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

After-Market
Performance
(Average)


Brean Murray & Co. (0/1)

+100%

Stanford Group (0/1)

+100%

Punk, Ziegel & Co. (0/3)

+86%

WR Hambrecht + Co. (2/6)

+39%

Delafield Hambrecht (0/2)

+31%

First Albany Capital (0/4)

+30%

Merrill Lynch & Co. (4/4)

+26%

Morgan Stanley & Co. (11/11)

+25%

Bear, Stearns & Co. (3/8)

+22%

Jefferies & Co. (1/3)

+17%

Think Equity Partners (0/2)

+17%

Credit Suisse First Boston (2/5)

+16%

Wachovia Capital Markets (0/1)

+13%

CIBC World Markets (4/13)

+11%

Citigroup Global Markets (5/7)

+10%

Thomas Weisel Partners (3/11)

+9%

Wells Fargo Securities (0/3)

+9%

Deutsche Bank Securities (8/9)

+7%

Needham & Co. (3/10)

+6%

Goldman Sachs & Co. (4/4)

+4%

SG Cowen Securities (10/17)

+2%

Robert W. Baird & Co. (0/3)

+2%

Piper Jaffray & Co. (7/17)

+1%

Banc of America Securities (4/8)

+1%

Harris Nesbitt (0/5)

-1%

Fortis Securities (0/2)

-1%

Roth Capital Partners (1/3)

-4%

Ryan Beck & Co. (1/1)

-4%

Merriman Curhan Ford & Co. (0/1)

-6%

UBS Investment Bank (16/16)

-7%

Pacific Growth Equities (3/6)

-7%

Lazard Freres & Co. (1/8)

-9%

Legg Mason Wood Walker (1/7)

-9%

Adams, Harkness & Hill (0/4)

-9%

Rodman & Renshaw (0/3)

-9%

JP Morgan Securities (4/6)

-10%

Leerink Swann & Co. (0/3)

-11%

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

-12%

William Blair & Co. (0/1)

-12%

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

-14%

Lehman Brothers (5/5)

-15%

JMP Securities (0/6)

-23%

RBC Capital Markets (2/3)

-27%


* The offerings in this chart include only those that were completed on U.S. stock exchanges from Jan. 1 to Dec. 31, 2004.

# 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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