Underwriter (Number of Offerings as Lead Underwriter/Number of Offerings as Lead or Co-Manager) Gross Proceeds (M) Lehman Brothers (8/8) $574.5 Piper Jaffray & Co. (1/7) $533.3 Jefferies & Co. (3/6) $495.8 JMP Securities LLC (0/7) $462.8 Cowen & Co. (2/6) $426.8 Rodman & Renshaw (2/7) $368.9 Natexis Bleichroeder Inc. (0/3) $314.4 Credit Suisse Securities (3/4) $312.3 Bear, Stearns & Co. (5/5) $295.9 Fortis Securities (0/4) $228.1 Merriman Curhan Ford & Co. (2/5) $201.3

Underwriter (Number of Offerings as Lead Underwriter) Gross Proceeds (M) Credit Suisse Securities (3) $204.3 Jefferies & Co. (3) $191.9 Cowen & Co. (2) $173.9 Goldman, Sachs & Co. (2) $160.3 Pacific Growth Equities (4) $148.1 Merriman Curhan Ford & Co. (2) $100.2 Punk Ziegel & Co. (3) $95.1 Lazard Capital Markets LLC (1) $74.7 RBC Capital Markets (1) $70.0 Piper Jaffray & Co. (1) $49.0 Needham & Co. (1) $40.1 Maxim Group LLC (2) $36.0 C.E. Unterberg, Towbin (1) $30.2

For analysis on a "Full Credit to Lead" basis, BioWorld applied the total gross proceeds raised in IPO and follow-on offerings to the lead underwriter for those offerings...For analysis on a "Full Credit to All" basis, BioWorld applied the total gross proceeds raised in all types of public offerings to each and every major underwriter of that offering (whether the underwriter acted as lead or as co-manager

Underwriter (Number Of Offerings As Lead Underwriter) After-Market Performance (Average) Cowen & Co. (2) +85% Credit Suisse Securities (3) +50% Bank of America Securities (6) +28% Lehman Brothers (8) +19% JP Morgan Securities (7) +11% Merrill Lynch & Co. (7) +8% Bear, Stearns & Co. (5) +6% Merriman Curhan Ford & Co. (2) +4% Piper Jaffray & Co. (1) 0% Desjardins Securities (1) -6% Dundee Securities (1) -6% Morgan Stanley (11) -7% Deutsche Bank Securities (5) -8% UBS Investment

Underwriter (Number Of Offerings As Lead Underwriter)Gross Proceeds (M) Morgan Stanley (11) $1,059.5 UBS Investment Bank (12) $688.8 Merrill Lynch & Co. (7) $639.2 Lehman Brothers (8) $574.5 Bank of America Securities (6) $540.0 JP Morgan Securities (7) $502.4 CIBC World Markets (7) $487.3 Deutsche Bank Securities (5) $423.2 Bear, Stearns & Co. (5) $295.9 Credit Suisse Securities (3) $204.3 Jefferies & Co. (3) $191.9 Cowen & Co. (2) $173.9 Goldman, Sachs & Co. (2) $160.3 Pacific

Underwriter (Number Of IPOs As Lead/Number Of IPOs As Lead Or Co-manager)After-Market Performance (Average) Cowen & Co. (1/3) +43% JMP Securities (0/4) +27% Bank of America Securities (1/4) +26% Deutsche Bank Securities (1/2) +23% Natexis Bleichroeder Inc. (0/2) +19% Rodman & Renshaw (0/2) +19% Leerink Swann & Co. (0/7) +17% Merrill Lynch & Co. (3/3) +12% Piper Jaffray & Co. (1/3) +12% CIBC World Markets (1/5) +11% JP Morgan Securities (3/4) +11% UBS Investment Bank (4/4) +10

Underwriter (Number Of IPOs As Lead/Number Of IPOs As Lead Or Co-manager) Gross Proceeds (M) Leerink Swann & Co. (0/7) $473.3 Morgan Stanley (6/6) $432.3 CIBC World Markets (1/5) $379.2 Lehman Brothers (4/4) $355.9 Lazard Capital Markets LLC (0/5) $338.5 Bank of America Securities (1/4) $329.2 UBS Investment Bank (4/4) $317.8 JP Morgan Securities (3/4) $289.6 Pacific Growth Equities (0/4) $282.8 Credit Suisse Securities (2/3) $263.5 JMP Securities (0/4) $260.0 Merrill Lynch & Co

