Week of June 19th, 2006 - Activity Summary

Issue Type Capital

Raised ($Bil) Pricing Notes (Excludes closed-end funds)% Chg

Amt FTO% Chg

Price FTO% 1 Day Return

% Return to Current Completion Ratio

2 IPOs 0.095$ 1 below the range, 1 in the range -9.6% -9.6% 4.2% 6.2% 3 expected, 2 completed6 Follow-ons 0.669$ 3 conventional marketed, 3 shelf takedowns -17.6% -13.3% -0.3% -0.5% 6 expected, 6 completed6 Convertibles 3.199$

Last Week’s Activity

Equity New Issue Market Conditions - Weekly Update (Monday June 26th, 2006)

Backlog Table (Deals Filed Within The Last 180 Days)

The Week Ahead

Follow-On Performance by Industry Since 1/1/2006

Broader Market Activity

Piper Jaffray Equity Capital Markets Group

Overall Deal Activity

Note: Tables exclude 144A private placements, units, closed-end funds, and deals < $20 MM

IPO Performance by Industry Since 1/1/2006

NoTotal Amt Billions Amt FTO Price FTO

%Chg from Last Trade

Return 1-Day

Return 30-Day

Return Current

Consumer 23 $7.0 -4% -4% -2% 2% 1% -4%

Energy 20 $4.1 3% -1% -3% 2% 0% -10%

Financial 43 $13.2 -1% -4% -2% 2% 1% -4%

Health Care 56 $15.1 -5% -8% -5% 4% 1% -11%

Industrial Growth 24 $6.1 2% -4% -3% 2% 6% -6%

Media 2 $0.4 -1% -1% -2% 0% 1% -9%

Other 4 $0.5 -11% -4% -3% 1% 0% -4%

Real Estate 1 $0.2 -3% -3% -3% 1% -3% -26%

REIT 29 $5.6 9% -2% -1% 1% 0% 0%

Technology 43 $3.4 -1% -5% -3% 2% 8% -2%

Transportation 7 $1.1 -8% -8% -2% 1% 2% 6%

Total 252 $52.6 -1% -5% -3% 2% 2% -5%

Industry IPO Follow-on Shelf TotalConsumer 4 3 16 23Energy 9 5 54 68Financial 18 8 45 71Health Care 21 3 59 83Industrial Growth 10 1 26 37Media 3 3Other 5 5Real Estate 1 1 2 4REIT 4 2 26 32Technology 21 5 33 59Transportation 4 1 4 9Total 97 29 268 394

2006YTD No

Total AmtBillions

IPO 70 $15.29Follow-on 252 $52.57ADR/GDR 11 $3.73Convertible 69 $34.40Total 402 $105.99

The major market indexes fell for the week. The Dow Jones lost 25 points, or -0.4% (+2.5% YTD), and closed at 10,989. The Nasdaq lost 8 points, or -0.4% (-3.8% YTD), and closed at 2,122. The S&P 500 fell 7 points, or -0.6% (-0.3% YTD), and closed at 1,245. The Russell 2000 lost 3 points, or -0.4% (+2.5% YTD), and closed at 690.

There are 12 offerings expected to price this week, including 9 IPOs, 2 follow-ons, and 1 ADR IPO. Issuers look to raise a combined $1.6 billion.

There were 14 transactions completed in the equity capital markets last week raising a combined $4.0 billion. Deal activity consisted of 2 IPOs, 6 follow-on offerings, and 6 convertibles. Of the two IPOs completed lastweek, 1 priced in the range and 1 priced below the range. Overall, IPOs traded up an average of 4% on their first day of trading and ended the week up 6% from offering. Follow-on activity consisted of 3 conventional marketed transactions and 3 shelf takedowns. On average, follow-ons traded down 13% in registration and finished down 1% in the aftermarket.

2005YTD No

Total AmtBillions

IPO 66 $16.45Follow-on 172 $30.42ADR/GDR 11 $3.04Convertible 67 $15.29Total 316 $65.20

NoTotal Amt

Billions Amt FTO Price FTOReturn 1-

DayReturn 30-

DayReturnCurrent

Consumer 11 $3.0 11% 5% 16% 11% 17%

Energy 4 $2.0 17% 6% 6% -6% -9%

Financial 10 $3.6 -5% -1% 10% 7% 4%

Health Care 17 $1.4 -15% -18% 9% 13% -7%

Industrial Growth 7 $1.8 12% 6% 18% 20% 10%

Media 3 $0.4 -10% -9% -2% 8% -9%

Other 1 $0.0 -56% -50% 0% 1% 1%

Technology 15 $2.7 -8% -7% 6% 2% -4%

Transportation 2 $0.4 4% 4% 2% 23% 11%Total 70 $15.3 -3% -5% 10% 9% 1%

Pricings for the Week of 6/19/2006

IPO(s) 1Pricing Date Issuer Ticker Sector Lead(s) Co-manager(s) Filing Price Offer Price Amt

