Underwriter (Number of IPOs As Lead Underwriter)

Gross Proceeds (M)

J.P. Morgan & Co. (2)

$2,176.0

Goldman, Sachs & Co. (1)

$110.4

Credit Suisse First Boston Corp. (1)

$77.0

Lehman Brothers (1)

$69.2

U.S. Bancorp Piper Jaffray (1)

$67.6

Deutsche Banc Alex. Brown@ (1)

$62.1

ING Barings (1)

$56.3

Donaldson, Lufkin & Jenrette (1)

$52.9

Prudential Vector Healthcare# (1)

$46.3

Nesbitt Burns (1)

$20.8

Westport Resources Investment Services Inc. (1)

$11.5

Pro-Genesis Securities Corp. (1)

$2.6

Canaccord Capital Corp. (1)

$2.3

* The offerings in this chart include only those that were completed on U.S. stock exchanges (NASDAQ, NYSE or AMEX), the Canadian Stock Exchange (TSE) and the London Stock Exchange (LSE) from January - December 1999. 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 IPO price and the closing price on 12/31/99. 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.

1 May include offerings handled by Prudential Securities and Vector Securities International Inc. prior to their merger.

2 May include offerings handled by Deutsche Bank and BT Alex. Brown prior to merger.