Underwriter (Number Of IPOs As Lead Underwriter) After-Market Performance (Average) Cowen & Co. (1) +59% Bank of America Securities (1) +50% JP Morgan Securities (3) +24% Merrill Lynch & Co. (3) +12% UBS Investment Bank (4) +10% Lehman Brothers (4) +7% Morgan Stanley (6) +2% Piper Jaffray & Co. (1) 0% Deutsche Bank Securities (1) -1% Credit Suisse Securities (2) -5% Desjardins Securities (1) -6% Dundee Securities (1) -6% Jefferies & Co. (2) -18% CIBC World Markets (1) -21% C.E

* Underwriter (Number Of IPOs As Lead Underwriter) Gross Proceeds (M) Morgan Stanley (6) $432.3 Lehman Brothers (4) $355.9 UBS Investment Bank (4) $317.8 Merrill Lynch & Co. (3) $241.0 JP Morgan Securities (3) $214.6 Credit Suisse Securities (2) $155.5 Jefferies & Co. (2) $119.0 Deutsche Bank Securities (1) $112.0 CIBC World Markets (1) $109.0 RBC Capital Markets (1) $70.0 Bear, Stearns & Co. (1) $50.0 Piper Jaffray & Co. (1) $49.0 Bank of America Securities (1) $45.0 Maxim

FULL CREDIT TO ALL UNDERWRITERS RANKED BY AFTER-MARKET PERFORMANCE# Underwriter (Number Of Offerings As Lead/Co-Manager) #After-Market Performace (Average) Merriman Curhan Ford & Co. (1) +42% Cowen & Co. (2) +28% Bank of America Securities (6) +15% Piper Jaffray & Co. (1) +15% JP Morgan Securities (8) +7% Bear, Stearns & Co. (5) +3% Punk Ziegel & Co. (3) +3% Credit Suisse Securities (1) +0.2% UBS Investment Bank (9) -1% Mercer Capital Ltd. (1) -3% CIBC World Markets (6) -8

FULL CREDIT TO ALL UNDERWRITERS RANKED BY GROSS PROCEEDS* Underwriter (Number Of Offerings As Lead/Co-Manager) Gross Proceeds (M) Morgan Stanley (9) $940.5 JP Morgan Securities (8) $622.5 Merrill Lynch & Co. (6) $570.2 Bank of America Securities (6) $540.0 Lehman Brothers (7) $488.6 UBS Investment Bank (9) $472.8 Bear, Stearns & Co. (5) $403.4 CIBC World Markets (6) $378.3 Deutsche Bank Securities (4) $334.9 Jefferies & Co. (3) $191.9 Cowen & Co

IPOS: FULL CREDIT TO ALL UNDERWRITERS, RANKED BY AFTER-MARKET PERFORMANCE* Underwriter (Number Of IPOs As Lead/Co-Manager) # After-Market Performance (Average) Piper Jaffray & Co. (1/2) +30% Rodman & Renshaw (0/2) +30% JMP Securities LLC (0/4) +27% Bank of America Securities (2/3) +17% Cowen & Co. (1/1) +15% Leerink Swann & Co. (0/4) +13% JP Morgan Securities (3/4) +11% CIBC World Markets (0/2) +9% Merrill Lynch & Co. (2/2) +2% Natexis Bleichroeder Inc. (0/2) -1% UBS

IPOS: FULL CREDIT TO ALL UNDERWRITERS, RANKED BY GROSS PROCEEDS* Underwriter (Number Of IPOs As Lead/Co-Manager) Gross Proceeds (M) Morgan Stanley (4/4) $313.3 JP Morgan Securities (3/4) $289.6 Pacific Growth Equities (0/4) $282.8 Lazard Capital Markets LLC (0/4) $281.0 Lehman Brothers (3/3) $270.0 Leerink Swann & Co. (0/4) $267.8 JMP Securities LLC (0/4) $260.0 Bank of America Securities (2/3) $243.3