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        RJF June 2005 Earnings Release
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      <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.&#160; 20549</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</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">&#160;</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">&#160;</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>July
        18, 2005</strong></font></div>
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        of
        report (date of earliest event reported)</font></div>
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        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>
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        or
        Other Jurisdiction of Incorporation)</font></div>
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                <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 align="left" valign="bottom" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
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                <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>
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        Carillon Parkway St. Petersburg, FL 33702</strong></font></div>
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        of Principal Executive Offices)&#160; (Zip Code)</font></div>
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        567-1000</strong></font></div>
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        Telephone Number, Including Area Code)</font></div>
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      <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">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</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">&#160;</div>
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        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">&#160;</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">&#160;
        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">&#160;</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">&#160;
        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">&#160;</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">&#160;
        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">&#160;</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"><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 July 18, 2005.
        </font></div><br>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</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">&#160;</div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">
  
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" colspan="2" valign="top" 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">RAYMOND
                  JAMES FINANCIAL, INC.</font></div>
              </td>
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              <td align="left" valign="top" width="47%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" colspan="2" valign="top" width="33%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
            </tr>
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              <td align="left" valign="top" width="47%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" colspan="2" valign="top" width="33%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
            </tr>
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              <td align="left" valign="top" width="47%">
                <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:&#160;
                  July 18, 2005</font></div>
              </td>
              <td align="left" valign="top" 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 align="left" valign="top" width="30%" style="BORDER-BOTTOM: black thin solid">
                <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">&#160;
                  /s/ Thomas A. James</font></div>
              </td>
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              <td align="left" valign="top" width="47%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="3%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="30%">
                <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>
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              <td align="left" valign="top" width="47%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="3%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="30%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
            </tr>
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              <td align="left" valign="top" width="47%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" 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 align="left" valign="top" width="30%" style="BORDER-BOTTOM: black thin solid">
                <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">&#160;
                  /s/ Jeffrey P. Julien</font></div>
              </td>
            </tr>
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              <td align="left" valign="top" width="47%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="3%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="30%">
                <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>
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              <td align="left" valign="top" width="47%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="3%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="30%">
                <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>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="3%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="30%">
                <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>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</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">July
          18,
          2005</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</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
          THIRD 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 9 percent
          increase in unaudited net income to $32,382,000, or $0.43 per diluted share,
          for
          the third quarter ended June 24, 2005, on slightly higher net revenues of
          $493,544,000, compared to net income of $29,614,000, or $0.40 per diluted
          share,
          for fiscal 2004&#8217;s third 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 nine months of fiscal 2005 was reported at $106,322,000,
          up
          from 2004&#8217;s $96,912,000, while net revenues for the period increased to
          $1,475,647,000 from $1,334,547,000 the previous year. Diluted earnings per
          share
          were $1.41 versus $1.30 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;Reflecting
          vibrant business activity across the firm, gross revenues and net revenues
          in
          our third fiscal quarter increased 17 percent and 12 percent, respectively,
          over
          last year&#8217;s comparable quarter,&#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;Although
          the 9 percent increase in net income was respectable, net additions to legal
          and
          settlement reserves of $8 million, of which $6.5 million related to two series
          of claims, obscured the excellent operating results&#8217; impact on net income. One
          of those was the &#8220;Premier 72&#8221; (Lapin) group of claims, of which approximately
          two-thirds were settled for $24 million after several years of litigation.
          As a
          result, Private Client Group profits were down $10 million from last year
          and
          masked excellent operating results in Capital Markets, Asset Management,
          Raymond
          James Bank and our venture capital investments.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8220;While
          litigation costs associated with the 2000-2002 market have continued to be
          a
          drag -more-</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">Release
          No. 0705-03</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</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">on
          earnings, there is an encouraging trend in a reduction in the number of
          complaints. An improved investment climate, as well as recruiting success
          in our
          brokerage subsidiaries, augurs well for the final quarter. We have participated
          in the summer rally since mid-June, which has favorably influenced investment
          results and activity,&#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 July 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&#160;Florida-based diversified&#160;holding
          company providing financial services to individuals, corporations and
          municipalities through its&#160;subsidiary companies. Its three wholly
          owned&#160;broker/dealers, Raymond James &amp; Associates, Raymond James
          Financial Services and Raymond James Ltd.&#160;have more than 4,800 financial
          advisors serving 1.3 million accounts in 2,100 locations throughout the United
          States, Canada&#160;and overseas. In addition, total client assets are
          currently
          over $142 billion, of which more than $26 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 </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">
          and
  </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>sec.gov</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</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">
            </div>
          </div>
          <div id="PN" style="PAGE-BREAK-AFTER: always">
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
            </div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="2">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right">
            </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. 0705-03</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</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>
          <table cellpadding="0" cellspacing="0" width="100%">
  
              <tr>
                <td colspan="12" valign="bottom" width="88%">
                  <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 colspan="12" valign="bottom" width="88%">
                  <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 colspan="12" valign="bottom" width="88%">
                  <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 third quarter ended June 24, 2005</font></div>
                </td>
              </tr>
              <tr>
                <td colspan="12" valign="bottom" width="88%">
                  <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 align="left" valign="bottom" width="25%">&#160;</td>
                <td align="left" valign="bottom" width="11%">&#160;</td>
                <td align="left" valign="bottom" width="1%">&#160;</td>
                <td align="left" valign="bottom" width="10%">&#160;</td>
                <td align="left" valign="bottom" width="1%">&#160;</td>
                <td align="left" valign="bottom" width="9%">&#160;</td>
                <td align="left" valign="bottom" width="1%">&#160;</td>
                <td align="left" valign="bottom" width="12%">&#160;</td>
                <td align="left" valign="bottom" width="1%">&#160;</td>
                <td align="left" valign="bottom" width="10%">&#160;</td>
