Underwriter (Number of Offerings As Lead Underwriter)

After-Market Performance
(Average)


Lehman Brothers Inc. (4)

+26%

Credit Suisse First Boston (3)

+13%

Banc of America Securities (1)

+4%

S.G. Cowen Securities Corp. (2)

-2%

Ladenburg Thalmann & Co. (1)

-3%

Legg Mason Wood Walker (1)

-3%

U.S. Bancorp Piper Jaffray (3)

-5%

Merrill Lynch & Co. (2)

-9%

J.P. Morgan Securities Inc. (2)

-15%

Gerard Klauer Mattison & Co. (2)

-17%

CIBC World Markets Corp. (1)

-30%

Thomas Weisel Partners (2)

-32%

Morgan Stanley Dean Witter (1)

-44%

UBS Warburg LLC (1)

-48%

Salomon Smith Barney (1)

-63%


* The offerings in this chart include only those that were completed on U.S. stock exchanges (NASDAQ, NYSE or AMEX) from January ­ Aug. 17, 2001. Gross proceeds include additional funding raised from the exercise of overallotment options, when disclosed.

# After-market performance is expressed as the percent change in stock price between the offering price and the closing price on 8/17/01. 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.

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