| Underwriter (Number Of IPOs As Lead Or Co-lead Underwriter) |
After-Market Performance (Average) |
| Jefferies & Co. (1) | +130% |
| Banc of America Securities (4) | +82% |
| JP Morgan Securities (2) | +68% |
| CIBC World Markets (3) | +67% |
| UBS Investment Bank (3) | +55% |
| Pacific Growth Equities (3) | +36% |
| Deutsche Bank Securities (3) | +34% |
| Morgan Stanley & Co. (4) | +15% |
| Piper Jaffray & Co. (3) | +12% |
| Merrill Lynch & Co. (3) | +7% |
| Cowen & Co. (4) | -3% |
| Bear, Stearns & Co. (1) | -13% |
| Roth Capital Partners (1) | -16% |
| Sunrise Securities (1) | -16% |
| First Albany Capital (1) | -20% |
| Stifel Nicolaus (1) | -20% |
| # After-market performance is expressed as the percent change in stock price between the offering price and the closing price on 12/31/06. For underwriters with multiple offerings, the after-market performance (as a percent change) was calculated for each stock in that underwriter's "group," the percentage summed, and then averaged. | |