                <td align="left" valign="bottom" width="1%">&#160;</td>
                <td align="left" valign="bottom" width="8%">&#160;</td>
              </tr>
              <tr>
                <td align="left" valign="bottom" width="25%">&#160;</td>
                <td colspan="5" valign="bottom" width="31%" style="BORDER-BOTTOM: black thin solid">
                  <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">Third
                    Quarter</font></div>
                </td>
                <td align="left" valign="bottom" width="1%">&#160;</td>
                <td colspan="5" valign="bottom" width="31%" style="BORDER-BOTTOM: black thin solid">
                  <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">Nine
                    Months</font></div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="bottom" width="25%">&#160;</td>
                <td valign="bottom" width="11%" style="BORDER-BOTTOM: black thin solid">
                  <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" width="1%">&#160;</td>
                <td valign="bottom" width="10%" style="BORDER-BOTTOM: black thin solid">
                  <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" width="1%">&#160;</td>
                <td valign="bottom" width="9%" style="BORDER-BOTTOM: black thin solid">
                  <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 align="left" valign="bottom" width="1%">&#160;</td>
                <td valign="bottom" width="12%" style="BORDER-BOTTOM: black thin solid">
                  <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" width="1%">&#160;</td>
                <td valign="bottom" width="10%" style="BORDER-BOTTOM: black thin solid">
                  <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" width="1%">&#160;</td>
                <td valign="bottom" width="8%" style="BORDER-BOTTOM: black thin solid">
                  <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 align="left" valign="bottom" width="25%">
                  <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 align="right" valign="bottom" width="11%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.5pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$526,362</font></div>
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                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="10%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.5pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$451,535</font></div>
                </td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" 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">17%</font></div>
                </td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="12%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.5pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$1,563,066</font></div>
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                <td align="right" valign="bottom" width="10%">
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                <td align="right" valign="bottom" width="8%">
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                </td>
              </tr>
              <tr>
                <td align="left" valign="bottom" width="25%">
                  <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 align="right" valign="bottom" width="11%">
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                </td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="10%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.5pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">440,111</font></div>
                </td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" 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">12%</font></div>
                </td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="12%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.5pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,475,647</font></div>
                </td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="10%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.5pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,334,547</font></div>
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                <td align="right" valign="bottom" width="8%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; 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>
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                <td align="left" valign="bottom" width="25%">
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                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="10%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="9%">&#160;</td>
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                <td align="right" valign="bottom" width="12%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="10%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
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                <td align="left" valign="bottom" width="25%">&#160;</td>
                <td align="right" valign="bottom" width="11%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="10%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="9%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="12%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="10%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="8%">&#160;</td>
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              <tr>
                <td align="left" valign="bottom" width="25%">
                  <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
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                <td align="right" valign="bottom" width="11%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="10%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="9%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="12%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="10%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="8%">&#160;</td>
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                <td align="left" valign="bottom" width="25%">
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                <td align="right" valign="bottom" width="10%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.5pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">74,560</font></div>
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                <td align="right" valign="bottom" width="9%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="12%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.5pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">75,493</font></div>
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                <td align="right" valign="bottom" width="10%">
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                <td align="right" valign="bottom" width="8%">&#160;</td>
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              <tr>
                <td align="left" valign="bottom" width="30%">&#160;</td>
                <td colspan="7" valign="bottom" width="59%">
                  <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 align="left" valign="bottom" width="30%">&#160;</td>
                <td align="left" valign="bottom" width="15%">&#160;</td>
                <td align="left" valign="bottom" width="2%">&#160;</td>
                <td align="left" valign="bottom" width="13%">&#160;</td>
                <td align="left" valign="bottom" width="2%">&#160;</td>
                <td align="left" valign="top" width="12%">&#160;</td>
                <td align="left" valign="top" width="2%">&#160;</td>
                <td align="left" valign="bottom" width="12%">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" width="30%">&#160;</td>
                <td valign="bottom" 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">June</font></div>
                </td>
                <td valign="bottom" width="2%">&#160;</td>
                <td valign="bottom" 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">March</font></div>
                </td>
                <td valign="bottom" width="2%">&#160;</td>
                <td valign="bottom" 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">September</font></div>
                </td>
                <td valign="top" width="2%">&#160;</td>
                <td valign="bottom" 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">June</font></div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" width="30%">&#160;</td>
                <td valign="bottom" width="15%" style="BORDER-BOTTOM: black thin solid">
                  <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" width="2%">&#160;</td>
                <td valign="bottom" width="13%" style="BORDER-BOTTOM: black thin solid">
                  <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" width="2%">&#160;</td>
                <td valign="bottom" width="12%" style="BORDER-BOTTOM: black thin solid">
                  <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" width="2%">&#160;</td>
                <td valign="bottom" width="12%" style="BORDER-BOTTOM: black thin solid">
                  <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 align="left" valign="bottom" width="30%">
                  <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
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                </td>
                <td align="right" valign="bottom" width="15%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 3.55pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$7.8
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                <td align="right" valign="bottom" width="13%">
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                <td align="right" valign="bottom" width="12%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.6pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$
                    7.6 bil.</font></div>
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                <td align="right" valign="bottom" width="12%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.6pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$7.3
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                </td>
              </tr>
              <tr>
                <td align="left" valign="bottom" width="30%">
                  <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&#8217;
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                <td align="right" valign="bottom" width="15%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 3.55pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$1,192
                    mil.</font></div>
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                <td align="right" valign="bottom" width="13%">
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                    mil.</font></div>
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                <td align="right" valign="bottom" width="12%">
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                <td align="right" valign="bottom" width="12%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.6pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$1,033
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                </td>
              </tr>
              <tr>
                <td align="left" valign="bottom" width="30%">
