content: <HTML><HEAD>
  <TITLE>
  RJF 2nd Quarter Earnings Release
  </TITLE>
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  <DIV><BR>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman"><STRONG>UNITED
  STATES</STRONG></FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman"><STRONG>SECURITIES
  AND EXCHANGE COMMISSION</STRONG></FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Washington,
  D.C.&nbsp; 20549</STRONG></FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><STRONG><FONT size=2></FONT></STRONG>&nbsp;</DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman"><STRONG>FORM
  8-K</STRONG></FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>CURRENT
  REPORT</STRONG></FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Pursuant
  to Section l3 and l5(d) of the</STRONG></FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Securities
  Exchange Act of l934</STRONG></FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>April
  18, 2005</STRONG></FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date of
  report (date of earliest event reported)</FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman"><STRONG>Raymond
  James Financial, Inc.</STRONG></FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Exact
  Name of Registrant as Specified in Its Charter)</FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Florida</STRONG></FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(State or
  Other Jurisdiction of Incorporation)</FONT></DIV>
  <DIV>
  <TABLE cellSpacing=0 cellPadding=0 width="100%">
    <TR>
      <TD vAlign=top align=middle width="38%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>1-9109</STRONG></FONT></DIV></TD>
      <TD vAlign=bottom align=left width="2%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV></TD>
      <TD vAlign=top align=middle width="38%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>59-1517485</STRONG></FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=top align=middle width="38%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Commission
        File Number)</FONT></DIV></TD>
      <TD vAlign=bottom align=left width="2%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV></TD>
      <TD vAlign=top align=middle width="38%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(IRS
        Employer Identification No.)</FONT></DIV></TD></TR></TABLE></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>880
  Carillon Parkway St. Petersburg, FL 33702</STRONG></FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Address
  of Principal Executive Offices)&nbsp; (Zip Code)</FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>(727)
  567-1000</STRONG></FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Registrant&#8217;s
  Telephone Number, Including Area Code)</FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Not
  Applicable</STRONG></FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Former
  Name or Former Address, if Changed Since Last Report)</FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Check the
  appropriate box below if the Form 8-K filing is intended to simultaneously
  satisfy the filing obligation of the registrant under any of the following
  provisions (</FONT><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><EM>see</EM></FONT><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> General
  Instruction A.2. below):</FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">o</FONT><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;
  Written communications pursuant to Rule 425 under the Securities Act (17 CFR
  230.425)</FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">o</FONT><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;
  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
  240.14a-12)</FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">o</FONT><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;
  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
  (17 CFR 240.14d-2(b))</FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">o</FONT><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;
  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
  (17 CFR 240.13e-4(c))</FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center>&nbsp;</DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Item
  7.01 Regulation FD Disclosure</STRONG></FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><BR></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
  following information was contained in a press release issued on April 18, 2005.
  </FONT></DIV><BR>
  <DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
  <DIV id=FTR>
  <DIV id=GLFTR style="WIDTH: 100%" align=left><FONT
  style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
  <DIV id=PN style="PAGE-BREAK-AFTER: always">
  <DIV style="WIDTH: 100%; TEXT-ALIGN: center"><FONT
  style="DISPLAY: inline; FONT-SIZE: 8pt" face="Times New Roman"></FONT></DIV>
  <DIV style="WIDTH: 100%; TEXT-ALIGN: center">
  <HR color=#000000 noShade SIZE=2>
  </DIV></DIV>
  <DIV id=HDR>
  <DIV id=GLHDR style="WIDTH: 100%" align=right><FONT
  style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV></DIV><BR>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>SIGNATURES</STRONG></FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
  to the requirements of the Securities Exchange Act of 1934, the Registrant has
  duly caused this report to be signed on its behalf by the undersigned hereunto
  duly authorized.</FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV>
  <DIV>
  <TABLE cellSpacing=0 cellPadding=0 width="100%">
    <TR>
      <TD vAlign=top align=left width="45%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV></TD>
      <TD vAlign=top align=left width="32%" colSpan=2>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">RAYMOND
        JAMES FINANCIAL, INC.</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=top align=left width="45%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV></TD>
      <TD vAlign=top align=left width="32%" colSpan=2>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV></TD></TR>
    <TR>
      <TD vAlign=top align=left width="45%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV></TD>
      <TD vAlign=top align=left width="32%" colSpan=2>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV></TD></TR>
    <TR>
      <TD vAlign=top align=left width="45%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date:&nbsp;
        April 19, 2005</FONT></DIV></TD>
      <TD vAlign=top align=left width="3%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By:</FONT></DIV></TD>
      <TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=left
      width="29%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;
        /s/ Thomas A. James</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=top align=left width="45%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV></TD>
      <TD vAlign=top align=left width="3%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV></TD>
      <TD vAlign=top align=left width="29%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Thomas
        A. James,</FONT></DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Chairman
        and Chief Executive Officer</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=top align=left width="45%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV></TD>
      <TD vAlign=top align=left width="3%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV></TD>
      <TD vAlign=top align=left width="29%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV></TD></TR>
    <TR>
      <TD vAlign=top align=left width="45%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV></TD>
      <TD vAlign=top align=left width="3%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By:</FONT></DIV></TD>
      <TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=left
      width="29%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;
        /s/ Jeffrey P. Julien</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=top align=left width="45%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV></TD>
      <TD vAlign=top align=left width="3%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV></TD>
      <TD vAlign=top align=left width="29%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Jeffrey
        P. Julien</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=top align=left width="45%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV></TD>
      <TD vAlign=top align=left width="3%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV></TD>
      <TD vAlign=top align=left width="29%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Senior
        Vice President - Finance</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=top align=left width="45%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV></TD>
      <TD vAlign=top align=left width="3%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV></TD>
      <TD vAlign=top align=left width="29%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">and
        Chief Financial Officer</FONT></DIV></TD></TR></TABLE></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV><BR>
  <DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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  <DIV id=GLFTR style="WIDTH: 100%" align=left><FONT
  style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
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  style="DISPLAY: inline; FONT-SIZE: 8pt" face="Times New Roman"></FONT></DIV>
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  <HR color=#000000 noShade SIZE=2>
  </DIV></DIV>
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  <DIV id=GLHDR style="WIDTH: 100%" align=right><FONT
  style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV></DIV><BR>
  <DIV
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  align=justify>&nbsp;</DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><IMG src="logo.jpg"></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=justify>&nbsp;</DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Release
  No. 0405-01</FONT><FONT id=TAB2
  style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;</FONT><FONT id=TAB2
  style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;</FONT><FONT id=TAB2
  style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;</FONT><FONT id=TAB2
  style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;</FONT><FONT id=TAB2
  style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;</FONT><FONT id=TAB2
  style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;</FONT><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">FOR
  IMMEDIATE RELEASE</FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=justify>&nbsp;</DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=justify>&nbsp;</DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">April 18,
  2005</FONT><FONT id=TAB2
  style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;</FONT><FONT id=TAB2
  style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;</FONT><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=justify>&nbsp;</DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">RAYMOND
  JAMES FINANCIAL, INC.</FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">REPORTS
  SECOND QUARTER RESULTS</FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><BR></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ST.
