Underwriter(Number Of Offerings As Lead/
Number Of Offerings As Lead Or
Co-manager)

After-Market Performance (Average)


Credit Suisse First Boston (1/1)

+52%

Merrill Lynch & Co. (3/3)

+24%

Lazard Freres & Co. (0/4)

+22%

Leerink Swann & Co. (0/2)

+20%

William Blair & Co. (0/2)

+16%

Granite Financial Group (0/1)

+14%

Morgan Joseph & Co. (0/1)

+14%

Deutsche Bank Securities (2/2)

+13%

Banc of America Securities (3/4)

+12%

Robert W. Baird & Co. (0/1)

+9%

Thomas Weisel Partners (1/3)

+7%

BMO Nesbitt Burns (0/2)

+4%

UBS Investment Bank (11/12)

+3%

Wachovia Capital Markets (1/2)

+2%

Harris Nesbitt (0/2)

+2%

CIBC World Markets (6/11)

+0%

Lehman Brothers (2/3)

0%

Friedman, Billings, Ramsey (0/2)

0%

SG Cowen & Co. (3/4)

-0%

Piper Jaffray & Co. (1/3)

-1%

Punk Ziegel & Co. (1/1)

-4%

WR Hambrecht + Co. (1/1)

-4%

Goldman, Sachs & Co. (1/1)

-5%

Needham & Co. (0/5)

-6%

C.E. Unterberg, Towbin (0/1)

-6%

Pacific Growth Equities (1/4)

-10%

First Albany Capital (0/2)

-10%

JP Morgan Securities (2/7)

-12%

Orion Securities (0/1)

-12%

First Associates Investments (0/1)

-12%

GMP Securities (0/1)

-12%

Morgan Stanley & Co. (3/3)

-14%

Jefferies & Co. (0/1)

-21%

Adams Harkness (1/1)

-23%

Citigroup (1/1)

-23%

D.A. Davidson & Co. (0/1)

-23%

First Dunbar Securities (1/1)

-24%

Fortis Securities (0/1)

-34%

Desjardins Securities (0/1)

-34%

Wells Fargo Securities (0/1)

-34%

Bear, Stearns & Co. (1/1)

-39%

A.G. Edwards & Sons (0/1)

-39%


* The offerings in this chart include only those that were completed on U.S. stock exchanges from Jan. 1 to June 30, 2005.

# 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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