                  <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
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                <td align="right" valign="bottom" width="15%">
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                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="13%">
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                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="12%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.6pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$14.42</font></div>
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                <td align="right" valign="bottom" width="12%">
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              </tr>
              <tr>
                <td valign="bottom" width="30%">&#160;</td>
                <td align="right" valign="bottom" width="15%">&#160;</td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="13%">&#160;</td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="12%">&#160;</td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="12%">&#160;</td>
              </tr>
              <tr>
                <td align="left" valign="bottom" width="30%">&#160;</td>
                <td colspan="7" valign="bottom" width="59%">
                  <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
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                </td>
              </tr>
              <tr>
                <td valign="bottom" width="30%">&#160;</td>
                <td valign="bottom" width="15%">&#160;</td>
                <td valign="bottom" width="2%">&#160;</td>
                <td valign="bottom" width="13%">&#160;</td>
                <td valign="bottom" width="2%">&#160;</td>
                <td valign="bottom" width="12%">&#160;</td>
                <td valign="top" width="2%">&#160;</td>
                <td valign="bottom" width="12%">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" width="30%">&#160;</td>
                <td valign="bottom" 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">June</font></div>
                </td>
                <td valign="bottom" width="2%">&#160;</td>
                <td valign="bottom" 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">March</font></div>
                </td>
                <td valign="bottom" width="2%">&#160;</td>
                <td valign="bottom" 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">September</font></div>
                </td>
                <td valign="top" width="2%">&#160;</td>
                <td valign="bottom" 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">June</font></div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" width="30%">&#160;</td>
                <td valign="bottom" width="15%" style="BORDER-BOTTOM: black thin solid">
                  <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" width="2%">&#160;</td>
                <td valign="bottom" width="13%" style="BORDER-BOTTOM: black thin solid">
                  <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" width="2%">&#160;</td>
                <td valign="bottom" width="12%" style="BORDER-BOTTOM: black thin solid">
                  <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" width="2%" style="BORDER-BOTTOM: black thin solid">&#160;</td>
                <td valign="bottom" width="12%" style="BORDER-BOTTOM: black thin solid">
                  <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>
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                <td align="left" valign="bottom" width="30%">
                  <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
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                <td align="right" valign="bottom" width="15%">&#160;</td>
                <td align="left" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="13%">&#160;</td>
                <td align="left" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="12%">&#160;</td>
                <td align="right" valign="top" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="12%">&#160;</td>
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                <td align="left" valign="bottom" width="30%">
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                    States</font></div>
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                <td align="left" valign="bottom" width="30%">
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                <td align="right" valign="bottom" width="15%">
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                <td align="left" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="13%">
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                <td align="left" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="12%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.6pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">274</font></div>
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                <td align="left" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="12%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.6pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">261</font></div>
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                <td align="left" valign="bottom" width="30%">&#160;</td>
                <td align="left" valign="bottom" width="15%">&#160;</td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="left" valign="bottom" width="13%">&#160;</td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="12%">&#160;</td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="12%">&#160;</td>
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              <tr>
                <td align="left" valign="bottom" width="30%">
                  <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 align="right" valign="bottom" width="15%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.6pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">20</font></div>
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                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="13%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.6pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">20</font></div>
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                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="12%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.6pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">25</font></div>
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                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="12%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.6pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">22</font></div>
                </td>
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              <tr>
                <td align="left" valign="bottom" width="30%">&#160;</td>
                <td align="right" valign="bottom" width="15%">&#160;</td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="13%">&#160;</td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="12%">&#160;</td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="12%">&#160;</td>
              </tr>
              <tr>
                <td align="left" valign="bottom" width="30%">
                  <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
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                </td>
                <td align="right" valign="bottom" width="15%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.6pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$26.2
                    bil.</font></div>
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                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="13%">
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                    bil.</font></div>
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                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="12%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.6pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$
                    22.3 bil.</font></div>
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                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="12%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.6pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$22.1
                    bil.</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"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">*Prior
          quarters were restated to reflect a change in the definition of a producing
          Financial Advisor.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></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>
        <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</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">
            </div>
          </div>
          <div id="PN" style="PAGE-BREAK-AFTER: always">
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
            </div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="2">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right">
            </div>
          </div>
        </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. 0705-03</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</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 cellpadding="0" cellspacing="0" width="100%">
  
              <tr>
                <td align="left" valign="bottom" width="19%">&#160;</td>
                <td align="left" valign="bottom" width="14%">&#160;</td>
                <td align="left" valign="bottom" width="2%">&#160;</td>
                <td align="left" valign="bottom" width="13%">&#160;</td>
                <td align="left" valign="bottom" width="3%">&#160;</td>
                <td align="left" valign="top" width="14%">&#160;</td>
                <td align="left" valign="top" width="2%">&#160;</td>
                <td align="left" valign="bottom" width="10%">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" width="19%">&#160;</td>
                <td valign="bottom" 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">June</font></div>
                </td>
                <td valign="bottom" width="2%">&#160;</td>
                <td valign="bottom" 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">March</font></div>
                </td>
                <td valign="bottom" width="3%">&#160;</td>
                <td valign="bottom" 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">September</font></div>
                </td>
                <td valign="top" width="2%">&#160;</td>
                <td valign="bottom" 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">June</font></div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" width="19%">&#160;</td>
                <td valign="bottom" width="14%" style="BORDER-BOTTOM: black thin solid">
                  <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" width="2%">&#160;</td>
                <td valign="bottom" width="13%" style="BORDER-BOTTOM: black thin solid">
                  <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" width="3%">&#160;</td>
                <td valign="bottom" width="14%" style="BORDER-BOTTOM: black thin solid">
                  <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" width="2%">&#160;</td>
                <td valign="bottom" width="10%" style="BORDER-BOTTOM: black thin solid">
