4 Patrick Kelly 73 Credit Suisse Secs (Usa) 2 Anthony Kim
24 Galleon Management 4 Robert Harrington 74 Crosslink Capital 2 Thomas Bliska
25 Gruber & Mcbaine 4 Jon Gruber 75 Delaware Investment 2 Steven Catricks
26 J. & W. Seligman 4 Neil Eigen 76 Deutsche Inv Mgmt 2 Brian Peters
27 Lehman Brothers 4 Michael Castleman 77 Eaton Vance 2 Philip Laverson
28 Merrill Lynch 4 Kathleen Anderson 78 Evergreen Investment 2 Donald Bisson
29 Putnam Investment 4 Brian Hertzog 79 Fiduciary Trust 2 Douglas Burden
30 Royce & Associates 4 Charles Dreifus 80 Lee Munder 2 Drew Beja
31 State Str Global 4 James May 81 Goldman Sachs 2 David Berdon
32 Wall Str Associates 4 Paul Lecoq 82 Govt Singapore 2 Nk Kok Song
33 Wasatch Advisors 4 Karolyn Barker 83 Kern Capital 2 Gregory Weaver
34 Wells Capital 4 James Leach 84 Lord Abbett 2 Naimish Shah
35 Barclays Gbl 3 Mark Batsford 85 M & I Investment 2 Matthew Fahey
36 Brookside Cap 3 Dewey Awad 86 Mason Str Advisors 2 David Keuler
37 College Retirement 3 Susan Hirsch 87 Nordinvest Norddeutsche 2 Markus Barth
38 Columbia Mgmt Advisors 3 Thomas Lapointe 88 Oak Ridge 2 Christopher Collins
39 Constitution 3 Richard Drury 89 Oberweis 2 David Covas
40 Credit Suisse First Boston 3 Anne Marie Fell 90 Oppenheimer Funds 2 Alan Gilston
41 Deutsche Asset 3 Robert Janis 91 Peregrine Capital 2 John Dale
42 Duncan-Hurst 3 James Peterson 92 Pier Capital 2 Jan Parsons
43 Eagle Asset 3 Louis Kirschbaum 93 Salomon Bros 2 Richard Freeman
44 Emerald Advisers 3 Joseph Besecker 94 Schroder 2 Alex McCormick
45 Eminence Capital 3 Al Celleri 95 Sentry Investment 2 Keith Ringberg
46 Friess Associates 3 Andrea Dalton 96 Skyline Asset 2 Mark Odegard
47 George Weiss 3 Bradley Donovan 97 S Squared 2 Ken Goldblatt
48 GLG Partners 3 Philip Pearson 98 Nicholas-Applegate 2 Travis Prentiice
49 Janus Capital 3 Jakob Holm 99 Tiger Technology 2 Martin Grossmann
50 Mazama Capital 3 Alex Woodward 100 UBS Gbl Asset 2 Lawrence Kemp
As of 6/1/06

32. 32
Minimum Parameters for an IPOMinimum Parameters for an IPO
Large and rapidly growing market opportunity
Market leader with significant differentiation in product / service offering
Min. $30 - $60M in annualized revenue depending on growth (excluding biotech)
Profitable or soon-to-be profitable, with some exceptions (biotech)
Growth rate between 30% and 50%, depending on sector and size
Market cap of more than $100M with $40M minimum offering size
Strong visibility into next 3 – 4 quarters of revenues and earnings
Deep, experienced management team
Attractive valuation compelling institutional investors to buy
Marquee investors helpful

33. 33
Technology Accounts for 18% of IPOs and 15% of PipelineTechnology Accounts for 18% of IPOs and 15% of Pipeline
IPO Pipeline by SectorSectors as % of Total IPOs
Healthcare, 20%
Technology, 18%
Financial Services, 16%
Consumer & Retail, 14%
Energy, 13%
Industrials & Materials, 11%
Transportation, 3%
Media & Entertainment, 2%
Real Estate, 2%
Telecommunications, 2%
Financial Services, 25%
Healthcare, 23%
Energy, 17%
Technology, 15%
Consumer & Retail, 10%
Industrials & Materials,
8%
Real Estate, 1%
Media & Entertainment,
1%
Source: IPO Monitor; Thomson Financial; U.S. IPO Transactions; SEC Filings, Data as of 6/19/2006, Pricings as of 6/24/06