Offered% Chg

Amt FTO% Chg

Price FTO% Return

1-Day% Return To

CurrentMarket Value

06/22/200606/21/2006

Home Bancshares IncTechwell Inc

HOMBTWLL

FinancialTechnology

STEPHELEHMAN

PIPER, SAONPLCOWEN, NEEDHM, PIPER, PACGRE

16.00 - 18.0011.00 - 13.00

$18.00$9.00

$45.00$49.50

$263.33$179.51

5.9%-25.0%

5.9%-25.0%

11.1%-2.8%

11.1%1.3%

$94.502 IPO(s): -9.6% -9.6% 4.2% 6.2%$221.42

Follow-on(s) 2Pricing Date Issuer Ticker Sector Lead(s) Co-manager(s) Filing Price Offer Price Amt

Offered% Chg

Amt FTO% Chg

Price FTO% Return

1-Day% Return To

CurrentMarket Value

06/22/2006

06/22/200606/21/200606/21/2006

06/21/200606/20/2006

Systems Xcellence Inc

Horizon Offshore IncBrady CorpSpirit Finance Corp

XenoPort IncAmerican Safety Insurance Holdings, Ltd.

SXCI

HOFFBRCSFC

XNPTASI

Health Care

EnergyTechnologyFinancial

Health CareFinancial

JPMHQ, BLAIR, STRH, SPROTT, ORSEIN, CLSEIN

LEHMANRBAIRD, CSFB, WCHVCITI, BOFA, WCHV, CSFB, GSMSKEEFE

JEFFER, RICE, OPCOHNSBITRBAIRD, RAYMND

ALEX, PACGRERAYMND, BB&T

16.47

23.2738.7711.34

20.5817.55

$12.08

$20.53$36.00$10.74

$17.00$15.50

$38.66

$174.51$144.00$185.27

$76.50$49.60

$243.66

$664.66$1,764.00$1,040.12

$414.75$155.47

-26.7%

-6.3%-7.1%-5.3%

-17.4%-42.9%

-26.7%

-11.8%-7.1%-5.3%

-17.4%-11.7%

-4.1%

-1.6%3.1%1.6%

-1.2%0.3%

-4.1%

-1.6%3.1%1.0%

-0.3%-0.9%

$668.536 Follow-on(s): -17.6% -13.3% -0.3% -0.5%$713.78

A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time theregistration statement becomes effective. This schedule shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any State in which such offer, solicitation or sale would beunlawful prior to registration or qualification under the securities laws of any such State.

06/22/2006

06/22/2006

06/21/200606/21/200606/20/2006

06/19/2006

Equity Office Properties Trust

MedImmune Inc

American Medical Systems Holdings IncLifetime Brands IncGroup 1 Automotive Inc

Alleghany Corp

EOP.N

MEDI.N

AMMD.NLCUT.NGPI.N

Y.P

REIT

Health Care

Health CareConsumerConsumer

Financial

ML, BOFA, JPMHQ, WCHV

UBSW, ML

PIPERCITIJPMHQ

ML

LEHMAN, BOFA, CITI, GS, WCHVWEISEL, KEYCM

BOFA, COMERI, MS, WCHV, USBANC

WCHV, DOWL, JANNEY

$1,500.00

$1,000.00

$325.00$75.00

$287.31

$299.53

$1,300.00

$1,000.00

$325.00$65.00

$248.75

$260.63

$13,257.57

$6,775.95

$1,062.51$299.98

$1,329.93

$2,103.57

4.00%

3.00%

3.25%4.75%2.25%

5.75%

18.76%

45.00%

27.50%25.45%11.00%

18.00%

07/15/2026

07/15/2013

07/01/203607/15/201106/15/2036

06/15/2009

NC5.5

NC5

$3,199.38

Convertible(s)Co-manager(s)Lead(s)SectorTickerIssuerPricing Date

Amt Offered

Net Proceeds Coupon Premium Maturity Call

ProvisionS&P

RatingMarket Value

A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time theregistration statement becomes effective. This schedule shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any State in which such offer, solicitation or sale would beunlawful prior to registration or qualification under the securities laws of any such State.

