content: <HTML>
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  <TITLE>SECURITIES AND EXCHANGE COMMISSION</TITLE>
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  <FONT FACE="Courier New" SIZE=2><P ALIGN="CENTER">SECURITIES AND EXCHANGE COMMISSION<BR>
  Washington, D. C. 20549</P>
  <P ALIGN="CENTER"></P>
  <P ALIGN="CENTER">FORM 8-K</P>
  <P ALIGN="CENTER"></P>
  <P ALIGN="CENTER">CURRENT REPORT<BR>
  PURSUANT TO SECTION 13 OR 15(d) OF<BR>
  THE SECURITIES EXCHANGE ACT OF 1934<BR>
  </P>
  <P>Date of Report (Date of earliest event reported) April 15, 2003<BR>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;..............</P>
  
  <P ALIGN="CENTER">RAYMOND JAMES FINANCIAL, INC.<BR>
  (Exact name of registrant as specified in its charter)</P>
  
  <P>&nbsp;</P>
  <P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Florida&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1-9109&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No. 59-1517485   <BR>
  .................................&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;............&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;....................<BR>
  &nbsp;(State or other jurisdiction of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Commission&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I.R.S. Employer <BR>
  &nbsp;&nbsp;incorporation&nbsp;or&nbsp;organization)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;File&nbsp;Number)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Identification&nbsp;No.)</P>
  
  <P>&nbsp;</P>
  <P> 880 Carillon Parkway, St. Petersburg, Florida&nbsp;&nbsp;33716<BR>
  .........................................................<BR>
  (Address of principal executive offices)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Zip Code)<BR>
  </P>
  <P>Registrant's telephone number, including area code (727) 567-1000<BR>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;..............</P>
  
  <P>_____________________________________________________________</P>
  <P>(Former name or former address, if changed since last report.</P>
  
  <P ALIGN="JUSTIFY">ITEM 7. EXHIBITS</P>
  
  <P>(c) exhibits</P>
  <DIR>
  <DIR>
  <DIR>
  
  <P>99 (04/15/03) Raymond James Financial Inc.'s Press Release dated April 15, 2003.</P>
  
  <P>&nbsp;</P></DIR>
  </DIR>
  </DIR>
  
  <P>Item 9.&nbsp;&nbsp;REGULATION FD DISCLOSURE</P>
  </FONT><FONT SIZE=2><DIR>
  <DIR>
  <DIR>
  
  </FONT><FONT FACE="Courier New" SIZE=2><P ALIGN="JUSTIFY">Pursuant to Item 12, Raymond James Financial, Inc. (the Company) is furnishing under Item 9 of this Current Report on Form 8-K the information included as Exhibit 99 (04/15/03)to this report.  Exhibit 99 (04/15/03) is the Company's second quarter 2003 financial press release issued on April 15, 2003. The press release includes instructions as to how and when to access the Company's complementary  quarterly conference call that will be available to all interested persons telephonically and by webcast through the Company's website.</P>
  
  <P>&nbsp;</P>
  <P>&nbsp;</P></DIR>
  </DIR>
  </DIR>
  
  <P>SIGNATURES</P>
  
  <P>&nbsp;</P>
  <P ALIGN="JUSTIFY">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 thereunto duly authorized.</P>
  
  <P>&nbsp;</P>
  <P>&nbsp;</P>
  <U><P>____April 16, 2003</U>____________<BR>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Date)</P>
  
  <P>RAYMOND JAMES FINANCIAL, INC.</P>
  
  <P>&nbsp;</P>
  <P>&nbsp;</P>
  <P>&nbsp;</P>
  <P>&nbsp;</P>
  <P>BY:&nbsp;/s/ <U>Thomas A. James</U><BR>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thomas A. James<BR>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chairman and Chief<BR>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Executive Officer</P>
  
  <P>&nbsp;</P>
  <P>&nbsp;</P>
  <P>&nbsp;</P>
  <P>BY:&nbsp;/s/ <U>Jeffrey P. Julien</U>    <BR>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jeffrey P. Julien<BR>
  &nbsp;&nbsp;&nbsp;&nbsp;Senior Vice President - Finance<BR>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and Chief Financial Officer</P>
  
  <P>&nbsp;</P>
  <P>&nbsp;</P>
  <P>Exhibit 99 (04/15/03)</P>
  
  <P>Release No. 403-02</P>
  <P>April 15, 2003                               FOR IMMEDIATE RELEASE</P>
  
  <P>RAYMOND JAMES FINANCIAL, INC.</P>
  <P>REPORTS SECOND QUARTER RESULTS</P>
  
  <P>&nbsp;</P>
  <P><A NAME="OLE_LINK1">ST. PETERSBURG, Fla. -- Raymond James Financial today reported unaudited net income of $15,194,000, or $0.31 per diluted share, for the second quarter ended March 28 on revenues of $350,497,000 compared to net income of $18,817,000, or $0.38 per diluted share, on revenues of $380,278,000 for fiscal 2002's second quarter.</P>
  <P>Unaudited net income for the first half of fiscal 2003 was reported at $29,622,000, down from 2002's $36,915,000, while revenues for the period decreased to $695,105,000 from $746,383,000 the previous year. Diluted earnings per share were $0.60 versus $0.74 for last year's comparable period.</P>
  <P>"While the revenue and net income comparisons to our immediately preceding quarter are up two percent and five percent respectively, the comparisons to last year's March quarter are down eight percent and 19 percent,&quot; according to Thomas A. James, chairman and CEO.  </P>
  <P>&quot;Lower gross interest revenues, which were down 20 percent, no longer account for the entire revenue shortfall as in prior periods,&quot; he continued. &quot;The continuation of depressing equity market performance and preoccupation with the war in Iraq have adversely affected retail commissions, which are down eight percent from last year. Nonetheless, as presented in our new, </P>
  <P ALIGN="CENTER">&nbsp;</P>
  <P ALIGN="CENTER">-  more  -</P>
  
  <P>&nbsp;</P>
  <P>Page 2                                     RAYMOND JAMES FINANCIAL</P>
  <P>Rel. No. 403-02</P>
  
  <P>&nbsp;</P>
  <P>attached segment report, the retail segment produced an 11 percent increase in pre-tax profits over last year.</P>
  <P>&quot;A moribund corporate issuance market depressed investment banking revenues 11 percent as contrasted to last year,&quot; James added. &quot;Revenues for the entire capital markets segment, including fixed income, were down four percent, but up nine percent from last quarter.  </P>
  <P>&quot;While pre-tax income for capital markets was down 52 percent from last year, it increased 41 percent from the preceding quarter. Investment advisory revenues were down nine percent as assets under management decreased from last year's March totals, even though they increased over the last three months. Pre-tax profits for the asset management Segment were 13 percent below last year's March quarter, but 12 percent higher than the December quarter.&quot;</P>
  <P>James explained that &quot;total expenses declined seven percent, but vigilant control was not enough to offset lower revenues.</P>
  <P>&quot;During the quarter, we repurchased 1.44 million shares of our common stock at an average price of $24.87 pursuant to existing authorizations,&quot; he added.</P>
  <P>&quot;Raymond James continues to add new Financial Advisors, to raise new net assets for our asset managers and to identify new financing opportunities for a better market environment.&quot; He concluded, &quot;In short, we are poised to participate in a better market environment. Unfortunately, even though the domestic </P>
  <P ALIGN="CENTER">&nbsp;</P>
  <P ALIGN="CENTER">-  more  -</P>
  
  <P>Page 3                                     RAYMOND JAMES FINANCIAL</P>
  <P>Rel. No. 403-02</P>
  
  <P>&nbsp;</P>
  <P>economy is growing and the war in Iraq appears to have reached a successful conclusion, the United States economy and equity markets still face a challenging, albeit relatively much better, outlook. Our view is that conditions will improve by the end of calendar 2003."</P>
  <P>The company will conduct its quarterly conference call Wednesday at 4:15 p.m. The telephone number is 800-773-5520. The call will also be available on demand on the company's Web site, www.RaymondJames.com, under About Raymond James Financial, Financial Reports.</P>
  <P>Raymond James Financial, Inc. (NYSE - RJF) provides financial services to individuals, corporations and municipalities through its three wholly-owned investment firms, Raymond James &amp; Associates, Raymond James Financial Services and Raymond James Ltd., which have over 5,200 Financial Advisors in more than 2,100 locations throughout the United States, Canada and internationally, as well as through its asset management subsidiaries, which currently manage in excess of $16.3 billion.</P>
  