34. 34
Overall 2006 IPO Vital SignsOverall 2006 IPO Vital Signs
Priced IPOs: 96
Financial Profile (Medians):
LQA Revs ($M): $224
LQ Op Margin: 10%
YoY Rev Growth: 35%
LQA Rev Mult: 2.7x
85 IPOs in 1H05 vs. 96 IPOs YTD
% NASDAQ IPOs/% NYSE IPOs 62%/28%
Sectors
Healthcare (19):
Technology (17):
Financial Services (15):
Consumer & Retail (13):
Energy (12):
Industrial (11):
Transportation (3):
Media & Entertainment (2):
Real Estate (2):
Telecommunications (2)
20%
18%
16%
14%
13%
11%
3%
2%
2%
2%
Transaction Parameters (Medians)
Post IPO Market Cap ($M): $312
Offering Amount ($M): $130
% of Market Cap: 34%
Secondary Component: 38% of the time
Largest IPO: MasterCard ($2,288M)
Smallest IPO: American Telecomm ($14M)
Aftermarket Performance
IPOs Overall: (-1%)
NASDAQ: +1%
Dow: +1%
Best Performing IPO: Chipotle Mexican Grill (+181%)
Worst Performing IPO: Traffic.com (-66%)
Note: Medians used; Source: IPO Monitor; Thomson Financial; U.S. IPO Transactions; SEC Filings; Data as of 6/24/2006

