Rank

Underwriter

Offerings As Lead

Offerings as Lead or Co-Manager

Gross Proceeds (M)

1

J.P. Morgan Securities

3

3

$505.73

2

Morgan Stanley

3

3

$505.73

3

Credit Suisse

2

2

$288.05

4

Citigroup Global Markets

3

3

$188.95

5

Leerink Swann

4

5

$183.5

6

Deutsche Bank Securities

2

3

$113. 13

7

National Securities

1

1

$56.0

8

Wells Fargo

1

1

$56.0

9

Jefferies & Co.

1

1

$54.0

10

UBS Investment Bank

1

1

$54.0

11

Piper Jaffray

1

4

$30.0

12

Maxim Group LLC

1

1

$12.5

Full Credit to Lead Underwriter, Ranked by After-Market Performance*#

Rank

Underwriter

Offerings As Lead

Offerings as Lead or Co-Manager

After-Market Performance (Average)

1

National Securities

1

1

+66%

2

Wells Fargo

1

1

+42%

3

J.P. Morgan Securities

3

3

+18%

4

Morgan Stanley

3

3

+18%

5

Leerink Swann

4

5

+8%

6

Credit Suisse

2

2

-7%

7

Citigroup Global Markets

3

3

-8%

8

Deutsche Bank Securities

2

3

-12%

9

Jefferies & Co.

1

1

-17%

10

UBS Investment Bank

1

1

-17%

11

Piper Jaffray

1

4

-49%

12

Maxim Group LLC

1

1

-72%

* The offerings in this chart include only those that were completed on U.S. stock exchanges (NASDAQ, NYSE or AMEX) from Jan. 1 - Dec. 31, 2010.

# After-market performance is expressed as the percent change in stock price between the offering price and the closing price on 12/31/10. 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.