                  <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 align="left" valign="bottom" width="19%">&#160;</td>
                <td align="right" valign="bottom" width="14%">&#160;</td>
                <td align="left" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="13%">&#160;</td>
                <td align="left" valign="bottom" width="3%">&#160;</td>
                <td align="right" valign="bottom" width="14%">&#160;</td>
                <td align="right" valign="top" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="10%">&#160;</td>
              </tr>
              <tr>
                <td align="left" valign="bottom" width="19%">
                  <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 align="right" valign="bottom" width="14%">
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                    142 bil.</font></div>
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                <td align="left" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="13%">
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                    136 bil.</font></div>
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                <td align="right" valign="bottom" width="3%">&#160;</td>
                <td align="right" valign="bottom" width="14%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.6pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$
                    124 bil.</font></div>
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                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="10%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.6pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$109
                    bil.</font></div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="bottom" width="19%">
                  <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 align="right" valign="bottom" width="14%">
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                    mil.</font></div>
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                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="13%">
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                    mil.</font></div>
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                <td align="right" valign="bottom" width="3%">&#160;</td>
                <td align="right" valign="bottom" width="14%">
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                    mil.</font></div>
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                <td align="right" valign="bottom" width="10%">
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                    mil.</font></div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="bottom" width="19%">
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                    Trade Volume</font></div>
                </td>
                <td align="right" valign="bottom" width="14%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.6pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,884,000</font></div>
                </td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="13%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.6pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,993,000</font></div>
                </td>
                <td align="right" valign="bottom" width="3%">&#160;</td>
                <td align="right" valign="bottom" width="14%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.6pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,680,000</font></div>
                </td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="10%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.6pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,739,000</font></div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="bottom" width="19%">
                  <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 align="right" valign="bottom" width="14%">
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                </td>
                <td valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="13%">
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                <td align="right" valign="bottom" width="14%">
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                <td align="right" valign="bottom" width="10%">
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        <div>
          <table cellpadding="0" cellspacing="0" width="100%">
  
              <tr>
                <td valign="top" width="20%">&#160;</td>
                <td colspan="7" valign="top" width="59%" style="BORDER-BOTTOM: black thin solid">
                  <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>Segment
                    Data</strong></font></div>
                </td>
              </tr>
              <tr>
                <td valign="top" width="20%">&#160;</td>
                <td colspan="3" valign="top" width="29%" style="BORDER-BOTTOM: black thin solid">
                  <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" width="3%">&#160;</td>
                <td colspan="3" valign="top" width="27%" style="BORDER-BOTTOM: black thin solid">
                  <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">Nine
                    Months Ended</font></div>
                </td>
              </tr>
              <tr>
                <td valign="top" width="20%">&#160;</td>
                <td valign="top" 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">June
                    24,</font></div>
                </td>
                <td valign="top" width="2%">&#160;</td>
                <td valign="top" 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">June
                    25,</font></div>
                </td>
                <td valign="top" width="3%">&#160;</td>
                <td valign="top" 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">June
                    24,</font></div>
                </td>
                <td valign="top" width="2%">&#160;</td>
                <td valign="top" 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">June
                    25,</font></div>
                </td>
              </tr>
              <tr>
                <td valign="top" width="20%">&#160;</td>
                <td valign="top" width="14%" style="BORDER-BOTTOM: black thin solid">
                  <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" width="2%">&#160;</td>
                <td valign="top" width="13%" style="BORDER-BOTTOM: black thin solid">
                  <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" width="3%">&#160;</td>
                <td valign="top" width="14%" style="BORDER-BOTTOM: black thin solid">
                  <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" width="2%">&#160;</td>
                <td valign="top" width="11%" style="BORDER-BOTTOM: black thin solid">
                  <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 align="justify" 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 align="justify" valign="top" width="14%">&#160;</td>
                <td align="justify" valign="top" width="2%">&#160;</td>
                <td align="justify" valign="top" width="13%">&#160;</td>
                <td align="justify" valign="top" width="3%">&#160;</td>
                <td align="justify" valign="top" width="14%">&#160;</td>
                <td align="justify" valign="top" width="2%">&#160;</td>
                <td align="justify" valign="top" width="11%">&#160;</td>
              </tr>
              <tr>
                <td align="justify" 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">&#160;&#160;Private
                    Client Group</font></div>
                </td>
                <td align="right" valign="bottom" 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">$
                    341,559&#160;</font></div>
                </td>
                <td align="right" valign="top" width="2%">&#160;</td>
                <td align="right" valign="bottom" 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">$311,509&#160;</font></div>
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                <td align="justify" valign="bottom" width="3%">&#160;</td>
                <td align="right" valign="bottom" width="14%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$
                    1,019,478&#160;</font></div>
                </td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" 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">$
                    925,728&#160;</font></div>
                </td>
              </tr>
              <tr>
                <td align="justify" 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">&#160;&#160;Capital
                    Markets</font></div>
                </td>
                <td align="right" valign="bottom" 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">106,134&#160;</font></div>
                </td>
                <td align="right" valign="top" width="2%">&#160;</td>
                <td align="right" valign="bottom" 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">89,151&#160;</font></div>
                </td>
                <td align="justify" valign="bottom" width="3%">&#160;</td>
                <td align="right" valign="bottom" 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">326,817&#160;</font></div>
                </td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" 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">294,004&#160;</font></div>
                </td>
              </tr>
              <tr>
                <td align="justify" 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">&#160;&#160;Asset
                    Management</font></div>
                </td>
                <td align="right" valign="bottom" 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">43,139&#160;</font></div>
                </td>
                <td align="right" valign="top" width="2%">&#160;</td>
                <td align="right" valign="bottom" 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">36,956&#160;</font></div>
                </td>
                <td align="justify" valign="bottom" width="3%">&#160;</td>
                <td align="right" valign="bottom" 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">125,661&#160;</font></div>
                </td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" 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">109,137&#160;</font></div>
                </td>
              </tr>
              <tr>
                <td align="justify" 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">&#160;&#160;Raymond
                    James Bank</font></div>
                </td>
                <td align="right" valign="bottom" 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">12,243&#160;</font></div>
                </td>
                <td align="right" valign="top" width="2%">&#160;</td>
                <td align="right" valign="bottom" 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">7,099&#160;</font></div>
                </td>
                <td align="justify" valign="bottom" width="3%">&#160;</td>
                <td align="right" valign="bottom" 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">31,046&#160;</font></div>
                </td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" 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">20,554&#160;</font></div>
                </td>
              </tr>
              <tr>
