Underwriters' Performance on All Public Offerings from Jan. 1, 2003, to Dec. 31, 2003: Full Credit to Lead Underwriters, Ranked by After-Market Performance#

Underwriter
(Number Of Offerings As
Lead Underwriter)

After-Market
Performance
(Average)

Janney Montgomery Scott (1)

+57%

Bear Stearns & Co. Inc. (2)

+46%

Citigroup Global Markets (3)

+46%

Lehman Brothers Inc. (6)

+45%

Morgan Stanley and Co. (10)

+35%

Banc of America Securities (1)

+34%

Pacific Growth Equities (4)

+27%

Goldman Sachs & Co. (3)

+23%

CIBC World Markets Corp. (3)

+21%

UBS Securities (8)

+16%

Thomas Weisel Partners (2)

+14%

U.S. Bancorp Piper Jaffray (2)

+11%

Merrill Lynch & Co. (6)

+8%

Credit Suisse First Boston (1)

+2%

WR Hambrecht + Co. (1)

+2%

C.E. Unterberg, Towbin (1)

-2%

J.P. Morgan Securities (3)

-8%

S.G. Cowen Securities (4)

-12%

Deutsche Bank Securities (2)

-15%

Jefferies and Co. (2)

-36%

# 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.