Underwriter
(Number Of Offerings As Lead Underwriter)

After-Market Performance
(Average)


Merrill Lynch & Co. (2)

+38%

Morgan Stanley & Co. (4)

+20%

WR Hambrecht + Co. (1)

+17%

Legg Mason Wood Walker (1)

+8%

SG Cowen Securities (9)

+4%

Lazard Freres & Co. (1)

-1%

Citigroup Global Markets (3)

-2%

Bear, Stearns & Co. (3)

-7%

CIBC World Markets (2)

-12%

UBS Investment Bank (12)

-14%

Banc of America Securities (4)

-14%

Thomas Weisel Partners (3)

-15%

Needham & Co. (2)

-15%

Lehman Brothers (4)

-16%

Deutsche Bank Securities (5)

-21%

Ryan Beck & Co. (1)

-21%

Goldman Sachs & Co. (3)

-22%

Credit Suisse First Boston (2)

-22%

JP Morgan Securities (2)

-27%

RBC Capital Markets (2)

-34%

Piper Jaffray & Co. (5)

-36%

Pacific Growth Equities (1)

-37%

Roth Capital Partners (1)

-44%


#After-market performance is expressed as the percent change in stock price between the offering price and the closing price on 7/16/04. 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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