| Recent IPOs: Oct 2003 - Dec 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 |
| Dec 23 | Graphic Packaging Holding Company
(GPK)
| Packaging & Container Manufacturing | Goldman, Sachs & Co. | --/--
(--)
| -- | -- | -- | $2.69 |

|
| Dec 18 | Dec 18 | Tempur-Pedic International Inc.
(TPX)
| Mattress & Bed Manufacturers | Lehman Brothers Inc. | 19/97
(19%)
| $14.00 | $14.00 | $15.50 | $20.86 |

|
| Dec 18 | Dec 18 | Knology, Inc.
(KNOL)
| Fixed-line Voice Services Providers | UBS Securities LLC | 6/23
(26%)
| $9.00 | $9.10 | $9.38 | $9.94 |

|
| Dec 17 | Dec 17 | China Life Insurance Company Limited
(LFC)
| Life Insurance | China International Capital Corporation Limited | 154/162
(95%)
| $18.68 | $23.25 | $23.72 | $74.33 |

|
| Dec 16 | Dec 17 | Universal Technical Institute, Inc.
(UTI)
| Education & Training Services | Credit Suisse First Boston LLC | 8/28
(27%)
| $20.50 | $24.20 | $26.35 | $18.02 |

|
| Dec 16 | Dec 16 | United America Indemnity, Ltd.
(INDM)
| Property & Casualty Insurance | Merrill Lynch, Pierce, Fenner & Smith Incorporated | 10/27
(36%)
| $17.00 | $17.00 | $17.50 | $7.01 |

|
| Dec 16 | Dec 16 | Mercer Insurance Group, Inc.
(MIGP)
| Commercial Insurance | Sandler O'Neill & Partners, L.P. | 6/7
(82%)
| $10.00 | $12.00 | $12.15 | $17.51 |

|
| Dec 16 | Dec 16 | Webzen Inc.
(WZEN)
| Entertainment & Games Software | J.P. Morgan Securities Inc. | 9/44
(20%)
| $11.17 | $11.09 | $10.00 | $2.74 |

|
| Dec 11 | Dec 12 | Compass Minerals International, Inc.
(CMP)
| Basic and Intermediate Chemical & Petrochemical Manufacturing | Goldman, Sachs & Co. | 15/30
(48%)
| $13.00 | $13.00 | $13.75 | $65.73 |

|
| Dec 10 | Dec 11 | Nelnet, Inc.
(NNI)
| Personal Lending | J.P. Morgan Securities Inc. | 8/53
(15%)
| $21.00 | $22.05 | $21.80 | $17.62 |

|
| Dec 8 | Dec 9 | Ctrip.com International, Ltd.
(CTRP)
| Travel Agencies & Services | Merrill Lynch, Pierce, Fenner & Smith Incorporated | 4/30
(14%)
| $18.00 | $24.01 | $33.94 | $68.07 |

|
| Dec 4 | Dec 4 | Aspen Insurance Holdings Limited
(AHL)
| Reinsurance | Credit Suisse First Boston LLC | 11/68
(16%)
| $22.50 | $25.00 | $24.05 | $26.47 |

|
| Dec 4 | Dec 4 | American Equity Investment Life Holding Company
(AEL)
| Life Insurance | Merrill Lynch, Pierce, Fenner & Smith Incorporated | 19/33
(56%)
| $9.00 | $9.00 | $9.05 | $7.37 |

|
| Nov 25 | Nov 25 | SYNNEX Corporation
(SNX)
| Electronic Component Distribution & Support | Bear, Stearns & Co. Inc. | 5/26
(21%)
| $14.50 | $14.30 | $14.20 | $29.25 |

|
| Nov 24 | Nov 25 | Conn's, Inc.
(CONN)
| Consumer Electronics & Appliances Retail | Stephens Inc. | 4/23
(18%)
| $14.00 | $15.13 | $15.04 | $6.48 |

