SAN DIEGO--(BUSINESS WIRE)--JEF FBR JPM--
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:

-0-
*T
Transaction Total Amount
Placement Agent Count Raised
----------------------------------------------------------------------
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

*T

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:

-0-
*T
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

*T

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.
Commenting on the League Tables, Robert F. Kyle, executive vice
president of Sagient Research said, "We congratulate all of the active
agents in the PIPE market for a tremendous 2003, especially those
leaders who topped the League Tables. Many of these firms are
long-time clients of PlacementTracker, and we look forward to
continuing to provide them with industry leading data, research, and
analytics to help keep them on top of this market." Kyle
continued, "2003 was a banner year for all investment banking
professionals in the PIPE market with over $447 million dollars in
banking and advisory fees reported. This was an 80% increase over 2002
reported fees and set a single year record for fees earned in the PIPE
market. We believe this incredible growth further proves that PIPEs
have become a permanent part of the financing landscape for public
companies of all sizes."

About Sagient Research Systems

PCS Research Technology Inc. d/b/a Sagient Research Systems is a
publisher of independent research. We develop, produce, and sell
proprietary research products to mutual funds, hedge funds, and
investment banks. Our business strategy is to continue to leverage our
development, technology, and marketing expertise to solidify our
position as a leading provider of independent research to the
financial services and institutional investment communities. For more
information, please visit the Sagient Research Systems Web site at www.sagientresearch.com.

Safe Harbor Statement

Statements in this press release that are not statements of
historical or current fact constitute "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act of
1995. Such forward-looking statements involve known and unknown risks,
uncertainties, and other unknown factors that could cause the actual
results of the company to be materially different from the historical
results or from any future results expressed or implied by such
forward-looking statements. In addition to statements which explicitly
describe such risks and uncertainties, readers are urged to consider
statements labeled with the terms "believes," "belief," "expects,"
"intends," "anticipates," "will," or "plans" to be uncertain and
forward-looking. The forward-looking statements contained herein are
also subject generally to other risks and uncertainties that are
described from time to time in the company's reports and registration
statements filed with the Securities and Exchange Commission.

KEYWORD: CALIFORNIA
INDUSTRY KEYWORD: BANKING BANKING
SOURCE: Sagient Research Systems

CONTACT INFORMATION:
Sagient Research Systems, San Diego
Brian M. Overstreet, 858-200-2350

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