  PETERSBURG, Fla. - Raymond James Financial, Inc. today reported a 19 percent
  decrease in unaudited net income to $34,697,000, or $0.46 per diluted share, for
  the second quarter ended March 24, 2005, on slightly higher net revenues of
  $483,118,000, compared to net income of $43,068,000, or $0.58 per diluted share,
  for fiscal 2004&#8217;s second quarter.</FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Unaudited
  net income for the first half of fiscal 2005 was reported at $73,940,000, up
  from 2004&#8217;s $67,298,000, while net revenues for the period increased to
  $982,103,000 from $894,435,000 the previous year. Diluted earnings per share
  were $0.98 versus $0.91 for last year&#8217;s comparable period.</FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8220;Although
  net income of $34.7 million trailed last year&#8217;s comparable quarter and the
  immediately preceding quarter by 19 percent and 12 percent respectively, the
  second quarter&#8217;s results were good in light of the market&#8217;s direction and
  activity levels,&#8221; stated Chairman and CEO Thomas A. James.</FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8220;Last
  year&#8217;s comparable quarter was 13 weeks in duration versus 12 this quarter,
  benefited from a $3 million refund in state taxes and was our all-time record
  quarter in terms of net income based upon a 41 percent increase in revenues over
  its prior comparable quarter. This year&#8217;s net revenues only exceeded last year&#8217;s
  comparable quarter marginally. Moreover, total commissions were down 3 percent
  and Equity Capital Market revenues in this March quarter,</FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">-more-</FONT></DIV><BR>
  <DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
  <DIV id=FTR>
  <DIV id=GLFTR style="WIDTH: 100%" align=left><FONT
  style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
  <DIV id=PN style="PAGE-BREAK-AFTER: always">
  <DIV style="WIDTH: 100%; TEXT-ALIGN: center"><FONT
  style="DISPLAY: inline; FONT-SIZE: 8pt" face="Times New Roman"></FONT></DIV>
  <DIV style="WIDTH: 100%; TEXT-ALIGN: center">
  <HR color=#000000 noShade SIZE=2>
  </DIV></DIV>
  <DIV id=HDR>
  <DIV id=GLHDR style="WIDTH: 100%" align=right><FONT
  style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV></DIV><BR>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Release
  No. 0405-01</FONT><FONT id=TAB2
  style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;</FONT><FONT id=TAB2
  style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;</FONT><FONT id=TAB2
  style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;</FONT><FONT id=TAB2
  style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;</FONT><FONT id=TAB2
  style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;</FONT><FONT id=TAB2
  style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;</FONT><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Raymond
  James Financial, Inc.</FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Page
  2</FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><BR></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">albeit
  good, were down from the record levels last year. Thus, diluted earnings per
  share were $0.46, down from $0.58 last year.</FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8220;The
  immediately preceding December quarter was 14 weeks in duration and total net
  revenues were also 3 percent higher. Total commissions in the March 2005 quarter
  were off 4.5 percent from the prior quarter,&#8221; he added.</FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8220;Due to
  the excellent comparisons achieved in 2005&#8217;s first fiscal quarter, six-month
  gross revenues exceeded $1 billion and net income of almost $74 million was 10
  percent higher than the same results last year. Diluted earnings per share for
  the six months were $0.98 compared to $0.91 last year.</FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8220;Results
  for the remainder of the year are highly dependent on the stock market. If
  corporate earnings rates remain favorable in spite of the increasing interest
  rates and somewhat higher inflation rates, the market tone should improve, which
  will improve future comparisons. On the other hand, lower corporate earnings
  would probably signal more downside risk. I expect continued volatility for the
  rest of the year,&#8221; James concluded.</FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
  company will conduct its quarterly conference call April 19 at 4:15 p.m. EST.
  The telephone number is 800-773-5520. The call will also be available on demand
  on the company&#8217;s Web site, </FONT><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><U>raymondjames.com</U></FONT><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">, under
  &#8220;About Raymond James Financial,&#8221; &#8220;Financial Reports.&#8221;</FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Raymond
  James Financial (NYSE-RJF) is a&nbsp;Florida-based diversified&nbsp;holding
  company providing financial services to individuals, corporations and
  municipalities through its&nbsp;subsidiary companies. Its three wholly
  owned&nbsp;broker/dealers, Raymond James &amp; Associates, Raymond James
  Financial Services and Raymond James Ltd.&nbsp;have more than 5,000 financial
  advisors</FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">-more-</FONT></DIV><BR>
  <DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
  <DIV id=FTR>
  <DIV id=GLFTR style="WIDTH: 100%" align=left><FONT
  style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
  <DIV id=PN style="PAGE-BREAK-AFTER: always">
  <DIV style="WIDTH: 100%; TEXT-ALIGN: center"><FONT
  style="DISPLAY: inline; FONT-SIZE: 8pt" face="Times New Roman"></FONT></DIV>
  <DIV style="WIDTH: 100%; TEXT-ALIGN: center">
  <HR color=#000000 noShade SIZE=2>
  </DIV></DIV>
  <DIV id=HDR>
  <DIV id=GLHDR style="WIDTH: 100%" align=right><FONT
  style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV></DIV><BR>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><BR></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Release
  No. 0405-01</FONT><FONT id=TAB2
  style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;</FONT><FONT id=TAB2
  style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;</FONT><FONT id=TAB2
  style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;</FONT><FONT id=TAB2
  style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;</FONT><FONT id=TAB2
  style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;</FONT><FONT id=TAB2
  style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;</FONT><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Raymond
  James Financial, Inc.</FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Page
  3</FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><BR></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">serving
  1.3 million accounts in 2,100 locations throughout the United States,
  Canada&nbsp;and overseas. In addition, total client assets are currently over
  $136 billion, of which more than $25 billion are managed by the firm&#8217;s asset
  management subsidiaries.</FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">To the
  extent that Raymond James makes or publishes forward-looking statements
  (regarding management expectations, strategic objectives, business prospects,
  anticipated expense savings, financial results, anticipated results of
  litigation and regulatory proceedings, and other similar matters), a variety of
  factors, many of which are beyond Raymond James&#8217; control, could cause actual
  results and experiences to differ materially from the expectations and
  objectives expressed in these statements. These factors are described in Raymond
  James&#8217; 2004 annual report on Form 10-K, which is available on raymondjames.com
  and sec.gov.</FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><BR></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><BR></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><BR></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><BR></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><BR></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><BR></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><BR></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><BR></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><BR></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">- more
  -</FONT></DIV><BR>
  <DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
  <DIV id=FTR>
  <DIV id=GLFTR style="WIDTH: 100%" align=left><FONT
  style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
  <DIV id=PN style="PAGE-BREAK-AFTER: always">
  <DIV style="WIDTH: 100%; TEXT-ALIGN: center"><FONT
  style="DISPLAY: inline; FONT-SIZE: 8pt" face="Times New Roman"></FONT></DIV>
  <DIV style="WIDTH: 100%; TEXT-ALIGN: center">
  <HR color=#000000 noShade SIZE=2>
  </DIV></DIV>
  <DIV id=HDR>
  <DIV id=GLHDR style="WIDTH: 100%" align=right><FONT
  style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV></DIV><BR>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Release
  No. 0405-01</FONT><FONT id=TAB2
  style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;</FONT><FONT id=TAB2
  style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;</FONT><FONT id=TAB2
  style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;</FONT><FONT id=TAB2
  style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;</FONT><FONT id=TAB2
  style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;</FONT><FONT id=TAB2
  style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;</FONT><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Raymond
  James Financial, Inc.</FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Page
  4</FONT></DIV>
  <DIV>
  <TABLE cellSpacing=0 cellPadding=0 width="100%">
    <TR>
      <TD vAlign=bottom align=middle width="90%" colSpan=12>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Raymond
        James Financial, Inc.</STRONG></FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=bottom align=middle width="90%" colSpan=12>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Unaudited
        Report</STRONG></FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=bottom align=middle width="90%" colSpan=12>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">For
        the second quarter ended March 24, 2005</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=bottom align=middle width="90%" colSpan=12>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(all
        data in thousands, except per share earnings)</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="27%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="10%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="10%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="9%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="12%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="10%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="10%">&nbsp;</TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="27%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=middle
      width="30%" colSpan=5>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Second
        Quarter</FONT></DIV></TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=middle
      width="33%" colSpan=5>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Six
        Months</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="27%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=middle
      width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2005</FONT></DIV></TD>
      <TD vAlign=bottom align=middle width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=middle
      width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2004</FONT></DIV></TD>
      <TD vAlign=bottom align=middle width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=middle
      width="9%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Percent
        Change</FONT></DIV></TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=middle
      width="12%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2005</FONT></DIV></TD>
      <TD vAlign=bottom align=middle width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=middle
      width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2004</FONT></DIV></TD>
      <TD vAlign=bottom align=middle width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=middle
      width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Percent
        Change</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="27%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Revenues</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$512,327</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$491,373</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="9%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4%</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="12%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$1,036,704</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$916,033</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">13%</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="27%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Net
        Revenues</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">483,118</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">480,448</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="9%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1%</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="12%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">982,103</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">894,435</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10%</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="27%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Net
        Income</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">34,697</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">43,068</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="9%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">-19%</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="12%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">73,940</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">67,298</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10%</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="27%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="9%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="12%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">&nbsp;</TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="27%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Earnings
        Per </FONT></DIV></TD>
      <TD vAlign=bottom align=right width="10%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="9%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="12%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">&nbsp;</TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="27%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Share
        - Diluted</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">0.46</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">0.58</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="9%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">-21%</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="12%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">0.98</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">0.91</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">8%</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="27%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Average
        Shares</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="10%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="9%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="12%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">&nbsp;</TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="27%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Outstanding
        - Diluted</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">76,305</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">74,395</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="9%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="12%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">75,622</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">74,254</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">&nbsp;</TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="27%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="9%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="12%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">&nbsp;</TD></TR></TABLE></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><BR></DIV>
  <DIV>
  <TABLE cellSpacing=0 cellPadding=0 width="100%">
    <TR>
      <TD vAlign=bottom align=left width="33%">&nbsp;</TD>
