(Number Of IPOs As
Lead Underwriter)


UBS Securities (1)


Janney Montgomery Scott (1)


Morgan Stanley and Co. (1)


WR Hambrecht + Co. (1)


Credit Suisse First Boston (1)


J.P. Morgan Securities (3)


Lehman Brothers Inc. (2)


Deutsche Bank Securities (2)


S.G. Cowen Securities (1)


# 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.