| 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. | |