      <TD vAlign=bottom align=middle width="59%" colSpan=7>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Balance
        Sheet Data</STRONG></FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="33%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="15%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="13%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
      <TD vAlign=top align=left width="12%">&nbsp;</TD>
      <TD vAlign=top align=left width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="12%">&nbsp;</TD></TR>
    <TR>
      <TD vAlign=bottom align=middle width="33%">&nbsp;</TD>
      <TD vAlign=bottom align=middle width="15%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">March</FONT></DIV></TD>
      <TD vAlign=bottom align=middle width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=middle width="13%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Dec.</FONT></DIV></TD>
      <TD vAlign=bottom align=middle width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=middle width="12%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Sept.</FONT></DIV></TD>
      <TD vAlign=top align=middle width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=middle width="12%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">March</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=bottom align=middle width="33%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=middle
      width="15%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2005</FONT></DIV></TD>
      <TD vAlign=bottom align=middle width="2%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=middle
      width="13%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2004</FONT></DIV></TD>
      <TD vAlign=bottom align=middle width="2%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=middle
      width="12%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2004</FONT></DIV></TD>
      <TD vAlign=top align=middle width="2%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=middle
      width="12%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2004</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="33%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Total
        Assets</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="15%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$8.0
        bil.</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="13%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$
        7.9 bil.</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="12%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$
        7.6 bil.</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="12%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$7.4
        bil.</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="33%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Shareholders'
        Equity</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="15%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$1,160
        mil.</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="13%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$1,120
        mil.</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="12%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$1,065
        mil.</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="12%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$1,003
        mil.</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="33%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Book
        Value Per Share</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="15%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$15.44</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="13%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$15.01</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="12%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$14.42</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="12%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$13.64</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=bottom align=middle width="33%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="15%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="13%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="12%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="12%">&nbsp;</TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="33%">&nbsp;</TD>
      <TD vAlign=bottom align=middle width="59%" colSpan=7>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Management
        Data</STRONG></FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=bottom align=middle width="33%">&nbsp;</TD>
      <TD vAlign=bottom align=middle width="15%">&nbsp;</TD>
      <TD vAlign=bottom align=middle width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=middle width="13%">&nbsp;</TD>
      <TD vAlign=bottom align=middle width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=middle width="12%">&nbsp;</TD>
      <TD vAlign=top align=middle width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=middle width="12%">&nbsp;</TD></TR>
    <TR>
      <TD vAlign=bottom align=middle width="33%">&nbsp;</TD>
      <TD vAlign=bottom align=middle width="15%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">March</FONT></DIV></TD>
      <TD vAlign=bottom align=middle width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=middle width="13%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Dec.</FONT></DIV></TD>
      <TD vAlign=bottom align=middle width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=middle width="12%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Sept.</FONT></DIV></TD>
      <TD vAlign=top align=middle width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=middle width="12%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">March</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=bottom align=middle width="33%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=middle
      width="15%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2005</FONT></DIV></TD>
      <TD vAlign=bottom align=middle width="2%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=middle
      width="13%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2004</FONT></DIV></TD>
      <TD vAlign=bottom align=middle width="2%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=middle
      width="12%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2004</FONT></DIV></TD>
      <TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=middle
      width="2%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=middle
      width="12%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2004</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="33%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Total
        Private Client Group Financial Advisors:</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="15%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="13%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="12%">&nbsp;</TD>
      <TD vAlign=top align=right width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="12%">&nbsp;</TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="33%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">United
        States</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="15%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4,806</FONT></DIV></TD>
      <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="13%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4,801</FONT></DIV></TD>
      <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="12%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4,856</FONT></DIV></TD>
      <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="12%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4,824</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="33%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Canada</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="15%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">279</FONT></DIV></TD>
      <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="13%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">277</FONT></DIV></TD>
      <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="12%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">274</FONT></DIV></TD>
      <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="12%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">243</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="33%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="15%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="13%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="12%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="12%">&nbsp;</TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="33%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">#
        Lead Managed/Co-Managed</FONT></DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Public
        Offerings in United States</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="15%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">20</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="13%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">26</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="12%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">25</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="12%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">26</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="33%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="15%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="13%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="12%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="12%">&nbsp;</TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="33%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Financial
        Assets Under Management</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="15%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$25.4
        bil.</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="13%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$
        25.1 bil.</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="12%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$
        22.3 bil.</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="12%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$21.8
        bil.</FONT></DIV></TD></TR></TABLE></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">- more
  -</FONT></DIV><BR>
  <DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
  <DIV id=FTR>
  <DIV id=GLFTR style="WIDTH: 100%" align=left><FONT
  style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
  <DIV id=PN style="PAGE-BREAK-AFTER: always">
  <DIV style="WIDTH: 100%; TEXT-ALIGN: center"><FONT
  style="DISPLAY: inline; FONT-SIZE: 8pt" face="Times New Roman"></FONT></DIV>
  <DIV style="WIDTH: 100%; TEXT-ALIGN: center">
  <HR color=#000000 noShade SIZE=2>
  </DIV></DIV>
  <DIV id=HDR>
  <DIV id=GLHDR style="WIDTH: 100%" align=right><FONT
  style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV></DIV><BR>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Release
  No. 0405-01</FONT><FONT id=TAB2
  style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;</FONT><FONT id=TAB2
  style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;</FONT><FONT id=TAB2
  style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;</FONT><FONT id=TAB2
  style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;</FONT><FONT id=TAB2
  style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;</FONT><FONT id=TAB2
  style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;</FONT><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Raymond
  James Financial, Inc.</FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Page
  5</FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><BR></DIV>
  <DIV>
  <TABLE cellSpacing=0 cellPadding=0 width="100%">
    <TR>
      <TD vAlign=bottom align=left width="29%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="14%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="14%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
      <TD vAlign=top align=left width="12%">&nbsp;</TD>
      <TD vAlign=top align=left width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="14%">&nbsp;</TD></TR>
    <TR>
      <TD vAlign=bottom align=middle width="29%">&nbsp;</TD>
      <TD vAlign=bottom align=middle width="14%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">March</FONT></DIV></TD>
      <TD vAlign=bottom align=middle width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=middle width="14%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Dec.</FONT></DIV></TD>
      <TD vAlign=bottom align=middle width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=middle width="12%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Sept.</FONT></DIV></TD>
      <TD vAlign=top align=middle width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=middle width="14%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">March</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=bottom align=middle width="29%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=middle
      width="14%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2005</FONT></DIV></TD>
      <TD vAlign=bottom align=middle width="2%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=middle
      width="14%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2004</FONT></DIV></TD>
      <TD vAlign=bottom align=middle width="2%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=middle
      width="12%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2004</FONT></DIV></TD>
      <TD vAlign=top align=middle width="2%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=middle
      width="14%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2004</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="29%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="14%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="14%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="12%">&nbsp;</TD>
      <TD vAlign=top align=right width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="14%">&nbsp;</TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="29%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Client
        Assets</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="14%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$
        136 bil.</FONT></DIV></TD>
      <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="14%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$
        136 bil.</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="12%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$
        124 bil.</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="14%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$107
        bil.</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="29%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Client
        Margin Balances</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="14%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$1,190
        mil.</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="14%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$1,199
        mil.</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="12%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$1,173
        mil.</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="14%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$1,074
        mil.</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="29%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Client
        Trade Volume</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="14%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,993,000</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="14%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2,079,000</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="12%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,680,000</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="14%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,995,000</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="29%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">#
        of Client Accounts</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="14%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,347,000</FONT></DIV></TD>
      <TD vAlign=bottom align=middle width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="14%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,326,000</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="12%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,321,000</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="14%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,314,000</FONT></DIV></TD></TR></TABLE></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><BR></DIV>
  <DIV>
  <TABLE cellSpacing=0 cellPadding=0 width="100%">
    <TR>
      <TD vAlign=top align=middle width="20%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=middle