Filings for the Week of 6/19/2006

IPO(s) 1Co-manager(s)Lead(s)SectorTickerIssuerFiling Date Filing Price Current

Amt FiledBusiness Description Expected DateCurrent

Shelf Amt

06/20/2006

06/20/2006

06/19/2006

BioVex Group Inc

Otis Spunkmeyer Holdings Inc

Sucampo Pharmaceuticals Inc

BVEX

OTIS

SCMP

Health Care

Consumer

Health Care

JANNEY

ML, JPMHQ

BOFA, ALEX

STIFEL

LEER

$45.00

$230.00

$86.25

Clinical stage biotechnology company

Manufacturing, distributing and marketing company focused on branded sweet baked goods

Developer and manufacturer of new treatments for ophthalmic, gastrointestinal, liver and circulatory diseases

To be announced

To be announced

To be announced

Follow-on(s) 2Co-manager(s)Lead(s)SectorTickerIssuerFiling Date Filing Price Current

Amt FiledBusiness Description Expected DateCurrent

Shelf Amt

06/19/2006

06/19/2006

Micrus Endovascular Corp

ITC Holdings Corp

MEND

ITC

Health Care

Energy

AGEDW, CIBC

LEHMAN, CSFB

NEEDHM 13.25

26.25

$39.76

$218.50

Develops, manufactures and markets both implantable and disposable medical devices used in the treatment of cerebral vascular diseases

Electricity transmission company

To be announced

To be announced

Shelf Registration(s) 4Co-manager(s)Lead(s)SectorTickerIssuerFiling Date Filing Price Current

Amt FiledBusiness Description Expected DateCurrent

Shelf Amt

06/23/2006

06/23/2006

06/23/2006

06/23/200606/22/2006

06/21/2006

06/21/2006

06/21/200606/20/200606/20/2006

06/20/200606/19/200606/19/2006

Knoll Inc

Pacific Ethanol Inc

Red Hat Inc

Spectrum Brands IncWeatherford International Ltd

Willis Group Holdings Ltd

Range Resources Corp

Camden Property TrustPermian Basin Royalty TrustFavrille Inc

Federal Realty Investments TrustHRPT Properties TrustPrimus Guaranty Ltd

KNL

PEIX

RHAT

SPCWFT

WSH

RRC

CPTPBTFVRL

FRTHRPPRS

Consumer

Technology

Technology

TechnologyEnergy

Financial

Energy

REITEnergyHealth Care

REITREITFinancial

NONE

NONE

NONE

NONENONE

NONE

NONE

NONENONENONE

NONENONENONE

19.42

22.54

26.67

12.6147.25

32.79

23.61

71.3815.024.90

67.9711.1410.60

$185.84

$177.89

$153.19

$144.50

$175.04

$169.95

$166.51

$141.33$60.00

$250.00

Designs, manufactures and distributes office systems and business furniture

Producer of renewable energy through Biotechnology - EthanolProvider of open source software and servicesManufacturer of batteriesManufacturer of oilfield equipment and contract drilling services

Provides insurance brokerage servicesProduces, develops, explores and acquires oil and gas propertiesREIT - Apartment communitiesOil & Gas Royalty TrustResearch and development targeted immunotherapies for the treatment of cancer and other diseases of the immune system

Real estate investment companyREIT - officeProvider of credit risk protection to individual corporations

To be announced

To be announced

To be announced

To be announcedTo be announced

To be announced

To be announced

To be announcedTo be announcedTo be announced

To be announcedTo be announcedTo be announced

A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time theregistration statement becomes effective. This schedule shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any State in which such offer, solicitation or sale would beunlawful prior to registration or qualification under the securities laws of any such State.

Shelf Registration(s) 4Co-manager(s)Lead(s)SectorTickerIssuerFiling Date Filing Price Current

Amt FiledBusiness Description Expected DateCurrent

Shelf Amt

06/19/2006

06/19/2006

Caterpillar Inc

XTO Energy Inc

CAT

XTO

Industrial Growth

Energy

NONE

NONE

70.55

38.39

$376.87 $356.52 Designs and manufactures construction, mining, agricultural and forestry machinery

Natural gas producer involved in the acquisition, exploitation, and development of oil and gas properties

To be announced

To be announced

A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time theregistration statement becomes effective. This schedule shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any State in which such offer, solicitation or sale would beunlawful prior to registration or qualification under the securities laws of any such State.

