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

After-Market Performance (Average)


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

+1%

UBS Warburg LLC (1/1)

+1%

C.E. Unterberg, Towbin (1/1)

0%

Fahnestock & Co. Inc. (0/1)

0%

Roth Capital Partners (0/1)

0%

Thomas Weisel Partners LLC (2/2)

-13%

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

-16%

Banc of America Securities (0/1)

-19%

J.P. Morgan Chase & Co. (1/1)

-19%

CIBC World Markets Corp. (1/4)

-20%

Merrill Lynch & Co. (1/1)

-27%

Dain Rauscher Wessels (0/1)

-33%

Fidelity Capital Markets (0/1)

-33%

Lehman Brothers Inc. (1/1)

-33%


# 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.