| IPOS: FULL CREDIT TO ALL UNDERWRITERS, | |||
| RANKED BY AFTER-MARKET PERFORMANCE* | |||
|
Underwriter (Number Of IPOs As Lead/Co-Manager) |
# After-Market Performance (Average) |
||
| Piper Jaffray & Co. (1/2) | +30% | ||
| Rodman & Renshaw (0/2) | +30% | ||
| JMP Securities LLC (0/4) | +27% | ||
| Bank of America Securities (2/3) | +17% | ||
| Cowen & Co. (1/1) | +15% | ||
| Leerink Swann & Co. (0/4) | +13% | ||
| JP Morgan Securities (3/4) | +11% | ||
| CIBC World Markets (0/2) | +9% | ||
| Merrill Lynch & Co. (2/2) | +2% | ||
| Natexis Bleichroeder Inc. (0/2) | -1% | ||
| UBS Investment Bank (3/3) | -1% | ||
| Morgan Stanley (4/4) | -7% | ||
| Deutsche Bank Securities (1/1) | -9% | ||
| Thomas Weisel Partners (0/1) | -9% | ||
| Susquehanna Financial (0/1) | -14% | ||
| Lazard Capital Markets LLC (0/4) | -15% | ||
| Pacific Growth Equities (0/4) | -16% | ||
| Jefferies & Co. (2/2) | -18% | ||
| C.E. Unterberg, Towbin (1/1) | -19% | ||
| I-Bankers Securities (0/1) | -19% | ||
| Lehman Brothers (3/3) | -21% | ||
| Bear, Stearns & Co. (1/1) | -26% | ||
| Montgomery & Co. (0/1) | -26% | ||
| Credit Suisse Securities (0/1) | -27% | ||
| Maxim Group LLC (2/2) | -28% | ||
| Oppenheimer & Co. (0/2) | -35% | ||
| Caris & Co. (0/1) | -36% | ||
| AG Edwards Securities (0/1) | -50% | ||
| RBC Capital Markets (1/1) | -50% | ||
|
Notes | |||
| * The offerings in this chart include only those that were completed on U.S. stock exchanges (NASDAQ, NYSE or AMEX) from Jan. 1 Aug. 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 9/14/07. 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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