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

After-Market Performance (Average)


Needham & Co. Inc. (0/2)

+60%

Legg Mason Wood Walker (1/2)

+39%

Wells Fargo Van Kasper (1/1)

+38%

Lehman Brothers Inc. (5/7)

+35%

Lazard Freres & Co. LLC (0/1)

+26%

UBS Warburg LLC (5/8)

+20%

Robertson Stephens Inc. (1/5)

+16%

S.G. Cowen Securities Corp. (4/12)

+13%

Fortis Securities Inc. (0/1)

+11%

U.S. Bancorp Piper Jaffray (2/7)

+10%

Deutsche Banc Alex. Brown (3/3)

+7%

Leerink Swann & Co. (0/2)

+6%

Pacific Growth Equities Inc. (0/2)

+6%

Credit Suisse First Boston (5/5)

+5%

Banc of America Securities Inc. (2/5)

+3%

J.P. Morgan Chase & Co. (3/5)

+1%

Fahnestock & Co. Inc. (0/1)

0%

Roth Capital Partners (0/1)

0%

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

-1%

First Albany Corp. (0/1)

-1%

Morgan Stanley Dean Witter (1/2)

-1%

C.E. Unterberg, Towbin (2/2)

-6%

Merrill Lynch & Co. (4/4)

-7%

Gruntal & Co. LLC (0/1)

-10%

CIBC World Markets Corp. (2/12)

-15%

Robert W. Baird & Co. Inc. (0/2)

-16%

Thomas Weisel Partners LLC (3/3)

-27%

Ladenburg Thalmann & Co. (1/1)

-31%

Fidelity Capital Markets (0/1)

-33%

Gerard Klauer Mattison & Co. (2/2)

-33%

Adams, Harkness & Hill Inc. (0/1)

-34%

Arnold & S. Bleichroeder Inc. (0/1)

-34%

Dain Rauscher Wessels (0/3)

-46%

ABN Amro Rothschild LLC (0/1)

-56%

Salomon Smith Barney (1/1)

-76%


* The offerings in this chart include only those that were completed on U.S. stock exchanges (NASDAQ, NYSE or AMEX) from Jan. 1 - Dec. 31, 2001.

# 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.