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

After-Market
Performance
(Average)


Loewen, Ondaatje, McCutcheon (0/1)

+117%

Orion Securities (0/1)

+117%

Adams, Harkness & Hill (0/4)

+63%

Janney Montgomery Scott (1/1)

+57%

Banc of America Securities (1/3)

+51%

Citigroup Global Markets (3/5)

+47%

Needham & Co. (0/7)

+41%

Canaccord Capital (0/1)

+39%

Desjardins Securities (0/1)

+39%

Dlouhy Merchant Group (0/1)

+39%

TD Securities (0/1)

+39%

Lehman Brothers Inc. (6/11)

+38%

RBC Capital Markets (0/5)

+35%

SunTrust Robinson Humphrey (0/1)

+35%

Morgan Stanley (10/10)

+35%

Lazard Freres & Co. (0/7)

+30%

Bear, Stearns & Co. (2/4)

+28%

Wachovia Securities (0/1)

+27%

Fortis Securities (0/2)

+25%

Wells Fargo Securities (0/2)

+24%

CIBC World Markets (3/12)

+23%

Goldman, Sachs & Co. (3/3)

+23%

First Albany (0/1)

+16%

Legg Mason Wood Walker (0/1)

+16%

Harris Nesbitt Gerard (0/4)

+16%

U.S. Bancorp Piper Jaffray (2/10)

+15%

Morgan Keegan (0/1)

+14%

Ryan Beck & Co. (0/1)

+14%

UBS Securities (8/11)

+13%

S.G. Cowen Securities (4/11)

+12%

Pacific Growth Equities (4/9)

+11%

WR Hambrecht + Co. (1/3)

+9%

Punk, Ziegel (0/5)

+8%

Merrill Lynch (6/6)

+8%

C.E. Unterberg, Towbin (1/2)

+7%

Leerink Swann (0/1)

+7%

BMO Nesbitt Burns (0/1)

+5%

Credit Suisse First Boston (1/3)

+3%

Roth Capital Partners (0/1)

-2%

ThinkEquity Partners (0/2)

-6%

J.P. Morgan Securities (3/3)

-8%

Brean Murray & Co. (0/2)

-9%

Deutsche Bank Securities (2/3)

-9%

Thomas Weisel Partners (2/5)

-11%

Merriman Curhan Ford (0/1)

-19%

Jefferies and Co. (2/4)

-23%

Friedman, Billings, Ramsey & Co. (0/1)

-37%


* The offerings in this chart include only those that were completed on U.S. stock exchanges (NASDAQ, NYSE or AMEX) from Jan. 1 Dec. 31, 2003.

# After-market performance is expressed as the percent change in stock price between the offering price and the closing price on 12/31/03. 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.