NEVADA: First Half

2002 2001

Volume No. of Volume No. of Pct.

($000s) Issues ($000s) Issues Chg TOTAL $1,214,500 41 $1,511,900 37 -19.7 % First Quarter 243,500 14 274,000 15 -11.1 Second Quarter 971,000 27 1,237,900 22 -21.6 Development 16,300 2 0 0 n.m. Education 599,200 9 304,000 7 +97.1 Electric Power 0 0 0 0 unch Environmental Facilities 0 0 0 0 unch Health Care 45,200 1 0 0 n.m. Housing 73,400 8 55,900 6 +31.3 Public Facilities 108,600 1 115,800 3 -6.2 Transportation 173,800 5 0 0 n.m. Utilities 10,800 2 877,800 8 -98.8 General Purpose 187,200 13 158,400 13 +18.2 Tax-Exempt 1,132,600 32 1,378,800 31 -17.9 Minimum-Tax 71,400 7 128,700 4 -44.5 Taxable 10,500 2 4,400 2 +138.6 New-Money 841,600 27 1,183,600 27 -28.9 Refunding 193,400 10 280,000 6 -30.9 Combined 179,500 4 48,300 4 +271.6 Negotiated 461,600 22 917,400 18 -49.7 Competitive 752,900 19 594,500 19 +26.6 Private Placements 0 0 0 0 unch Revenue 461,500 23 693,700 18 -33.5 General Obligation 753,000 18 818,200 19 -8.0 Fixed-Rate 1,171,100 36 1,197,900 31 -2.2 Variable-Rate (Short Put) 43,400 5 234,000 4 -81.5 Variable-Rate (Long/No Put) 0 0 80,000 1 -100.0 Bank-Qualified 17,600 3 14,900 8 +18.1 Bond Insurance 979,900 17 1,212,800 13 -19.2 Letters of Credit 14,000 1 0 0 n.m. Insured Mortgages 29,400 4 5,900 2 +398.3 State Governments 144,700 7 42,400 4 +241.3 State Agencies 73,400 8 55,900 6 +31.3 Municipalities 919,300 20 961,200 25 -4.4 Local Authorities 37,600 4 452,400 2 -91.7 Colleges & Universities 39,500 2 0 0 n.m.

Private placements and municipal forwards are included, but short-term notes and remarketings are excluded. n.m. -- not meaningful; unch -- unchanged.

Source: Thomson Financial Securities Data (7/13/02)