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

CIBC World Markets (1) +106%
Banc of America Securities (2) +75%
Deutsche Bank Securities (1) +71%
Morgan Stanley & Co. (2) +31%
Merrill Lynch & Co. (2) +19%
Pacific Growth Equities (1) +17%
SG Cowen & Co. (2) -6%
JP Morgan Securities (4) -15%
UBS Investment Bank (2) -20%
Credit Suisse First Boston (1) -20%
C.E. Unterberg, Towbin (1) -22%
ThinkEquity Partners (1) -22%
Lehman Brothers (2) -27%
Jefferies & Co. (1) -37%
Bear, Stearns & Co. (1) -42%
First Dunbar Securities (1) -55%
WR Hambrecht + Co. (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.