Underwriter (Number Of Offerings As Lead Underwriter)

After-Market Performance (Average)


Lehman Brothers Inc. (5)

+44%

Wells Fargo Van Kasper (1)

+38%

S.G. Cowen Securities Corp. (4)

+17%

Deutsche Banc Alex. Brown (3)

+7%

Credit Suisse First Boston (5)

+5%

Morgan Stanley Dean Witter (1)

-1%

Robertson Stephens Inc. (1)

-1%

J.P. Morgan Securities Inc. (3)

-2%

UBS Warburg LLC (5)

-2%

C.E. Unterberg, Towbin (2)

-6%

CIBC World Markets Corp. (2)

-7%

Merrill Lynch & Co. (4)

-7%

Banc of America Securities (2)

-10%

U.S. Bancorp Piper Jaffray (2)

-22%

Thomas Weisel Partners (3)

-27%

Ladenburg Thalmann & Co. (1)

-31%

Legg Mason Wood Walker (1)

-31%

Gerard Klauer Mattison & Co. (2)

-33%

Salomon Smith Barney (1)

-76%


# After-market performance is expressed as the percent change in stock price between the offering price and the closing price on 12/31/01. 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.