  <P>&nbsp;</P>
  <P ALIGN="CENTER">-  more  -</P>
  
  <P>&nbsp;</P>
  <P>Page 4                                     RAYMOND JAMES FINANCIAL</P>
  <P>Rel. No. 403-02</P>
  </FONT><FONT FACE="Courier New">
  </FONT><FONT FACE="Courier New" SIZE=2><P>&nbsp;</P></FONT>
  <TABLE BORDER="0" CELLSPACING=0 WIDTH=721 cellpadding="0">
  <TR><TD VALIGN="BOTTOM" COLSPAN=12 HEIGHT=21>
  <B><FONT FACE="Courier New" SIZE=2><P ALIGN="CENTER">Raymond James Financial, Inc.</B></FONT></TD>
  </TR>
  <TR><TD VALIGN="BOTTOM" COLSPAN=12 HEIGHT=21>
  <B><FONT FACE="Courier New" SIZE=2><P ALIGN="CENTER">Unaudited Report</B></FONT></TD>
  </TR>
  <TR><TD VALIGN="BOTTOM" COLSPAN=12 HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="CENTER">For the second quarter ended March 28, 2003</FONT></TD>
  </TR>
  <TR><TD VALIGN="BOTTOM" COLSPAN=12 HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="CENTER">(all data in thousands, except per share earnings)</FONT></TD>
  </TR>
  <TR><TD WIDTH="30%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="0%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  </TR>
  <TR><TD WIDTH="30%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="33%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=21>
  <P ALIGN="CENTER" style="border-bottom-style: solid">
  <FONT face="Courier New" SIZE=2>Second Quarter</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="36%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=21>
  <P ALIGN="CENTER" style="border-bottom-style: solid">
  <FONT face="Courier New" SIZE=2>Six Months</FONT></TD>
  </TR>
  <TR><TD WIDTH="30%" VALIGN="BOTTOM" HEIGHT=36><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=36>
  <P ALIGN="CENTER" style="border-bottom-style: solid">
  <FONT face="Courier New" SIZE=2>2003</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=36><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=36>
  <P ALIGN="CENTER" style="border-bottom-style: solid">
  <FONT face="Courier New" SIZE=2>2002</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=36><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=36>
  <P ALIGN="CENTER" style="border-bottom-style: solid">
  <FONT face="Courier New" SIZE=2>Percent Change</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=36><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=36>
  <P ALIGN="CENTER" style="border-bottom-style: solid">
  <FONT face="Courier New" SIZE=2>2003</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=36><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=36>
  <P ALIGN="CENTER" style="border-bottom-style: solid">
  <FONT face="Courier New" SIZE=2>2002</FONT></TD>
  <TD WIDTH="0%" VALIGN="BOTTOM" HEIGHT=36><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=36>
  <P ALIGN="CENTER" style="border-bottom-style: solid">
  <FONT face="Courier New" SIZE=2>Percent Change</FONT></TD>
  </TR>
  <TR><TD WIDTH="30%" VALIGN="BOTTOM" HEIGHT=21>
  <P>
  <FONT face="Courier New" SIZE=2>Revenues</FONT></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=21>
  <P ALIGN="RIGHT">
  <FONT face="Courier New" SIZE=2>$350,497</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=21>
  <P ALIGN="RIGHT">
  <FONT face="Courier New" SIZE=2>$380,278</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New"><P ALIGN="RIGHT"><font size="2">(8%)</font></FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=21>
  <P ALIGN="RIGHT">
  <FONT face="Courier New" SIZE=2>$695,105</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=21>
  <P ALIGN="RIGHT">
  <FONT face="Courier New" SIZE=2>$746,383</FONT></TD>
  <TD WIDTH="0%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT SIZE=2><P ALIGN="RIGHT"><font face="Courier New" size="2">(7%)</font></FONT></TD>
  </TR>
  <TR><TD WIDTH="30%" VALIGN="BOTTOM" HEIGHT=21>
  <P>
  <FONT face="Courier New" SIZE=2>Net Income</FONT></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=21>
  <P ALIGN="RIGHT">
  <FONT face="Courier New" SIZE=2>15,194</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=21>
  <P ALIGN="RIGHT">
  <FONT face="Courier New" SIZE=2>18,817</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT SIZE=2><P ALIGN="RIGHT"><font face="Courier New" size="2">(19%)</font></FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=21>
  <P ALIGN="RIGHT">
  <FONT face="Courier New" SIZE=2>29,622</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=21>
  <P ALIGN="RIGHT">
  <FONT face="Courier New" SIZE=2>36,915</FONT></TD>
  <TD WIDTH="0%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=21>
  <P ALIGN="RIGHT">
  <FONT face="Courier New" SIZE=2>(20%)</FONT></TD>
  </TR>
  <TR><TD WIDTH="30%" VALIGN="BOTTOM" HEIGHT=21>
  <P>
  <FONT face="Courier New" SIZE=2>Earnings Per </FONT></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="0%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  </TR>
  <TR><TD WIDTH="30%" VALIGN="BOTTOM" HEIGHT=21>
  <P>
  <FONT face="Courier New" SIZE=2> Share - Diluted</FONT></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=21>
  <P ALIGN="RIGHT"><font face="Courier New" size="2">0.31</font></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=21>
  <P ALIGN="RIGHT"><font face="Courier New" size="2">0.38</font></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=21>
  <P ALIGN="RIGHT"><font face="Courier New" size="2">(18%)</font></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=21>
  <P ALIGN="RIGHT">
  <FONT face="Courier New" SIZE=2>0.60</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=21>
  <P ALIGN="RIGHT">
  <FONT face="Courier New" SIZE=2>0.74</FONT></TD>
  <TD WIDTH="0%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT SIZE=2><P ALIGN="RIGHT"><font face="Courier New" size="2">(19%)</font></FONT></TD>
  </TR>
  <TR><TD WIDTH="30%" VALIGN="BOTTOM" HEIGHT=21>
  <P>
  <FONT face="Courier New" SIZE=2>Average Shares</FONT></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="0%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  </TR>
  <TR><TD WIDTH="30%" VALIGN="BOTTOM" HEIGHT=21>
  <P>
  <FONT face="Courier New" SIZE=2> Outstanding - Diluted</FONT></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=21>
  <P ALIGN="RIGHT">
  <FONT face="Courier New" SIZE=2>48,751</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=21>
  <P ALIGN="RIGHT">
  <FONT face="Courier New" SIZE=2>49,870</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT SIZE=2><P ALIGN="RIGHT"><font face="Courier New" size="2">(2%)</font></FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=21>
  <P ALIGN="RIGHT">
  <FONT face="Courier New" SIZE=2>49,011</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=21>
  <P ALIGN="RIGHT">
  <FONT face="Courier New" SIZE=2>49,652</FONT></TD>
  <TD WIDTH="0%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT SIZE=2><P ALIGN="RIGHT"><font face="Courier New" size="2">(1%)</font></FONT></TD>
  </TR>
  <TR><TD WIDTH="30%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="0%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  </TR>
  </TABLE>
  
  <FONT FACE="Courier New" SIZE=2>
  <P>&nbsp;</P></FONT>
  <P ALIGN="CENTER"><CENTER><TABLE BORDER="0" CELLSPACING=0 WIDTH=715 cellpadding="0">
  <TR><TD WIDTH="36%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT SIZE=2><P></A></FONT></TD>
  <TD WIDTH="64%" VALIGN="BOTTOM" COLSPAN=7 HEIGHT=21>
  <B><FONT SIZE=2><P ALIGN="CENTER">Balance Sheet Data</B></FONT></TD>
  </TR>
  <TR><TD WIDTH="36%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="14%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  </TR>
  <TR><TD WIDTH="36%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=21>
  <P ALIGN="CENTER">
  <FONT face="Courier New" SIZE=2>March</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=21>
  <P ALIGN="CENTER">
  <FONT face="Courier New" SIZE=2>Dec.</FONT></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=21>
  <P ALIGN="CENTER">
  <FONT face="Courier New" SIZE=2>Sept.</FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=21>
  <P ALIGN="CENTER">
  <FONT face="Courier New" SIZE=2>March</FONT></TD>
  </TR>
  <TR><TD WIDTH="36%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=21>
  <P ALIGN="CENTER" style="border-bottom-style: solid">
  <FONT face="Courier New" SIZE=2>2003</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=21>
  <P ALIGN="CENTER" style="border-bottom-style: solid">
  <FONT face="Courier New" SIZE=2>2002</FONT></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=21>
  <P ALIGN="CENTER" style="border-bottom-style: solid">
  <FONT face="Courier New" SIZE=2>2002</FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=21>
  <P ALIGN="CENTER" style="border-bottom-style: solid">
  <FONT face="Courier New" SIZE=2>2002</FONT></TD>
  </TR>
  <TR><TD WIDTH="36%" VALIGN="BOTTOM" HEIGHT=21>
  <P>
  <FONT face="Courier New" SIZE=2>Total Assets</FONT></TD>
  <TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=21>
  <P ALIGN="RIGHT">
  <FONT face="Courier New" SIZE=2>$6.4 bil.</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=21>
  <P ALIGN="RIGHT">
  <FONT face="Courier New" SIZE=2>$6.2 bil.</FONT></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=21>
  <P ALIGN="RIGHT">
  <FONT face="Courier New" SIZE=2>$6.0 bil.</FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=21>
  <P ALIGN="RIGHT">
  <FONT face="Courier New" SIZE=2>$6.6 bil.</FONT></TD>
  </TR>
  <TR><TD WIDTH="36%" VALIGN="BOTTOM" HEIGHT=21>
  <P>
  <FONT face="Courier New" SIZE=2>Shareholders' Equity</FONT></TD>
  <TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=21>
  <P ALIGN="RIGHT">
  <FONT face="Courier New" SIZE=2>$862 mil.</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=21>
  <P ALIGN="RIGHT">
  <FONT face="Courier New" SIZE=2>$861 mil.</FONT></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=21>
  <P ALIGN="RIGHT">
  <FONT face="Courier New" SIZE=2>$840 mil.</FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=21>
  <P ALIGN="RIGHT">
  <FONT face="Courier New" SIZE=2>$811 mil.</FONT></TD>
  </TR>
  <TR><TD WIDTH="36%" VALIGN="BOTTOM" HEIGHT=21>
  <P>
  <FONT face="Courier New" SIZE=2>Book Value per share</FONT></TD>
  <TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=21 align="right">
  <FONT SIZE=2><P>   <font face="Courier New" size="2">   $17.78</font></FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=21 align="right"><P></P></TD>
  <TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=21 align="right">
  <FONT SIZE=2><P>   <font face="Courier New" size="2">   $17.58</font></FONT></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=21 align="right"><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=21 align="right">
  <FONT SIZE=2><P>   <font face="Courier New" size="2">   $17.25</font></FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=21 align="right"><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=21 align="right">
  <FONT SIZE=2><P>   <font face="Courier New" size="2">   $16.61</font></FONT></TD>
  </TR>
  <TR><TD WIDTH="36%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  </TR>
  <TR><TD WIDTH="36%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="64%" VALIGN="BOTTOM" COLSPAN=7 HEIGHT=21>
  <B><FONT SIZE=2><P ALIGN="CENTER">Management Data</B></FONT></TD>
  </TR>
  <TR><TD WIDTH="36%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  </TR>
  <TR><TD WIDTH="36%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="CENTER">March</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="CENTER">Dec.</FONT></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="CENTER">Sept.</FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="CENTER">March</FONT></TD>
  </TR>
  <TR><TD WIDTH="36%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="CENTER" style="border-bottom-style: solid">2003</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="CENTER" style="border-bottom-style: solid">2002</FONT></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="CENTER" style="border-bottom-style: solid">2002</FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="CENTER" style="border-bottom-style: solid">2002</FONT></TD>
  </TR>
  <TR><TD WIDTH="36%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P>Retail Financial Advisors:</FONT></TD>
  <TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  </TR>
  <TR><TD WIDTH="36%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P>     US</FONT></TD>
  <TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT SIZE=2><P ALIGN="RIGHT"><font face="Courier New" size="2">4,823</font></FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT SIZE=2><P ALIGN="RIGHT"><font face="Courier New" size="2">4,769</font></FONT></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT SIZE=2><P ALIGN="RIGHT"><font face="Courier New" size="2">4,759</font></FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT SIZE=2><P ALIGN="RIGHT"><font face="Courier New" size="2">4,618</font></FONT></TD>
  </TR>
  <TR><TD WIDTH="36%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P>     Canada</FONT></TD>
  <TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT SIZE=2><P ALIGN="RIGHT"><font face="Courier New" size="2">227</font></FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=21>
  <P ALIGN="RIGHT">
  <FONT face="Courier New" SIZE=2>235</FONT></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT SIZE=2><P ALIGN="RIGHT"><font face="Courier New" size="2">235</font></FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=21>
  <P ALIGN="RIGHT">
  <FONT face="Courier New" SIZE=2>213</FONT></TD>
  </TR>
  <TR><TD WIDTH="36%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  </TR>
  <TR><TD WIDTH="36%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P># Lead Managed/Co-Managed</P>
  <P>   Public Offerings in U.S.</FONT></TD>
  <TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=21>
  <P ALIGN="RIGHT">
  <FONT face="Courier New" SIZE=2>4</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=21>
  <P ALIGN="RIGHT">
  <FONT face="Courier New" SIZE=2>9</FONT></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=21>
  <P ALIGN="RIGHT">
  <FONT face="Courier New" SIZE=2>6</FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=21>
  <P ALIGN="RIGHT">
  <FONT face="Courier New" SIZE=2>9</FONT></TD>
  </TR>
  <TR><TD WIDTH="36%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  </TR>
  <TR><TD WIDTH="36%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P>Financial Assets Under Management</FONT></TD>
  <TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=21>
  <P ALIGN="RIGHT">
  <FONT face="Courier New" SIZE=2>$16.3 bil.</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=21>
  <P ALIGN="RIGHT">
  <FONT face="Courier New" SIZE=2>$16.0 bil.</FONT></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=21>
  <P ALIGN="RIGHT">
  <FONT face="Courier New" SIZE=2>$15.3 bil.</FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=21>
  <P ALIGN="RIGHT">
  <FONT face="Courier New" SIZE=2>$17.5 bil.</FONT></TD>
  </TR>
  </TABLE>
  </CENTER>
  
