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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman,serif">UNITED STATES</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman,serif">SECURITIES AND EXCHANGE COMMISSION</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman,serif">Washington, D.C. 20549</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman,serif">__________</FONT></B></P>

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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman,serif">FORM 8-K</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></P>

<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><B><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-TRANSFORM: uppercase" face="Times New Roman,serif">Current Report</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman,serif">Pursuant to Section 13 or 15(d) of the</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman,serif">Securities Exchange Act of 1934</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>

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<P style="MARGIN: 0in 0in 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman,serif">Date of Report (Date of earliest event reported):&nbsp; May 23, 2011</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman,serif"></FONT>&nbsp;</P>

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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman,serif">Investors Capital Holdings, Ltd.</FONT></P>

<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman,serif">(Exact name of registrant as specified in its charter)</FONT></P>

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   <TD align=middle width="33%">Delaware<BR>(State or Other Jurisdiction<BR>of Incorporation)</TD>

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   <P align=center>333-43664<BR>(Commission<BR>File Number)</P></TD>

   <TD align=middle width="33%">04-3284631<BR>(IRS Employer<BR>Identification No.)</TD></TR></TABLE></FONT></P>

<P style="MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman,serif"></FONT></P>

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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman,serif">230 Broadway East</FONT></P>

<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman,serif">Lynnfield, MA&nbsp; 01940</FONT></P>

<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman,serif">(Address of Principal Executive Offices) (Zip Code)</FONT></P>

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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman,serif">Registrant's telephone number, including area code:&nbsp; (800) 949-1422</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></P>

<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman,serif">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</FONT></P>

<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman,serif">[] &nbsp;(Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></P>

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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman,serif">[]&nbsp; (Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></P>

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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman,serif">[]&nbsp; (Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17&nbsp;&nbsp; CFR 240.14d-2(b))</FONT></P>

<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman,serif">[]&nbsp; (Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman,serif">Item 2.02&nbsp; Results of Operations and Financial Condition.&nbsp; </FONT></B></P>

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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman,serif">On May 23, 2011 the Registrant issued a news release, a copy of which is set forth in Exhibit 2.02 hereto, announcing financial results for the Registrant for the fiscal year ended March 31, 2011. </FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman,serif">SIGNATURES</FONT></B></P>

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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman,serif">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investors Capital Holdings, Ltd.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By </FONT><U><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman,serif">/s/ </FONT></U><I><U><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman,serif">Timothy B. Murphy&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></U></I></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Timothy B. Murphy, Chief Executive Officer</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman,serif">Date:&nbsp; May 26, 2011</FONT></P>

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<P style="TEXT-ALIGN: center">2</P>

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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman,serif">Exhibit 2.02</FONT></B></P>

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<IMG id="Picture 1" height=88 alt="Description: ICC premier logo" src="x11052614023900.gif" width=205></FONT></B></H2>

<H2 style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" face="Times New Roman,serif">&nbsp;FOR IMMEDIATE RELEASE</FONT></B></H2>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman,serif">Contact:</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman,serif">Robert Foney, Chief Marketing Officer</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman,serif">781.477.4814</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman,serif">rfoney@investorscapital.com</FONT></P>

<H1 style="MARGIN: 0in 0in 0pt"><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 12pt" face="Times New Roman,serif">www.investorscapital.com</FONT></H1>

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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 16pt" face="Times New Roman,serif">Investors Capital Holdings Annual Revenue Climbs 7.7% </FONT></B></P>

<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><EM><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman,serif">Avg. revenue per advisor increases 17.2% to over $161k; advisory revenue grows 17%</FONT></EM></P>

<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%" face="Times New Roman,serif"></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%" face="Times New Roman,serif">Lynnfield, Mass. (May 23, 2011)</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%" face="Times New Roman,serif"> &#8211; Investors Capital Holdings, Ltd. (NYSE Amex: ICH, &#8220;the Company&#8221;), a financial services holding company, posted total revenue of $85.25 million for the fiscal year ended March 31, 2011 (&#8220;the year&#8221;). This represents a 7.7% increase over total revenue of $79.19 million for the fiscal year ended March 31, 2010 (&#8220;prior period&#8221;). For the year, the Company posted a net loss of $0.91 million, compared to net income of $0.32 million for the prior period. Investors Capital Holdings operates primarily through its wholly-owned subsidiary, Investors Capital Corporation (&#8220;ICC&#8221;), a dually registered broker-dealer and investment advisory firm. </FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%" face="Times New Roman,serif">Total revenue increased due primarily to market growth and increased activity of ICC advisors. Commission revenue, which accounts for 80.0% of total revenue, increased 6.4% to $68.11 million. Advisory fees, which make up 17.6% of total revenue, grew 17.0% to $14.98 million. The rise in advisory fees predominantly reflects increases in the value of underlying advisory program assets as investor sentiment becomes more favorable and the securities market continues to recover from the recent debt crisis. </FONT></P>

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<P style="MARGIN: 0in 0in 6pt; LINE-HEIGHT: 150%"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman,serif">&#8220;This year has been challenging in many regards,&#8221; said Investors Capital Holdings, Ltd. President and CEO Timothy B. Murphy. &#8220;But I believe we are in a good position for growth. Our revenues are growing; our net capital is strong; our recruiting pipeline is full; and our recruiters </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman,serif">are busy with advisors inquiring about joining Investors Capital. I am excited for what the new year will bring.&#8221;</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%" face="Times New Roman,serif">At fiscal-year end, the firm had net capital of $2.84 million (an excess of $2.59 million) compared to net capital of approximately $3.39 million (an excess of $2.91 million) as of the prior period. ICC is subject to the SEC Uniform Net Capital Rule (Rule 15c3-1) which requires our broker-dealer subsidiary to maintain minimum net capital.&nbsp; As of March 31, 2011, ICC computes net capital requirements under the alternative method, which requires firms to maintain minimum net capital, as defined, equal to the greater of $250,000 or 2% of aggregate debit balances. </FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%" face="Times New Roman,serif">Investors Capital continues to benefit from improving the overall quality of its representatives, a key component of the Company&#8217;s strategy for achieving growth in revenues and net income. The firm seeks to continually improve the quality of its representatives by helping them expand their skills and practices, recruiting established, high-quality representatives, and terminating lower-quality advisors. The firm&#8217;s average revenue per representative, based on a rolling 12-month period, rose again at fiscal-year end to $161,642, an increase of 17.2% over $137,961 for the prior rolling 12-month period. </FONT></P>

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<P style="MARGIN: 0in 0in 6pt; LINE-HEIGHT: 150%"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman,serif">Results of operations were largely impacted by litigation and regulatory actions that have accompanied a more demanding industry regulatory environment. Adjusted EBITDA was negative $0.23 million for the year compared to $1.48 million for the prior period. Adjusted EBITDA, a non-GAAP financial measure described below, is a key metric utilized by the firm in evaluating its financial performance. </FONT></P>

