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

After-Market Performance
(Average)

Merrill Lynch & Co. (1/1)

+91%

Morgan Stanley & Co. (2/2)

+41%

Bear, Stearns & Co. (1/2)

+32%

Credit Suisse First Boston (1/3)

+30%

ThinkEquity Partners (0/2)

+24%

UBS Investment Bank (3/3)

+19%

Fortis Securities (0/1)

+14%

Citigroup Global Markets (1/2)

+10%

Banc of America Securities (3/5)

+8%

Robert W. Baird & Co. (0/1)

+4%

First Albany Capital (0/1)

+3%

CIBC World Markets (0/5)

+2%

Lehman Brothers (2/2)

+2%

Harris Nesbitt Gerard (0/2)

+2%

SG Cowen Securities (7/10)

+1%

Pacific Growth Equities (0/1)

-0%

Needham & Co. (1/2)

-1%

Leerink Swann & Co. (0/1)

-1%

Thomas Weisel Partners (3/5)

-2%

RBC Capital Markets (1/2)

-2%

Adams, Harkness & Hill (0/2)

-4%

Deutsche Bank Securities (3/3)

-10%

JP Morgan Securities (0/1)

-10%

Lazard Freres & Co. (1/3)

-13%

Legg Mason Wood Walker (0/4)

-15%

JMP Securities (0/3)

-15%

Piper Jaffray & Co. (4/9)

-16%

Goldman Sachs & Co. (3/3)

-22%

Wells Fargo Securities (0/1)

-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.