35. 35
2006 U.S. IPOs (96) – All Sectors – All Exchanges
Aftermarket performance as of 6/23/06
Company Offer Date
Market Cap
@ IPO
($mm)
Aftermarket
Performance Company Offer Date
Market Cap
@ IPO
($mm)
Aftermarket
Performance
1 Chipotle Mexican Grill Jan-06 715 181% 50 RAM Holdings Apr-06 372 (2%)
2 Fortunet Jan-06 98 69% 51 Alexza Pharmaceuticals Mar-06 181 (3%)
3 Calumet Specialty Products Partners Jan-06 263 55% 52 HealthSpring Feb-06 1,182 (3%)
4 Pacific Airport Group Feb-06 1,001 46% 53 Linn Energy Jan-06 584 (4%)
5 LoopNet Inc Jun-06 428 45% 54 Complete Production Services Apr-06 1,786 (5%)
6 American Railcar Industries Jan-06 420 45% 55 BioMimetic Therapeutics May-06 130 (6%)
7 H&E Equipment Services Jan-06 656 41% 56 Macro Bansud Bank Mar-06 1,369 (7%)
8 Liquidity Services Inc Feb-06 273 38% 57 Golfsmith International Holdings Inc. Jun-06 188 (8%)
9 CNX Gas Jan-06 3,281 38% 58 Restore Medical Inc May-06 127 (8%)
10 Healthcare Acquisition Partners Apr-06 140 33% 59 Grubb & Ellis Realty Advisors Feb-06 160 (8%)
11 TAM S.A. Mar-06 2,799 29% 60 Town Sports International Holdings Inc. Jun-06 353 (10%)
12 Houston Wire and Cable Co. Jun-06 288 26% 61 JK Acquisition Apr-06 99 (10%)
13 Nextest Systems Mar-06 236 26% 62 Vanda Pharmaceuticals Apr-06 225 (11%)
14 Thomas Weisel Partners Group Feb-06 317 26% 63 Castle Brands Apr-06 113 (11%)
15 Koppers Holdings Feb-06 290 25% 64 Valera Pharmaceuticals Feb-06 132 (11%)
16 General Finance Corp Apr-06 56 22% 65 Morton's Restaurant Group Feb-06 274 (12%)
17 Energy Transfer Equity Feb-06 2,866 22% 66 CPI International Apr-06 307 (14%)
18 TransDigm Group Mar-06 928 21% 67 Magellan Midstream Holdings Feb-06 1,535 (14%)
19 MasterCard May-06 5,444 20% 68 Delek US Holdings Inc May-06 814 (15%)
20 Visicu Apr-06 512 20% 69 Alliance Holdings May-06 1,543 (16%)
21 CTC Media Jun-06 2,146 19% 70 Resource Capital Corp Feb-06 267 (16%)
22 Altus Pharmaceuticals Jan-06 300 18% 71 EXCO Resources Inc Feb-06 1,300 (18%)
23 Tim Hortons Mar-06 4,477 17% 72 SGX Pharmaceuticals Feb-06 85 (18%)
24 Omrix Biopharmaceuticals Apr-06 148 15% 73 Sealy Apr-06 1,519 (19%)
25 AmComp Inc Feb-06 140 14% 74 Goodman Global Apr-06 1,304 (19%)
26 Crocs Feb-06 804 14% 75 Cardica Feb-06 94 (19%)
27 Penson Worldwide May-06 426 12% 76 Omega Navigation Enterprises Apr-06 288 (21%)
28 Ternium Feb-06 4,111 12% 77 Alphatec Holdings Inc. Jun-06 355 (22%)
29 Regency Energy Partners Jan-06 382 12% 78 Basin Water Inc May-06 235 (22%)
30 Synchronoss Technologies Inc. Jun-06 204 11% 79 Targacept Apr-06 179 (23%)
31 NightHawk Radiology Holdings Feb-06 477 10% 80 Corel Apr-06 407 (27%)
32 VeraSun Energy Corp. Jun-06 1,782 9% 81 Dyncorp International Inc May-06 911 (30%)
33 Novacea Inc May-06 151 8% 82 Clayton Holdings Mar-06 330 (30%)
34 Western Refining Jan-06 1,130 7% 83 Morgans Hotel Group Feb-06 670 (33%)
35 NTELOS Holdings Corp Feb-06 173 6% 84 American Telecom Services Feb-06 28 (33%)
36 Global Traffic Network Mar-06 62 5% 85 IncrediMail Jan-06 73 (33%)
37 Mueller Water Products May-06 1,834 4% 86 China GrenTech Corp Mar-06 467 (34%)
38 Phoenix India Acquisition Mar-06 72 4% 87 Northstar Neuroscience Inc May-06 379 (35%)
39 Luna Innovations Inc. Jun-06 62 3% 88 Himax Technologies Mar-06 1,822 (37%)
40 Verigy Ltd. Jun-06 897 2% 89 Iomai Feb-06 118 (39%)
41 American Mold Guard Apr-06 30 2% 90 Acorda Therapeutics Feb-06 114 (41%)
42 SMART Modular Technologies Feb-06 524 2% 91 Vonage Holdings May-06 2,727 (49%)
43 Techwell Inc Jun-06 180 1% 92 Darwin Professional Underwriters May-06 285 (51%)
44 Volcano Corp. Jun-06 263 0% 93 Digital Music Group Feb-06 82 (52%)
45 Burger King Holdings May-06 2,326 0% 94 Traffic.com Jan-06 232 (66%)
46 Eagle Test Systems Mar-06 320 0% 95 Home BancShares Inc Jun-06 NA NA
47 HD Partners Acquisition Jun-06 210 (1%) 96 Beverly National Corp. Jun-06 NA NA
48 Compass Group Diversified Holdings May-06 284 (1%)
49 Lake Shore Bancorp Apr-06 69 (1%) Overall Median $312 (1%)

36. 36
IPOs 1990IPOs 1990--2006: A Historical Perspective2006: A Historical Perspective
172
664
570 575
864
592
91 81 79
231
365
421
381
194202
467
512
0
200
400
600
800
90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06
Ann.
(# of IPOs)
Over 500 IPOs
per Year
Post-bubble
avg: 84
IPOs Rebound
avg: 209
Source: IPO Monitor; Thomson Financial; U.S. IPO Transactions; SEC Filings; Data as of 6/24/2006

