Underwriter (Number of IPOs As Lead Underwriter)

After-Market Performance (Average)

Salomon Smith Barney (2)

+82%

Merrill Lynch & Co. (5)

+57%

Prudential Vector Healthcare Group (1)

+50%

Deutsche Banc Alex. Brown (6)

+30%

Credit Suisse First Boston (2)

+30%

Thomas Weisel Partners LLC (2)

+24%

Morgan Stanley Dean Witter (4)

+23%

Lehman Brothers Inc. (9)

+11%

Donaldson, Lufkin & Jenrette (2)

+9%

Goldman, Sachs & Co. (2)

+7%

UBS Warburg/Warburg Dillon Read LLC (8)

+5%

Bank of America Securities (1)

+2%

Roth Capital Partners (1)

+1%

J.P. Morgan & Co. (5)

+0.2%

CIBC World Markets (6)

-5%

Robertson Stephens Inc. (5)

-9%

U.S. Bancorp Piper Jaffray (2)

-9%

Chase H&Q (5)

-14%

ING Barings LLC (1)

-14%

Bear, Stearns & Co. Inc. (3)

-20%

S.G. Cowen Securities Corp. (4)

-36%

Goldman Sachs International (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.