Underwriter (Number Of IPOs As Lead/ Number Of IPOs As Lead Or Co-manager) After-Market Performance (Average)

William Blair & Co. (0/1)+106%
Banc of America Securities (2/2)+75%
Deutsche Bank Securities (1/1)+71%
Pacific Growth Equities (1/3)+44%
BMO Nesbitt Burns (0/1)+43%
Lazard Capital Markets (0/5)+34%
Morgan Stanley & Co. (2/2)+31%
Merrill Lynch & Co. (2/2)+19%
CIBC World Markets (1/3)+15%
SG Cowen & Co. (2/2)-6%
A.G. Edwards (0/2)-13%
Lerrink Swann & Co. (0/2)-13%
JP Morgan Securities (4/4)-15%
Piper Jaffray & Co. (0/2)-17%
Thomas Weisel Partners (0/2)-17%
UBS Investment Bank (2/2)-20%
Credit Suisse First Boston (1/1)-20%
C.E. Unterberg, Towbin (1/1)-22%
ThinkEquity Partners (1/1)-22%
Merriman Curhan Ford & Co. (0/1)-22%
JMP Securities (0/1)-24%
Lehman Brothers (2/2)-27%
Needham & Co. (0/2)-36%
Jefferies & Co. (1/1)-37%
Baker Watts Stifel (0/1)-37%
GunnAllen Financial (0/1)-37%
Nicolaus & Co. (0/1)-37%
Bear, Stearns & Co. (1/1)-42%
First Dunbar Securities (1/1)-55%
Legg Mason Wood Walker (0/1)-57%
Susquehanna Financial (0/1)-57%
WR Hambrecht + Co. (1/1)-57%

# After-market performance is expressed as the percent change in stock price between the offering price and the closing price on 12/31/05. 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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