UNDERWRITERS' PERFORMANCE ON IPOS:

FULL CREDIT TO LEAD UNDERWRITER, RANKED BY AFTER-MARKET PERFORMANCE

Underwriter

(Number Of IPOs As Lead Underwriter)

# After-Market Performance(Average)


Bank of America Securities (2) +30%
JP Morgan Securities (3) +16%
Cowen & Co. (1) +15%
Piper Jaffray & Co. (1) +15%
Merrill Lynch & Co. (2) +2%
UBS Investment Bank (3) -1%
Morgan Stanley (4) -7%
Deutsche Bank Securities (1) -9%
Jefferies & Co. (2) -18%
C.E. Unterberg, Towbin (1) -19%
Lehman Brothers (3) -21%
Bear, Stearns & Co. (1) -26%
Maxim Group LLC (2) -28%
RBC Capital Markets (1) -50%

UNDERWRITERS' PERFORMANCE ON IPOS:

FULL CREDIT TO LEAD UNDERWRITER, RANKED BY GROSS PROCEEDS*

Underwriter

(Number Of IPOs As Lead Underwriter)

Gross Proceeds (M)

Morgan Stanley (4) $313.3
Lehman Brothers (3) $270.0
JP Morgan Securities (3) $214.6
UBS Investment Bank (3) $208.8
Merrill Lynch & Co. (2) $172.0
Bank of America Securities (2) $131.3
Jefferies & Co. (2) $119.0
Deutsche Bank Securities (1) $112.0
RBC Capital Markets (1) $70.0
Bear, Stearns & Co. (1) $50.0
Piper Jaffray & Co. (1) $49.0
Maxim Group LLC (2) $36.0
Cowen & Co. (1) $35.9
C.E. Unterberg Towbin (1) $30.2