| Recent IPOs: Jul 2003 - Sep 2003 |
| Pricing Date | Date Went Public | Name (Ticker) | Industry | Lead Underwriter | Shares Offered/ Outstanding (share%) | Offer Price | Open Price
| 1st Day Close | Last Close Price |
| Sep 23 | Sep 24 | Journal Communications, Inc.
(JRN)
| Newspaper Publishing | Morgan Stanley & Co. Incorporated | 17/80
(22%)
| $15.00 | $16.10 | $16.25 | $3.54 |

|
| Sep 17 | Sep 18 | National Financial Partners Corp.
(NFP)
| Retail Asset Management | Goldman, Sachs & Co. | 9/31
(29%)
| $23.00 | $26.25 | $26.25 | $8.72 |

|
| Aug 27 | Aug 27 | Ashford Hospitality Trust, Inc.
(AHT)
| Hotel & Motel REITs | Friedman, Billings, Ramsey & Co., Inc. | 23/24
(94%)
| $9.00 | $9.00 | $9.00 | $4.72 |

|
| Aug 18 | Aug 19 | The Providence Service Corporation
(PRSC)
| Specialized Health Care Services | SunTrust Capital Markets, Inc. | 4/8
(56%)
| $12.00 | $13.00 | $14.00 | $14.08 |

|
| Aug 12 | Aug 13 | Texas Capital Bancshares, Inc.
(TCBI)
| Regional Banks & Thrifts | Lehman Brothers Incorporated | 6/24
(25%)
| $11.00 | $11.89 | $11.99 | $14.36 |

|
| Aug 13 | Aug 12 | Gladstone Commercial Corporation
(GOOD)
| Office REITs | Ferris, Baker Watts Incorporated | 6/6
(99%)
| $15.00 | $15.40 | $15.15 | $13.94 |

|
| Aug 6 | Aug 7 | CapitalSource Inc.
(CSE)
| Commercial Lending | Credit Suisse First Boston Corporation | 21/115
(18%)
| $14.50 | $16.95 | $18.20 | $3.79 |

|
| Jul 30 | Jul 31 | NETGEAR, Inc.
(NTGR)
| Wireless Networking Equipment | Lehman Brothers Inc. | 7/27
(26%)
| $14.00 | $19.15 | $17.69 | $20.71 |

|
| Jul 23 | Jul 24 | iPass Inc.
(IPAS)
| Data Services | Morgan Stanley & Co. Incorporated | 7/59
(12%)
| $14.00 | $18.50 | $18.67 | $1.22 |

|
| Jul 10 | Jul 10 | DTS, Inc.
(DTSI)
| Film & Video | SG Cowen Securities Corp | 4/13
(30%)
| $17.00 | $19.50 | $24.92 | $30.35 |

|
| Jul 1 | Jul 2 | Molina Healthcare, Inc.
(MOH)
| Health Care Plans | Banc of America Securities LLC | 6/25
(24%)
| $17.50 | $21.00 | $20.00 | $21.68 |

|
| Jun 30 | Jul 1 | AXIS Capital Holdings Limited
(AXS)
| Property & Casualty Insurance | Morgan Stanley & Co. Incorporated | 22/152
(14%)
| $22.00 | $25.50 | $25.55 | $29.20 |

|