37. 37
2006 Aftermarket Performance by Sector2006 Aftermarket Performance by Sector
Technology, -14%
Telecommunications, -13%
Healthcare, -8%
Financial Services, -1%
Consumer & Retail, 0%
All IPOs, 1%
Energy, 1%
Transportation, 4%
Media & Entertainment, 9%
Real Estate, 18%
Industrials & Materials, 21%
-15% -10% -5% 0% 5% 10% 15% 20% 25%
Source: IPO Monitor; Thomson Financial; U.S. IPO Transactions; SEC Filings, Data as of 6/24/2006

38. 38
IPO Activity Across SectorsIPO Activity Across Sectors
Number of Deals by Sector
19
17
15
13
12
11
3
2 2 2
0
2
4
6
8
10
12
14
16
18
20
H
ealthcare
TechnologyFinancialServices
C
onsum
er&
R
etail
Energy
Industrials
&
M
aterials
Transportation
M
edia
&
E
ntertainm
ent
R
ealEstate
Telecom
m
unications
NumberofDeals
Source: IPO Monitor; Thomson Financial; U.S. IPO Transactions; SEC Filings; Data as of 6/24/2006

39. A full-service, partner-owned, boutique investment bank

40. 40
America’s Highlights
• Full-service boutique investment bank – Research, Trading, Banking
• Offices in Boston and San Francisco
• Partners from CSFB, H&Q, Montgomery, DLJ, Smith Barney and Cowen
• Broad and strong private equity and venture capital global relationships
• Core research coverage in Information Security and Data Center,
Business Services, and Financial Technology, Digital Media and Internet
• In just 2+ years, completed 47 banking transactions with large pipeline
including IPO, FO, M&A, PIPE, Private Placement, Cross-border M&A,
Foreign Equity (AIM) and Venture Debt offerings

41. 41
Breadth in Both Products & Transaction Size
Early Stage
Later Stage/Public
Emerging Growth Companies
Private
Placement
Venture
Debt
IPO
NASDAQ, AIM, NYSE
Sell Side
Buy Side
Cross-Border
Transactions
PIPEs
Follow-Ons
Privatization/
LBO/MBO
Research
Coverage
Stock
Trading
Non-Deal
Road Shows
Industry
Conferences
Trusted strategic advisors with comprehensive product capabilities
Acquisition
Debt
Private Recapitalization
At Public Valuation
TransactionSize
$1B
$10M

42. 42
America’s Value Proposition For Our Institutional Investors/Clients
Non-Deal
Road Shows
Non-Deal
Road Shows
Proprietary
Research Ideas
Private
Placements
Private
Placements
PIPEs
PIPEs
Follow-Ons
Follow-Ons
Industry
Conferences
Industry
Conferences
Regular Way &
Block Trading
Regular Way &
Block Trading
Small/Micro Cap
Institutions &
Hedge Funds
Small/Micro Cap
Institutions &
Hedge Funds
IPOs
………………

43. 43
Connecting Emerging Growth Enterprises, Acquirors & Investors
Venture Capital
- Focus on early stage private
companies that have high
potential to grow substantially
- High risk / high reward
- Competing more with
P/E firms
- Focus on mid & late stage
private companies
- Companies tend to have
positive cash flow
- Less risky in investment
decisions
- Now participating in the
going private market
Private Equity
-Public or Private
-Pre-Revenue to $200M
-Venture or Non-Venture Backed
Emerging
Growth Enterprises
Corporate Acquirers
Public Emerging
Growth Investors
(Hedge, Mutual &
Investment Funds)
- Represent virtually entire
Investor base for PIPEs
- Represent at least 90%
of recent IPO dollars
- Beginning to participate
in the late stage private market

44. 44
Banking and Research Sector Focus
• Focus on the small/micro cap public and later stage private companies
• Exclusive focus on small/micro capitalization institutions and hedge funds
• Strong credibility with corporate and institutional buyers
• Innovative approach – no ratings
• Regular publication of industry pieces
Today Expansion
• Business Services
• Communications Equipment
• Data Center
• Digital Media
• Financial Technology
• Information Security
• Internet
• Software
• Semis
• Consumer
• Defense / Homeland security
• Energy
• Gaming/Leisure
• Healthcare / Biotech
• Media
• Retail

