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

After-Market
Performance
(Average)


WR Hambrecht + Co. (2)

+94%

CIBC World Markets (4)

+36%

Merrill Lynch & Co. (4)

+26%

Morgan Stanley & Co. (11)

+25%

Jefferies & Co. (1)

+17%

Lazard Freres & Co. (1)

+15%

Bear, Stearns & Co. (3)

+8%

Deutsche Bank Securities (8)

+7%

Citigroup Global Markets (5)

+7%

SG Cowen Securities (10)

+4%

Goldman Sachs & Co. (4)

+4%

Banc of America Securities (4)

+3%

Pacific Growth Equities (3)

-1%

Ryan Beck & Co. (1)

-4%

Needham & Co. (3)

-6%

UBS Investment Bank (16)

-7%

Legg Mason Wood Walker (1)

-7%

Piper Jaffray & Co. (7)

-10%

Thomas Weisel Partners (3)

-11%

Credit Suisse First Boston (2)

-13%

Lehman Brothers (5)

-15%

JP Morgan Securities (4)

-15%

Roth Capital Partners (1)

-34%

RBC Capital Markets (2)

-40%


# 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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