(Number Of IPOs
As Lead Underwriter)


Merrill Lynch & Co. (1)


Lehman Brothers Inc. (2)


UBS Warburg LLC (1)


CIBC World Markets Corp. (1)


Kashner Davidson Securities Corp. (1)


Roan Meyers Associates LP (1)


#After-market performance is expressed as the percent change in stock price between the offering price and the closing price on 12/31/02. 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.