Underwriter (Number Of IPOs As Lead Underwriter)

After-Market Performance (Average)

UBS Warburg LLC (1)

+1%

C.E. Unterberg, Towbin (1)

0%

Thomas Weisel Partners LLC (2)

-13%

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

-19%

CIBC World Markets Corp. (1)

-27%

Merrill Lynch & Co. (1)

-27%

Lehman Brothers Inc. (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.