      width="30%" colSpan=3>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Three
        Months Ended</FONT></DIV></TD>
      <TD vAlign=top align=middle width="2%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=middle
      width="27%" colSpan=3>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Six
        Months Ended</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=top align=middle width="20%">&nbsp;</TD>
      <TD vAlign=top align=middle width="14%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">March
        24,</FONT></DIV></TD>
      <TD vAlign=top align=middle width="2%">&nbsp;</TD>
      <TD vAlign=top align=middle width="14%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">March
        26,</FONT></DIV></TD>
      <TD vAlign=top align=middle width="2%">&nbsp;</TD>
      <TD vAlign=top align=middle width="14%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">March
        24,</FONT></DIV></TD>
      <TD vAlign=top align=middle width="2%">&nbsp;</TD>
      <TD vAlign=top align=middle width="11%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">March
        26,</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=top align=middle width="20%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=middle
      width="14%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2005</FONT></DIV></TD>
      <TD vAlign=top align=middle width="2%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=middle
      width="14%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2004</FONT></DIV></TD>
      <TD vAlign=top align=middle width="2%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=middle
      width="14%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2005</FONT></DIV></TD>
      <TD vAlign=top align=middle width="2%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=middle
      width="11%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2004</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=top width="20%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=justify><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Revenues:</STRONG></FONT></DIV></TD>
      <TD vAlign=top width="14%">&nbsp;</TD>
      <TD vAlign=top width="2%">&nbsp;</TD>
      <TD vAlign=top width="14%">&nbsp;</TD>
      <TD vAlign=top width="2%">&nbsp;</TD>
      <TD vAlign=top width="14%">&nbsp;</TD>
      <TD vAlign=top width="2%">&nbsp;</TD>
      <TD vAlign=top width="11%">&nbsp;</TD></TR>
    <TR>
      <TD vAlign=top width="20%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=justify><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;&nbsp;Private
        Client Group</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="14%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$
        337,477&nbsp;</FONT></DIV></TD>
      <TD vAlign=top align=right width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="14%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$327,416&nbsp;</FONT></DIV></TD>
      <TD vAlign=bottom width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="14%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$
        677,919&nbsp;</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="11%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$614,219&nbsp;</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=top width="20%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=justify><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;&nbsp;Capital
        Markets</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="14%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">103,664&nbsp;</FONT></DIV></TD>
      <TD vAlign=top align=right width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="14%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">113,246&nbsp;</FONT></DIV></TD>
      <TD vAlign=bottom width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="14%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">220,683&nbsp;</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="11%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">204,853&nbsp;</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=top width="20%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=justify><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;&nbsp;Asset
        Management</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="14%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">42,701&nbsp;</FONT></DIV></TD>
      <TD vAlign=top align=right width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="14%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">38,270&nbsp;</FONT></DIV></TD>
      <TD vAlign=bottom width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="14%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">82,522&nbsp;</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="11%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">72,181&nbsp;</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=top width="20%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=justify><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;&nbsp;RJBank</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="14%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">9,820&nbsp;</FONT></DIV></TD>
      <TD vAlign=top align=right width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="14%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6,897&nbsp;</FONT></DIV></TD>
      <TD vAlign=bottom width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="14%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">18,803&nbsp;</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="11%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">13,455&nbsp;</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=top width="20%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=justify><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;&nbsp;Other</FONT></DIV></TD>
      <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
      width="14%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">18,665&nbsp;</FONT></DIV></TD>
      <TD vAlign=top align=right width="2%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
      width="14%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5,544&nbsp;</FONT></DIV></TD>
      <TD vAlign=bottom width="2%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
      width="14%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">36,777&nbsp;</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
      width="11%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">11,325&nbsp;</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=top width="20%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=justify><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total</FONT></DIV></TD>
      <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
      width="14%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$
        512,327&nbsp;</FONT></DIV></TD>
      <TD vAlign=top align=right width="2%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
      width="14%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$491,373&nbsp;</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
      width="14%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$1,036,704&nbsp;</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
      width="11%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$916,033&nbsp;</FONT></DIV></TD></TR></TABLE></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><BR></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><BR></DIV>
  <DIV>
  <TABLE cellSpacing=0 cellPadding=0 width="100%">
    <TR>
      <TD vAlign=bottom align=left width="20%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Pre-tax
        Income:</STRONG></FONT></DIV></TD>
      <TD vAlign=bottom align=left width="14%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="14%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="14%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="11%">&nbsp;</TD></TR>
    <TR>
      <TD vAlign=bottom width="20%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=justify><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;&nbsp;Private
        Client Group</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="14%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$
        30,768&nbsp;</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="14%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$
        35,028&nbsp;</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="14%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$
        63,755&nbsp;</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="11%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$
        62,287&nbsp;</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=top width="20%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=justify><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;&nbsp;Capital
        Markets</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="14%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">12,923&nbsp;</FONT></DIV></TD>
      <TD vAlign=top align=right width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="14%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">21,610&nbsp;</FONT></DIV></TD>
      <TD vAlign=top width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="14%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">30,253&nbsp;</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="11%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">27,625&nbsp;</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=top width="20%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=justify><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;&nbsp;Asset
        Management</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="14%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10,432&nbsp;</FONT></DIV></TD>
      <TD vAlign=top align=right width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="14%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">8,978&nbsp;</FONT></DIV></TD>
      <TD vAlign=top width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="14%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">18,815&nbsp;</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="11%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">13,900&nbsp;</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=top width="20%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=justify><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;&nbsp;RJBank</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="14%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2,826&nbsp;</FONT></DIV></TD>
      <TD vAlign=top align=right width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="14%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2,366&nbsp;</FONT></DIV></TD>
      <TD vAlign=top width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="14%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6,078&nbsp;</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="11%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4,263&nbsp;</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=top width="20%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=justify><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;&nbsp;Other</FONT></DIV></TD>
      <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
      width="14%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,179&nbsp;</FONT></DIV></TD>
      <TD vAlign=top align=right width="2%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
      width="14%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(1,075)</FONT></DIV></TD>
      <TD vAlign=top width="2%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
      width="14%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4,032&nbsp;</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
      width="11%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(2,213)</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=top width="20%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=justify><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total</FONT></DIV></TD>
      <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
      width="14%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$
        58,128&nbsp;</FONT></DIV></TD>
      <TD vAlign=top align=right width="2%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
      width="14%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$
        66,907&nbsp;</FONT></DIV></TD>
      <TD vAlign=top width="2%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
      width="14%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$122,933&nbsp;</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
      width="11%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$105,862&nbsp;</FONT></DIV></TD></TR></TABLE></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><BR></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><BR></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><BR>&nbsp;</DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><BR></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><BR></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><BR></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><BR></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><BR></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><BR></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=justify>&nbsp;</DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">- more -
  </FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=justify>&nbsp;</DIV>
  <DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
  <DIV id=FTR>
  <DIV id=GLFTR style="WIDTH: 100%" align=left><FONT
  style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
  <DIV id=PN style="PAGE-BREAK-AFTER: always">
  <DIV style="WIDTH: 100%; TEXT-ALIGN: center"><FONT
  style="DISPLAY: inline; FONT-SIZE: 8pt" face="Times New Roman"></FONT></DIV>
  <DIV style="WIDTH: 100%; TEXT-ALIGN: center">
  <HR color=#000000 noShade SIZE=2>
  </DIV></DIV>
  <DIV id=HDR>
  <DIV id=GLHDR style="WIDTH: 100%" align=right><FONT
  style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV></DIV>
  <DIV></DIV><BR>
  <DIV align=left>
  <TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
    <TR>
      <TD vAlign=bottom align=middle width="90%" colSpan=10>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>RAYMOND
        JAMES FINANCIAL, INC. AND SUBSIDIARIES</STRONG></FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=bottom align=middle width="90%" colSpan=10>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>CONSOLIDATED
        STATEMENT OF OPERATIONS</STRONG></FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=bottom align=middle width="90%" colSpan=10>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>(UNAUDITED)</STRONG></FONT></DIV></TD></TR>
    <TR>
      <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=middle
      width="90%" colSpan=10>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Quarter-to-Date</STRONG></FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=bottom align=middle width="90%" colSpan=10>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(in
        thousands, except per share amounts)</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="37%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=middle
      width="21%" colSpan=3>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><EM>Three
        Months Ended</EM></FONT></DIV></TD>
      <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
      width="3%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV></TD>
      <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
      width="7%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV></TD>
      <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
      width="3%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV></TD>
      <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
      width="9%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV></TD>
      <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
      width="3%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV></TD>
      <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
      width="7%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV></TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="37%">&nbsp;</TD>
      <TD vAlign=bottom align=middle width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>March
        24</STRONG></FONT></DIV></TD>
      <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=middle width="9%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>March
        26,</STRONG></FONT></DIV></TD>
      <TD vAlign=bottom align=left width="3%">&nbsp;</TD>
      <TD vAlign=bottom align=middle width="7%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>%</STRONG></FONT></DIV></TD>
      <TD vAlign=bottom align=left width="3%">&nbsp;</TD>
      <TD vAlign=bottom align=middle width="9%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Dec.