  <FONT FACE="Courier New" SIZE=2>
  <P>&nbsp;</P>
  <P>&nbsp;</P>
  <P>&nbsp;</P>
  <P>Page 5                                     RAYMOND JAMES FINANCIAL</P>
  </FONT><FONT SIZE=2><P>Rel. No. 403-02</P>
  </FONT><FONT FACE="Courier New" SIZE=2>
  <P>&nbsp;</P></FONT>
  <P ALIGN="CENTER"><CENTER><TABLE BORDER="0" CELLSPACING=0 WIDTH=702 cellpadding="0">
  <TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="14%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  </TR>
  <TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="CENTER">March</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="CENTER">Dec.</FONT></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="CENTER">Sept.</FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="CENTER">March</FONT></TD>
  </TR>
  <TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="CENTER" style="border-bottom-style: solid">2003</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="CENTER" style="border-bottom-style: solid">2002</FONT></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="CENTER" style="border-bottom-style: solid">2002</FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="CENTER" style="border-bottom-style: solid">2002</FONT></TD>
  </TR>
  <TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  </TR>
  <TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P>Client Assets</FONT></TD>
  <TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">$84.4 bil.</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">$83.9 bil. </FONT></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">$80.1 bil.</FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">$90.7 bil.</FONT></TD>
  </TR>
  <TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P>Client Margin Balances</FONT></TD>
  <TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">$913 mil.</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">$958 mil.</FONT></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">960 mil.</FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">$1,085 mil.</FONT></TD>
  </TR>
  <TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P>Client Trade Volume</FONT></TD>
  <TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">1,460,000</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">1,510,000</FONT></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">1,600,000</FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">1,730,000</FONT></TD>
  </TR>
  <TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P># of Client Accounts</FONT></TD>
  <TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">1,270,000</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">1,250,000</FONT></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">1,230,000</FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">1,200,000</FONT></TD>
  </TR>
  </TABLE>
  </CENTER>
  
  <FONT FACE="Courier New" SIZE=2></FONT>
  <P ALIGN="CENTER">&nbsp;<CENTER><TABLE BORDER="0" CELLSPACING=0 WIDTH=739 cellpadding="0">
  <TR><TD WIDTH="24%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="76%" VALIGN="BOTTOM" COLSPAN=11 HEIGHT=21>
  <B><FONT FACE="Courier New" SIZE=2><P ALIGN="CENTER">Segment Data</B></FONT></TD>
  <TD WIDTH="0%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  </TR>
  <TR><TD WIDTH="24%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="37%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="CENTER" style="border-bottom-style: solid">Second Quarter</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="38%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="CENTER" style="border-bottom-style: solid">Six Months</FONT></TD>
  <TD WIDTH="0%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  </TR>
  <TR><TD WIDTH="24%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="CENTER" style="border-bottom-style: solid">2003</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="CENTER" style="border-bottom-style: solid">2002</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="CENTER" style="border-bottom-style: solid">Percent Change</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="CENTER" style="border-bottom-style: solid">2003</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="CENTER" style="border-bottom-style: solid">2002</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="CENTER" style="border-bottom-style: solid">Percent Change</FONT></TD>
  <TD WIDTH="0%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  </TR>
  <TR><TD WIDTH="24%" VALIGN="BOTTOM" HEIGHT=21>
  <U><FONT FACE="Courier New" SIZE=2><P>Revenues:</U></FONT></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="0%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  </TR>
  <TR><TD WIDTH="24%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P>Retail</FONT></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">$234,523&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">$254,074&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">(8%)</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">$464,588&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">$494,470&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">(6%)</FONT></TD>
  <TD WIDTH="0%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  </TR>
  <TR><TD WIDTH="24%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P>Capital Markets</FONT></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">76,741&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">80,057&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">(4%)</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">147,096&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">159,698&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">(8%)</FONT></TD>
  <TD WIDTH="0%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  </TR>
  <TR><TD WIDTH="24%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P>Asset Management</FONT></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">29,952&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">32,941&nbsp; </FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">(9%)</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">59,133&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">64,026&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">(8%)</FONT></TD>
  <TD WIDTH="0%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  </TR>
  <TR><TD WIDTH="24%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P>RJ Bank</FONT></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">7,023&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">7,345&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">(4%)</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">15,047&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">16,143&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">(7%)</FONT></TD>
  <TD WIDTH="0%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  </TR>
  <TR><TD WIDTH="24%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P>Other</FONT></TD>
  </CENTER>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">2,258&nbsp;</FONT></TD>
  <CENTER>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">5,861&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">(61%)</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">9,241&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">12,046&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">(23%)</FONT></TD>
  <TD WIDTH="0%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  </TR>
  <TR><TD WIDTH="24%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P>Total</FONT></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="right" style="border-bottom-style: double">$350,497&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="right" style="border-bottom-style: double">$380,278&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  </CENTER>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double">(8%)</FONT></TD>
  <CENTER>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="right" style="border-bottom-style: double">$695,105&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="right" style="border-bottom-style: double">$746,383&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double">(7%)</FONT></TD>
  <TD WIDTH="0%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  </TR>
  <TR><TD WIDTH="24%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="76%" VALIGN="BOTTOM" COLSPAN=11 HEIGHT=21><P></P></TD>
  <TD WIDTH="0%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  </TR>
  <TR><TD WIDTH="24%" VALIGN="BOTTOM" HEIGHT=21>
  <U><FONT FACE="Courier New" SIZE=2><P>Pre-tax Income:</U></FONT></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="0%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  </TR>
  <TR><TD WIDTH="24%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P>Retail</FONT></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">$14,263&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">$12,854&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">11%&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">$21,410&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">$27,192&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">(21%)</FONT></TD>
  <TD WIDTH="0%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  </TR>
  <TR><TD WIDTH="24%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P>Capital Markets</FONT></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">5,667&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">11,703&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">(52%)</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">9,683&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">18,928&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">(49%)</FONT></TD>
  <TD WIDTH="0%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  </TR>
  <TR><TD WIDTH="24%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P>Asset Management</FONT></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">4,548&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">5,203&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">(13%)</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">8,599&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">10,557&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">(19%)</FONT></TD>
  <TD WIDTH="0%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  </TR>
  <TR><TD WIDTH="24%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P>RJ Bank</FONT></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">1,937&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">1,763&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT"> </FONT></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">10%&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">5,040&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">3,671&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">37%&nbsp;</FONT></TD>
  <TD WIDTH="0%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  </TR>
  <TR><TD WIDTH="24%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P>Other</FONT></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">(2,144)</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">(835)</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">157%&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">2,904&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">(277)</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">1,148%&nbsp;</FONT></TD>
  <TD WIDTH="0%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  </TR>
  <TR><TD WIDTH="24%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P>Total</FONT></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double">$24,271&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double">$30,688&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double">(21%)</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double">$47,636</FONT><FONT SIZE=2>&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double">$60,071&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double">(21%)</FONT></TD>
  <TD WIDTH="0%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  </TR>
  </TABLE>
  </CENTER>
  
  <FONT FACE="Courier New" SIZE=2>
  <P>&nbsp;</P>
  <P ALIGN="CENTER">For additional information, contact<br>
  Lawrence Silver at 727-567-5329.</P>
  <B><P ALIGN="CENTER">Please visit the Raymond James Press Center at </B></FONT><FONT SIZE=2>http://www.RaymondJames.com/media.htm</P>
  
