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TRACK RECORD SUMMARY
September 2005 through June 2009

IPO Boutique Recommendations	IPO Boutique Rating	number of IPO's	number on target	% on target	average $ gain
STRONGEST BUY (click to view individual IPO's)	5	13	13	100%	82%
STRONG BUY	4	108	106	98%	36%
MODERATE BUY RECOMMENDATIONS	3	160	131	82%	19%
NEUTRAL BUY RECOMMENDATIONS	2	159	N/A	N/A	8%
AVOID BUYING RECOMMENDATIONS	1	50	43	86%	4%

Rating definitions

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