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<P style="MARGIN: 0in 0in 6pt; LINE-HEIGHT: 150%"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman,serif">About Investors Capital Holdings, Ltd.: </FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman,serif"><BR>Investors Capital Holdings, Ltd. (NYSE Amex: ICH) of Lynnfield, Massachusetts is a financial services holding company that operates primarily through its broker/dealer and investment advisor subsidiary, Investors Capital Corporation. Our mission is to provide &nbsp;5-star service and support to our valued registered representatives, including advisory programs, strategic practice management and marketing services, and technology, to help them grow their businesses and exceed their clients&#8217; expectations. Business units include Investors Capital Corporation, ICC Insurance Agency, Inc., and Investors Capital Holdings Securities Corporation. For more information, please call (800) 949-1422 x4814 or visit www.investorscapital.com.</FONT></P>

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<P style="MARGIN: 0in; LINE-HEIGHT: 150%"><I><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman,serif">Certain statements contained in this press release that are not historical fact may be deemed to be forward-looking statements under federal securities laws. There are many factors that could cause our future actual results to differ materially from those suggested by or forecast in the forward-looking statements. Such factors include, but are not limited to, general economic conditions, interest rate fluctuations, regulatory changes affecting the financial services industry, competitive factors effecting demand for our services, availability of funding, and other risks including those identified in the Company&#8217;s Securities and Exchange Commission filings. </FONT></I></P>

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<P style="MARGIN: 0in 0in 6pt; LINE-HEIGHT: 150%"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman,serif">Investors Capital Holdings, Ltd., 230 Broadway, Lynnfield, Massachusetts 01940, Distributor. </FONT></P>

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   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-FAMILY: Times New Roman" size=2>INVESTORS CAPITAL HOLDINGS, LTD. AND SUBSIDIARIES<BR>CONSOLIDATED BALANCE SHEETS</FONT></B></P></TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=middle width="20%"><FONT style="FONT-FAMILY: Times New Roman" size=2><STRONG><FONT style="FONT-FAMILY: Times New Roman" size=2>March 31, 2011</FONT></STRONG></FONT></TD>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=middle width="19%"><FONT style="FONT-FAMILY: Times New Roman" size=2><STRONG><FONT style="FONT-FAMILY: Times New Roman" size=2>March 31, 2010</FONT></STRONG></FONT></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-FAMILY: Times New Roman" size=2>Assets</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-FAMILY: Times New Roman" size=2>Current Assets</FONT></B></P></TD>

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   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="4%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="19%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-FAMILY: Times New Roman" size=2>Cash and cash equivalents</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,587,195</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="4%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,812,865 </FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-FAMILY: Times New Roman" size=2>Deposit with clearing organization, restricted</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-FAMILY: Times New Roman" size=2>175,000</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-FAMILY: Times New Roman" size=2>175,000</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-FAMILY: Times New Roman" size=2>Accounts receivable</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-FAMILY: Times New Roman" size=2>6,798,638</FONT></P></TD>

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   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="19%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-FAMILY: Times New Roman" size=2>6,042,188</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-FAMILY: Times New Roman" size=2>Note receivable (current)</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-FAMILY: Times New Roman" size=2>108,169</FONT></P></TD>

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   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="19%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-FAMILY: Times New Roman" size=2>140,598</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-FAMILY: Times New Roman" size=2>Loans receivable from registered representatives (current), net of allowance</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-FAMILY: Times New Roman" size=2>721,664</FONT></P></TD>

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   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="19%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-FAMILY: Times New Roman" size=2>769,263</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-FAMILY: Times New Roman" size=2>Prepaid income taxes</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-FAMILY: Times New Roman" size=2>157,880</FONT></P></TD>

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   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="19%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-FAMILY: Times New Roman" size=2>559,007</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-FAMILY: Times New Roman" size=2>Securities owned at fair value</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-FAMILY: Times New Roman" size=2>17,384</FONT></P></TD>

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   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="19%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-FAMILY: Times New Roman" size=2>57,933</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-FAMILY: Times New Roman" size=2>Investment</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-FAMILY: Times New Roman" size=2>50,000</FONT></P></TD>

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   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="19%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-FAMILY: Times New Roman" size=2>50,000</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="57%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-FAMILY: Times New Roman" size=2>Prepaid expenses</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12pt" vAlign=bottom noWrap width="20%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-FAMILY: Times New Roman" size=2>1,073,969</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="4%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12pt" vAlign=bottom noWrap width="19%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-FAMILY: Times New Roman" size=2>957,674</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="57%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="20%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-FAMILY: Times New Roman" size=2>13,689,899</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="4%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="19%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-FAMILY: Times New Roman" size=2>14,564,528</FONT></P></TD></TR>

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   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 8.25pt" vAlign=bottom noWrap width="57%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 8.25pt" vAlign=bottom noWrap width="20%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 8.25pt" vAlign=bottom noWrap width="4%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 8.25pt" vAlign=bottom noWrap width="19%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 12pt">

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-FAMILY: Times New Roman" size=2>Property and equipment, net</FONT></B></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="20%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-FAMILY: Times New Roman" size=2>597,735</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="4%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="19%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-FAMILY: Times New Roman" size=2>774,182</FONT></P></TD></TR>

<TR style="HEIGHT: 6.75pt">

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 6.75pt" vAlign=bottom noWrap width="57%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 6.75pt" vAlign=bottom noWrap width="20%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 6.75pt" vAlign=bottom noWrap width="4%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 6.75pt" vAlign=bottom noWrap width="19%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 12pt">

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-FAMILY: Times New Roman" size=2>Long Term Investments</FONT></B></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="20%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="4%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="19%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 13.5pt" vAlign=bottom noWrap width="57%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-FAMILY: Times New Roman" size=2>Loans receivable from registered representatives</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 13.5pt" vAlign=bottom noWrap width="20%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-FAMILY: Times New Roman" size=2>616,583</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 13.5pt" vAlign=bottom noWrap width="4%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 13.5pt" vAlign=bottom noWrap width="19%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-FAMILY: Times New Roman" size=2>292,884</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="57%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-FAMILY: Times New Roman" size=2>Note receivable</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="20%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495,000 </FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="4%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="19%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-FAMILY: Times New Roman" size=2>595,000</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="57%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-FAMILY: Times New Roman" size=2>Investments</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="20%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-FAMILY: Times New Roman" size=2>214,555</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="4%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="19%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-FAMILY: Times New Roman" size=2>184,319</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="57%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-FAMILY: Times New Roman" size=2>Non-qualified deferred compensation investment</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="20%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-FAMILY: Times New Roman" size=2>1,089,572</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="4%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="19%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-FAMILY: Times New Roman" size=2>929,897</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="57%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-FAMILY: Times New Roman" size=2>Cash surrender value life insurance policies</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12pt" vAlign=bottom noWrap width="20%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-FAMILY: Times New Roman" size=2>680,429</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="4%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12pt" vAlign=bottom noWrap width="19%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-FAMILY: Times New Roman" size=2>551,398</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="57%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="20%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-FAMILY: Times New Roman" size=2>3,096,139</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="4%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="19%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-FAMILY: Times New Roman" size=2>2,553,498</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="57%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-FAMILY: Times New Roman" size=2>Other Assets</FONT></B></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="20%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="4%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="19%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="57%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-FAMILY: Times New Roman" size=2>Deferred tax asset, net</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="20%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-FAMILY: Times New Roman" size=2>1,218,773</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="4%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="19%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-FAMILY: Times New Roman" size=2>838,773</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.25pt" vAlign=bottom noWrap width="57%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-FAMILY: Times New Roman" size=2>Capitalized software, net</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.25pt" vAlign=bottom noWrap width="20%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-FAMILY: Times New Roman" size=2>132,131</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.25pt" vAlign=bottom noWrap width="4%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.25pt" vAlign=bottom noWrap width="19%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-FAMILY: Times New Roman" size=2>149,838</FONT></P></TD></TR>