        31,</STRONG></FONT></DIV></TD>
      <TD vAlign=bottom align=left width="3%">&nbsp;</TD>
      <TD vAlign=bottom align=middle width="7%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>%</STRONG></FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="37%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=middle
      width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>2005</STRONG></FONT></DIV></TD>
      <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=middle
      width="9%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>2004</STRONG></FONT></DIV></TD>
      <TD vAlign=bottom align=left width="3%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=middle
      width="7%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Change</STRONG></FONT></DIV></TD>
      <TD vAlign=bottom align=left width="3%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=middle
      width="9%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>2004</STRONG></FONT></DIV></TD>
      <TD vAlign=bottom align=left width="3%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=middle
      width="7%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Change</STRONG></FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="37%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Revenues:</FONT></DIV></TD>
      <TD vAlign=bottom align=left width="10%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="9%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="3%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="7%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="3%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="9%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="3%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="7%">&nbsp;</TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="37%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Securities
        commissions and fees</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$341,373</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="9%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$
        352,039</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="7%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">-3%</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="9%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$357,469</FONT></DIV></TD>
      <TD vAlign=bottom align=left width="3%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="7%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">-5%</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="37%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Investment
        banking</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">27,994</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="9%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">32,065</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="7%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">-13%</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="9%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">28,505</FONT></DIV></TD>
      <TD vAlign=bottom align=left width="3%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="7%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">-2%</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="37%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Investment
        advisory fees</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">39,106</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="9%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">34,460</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="7%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">14%</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="9%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">37,452</FONT></DIV></TD>
      <TD vAlign=bottom align=left width="3%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="7%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4%</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="37%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Interest</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">57,392</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="9%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">31,575</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="7%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">82%</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="9%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">54,416</FONT></DIV></TD>
      <TD vAlign=bottom align=left width="3%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="7%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6%</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="37%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Net
        trading profits</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">7,838</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="9%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4,512</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="7%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">74%</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="9%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">9,752</FONT></DIV></TD>
      <TD vAlign=bottom align=left width="3%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="7%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">-20%</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="37%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Financial
        service fees</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">21,748</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="9%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">21,571</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="7%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1%</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="9%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">22,410</FONT></DIV></TD>
      <TD vAlign=bottom align=left width="3%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="7%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">-3%</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="37%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Other</FONT></DIV></TD>
      <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
      width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">16,876</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
      width="9%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">15,151</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="7%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">11%</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
      width="9%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">14,373</FONT></DIV></TD>
      <TD vAlign=bottom align=left width="3%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="7%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">17%</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="37%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="9%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="7%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="9%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="3%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="7%">&nbsp;</TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="37%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>TOTAL
        REVENUES</STRONG></FONT></DIV></TD>
      <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
      width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">512,327</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
      width="9%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">491,373</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="7%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4%</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
      width="9%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">524,377</FONT></DIV></TD>
      <TD vAlign=bottom align=left width="3%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="7%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">-2%</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="37%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Interest
        Expense</FONT></DIV></TD>
      <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
      width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">29,209</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="9%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10,925</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="7%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">167%</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
      width="9%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">25,392</FONT></DIV></TD>
      <TD vAlign=bottom align=left width="3%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="7%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">15%</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="37%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>NET
        REVENUES</STRONG></FONT></DIV></TD>
      <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
      width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">483,118</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
      width="9%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">480,448</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="7%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1%</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
      width="9%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">498,985</FONT></DIV></TD>
      <TD vAlign=bottom align=left width="3%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="7%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">-3%</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="37%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="9%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="7%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="9%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="3%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="7%">&nbsp;</TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="37%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Non-Interest
        Expenses</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="10%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="9%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="7%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="9%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="3%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="7%">&nbsp;</TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="37%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Compensation,
        commissions and benefits</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">342,492</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="9%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">341,370</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="7%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">0%</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="9%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">348,909</FONT></DIV></TD>
      <TD vAlign=bottom align=left width="3%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="7%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">-2%</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="37%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Communications
        and information processing</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">22,059</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="9%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">21,354</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="7%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3%</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="9%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">21,199</FONT></DIV></TD>
      <TD vAlign=bottom align=left width="3%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="7%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4%</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="37%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Occupancy
        and equipment costs</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">15,822</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="9%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">15,229</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="7%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4%</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="9%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">16,053</FONT></DIV></TD>
      <TD vAlign=bottom align=left width="3%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="7%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">-1%</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="37%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Clearance
        and floor brokerage</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5,779</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="9%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5,320</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="7%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">9%</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="9%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5,466</FONT></DIV></TD>
      <TD vAlign=bottom align=left width="3%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="7%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6%</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="37%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Business
        development</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">15,501</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="9%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">13,854</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="7%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">12%</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="9%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">14,744</FONT></DIV></TD>
      <TD vAlign=bottom align=left width="3%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="7%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5%</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="37%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Other</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">23,336</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="9%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">16,414</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="7%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">42%</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="9%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">27,809</FONT></DIV></TD>
      <TD vAlign=bottom align=left width="3%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="7%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">-16%</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="37%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
      width="10%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
      width="9%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="7%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
      width="9%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="3%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="7%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV></TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="37%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>TOTAL
        NON-INTEREST EXPENSES</STRONG></FONT></DIV></TD>
      <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
      width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">424,989</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
      width="9%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">413,541</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="7%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3%</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
      width="9%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">434,180</FONT></DIV></TD>
      <TD vAlign=bottom align=left width="3%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="7%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">-2%</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="37%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="9%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="7%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="9%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="3%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="7%">&nbsp;</TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="37%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Income
        before provision for income taxes</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">58,129</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="9%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">66,907</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="7%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">-13%</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="9%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">64,805</FONT></DIV></TD>
      <TD vAlign=bottom align=left width="3%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="7%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">-10%</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="37%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Provision
        for income taxes</FONT></DIV></TD>
      <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
      width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">23,432</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
      width="9%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">23,839</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="7%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">-2%</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
      width="9%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">25,562</FONT></DIV></TD>
      <TD vAlign=bottom align=left width="3%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="7%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">-8%</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="37%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Net
        Income</STRONG></FONT></DIV></TD>
      <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
      width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>$
        34,697</STRONG></FONT></DIV></TD>
      <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
  width="9%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>$
        43,068</STRONG></FONT></DIV></TD>
      <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="7%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">-19%</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
  width="9%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>$
        39,243</STRONG></FONT></DIV></TD>
      <TD vAlign=bottom align=left width="3%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="7%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">-12%</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="37%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Net
        Income per share basic</STRONG></FONT></DIV></TD>
      <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
      width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>$
        0.47</STRONG></FONT></DIV></TD>
      <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
  width="9%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>$
        0.59</STRONG></FONT></DIV></TD>
      <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="7%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">-20%</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
  width="9%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>$
        0.53</STRONG></FONT></DIV></TD>
      <TD vAlign=bottom align=left width="3%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="7%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">-11%</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="37%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Net
        Income per share diluted</STRONG></FONT></DIV></TD>
      <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
      width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>$
        0.46</STRONG></FONT></DIV></TD>
      <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
  width="9%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>$
        0.58</STRONG></FONT></DIV></TD>
      <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="7%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">-21%</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
  width="9%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>$
        0.52</STRONG></FONT></DIV></TD>
      <TD vAlign=bottom align=left width="3%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="7%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">-12%</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="37%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Weighted
