| Underwriter | After-Market | ||
| (Number Of IPOs As Lead/ | Performance | ||
| Number Of IPOs As Lead Or | (Average)* | ||
| Comanager) | |||
| Hambrecht & Quist LLC (3/7) | +79% | ||
| CIBC Oppenheimer Corp. (1/1) | +75% | ||
| Morgan Stanley, Dean Witter Discover & Co. (2/2) | +40% | ||
| UBS Securities LLC (2/4) | +39% | ||
| BT Alex. Brown Inc. (1/3) | +31% | ||
| NationsBanc Montgomery Securities Inc. (1/3) | +19% | ||
| Merrill Lynch & Co. (1/1) | +7% | ||
| Paulson Investment Co. Inc. (1/1) | +5% | ||
| BancAmerica Robertson, Stephens (1/3) | 0% | ||
| First Marathon Securities Ltd. (1/1) | 0% | ||
| Sunrise Securities Corp. (1/1) | -8% | ||
| Dresdner Kleinwort Benson Ltd. (1/1) | -25% | ||
| Everen Securities Inc. (1/1) | -25% | ||
| National Securities Corp. (1/1) | -30% | ||
| Cowen & Co. (1/2) | -38% | ||
| Nutmeg Securities Ltd. (1/1) | -38% | ||
| Lehman Brothers (3/3) | -39% | ||
| Salomon Brothers Inc. (1/1) | -39% | ||
* After-market performance is expressed as the percent change in stock price between the IPO price and the closing price on 12/31/97. For underwriters with multiple offerings, the after-market performance (as a percent change) was calculated for each stock in that underwriter's "group," the percentages summed, and then averaged.