                <td align="justify" 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">&#160;&#160;Other</font></div>
                </td>
                <td align="right" valign="bottom" width="14%" style="BORDER-BOTTOM: black thin solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">23,287&#160;</font></div>
                </td>
                <td align="right" valign="top" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="13%" style="BORDER-BOTTOM: black thin solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6,820&#160;</font></div>
                </td>
                <td align="justify" valign="bottom" width="3%">&#160;</td>
                <td align="right" valign="bottom" width="14%" style="BORDER-BOTTOM: black thin solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">60,064&#160;</font></div>
                </td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black thin solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">18,145&#160;</font></div>
                </td>
              </tr>
              <tr>
                <td align="justify" 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">&#160;&#160;&#160;&#160;&#160;Total</font></div>
                </td>
                <td align="right" valign="bottom" width="14%" style="BORDER-BOTTOM: black double">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$
                    526,362&#160;</font></div>
                </td>
                <td align="right" valign="top" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="13%" style="BORDER-BOTTOM: black double">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$451,535&#160;</font></div>
                </td>
                <td align="right" valign="bottom" width="3%">&#160;</td>
                <td align="right" valign="bottom" width="14%" style="BORDER-BOTTOM: black double">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$1,563,066&#160;</font></div>
                </td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black double">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$1,367,568&#160;</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 cellpadding="0" cellspacing="0" width="100%">
  
              <tr>
                <td align="left" valign="bottom" 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 align="left" valign="bottom" width="13%">&#160;</td>
                <td align="left" valign="bottom" width="2%">&#160;</td>
                <td align="left" valign="bottom" width="13%">&#160;</td>
                <td align="left" valign="bottom" width="3%">&#160;</td>
                <td align="left" valign="bottom" width="13%">&#160;</td>
                <td align="left" valign="bottom" width="2%">&#160;</td>
                <td align="left" valign="bottom" width="11%">&#160;</td>
              </tr>
              <tr>
                <td align="justify" 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">&#160;&#160;Private
                    Client Group</font></div>
                </td>
                <td align="right" valign="bottom" 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">$
                    17,879&#160;</font></div>
                </td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" 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">$
                    27,835&#160;</font></div>
                </td>
                <td align="right" valign="bottom" width="3%">&#160;</td>
                <td align="right" valign="bottom" 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">$
                    81,634&#160;</font></div>
                </td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" 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">$
                    90,122&#160;</font></div>
                </td>
              </tr>
              <tr>
                <td align="justify" 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">&#160;&#160;Capital
                    Markets</font></div>
                </td>
                <td align="right" valign="bottom" 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">15,229&#160;</font></div>
                </td>
                <td align="right" valign="top" width="2%">&#160;</td>
                <td align="right" valign="bottom" 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">10,197&#160;</font></div>
                </td>
                <td align="justify" valign="top" width="3%">&#160;</td>
                <td align="right" valign="bottom" 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">45,482&#160;</font></div>
                </td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" 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">37,822&#160;</font></div>
                </td>
              </tr>
              <tr>
                <td align="justify" 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">&#160;&#160;Asset
                    Management</font></div>
                </td>
                <td align="right" valign="bottom" 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">10,292&#160;</font></div>
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                <td align="right" valign="top" width="2%">&#160;</td>
                <td align="right" valign="bottom" 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">7,485&#160;</font></div>
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                <td align="right" valign="bottom" 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">29,107&#160;</font></div>
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                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" 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">21,385&#160;</font></div>
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              <tr>
                <td align="justify" 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">&#160;&#160;Raymond
                    James Bank</font></div>
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                <td align="right" valign="bottom" 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">3,379&#160;</font></div>
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                <td align="right" valign="top" width="2%">&#160;</td>
                <td align="right" valign="bottom" 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">2,775&#160;</font></div>
                </td>
                <td align="justify" valign="top" width="3%">&#160;</td>
                <td align="right" valign="bottom" 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">9,457&#160;</font></div>
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                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" 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">7,038&#160;</font></div>
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              </tr>
              <tr>
                <td align="justify" 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">&#160;&#160;Other</font></div>
                </td>
                <td align="right" valign="bottom" width="13%" style="BORDER-BOTTOM: black thin solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4,697&#160;</font></div>
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                <td align="right" valign="top" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="13%" style="BORDER-BOTTOM: black thin solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(577)</font></div>
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                <td align="justify" valign="top" width="3%">&#160;</td>
                <td align="right" valign="bottom" width="13%" style="BORDER-BOTTOM: black thin solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">8,730&#160;</font></div>
                </td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black thin solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(2,790)</font></div>
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              <tr>
                <td align="justify" 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">&#160;&#160;&#160;&#160;&#160;Total</font></div>
                </td>
                <td align="right" valign="bottom" width="13%" style="BORDER-BOTTOM: black double">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$
                    51,476&#160;</font></div>
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                <td align="right" valign="top" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="13%" style="BORDER-BOTTOM: black double">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$
                    47,715&#160;</font></div>
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                <td align="right" valign="bottom" width="13%" style="BORDER-BOTTOM: black double">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$174,410&#160;</font></div>
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                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black double">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$153,577&#160;</font></div>
                </td>
              </tr>
  
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        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</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>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</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">
            </div>
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          <div id="PN" style="PAGE-BREAK-AFTER: always">
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
            </div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="2">
            </div>
          </div>
          <div id="HDR">
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            </div>
          </div>
        </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. 0705-03</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</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 align="left">
          <table border="0" cellpadding="0" cellspacing="0" width="100%">
  
              <tr>
                <td colspan="10" valign="bottom" width="87%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><a name="RANGE_I1:R44"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>RAYMOND
                    JAMES FINANCIAL, INC. AND SUBSIDIARIES</strong></font></a></div>
                </td>
              </tr>
              <tr>
                <td colspan="10" valign="bottom" width="87%">
                  <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 colspan="10" valign="bottom" width="87%">
                  <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 colspan="10" valign="bottom" width="87%" style="BORDER-BOTTOM: black thin solid">
                  <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 colspan="10" valign="bottom" width="87%">
                  <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 align="left" valign="bottom" width="35%">&#160;</td>
                <td colspan="3" valign="bottom" width="22%" style="BORDER-BOTTOM: black thin solid">
                  <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 align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: black thin solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                </td>
                <td align="left" valign="bottom" width="7%" style="BORDER-BOTTOM: black thin solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                </td>
                <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: black thin solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                </td>
