Underwriter (Number Of Offerings
As Lead Underwriter)

After-Market
Performance (Average)

Bear Stearns & Co. Inc. (1)

+63%

Citigroup Global Markets (1)

+62%

Lehman Brothers Inc. (3)

+55%

Banc of America Securities (1)

+53%

CIBC World Markets Corp. (1)

+43%

Goldman Sachs & Co. (2)

+31%

Morgan Stanley and Co. (7)

+29%

Deutsche Bank Securities (1)

+15%

Pacific Growth Equities Inc. (2)

+12%

U.S. Bancorp Piper Jaffray (2)

+12%

Merrill Lynch & Co. (1)

+8%

S.G. Cowen Securities Corp. (1)

+8%

UBS Securities (4)

-1%

* The offerings in this chart include only those that were completed on U.S. stock
exchanges (NASDAQ, NYSE or AMEX) from Jan. 1 - Aug. 20, 2003. Gross
proceeds include additional funding raised from the exercise of overallotment
options, when disclosed.

# After-market performance is expressed as the percent change in stock price
between the offering price and the closing price on 8/20/03. For underwriters
with multiple offerings, the after-market performance (as a percent change) was
calculated for each stock in that underwriter's "group," the percentage summed,
and then averaged.