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

After-Market Performance (Average)


Merrill Lynch & Co. (2/2)

+38%

ThinkEquity Partners (0/2)

+24%

Morgan Stanley & Co. (4/4)

+20%

Brean Murray & Co. (0/1)

+17%

Punk, Ziegel & Co. (0/1)

+17%

Stanford Group (0/1)

+17%

Bear, Stearns & Co. (3/5)

+12%

Credit Suisse First Boston (2/4)

+12%

Merriman Curhan Ford & Co. (0/1)

+4%

Citigroup Global Markets (3/5)

+3%

Banc of America Securities (4/6)

+2%

Jefferies & Co. (0/1)

+0%

Leerink Swann & Co. (0/3)

-2%

SG Cowen Securities (9/15)

-4%

CIBC World Markets (2/10)

-5%

Roth Capital Partners (1/3)

-8%

WR Hambrecht + Co. (1/2)

-8%

Adams, Harkness & Hill (0/4)

-9%

RBC Capital Markets (2/3)

-9%

Thomas Weisel Partners (3/7)

-10%

Legg Mason Wood Walker (1/6)

-12%

Underwriter

After-Market Performance


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

-12%

William Blair & Co. (0/1)

-12%

First Albany Capital (0/3)

-13%

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

-13%

UBS Investment Bank (12/12)

-14%

Fortis Securities (0/2)

-14%

Lehman Brothers (4/4)

-16%

Pacific Growth Equities (1/3)

-16%

Harris Nesbitt Gerard (0/3)

-16%

Piper Jaffray & Co. (5/12)

-19%

JP Morgan Securities (2/4)

-19%

Deutsche Bank Securities (5/5)

-21%

Ryan Beck & Co. (1/1)

-21%

Needham & Co. (2/8)

-22%

Goldman Sachs & Co. (3/3)

-22%

Lazard Freres & Co. (1/7)

-24%

Rodman & Renshaw (0/2)

-24%

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

-24%

JMP Securities (0/6)

-29%

Wells Fargo Securities (0/1)

-43%


* The offerings in this chart include only those that were completed on U.S. stock exchanges from Jan. 1 to July 16, 2004.

# 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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