  <P ALIGN="CENTER">&nbsp;</P></FONT>
  <TABLE BORDER="0" CELLSPACING=0 CELLPADDING=0 WIDTH=689 height="907">
  <TR><TD WIDTH="3%" VALIGN="TOP" HEIGHT=1 style="border-left-style: solid">
  <B><FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT" style="border-top-style: solid">&nbsp;</P>
  </B><P ALIGN="RIGHT">&nbsp;</FONT></TD>
  <TD WIDTH="97%" VALIGN="bottom" COLSPAN=11 HEIGHT=.15 style="border-right-style: solid; border-top-style: solid">
  <B><FONT FACE="Courier New" SIZE=3><P ALIGN="CENTER">RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES</B></FONT></TD>
  </TR>
  <TR><TD WIDTH="3%" VALIGN="TOP" HEIGHT=21 style="border-left-style: solid"><P></P></TD>
  <TD WIDTH="97%" VALIGN="TOP" COLSPAN=11 HEIGHT=21 style="border-right-style: solid">
  <B><FONT FACE="Courier New" SIZE=3><P ALIGN="CENTER">CONSOLIDATED STATEMENT OF OPERATIONS</B></FONT></TD>
  </TR>
  <TR><TD WIDTH="3%" VALIGN="TOP" HEIGHT=21 style="border-left-style: solid"><P></P></TD>
  <TD WIDTH="97%" VALIGN="TOP" COLSPAN=11 HEIGHT=21 style="border-right-style: solid">
  <B><FONT FACE="Courier New" SIZE=3><P ALIGN="CENTER">(UNAUDITED)</B></FONT></TD>
  </TR>
  <TR><TD WIDTH="3%" VALIGN="TOP" HEIGHT=21 style="border-left-style: solid; border-bottom-style: solid"><P></P></TD>
  <TD WIDTH="97%" VALIGN="TOP" COLSPAN=11 HEIGHT=21 style="border-right-style: solid; border-bottom-style: solid">
  <B><FONT FACE="Courier New" SIZE=3><P ALIGN="CENTER">Quarter-to-Date</B></FONT></TD>
  </TR>
  <TR><TD WIDTH="3%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="97%" VALIGN="TOP" COLSPAN=11 HEIGHT=21>
    </TD>
  </TR>
  <TR><TD WIDTH="49%" VALIGN="TOP" COLSPAN=4 HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="CENTER">(in thousands, except per share amounts)</FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="14%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="14%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  </TR>
  <TR><TD WIDTH="3%" VALIGN="TOP" HEIGHT=24><P></P></TD>
  <TD WIDTH="30%" VALIGN="TOP" HEIGHT=24><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=24><P></P></TD>
  <TD WIDTH="29%" VALIGN="TOP" COLSPAN=3 HEIGHT=24>
  <FONT FACE="Courier New" SIZE=3><P ALIGN="CENTER" style="border-bottom-style: solid">Three Months Ended</FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=24><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=24><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=24><P></P></TD>
  <TD WIDTH="14%" VALIGN="TOP" HEIGHT=24><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=24><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=24><P></P></TD>
  </TR>
  <TR><TD WIDTH="3%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="30%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=21>
  <B><FONT FACE="Courier New" SIZE=2><P ALIGN="CENTER">March 28,</B></FONT></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=21>
  <B><FONT FACE="Courier New" SIZE=2><P ALIGN="CENTER">March 28,</B></FONT></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=21>
  <B><FONT FACE="Courier New" SIZE=2><P ALIGN="CENTER">%</B></FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=21>
  <B><FONT FACE="Courier New" SIZE=2><P ALIGN="CENTER">Dec. 27,</B></FONT></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=21>
  <B><FONT FACE="Courier New" SIZE=2><P ALIGN="CENTER">%</B></FONT></TD>
  </TR>
  <TR><TD WIDTH="3%" VALIGN="TOP" HEIGHT=22><P></P></TD>
  <TD WIDTH="30%" VALIGN="TOP" HEIGHT=22><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=22><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=22>
  <B><FONT FACE="Courier New" SIZE=2><P ALIGN="CENTER" style="border-bottom-style: solid">2003</B></FONT></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=22><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=22>
  <B><FONT FACE="Courier New" SIZE=2><P ALIGN="CENTER" style="border-bottom-style: solid">2002</FONT></B></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=22><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=22>
  <B><FONT FACE="Courier New" SIZE=2><P ALIGN="CENTER" style="border-bottom-style: solid">change</FONT></B></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=22>
  <B><FONT FACE="Courier New" SIZE=2><P ALIGN="CENTER" style="border-bottom-style: solid">2002</FONT></B></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=22><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=22>
  <B><FONT FACE="Courier New" SIZE=2><P ALIGN="CENTER" style="border-bottom-style: solid">change</FONT></B></TD>
  </TR>
  <TR><TD WIDTH="34%" VALIGN="TOP" COLSPAN=2 HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P>Revenues:</FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  </TR>
  <TR><TD WIDTH="3%" VALIGN="TOP" HEIGHT=34><P></P></TD>
  <TD WIDTH="30%" VALIGN="TOP" HEIGHT=34>
  <FONT FACE="Courier New" SIZE=2><P>Securities commissions and fees</FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=34><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=34>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">$ 247,557 </FONT></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=34><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=34>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">$ 268,228 </FONT></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=34><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=34>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">-8%</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=34><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=34>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">$ 237,848 </FONT></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=34><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=34>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">4%</FONT></TD>
  </TR>
  <TR><TD WIDTH="3%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="30%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P>Investment banking</FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">    13,740 </FONT></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">     15,395 </FONT></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">-11%</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">     11,208 </FONT></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">23%</FONT></TD>
  </TR>
  <TR><TD WIDTH="3%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="30%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P>Investment advisory fees</FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">    27,232 </FONT></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">     29,814 </FONT></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">-9%</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">     26,283 </FONT></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">4%</FONT></TD>
  </TR>
  <TR><TD WIDTH="3%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="30%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P>Interest</FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">    31,000 </FONT></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">     38,586 </FONT></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">-20%</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">     34,646 </FONT></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">-11%</FONT></TD>
  </TR>
  <TR><TD WIDTH="3%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="30%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P>Correspondent clearing</FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">       756 </FONT></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">        902 </FONT></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">-16%</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">        989 </FONT></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">-24%</FONT></TD>
  </TR>
  <TR><TD WIDTH="3%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="30%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P>Net trading profits</FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">     5,456 </FONT></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">      3,861 </FONT></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">41%</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">      3,707 </FONT></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">47%</FONT></TD>
  </TR>
  <TR><TD WIDTH="3%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="30%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P>Financial service fees</FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P> </FONT></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">    15,583 </FONT></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">     14,055 </FONT></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">11%</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">     15,506 </FONT></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">0%</FONT></TD>
  </TR>
  <TR><TD WIDTH="3%" VALIGN="TOP" HEIGHT=22><P></P></TD>
  <TD WIDTH="30%" VALIGN="BOTTOM" HEIGHT=22>
  <FONT FACE="Courier New" SIZE=2><P>Other</FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=22><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=22>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">     9,173 </FONT></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=22><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=22>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">      9,437 </FONT></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=22><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=22>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">-3%</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=22><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=22>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">     14,421 </FONT></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=22><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=22>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">-36%</FONT></TD>
  </TR>
  <TR><TD WIDTH="3%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="30%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  </TR>
  <TR><TD WIDTH="34%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=22>
  <B><FONT FACE="Courier New" SIZE=2><P>TOTAL REVENUES</B></FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=22><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=22>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">   350,497 </FONT></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=22><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=22>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">   380,278 </FONT></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=22><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=22>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">-8%</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=22><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=22>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">   344,608 </FONT></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=22><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=22>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">2%</FONT></TD>
  </TR>
  <TR><TD WIDTH="3%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="30%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  </TR>
  <TR><TD WIDTH="34%" VALIGN="TOP" COLSPAN=2 HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P>Expenses</FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  </TR>
  <TR><TD WIDTH="3%" VALIGN="TOP" HEIGHT=34><P></P></TD>
  <TD WIDTH="32%" VALIGN="TOP" COLSPAN=2 HEIGHT=34>
  <FONT FACE="Courier New" SIZE=2><P>Compensation, commissions<br>
  &nbsp;and benefits</FONT></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=34>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">   248,951 </FONT></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=34><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=34>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">   256,978 </FONT></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=34><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=34>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">-3%</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=34><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=34>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">   234,866 </FONT></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=34><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=34>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">6%</FONT></TD>
  </TR>
  <TR><TD WIDTH="3%" VALIGN="TOP" HEIGHT=34><P></P></TD>
  <TD WIDTH="32%" VALIGN="TOP" COLSPAN=2 HEIGHT=34>
  <FONT FACE="Courier New" SIZE=2><P>Communications and<br>
  &nbsp;information processing</FONT></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=34>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">    19,842 </FONT></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=34><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=34>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">     21,890 </FONT></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=34><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=34>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">-9%</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=34><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=34>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">     18,966 </FONT></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=34><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=34>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">5%</FONT></TD>
  </TR>
  <TR><TD WIDTH="3%" VALIGN="TOP" HEIGHT=34><P></P></TD>
