Underwriter
(Number Of IPOs As
Lead Underwriter)

After-Market
Performance
(Average)


UBS Securities (1)

+117%

Janney Montgomery Scott (1)

+57%

Morgan Stanley and Co. (1)

+9%

WR Hambrecht + Co. (1)

+2%

Credit Suisse First Boston (1)

+2%

J.P. Morgan Securities (3)

-8%

Lehman Brothers Inc. (2)

-23%

Deutsche Bank Securities (2)

-35%

S.G. Cowen Securities (1)

-37%


# 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.

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