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

After-Market Performance (Average)


Kashner Davidson Securities Corp. (1/1)

-38%

Roan Meyers Associates LP (1/1)

-38%

Bear Stearns & Co. Inc. (0/1)

-43%

Merrill Lynch & Co. (1/1)

-43%

Pacific Growth Equities Inc. (0/1)

-43%

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

-44%

UBS Warburg LLC (1/1)

-44%

Lehman Brothers Inc. (2/2)

-56%

CIBC World Markets Corp. (1/2)

-56%

Fidelity Capital Markets (0/1)

-68%

Lazard Freres & Co. LLC (0/1)

-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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