                <td align="left" valign="bottom" width="10%" style="BORDER-BOTTOM: black thin solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                </td>
                <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: black thin solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                </td>
                <td align="left" valign="bottom" width="7%" style="BORDER-BOTTOM: black thin solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="bottom" width="35%">&#160;</td>
                <td valign="bottom" 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>June
                    24</strong></font></div>
                </td>
                <td align="left" valign="bottom" width="2%">&#160;</td>
                <td valign="bottom" 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>June
                    25,</strong></font></div>
                </td>
                <td align="left" valign="bottom" width="2%">&#160;</td>
                <td valign="bottom" 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 align="left" valign="bottom" width="2%">&#160;</td>
                <td valign="bottom" 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 align="left" valign="bottom" width="2%">&#160;</td>
                <td valign="bottom" 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 align="left" valign="bottom" width="35%">&#160;</td>
                <td valign="bottom" width="10%" style="BORDER-BOTTOM: black thin solid">
                  <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 align="left" valign="bottom" width="2%">&#160;</td>
                <td valign="bottom" width="10%" style="BORDER-BOTTOM: black thin solid">
                  <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 align="left" valign="bottom" width="2%">&#160;</td>
                <td valign="bottom" width="7%" style="BORDER-BOTTOM: black thin solid">
                  <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 align="left" valign="bottom" width="2%">&#160;</td>
                <td valign="bottom" width="10%" style="BORDER-BOTTOM: black thin solid">
                  <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 align="left" valign="bottom" width="2%">&#160;</td>
                <td valign="bottom" width="7%" style="BORDER-BOTTOM: black thin solid">
                  <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 align="left" valign="bottom" width="35%">
                  <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 align="left" valign="bottom" width="10%">&#160;</td>
                <td align="left" valign="bottom" width="2%">&#160;</td>
                <td align="left" valign="bottom" width="10%">&#160;</td>
                <td align="left" valign="bottom" width="2%">&#160;</td>
                <td align="left" valign="bottom" width="7%">&#160;</td>
                <td align="left" valign="bottom" width="2%">&#160;</td>
                <td align="left" valign="bottom" width="10%">&#160;</td>
                <td align="left" valign="bottom" width="2%">&#160;</td>
                <td align="left" valign="bottom" width="7%">&#160;</td>
              </tr>
              <tr>
                <td align="left" valign="bottom" width="35%">
                  <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 align="right" valign="bottom" 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">$349,364</font></div>
                </td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="10%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$
                    326,701</font></div>
                </td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" 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">7%</font></div>
                </td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" 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 align="left" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" 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 align="left" valign="bottom" width="35%">
                  <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 align="right" valign="bottom" 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">30,544</font></div>
                </td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" 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">17,226</font></div>
                </td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" 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">77%</font></div>
                </td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" 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">28,387</font></div>
                </td>
                <td align="left" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" 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 align="left" valign="bottom" width="35%">
                  <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 align="right" valign="bottom" width="10%">
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                <td align="right" valign="bottom" width="7%">
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                <td align="right" valign="bottom" width="10%">
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                <td align="right" valign="bottom" width="7%">
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                <td align="right" valign="bottom" width="10%">
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                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" 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">33,271</font></div>
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                <td align="right" valign="bottom" width="7%">
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                <td align="right" valign="bottom" width="10%">
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                <td align="right" valign="bottom" width="7%">
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              <tr>
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                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" 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">5,031</font></div>
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                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="7%">
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                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" 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">7,445</font></div>
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                <td align="left" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" 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">-63%</font></div>
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              </tr>
              <tr>
                <td align="left" valign="bottom" width="35%">
                  <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
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                <td align="right" valign="bottom" width="10%">
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                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" 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">20,852</font></div>
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                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" 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>
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                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="10%">
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                <td align="left" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" 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>
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              <tr>
                <td align="left" valign="bottom" width="35%">
                  <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>
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                <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: black thin solid">
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                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: black thin solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">14,937</font></div>
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                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" 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">22%</font></div>
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                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: black thin solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; 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>
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                <td align="left" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" 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>
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              </tr>
              <tr>
                <td align="left" valign="bottom" width="35%">&#160;</td>
                <td align="right" valign="bottom" width="10%">&#160;</td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="10%">&#160;</td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="7%">&#160;</td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="10%">&#160;</td>
                <td align="left" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="7%">&#160;</td>
              </tr>
              <tr>
                <td align="left" valign="bottom" width="35%">
                  <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
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                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: black thin solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0.1pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">451,535</font></div>
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                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" 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>
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                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: black thin solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; 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>
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                <td align="left" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" 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>
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              </tr>
              <tr>
                <td align="left" valign="bottom" width="35%">
                  <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
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                </td>
                <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: black thin solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">32,818</font></div>
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                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="10%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0.1pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">11,424</font></div>
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                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" 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">187%</font></div>
