About Speer Financial

National Financial Advisor Rankings:
Competitive Tax-Exempt Long-Term New Issues: 2004

	Financial Advisors	# of Issues	Rank Activity	Principal Amount (000,000)	Average Principal Amount (000,000)
1	Public Financial Management	396	1	$11,859.8	$29.95
2	Ehlers & Associates	318	2	1,273.0	4.00
3	Springsted Incorporated	240	3	2,075.7	8.65
4	First Southwest Company	234	4	2,541.8	10.86
5	Fiscal Advisors & Marketing Inc.	151	5	1,014.6	6.72
6	Ross, Sinclaire & Associates, Inc.	135	6	853.7	6.32
7	Speer Financial, Inc.	105	7	550.2	5.24
8	Piper Jaffray & Co	93	8	1,014	10.90
9	RBC Dain Rauscher	69	9	1,530.1	22.18
10	Stauder Barch & Associates	63	10	532.8	8.46
11	UniBank Fiscal Advisory Services Inc	63	10	500.2	7.94
12	Stephens Inc.	56	12	460.0	8.21
13	George K Baum & Associates Inc.	52	13	533.9	10.27
14	PNC Capital Markets	52	13	270.2	5.20
15	Munistat Services, Inc.	50	15	327.5	6.55
16	Southwest Securities	49	16	417.1	8.51
17	Robert W. Baird & Co. Incorporated	47	17	272.5	5.80
18	Kelling, Northcross & Nobriga	41	18	751.9	18.34
19	Capital Markets Advisors LLC	40	19	589.8	14.97
20	Crowe-Norene LLC	40	19	244.6	6.12
21	Public Finance Associates	39	21	497.4	12.75
22	Fiscal Services Inc	38	22	240.3	6.32
23	Bendzinski & Co Municipal Finance Advisors	37	23	289.9	7.84
24	Public Resources Advisory Group	36	24	0,006.9	166.86
25	New York Municipal Advisors Corp	36	24	269.6	13.04
26	Morgan Keegan & Co. Inc	36	24	353.4	9.82
27	Johnson Consulting Group	26	27	537.1	20.66
28	Seattle Northwest Securities Corp	24	28	1,650.7	68.78
29	Davenport & Company, LLC	24	28	978.0	40.75
30	Dale Scott & Company, Inc.	22	30	386.0	17.55
31	Banc of America Securities LLC	18	31	1,909.4	106.08
32	BB&T Capital Markets	16	32	710.4	44.40
33	Government Financial Strategies, Inc.	16	32	364.0	22.75
34	Nevada State Bank Public Finance	15	34	1097.8	73.19
35	A.G. Edwards & Sons, Inc.	13	35	438.7	33.75
36	Regional Financial Advisors, Inc.	13	35	312.9	24.07
37	Fieldman Rolapp & Associates	13	35	238.4	18.34
38	Montague DeRose & Associates	12	38	894.1	74.51
39	Kirkpatrick Pettis	12	38	418.4	34.87
40	Municipal Advisory Partners	11	40	399.3	36.30
41	Capital Fin Advisors Intl, LLC	11	40	293.3	26.66
42	Zions First National Bank	9	42	258.8	28.76
43	Estrada Hinojosa & Company Inc	8	43	226.1	28.26
44	Public Advisory Consultants	7	44	423.9	60.56
45	Government Finance Associates, Inc.	6	45	671.2	111.87
46	Hattori & Associates	6	45	269.1	44.85
47	Prism Financial Solutions	3	47	332.6	110.87
48	Waters & Company	2	48	244.4	122.2
49	M E Allison & Co. Inc.	1	49	300.0	300.00
50	Public Sector Group, Inc.	1	49	260.0	260.0
	Totals	2,805		$49,094.5	$42.64
	Source: Thomson Financial Securities Data Company Note: Full Credit to each Financial Advisor