| 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. Unterberg, Towbin (1) | -27% |
| Bear, Stearns & Co. (1) | -33% |
| RBC Capital Markets (1) | -35% |
| Maxim Group LLC (2) | -48% |
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| * 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. | |
| # 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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