  <TD WIDTH="30%" VALIGN="TOP" HEIGHT=34>
  <FONT FACE="Courier New" SIZE=2><P>Occupancy and equipment<br>
  &nbsp;costs</FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=34><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=34>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">    14,942 </FONT></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=34><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=34>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">     14,607 </FONT></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=34><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=34>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">2%</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=34><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=34>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">     15,648 </FONT></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=34><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=34>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">-5%</FONT></TD>
  </TR>
  <TR><TD WIDTH="3%" VALIGN="TOP" HEIGHT=34><P></P></TD>
  <TD WIDTH="30%" VALIGN="TOP" HEIGHT=34>
  <FONT FACE="Courier New" SIZE=2><P>Clearance and floor<br>
  &nbsp;brokerage</FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=34><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=34>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">     4,147 </FONT></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=34><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=34>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">      3,623 </FONT></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=34><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=34>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">14%</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=34><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=34>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">      3,531 </FONT></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=34><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=34>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">17%</FONT></TD>
  </TR>
  <TR><TD WIDTH="3%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="30%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P>Interest</FONT></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">    10,678 </FONT></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">    19,241 </FONT></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">-45%</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">     13,213 </FONT></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">-19%</FONT></TD>
  </TR>
  <TR><TD WIDTH="3%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="30%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P>Business development</FONT></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">    11,184 </FONT></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">     12,606 </FONT></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">-11%</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">     12,277 </FONT></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">-9%</FONT></TD>
  </TR>
  <TR><TD WIDTH="3%" VALIGN="TOP" HEIGHT=22><P></P></TD>
  <TD WIDTH="30%" VALIGN="BOTTOM" HEIGHT=22>
  <FONT FACE="Courier New" SIZE=2><P>Other</FONT></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=22><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=22>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">    16,482 </FONT></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=22><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=22>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">     20,645</FONT></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=22><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=22>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">-20%</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=22><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=22>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">     22,742 </FONT></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=22><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=22>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">-28%</FONT></TD>
  </TR>
  <TR><TD WIDTH="3%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="30%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  </TR>
  <TR><TD WIDTH="34%" VALIGN="TOP" COLSPAN=2 HEIGHT=22>
  <B><FONT FACE="Courier New" SIZE=2><P>TOTAL EXPENSES</B></FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=22><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=22>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">  326,226 </FONT></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=22><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=22>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">    349,590 </FONT></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=22><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=22>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">-7%</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=22><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=22>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">    321,243 </FONT></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=22><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=22>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">2%</FONT></TD>
  </TR>
  <TR><TD WIDTH="3%" VALIGN="TOP" HEIGHT=34><P></P></TD>
  <TD WIDTH="32%" VALIGN="TOP" COLSPAN=2 HEIGHT=34>
  <FONT FACE="Courier New" SIZE=2><P>Income before provision for<br>
  &nbsp;income taxes</FONT></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=34>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">    24,271 </FONT></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=34><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=34>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">     30,688 </FONT></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=34><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=34>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">-21%</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=34><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=34>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">     23,365 </FONT></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=34><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=34>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">4%</FONT></TD>
  </TR>
  <TR><TD WIDTH="34%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=22>
  <FONT FACE="Courier New" SIZE=2><P>Provision for income taxes</FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=22><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=22>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">         9,077 </FONT></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=22><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=22>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">     11,871 </FONT></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=22><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=22>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">-24%</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=22><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=22>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">     8,937 </FONT></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=22><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=22>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">2%</FONT></TD>
  </TR>
  <TR><TD WIDTH="34%" VALIGN="TOP" COLSPAN=2 HEIGHT=22>
  <B><FONT FACE="Courier New" SIZE=2><P>Net Income</B></FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=22><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=22>
  <B><FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double">$  15,194 </B></FONT></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=22><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=22>
  <B><FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double">$  18,817</FONT> </B></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=22><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=22>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double">-19%</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=22><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=22>
  <B><FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double">$  14,428</FONT> </B></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=22><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=22>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double">5%</FONT></TD>
  </TR>
  <TR><TD WIDTH="34%" VALIGN="TOP" COLSPAN=2 HEIGHT=22>
  <B><FONT FACE="Courier New" SIZE=2><P>Net Income per share basic</B></FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=22><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=22>
  <B><FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double">$    0.31</FONT> </B></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=22><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=22>
  <B><FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double">$    0.39</FONT> </B></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=22><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=22>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double">-21%</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=22><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=22>
  <B><FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double">$    0.30</FONT> </B></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=22><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=22>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double">3%</FONT></TD>
  </TR>
  <TR><TD WIDTH="34%" VALIGN="TOP" COLSPAN=2 HEIGHT=22>
  <B><FONT FACE="Courier New" SIZE=2><P>Net Income per share diluted</B></FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=22><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=22>
  <B><FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double">$    0.31 </B></FONT></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=22><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=22>
  <B><FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double">$    0.38</FONT> </B></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=22><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=22>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double">-18%</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=22><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=22>
  <B><FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double">$    0.29</FONT> </B></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=22><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=22>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double">7%</FONT></TD>
  </TR>
  <TR><TD WIDTH="34%" VALIGN="TOP" COLSPAN=2 HEIGHT=34>
  <B><FONT FACE="Courier New" SIZE=2><P>Weighted average common<br>
  &nbsp;shares outstanding-basic</B></FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=34><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=34>
  <B><FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double">    48,468</FONT> </B></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=34><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=34>
  <B><FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double">     48,759 </B></FONT></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=34><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=34><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=34><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=34>
  <B><FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double">     48,762</FONT> </B></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=34><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=34><P></P></TD>
  </TR>
  <TR><TD WIDTH="36%" VALIGN="TOP" COLSPAN=3 HEIGHT=34>
  <B><FONT FACE="Courier New" SIZE=2><P>Weighted average common and<br>
  &nbsp;common equivalent shares</B></FONT></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=34><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=34><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=34><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=34><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=34><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=34><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=34><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=34><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=34><P></P></TD>
  </TR>
  <TR><TD WIDTH="34%" VALIGN="TOP" COLSPAN=2 HEIGHT=22>
  <B><FONT FACE="Courier New" SIZE=2><P>&nbsp;outstanding-diluted</B></FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=22><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=22>
  <B><FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double">    48,751</FONT> </B></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=22><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=22>
  <B><FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double">    49,870</FONT> </B></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=22><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=22><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=22><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=22>
  <B><FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double">    49,566</FONT> </B></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=22><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=22><P></P></TD>
  </TR>
  </TABLE>
  
