Underwriter
(Number Of IPOs As Lead Underwriter)

After-Market Performance (Average)

Merrill Lynch & Co. (1)

+91%

Morgan Stanley & Co. (2)

+41%

UBS Investment Bank (3)

+19%

Banc of America Securities (3)

+13%

SG Cowen Securities (7)

+11%

Citigroup Global Markets (1)

+3%

Lehman Brothers (2)

+2%

Lazard Freres & Co. (1)

-1%

Credit Suisse First Boston (1)

-1%

Deutsche Bank Securities (3)

-10%

Thomas Weisel Partners (3)

-15%

Needham & Co. (2)

-15%

Goldman Sachs & Co. (3)

-22%

Piper Jaffray & Co. (4)

-27%

Bear, Stearns & Co. (1)

-27%

RBC Capital Markets (1)

-43%

#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.