Underwriter
(Number Of IPOs As Lead Underwriter)

After-Market Performance (Average)


Kashner Davidson Securities Corp. (1)

-38%

Roan Meyers Associates LP (1)

-38%

Merrill Lynch & Co. (1)

-43%

UBS Warburg LLC (1)

-44%

Lehman Brothers Inc. (2)

-56%

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.