MARYLAND: Top Five Rankings

Volume

Firm ($ mils.)

Senior Managers

1 Morgan Stanley 798.7

2 UBS PaineWebber 498.3

3 Merrill Lynch 355.7

4 Legg Mason 339.2

5 Ferris Baker 199.6

Issuers

1 Maryland Transp Auth 381.4

2 Baltimore (City) 338.5

3 Maryland Hlth & Hghr Ed 329.6

4 Maryland 312.8

5 Baltimore County 280.0

Financial Advisers

1 Public Financial Mgmt 754.4

2 Public Resources Adv 718.9

3 Columbia Equity Fin 551.2

4 Killarney Group 237.8

5 Caine Mitter 154.3

Bond Counsel

1 Piper & Marbury 924.1

2 Venable Baetjer 659.6

3 Ballard Spahr 609.4

4 Miles & Stockbridge 339.4

5 * Joseph C. Reid 320.2

5 * Whitford Taylor 320.2

Bond rankings are based on issues maturing in 13 months or more. Private placements, remarketings, and taxable debt issued by private nonprofit electric cooperatives are excluded. *Tie. Source: Thomson Financial Securities Data (7/13/02)