B.E. Investment Banks.

1973 30th ANNIVERSARY 2002

THIS  LAST                                             CHIEF
YEAR  YEAR    COMPANY           LOCATION             EXECUTIVE

1     2     THE WILLIAMS        New York        Christopher J. Williams
            CAPITAL GROUP L.P.  New York

2     1     BLAYLOCK &          New York,       Ronald E. Blaylock
            PARTNERS L.P.       New York

3     3     UTENDAHL CAPITAL    New York,       John O. Utendahl
            PARTNERS L.P.       New York

4     4     M.R. BEAL & CO.     New York,       Bernard B. Beal
                                New York

5     6     LOOP CAPITAL        Chicago,        James Reynolds Jr.
            MARKETS L.L.C.      Illinois

6     9     SIEBERT BRANDFORD   San Francisco,  Suzanne F. Shank
            SHANK & CO. L.L.C.  California

7     5     JACKSON SECURITIES  Atlanta,        Maynard H. Jackson
            INC.                Georgia         & Reuben R.
                                                McDaniel III

8     12    THE CHAPMAN CO.     Baltimore,      Nathan A. Chapman Jr.
                                Maryland

9     7     ORMES CAPITAL       New York,       David W. Ormes
            MARKETS INC.        New York

10    10    RICE FINANCIAL      New York,       J. Donald Rice Jr.
            PRODUCTS CO.        New York

11    8     SBK BROOKS          Cleveland,      Eric L. Small
            INVESTMENT CORP.    Ohio

12    --    THE MALACHI         Atlanta,        Porter B. Bingham
            GROUP INC.          Georgia

13    --    MAY DAVIS GROUP     Baltimore,      Owen May
                                Maryland        & Kevin Davis

14    --    POWELL CAPITAL      Roseland,       Arthur F. Powell
            MARKETS INC.        New Jersey

15    13    HARVESTONS          Denver,         Morgan Bassey
            SECURITIES INC.     Colorado

THIS  LAST                          YEAR              TOTAL
YEAR  YEAR    COMPANY              STARTED   STAFF   ISSUES *

1     2     THE WILLIAMS             1994      55    196.169
            CAPITAL GROUP LP.

2     1     BLAYLOCK &               1993      50    129.032
            PARTNERS L.P.

3     3     UTENDAHL CAPITAL         1992     100     93.500
            PARTNERS L.P.

4     4     M.R. BEAL & CO.          1988      28     71.285

5     6     LOOP CAPITAL             1997      45     42.622
            MARKETS L.L.C.

6     9     SIEBERT BRANDFORD        1996      26     37.661
            SHANK & CO. L.L.C.

7     5     JACKSON SECURITIES       1987      45     26.365
            INC.

8     12    THE CHAPMAN CO.          1986      31     16.697

9     7     ORMES CAPITAL            1993      25     13.125
            MARKETS INC.

10    10    RICE FINANCIAL           1987      24     12.079
            PRODUCTS CO.

11    8     SBK BROOKS               1993      16      8.476
            INVESTMENT CORP.

12    --    THE MALACHI              1996      20      6.946
            GROUP INC.

13    --    MAY DAVIS GROUP          1993      50      5.940

14    --    POWELL CAPITAL           1990       5      2.430
            MARKETS INC.

15    13    HARVESTONS               1993      20      2.100
            SECURITIES INC.

* IN BILLIONS OF DOLLARS TO THE NEAREST MILLION. THIS IS FOR TOTAL
TRANSACTIONS INCLUDING SENIOR-MANAGED AND CO-MANAGED DEBT AND EQUITY
ISSUES, AS WELL AS ALL ISSUES INCLUDING. BUT NOT LIMITED TO MUNICIPAL,
AGENCY, AND MORTGAGE-BACKED SECURITIES FOR THE YEAR ENDING DEC. 31,
2001. PREPARED BY B.E. RESEARCH.