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

After-Market
Performance
(Average)


Credit Suisse First Boston (1)

+52%

Merrill Lynch & Co. (1)

+41%

Banc Of America Securities (2)

+30%

UBS Investment Bank (2)

+25%

Morgan Stanley & Co. (1)

+22%

Deutsche Bank Securities (1)

+22%

CIBC World Markets (1)

+18%

JP Morgan Securities (1)

-2%

First Dunbar Securities (1)

-24%

Bear, Stearns & Co. (1)

-39%


# 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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