Underwriters' Performance On All IPOS From Jan. 1 To June 30, 2005: Full Credit To All Underwriters, Ranked By After-Market Performance#

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

After-Market
Performance
(Average)

Credit Suisse First Boston (1/1)

+52%

Leerink Swann & Co. (0/1)

+52%

Merrill Lynch & Co. (1/1)

+41%

BMO Nesbitt Burns (0/1)

+41%

Pacific Growth Equities (0/2)

+32%

Lazard Freres & Co. (0/3)

+31%

Banc Of America Securities (2/2)

+30%

UBS Investment Bank (2/2)

+25%

Morgan Stanley & Co. (1/1)

+22%

Deutsche Bank Securities (1/1)

+22%

JP Morgan Securities (1/1)

-2%

CIBC World Markets (1/2)

-8%

First Dunbar Securities (1/1)

-24%

Bear, Stearns & Co. (1/1)

-39%

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

-39%

Needham & Co. (0/1)

-39%

# After-market performance is expressed as the percent change in stock price between the offering price and the closing price on 6/30/05. 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.