        average common shares</STRONG></FONT></DIV></TD>
      <TD vAlign=bottom align=right width="10%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="9%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="7%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="9%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="3%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="7%">&nbsp;</TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="37%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>outstanding-basic</STRONG></FONT></DIV></TD>
      <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
      width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>74,874</STRONG></FONT></DIV></TD>
      <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
  width="9%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>73,352</STRONG></FONT></DIV></TD>
      <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="7%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
  width="9%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>74,002</STRONG></FONT></DIV></TD>
      <TD vAlign=bottom align=left width="3%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="7%">&nbsp;</TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="37%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Weighted
        average common and common</STRONG></FONT></DIV></TD>
      <TD vAlign=bottom align=right width="10%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="9%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="7%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="9%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="3%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="7%">&nbsp;</TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="37%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>equivalent
        shares outstanding-diluted</STRONG></FONT></DIV></TD>
      <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
      width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>76,305</STRONG></FONT></DIV></TD>
      <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
  width="9%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>74,395</STRONG></FONT></DIV></TD>
      <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="7%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
  width="9%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>75,334</STRONG></FONT></DIV></TD>
      <TD vAlign=bottom align=left width="3%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="7%">&nbsp;</TD></TR></TABLE></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><BR></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">-more-</FONT></DIV><BR>
  <DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
  <DIV id=FTR>
  <DIV id=GLFTR style="WIDTH: 100%" align=left><FONT
  style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
  <DIV id=PN style="PAGE-BREAK-AFTER: always">
  <DIV style="WIDTH: 100%; TEXT-ALIGN: center"><FONT
  style="DISPLAY: inline; FONT-SIZE: 8pt" face="Times New Roman"></FONT></DIV>
  <DIV style="WIDTH: 100%; TEXT-ALIGN: center">
  <HR color=#000000 noShade SIZE=2>
  </DIV></DIV>
  <DIV id=HDR>
  <DIV id=GLHDR style="WIDTH: 100%" align=right><FONT
  style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV></DIV><BR>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center></DIV>
  <DIV align=left>
  <TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
    <TR>
      <TD vAlign=bottom align=middle width="74%" colSpan=8>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>RAYMOND
        JAMES FINANCIAL, INC. AND SUBSIDIARIES</STRONG></FONT><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=bottom align=middle width="74%" colSpan=8>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>CONSOLIDATED
        STATEMENT OF OPERATIONS</STRONG></FONT><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=bottom align=middle width="74%" colSpan=8>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>(UNAUDITED)</STRONG></FONT><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></DIV></TD></TR>
    <TR>
      <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=middle
      width="74%" colSpan=8>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Year-to-Date</STRONG></FONT><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=bottom align=middle width="74%" colSpan=8>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(in
        thousands, except per share amounts)</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=middle width="32%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
      width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
      width="40%" colSpan=5>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><EM>Six
        Months Ended</EM></FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="32%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=middle width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>March
        24,</STRONG></FONT></DIV></TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=middle width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>March
        26,</STRONG></FONT></DIV></TD>
      <TD vAlign=top align=middle width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=middle width="18%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>%</STRONG></FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="32%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=middle
      width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>2005</STRONG></FONT></DIV></TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=middle
      width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>2004</STRONG></FONT></DIV></TD>
      <TD vAlign=top align=middle width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=middle
      width="18%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Change</STRONG></FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="33%" colSpan=2>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Revenues:</FONT></DIV></TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="10%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="10%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=top align=left width="18%">&nbsp;</TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="32%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Securities
        commissions and fees</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$
        698,842</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$
        655,330</FONT></DIV></TD>
      <TD vAlign=top align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="18%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">7%</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="32%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Investment
        banking</FONT></DIV></TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">56,499</FONT></DIV></TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">51,791</FONT></DIV></TD>
      <TD vAlign=top align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="18%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">9%</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="32%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Investment
        advisory fees</FONT></DIV></TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">76,558</FONT></DIV></TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">66,418</FONT></DIV></TD>
      <TD vAlign=top align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="18%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">15%</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="32%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Interest</FONT></DIV></TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">111,808</FONT></DIV></TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">62,731</FONT></DIV></TD>
      <TD vAlign=top align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="18%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">78%</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="32%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Net
        trading profits</FONT></DIV></TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">17,590</FONT></DIV></TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">11,291</FONT></DIV></TD>
      <TD vAlign=top align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="18%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">56%</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="32%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Financial
        service fees</FONT></DIV></TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">44,158</FONT></DIV></TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">40,273</FONT></DIV></TD>
      <TD vAlign=top align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="18%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10%</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="32%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Other</FONT></DIV></TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
      width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">31,249</FONT></DIV></TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
      width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">28,199</FONT></DIV></TD>
      <TD vAlign=top align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="18%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">11%</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="32%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">&nbsp;</TD>
      <TD vAlign=top align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="18%">&nbsp;</TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="33%" colSpan=2>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>TOTAL
        REVENUES</STRONG></FONT></DIV></TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
      width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,036,704</FONT></DIV></TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
      width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">916,033</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="18%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">13%</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="32%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Interest
        Expense</FONT></DIV></TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">54,601</FONT></DIV></TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">21,598</FONT></DIV></TD>
      <TD vAlign=top align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="18%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">153%</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="33%" colSpan=2>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>NET
        REVENUES</STRONG></FONT></DIV></TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
      width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">982,103</FONT></DIV></TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
      width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">894,435</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="18%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10%</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="32%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">&nbsp;</TD>
      <TD vAlign=top align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="18%">&nbsp;</TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="33%" colSpan=2>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Non-Interest
        Expenses</FONT></DIV></TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="18%">&nbsp;</TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="32%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Compensation,
        commissions and benefits</FONT></DIV></TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">691,401</FONT></DIV></TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">642,030</FONT></DIV></TD>
      <TD vAlign=top align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="18%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">8%</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="32%" colSpan=2>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Communications
        and information processing</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="11%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">43,258</FONT></DIV></TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">40,550</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="18%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">7%</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="32%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Occupancy
        and equipment costs</FONT></DIV></TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">31,875</FONT></DIV></TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">30,522</FONT></DIV></TD>
      <TD vAlign=top align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="18%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4%</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="32%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Clearance
        and floor brokerage</FONT></DIV></TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">11,245</FONT></DIV></TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10,372</FONT></DIV></TD>
      <TD vAlign=top align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="18%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">8%</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="32%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Business
        development</FONT></DIV></TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">30,245</FONT></DIV></TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">26,797</FONT></DIV></TD>
      <TD vAlign=top align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="18%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">13%</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="32%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Other</FONT></DIV></TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">51,145</FONT></DIV></TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">38,302</FONT></DIV></TD>
      <TD vAlign=top align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="18%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">34%</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="32%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
      width="10%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
      width="10%">&nbsp;</TD>
      <TD vAlign=top align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="18%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV></TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="33%" colSpan=2>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>TOTAL
        NON-INTEREST EXPENSES</STRONG></FONT></DIV></TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
      width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">859,169</FONT></DIV></TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
      width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">788,573</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="18%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">9%</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="32%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">&nbsp;</TD>
      <TD vAlign=top align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="18%">&nbsp;</TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="32%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Income
        before provision for income taxes</FONT></DIV></TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">122,934</FONT></DIV></TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">105,862</FONT></DIV></TD>
      <TD vAlign=top align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="18%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">16%</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="33%" colSpan=2>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Provision
        for income taxes</FONT></DIV></TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
      width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">48,994</FONT></DIV></TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
      width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">38,564</FONT></DIV></TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="18%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">27%</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="33%" colSpan=2>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Net
        Income</STRONG></FONT></DIV></TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
      width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>$
        73,940</STRONG></FONT></DIV></TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
      width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>$
        67,298</STRONG></FONT></DIV></TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="18%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10%</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="33%" colSpan=2>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Net
        Income per share basic</STRONG></FONT></DIV></TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
      width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>$
        1.00</STRONG></FONT></DIV></TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
      width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>$
        0.92</STRONG></FONT></DIV></TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="18%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">9%</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="33%" colSpan=2>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Net
        Income per share diluted</STRONG></FONT></DIV></TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
      width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>$
        0.98</STRONG></FONT></DIV></TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
      width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>$
        0.91</STRONG></FONT></DIV></TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="18%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">8%</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="33%" colSpan=2>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Weighted
        average common shares</STRONG></FONT></DIV></TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=top align=left width="18%">&nbsp;</TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="33%" colSpan=2>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>outstanding-basic</STRONG></FONT></DIV></TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
      width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>74,239</STRONG></FONT></DIV></TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
      width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>73,117</STRONG></FONT></DIV></TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=top align=left width="18%">&nbsp;</TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="33%" colSpan=2>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Weighted
        average common and common </STRONG></FONT></DIV></TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=top align=left width="18%">&nbsp;</TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="33%" colSpan=2>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>equivalent
        shares outstanding-diluted</STRONG></FONT></DIV></TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
      width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>75,622</STRONG></FONT></DIV></TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
      width="10%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>74,254</STRONG></FONT></DIV></TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=top align=left width="18%">&nbsp;</TD></TR></TABLE></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><BR></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">- 30 -
  </FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">For
  additional information, contact Tracey Bustamante at 727-567-2824.</FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Please
  visit the Raymond James Press Center at </STRONG></FONT><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>raymondjames.com/media.htm</STRONG></FONT><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>.</STRONG></FONT></DIV>
  <DIV></DIV></DIV></BODY></HTML>
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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": "05758169"}, "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: RJF 2nd Quarter Earnings Release
  UNITED
  STATES
  SECURITIES
  AND EXCHANGE COMMISSION
  Washington,
  D.C.  20549
  FORM
  8-K
  CURRENT
  REPORT
  Pursuant
  to Section l3 and l5(d) of the
  Securities
  Exchange Act of l934
  April
  18, 2005
  Date of
  report (date of earliest event reported)
  Raymond
  James Financial, Inc.