<TR style="HEIGHT: 10.5pt">

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.5pt" vAlign=bottom noWrap width="57%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-FAMILY: Times New Roman" size=2>Other assets</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 10.5pt" vAlign=bottom noWrap width="20%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-FAMILY: Times New Roman" size=2>15,808</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.5pt" vAlign=bottom noWrap width="4%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 10.5pt" vAlign=bottom noWrap width="19%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-FAMILY: Times New Roman" size=2>13,728</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="57%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="20%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-FAMILY: Times New Roman" size=2>1,366,712</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="4%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="19%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-FAMILY: Times New Roman" size=2>1,002,339</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="57%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="20%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="4%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="19%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12.75pt" vAlign=bottom noWrap width="57%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-FAMILY: Times New Roman" size=2>TOTAL ASSETS</FONT></B></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 12.75pt" vAlign=bottom noWrap width="20%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18,750,485 </FONT></B></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12.75pt" vAlign=bottom noWrap width="4%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 12.75pt" vAlign=bottom noWrap width="19%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18,894,547 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 7.5pt">

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 7.5pt" vAlign=bottom noWrap width="57%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 7.5pt" vAlign=bottom noWrap width="20%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 7.5pt" vAlign=bottom noWrap width="4%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 7.5pt" vAlign=bottom noWrap width="19%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="57%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-FAMILY: Times New Roman" size=2>Liabilities and Stockholders' Equity</FONT></B></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="20%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="4%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="19%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12.75pt" vAlign=bottom noWrap width="57%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-FAMILY: Times New Roman" size=2>Current Liabilities</FONT></B></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12.75pt" vAlign=bottom noWrap width="20%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12.75pt" vAlign=bottom noWrap width="4%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12.75pt" vAlign=bottom noWrap width="19%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="57%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-FAMILY: Times New Roman" size=2>Accounts payable</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="20%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,109,400 </FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="4%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="19%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 817,761</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="57%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-FAMILY: Times New Roman" size=2>Accrued expenses</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="20%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-FAMILY: Times New Roman" size=2>2,078,705</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="4%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="19%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-FAMILY: Times New Roman" size=2>2,358,656</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="57%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-FAMILY: Times New Roman" size=2>Commissions payable</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="20%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-FAMILY: Times New Roman" size=2>3,246,898</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="4%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="19%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-FAMILY: Times New Roman" size=2>3,488,415</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="57%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-FAMILY: Times New Roman" size=2>Notes payable</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="20%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-FAMILY: Times New Roman" size=2>1,527,969</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="4%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="19%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-FAMILY: Times New Roman" size=2>1,130,922</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="57%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-FAMILY: Times New Roman" size=2>Unearned revenues</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="20%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-FAMILY: Times New Roman" size=2>113,486</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="4%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="19%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-FAMILY: Times New Roman" size=2>101,931</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="57%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-FAMILY: Times New Roman" size=2>Securities sold, not yet purchased, at fair value</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12pt" vAlign=bottom noWrap width="20%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="4%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12pt" vAlign=bottom noWrap width="19%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-FAMILY: Times New Roman" size=2>5,693</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="57%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="20%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-FAMILY: Times New Roman" size=2>8,076,458</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="4%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="19%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-FAMILY: Times New Roman" size=2>7,903,378</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="57%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-FAMILY: Times New Roman" size=2>Long-Term Liabilities</FONT></B></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="20%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="4%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="19%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 14.25pt" vAlign=bottom noWrap width="57%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-FAMILY: Times New Roman" size=2>Non-qualified deferred compensation plan</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 14.25pt" vAlign=bottom noWrap width="20%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-FAMILY: Times New Roman" size=2>1,176,096</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 14.25pt" vAlign=bottom noWrap width="4%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 14.25pt" vAlign=bottom noWrap width="19%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-FAMILY: Times New Roman" size=2>793,735</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="57%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="20%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-FAMILY: Times New Roman" size=2>1,176,096</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="4%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="19%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-FAMILY: Times New Roman" size=2>793,735</FONT></P></TD></TR>

<TR style="HEIGHT: 7.5pt">

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 7.5pt" vAlign=bottom noWrap width="57%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 7.5pt" vAlign=bottom noWrap width="20%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 7.5pt" vAlign=bottom noWrap width="4%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 7.5pt" vAlign=bottom noWrap width="19%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="57%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-FAMILY: Times New Roman" size=2>Total liabilities</FONT></B></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12pt" vAlign=bottom noWrap width="20%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-FAMILY: Times New Roman" size=2>9,252,554</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="4%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12pt" vAlign=bottom noWrap width="19%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-FAMILY: Times New Roman" size=2>8,697,113</FONT></P></TD></TR>

<TR style="HEIGHT: 4.5pt">

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4.5pt" vAlign=bottom noWrap width="57%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4.5pt" vAlign=bottom noWrap width="20%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4.5pt" vAlign=bottom noWrap width="4%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4.5pt" vAlign=bottom noWrap width="19%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="57%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-FAMILY: Times New Roman" size=2>Commitments and contingencies (Note 15)</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="20%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="4%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="19%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 5.25pt">

