Underwriters' Performance On All IPOs From Jan. 1 To Dec. 31, 2004: Full Credit To All Underwriters, Ranked By Gross Proceeds*

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

Gross
Proceeds
(M)

Piper Jaffray & Co. (6/12)

$620.6

SG Cowen Securities (7/10)

$524.7

Credit Suisse First Boston (1/4)

$469.4

Thomas Weisel Partners (3/8)

$403.7

Goldman Sachs & Co. (4/4)

$311.9

CIBC World Markets (1/6)

$303.4

Morgan Stanley & Co. (3/3)

$296.4

Bear, Stearns & Co. (1/3)

$273.1

Merrill Lynch & Co. (2/2)

$270.2

Lehman Brothers (3/3)

$266.1

UBS Investment Bank (4/4)

$245.1

Banc of America Securities (3/5)

$224.8

Lazard Freres & Co. (1/3)

$220.2

Legg Mason Wood Walker (0/4)

$193.2

Harris Nesbitt (0/3)

$183.1

Deutsche Bank Securities (4/4)

$164.0

Needham & Co. (1/3)

$115.0

Pacific Growth Equities (0/1)

$103.2

JMP Securities (0/3)

$98.0

RBC Capital Markets (1/2)

$95.7

Adams, Harkness & Hill (0/2)

$90.2

Jefferies & Co. (0/1)

$87.5

Wachovia Capital Markets (0/1)

$87.5

JP Morgan Securities (0/1)

$75.0

Think Equity Partners (0/2)

$74.5

Citigroup Global Markets (1/2)

$70.5

First Albany Capital (0/2)

$69.6

Wells Fargo Securities (0/2)

$67.2

Robert W. Baird & Co. (0/1)

$56.9

Leerink Swann & Co. (0/1)

$42.0

Fortis Securities (0/1)

$40.3

WR Hambrecht + Co. (1/1)

$33.6

Punk, Ziegel & Co. (0/1)

$33.6

* The offerings in this chart include only those that were completed on U.S. stock exchanges from Jan. 1 to Dec. 31, 2004. Gross proceeds include additional funding raised from the exercise of overallotment options, when disclosed.