| 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. | |