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 5.25pt" vAlign=bottom noWrap width="57%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 5.25pt" vAlign=bottom noWrap width="20%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 5.25pt" vAlign=bottom noWrap width="4%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 5.25pt" vAlign=bottom noWrap width="19%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="57%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-FAMILY: Times New Roman" size=2>Stockholders' Equity:</FONT></B></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="20%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="4%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="19%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.25pt" vAlign=bottom noWrap width="57%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-FAMILY: Times New Roman" size=2>Common stock, $.01 par value, 10,000,000 shares authorized;</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.25pt" vAlign=bottom noWrap width="20%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.25pt" vAlign=bottom noWrap width="4%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.25pt" vAlign=bottom noWrap width="19%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="57%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-FAMILY: Times New Roman" size=2>6,618,259 issued and 6,614,374 outstanding at March 31, 2011</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="20%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="4%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="19%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="57%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-FAMILY: Times New Roman" size=2>6,595,804 issued and 6,591,919 outstanding at March 31, 2010</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="20%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-FAMILY: Times New Roman" size=2>66,183</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="4%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="19%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-FAMILY: Times New Roman" size=2>65,958</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="57%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-FAMILY: Times New Roman" size=2>Additional paid-in capital</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="20%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-FAMILY: Times New Roman" size=2>12,279,380</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="4%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="19%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-FAMILY: Times New Roman" size=2>12,095,862</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="57%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-FAMILY: Times New Roman" size=2>Accumulated deficit</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="20%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-FAMILY: Times New Roman" size=2>(2,874,214)</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="4%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="19%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-FAMILY: Times New Roman" size=2>(1,964,084)</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="57%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-FAMILY: Times New Roman" size=2>Less: Treasury stock, 3,885 shares at cost</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="20%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-FAMILY: Times New Roman" size=2>(30,135)</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="4%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="19%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-FAMILY: Times New Roman" size=2>(30,135)</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="57%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-FAMILY: Times New Roman" size=2>Accumulated other comprehensive income</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12pt" vAlign=bottom noWrap width="20%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-FAMILY: Times New Roman" size=2>56,717</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="4%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12pt" vAlign=bottom noWrap width="19%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-FAMILY: Times New Roman" size=2>29,833</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="57%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-FAMILY: Times New Roman" size=2>Total stockholders' equity</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="20%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-FAMILY: Times New Roman" size=2>9,497,931</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="4%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="19%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-FAMILY: Times New Roman" size=2>10,197,434</FONT></P></TD></TR>

<TR style="HEIGHT: 10.5pt">

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.5pt" vAlign=bottom noWrap width="57%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.5pt" vAlign=bottom noWrap width="20%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.5pt" vAlign=bottom noWrap width="4%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.5pt" vAlign=bottom noWrap width="19%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12.75pt" vAlign=bottom noWrap width="57%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-FAMILY: Times New Roman" size=2>TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY</FONT></B></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 12.75pt" vAlign=bottom noWrap width="20%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18,750,485 </FONT></B></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12.75pt" vAlign=bottom noWrap width="4%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 12.75pt" vAlign=bottom noWrap width="19%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18,894,547</FONT></B></P></TD></TR>

<TR style="HEIGHT: 6pt">

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 6pt" vAlign=bottom noWrap width="57%">&nbsp;</TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 6pt" vAlign=bottom noWrap width="20%">&nbsp;</TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 6pt" vAlign=bottom noWrap width="4%">&nbsp;</TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 6pt" vAlign=bottom noWrap width="19%">&nbsp;</TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="57%">&nbsp;</TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="20%">&nbsp;</TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="4%">&nbsp;</TD>

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<P style="TEXT-ALIGN: center">5</P>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><STRONG><FONT style="FONT-FAMILY: Times New Roman" size=2>INVESTORS CAPITAL HOLDINGS, LTD. AND SUBSIDIARIES</FONT></STRONG></P><FONT style="FONT-FAMILY: Times New Roman"><FONT size=2><FONT><FONT></FONT></FONT></FONT></FONT>

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT><FONT><STRONG><FONT style="FONT-FAMILY: Times New Roman" size=2>CONSOLIDATED STATEMENTS OF OPERATIONS</FONT></FONT></STRONG></FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12.75pt" vAlign=bottom noWrap width="99%" colSpan=4>

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT></FONT></B>&nbsp;</P></TD></TR>

