Underwriter (Number of IPOs As Lead Underwriter)

After-Market Performance (Average)

Salomon Smith Barney (2)

+216%

Goldman, Sachs & Co. (2)

+213%

Credit Suisse First Boston (3)

+205%

ING Barings (1)

+157%

Prudential Vector Healthcare Group (1)

+105%

Merrill Lynch & Co. (2)

+97%

Bear, Stearns & Co. Inc. (2)

+89%

CIBC World Markets (4)

+87%

Lehman Brothers Inc. (6)

+87%

Morgan Stanley Dean Witter (2)

+87%

J.P. Morgan & Co. (4)

+81%

UBS Warburg/Warburg Dillon Read LLC (7)

+78%

Deutsche Banc Alex. Brown (5)

+73%

Thomas Weisel Partners LLC (1)

+60%

Chase H&Q (4)

+54%

Robertson Stephens Inc. (5)

+50%

Roth Capital Partners (1)

+39%

Donaldson, Lufkin & Jenrette (2)

+34%

Bank of America Securities (1)

+3%

S.G. Cowen Securities Corp. (2)

-5%

U.S. Bancorp Piper Jaffray (1)

-6%

* The offerings in this chart include only those that were completed on U.S. stock exchanges (NASDAQ, NYSE or AMEX) from January - August 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 8/31/00. 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.

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