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

After-Market Performance
(Average)


Robertson Stephens Inc. (0/2)

+25%

Lehman Brothers Inc. (4/5)

+19%

Credit Suisse First Boston (3/3)

+13%

Banc of America Securities Inc. (1/3)

+6%

Gruntal & Co. LLC (0/1)

+4%

U.S. Bancorp Piper Jaffray (3/4)

+1%

C.E. Unterberg, Towbin (0/1)

0%

Ladenburg Thalmann & Co. (1/1)

-3%

Legg Mason Wood Walker (1/1)

-3%

UBS Warburg LLC (1/2)

-6%

S.G. Cowen Securities Corp. (2/5)

-7%

Merrill Lynch & Co. (2/2)

-9%

J.P. Morgan Chase & Co. (2/4)

-15%

Gerard Klauer Mattison & Co. (2/2)

-17%

CIBC World Markets Corp. (1/6)

-30%

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

-31%

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

-31%

Thomas Weisel Partners LLC (2/2)

-32%

ABN Amro Rothschild LLC (0/1)

-33%

Lazard Freres & Co. LLC (0/1)

-33%

Fidelity Capital Markets (0/1)

-37%

Robert W. Baird & Co. Inc. (0/1)

-37%

Dain Rauscher Wessels (0/3)

-39%

Morgan Stanley Dean Witter (1/1)

-44%

Salomon Smith Barney (1/1)

-63%


* The offerings in these charts 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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