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   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12.75pt" vAlign=bottom noWrap width="46%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT style="FONT-FAMILY: Times New Roman" size=2>YEARS ENDED</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12.75pt" vAlign=bottom noWrap width="46%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12.75pt" vAlign=bottom noWrap width="53%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT style="FONT-FAMILY: Times New Roman" size=2>March 31,</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15pt" vAlign=bottom noWrap width="46%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15pt" vAlign=bottom noWrap width="25%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT style="FONT-FAMILY: Times New Roman" size=2>2011</FONT></B></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15pt" vAlign=bottom noWrap width="3%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15pt" vAlign=bottom noWrap width="25%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT style="FONT-FAMILY: Times New Roman" size=2>2010</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15pt" vAlign=bottom noWrap width="46%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-FAMILY: Times New Roman" size=2>Revenue:</FONT></B></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15pt" vAlign=bottom noWrap width="25%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15pt" vAlign=bottom noWrap width="3%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15pt" vAlign=bottom noWrap width="25%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15pt" vAlign=bottom noWrap width="46%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-FAMILY: Times New Roman" color=#000000 size=2>&nbsp;&nbsp; Commissions</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15pt" vAlign=bottom noWrap width="25%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-FAMILY: Times New Roman" color=#000000 size=2>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68,111,786 </FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15pt" vAlign=bottom noWrap width="3%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15pt" vAlign=bottom noWrap width="25%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-FAMILY: Times New Roman" color=#000000 size=2>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63,999,464 </FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15pt" vAlign=bottom noWrap width="46%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-FAMILY: Times New Roman" color=#000000 size=2>&nbsp;&nbsp; Advisory fees</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15pt" vAlign=bottom noWrap width="25%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-FAMILY: Times New Roman" color=#000000 size=2>14,977,601</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15pt" vAlign=bottom noWrap width="3%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15pt" vAlign=bottom noWrap width="25%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-FAMILY: Times New Roman" color=#000000 size=2>12,796,618</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15pt" vAlign=bottom noWrap width="46%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-FAMILY: Times New Roman" color=#000000 size=2>&nbsp;&nbsp; Other fee income</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15pt" vAlign=bottom noWrap width="25%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-FAMILY: Times New Roman" color=#000000 size=2>802,752</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15pt" vAlign=bottom noWrap width="3%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15pt" vAlign=bottom noWrap width="25%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-FAMILY: Times New Roman" color=#000000 size=2>1,013,718</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15pt" vAlign=bottom noWrap width="46%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-FAMILY: Times New Roman" color=#000000 size=2>&nbsp;&nbsp; Other revenue</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: #000000 1px solid; HEIGHT: 15pt" vAlign=bottom noWrap width="25%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-FAMILY: Times New Roman" color=#000000 size=2>1,361,826</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15pt" vAlign=bottom noWrap width="3%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: #000000 1px solid; HEIGHT: 15pt" vAlign=bottom noWrap width="25%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-FAMILY: Times New Roman" color=#000000 size=2>1,378,137</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15pt" vAlign=bottom noWrap width="46%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-FAMILY: Times New Roman" color=#000000 size=2>Total revenue</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15pt" vAlign=bottom noWrap width="25%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-FAMILY: Times New Roman" color=#000000 size=2>85,253,965</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15pt" vAlign=bottom noWrap width="3%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15pt" vAlign=bottom noWrap width="25%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-FAMILY: Times New Roman" color=#000000 size=2>79,187,937</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15pt" vAlign=bottom noWrap width="46%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15pt" vAlign=bottom noWrap width="25%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15pt" vAlign=bottom noWrap width="3%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15pt" vAlign=bottom noWrap width="25%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15pt" vAlign=bottom noWrap width="46%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-FAMILY: Times New Roman" color=#000000 size=2>Expenses:</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15pt" vAlign=bottom noWrap width="25%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15pt" vAlign=bottom noWrap width="3%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15pt" vAlign=bottom noWrap width="25%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15pt" vAlign=bottom noWrap width="46%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-FAMILY: Times New Roman" color=#000000 size=2>&nbsp;&nbsp; Commissions and advisory fees</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15pt" vAlign=bottom noWrap width="25%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-FAMILY: Times New Roman" color=#000000 size=2>67,125,324</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15pt" vAlign=bottom noWrap width="3%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15pt" vAlign=bottom noWrap width="25%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-FAMILY: Times New Roman" color=#000000 size=2>61,080,743</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15pt" vAlign=bottom noWrap width="46%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-FAMILY: Times New Roman" color=#000000 size=2>&nbsp;&nbsp; Compensation and benefits</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15pt" vAlign=bottom noWrap width="25%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-FAMILY: Times New Roman" color=#000000 size=2>8,471,493</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15pt" vAlign=bottom noWrap width="3%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15pt" vAlign=bottom noWrap width="25%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-FAMILY: Times New Roman" color=#000000 size=2>8,007,675</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15pt" vAlign=bottom noWrap width="46%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-FAMILY: Times New Roman" color=#000000 size=2>&nbsp;&nbsp; Regulatory, legal and professional services</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15pt" vAlign=bottom noWrap width="25%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-FAMILY: Times New Roman" color=#000000 size=2>3,983,401</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15pt" vAlign=bottom noWrap width="3%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15pt" vAlign=bottom noWrap width="25%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-FAMILY: Times New Roman" color=#000000 size=2>2,338,062</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15pt" vAlign=bottom noWrap width="46%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-FAMILY: Times New Roman" color=#000000 size=2>&nbsp;&nbsp; Brokerage, clearing and exchange fees</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15pt" vAlign=bottom noWrap width="25%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-FAMILY: Times New Roman" color=#000000 size=2>2,046,543</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15pt" vAlign=bottom noWrap width="3%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15pt" vAlign=bottom noWrap width="25%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-FAMILY: Times New Roman" color=#000000 size=2>2,573,689</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15pt" vAlign=bottom noWrap width="46%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-FAMILY: Times New Roman" color=#000000 size=2>&nbsp;&nbsp; Technology and communications</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15pt" vAlign=bottom noWrap width="25%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-FAMILY: Times New Roman" color=#000000 size=2>1,219,738</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15pt" vAlign=bottom noWrap width="3%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15pt" vAlign=bottom noWrap width="25%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-FAMILY: Times New Roman" color=#000000 size=2>1,121,918</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15pt" vAlign=bottom noWrap width="46%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-FAMILY: Times New Roman" color=#000000 size=2>&nbsp;&nbsp; Marketing and promotion</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15pt" vAlign=bottom noWrap width="25%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-FAMILY: Times New Roman" color=#000000 size=2>1,382,025</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15pt" vAlign=bottom noWrap width="3%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15pt" vAlign=bottom noWrap width="25%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-FAMILY: Times New Roman" color=#000000 size=2>877,969</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15pt" vAlign=bottom noWrap width="46%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-FAMILY: Times New Roman" color=#000000 size=2>&nbsp;&nbsp; Occupancy and equipment</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15pt" vAlign=bottom noWrap width="25%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-FAMILY: Times New Roman" color=#000000 size=2>922,312</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15pt" vAlign=bottom noWrap width="3%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15pt" vAlign=bottom noWrap width="25%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-FAMILY: Times New Roman" color=#000000 size=2>853,548</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15pt" vAlign=bottom noWrap width="46%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-FAMILY: Times New Roman" color=#000000 size=2>&nbsp;&nbsp; Other administrative</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15pt" vAlign=bottom noWrap width="25%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-FAMILY: Times New Roman" color=#000000 size=2>1,101,691</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15pt" vAlign=bottom noWrap width="3%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15pt" vAlign=bottom noWrap width="25%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-FAMILY: Times New Roman" color=#000000 size=2>1,451,447</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15pt" vAlign=bottom noWrap width="46%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-FAMILY: Times New Roman" color=#000000 size=2>&nbsp;&nbsp; Interest</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: #000000 1px solid; HEIGHT: 15pt" vAlign=bottom noWrap width="25%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-FAMILY: Times New Roman" color=#000000 size=2>23,698</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15pt" vAlign=bottom noWrap width="3%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: #000000 1px solid; HEIGHT: 15pt" vAlign=bottom noWrap width="25%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-FAMILY: Times New Roman" color=#000000 size=2>26,213</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15pt" vAlign=bottom noWrap width="46%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-FAMILY: Times New Roman" size=2>Total operating expenses</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: #000000 1px solid; HEIGHT: 15pt" vAlign=bottom noWrap width="25%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-FAMILY: Times New Roman" size=2>86,276,225</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15pt" vAlign=bottom noWrap width="3%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: #000000 1px solid; HEIGHT: 15pt" vAlign=bottom noWrap width="25%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-FAMILY: Times New Roman" size=2>78,331,264</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15pt" vAlign=bottom noWrap width="46%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15pt" vAlign=bottom noWrap width="25%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15pt" vAlign=bottom noWrap width="3%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15pt" vAlign=bottom noWrap width="25%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 14.25pt" vAlign=bottom noWrap width="46%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-FAMILY: Times New Roman" size=2>Operating income (loss)</FONT></B></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 14.25pt" vAlign=bottom noWrap width="25%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><B><FONT style="FONT-FAMILY: Times New Roman" size=2>(1,022,260)</FONT></B></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 14.25pt" vAlign=bottom noWrap width="3%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 14.25pt" vAlign=bottom noWrap width="25%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><B><FONT style="FONT-FAMILY: Times New Roman" size=2>856,673</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15pt" vAlign=bottom noWrap width="46%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15pt" vAlign=bottom noWrap width="25%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15pt" vAlign=bottom noWrap width="3%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15pt" vAlign=bottom noWrap width="25%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15pt" vAlign=bottom noWrap width="46%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-FAMILY: Times New Roman" color=#000000 size=2>(Benefit) provision for income taxes</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: #000000 1px solid; HEIGHT: 15pt" vAlign=bottom noWrap width="25%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-FAMILY: Times New Roman" color=#000000 size=2>(112,130)</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15pt" vAlign=bottom noWrap width="3%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: #000000 1px solid; HEIGHT: 15pt" vAlign=bottom noWrap width="25%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-FAMILY: Times New Roman" color=#000000 size=2>535,135</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15pt" vAlign=bottom noWrap width="46%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15pt" vAlign=bottom noWrap width="25%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15pt" vAlign=bottom noWrap width="3%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15pt" vAlign=bottom noWrap width="25%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15pt" vAlign=bottom noWrap width="46%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-FAMILY: Times New Roman" size=2>Net income (loss)</FONT></B></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: #000000 2px solid; HEIGHT: 15pt" vAlign=bottom noWrap width="25%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;( 910,130 )</FONT></B></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15pt" vAlign=bottom noWrap width="3%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: #000000 2px solid; HEIGHT: 15pt" vAlign=bottom noWrap width="25%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 321,538 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" vAlign=bottom noWrap width="46%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" vAlign=bottom noWrap width="25%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" vAlign=bottom noWrap width="3%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" vAlign=bottom noWrap width="25%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 15pt">