                </td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: black thin solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; 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>
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                <td align="left" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" 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 align="left" valign="bottom" width="35%">
                  <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 align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: black thin solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">493,544</font></div>
                </td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: black thin solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0.1pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">440,111</font></div>
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                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" 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 align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: black thin solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; 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>
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                <td align="left" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" 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 align="left" valign="bottom" width="35%">&#160;</td>
                <td align="left" valign="bottom" width="10%">&#160;</td>
                <td align="left" valign="bottom" width="2%">&#160;</td>
                <td align="left" valign="bottom" width="10%">&#160;</td>
                <td align="left" valign="bottom" width="2%">&#160;</td>
                <td align="left" valign="bottom" width="7%">&#160;</td>
                <td align="left" valign="bottom" width="2%">&#160;</td>
                <td align="left" valign="bottom" width="10%">&#160;</td>
                <td align="left" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="7%">&#160;</td>
              </tr>
              <tr>
                <td align="left" valign="bottom" width="35%">
                  <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 align="right" valign="bottom" width="10%">&#160;</td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="10%">&#160;</td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="7%">&#160;</td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="10%">&#160;</td>
                <td align="left" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="7%">&#160;</td>
              </tr>
              <tr>
                <td align="left" valign="bottom" width="35%">
                  <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 align="right" valign="bottom" 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">348,361</font></div>
                </td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="10%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0.1pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">319,962</font></div>
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                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" 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>
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                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" 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>
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                <td align="left" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" 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 align="left" valign="bottom" width="35%">
                  <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 align="right" valign="bottom" 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">23,948</font></div>
                </td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="10%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0.1pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">20,425</font></div>
                </td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" 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>
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                <td align="right" valign="bottom" width="10%">
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                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; 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>
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                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; 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>
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                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; 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>
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                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0.1pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">16,561</font></div>
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                <td align="right" valign="bottom" 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">80%</font></div>
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                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">22,235</font></div>
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                <td align="right" valign="bottom" 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">34%</font></div>
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                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: black thin solid">&#160;</td>
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                <td align="right" valign="bottom" width="7%">&#160;</td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: black thin solid">&#160;</td>
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                <td align="left" valign="bottom" width="35%">
                  <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
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                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0.1pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">392,353</font></div>
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                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" 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>
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                <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: black thin solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">423,888</font></div>
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                <td align="right" valign="bottom" 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>
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              <tr>
                <td align="left" valign="bottom" width="35%">&#160;</td>
                <td align="right" valign="bottom" width="10%">&#160;</td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="10%">&#160;</td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="7%">&#160;</td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="10%">&#160;</td>
                <td align="left" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="7%">&#160;</td>
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              <tr>
                <td align="left" valign="bottom" width="35%">
                  <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>
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                <td align="right" valign="bottom" 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">50,964</font></div>
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                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="10%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0.1pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">47,758</font></div>
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                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" 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">7%</font></div>
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                <td align="right" valign="bottom" 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">59,230</font></div>
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                <td align="right" valign="bottom" 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>
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              <tr>
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                    for income taxes</font></div>
                </td>
                <td align="right" valign="bottom" 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">19,094</font></div>
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                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="10%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0.1pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">18,101</font></div>
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                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" 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>
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                <td align="right" valign="bottom" 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">23,431</font></div>
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                <td align="left" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" 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>
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              <tr>
                <td align="left" valign="bottom" width="35%">&#160;</td>
                <td align="right" valign="bottom" width="10%">&#160;</td>
                <td align="left" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="10%">&#160;</td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="7%">&#160;</td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="10%">&#160;</td>
                <td align="left" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="7%">&#160;</td>
              </tr>
              <tr>
                <td align="left" valign="bottom" width="35%" style="BORDER-BOTTOM: #ffffff solid">
                  <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">Minority
                    Interest</font></div>
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                <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: #000000 thin solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; 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</font></div>
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                <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ffffff solid">&#160;</td>
                <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: #000000 thin solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; 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</font></div>
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                <td align="right" valign="bottom" width="2%" style="BORDER-BOTTOM: #ffffff solid">&#160;</td>
                <td align="right" valign="bottom" width="7%" style="BORDER-BOTTOM: #ffffff solid">&#160;</td>
                <td align="right" valign="bottom" width="2%" style="BORDER-BOTTOM: #ffffff solid">&#160;</td>
                <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: #000000 thin solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,102</font></div>