  <B><FONT FACE="Courier New" SIZE=2><P ALIGN="CENTER"></P>
  <P ALIGN="CENTER">&nbsp;</P>
  <P ALIGN="CENTER">&nbsp;</P>
  <P ALIGN="CENTER">&nbsp;</P>
  <P ALIGN="CENTER">&nbsp;</P>
  <P ALIGN="CENTER">&nbsp;</P>
  <P ALIGN="CENTER">&nbsp;</P>
  </B></FONT><FONT SIZE=2><P>&nbsp;</P></FONT>
  <TABLE BORDER="0" CELLSPACING=0 CELLPADDING=0 WIDTH=579>
  <TR><TD WIDTH="27" VALIGN="TOP" HEIGHT=14 style="border-left-style: solid; border-top-style: solid"><P></P></TD>
  <TD WIDTH="548" VALIGN="TOP" COLSPAN=7 HEIGHT=14 style="border-right-style: solid; border-top-style: solid">
  <B><FONT FACE="Courier New" SIZE=3><P ALIGN="CENTER">RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES</B></FONT></TD>
  </TR>
  <TR><TD WIDTH="27" VALIGN="TOP" HEIGHT=14 style="border-left-style: solid"><P></P></TD>
  <TD WIDTH="548" VALIGN="TOP" COLSPAN=7 HEIGHT=14 style="border-right-style: solid">
  <B><FONT FACE="Courier New" SIZE=3><P ALIGN="CENTER">CONSOLIDATED STATEMENT OF OPERATIONS</B></FONT></TD>
  </TR>
  <TR><TD WIDTH="27" VALIGN="TOP" HEIGHT=14 style="border-left-style: solid"><P></P></TD>
  <TD WIDTH="548" VALIGN="TOP" COLSPAN=7 HEIGHT=14 style="border-right-style: solid">
  <B><FONT FACE="Courier New" SIZE=3><P ALIGN="CENTER">(UNAUDITED)</B></FONT></TD>
  </TR>
  <TR><TD WIDTH="27" VALIGN="TOP" HEIGHT=14 style="border-left-style: solid; border-bottom-style: solid"><P></P></TD>
  <TD WIDTH="548" VALIGN="TOP" COLSPAN=7 HEIGHT=14 style="border-right-style: solid; border-bottom-style: solid">
  <B><FONT FACE="Courier New" SIZE=3><P ALIGN="CENTER">Year-to-Date</B></FONT></TD>
  </TR>
  <TR><TD WIDTH="27" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="548" VALIGN="TOP" COLSPAN=7 HEIGHT=14>
    </TD>
  </TR>
  <TR><TD WIDTH="398" VALIGN="TOP" COLSPAN=4 HEIGHT=14>
  <FONT FACE="Courier New" SIZE=2><P>(in thousands, except per share amounts)</FONT></TD>
  <TD WIDTH="9" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="82" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="14" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="66" VALIGN="TOP" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="27" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="257" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="27" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="81" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="9" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="82" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="14" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="66" VALIGN="TOP" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="27" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="257" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="27" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="176" VALIGN="TOP" COLSPAN=3 HEIGHT=14>
  <P ALIGN="CENTER" style="border-bottom-style: solid"><font face="Courier New" size="3">Six</font>
  <FONT FACE="Courier New" SIZE=2> Months Ended</FONT></TD>
  <TD WIDTH="14" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="66" VALIGN="TOP" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="27" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="257" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="27" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="81" VALIGN="BOTTOM" HEIGHT=14>
  <B><FONT FACE="Courier New" SIZE=2><P ALIGN="CENTER">March 28,</FONT></B></TD>
  <TD WIDTH="9" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="82" VALIGN="BOTTOM" HEIGHT=14>
  <B><FONT FACE="Courier New" SIZE=2><P ALIGN="CENTER">March 28,</FONT></B></TD>
  <TD WIDTH="14" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="66" VALIGN="BOTTOM" HEIGHT=14>
  <B><FONT FACE="Courier New" SIZE=2><P ALIGN="CENTER">%</B></FONT></TD>
  </TR>
  <TR><TD WIDTH="27" VALIGN="TOP" HEIGHT=15><P></P></TD>
  <TD WIDTH="257" VALIGN="TOP" HEIGHT=15><P></P></TD>
  <TD WIDTH="27" VALIGN="TOP" HEIGHT=15><P></P></TD>
  <TD WIDTH="81" VALIGN="BOTTOM" HEIGHT=15>
  <B><FONT FACE="Courier New" SIZE=2><P ALIGN="CENTER" style="border-bottom-style: solid">2003</FONT></B></TD>
  <TD WIDTH="9" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
  <TD WIDTH="82" VALIGN="BOTTOM" HEIGHT=15>
  <B><FONT FACE="Courier New" SIZE=2><P ALIGN="CENTER" style="border-bottom-style: solid">2002</FONT></B></TD>
  <TD WIDTH="14" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
  <TD WIDTH="66" VALIGN="BOTTOM" HEIGHT=15>
  <B><FONT FACE="Courier New" SIZE=2><P ALIGN="CENTER" style="border-bottom-style: solid">change</FONT></B></TD>
  </TR>
  <TR><TD WIDTH="27" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="257" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="27" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="81" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="9" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="82" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="14" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="66" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="286" VALIGN="TOP" COLSPAN=2 HEIGHT=14>
  <FONT FACE="Courier New" SIZE=2><P>Revenues:</FONT></TD>
  <TD WIDTH="27" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="81" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="9" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="82" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="14" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="66" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="27" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="257" VALIGN="BOTTOM" HEIGHT=14>
  <FONT FACE="Courier New" SIZE=2><P>Securities commissions</FONT></TD>
  <TD WIDTH="27" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="81" VALIGN="BOTTOM" HEIGHT=14>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">$ 485,405 </FONT></TD>
  <TD WIDTH="9" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="82" VALIGN="BOTTOM" HEIGHT=14>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">$ 519,888 </FONT></TD>
  <TD WIDTH="14" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="66" VALIGN="BOTTOM" HEIGHT=14>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">-7%</FONT></TD>
  </TR>
  <TR><TD WIDTH="27" VALIGN="BOTTOM" HEIGHT=6><P></P></TD>
  <TD WIDTH="257" VALIGN="BOTTOM" HEIGHT=6>
  <FONT FACE="Courier New" SIZE=2><P>Investment  banking</FONT></TD>
  <TD WIDTH="27" VALIGN="BOTTOM" HEIGHT=6><P></P></TD>
  <TD WIDTH="81" VALIGN="BOTTOM" HEIGHT=6>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">    24,948 </FONT></TD>
  <TD WIDTH="9" VALIGN="BOTTOM" HEIGHT=6><P></P></TD>
  <TD WIDTH="82" VALIGN="BOTTOM" HEIGHT=6>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">    26,219 </FONT></TD>
  <TD WIDTH="14" VALIGN="BOTTOM" HEIGHT=6><P></P></TD>
  <TD WIDTH="66" VALIGN="BOTTOM" HEIGHT=6>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">-5%</FONT></TD>
  </TR>
  <TR><TD WIDTH="27" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="257" VALIGN="BOTTOM" HEIGHT=14>
  <FONT FACE="Courier New" SIZE=2><P>Investment advisory fees</FONT></TD>
  <TD WIDTH="27" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="81" VALIGN="BOTTOM" HEIGHT=14>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">    53,515 </FONT></TD>
  <TD WIDTH="9" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="82" VALIGN="BOTTOM" HEIGHT=14>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">    57,582 </FONT></TD>
  <TD WIDTH="14" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="66" VALIGN="BOTTOM" HEIGHT=14>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">-7%</FONT></TD>
  </TR>
  <TR><TD WIDTH="27" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="257" VALIGN="BOTTOM" HEIGHT=14>
  <FONT FACE="Courier New" SIZE=2><P>Interest</FONT></TD>
  <TD WIDTH="27" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="81" VALIGN="BOTTOM" HEIGHT=14>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">    65,646 </FONT></TD>
  <TD WIDTH="9" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="82" VALIGN="BOTTOM" HEIGHT=14>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">     83,965 </FONT></TD>
  <TD WIDTH="14" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="66" VALIGN="BOTTOM" HEIGHT=14>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">-22%</FONT></TD>
  </TR>
  <TR><TD WIDTH="27" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="257" VALIGN="BOTTOM" HEIGHT=14>
  <FONT FACE="Courier New" SIZE=2><P>Correspondent clearing</FONT></TD>
  <TD WIDTH="27" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="81" VALIGN="BOTTOM" HEIGHT=14>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">     1,745 </FONT></TD>
  <TD WIDTH="9" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="82" VALIGN="BOTTOM" HEIGHT=14>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">      1,740 </FONT></TD>
  <TD WIDTH="14" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="66" VALIGN="BOTTOM" HEIGHT=14>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">0%</FONT></TD>
  </TR>
  <TR><TD WIDTH="27" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="257" VALIGN="BOTTOM" HEIGHT=14>
  <FONT FACE="Courier New" SIZE=2><P>Principal trading profits</FONT></TD>
  <TD WIDTH="27" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="81" VALIGN="BOTTOM" HEIGHT=14>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">     9,163 </FONT></TD>
  <TD WIDTH="9" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="82" VALIGN="BOTTOM" HEIGHT=14>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">      9,774 </FONT></TD>
  <TD WIDTH="14" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="66" VALIGN="BOTTOM" HEIGHT=14>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">-6%</FONT></TD>
  </TR>
  <TR><TD WIDTH="27" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="257" VALIGN="BOTTOM" HEIGHT=14>
  <FONT FACE="Courier New" SIZE=2><P>Financial Service Fees</FONT></TD>
  <TD WIDTH="27" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="81" VALIGN="BOTTOM" HEIGHT=14>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">    31,089 </FONT></TD>
  <TD WIDTH="9" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="82" VALIGN="BOTTOM" HEIGHT=14>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">    29,536 </FONT></TD>
  <TD WIDTH="14" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="66" VALIGN="BOTTOM" HEIGHT=14>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">5%</FONT></TD>
  </TR>
  <TR><TD WIDTH="27" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="257" VALIGN="BOTTOM" HEIGHT=14>
  <FONT FACE="Courier New" SIZE=2><P>Other</FONT></TD>
  <TD WIDTH="27" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="81" VALIGN="BOTTOM" HEIGHT=14>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">    23,594 </FONT></TD>
  <TD WIDTH="9" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="82" VALIGN="BOTTOM" HEIGHT=14>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">    17,679 </FONT></TD>
  <TD WIDTH="14" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="66" VALIGN="BOTTOM" HEIGHT=14>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">33%</FONT></TD>
  </TR>
  <TR><TD WIDTH="27" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="257" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="27" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="81" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="9" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="82" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="14" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="66" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="286" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=14>
  <B><FONT FACE="Courier New" SIZE=2><P>TOTAL REVENUES</B></FONT></TD>
  <TD WIDTH="27" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="81" VALIGN="BOTTOM" HEIGHT=14>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">   695,105 </FONT></TD>
  <TD WIDTH="9" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="82" VALIGN="BOTTOM" HEIGHT=14>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">    746,383 </FONT></TD>
  <TD WIDTH="14" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="66" VALIGN="BOTTOM" HEIGHT=14>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">-7%</FONT></TD>
  </TR>
  <TR><TD WIDTH="27" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="257" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="27" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="81" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="9" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="82" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="14" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="66" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="286" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=14>