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   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15pt" vAlign=bottom noWrap width="25%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15pt" vAlign=bottom noWrap width="3%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15pt" vAlign=bottom noWrap width="25%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" vAlign=bottom noWrap width="46%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-FAMILY: Times New Roman" color=#000000 size=2>Basic and diluted net income (loss) per share</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: #000000 3px double; HEIGHT: 15.75pt" vAlign=bottom noWrap width="25%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-FAMILY: Times New Roman" color=#000000 size=2>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14)</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" vAlign=bottom noWrap width="3%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: #000000 3px double; HEIGHT: 15.75pt" vAlign=bottom noWrap width="25%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-FAMILY: Times New Roman" color=#000000 size=2>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05</FONT></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" vAlign=bottom noWrap width="46%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" vAlign=bottom noWrap width="25%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" vAlign=bottom noWrap width="3%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" vAlign=bottom noWrap width="25%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 15.75pt">

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-FAMILY: Times New Roman" color=#000000 size=2>Basic and dilute dividends per common share</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-FAMILY: Times New Roman" color=#000000 size=2>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" vAlign=bottom noWrap width="3%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: #000000 3px double; HEIGHT: 15.75pt" vAlign=bottom noWrap width="25%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-FAMILY: Times New Roman" color=#000000 size=2>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -</FONT></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" vAlign=bottom noWrap width="46%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" vAlign=bottom noWrap width="25%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" vAlign=bottom noWrap width="3%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" vAlign=bottom noWrap width="25%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 30.75pt">

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-FAMILY: Times New Roman" color=#000000 size=2>Shares used in basic and diluted per share calculations</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: #000000 3px double; HEIGHT: 30.75pt" vAlign=bottom noWrap width="25%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-FAMILY: Times New Roman" color=#000000 size=2>6,527,315</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 30.75pt" vAlign=bottom noWrap width="3%"><FONT style="FONT-FAMILY: Times New Roman" size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: #000000 3px double; HEIGHT: 30.75pt" vAlign=bottom noWrap width="25%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-FAMILY: Times New Roman" color=#000000 size=2>6,503,476</FONT></P></TD></TR></TABLE><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman,serif"></FONT></DIV>

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<P style="TEXT-ALIGN: center">6</P>

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<P style="MARGIN: 0in 0in 6pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman,serif">Adjusted EBITDA</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman,serif">Adjusted EBITDA is defined as earnings before interest, taxes, depreciation and amortization (&#8220;EBITDA&#8221;), adjusted by eliminating items that we believe are not part of our core operations, are non-recurring items of revenue or expense, or do not involve a cash outlay, such as stock-related compensation.&nbsp; We consider adjusted EBITDA important in monitoring and evaluating our financial performance on a consistent basis across various periods. We also use adjusted EBITDA as a primary measure, among others, to analyze and evaluate financial and strategic planning decisions. </FONT></P>

<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman,serif">Adjusted EBITDA is considered a non-GAAP financial measure as defined by Regulation&nbsp;G promulgated by the SEC under the Securities Act of 1933, as amended.&nbsp; Adjusted EBITDA should be considered in addition to, rather than as a substitute for, important GAAP financial measures including pre-tax income, net income and cash flows from operating activities.&nbsp; Items excluded from adjusted EBITDA are significant and necessary components to the operations of our business; therefore, adjusted EBITDA should only be used as a supplemental measure of our operating performance.</FONT></P>

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<P style="TEXT-ALIGN: center">7</P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman,serif"></FONT>&nbsp;</P></DIV>

<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman,serif">Adjusted EBITDA may be reconciled with net income as follows:</FONT></P>

<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman,serif"></FONT>&nbsp;</P>

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<TABLE style="MARGIN-LEFT: 4.55pt; WIDTH: 346pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 10.5pt">

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   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></B></P></TD></TR>

<TR style="HEIGHT: 10.5pt">

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.5pt" vAlign=bottom noWrap width="53%"><FONT size=2>&nbsp;</FONT></TD>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT face="Times New Roman,serif" size=2>Years Ended March 31,</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

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   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 11.25pt" vAlign=bottom noWrap width="21%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT face="Times New Roman,serif" size=2>2011</FONT></B></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.25pt" vAlign=bottom noWrap width="6%"><FONT size=2>&nbsp;</FONT></TD>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT face="Times New Roman,serif" size=2>2010</FONT></B></P></TD></TR>

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   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.25pt" vAlign=bottom noWrap width="53%"><FONT size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.25pt" vAlign=bottom noWrap width="21%"><FONT size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.25pt" vAlign=bottom noWrap width="6%"><FONT size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.25pt" vAlign=bottom noWrap width="20%"><FONT size=2>&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 11.25pt">

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   <P style="MARGIN: 0in 0in 0pt"><FONT face="Times New Roman,serif" size=2>Adjusted EBITDA:</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.25pt" vAlign=bottom noWrap align=right width="21%">

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face="Times New Roman,serif" size=2>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; (234,858)</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.25pt" vAlign=bottom noWrap align=right width="6%"><FONT size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.25pt" vAlign=bottom noWrap align=right width="20%">

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face="Times New Roman,serif" size=2>&nbsp;$&nbsp; 1,475,538 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.25pt" vAlign=bottom noWrap width="53%"><FONT size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.25pt" vAlign=bottom noWrap align=right width="21%"><FONT size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.25pt" vAlign=bottom noWrap align=right width="6%"><FONT size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.25pt" vAlign=bottom noWrap align=right width="20%"><FONT size=2>&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 11.25pt">

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   <P style="MARGIN: 0in 0in 0pt"><FONT face="Times New Roman,serif" size=2>Adjustments to conform adjusted EBITDA to</FONT></P></TD>

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   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.25pt" vAlign=bottom noWrap align=right width="6%"><FONT size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.25pt" vAlign=bottom noWrap align=right width="20%"><FONT size=2>&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 11.25pt">

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   <P style="MARGIN: 0in 0in 0pt"><FONT face="Times New Roman,serif" size=2>GAAP Net income (loss):</FONT></P></TD>

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   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.25pt" vAlign=bottom noWrap align=right width="6%"><FONT size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.25pt" vAlign=bottom noWrap align=right width="20%"><FONT size=2>&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.25pt" vAlign=bottom noWrap width="53%">

   <P style="MARGIN: 0in 0in 0pt"><FONT face="Times New Roman,serif" color=#000000 size=2>&nbsp; Income tax benefit</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.25pt" vAlign=bottom noWrap align=right width="21%">

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face="Times New Roman,serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112,130 </FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.25pt" vAlign=bottom noWrap align=right width="6%"><FONT size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.25pt" vAlign=bottom noWrap align=right width="20%">

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face="Times New Roman,serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (535,135)</FONT></P></TD></TR>

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   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.25pt" vAlign=bottom noWrap width="53%">