45. High Profile Corporate & Private Equity Buyers on Recent Transactions
45
• America's has countless close relationships with many large cap. corporate
buyers as well as the top private equity firms in the U.S.
• Completed transactions in the last two years with the following high profile
players:
Large Corporate Buyers Private Equity
• Active discussions with large corporate buyers on an ongoing basis
• America's is in continuous dialogue with more than 100 high profile private equity
firms, with more than 1,000 contacts

46. 46
Strong Relationships with Selected Tech Buyout Firms 2003-2006
1. 3i 29. Great Hill Partners 57. Pequot Venture
2. Accel Partners 30. Greylock 58. Permira Advisors
3. Adams Street 31. Grotech Capital 59. Platinum Equity
4. Advent International 32. GTCR Golder Rauner 60. Polaris
5. American Capital 33. HarbourVest 61. Providence Equity Partners
6. Apax Partners 34. Hellman & Freidman 62. SCP Private
7. Austin Ventures 35. HIG Capital 63. Sequoia
8. BA Ventures 36. Highland Capital 64. Silver Lake Partners
9. Bain Capital 37. Insight Venture Partners 65. Southwest
10. Baker Capital 38. Institutional Venture Partners 66. Spectrum Equity
11. Battery Ventures 39. Investcorp 67. Spire Capital
12. Behrman Capital 40. JH Whitney 68. SSM Partners
13. Benchmark Capital 41. JMI Equity 69. Summit Partners
14. Bessemer 42. Kleiner Perkins 70. TA Associates
15. Blackstone Group 43. Kohlberg Kravis Roberts 71. Tech Crossover Ventures
16. CIBC 44. Lazard Tech 72. Texas Pacific Group
17. Citigroup 45. Lehman Brothers 73. The Carlyle Group
18. Credit Suisse 46. M/C Ventures 74. Thoma Cressey
19. Fidelity 47. Madison Dearborn 75. Thomas H. Lee
20. Francisco Partners 48. Mayfield 76. Trident
21. Frontenac 49. Morgan Stanley Ventures 77. Vector Capital
22. FT Ventures 50. New Enterprise Associates 78. Venrock
23. Gemini Investors 51. New Mountain Capital 79. Warburg Pincus
24. General Atlantic 52. NorWest 80. Welsh Carson
25. General Catalyst Partners 53. Oak Investment Partners 81. Westbury Partners
26. Golden Gate Capital 54. One Equity Partners 82. Weston Presidio
27. Goldman Sachs 55. Palladin 83. Wheatley
28. Gores Technology Group 56. Parthenon Capital 84. William Blair Capital