  (Exact
  Name of Registrant as Specified in Its Charter)
  Florida
  (State or
  Other Jurisdiction of Incorporation)
  1-9109
  59-1517485
  (Commission
        File Number)
  (IRS
        Employer Identification No.)
  880
  Carillon Parkway St. Petersburg, FL 33702
  (Address
  of Principal Executive Offices)  (Zip Code)
  (727)
  567-1000
  (Registrant's
  Telephone Number, Including Area Code)
  Not
  Applicable
  (Former
  Name or Former Address, if Changed Since Last Report)
  Check the
  appropriate box below if the Form 8-K filing is intended to simultaneously
  satisfy the filing obligation of the registrant under any of the following
  provisions (
  see
  General
  Instruction A.2. below):
  o
  Written communications pursuant to Rule 425 under the Securities Act (17 CFR
  230.425)
  o
  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
  240.14a-12)
  o
  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
  (17 CFR 240.14d-2(b))
  o
  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
  (17 CFR 240.13e-4(c))
  Item
  7.01 Regulation FD Disclosure
  The
  following information was contained in a press release issued on April 18, 2005.
  SIGNATURES
  Pursuant
  to the requirements of the Securities Exchange Act of 1934, the Registrant has
  duly caused this report to be signed on its behalf by the undersigned hereunto
  duly authorized.
  RAYMOND
        JAMES FINANCIAL, INC.
  Date: 
        April 19, 2005
  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
  Release
  No. 0405-01
  FOR
  IMMEDIATE RELEASE
  April 18,
  2005
  RAYMOND
  JAMES FINANCIAL, INC.
  REPORTS
  SECOND QUARTER RESULTS
  ST.
  PETERSBURG, Fla. - Raymond James Financial, Inc. today reported a 19 percent
  decrease in unaudited net income to $34,697,000, or $0.46 per diluted share, for
  the second quarter ended March 24, 2005, on slightly higher net revenues of
  $483,118,000, compared to net income of $43,068,000, or $0.58 per diluted share,
  for fiscal 2004's second quarter.
  Unaudited
  net income for the first half of fiscal 2005 was reported at $73,940,000, up
  from 2004's $67,298,000, while net revenues for the period increased to
  $982,103,000 from $894,435,000 the previous year. Diluted earnings per share
  were $0.98 versus $0.91 for last year's comparable period.
  "Although
  net income of $34.7 million trailed last year's comparable quarter and the
  immediately preceding quarter by 19 percent and 12 percent respectively, the
  second quarter's results were good in light of the market's direction and
  activity levels," stated Chairman and CEO Thomas A. James.
  "Last
  year's comparable quarter was 13 weeks in duration versus 12 this quarter,
  benefited from a $3 million refund in state taxes and was our all-time record
  quarter in terms of net income based upon a 41 percent increase in revenues over
  its prior comparable quarter. This year's net revenues only exceeded last year's
  comparable quarter marginally. Moreover, total commissions were down 3 percent
  and Equity Capital Market revenues in this March quarter,
  -more-
  Release
  No. 0405-01
  Raymond
  James Financial, Inc.
  Page
  2
  albeit
  good, were down from the record levels last year. Thus, diluted earnings per
  share were $0.46, down from $0.58 last year.
  "The
  immediately preceding December quarter was 14 weeks in duration and total net
  revenues were also 3 percent higher. Total commissions in the March 2005 quarter
  were off 4.5 percent from the prior quarter," he added.
  "Due to
  the excellent comparisons achieved in 2005's first fiscal quarter, six-month
  gross revenues exceeded $1 billion and net income of almost $74 million was 10
  percent higher than the same results last year. Diluted earnings per share for
  the six months were $0.98 compared to $0.91 last year.
  "Results
  for the remainder of the year are highly dependent on the stock market. If
  corporate earnings rates remain favorable in spite of the increasing interest
  rates and somewhat higher inflation rates, the market tone should improve, which
  will improve future comparisons. On the other hand, lower corporate earnings
  would probably signal more downside risk. I expect continued volatility for the
  rest of the year," James concluded.
  The
  company will conduct its quarterly conference call April 19 at 4:15 p.m. EST.
  The telephone number is 800-773-5520. The call will also be available on demand
  on the company's Web site,
  raymondjames.com
  , under
  "About Raymond James Financial," "Financial Reports."
  Raymond
  James Financial (NYSE-RJF) is a Florida-based diversified holding
  company providing financial services to individuals, corporations and
  municipalities through its subsidiary companies. Its three wholly
  owned broker/dealers, Raymond James & Associates, Raymond James
  Financial Services and Raymond James Ltd. have more than 5,000 financial
  advisors
  -more-
  Release
  No. 0405-01
  Raymond
  James Financial, Inc.
  Page
  3
  serving
  1.3 million accounts in 2,100 locations throughout the United States,
  Canada and overseas. In addition, total client assets are currently over
  $136 billion, of which more than $25 billion are managed by the firm's asset
  management subsidiaries.
  To the
  extent that Raymond James makes or publishes forward-looking statements
  (regarding management expectations, strategic objectives, business prospects,
  anticipated expense savings, financial results, anticipated results of
  litigation and regulatory proceedings, and other similar matters), a variety of
  factors, many of which are beyond Raymond James' control, could cause actual
  results and experiences to differ materially from the expectations and
  objectives expressed in these statements. These factors are described in Raymond
  James' 2004 annual report on Form 10-K, which is available on raymondjames.com
  and sec.gov.
  - more
  -
  Release
  No. 0405-01
  Raymond
  James Financial, Inc.
  Page
  4
  Raymond
        James Financial, Inc.