   <P style="MARGIN: 0in 0in 0pt"><FONT face="Times New Roman,serif" color=#000000 size=2>&nbsp; Interest expense</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.25pt" vAlign=bottom noWrap align=right width="21%">

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face="Times New Roman,serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (23,698)</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.25pt" vAlign=bottom noWrap align=right width="6%"><FONT size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.25pt" vAlign=bottom noWrap align=right width="20%">

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face="Times New Roman,serif" size=2>(26,213)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.25pt" vAlign=bottom noWrap width="53%">

   <P style="MARGIN: 0in 0in 0pt"><FONT face="Times New Roman,serif" color=#000000 size=2>&nbsp; Depreciation and amortization</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.25pt" vAlign=bottom noWrap align=right width="21%">

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face="Times New Roman,serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (427,769)&nbsp;</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.25pt" vAlign=bottom noWrap align=right width="6%"><FONT size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.25pt" vAlign=bottom noWrap align=right width="20%">

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face="Times New Roman,serif" size=2>(349,001)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.25pt" vAlign=bottom noWrap width="53%">

   <P style="MARGIN: 0in 0in 0pt"><FONT face="Times New Roman,serif" color=#000000 size=2>&nbsp; Non-cash compensation</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.25pt" vAlign=bottom noWrap align=right width="21%">

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face="Times New Roman,serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (183,743)</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.25pt" vAlign=bottom noWrap align=right width="6%"><FONT size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.25pt" vAlign=bottom noWrap align=right width="20%">

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face="Times New Roman,serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (243,651)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.25pt" vAlign=bottom noWrap width="53%">

   <P style="MARGIN: 0in 0in 0pt"><FONT face="Times New Roman,serif" color=#000000 size=2>Non-recurring professional fees</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.25pt" vAlign=bottom noWrap align=right width="21%">

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face="Times New Roman,serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (152,192)</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.25pt" vAlign=bottom noWrap align=right width="6%"><FONT size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 11.25pt" vAlign=bottom noWrap align=right width="20%">

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face="Times New Roman,serif" size=2>&nbsp;- &nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.25pt" vAlign=bottom noWrap width="53%"><FONT size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; BORDER-TOP: windowtext 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.25pt" vAlign=bottom noWrap align=right width="21%">

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face="Times New Roman,serif"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.25pt" vAlign=bottom noWrap align=right width="6%"><FONT size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.25pt" vAlign=bottom noWrap align=right width="20%"><FONT size=2>&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap width="53%">

   <P style="MARGIN: 0in 0in 0pt"><FONT face="Times New Roman,serif" color=#000000 size=2>Net income (loss)</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 12pt" vAlign=bottom noWrap align=right width="21%">

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face="Times New Roman,serif" size=2>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; (910,130)</FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12pt" vAlign=bottom noWrap align=right width="6%"><FONT size=2>&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 12pt" vAlign=bottom noWrap align=right width="20%">

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face="Times New Roman,serif" size=2>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 321,538 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.25pt" vAlign=bottom noWrap width="53%">&nbsp;</TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.25pt" vAlign=bottom noWrap width="21%">&nbsp;</TD>

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<DIV align=right>&nbsp;</DIV></DIV>