  <FONT FACE="Courier New" SIZE=2><P>Expenses</FONT></TD>
  <TD WIDTH="27" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="81" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="9" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="82" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="14" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="66" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="27" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="257" VALIGN="BOTTOM" HEIGHT=14>
  <FONT FACE="Courier New" SIZE=2><P>Employee compensation</FONT></TD>
  <TD WIDTH="27" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="81" VALIGN="BOTTOM" HEIGHT=14>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">   483,817 </FONT></TD>
  <TD WIDTH="9" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="82" VALIGN="BOTTOM" HEIGHT=14>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">    502,969 </FONT></TD>
  <TD WIDTH="14" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="66" VALIGN="BOTTOM" HEIGHT=14>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">-4%</FONT></TD>
  </TR>
  <TR><TD WIDTH="27" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="286" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=14>
  <FONT FACE="Courier New" SIZE=2><P>Communications and information<br>
  &nbsp;processing</FONT></TD>
  <TD WIDTH="81" VALIGN="BOTTOM" HEIGHT=14>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">    38,808 </FONT></TD>
  <TD WIDTH="9" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="82" VALIGN="BOTTOM" HEIGHT=14>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">     41,102 </FONT></TD>
  <TD WIDTH="14" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="66" VALIGN="BOTTOM" HEIGHT=14>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">-6%</FONT></TD>
  </TR>
  <TR><TD WIDTH="27" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="286" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=14>
  <FONT FACE="Courier New" SIZE=2><P>Occupancy and equipment costs</FONT></TD>
  <TD WIDTH="81" VALIGN="BOTTOM" HEIGHT=14>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">    30,590 </FONT></TD>
  <TD WIDTH="9" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="82" VALIGN="BOTTOM" HEIGHT=14>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">     29,703 </FONT></TD>
  <TD WIDTH="14" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="66" VALIGN="BOTTOM" HEIGHT=14>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">3%</FONT></TD>
  </TR>
  <TR><TD WIDTH="27" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="257" VALIGN="BOTTOM" HEIGHT=14>
  <FONT FACE="Courier New" SIZE=2><P>Clearance and floor brokerage</FONT></TD>
  <TD WIDTH="27" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="81" VALIGN="BOTTOM" HEIGHT=14>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">     7,678 </FONT></TD>
  <TD WIDTH="9" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="82" VALIGN="BOTTOM" HEIGHT=14>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">      6,992 </FONT></TD>
  <TD WIDTH="14" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="66" VALIGN="BOTTOM" HEIGHT=14>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">10%</FONT></TD>
  </TR>
  <TR><TD WIDTH="27" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="257" VALIGN="BOTTOM" HEIGHT=14>
  <FONT FACE="Courier New" SIZE=2><P>Interest</FONT></TD>
  <TD WIDTH="27" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="81" VALIGN="BOTTOM" HEIGHT=14>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">    23,891 </FONT></TD>
  <TD WIDTH="9" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="82" VALIGN="BOTTOM" HEIGHT=14>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">    44,361 </FONT></TD>
  <TD WIDTH="14" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="66" VALIGN="BOTTOM" HEIGHT=14>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">-46%</FONT></TD>
  </TR>
  <TR><TD WIDTH="27" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="257" VALIGN="BOTTOM" HEIGHT=14>
  <FONT FACE="Courier New" SIZE=2><P>Business development</FONT></TD>
  <TD WIDTH="27" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="81" VALIGN="BOTTOM" HEIGHT=14>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">    23,461 </FONT></TD>
  <TD WIDTH="9" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="82" VALIGN="BOTTOM" HEIGHT=14>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">    23,860 </FONT></TD>
  <TD WIDTH="14" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="66" VALIGN="BOTTOM" HEIGHT=14>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">-2%</FONT></TD>
  </TR>
  <TR><TD WIDTH="27" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="257" VALIGN="BOTTOM" HEIGHT=14>
  <FONT FACE="Courier New" SIZE=2><P>Other</FONT></TD>
  <TD WIDTH="27" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="81" VALIGN="BOTTOM" HEIGHT=14>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">    39,224 </FONT></TD>
  <TD WIDTH="9" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="82" VALIGN="BOTTOM" HEIGHT=14>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">     37,325 </FONT></TD>
  <TD WIDTH="14" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="66" VALIGN="BOTTOM" HEIGHT=14>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">5%</FONT></TD>
  </TR>
  <TR><TD WIDTH="27" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="257" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="27" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="81" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="9" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="82" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="14" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="66" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="286" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=14>
  <B><FONT FACE="Courier New" SIZE=2><P>TOTAL EXPENSES</B></FONT></TD>
  <TD WIDTH="27" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="81" VALIGN="BOTTOM" HEIGHT=14>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">   647,469 </FONT></TD>
  <TD WIDTH="9" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="82" VALIGN="BOTTOM" HEIGHT=14>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">   686,312 </FONT></TD>
  <TD WIDTH="14" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="66" VALIGN="BOTTOM" HEIGHT=14>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">-6%</FONT></TD>
  </TR>
  <TR><TD WIDTH="27" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="257" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="27" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="81" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="9" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="82" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="14" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="66" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="27" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="257" VALIGN="BOTTOM" HEIGHT=14>
  <FONT FACE="Courier New" SIZE=2><P>Income before Income taxes</FONT></TD>
  <TD WIDTH="27" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="81" VALIGN="BOTTOM" HEIGHT=14>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">    47,636 </FONT></TD>
  <TD WIDTH="9" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="82" VALIGN="BOTTOM" HEIGHT=14>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">     60,071 </FONT></TD>
  <TD WIDTH="14" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="66" VALIGN="BOTTOM" HEIGHT=14>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">-21%</FONT></TD>
  </TR>
  <TR><TD WIDTH="286" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=14>
  <FONT FACE="Courier New" SIZE=2><P>Provision for income taxes</FONT></TD>
  <TD WIDTH="27" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="81" VALIGN="BOTTOM" HEIGHT=14>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">    18,014 </FONT></TD>
  <TD WIDTH="9" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="82" VALIGN="BOTTOM" HEIGHT=14>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">     23,156 </FONT></TD>
  <TD WIDTH="14" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="66" VALIGN="BOTTOM" HEIGHT=14>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">-22%</FONT></TD>
  </TR>
  <TR><TD WIDTH="286" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=15>
  <B><FONT FACE="Courier New" SIZE=2><P>Net Income</B></FONT></TD>
  <TD WIDTH="27" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
  <TD WIDTH="81" VALIGN="BOTTOM" HEIGHT=15>
  <B><FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double">$  29,622 </B></FONT></TD>
  <TD WIDTH="9" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
  <TD WIDTH="82" VALIGN="BOTTOM" HEIGHT=15>
  <B><FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double">$  36,915 </B></FONT></TD>
  <TD WIDTH="14" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
  <TD WIDTH="66" VALIGN="BOTTOM" HEIGHT=15>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double">-20%</FONT></TD>
  </TR>
  <TR><TD WIDTH="286" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
  <B><FONT FACE="Courier New" SIZE=2><P>Net Income per share basic</B></FONT></TD>
  <TD WIDTH="27" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="81" VALIGN="BOTTOM" HEIGHT=16>
  <B><FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double">$    0.61</FONT> </B></TD>
  <TD WIDTH="9" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="82" VALIGN="BOTTOM" HEIGHT=16>
  <B><FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double">$    0.76</FONT> </B></TD>
  <TD WIDTH="14" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="66" VALIGN="BOTTOM" HEIGHT=16>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double">-20%</FONT></TD>
  </TR>
  <TR><TD WIDTH="286" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
  <B><FONT FACE="Courier New" SIZE=2><P>Net Income per share diluted</B></FONT></TD>
  <TD WIDTH="27" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="81" VALIGN="BOTTOM" HEIGHT=16>
  <B><FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double">$    0.60 </B></FONT></TD>
  <TD WIDTH="9" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="82" VALIGN="BOTTOM" HEIGHT=16>
  <B><FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double">$    0.74 </B></FONT></TD>
  <TD WIDTH="14" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="66" VALIGN="BOTTOM" HEIGHT=16>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double">-19%</FONT></TD>
  </TR>
  <TR><TD WIDTH="286" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
  <B><FONT FACE="Courier New" SIZE=2><P>Weighted average common shares</B></FONT></TD>
  <TD WIDTH="27" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="81" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="9" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="82" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="14" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="66" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  </TR>
  <TR><TD WIDTH="286" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=15>
  <B><FONT FACE="Courier New" SIZE=2><P>outstanding-basic</B></FONT></TD>
  <TD WIDTH="27" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
  <TD WIDTH="81" VALIGN="BOTTOM" HEIGHT=15>
  <B><FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double">    48,615 </B></FONT></TD>
  <TD WIDTH="9" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
  <TD WIDTH="82" VALIGN="BOTTOM" HEIGHT=15>
  <B><FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double">     48,568 </B></FONT></TD>
  <TD WIDTH="14" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
  <TD WIDTH="66" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
  </TR>
  <TR><TD WIDTH="398" VALIGN="BOTTOM" COLSPAN=4 HEIGHT=15>
  <B><FONT FACE="Courier New" SIZE=2><P>Weighted average common and common </B></FONT></TD>
  <TD WIDTH="9" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
  <TD WIDTH="82" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
  <TD WIDTH="14" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
  <TD WIDTH="66" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
  </TR>
  <TR><TD WIDTH="315" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=15>
  
