Underwriter
(Number Of IPOs
As Lead/
Number Of IPOs
As Lead
Or Co-manager)

After-Market
Performance
(Average)


Bear, Stearns & Co. (1/1)

+28%

HSBC Securities (0/1)

+28%

Lerrink Swann & Co. (0/1)

+24%

Oppenheimer & Co. (0/1)

+24%

Pacific Growth Equities (3/5)

-4%

Merrill Lynch & Co. (2/2)

-5%

Morgan Stanley & Co. (2/2)

-5%

CIBC World Markets (2/3)

-7%

A.G. Edwards (0/1)

-7%

JP Morgan Securities (1/1)

-9%

RBC Capital Markets (0/1)

-9%

Thomas Weisel Partners (0/1)

-9%

JMP Securities (0/2)

-14%

UBS Investment Bank (3/3)

-15%

Roth Capital Partners (1/1)

-15%

Sunrise Securities (1/1)

-15%

Cowen & Co. (2/5)

-16%

Fortis Securities (0/1)

-16%

Deutsche Bank Securities (2/2)

-17%

Banc of America Securities (3/3)

-24%

Piper Jaffray & Co. (2/3)

-25%

First Albany Capital (0/3)

-25%

Lazard Capital Markets (0/2)

-37%

Susquehanna Financial (0/1)

-53%


# After-market performance is expressed as the percent change in stock price between the offering price and the closing price on 7/31/06. 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.