PlacementTracker Publishes 2003 PIPE Market League Tables; $447 Million in Banking Fees Earned in 2003 Represents an 80% Increase over 2002

Business Wire, Jan 27, 2004

Business Editors

SAN DIEGO--(BUSINESS WIRE)--Jan. 27, 2004

Sagient Research Systems (OTCBB:PCSR), a leading publisher of independent research for the financial services and institutional investment communities, today announced that Rodman & Renshaw Inc. ranked #1 in the PIPE market in 2003 for both total dollars raised and number of transactions. Published by Sagient Research's PlacementTracker service, the 2003 PIPE Market League Tables ranked Lehman Brothers Inc. (NYSE:LEH) and Roth Capital Partners LLC as #2 and #3 respectively by total dollars raised. Roth Capital Partners LLC and SG Cowen Securities Corp. ranked #2 and #3 respectively in number of PIPE transactions. PlacementTracker, a flagship product of Sagient Research Systems, is well recognized as the leading provider of research, data, and analytics covering the PIPE market.

PlacementTracker also reported that investment banking firms reported a record amount of investment banking and advisory fees from PIPE transactions in 2003. The annual fee total of $447 million in 2003 was up from $248 million reported in 2002. This 80% one year increase set a new single year record for investment banking and advisory fees in the PIPE market.

PlacementTracker's dynamically updating League Tables for 2003 and 2004 are now available online at: www.placementtracker.com.

The 2003 PIPE Market League Table By Dollar Amount Raised:

                                           Transaction  Total Amount
Placement Agent                              Count         Raised
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Rodman & Renshaw Inc.                         31      $408,944,433.00
Lehman Brothers Inc.  (NYSE:LEH)               6      $362,344,031.00
Roth Capital Partners LLC                     24      $311,240,541.00
Credit Suisse First Boston Corp.               4      $272,439,900.00
Banc of America Securities LLC  (NYSE:BAC)     6      $227,683,522.00
Jefferies & Co. Inc.  (NYSE:JEF)               7      $217,849,996.00
SG Cowen Securities Corp.                     16      $212,204,338.00
C.E. Unterberg, Towbin                        13      $205,600,246.00
Friedman, Billings, Ramsey & Co.  (NYSE:FBR)   1      $196,020,000.00
J.P. Morgan Chase & Co.  (NYSE:JPM)            4      $172,100,603.00
Fleet Securities Inc.  (NYSE:FBF)              2      $156,000,000.00
UBS Investment Bank  (NYSE:UBS)                6      $143,869,380.00
RBC Capital Markets Inc.                       4      $135,363,420.00
A.G. Edwards & Sons Inc.  (NYSE:AGE)           8      $134,816,209.00
Houlihan, Lokey, Howard, & Zukin Capital       5      $134,786,289.00
Raymond James & Associates Inc.                3      $130,800,149.00
Bear, Stearns & Co. Inc.                       1      $126,000,000.00
Leerink Swann & Co.                            5      $125,273,602.00
Merriman Curhan Ford & Company  (AMEX:MEM)    11      $123,187,356.00
Harris Nesbitt Gerard                          6      $119,578,348.00

Data presented excludes all Equity Line of Credit transactions and all PIPE transactions conducted by non-U.S. domiciled issuers. For transactions where multiple firms are reported as co-placement agent, each placement agent is given full credit for the total amount raised. Data is as reported as of 1/26/04.

The 2003 PIPE Market League Table By Number of Transactions:

                                           Transaction   Total Amount
Placement Agent                              Count         Raised
----------------------------------------------------------------------
Rodman & Renshaw Inc.                          31     $408,944,433.00
Roth Capital Partners LLC                      24     $311,240,541.00
SG Cowen Securities Corp.                      16     $212,204,338.00
C.E. Unterberg, Towbin                         13     $205,600,246.00
J.P. Carey Securities Inc.                     13      $53,081,661.00
HPC Capital Management Corp.                   12      $37,774,027.00
Merriman Curhan Ford & Company  (AMEX:MEM)     11     $123,187,356.00
The Shemano Group Inc.                         10      $54,469,070.00
SCO Financial Group LLC                         9      $85,314,777.00
Cardinal Capital Management                     9      $51,889,572.00
A.G. Edwards & Sons Inc.  (NYSE:AGE)            8     $134,816,209.00
Laurus Capital Management LLC                   8      $17,300,000.00
Jefferies & Co. Inc.  (NYSE:JEF)                7     $217,849,996.00
Piper Jaffray Inc.  (NYSE:PJC)                  7     $118,447,880.00
Adams, Harkness, & Hill Inc.                    7      $77,482,317.00
Reedland Capital Partners                       7      $50,022,572.00
Lehman Brothers Inc.  (NYSE:LEH)                6     $362,344,031.00
Banc of America Securities LLC  (NYSE:BAC)      6     $227,683,522.00
UBS Investment Bank  (NYSE:UBS)                 6     $143,869,380.00
Harris Nesbitt Gerard                           6     $119,578,348.00