Underwriter
(Number Of Offerings As
Lead Or Co-lead Underwriter)

After-Market
Performance
(Average)


Credit Suisse First Boston (1)

+52%

Merril Lynch & Co. (3)

+24%

Banc of America Securities (3)

+18%

CIBC World Markets (6)

+14%

Piper Jaffray & Co. (1)

+14%

Deutche Bank Securities (2)

+13%

Wachovia Capital Markets (1)

+9%

Lehman Brothers (2)

+7%

UBS Investment Bank (11)

+0%

SG Cowen & Co. (3)

-2%

WR Hambrecht + Co. (1)

-4%

Punk, Ziegel & Co. (1)

-4%

Goldman, Sachs & Co. (1)

-5%

JP Morgan Securities (2)

-6%

Thomas Weisel Partners (1)

-6%

Morgan Stanley & Co. (3)

-14%

Citigroup (1)

-23%

Adams Harkness (1)

-23%

First Dunbar Securities (1)

-24%

Bear, Stearns & Co. (1)

-39%

Pacific Growth Equities (1)

-43%


# After-market performance is expressed as the percent change in stock price between the offering price and the closing price on 6/30/05. 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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