TABLE 1

SUMMARY OF DISCOUNTS

PRE-IPO TRANSACTION PRICES AS PERECENT OF IPO PRICES

Sample Period

Number in Sample

Mean

Median

Minimum

Maximum

Standard
Deviation

Jan. 80 - June 81

13

60.5%

65.8%

4.0%

87.2%

24.9%

Jan. 85 - June 86

21

42.8%

42.6%

3.4%

83.3%

21.4%

Aug. 87 - Jan. 89

26

44.9%

44.6%

3.6%

81.9%

21.9%

Feb. 89 - July 90

23

47.8%

40.0%

17.2%

93.6%

22.4%

Aug. 90 - Jan. 92

34

40.7%

39.7%

-6.3%

94.5%

22.5%

Feb. 92 - July 93

52

45.2%

45.6%

-4.2%

90.4%

21.2%

Jan. 94 - Jan. 95

44

45.4%

46.7%

6.3%

79.4%

18.1%

Nov. 95 - Apr. 97

89

43.0%

42.3%

5.3%

84.7%

18.7%

All

302

44.7%

43.2%

-6.3%

94.5%

20.7%

Sales - all periods

67

50.6%

51.3%

15.3%

94.5%

19.4%

Options - all periods

235

43.0%

42.6%

-6.3%

93.6%

20.7%