  Unaudited
        Report
  For
        the second quarter ended March 24, 2005
  (all
        data in thousands, except per share earnings)
  Second
        Quarter
  Six
        Months
  2005
  2004
  Percent
        Change
  2005
  2004
  Percent
        Change
  Revenues
  $512,327
  $491,373
  4%
  $1,036,704
  $916,033
  13%
  Net
        Revenues
  483,118
  480,448
  1%
  982,103
  894,435
  10%
  Net
        Income
  34,697
  43,068
  -19%
  73,940
  67,298
  10%
  Earnings
        Per
  Share
        - Diluted
  0.46
  0.58
  -21%
  0.98
  0.91
  8%
  Average
        Shares
  Outstanding
        - Diluted
  76,305
  74,395
  75,622
  74,254
  Balance
        Sheet Data
  March
  Dec.
  Sept.
  March
  2005
  2004
  2004
  2004
  Total
        Assets
  $8.0
        bil.
  $
        7.9 bil.
  $
        7.6 bil.
  $7.4
        bil.
  Shareholders'
        Equity
  $1,160
        mil.
  $1,120
        mil.
  $1,065
        mil.
  $1,003
        mil.
  Book
        Value Per Share
  $15.44
  $15.01
  $14.42
  $13.64
  Management
        Data
  March
  Dec.
  Sept.
  March
  2005
  2004
  2004
  2004
  Total
        Private Client Group Financial Advisors:
  United
        States
  4,806
  4,801
  4,856
  4,824
  Canada
  279
  277
  274
  243
  #
        Lead Managed/Co-Managed
  Public
        Offerings in United States
  20
  26
  25
  26
  Financial
        Assets Under Management
  $25.4
        bil.
  $
        25.1 bil.
  $
        22.3 bil.
  $21.8
        bil.
  - more
  -
  Release
  No. 0405-01
  Raymond
  James Financial, Inc.
  Page
  5
  March
  Dec.
  Sept.
  March
  2005
  2004
  2004
  2004
  Client
        Assets
  $
        136 bil.
  $
        136 bil.
  $
        124 bil.
  $107
        bil.
  Client
        Margin Balances
  $1,190
        mil.
  $1,199
        mil.
  $1,173
        mil.
  $1,074
        mil.
  Client
        Trade Volume
  1,993,000
  2,079,000
  1,680,000
  1,995,000
  #
        of Client Accounts
  1,347,000
  1,326,000
  1,321,000
  1,314,000
  Three
        Months Ended
  Six
        Months Ended
  March
        24,
  March
        26,
  March
        24,
  March
        26,
  2005
  2004
  2005
  2004
  Revenues:
  Private
        Client Group
  $
        337,477
  $327,416
  $
        677,919
  $614,219
  Capital
        Markets
  103,664
  113,246
  220,683
  204,853
  Asset
        Management
  42,701
  38,270
  82,522
  72,181
  RJBank
  9,820
  6,897
  18,803
  13,455
  Other
  18,665
  5,544
  36,777
  11,325
  Total
  $
        512,327
  $491,373
  $1,036,704
  $916,033
  Pre-tax
        Income:
  Private
        Client Group
  $
        30,768
  $
        35,028
  $
        63,755
  $
        62,287
  Capital
        Markets
  12,923
  21,610
  30,253
  27,625
  Asset
        Management
  10,432
  8,978
  18,815
  13,900
  RJBank
  2,826
  2,366
  6,078
  4,263
  Other
  1,179
  (1,075)
  4,032
  (2,213)
  Total
  $
        58,128
  $
        66,907
  $122,933
  $105,862
  - more -
  RAYMOND
        JAMES FINANCIAL, INC. AND SUBSIDIARIES
  CONSOLIDATED
        STATEMENT OF OPERATIONS
  (UNAUDITED)
  Quarter-to-Date
  (in
        thousands, except per share amounts)
  Three
        Months Ended
  March
        24
  March
        26,
  %
  Dec.
        31,
  %
  2005
  2004
  Change
  2004
  Change
  Revenues:
  Securities
        commissions and fees
  $341,373
  $
        352,039
  -3%
  $357,469
  -5%
  Investment
        banking
  27,994
  32,065
  -13%
  28,505
  -2%
  Investment
        advisory fees
  39,106
  34,460
  14%
  37,452
  4%
  Interest
  57,392
  31,575
  82%
  54,416
  6%
  Net
        trading profits
  7,838
  4,512
  74%
  9,752
  -20%
  Financial
        service fees
  21,748
  21,571
  1%
  22,410
  -3%
  Other
  16,876
  15,151
  11%
  14,373
  17%
  TOTAL
        REVENUES
  512,327
  491,373
  4%
  524,377
  -2%
  Interest
        Expense
  29,209
  10,925
  167%
  25,392
  15%
  NET
        REVENUES
  483,118
  480,448
  1%
  498,985
  -3%
  Non-Interest
        Expenses
  Compensation,
        commissions and benefits
  342,492
  341,370
  0%
  348,909
  -2%
  Communications
        and information processing
  22,059
  21,354
  3%
  21,199
  4%
  Occupancy
        and equipment costs
  15,822
  15,229
  4%
  16,053
  -1%
  Clearance
        and floor brokerage
  5,779
  5,320
  9%
  5,466
  6%
  Business
        development
  15,501
  13,854
  12%
  14,744
  5%
  Other
  23,336
  16,414
  42%
  27,809
  -16%
  TOTAL
        NON-INTEREST EXPENSES
  424,989
  413,541
  3%
  434,180
  -2%
  Income
        before provision for income taxes
  58,129
  66,907
  -13%
  64,805
  -10%
  Provision
        for income taxes
  23,432
  23,839
  -2%
  25,562
  -8%
  Net
        Income
  $
        34,697
  $
        43,068
  -19%
  $
        39,243
  -12%
  Net
        Income per share basic
  $
        0.47
  $
        0.59
  -20%
  $
        0.53
  -11%
  Net
        Income per share diluted
  $
        0.46
  $
        0.58
  -21%
  $
        0.52
  -12%
  Weighted
        average common shares
  outstanding-basic
  74,874
  73,352
  74,002
  Weighted
        average common and common
  equivalent
        shares outstanding-diluted
  76,305
  74,395
  75,334
  -more-
  RAYMOND
        JAMES FINANCIAL, INC. AND SUBSIDIARIES
  CONSOLIDATED
        STATEMENT OF OPERATIONS
  (UNAUDITED)
  Year-to-Date
  (in
        thousands, except per share amounts)
  Six
        Months Ended
  March
        24,
  March
        26,
  %
  2005
  2004
  Change
  Revenues:
  Securities
        commissions and fees
  $
        698,842
  $
        655,330
  7%
  Investment
        banking
  56,499
  51,791
  9%
  Investment
        advisory fees
  76,558
  66,418
  15%
  Interest
  111,808
  62,731
  78%
  Net
        trading profits
  17,590
  11,291
  56%
  Financial
        service fees
  44,158
  40,273
  10%
  Other
  31,249
  28,199
  11%
  TOTAL
        REVENUES
  1,036,704
  916,033
  13%
  Interest
        Expense
  54,601
  21,598
  153%
  NET
        REVENUES
  982,103
  894,435
  10%
  Non-Interest
        Expenses
  Compensation,
        commissions and benefits
  691,401
  642,030
  8%
  Communications
        and information processing
  43,258
  40,550
  7%
  Occupancy
        and equipment costs
  31,875
  30,522
  4%
  Clearance
        and floor brokerage
  11,245
  10,372
  8%
  Business
        development
  30,245
  26,797
  13%
  Other
  51,145
  38,302
  34%
  TOTAL
        NON-INTEREST EXPENSES
  859,169
  788,573
  9%
  Income
        before provision for income taxes
  122,934
  105,862
  16%
  Provision
        for income taxes
  48,994
  38,564
  27%
  Net
        Income
  $
        73,940
  $
        67,298
  10%
  Net
        Income per share basic
  $
        1.00
  $
        0.92
  9%
  Net
        Income per share diluted
  $
        0.98
  $
        0.91
  8%
  Weighted
        average common shares
  outstanding-basic
  74,239
  73,117
  Weighted
        average common and common
  equivalent
        shares outstanding-diluted
  75,622
  74,254
  - 30 -
  For
  additional information, contact Tracey Bustamante at 727-567-2824.
  Please
  visit the Raymond James Press Center at
  raymondjames.com/media.htm
  .