Underwriter
(Number Of Offerings As Lead Underwriter)

After-Market Performance (Average)


Goldman Sachs & Co. (1)

+56%

Bear Stearns & Co. Inc. (1)

+19%

J.P. Morgan H&Q (1)

+10%

Merrill Lynch & Co. (2)

-17%

Wilson Williams Financial Group (1)

-22%

Lehman Brothers Inc. (5)

-22%

Robertson Stephens Inc. (1)

-33%

Kashner Davidson Securities Corp. (1)

-38%

Roan Meyers Associates LP (1)

-38%

Morgan Stanley & Co. (1)

-44%

UBS Warburg LLC (3)

-46%

Morgan Keegan & Co. Inc. (2)

-57%

CIBC World Markets Corp. (1)

-68%


# 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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