Underwriter (Number of Offerings As Lead Underwriter)

After-Market Performance (Average)

Salomon Smith Barney (4)

+38%

Merrill Lynch & Co. (9)

+33%

Deutsche Banc Alex. Brown (9)

+27%

Thomas Weisel Partners LLC (2)

+24%

Credit Suisse First Boston (4)

+18%

Morgan Stanley Dean Witter (11)

+14%

Prudential Vector Healthcare Group (5)

+12%

Donaldson, Lufkin & Jenrette (2)

+9%

Lehman Brothers Inc. (13)

+6%

Roth Capital Partners (1)

+1%

U.S. Bancorp Piper Jaffray (4)

+0.3%

UBS Warburg/Warburg Dillion Read LLC (12)

-4%

CIBC World Markets (12)

-7%

Robertson Stephens Inc. (11)

-8%

J.P. Morgan & Co. (9)

-15%

Chase H&Q (7)

-19%

Bear, Stearns & Co. Inc. (3)

-20%

S.G. Cowen Securities Corp. (6)

-23%

Goldman, Sachs & Co. (6)

-33%

ING Barings LLC (3)

-34%

Bank of America Securities (2)

-34%

Paulson Investment Co. (1)

-34%

PaineWebber Inc. (2)

-44%

First Security Van Kasper (1)

-56%

Goldman Sachs International (1)

-58%

Neidiger Tucker Bruner Inc. (1)

-72%

Bank Vontobel (1)

N/A

* 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.