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Underwriter Performance Report Period Covered: 2004 The following table lists the most active brokerage firms serving as the lead underwriter in initial public offerings (IPOs). Each report only includes IPOs for which the broker firm served as the lead underwriter. If a brokerage firm participated as an underwriter, other than the lead, or as part of the larger selling syndicate, they are not included in these reports. Name Total Amount Raised Num. Offerings Avg. Market Val. Avg. Amount Raised Avg. % Change Goldman Sachs & Co. $6420.6 28 $1501.2 $229.3 37.26 Morgan Stanley $3966.5 20 $4670.5 $198.3 57.42 CS First Boston $2572.8 20 $889.6 $128.6 21.30 Friedman, Billings, Ramsey $2388.5 17 $290.6 $140.5 27.05 Merrill Lynch $2271.1 16 $1340.1 $141.9 19.95 Citigroup $2264.6 14 $507.0 $161.8 24.19 UBS Investment Bank $2303.3 14 $1623.1 $164.5 20.07 Lehman Brothers $1424.5 14 $343.9 $101.8 12.54 Banc of America Securities LLC $2173.6 12 $469.6 $181.1 13.55 J.P. Morgan $936.0 9 $531.1 $104.0 27.12 SG Cowen $297.5 8 $176.6 $37.2 9.3 Deutsche Bank Securities $304.7 5 $359.3 $60.9 17.18 Keefe Bruyette Woods $306.5 5 $140.5 $61.3 37.12 CIBC World Markets $596.3 5 $280.6 $119.3 28.82 Thomas Weisel Partners LLC $163.8 4 $154.9 $40.9 -10.85 Bear Stearns & Co. $355.1 4 $495.1 $88.8 18.05 Wachovia Securities, Inc. $364.5 3 $201.3 $121.5 24.33 Paulson Investment Company Inc. $59.9 3 $49.6 $19.9 1.53 Piper Jaffray $157.6 3 $197.9 $52.5 -14.33 RBC Capital Markets $382.3 3 $314.9 $127.4 21.47 Copyright 2004 IPO Monitor. All rights reserved. Redistribution or publication of this content is expressly prohibited without the prior written consent of IPO Monitor. This information is provided AS-IS, without any warranty of any kind. IPO Monitor makes no claims concerning the accuracy or validity of the information, and shall not be held liable for any errors, delays, omissions or use thereof. Please report problems with this site via the Contact Us page.