Underwriter
(Number Of
Offerings As
Lead Or Co-lead Underwriter)

After-Market
Performance
(Average)


Bear, Stearns & Co. (1)

+28%

ThinkEquity Partners (1)

+17%

Goldman, Sachs & Co. (3)

+12%

Merrill Lynch & Co. (6)

+2%

Morgan Stanley & Co. (5)

-1%

JP Morgan Securities (4)

-6%

CIBC World Markets (3)

-11%

UBS Investment Bank (8)

-15%

Roth Capital Partners (1)

-15%

Sunrise Securities (1)

-15%

Pacific Growth Equities (3)

-17%

Deutsche Bank Securities (4)

-18%

Cowen & Co. (3)

-18%

Piper Jaffray & Co. (3)

-18%

Banc of America Securities (6)

-24%

Lehman Brothers (3)

-24%

Credit Suisse Securities (1)

-30%

JMP Securities (1)

-31%

Robert W. Baird & Co. (1)

-31%

Ferris, Baker Watts (1)

-34%

C.E. Unterberg, Towbin (1)

-38%

Lazard Capital Markets (1)

-38%

RBC Capital Markets (1)

-66%

WR Hambrecht + Co. (1)

-66%


# After-market performance is expressed as the percent change in stock price between the offering price and the closing price on 7/31/06. 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.