| 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 Bank (12) | -8% |
| Punk Ziegel & Co. (3) | -18% |
| Jefferies & Co. (3) | -21% |
| CIBC World Markets (7) | -22% |
| Goldman, Sachs & Co. (2) | -24% |
| Rodman & Renshaw (2) | -24% |
| Dawson James Securities (1) | -25% |
| Pacific Growth Equities (4) | -26% |
| C.E. Unterberg, Towbin (1) | -27% |
| Lazard Capital Markets LLC (1) | -30% |
| BMO Capital Markets (1) | -32% |
| Canaccord Adams (1) | -32% |
| Needham & Co. (1) | -35% |
| RBC Capital Markets (1) | -35% |
| Maxim Group LLC (2) | -48% |
| MDB Capital Group LLC (1) | -62% |
| Mercer Capital Ltd. (1) | -73% |
| * 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, 2007. Gross proceeds include additional funding raised from the exercise of overallotment options, when disclosed. | |
| # After-market performance is expressed as the percent change in stock price between the offering price and the closing price on 12/31/07. 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. | |
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