<P style="TEXT-ALIGN: center">8</P>

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{"company-data": {"conformed-name": "INVESTORS CAPITAL HOLDINGS LTD", "cik": "0001001871", "assigned-sic": "6799", "irs-number": "043284631", "state-of-incorporation": "MA", "fiscal-year-end": "0331"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "333-43664", "film-number": "11873780"}, "business-address": {"street1": "230 BROADWAY EAST", "city": "LYNNFIELD", "state": "MA", "zip": "01940", "phone": "7815938565"}, "mail-address": {"street1": "230 BROADWAY", "city": "LYNNFIELD", "state": "MA", "zip": "01940"}}
eight-k.htm - Generated by SEC Publisher for SEC Filing
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
__________
FORM 8-K
Current Report
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):  May 23, 2011
Investors Capital Holdings, Ltd.
(Exact name of registrant as specified in its charter)
Delaware
(State or Other Jurisdiction
of Incorporation)
333-43664
(Commission
File Number)
04-3284631
(IRS Employer
Identification No.)
230 Broadway East
Lynnfield, MA  01940
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code:  (800) 949-1422
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[]  (Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[]  (Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[]  (Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17   CFR 240.14d-2(b))
[]  (Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02  Results of Operations and Financial Condition.
On May 23, 2011 the Registrant issued a news release, a copy of which is set forth in Exhibit 2.02 hereto, announcing financial results for the Registrant for the fiscal year ended March 31, 2011.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Investors Capital Holdings, Ltd.
By
/s/
Timothy B. Murphy
Timothy B. Murphy, Chief Executive Officer
Date:  May 26, 2011
2
Exhibit 2.02
FOR IMMEDIATE RELEASE
Contact:
Robert Foney, Chief Marketing Officer
781.477.4814
rfoney@investorscapital.com
www.investorscapital.com
Investors Capital Holdings Annual Revenue Climbs 7.7%
Avg. revenue per advisor increases 17.2% to over $161k; advisory revenue grows 17%
Lynnfield, Mass. (May 23, 2011)
– Investors Capital Holdings, Ltd. (NYSE Amex: ICH, "the Company"), a financial services holding company, posted total revenue of $85.25 million for the fiscal year ended March 31, 2011 ("the year"). This represents a 7.7% increase over total revenue of $79.19 million for the fiscal year ended March 31, 2010 ("prior period"). For the year, the Company posted a net loss of $0.91 million, compared to net income of $0.32 million for the prior period. Investors Capital Holdings operates primarily through its wholly-owned subsidiary, Investors Capital Corporation ("ICC"), a dually registered broker-dealer and investment advisory firm.
Total revenue increased due primarily to market growth and increased activity of ICC advisors. Commission revenue, which accounts for 80.0% of total revenue, increased 6.4% to $68.11 million. Advisory fees, which make up 17.6% of total revenue, grew 17.0% to $14.98 million. The rise in advisory fees predominantly reflects increases in the value of underlying advisory program assets as investor sentiment becomes more favorable and the securities market continues to recover from the recent debt crisis.
"This year has been challenging in many regards," said Investors Capital Holdings, Ltd. President and CEO Timothy B. Murphy. "But I believe we are in a good position for growth. Our revenues are growing; our net capital is strong; our recruiting pipeline is full; and our recruiters
are busy with advisors inquiring about joining Investors Capital. I am excited for what the new year will bring."
3
At fiscal-year end, the firm had net capital of $2.84 million (an excess of $2.59 million) compared to net capital of approximately $3.39 million (an excess of $2.91 million) as of the prior period. ICC is subject to the SEC Uniform Net Capital Rule (Rule 15c3-1) which requires our broker-dealer subsidiary to maintain minimum net capital.  As of March 31, 2011, ICC computes net capital requirements under the alternative method, which requires firms to maintain minimum net capital, as defined, equal to the greater of $250,000 or 2% of aggregate debit balances.
Investors Capital continues to benefit from improving the overall quality of its representatives, a key component of the Company's strategy for achieving growth in revenues and net income. The firm seeks to continually improve the quality of its representatives by helping them expand their skills and practices, recruiting established, high-quality representatives, and terminating lower-quality advisors. The firm's average revenue per representative, based on a rolling 12-month period, rose again at fiscal-year end to $161,642, an increase of 17.2% over $137,961 for the prior rolling 12-month period.
Results of operations were largely impacted by litigation and regulatory actions that have accompanied a more demanding industry regulatory environment. Adjusted EBITDA was negative $0.23 million for the year compared to $1.48 million for the prior period. Adjusted EBITDA, a non-GAAP financial measure described below, is a key metric utilized by the firm in evaluating its financial performance.
About Investors Capital Holdings, Ltd.:
Investors Capital Holdings, Ltd. (NYSE Amex: ICH) of Lynnfield, Massachusetts is a financial services holding company that operates primarily through its broker/dealer and investment advisor subsidiary, Investors Capital Corporation. Our mission is to provide  5-star service and support to our valued registered representatives, including advisory programs, strategic practice management and marketing services, and technology, to help them grow their businesses and exceed their clients' expectations. Business units include Investors Capital Corporation, ICC Insurance Agency, Inc., and Investors Capital Holdings Securities Corporation. For more information, please call (800) 949-1422 x4814 or visit www.investorscapital.com.
Certain statements contained in this press release that are not historical fact may be deemed to be forward-looking statements under federal securities laws. There are many factors that could cause our future actual results to differ materially from those suggested by or forecast in the forward-looking statements. Such factors include, but are not limited to, general economic conditions, interest rate fluctuations, regulatory changes affecting the financial services industry, competitive factors effecting demand for our services, availability of funding, and other risks including those identified in the Company's Securities and Exchange Commission filings.
Investors Capital Holdings, Ltd., 230 Broadway, Lynnfield, Massachusetts 01940, Distributor.
#  #  #
4
INVESTORS CAPITAL HOLDINGS, LTD. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
March 31, 2011
March 31, 2010
Assets
Current Assets
Cash and cash equivalents
$                       4,587,195
$                     5,812,865
Deposit with clearing organization, restricted
175,000
175,000
Accounts receivable
6,798,638
6,042,188
Note receivable (current)
108,169
140,598
Loans receivable from registered representatives (current), net of allowance
721,664
769,263
Prepaid income taxes
157,880
559,007
Securities owned at fair value
17,384
57,933
Investment
50,000
50,000
Prepaid expenses
1,073,969
957,674
13,689,899
14,564,528
Property and equipment, net
597,735
774,182
Long Term Investments
Loans receivable from registered representatives
616,583
292,884
Note receivable
495,000
595,000
Investments
214,555
184,319
Non-qualified deferred compensation investment
1,089,572
929,897
Cash surrender value life insurance policies
680,429
551,398
3,096,139
2,553,498
Other Assets
Deferred tax asset, net
1,218,773
838,773
Capitalized software, net
132,131
149,838
Other assets
15,808
13,728
1,366,712
1,002,339
TOTAL ASSETS
$                  18,750,485
$                18,894,547
Liabilities and Stockholders' Equity
Current Liabilities
Accounts payable
$                    1,109,400
$                        817,761
Accrued expenses
2,078,705
2,358,656
Commissions payable
3,246,898
3,488,415
Notes payable
1,527,969
1,130,922
Unearned revenues
113,486
101,931
Securities sold, not yet purchased, at fair value
-
5,693
8,076,458
7,903,378
Long-Term Liabilities
Non-qualified deferred compensation plan
1,176,096
793,735
1,176,096
793,735
Total liabilities
9,252,554
8,697,113
Commitments and contingencies (Note 15)
Stockholders' Equity:
Common stock, $.01 par value, 10,000,000 shares authorized;
6,618,259 issued and 6,614,374 outstanding at March 31, 2011
6,595,804 issued and 6,591,919 outstanding at March 31, 2010
66,183
65,958
Additional paid-in capital
12,279,380
12,095,862
Accumulated deficit
(2,874,214)
(1,964,084)
Less: Treasury stock, 3,885 shares at cost
(30,135)
(30,135)
Accumulated other comprehensive income
56,717
29,833
Total stockholders' equity
9,497,931
10,197,434
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$                  18,750,485
$                18,894,547
5
INVESTORS CAPITAL HOLDINGS, LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
YEARS ENDED
March 31,
2011
2010
Revenue:
Commissions
$                              68,111,786
$                              63,999,464
Advisory fees
14,977,601
12,796,618
Other fee income
802,752
1,013,718
Other revenue
1,361,826
1,378,137
Total revenue
85,253,965
79,187,937
Expenses:
Commissions and advisory fees
67,125,324
61,080,743
Compensation and benefits
8,471,493
8,007,675
Regulatory, legal and professional services
3,983,401
2,338,062
Brokerage, clearing and exchange fees
2,046,543
2,573,689
Technology and communications
1,219,738
1,121,918
Marketing and promotion
1,382,025
877,969
Occupancy and equipment
922,312
853,548
Other administrative
1,101,691
1,451,447
Interest
23,698
26,213
Total operating expenses
86,276,225
78,331,264
Operating income (loss)
(1,022,260)
856,673
(Benefit) provision for income taxes
(112,130)
535,135
Net income (loss)
$                            ( 910,130 )
$                                 321,538
Basic and diluted net income (loss) per share
$                                      (0.14)
$                                         0.05
Basic and dilute dividends per common share
$                                             -
$                                             -
Shares used in basic and diluted per share calculations
6,527,315
6,503,476
6
Adjusted EBITDA
Adjusted EBITDA is defined as earnings before interest, taxes, depreciation and amortization ("EBITDA"), adjusted by eliminating items that we believe are not part of our core operations, are non-recurring items of revenue or expense, or do not involve a cash outlay, such as stock-related compensation.  We consider adjusted EBITDA important in monitoring and evaluating our financial performance on a consistent basis across various periods. We also use adjusted EBITDA as a primary measure, among others, to analyze and evaluate financial and strategic planning decisions.
Adjusted EBITDA is considered a non-GAAP financial measure as defined by Regulation G promulgated by the SEC under the Securities Act of 1933, as amended.  Adjusted EBITDA should be considered in addition to, rather than as a substitute for, important GAAP financial measures including pre-tax income, net income and cash flows from operating activities.  Items excluded from adjusted EBITDA are significant and necessary components to the operations of our business; therefore, adjusted EBITDA should only be used as a supplemental measure of our operating performance.
7
Adjusted EBITDA may be reconciled with net income as follows:
Years Ended March 31,
2011
2010
Adjusted EBITDA:
$     (234,858)
$  1,475,538
Adjustments to conform adjusted EBITDA to
GAAP Net income (loss):
Income tax benefit
112,130
(535,135)
Interest expense
(23,698)
(26,213)
Depreciation and amortization
(427,769)
(349,001)
Non-cash compensation
(183,743)
(243,651)
Non-recurring professional fees
(152,192)
-
Net income (loss)
$     (910,130)
$     321,538
8