PERFORMANCE GRAPH
The following line graph displays the cumulative total return to
stockholders of the Company's Common Stock from December 2, 1999 (the
commencement of trading of the Company's Common Stock) to December 31, 2002,
compared to the cumulative total return for the Total Return Index for The
Nasdaq Stock Market (US) and the Russell 2000 Index. The graph assumes a $100
investment in the Company's Common Stock, on December 2, 1999 at the initial
offering price of $17 per share, and in each of the above mentioned indices. The
Russell 2000 Index is an index of companies with market capitalizations similar
to the Company. The Company's management believes that an index of companies
with similar market capitalizations provides a reasonable basis for comparing
total shareholder returns.
(PERFORMANCE GRAPH)
12/2/99 3/31/00 3/31/01 12/31/01 12/31/02
--------- --------- --------- ---------- ----------
PFSweb Inc. 100.00 94.12 5.70 5.00 2.47
NASDAQ Stock Market (U.S.) 100.00 136.32 54.52 57.96 40.06
Russell 2000 100.00 119.30 101.02 110.73 88.05
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