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

After-Market Performance (Average)


Goldman Sachs & Co. (1/1)

+56%

Wells Fargo Van Kasper (0/1)

+10%

Thomas Weisel Partners LLC (0/2)

-2%

Bear Stearns & Co. Inc. (1/2)

-12%

Legg Mason Wood Walker (0/1)

-13%

Merrill Lynch & Co. (2/2)

-17%

J.P. Morgan H&Q (1/2)

-17%

Wilson Williams Financial Group (1/1)

-22%

Lehman Brothers Inc. (5/5)

-22%

Kashner Davidson Securities Corp. (1/1)

-38%

Roan Meyers Associates LP (1/1)

-38%

Robertson Stephens Inc. (1/2)

-39%

UBS Warburg LLC (3/5)

-39%

Pacific Growth Equities Inc. (0/1)

-43%

Adams, Harkness & Hill (0/1)

-44%

Morgan Stanley & Co. (1/1)

-44%

S.G. Cowen Securities Corp. (0/1)

-44%

CIBC World Markets Corp. (1/2)

-56%

Morgan Keegan & Co. Inc. (2/2)

-57%

Fidelity Capital Markets (0/1)

-68%

Lazard Freres & Co. LLC (0/1)

-68%


*The offerings in this chart include only those that were completed on U.S. stock exchanges (NASDAQ, NYSE or AMEX) from Jan. 1 July 31, 2002.

#After-market performance is expressed as the percent change in stock price between the offering price and the closing price on 8/20/02. 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.

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