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

After-Market Performance (Average)

Ragen Mackenzie Inc. (0/1)

+100%

George K. Baum & Co. (0/1)

+100%

Merrill Lynch & Co. (5/5)

+57%

Salomon Smith Barney (2/5)

+55%

Credit Suisse First Boston (2/5)

+53%

Stephens Inc. (0/3)

+48%

KBC Securities (0/1)

+38%

Pacific Growth Equities Inc. (0/7)

+36%

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

+29%

Tucker Anthony Cleary Gull/T.A. Inc. (0/1)

+24%

Morgan Stanley Dean Witter Inc. (4/4)

+23%

Thomas Weisel Partners LLC (2/4)

+21%

Bank of America Securities (1/2)

+16%

Deutsche Banc Alex. Brown (6/8)

+14%

Lazard Freres & Co. LLC (0/1)

+14%

Lehman Brothers Inc. (9/15)

+13%

CIBC World Markets (6/13)

+12%

Prudential Vector Healthcare Group (1/11)

+12%

DLJ Direct Inc. (0/2)

+9%

Donaldson, Lufkin & Jenrette (2/2)

+9%

J.P. Morgan & Co. (5/6)

+7%

Goldman, Sachs & Co. (2/2)

+7%

Legg Mason Wood Walker (0/2)

+7%

UBS Warburg/Warburg Dillon Read LLC (8/18)

+3%

U.S. Bancorp Piper Jaffray (2/11)

+3%

Robertson Stephens Inc. (5/10)

+3%

ING Barings LLC (1/8)

+3%

Invemed Associates (0/2)

+2%

Gruntal & Co. LLC (0/1)

+1%

Roth Capital Partners (1/1)

+1%

Chase H&Q (5/23)

-2%

Dain, Rauscher Wessels (0/5)

-6%

S.G. Cowen Securities Corp. (4/14)

-11%

Bear, Stearns & Co. Inc. (3/5)

-11%

Fidelity Capital Markets (0/3)

-11%

PaineWebber Inc. (0/2)

-12%

William Blair & Co. (0/3)

-16%

Adams, Harkness & Hill (0/4)

-18%

A.G. Edwards & Sons Inc. (0/2)

-19%

Punk Ziegel & Co. (0/1)

-24%

Gerard Klauer Mattison & Co. (0/1)

-26%

Wit SoundView (0/1)

-53%

Goldman Sachs International (1/1)

-58%

* The offerings in this chart include only those that were completed on U.S. stock exchanges (NASDAQ, NYSE or AMEX) from January - December 2000. 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 12/31/00. 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.