|
| Nov 24 | Nov 24 | Nexstar Broadcasting Group, Inc.
(NXST)
| Television Station Groups | Bear, Stearns & Co. Inc. | 10/25
(40%)
| $14.00 | $13.98 | $13.25 | $3.05 |

|
| Nov 21 | Nov 22 | Pinnacle Airlines Corp.
(PNCL)
| Airlines | Morgan Stanley & Co. Incorporated | 19/22
(89%)
| $14.00 | $14.01 | $13.30 | $6.53 |

|
| Nov 19 | Nov 20 | Callidus Software Inc.
(CALD)
| Human Resources & Workforce Management Software | Citigroup Global Markets Inc. | 5/22
(22%)
| $14.00 | $18.28 | $17.37 | $2.89 |

|
| Nov 20 | Nov 19 | Whiting Petroleum Corporation
(WLL)
| Oil & Gas Exploration & Production | Merrill Lynch, Pierce, Fenner & Smith Incorporated | 15/19
(80%)
| $15.50 | $16.53 | $16.27 | $59.99 |

|
| Nov 17 | Nov 18 | Buffalo Wild Wings, Inc.
(BWLD)
| Casual Dining Restaurants | RBC Dain Rauscher Inc | 3/8
(39%)
| $17.00 | $21.80 | $22.95 | $40.90 |

|
| Nov 14 | Nov 14 | LECG Corporation
(XPRT)
| Consulting | UBS Securities LLC | 7/20
(34%)
| $17.00 | $22.01 | $21.03 | $2.83 |

|
| Nov 11 | Nov 12 | Marlin Business Services Corp.
(MRLN)
| Technology Leasing | U.S. Bancorp Piper Jaffray | 4/11
(41%)
| $14.00 | $15.59 | $16.15 | $7.07 |

|
| Nov 9 | Nov 10 | Tessera Technologies, Inc.
(TSRA)
| Semiconductor Equipment & Materials | Lehman Brothers Inc. | 8/38
(20%)
| $13.00 | $15.03 | $18.50 | $23.66 |

|
| Nov 6 | Nov 7 | Quality Distribution, Inc.
(QLTY)
| Specialty Trucking | Legg Mason Wood Walker, Incorporated | 7/18
(39%)
| $17.00 | $20.00 | $18.75 | $3.54 |

|
| Oct 29 | Oct 30 | Micromet, Inc.
(MITI)
| Biopharmaceuticals & Biotherapeutics | Lehman Brothers Inc. | 6/27
(22%)
| $12.00 | $12.04 | $12.00 | $6.90 |

|
| Oct 22 | Oct 23 | First Potomac Realty Trust
(FPO)
| Industrial REITs | Ferris, Baker Watts Incorporated | 6/6
(100%)
| $15.00 | $15.80 | $16.10 | $11.76 |

|
| Oct 20 | Oct 21 | Carter's, Inc.
(CRI)
| Children's Clothing | Goldman, Sachs & Co. | 6/27
(23%)
| $19.00 | $24.05 | $24.65 | $21.84 |

|
| Oct 17 | Oct 18 | MiddleBrook Pharmaceuticals, Inc
(MBRK)
| Generic Drugs | Lehman Brothers | 6/23
(26%)
| $10.00 | $10.01 | $10.00 | $0.70 |

|
| Oct 7 | Oct 8 | Acusphere, Inc.
(ACUS)
| Biopharmaceuticals & Biotherapeutics | SG Cowen Securities Corp | 4/14
(26%)
| $14.00 | $16.02 | $14.03 | $0.08 |

|
| Oct 2 | Oct 3 | LKQ Corporation
(LKQX)
| Auto Parts Manufacturing | Robert W. Baird & Co. Incorporated | 7/19
(37%)
| $13.00 | $14.25 | $15.00 | $17.83 |

|
| Oct 1 | Oct 1 | The First Marblehead Corporation
(FMD)
| Personal Lending | Goldman, Sachs & Co. | 13/60
(21%)
| $16.00 | $18.50 | $22.15 | $2.16 |

|