Underwriter
(Number Of Offerings
As Lead Underwriter)

After-Market
Performance
(Average)


Bear Stearns & Co. Inc. (1)

+95%

Goldman Sachs & Co. (3)

+36%

Lehman Brothers Inc. (5)

-8%

Morgan Stanley & Co. (4)

-14%

Merrill Lynch & Co. (3)

-16%

Robertson Stephens Inc. (1)

-32%

J.P. Morgan H&Q (1)

-34%

UBS Warburg LLC (4)

-34%

CIBC World Markets Corp. (1)

-48%

Kashner Davidson Securities Corp. (1)

-64%

Roan Meyers Associates LP (1)

-64%

Morgan Keegan & Co. Inc. (2)

-67%

Wilson Williams Financial Group (1)

-82%


# 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.