After-Market
Performance
(Average)

Oppenheimer & Co. (0/1)

+24%

Bear, Stearns & Co. (1/2)

+17%

ThinkEquity Partners (1/1)

+17%

Goldman, Sachs & Co. (3/3)

+12%

Robert W. Baird & Co. (1/3)

+8%

HSBC Securities (0/2)

+6%

William Blair & Co. (0/1)

+6%

Lerrink Swann & Co. (0/5)

+5%

Rodman & Renshaw (0/2)

+5%

Merrill Lynch & Co. (6/6)

+2%

Pacific Growth Equities (3/8)

-1%

Morgan Stanley & Co. (5/5)

-1%

JP Morgan Securities (4/5)

-5%

A.G. Edwards (0/1)

-7%

CIBC World Markets (3/6)

-8%

Cowen & Co. (3/10)

-9%

Lehman Brothers (3/5)

-12%

Thomas Weisel Partners (0/2)

-13%

Deutsche Bank Securities (4/5)

-14%

UBS Investment Bank (8/8)

-15%

Roth Capital Partners (1/1)

-15%

Sunrise Securities (1/1)

-15%

Fortis Securities (0/1)

-16%

JMP Securities (1/5)

-18%

Janney Montgomery Scott (0/1)

-20%

Banc of America Securities (6/7)

-21%

Dundee Securities (0/1)

-23%

Orion Securities (0/1)

-23%

Westwind Partners (0/1)

-23%

First Albany Capital (0/3)

-25%

Piper Jaffray & Co. (3/7)

-27%

Credit Suisse Securities (1/1)

-30%

Brean Murray, Carret & Co. (0/2)

-33%

Ferris, Baker Watts (1/1)

-34%

Cannacord Adams (0/2)

-35%

Lazard Capital Markets (1/3)

-37%

RBC Capital Markets (1/2)

-38%

C.E. Unterberg, Towbin (1/1)

-38%

Montgomery & Co. (0/1)

-39%

Morgan Joseph & Co. (0/1)

-39%

Needham & Co. (0/1)

-39%

Susquehanna Financial (0/1)

-53%

WR Hambrecht + Co. (1/1)

-66%

Punk Ziegel & Co. (0/1)

-66%

* The offerings in this chart include only those that were completed on U.S. stock exchanges from Jan. 1 to July 31, 2006.

# 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.