  <B><FONT FACE="Courier New" SIZE=2><P>&nbsp;equivalent shares outstanding-diluted
  </B></FONT></TD>
  <TD WIDTH="81" VALIGN="BOTTOM" HEIGHT=15>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double">    49,011</FONT></TD>
  <TD WIDTH="9" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
  <TD WIDTH="82" VALIGN="BOTTOM" HEIGHT=15>
  <B><FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double">     49,652</FONT> </B></TD>
  <TD WIDTH="14" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
  <TD WIDTH="66" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
  </TR>
  </TABLE>
  
  <B><FONT FACE="Courier New" SIZE=2><P ALIGN="CENTER"></P>
  </B><P>&nbsp;</P>
  <P>&nbsp;</P>
  <P>&nbsp;</P>
  </FONT><B><FONT COLOR="#ff0000"><P ALIGN="CENTER">&nbsp;</P>
  <P ALIGN="CENTER">&nbsp;</P></B></FONT></BODY>
  </HTML>
metadata_documents: [{"type": "8-K", "sequence": "1", "filename": "k84162003.htm", "secsgml_size_bytes": 113600}]
metadata_filer: {"company-data": {"conformed-name": "RAYMOND JAMES FINANCIAL INC", "cik": "0000720005", "assigned-sic": "6211", "irs-number": "591517485", "state-of-incorporation": "FL", "fiscal-year-end": "0930"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-09109", "film-number": "03651836"}, "business-address": {"street1": "880 CARILLON PKWY", "street2": "P O BOX 12749", "city": "ST PETERSBURG", "state": "FL", "zip": "33716", "phone": "727-567-1000"}, "mail-address": {"street1": "P O BOX 12749", "city": "ST. PETERSBURG", "state": "FL", "zip": "33716"}, "former-company": {"former-conformed-name": "RJ FINANCIAL CORP/FL", "date-changed": "19870303"}}
text: SECURITIES AND EXCHANGE COMMISSION
  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) April 15, 2003
  ..............
  RAYMOND JAMES FINANCIAL, INC.
  (Exact name of registrant as specified in its charter)
  Florida                   1-9109               No. 59-1517485
  .................................     ............          ....................
  (State or other jurisdiction of     (Commission           (I.R.S. Employer
  incorporation or organization)      File Number)          Identification No.)
  880 Carillon Parkway, St. Petersburg, Florida  33716
  .........................................................
  (Address of principal executive offices)      (Zip Code)
  Registrant's telephone number, including area code (727) 567-1000
  ..............
  _____________________________________________________________
  (Former name or former address, if changed since last report.
  ITEM 7. EXHIBITS
  (c) exhibits
  99 (04/15/03) Raymond James Financial Inc.'s Press Release dated April 15, 2003.
  Item 9.  REGULATION FD DISCLOSURE
  Pursuant to Item 12, Raymond James Financial, Inc. (the Company) is furnishing under Item 9 of this Current Report on Form 8-K the information included as Exhibit 99 (04/15/03)to this report.  Exhibit 99 (04/15/03) is the Company's second quarter 2003 financial press release issued on April 15, 2003. The press release includes instructions as to how and when to access the Company's complementary  quarterly conference call that will be available to all interested persons telephonically and by webcast through the Company's website.
  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 thereunto duly authorized.
  ____April 16, 2003
  ____________
  (Date)
  RAYMOND JAMES FINANCIAL, INC.
  BY: /s/
  Thomas A. James
  Thomas A. James
  Chairman and Chief
  Executive Officer
  BY: /s/
  Jeffrey P. Julien
  Jeffrey P. Julien
  Senior Vice President - Finance
  and Chief Financial Officer
  Exhibit 99 (04/15/03)
  Release No. 403-02
  April 15, 2003                               FOR IMMEDIATE RELEASE
  RAYMOND JAMES FINANCIAL, INC.
  REPORTS SECOND QUARTER RESULTS
  ST. PETERSBURG, Fla. -- Raymond James Financial today reported unaudited net income of $15,194,000, or $0.31 per diluted share, for the second quarter ended March 28 on revenues of $350,497,000 compared to net income of $18,817,000, or $0.38 per diluted share, on revenues of $380,278,000 for fiscal 2002's second quarter.
  Unaudited net income for the first half of fiscal 2003 was reported at $29,622,000, down from 2002's $36,915,000, while revenues for the period decreased to $695,105,000 from $746,383,000 the previous year. Diluted earnings per share were $0.60 versus $0.74 for last year's comparable period.
  "While the revenue and net income comparisons to our immediately preceding quarter are up two percent and five percent respectively, the comparisons to last year's March quarter are down eight percent and 19 percent," according to Thomas A. James, chairman and CEO.
  "Lower gross interest revenues, which were down 20 percent, no longer account for the entire revenue shortfall as in prior periods," he continued. "The continuation of depressing equity market performance and preoccupation with the war in Iraq have adversely affected retail commissions, which are down eight percent from last year. Nonetheless, as presented in our new,
  -  more  -
  Page 2                                     RAYMOND JAMES FINANCIAL
  Rel. No. 403-02
  attached segment report, the retail segment produced an 11 percent increase in pre-tax profits over last year.
  "A moribund corporate issuance market depressed investment banking revenues 11 percent as contrasted to last year," James added. "Revenues for the entire capital markets segment, including fixed income, were down four percent, but up nine percent from last quarter.
  "While pre-tax income for capital markets was down 52 percent from last year, it increased 41 percent from the preceding quarter. Investment advisory revenues were down nine percent as assets under management decreased from last year's March totals, even though they increased over the last three months. Pre-tax profits for the asset management Segment were 13 percent below last year's March quarter, but 12 percent higher than the December quarter."
  James explained that "total expenses declined seven percent, but vigilant control was not enough to offset lower revenues.
  "During the quarter, we repurchased 1.44 million shares of our common stock at an average price of $24.87 pursuant to existing authorizations," he added.
  "Raymond James continues to add new Financial Advisors, to raise new net assets for our asset managers and to identify new financing opportunities for a better market environment." He concluded, "In short, we are poised to participate in a better market environment. Unfortunately, even though the domestic
  -  more  -
  Page 3                                     RAYMOND JAMES FINANCIAL
  Rel. No. 403-02
  economy is growing and the war in Iraq appears to have reached a successful conclusion, the United States economy and equity markets still face a challenging, albeit relatively much better, outlook. Our view is that conditions will improve by the end of calendar 2003."
  The company will conduct its quarterly conference call Wednesday at 4:15 p.m. The telephone number is 800-773-5520. The call will also be available on demand on the company's Web site, www.RaymondJames.com, under About Raymond James Financial, Financial Reports.
  Raymond James Financial, Inc. (NYSE - RJF) provides financial services to individuals, corporations and municipalities through its three wholly-owned investment firms, Raymond James & Associates, Raymond James Financial Services and Raymond James Ltd., which have over 5,200 Financial Advisors in more than 2,100 locations throughout the United States, Canada and internationally, as well as through its asset management subsidiaries, which currently manage in excess of $16.3 billion.
  -  more  -
  Page 4                                     RAYMOND JAMES FINANCIAL
  Rel. No. 403-02
  Raymond James Financial, Inc.
  Unaudited Report
  For the second quarter ended March 28, 2003
  (all data in thousands, except per share earnings)
  Second Quarter
  Six Months
  2003
  2002
  Percent Change
  2003
  2002
  Percent Change
  Revenues
  $350,497
  $380,278
  (8%)
  $695,105
  $746,383
  (7%)
  Net Income
  15,194
  18,817
  (19%)
  29,622
  36,915
  (20%)
  Earnings Per
  Share - Diluted
  0.31
  0.38
  (18%)
  0.60
  0.74
  (19%)
  Average Shares
  Outstanding - Diluted
  48,751
  49,870
  (2%)
  49,011
  49,652
  (1%)
  Balance Sheet Data
  March
  Dec.
  Sept.
  March
  2003
  2002
  2002
  2002
  Total Assets
  $6.4 bil.
  $6.2 bil.
  $6.0 bil.
  $6.6 bil.
  Shareholders' Equity
  $862 mil.
  $861 mil.
  $840 mil.
  $811 mil.
  Book Value per share
  $17.78
  $17.58
  $17.25
  $16.61
  Management Data
  March
  Dec.
  Sept.
  March
  2003
  2002
  2002
  2002
  Retail Financial Advisors:
  US
  4,823
  4,769
  4,759
  4,618
  Canada
  227
  235
  235
  213
  # Lead Managed/Co-Managed
  Public Offerings in U.S.
  4
  9
  6
  9
  Financial Assets Under Management
  $16.3 bil.
  $16.0 bil.
  $15.3 bil.
  $17.5 bil.
  Page 5                                     RAYMOND JAMES FINANCIAL
  Rel. No. 403-02
  March
  Dec.
  Sept.
  March
  2003
  2002
  2002
  2002
  Client Assets
  $84.4 bil.
  $83.9 bil.
  $80.1 bil.
  $90.7 bil.
  Client Margin Balances
  $913 mil.
  $958 mil.
  960 mil.
  $1,085 mil.
  Client Trade Volume
  1,460,000
  1,510,000
  1,600,000
  1,730,000
  # of Client Accounts
  1,270,000
  1,250,000
  1,230,000
  1,200,000
  Segment Data
  Second Quarter
  Six Months
  2003
  2002
  Percent Change
  2003
  2002
  Percent Change
  Revenues:
  Retail
  $234,523
  $254,074
  (8%)
  $464,588
  $494,470
  (6%)
  Capital Markets
  76,741
  80,057
  (4%)
  147,096
  159,698
  (8%)
  Asset Management
  29,952
  32,941
  (9%)
  59,133
  64,026
  (8%)
  RJ Bank
  7,023
  7,345
  (4%)
  15,047
  16,143
  (7%)
  Other
  2,258
  5,861
  (61%)
  9,241
  12,046
  (23%)
  Total
  $350,497
  $380,278
  (8%)
  $695,105
  $746,383
  (7%)
  Pre-tax Income:
  Retail
  $14,263
  $12,854
  11%
  $21,410
  $27,192
  (21%)
  Capital Markets
  5,667
  11,703
  (52%)
  9,683
  18,928
  (49%)
  Asset Management
  4,548
  5,203
  (13%)
  8,599
  10,557
  (19%)
  RJ Bank
  1,937
  1,763
  10%
  5,040
  3,671
  37%
  Other
  (2,144)
  (835)
  157%
  2,904
  (277)
  1,148%
  Total
  $24,271
  $30,688
  (21%)
  $47,636
  $60,071
  (21%)
  For additional information, contact
  Lawrence Silver at 727-567-5329.
  Please visit the Raymond James Press Center at
  http://www.RaymondJames.com/media.htm
  RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
  CONSOLIDATED STATEMENT OF OPERATIONS
  (UNAUDITED)
  Quarter-to-Date
  (in thousands, except per share amounts)
  Three Months Ended
  March 28,
  March 28,
  %
  Dec. 27,
  %
  2003
  2002
  change
  2002
  change
  Revenues:
  Securities commissions and fees
  $ 247,557
  $ 268,228
  -8%
  $ 237,848
  4%
  Investment banking
  13,740
  15,395
  -11%
  11,208
  23%
  Investment advisory fees
  27,232
  29,814
  -9%
  26,283
  4%
  Interest
  31,000
  38,586
  -20%
  34,646
  -11%
  Correspondent clearing
  756
  902
  -16%
  989
  -24%
  Net trading profits
  5,456
  3,861
  41%
  3,707
  47%
  Financial service fees
  15,583
  14,055
  11%
  15,506
  0%
  Other
  9,173
  9,437
  -3%
  14,421
  -36%
  TOTAL REVENUES
  350,497
  380,278
  -8%
  344,608
  2%
  Expenses
  Compensation, commissions
  and benefits
  248,951
  256,978
  -3%
  234,866
  6%
  Communications and
  information processing
  19,842
  21,890
  -9%
  18,966
  5%
  Occupancy and equipment
  costs
  14,942
  14,607
  2%
  15,648
  -5%
  Clearance and floor
  brokerage
  4,147
  3,623
  14%
  3,531
  17%
  Interest
  10,678
  19,241
  -45%
  13,213
  -19%
  Business development
  11,184
  12,606
  -11%
  12,277
  -9%
  Other
  16,482
  20,645
  -20%
  22,742
  -28%
  TOTAL EXPENSES
  326,226
  349,590
  -7%
  321,243
  2%
  Income before provision for
  income taxes
  24,271
  30,688
  -21%
  23,365
  4%
  Provision for income taxes
  9,077
  11,871
  -24%
  8,937
  2%
  Net Income
  $  15,194
  $  18,817
  -19%
  $  14,428
  5%
  Net Income per share basic
  $    0.31
  $    0.39
  -21%
  $    0.30
  3%
  Net Income per share diluted
  $    0.31
  $    0.38
  -18%
  $    0.29
  7%
  Weighted average common
  shares outstanding-basic
  48,468
  48,759
  48,762
  Weighted average common and
  common equivalent shares
  outstanding-diluted
  48,751
  49,870
  49,566
  RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
  CONSOLIDATED STATEMENT OF OPERATIONS
  (UNAUDITED)
  Year-to-Date
  (in thousands, except per share amounts)
  Six
  Months Ended
  March 28,
  March 28,
  %
  2003
  2002
  change
  Revenues:
  Securities commissions
  $ 485,405
  $ 519,888
  -7%
  Investment  banking
  24,948
  26,219
  -5%
  Investment advisory fees
  53,515
  57,582
  -7%
  Interest
  65,646
  83,965
  -22%
  Correspondent clearing
  1,745
  1,740
  0%
  Principal trading profits
  9,163
  9,774
  -6%
  Financial Service Fees
  31,089
  29,536
  5%
  Other
  23,594
  17,679
  33%
  TOTAL REVENUES
  695,105
  746,383
  -7%
  Expenses
  Employee compensation
  483,817
  502,969
  -4%
  Communications and information
  processing
  38,808
  41,102
  -6%
  Occupancy and equipment costs
  30,590
  29,703
  3%
  Clearance and floor brokerage
  7,678
  6,992
  10%
  Interest
  23,891
  44,361
  -46%
  Business development
  23,461
  23,860
  -2%
  Other
  39,224
  37,325
  5%
  TOTAL EXPENSES
  647,469
  686,312
  -6%
  Income before Income taxes
  47,636
  60,071
  -21%
  Provision for income taxes
  18,014
  23,156
  -22%
  Net Income
  $  29,622
  $  36,915
  -20%
  Net Income per share basic
  $    0.61
  $    0.76
  -20%
  Net Income per share diluted
  $    0.60
  $    0.74
  -19%
  Weighted average common shares
  outstanding-basic
  48,615
  48,568
  Weighted average common and common
  equivalent shares outstanding-diluted
  49,011
  49,652