| Recent IPOs: Jan 2005 - Mar 2005 |
| Pricing Date | Date Went Public | Name (Ticker) | Industry | Lead Underwriter | Shares Offered/ Outstanding (share%) | Offer Price | Open Price
| 1st Day Close | Last Close Price |
| Mar 18 | Mar 18 | Diana Shipping Inc.
(DSX)
| Deep Sea Shipping | Bear, Stearns & Co. Inc. | 12/40
(31%)
| $17.00 | $17.01 | $17.30 | $16.49 |

|
| Mar 15 | Mar 15 | BofI Holding, Inc.
(BOFI)
| Online Banking | W.R. Hambrecht & Company, LLC | 2/7
(30%)
| $11.50 | $11.65 | $11.50 | $9.41 |

|
| Mar 11 | Mar 11 | Shamir Optical Industry Ltd.
(SHMR)
| Eyewear Manufacturers | William Blair & Company, L.L.C. | 4/16
(25%)
| $14.00 | $19.49 | $16.00 | $8.10 |

|
| Feb 15 | Feb 25 | Fusion Telecommunications International, Inc.
(FSN)
| Long-distance Carriers | Kirlin Securities, Inc. | 4/26
(14%)
| $6.45 | $7.00 | $7.20 | $0.14 |

|
| Feb 16 | Feb 17 | Dolby Laboratories, Inc.
(DLB)
| Film & Video | Morgan Stanley & Co. Incorporated | 28/97
(28%)
| $18.00 | $23.00 | $24.30 | $43.98 |

|
| Feb 15 | Feb 16 | Wright Express Corporation
(WXS)
| Transaction Processing & Settlement | J.P. Morgan Securities Inc. | 40/40
(99%)
| $18.00 | $17.50 | $17.10 | $29.79 |

|
| Feb 15 | Feb 15 | Manitex International, Inc.
(MNTX)
| Construction, Mining & Other Heavy Equipment Manufacturing | Anderson & Strudwick, Inc. | 3/5
(56%)
| $6.00 | $6.20 | $6.90 | $1.85 |

|
| Feb 14 | Feb 15 | Alpha Natural Resources, Inc.
(ANR)
| Coal Mining & Processing | Morgan Stanley & Co. Incorporated | 30/62
(47%)
| $19.00 | $22.50 | $22.69 | $38.84 |

|
| Feb 10 | Feb 11 | Huntsman Corporation
(HUN)
| Plastic & Fiber Manufacturing | Citigroup Global Markets Inc. | 56/216
(26%)
| $23.00 | $24.50 | $24.50 | $9.02 |

|
| Feb 10 | Feb 11 | Universal Truckload Services, Inc.
(UACL)
| Truckload Carriers | Stephens Inc. | 5/15
(35%)
| $20.00 | $21.00 | $22.50 | $15.99 |

|
| Feb 9 | Feb 10 | Hiland Partners, LP
(HLND)
| Natural Gas Gathering & Processing Systems | A.G. Edwards & Sons, Inc. | 2/3
(74%)
| $22.50 | $27.51 | $29.05 | $9.80 |

|
| Feb 9 | Feb 10 | Syniverse Holdings, Inc.
(SVR)
| Wireless Communications Services | Lehman Brothers Inc. | 18/61
(29%)
| $16.00 | $16.00 | $16.00 | $16.56 |

|
| Feb 9 | Feb 10 | Prestige Brands Holdings, Inc.
(PBH)
| Over-the-Counter Medications | Merrill Lynch, Pierce, Fenner & Smith Incorporated | 23/50
(47%)
| $16.00 | $17.50 | $17.75 | $7.09 |

|
| Feb 9 | Feb 9 | Tri-S Security Corporation
(TRIS)
| Security Guard Services | Capital Growth Financial, LLC | 2/3
(59%)
| $6.00 | $6.04 | $5.95 | $0.59 |

|
| Feb 8 | Feb 8 | GRAVITY Co., Ltd.
(GRVY)
| Entertainment & Games Software | Credit Suisse First Boston LLC | 9/29
(32%)
| $13.50 | $13.76 | $12.59 | $1.44 |

|
| Feb 4 | Feb 4 | Hurray! Holding Co., Ltd.
(HRAY)
| Wireless Communications Services | Citigroup Global Markets Inc. | 7/2,188
(0%)
| $10.25 | $10.26 | $10.25 | $4.98 |

|
| Feb 3 | Feb 4 | Threshold Pharmaceuticals, Inc.
(THLD)
| Biopharmaceuticals & Biotherapeutics | Banc of America Securities LLC | 5/29
(18%)
| $7.00 | $7.02 | $7.14 | $1.93 |

|
| Feb 3 | Feb 3 | DryShips Inc.
(DRYS)
| Deep Sea Shipping | Cantor Fitzgerald & Co. | 13/30
(44%)
| $18.00 | $19.28 | $20.20 | $6.35 |

|
| Feb 3 | Feb 3 | Icagen, Inc.
(ICGN)
| Biopharmaceuticals & Biotherapeutics | UBS Securities LLC | 5/21
(23%)
| $8.00 | $8.05 | $7.30 | $0.48 |

|
| Mar 3 | Feb 1 | American Reprographics Company
(ARP)
| Commercial Printing | Goldman, Sachs & Co. | 13/44
(30%)
| $13.00 | $13.05 | $13.75 | $6.00 |

|
| Jan 27 | Jan 28 | Dollar Financial Corp.
(DLLR)
| Cash Lending | Piper Jaffray & Co. | 8/18
(41%)
| $16.00 | $17.06 | $16.00 | $23.71 |

|
| Jan 28 | Jan 28 | National Interstate Corporation
(NATL)
| Auto & Other Vehicle Insurance | Merrill Lynch, Pierce, Fenner & Smith Incorporated | 4/19
(20%)
| $13.50 | $14.25 | $15.58 | $17.15 |

|
| Jan 27 | Jan 28 | W&T Offshore, Inc.
(WTI)
| Oil & Gas Exploration & Production | Lehman Brothers Inc. | 11/66
(17%)
| $19.00 | $19.50 | $18.51 | $10.51 |

|
| Jan 26 | Jan 27 | optionsXpress Holdings, Inc.
(OXPS)
| Online Retail Brokerages | Goldman, Sachs & Co. | 12/61
(20%)
| $16.50 | $23.00 | $20.30 | $15.49 |

|
| Jan 25 | Jan 26 | Education Realty Trust, Inc.
(EDR)
| Residential REITs | J.P. Morgan Securities Inc. | 18/18
(99%)
| $16.00 | $16.25 | $16.45 | $4.96 |

|
| Jan 25 | Jan 26 | GFI Group Inc.
(GFIG)
| Currency, Commodity & Futures Trading | Citigroup Global Markets Inc. | 6/27
(21%)
| $21.00 | $24.99 | $26.44 | $5.00 |

|
| Jan 20 | Jan 21 | SeaBright Insurance Holdings, Inc.
(SBX)
| Workers' Compensation | Friedman, Billings, Ramsey & Co., Inc. | 8/15
(49%)
| $10.50 | $11.80 | $12.05 | $11.33 |

|
| Jan 20 | Jan 21 | Celanese Corporation
(CE)
| Specialty Chemical Manufacturing | Morgan Stanley & Co. Incorporated | 50/159
(32%)
| $16.00 | $16.00 | $16.00 | $29.25 |

|