Withdrawn and Postponed Transactions for the Week of 6/19/2006

IPO(s) 1Co-manager(s)Lead(s)SectorTickerIssuerW/P Date Filing Price Filed Amt Business DescriptionShelf Filing AmtStatus

Withdrawn

Withdrawn

Postponed

06/21/2006

06/21/2006

06/21/2006

Dresser Inc

Progress Rail Services Corp

Hexion Specialty Chemicals Inc

DI

PRL

HXN

Energy

Transportation

Industrial Growth

MS, CRSFB

MS, CSFB, JPMHQ

CSFB, GS, JPMHQ, LEHMAN

BOFA, UBSW, LEHMAN, RAYMND, SIMMON

UBSW, WCHV

BEAR, CITI, ALEX, MS, UBSW, BLAIR, KEYCM

21.00 - 24.00

$575.00

$345.00

$503.50

Provider of engineered energy infrastructure and oilfield products and services

Provider of products and services to the railroad industryProducer of thermosets and associated technologies for consumer and industrial uses

Shelf Registration(s) 4Co-manager(s)Lead(s)SectorTickerIssuerW/P Date Filing Price Filed Amt Business DescriptionShelf Filing AmtStatus

WithdrawnWithdrawn

06/21/200606/21/2006

Carrizo Oil & Gas IncCarrizo Oil & Gas Inc

CRZOCRZO

Industrial GrowthIndustrial Growth

NONENONE

24.1219.66 $83.48

$250.00$83.48

Explores for oil and gasExplores for oil and gas

A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time theregistration statement becomes effective. This schedule shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any State in which such offer, solicitation or sale would beunlawful prior to registration or qualification under the securities laws of any such State.

Industy Calendar for the Next Two Weeks

Week of 26 Jun 2006

IPO(s)1

Co-manager(s)Lead(s)SectorTickerIssuerExpected Date Filing Price Current Amt Filed Business Description

Week of 26 Jun 2006

Week of 26 Jun 2006

Week of 26 Jun 2006

Week of 26 Jun 2006

Week of 26 Jun 2006

Week of 26 Jun 2006

Week of 26 Jun 2006

Week of 26 Jun 2006

Week of 26 Jun 2006

WED

WED

TUE

TUE

TUE

TUE

TUE

TUE

TUE

Aventine Renewable Energy Holdings Inc

Bidz.com Inc

PGT Inc

Pacesetter Capital Corp

Omniture Inc

J Crew Group Inc

Gordon Biersch Brewery Restaurant Group IncReplidyne Inc

Wintegra Inc

AVR

BIDZ

PGTI

PCTR

OMTR

JCG

BIER

RDYN

WNTG

Technology

Technology

Industrial Growth

Financial

Technology

Consumer

Consumer

Health Care

Technology

BOFA, FRDMAN, GS

THINKE

ALEX, JPMHQ

OPCO, RBC, STIFEL, BB&T, DAVIDS, SWEST

MS, CSFB

GS, BEAR

WEISEL, BB&T

ML, MS

GS, JPMHQ

HNSBIT, JPMHQ, UBSW

PACGRE, SUSQUE

JOLMER, RAYMND, STRH

ALEX, JPMHQ

BOFA, CITI, CSFB, JPMHQ, LEHMAN, WCHVMKEEGN

COWEN, PACGRE

CIBC, WEISEL

37.00 - 41.00

8.00 - 10.00

16.00 - 18.00

15.00

7.50 - 9.00

15.00 - 17.00

11.00 - 13.00

14.00 - 16.00

14.00 - 16.00

$302.25

$55.69

$150.00

$127.50

$88.28

$300.80

$48.97

$75.00

$65.00

Producer of renewable energy through Biotechnology - Ethanol

Online retailer of jewelry, featuring a live auction formatProducer of residential impact resistant window s and doorsBusiness development company (BDC)

Provides businesses with Web site analysis softwareManufactures clothing and sells through catalogs and retail storesOwner and operator of casual restaurants

Biopharmaceutical company focused on the discovery and development of new anti-infective drugs

Provider of access processing semiconductors

$1,213.499 IPO(s)

Follow-on(s)2

Co-manager(s)Lead(s)SectorTickerIssuerExpected Date Filing Price Current Amt Filed Business Description

Week of 26 Jun 2006Week of 26 Jun 2006

WEDTHU

Copa Holdings SAGrubb & Ellis Co

CPAGBE

TransportationReal Estate

MS, ML, GSALEX JPMHQ, BLAIR

22.8314.20

$149.82$93.70

International air transportation providerA full service commercial real estate company that provides services to real estate owners/investors and tenants

$243.522 Follow-on(s)

ADR/GDR(s)5

Co-manager(s)Lead(s)SectorTickerIssuerExpected Date Filing Price Current Amt Filed Business Description

Week of 26 Jun 2006 WED Gmarket Inc GMKT Technology GS, COWEN WEISEL 13.25 - 15.25 $129.95 retail e-commerce marketplace

$129.951 ADR/GDR(s)

A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time theregistration statement becomes effective. This schedule shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any State in which such offer, solicitation or sale would beunlawful prior to registration or qualification under the securities laws of any such State.