Underwriter (Number Of Offerings
As Lead/Number Of Offerings As Lead Or
Co-manager)

After-MarketPerformance
(Average)

Adams, Harkness & Hill (0/2)

+84%

Bear Stearns & Co. Inc. (1/1)

+63%

Banc of America Securities (1/1)

+53%

Fortis Securities Inc. (0/1)

+53%

Canaccord Capital (0/1)

+43%

Desjardins Securities (0/1)

+43%

Dlouhy Merchant Group (0/1)

+43%

RBC Capital Markets (0/1)

+43%

TD Securities (0/1)

+43%

Lazard Freres & Co. LLC (0/3)

+38%

Citigroup Global Markets (1/2)

+35%

Lehman Brothers Inc. (3/5)

+34%

Goldman Sachs & Co. (2/2)

+31%

Morgan Stanley and Co. (7/7)

+29%

Wells Fargo Securities (0/2)

+26%

Needham & Co. (0/4)

+25%

Morgan Keegan & Co. Inc. (0/1)

+24%

Ryan Beck & Co. (0/1)

+24%

CIBC World Markets Corp. (1/5)

+16%

Deutsche Bank Securities (1/1)

+15%

Pacific Growth Equities Inc. (2/2)

+12%

C.E. Unterberg, Towbin (0/1)

+8%

Merrill Lynch & Co. (1/1)

+8%

WR Hambrecht + Co. (0/1)

+8%

U.S. Bancorp Piper Jaffray (2/4)

+6%

S.G. Cowen Securities Corp. (1/5)

+3%

Harris Nesbitt Gerard (0/1)

+0%

UBS Securities (4/4)

-1%

Punk, Ziegel & Co. (0/1)

-2%

* 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.

# 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.