| Underwriter (Number Of Offerings As Lead/ Number Of Offerings As Lead Or Co-manager) | After-Market Performance (Average) |
| Oppenheimer & Co. (0/2) | +101% |
| A.G. Edwards (0/1) | +65% |
| Lerrink Swann & Co. (0/9) | +61% |
| ThinkEquity Partners (1/2) | +57% |
| Jefferies & Co. (1/3) | +54% |
| Brean Murray, Carret & Co. (0/2) | +51% |
| Lazard Capital Markets (1/6) | +46% |
| Thomas Weisel Partners (1/6) | +41% |
| CIBC World Markets (5/10) | +38% |
| Ardour Capital Investments (0/1) | +35% |
| Banc of America Securities (8/10) | +27% |
| Janney Montgomery Scott (0/1) | +26% |
| UBS Investment Bank (10/11) | +25% |
| Rodman & Renshaw (0/4) | +24% |
| JP Morgan Securities (7/8) | +23% |
| Pacific Growth Equities (4/11) | +22% |
| Cowen & Co. (7/16) | +18% |
| Piper Jaffray & Co. (5/12) | +18% |
| Morgan Stanley & Co. (10/11) | +14% |
| Merrill Lynch & Co. (11/11) | +13% |
| Goldman, Sachs & Co. (5/6) | +12% |
| Friedman Billings Ramsey (0/1) | +11% |
| JMP Securities (1/8) | +10% |
| RBC Capital Markets (2/4) | +7% |
| Robert W. Baird & Co. (1/3) | +7% |
| Deutsche Bank Securities (5/6) | +4% |
| Citigroup (1/2) | +3% |
| First Albany Capital (1/4) | +2% |
| William Blair & Co. (0/1) | -1% |
| HSBC Securities (0/3) | -5% |
| Ferris, Baker Watts (1/1) | -5% |
| Wachovia Capital Markets (0/1) | -5% |
| Credit Suisse Securities (2/3) | -6% |
| Fortis Securities (0/2) | -6% |
| Bear, Stearns & Co. (1/4) | -8% |
| Morgan Joseph & Co. (0/2) | -13% |
| Needham & Co. (0/2) | -13% |
| Roth Capital Partners (1/1) | -16% |
| Sunrise Securities (1/1) | -16% |
| Stifel Nicolaus (1/1) | -20% |
| Lehman Brothers (4/6) | -21% |
| Montgomery & Co. (0/1) | -24% |
| Canaccord Adams (0/2) | -27% |
| Dundee Securities (0/1) | -27% |
| Orion Securities (0/1) | -27% |
| Westwind Partners (0/1) | -27% |
| Susquehanna Financial (0/1) | -29% |
| Dawson James Securities (2/2) | -38% |
| C.E. Unterberg, Towbin (1/1) | -56% |
| WR Hambrecht + Co. (1/1) | -59% |
| Punk Ziegel & Co. (0/1) | -59% |
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| * The offerings in this chart include only those that were completed on U.S. stock exchanges from Jan. 1 to Dec. 31, 2006. | |
| # After-market performance is expressed as the percent change in stock price between the offering price and the closing price on 12/31/06. 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. | |
