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

After-Market
Performance
(Average)


WR Hambrecht + Co. (1)

+99%

Wachovia Capital Markets (1)

+87%

Merrill Lynch & Co. (2)

+65%

Morgan Stanley & Co. (3)

+50%

Citigroup Global Markets (1)

+38%

Deutsche Bank Securities (4)

+17%

Lazard Freres & Co. (1)

+15%

Banc of America Securities (3)

+10%

Needham & Co. (1)

+7%

Bear, Stearns & Co. (1)

+7%

Goldman Sachs & Co. (4)

+4%

SG Cowen Securities (7)

+3%

Piper Jaffray & Co. (6)

+0%

UBS Investment Bank (4)

-6%

Lehman Brothers Inc. (3)

-8%

Thomas Weisel Partners (3)

-11%

Credit Suisse First Boston (1)

-48%

RBC Capital Markets (1)

-66%


# After-market performance is expressed as the percent change in stock price between the offering price and the closing price on 12/31/04. 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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