1998 IPO Lead Manager Ranking
U.S. Dollar Amounts in Millions

#Lead ManagerU.S. Offer Amt# of Deals% of Mkt
1Merrill Lynch & Co.$1,057.21111.1
2Sandler O'Neill & Partners. L.P.$1,045.9311.0
3Friedman, Billings, Ramsey & Co., Inc.$968.4510.2
4Goldman, Sachs & Co.$609.766.4
5Morgan Stanley Dean Witter Discover & Co.$606.346.4
6Salomon Smith Barney$523.255.5
7Donaldson, Lufkin & Jenrette Securities Corp.$514.375.4
8Prudential Securities Incorporated$508.445.3
9CS First Boston$449.744.7
10Bear, Stearns & Co. Inc.$387.534.1
11Ryan, Beck & Co.$198.422.1
12Nationsbanc Montgomery Securities, Inc.$185.842.0
13J.P. Morgan Securities Inc.$172.511.8
14BT Alex Brown$166.631.8
15PaineWebber Incorporated$164.921.7
16Trident Securities, Inc.$145.361.5
17Furman Selz Incorporated$115.821.2
18Cowen & Company$111.031.2
19CIBC Oppenheimer & Company$107.821.1
20Lazard Freres & Co.$91.511.0
21Volpe Brown Whelan & Company$89.120.9
22Charles Webb & Company$85.720.9
23BancAmerica Robertson Stephens$84.520.9
24Hambrecht & Quist Incorporated$80.220.8
25Morgan Keegan & Company, Incorporated$76.010.8
26Jefferies & Company Incorporated$75.210.8
27Alex. Brown & Sons Incorporated$75.210.8
28Deutsche Morgan Grenfell$67.420.7
29Lehman Brothers Incorporated$57.210.6
30Smith Barney Inc.$48.010.5
31Dain Rauscher Incorporated$42.320.4
32Investment Bank Services, Inc.$40.310.4
33Advest, Inc.$34.820.4
34Cruttenden Roth Incorporated$34.330.4
35Keefe, Bruyette & Woods, Inc.$30.010.3
36Southwest Securities, Inc.$28.610.3
37McDonald & Company Securities, Inc.$27.510.3
38Royce Investment Group, Inc.$26.610.3
39J.C. Bradford & Co.$23.410.2
40Robert W. Baird & Company$23.020.2
41Everen Securities, Inc.$22.110.2
42Ladenburg, Thalmann & Co. Inc.$22.010.2
43C.E. Unterberg, Towbin$18.210.2
44Roney & Co.$16.810.2
45Howe Barnes Investments, Inc.$16.510.2
46Needham & Company$16.210.2
47John G. Kinnard$15.010.2
48Wheat First Butcher & Singer Capital Markets$14.710.2
49Van Kasper & Company$14.010.1
50Westport Resources Investment Services, Inc.$13.010.1
51First London Securities Corporation$12.820.1
52Joseph Stevens & Company, L.P.$11.810.1
53H.J. Meyers & Company, Incorporated$11.620.1
54H.C. Wainwright & Co. Inc.$11.410.1
55Coleman and Company Securities, Inc.$11.310.1
56Barington Capital Group, L.P.$11.210.1
57The Chapman Co.$8.010.1
58First Asset Management, Inc.$7.810.1
59Strasbourger Pearson Tulcin Wolff Inc.$7.510.1
60Mason Hill & Company$7.210.1
61Laidlaw Global Securities$7.210.1
62A Non Underwritten Offering$6.910.1
63Auerbach, Pollak & Richardson, Inc.$6.310.1
64William Scott & Co., L.L.C.$6.310.1
65Thornwater Company, L.P., The$6.010.1
66Gilford Securities$6.010.1
67New York Broker, Inc.$5.910.1
68Network One Financial Securities, Inc.$5.310.1
69Paragon Capital Corporation$5.010.1
70Roan Capital Partners, L.P.$4.210.0
71Black & Company, Inc.$1.010.0
Totals$9,508.3141100%
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