47. 47
America’s Expanding Venture Relationships
1. @ Ventures 31. Crosslink 61. Jeruselum Venture 91. Riverside Partners
2. ABS Ventures 32. Crosspoint Venture 62. JK & B 92. RRE Ventures
3. Adams Capital 33. Dawntreader Ventures 63. Kennet Venture 93. Rustic Canyon
4. Advanced Technology 34. DFJ New England 64. Key Ventures 94. Sevin Rosen
5. Advent Venture 35. Draper Fischer 65. Kodiak Venture 95. Siemens Venture
6. Alice Ventures 36. Edison Ventures 66. Lightspeed Venture 96. Sierra Ventures
7. Alloy Ventures 37. Egan-Managed Capital 67. Longworth 97. Sigma Partners
8. Alta Partners 38. Euclidsr Partners 68. Masthead 98. Sofinnova Ventures
9. Amadeus 39. Flagship Ventures 69. Matrix Partners 99. Solstice
10. Ampersand 40. Focus Ventures 70. Menlo Ventures 100. Split Rock
11. ARCH Venture 41. Foundation 71. Meritech 101. Sprout
12. Arrowpath 42. Genesis Park 72. Mobius Venture 102. St. Paul Ventures
13. Ascent 43. Giza 73. Mohr, Davidow 103. StarVest Partners
14. Atlas Venture 44. Globespan Capital 74. Morgenthaler 104. Sutter Hill
15. Axiom Ventures 45. Grand Banks 75. MSVP/Crossmark 105. TD Capital
16. Azure 46. Granite Ventures 76. NeoCarta Ventures 106. Techno Venture
17. Birchmere 47. Grey Mountain 77. New Enterprise Associates 107. Technology Partners
18. Blue Chip Ventures 48. Highland Capital 78. Noro-Moseley 108. TL Ventures
19. BlueStream Ventures 49. HLM Ventures 79. North Atlantic 109. Trinity Ventures
20. Boston Millennia 50. Hummer Winblad 80. North Bridge 110. Tudor Ventures
21. Canaan Partners 51. Idanta 81. Novak Biddle 111. U.S. Venture
22. Carmel Ventures 52. Ignition 82. Old Hill Partners 112. Updata Partners
23. Castile Ventures 53. inQTel 83. Panarama Capital 113. VantagePoint
24. Charles River 54. Insight Venture Partners 84. Partech International 114. Velocity Equity
25. Citigroup Venture Capital 55. Insititutional Venture 85. Pilot House 115. Venture Capital Fund N.E.
26. Commonwealth Capital 56. Intersouth 86. Primus Ventures 116. Vesbridge Partners
27. ComVentures 57. InterWest Partners 87. Prism Venture 117. Voyager Capital
28. Crescendo Ventures 58. Investor Growth 88. QuestMark 118. Walden
29. Cross Atlantic 59. Israel Seed 89. Redpoint 119. Woodside Fund
30. Crossbow 60. Jerusalem Global 90. River Cities 120. Worldview Technology
121. Zero Stage

48. 48
Public Offerings and Private Financings

49. 49
M&A Transactions

50. 50
M&A Transactions (Cont.)

51. 51
America’s Officers – 15 Years’ Average Experience
Officer Responsibilities
Years Industry
Experience
Ben Howe Investment Banking 20 Montgomery, First Boston, Smith Barney, Cowen
Maria Lewis Kussmaul Investment Banking 23 Cowen, Shearson Lehman, Smith Barney, Castile Ventures
Scott Card Investment Banking 10 Alex. Brown, Warburg, Merrill Lynch
Tom Cashel Investment Banking 22 DLJ, ING Barings, Chase
Doug Colton Sales & Trading 8 Moors & Cabot, Dresdner Kleinwort
Chris Cummings Investment Banking 21 Salomon Smith Barney, Lehman, Merrill Lynch
Rick Faubert Marketing & Communications 11 WUSA, Kraft Sports Group
Stephen Frank Compliance 12 Detwiler, Mitchell, Fenton & Graves, Prudential Securities
Jon Guido Investment Banking 7 Cowen, First Union M&A Group
Fred Joseph Investment Banking 16 Cowen, JP Morgan, Smith Barney
James Lee Investment Research 11 Fidelity Capital Markets, UBS Warburg, Oppenheimer
Rudy Minar Investment Banking 15 CIBC World Markets, Oppenheimer, Accenture
Michael O'Hanlon Investment Banking 11 Furman Selz, First Albany, KPMG
Dennis Rourke Investment Banking 15 Montgomery, Banc of America Securities, Cowen
Prior Affiliations
Experienced Performers from a Broad Array of Leading Specialty Boutique and Wall Street Firms

52. 52
Why Partner with America’s?
• Extensive history/experience in M&A, PIPEs, public/private offerings
execution
• Entrepreneurial – tenacious, hard-working, responsive and results-oriented
• Senior partners’ commitment with bulge bracket experience and boutique
level attention
• Deep vertical expertise in relevant sectors
• Strong relevant contacts and dialogue in targeted strategic and
public/private equity buyer universes
• Support from high caliber and experienced research analysts
• Creative and disciplined banking team proven at generating premium
valuations for sellers
• Good team chemistry
• Competitive fee structure