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                <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ffffff solid">&#160;</td>
                <td align="right" valign="bottom" width="7%" style="BORDER-BOTTOM: #ffffff solid">&#160;</td>
              </tr>
              <tr>
                <td align="left" valign="bottom" width="35%">&#160;</td>
                <td align="right" valign="bottom" width="10%">&#160;</td>
                <td align="left" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="10%">&#160;</td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="7%">&#160;</td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="10%">&#160;</td>
                <td align="left" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="7%">&#160;</td>
              </tr>
              <tr>
                <td align="left" valign="bottom" width="35%">
                  <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
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                    32,382</strong></font></div>
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                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: black double">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; 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>29,613</strong></font></div>
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                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" 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>
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                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: black double">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; 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>
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                <td align="left" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" 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">-7%</font></div>
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              </tr>
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                <td align="left" valign="bottom" width="35%">
                  <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
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                </td>
                <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: black double">
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                <td align="right" valign="bottom" width="7%">&#160;</td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: black double">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; 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>$
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                <td align="left" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="7%">&#160;</td>
              </tr>
              <tr>
                <td align="left" valign="bottom" width="35%">
                  <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
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                </td>
                <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: black double">
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                    0.43</strong></font></div>
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                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: black double">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; 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>$
                    0.40</strong></font></div>
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                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="7%">&#160;</td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: black double">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; 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>$
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                <td align="left" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="7%">&#160;</td>
              </tr>
              <tr>
                <td align="left" valign="bottom" width="35%">
                  <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 align="right" valign="bottom" width="10%">&#160;</td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="10%">&#160;</td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="7%">&#160;</td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="10%">&#160;</td>
                <td align="left" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="7%">&#160;</td>
              </tr>
              <tr>
                <td align="left" valign="bottom" width="35%">
                  <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 align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: black double">
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                <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: black double">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; 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>73,592</strong></font></div>
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                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="7%">&#160;</td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: black double">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; 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>
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                <td align="left" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="7%">&#160;</td>
              </tr>
              <tr>
                <td align="left" valign="bottom" width="35%">
                  <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 align="right" valign="bottom" width="10%">&#160;</td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="10%">&#160;</td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="7%">&#160;</td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="10%">&#160;</td>
                <td align="left" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="7%">&#160;</td>
              </tr>
              <tr>
                <td align="left" valign="bottom" width="35%">
                  <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 align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: black double">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; 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>75,588</strong></font></div>
                </td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: black double">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; 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>74,560</strong></font></div>
                </td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="7%">&#160;</td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: black double">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; 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 align="left" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="7%">&#160;</td>
              </tr>
  
          </table><font id="TAB2" style="LETTER-SPACING: 9pt"><font id="TAB2" style="LETTER-SPACING: 9pt"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;&#160;&#160;&#160;</font>&#160;&#160;&#160;&#160;</font>&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</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="center">&#160;</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">
            </div>
          </div>
          <div id="PN" style="PAGE-BREAK-AFTER: always">
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
            </div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="2">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right">
            </div>
          </div>
        </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. 0705-03</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</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
          6</font></div>
        <div align="left">
          <table border="0" cellpadding="0" cellspacing="0" width="100%">
  
              <tr>
                <td colspan="8" valign="bottom" width="69%">
                  <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">&#160;</font></div>
                </td>
              </tr>
              <tr>
                <td colspan="8" valign="bottom" width="69%">
                  <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">&#160;</font></div>
                </td>
              </tr>
              <tr>
                <td colspan="8" valign="bottom" width="69%">
                  <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">&#160;</font></div>
                </td>
              </tr>
              <tr>
                <td colspan="8" valign="bottom" width="69%" style="BORDER-BOTTOM: black thin solid">
                  <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">&#160;</font></div>
                </td>
              </tr>
              <tr>
                <td colspan="8" valign="bottom" width="69%">
                  <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 align="left" valign="bottom" width="1%">&#160;</td>
                <td valign="bottom" width="34%">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black thin solid">&#160;</td>
                <td colspan="5" valign="bottom" width="33%" style="BORDER-BOTTOM: black thin solid">
                  <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>Nine
                    Months Ended</em></font></div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="bottom" width="1%">&#160;</td>
                <td align="left" valign="bottom" width="34%">&#160;</td>
                <td align="left" valign="bottom" width="1%">&#160;</td>
                <td valign="bottom" width="10%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>June
                    24,</strong></font></div>
                </td>
                <td align="left" valign="bottom" width="2%">&#160;</td>
                <td valign="bottom" width="10%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.6pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>June
                    25,</strong></font></div>
                </td>
                <td valign="top" width="2%">&#160;</td>
                <td valign="bottom" 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>%</strong></font></div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="bottom" width="1%">&#160;</td>
                <td align="left" valign="bottom" width="34%">&#160;</td>
                <td align="left" valign="bottom" width="1%">&#160;</td>
                <td valign="bottom" width="10%" style="BORDER-BOTTOM: black thin solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; 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" width="2%">&#160;</td>
                <td valign="bottom" width="10%" style="BORDER-BOTTOM: black thin solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.6pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>2004</strong></font></div>
                </td>
                <td valign="top" width="2%">&#160;</td>
                <td valign="bottom" width="9%" style="BORDER-BOTTOM: black thin solid">
                  <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 align="left" colspan="2" valign="bottom" width="35%">
                  <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 align="left" valign="bottom" width="1%">&#160;</td>
                <td align="left" valign="bottom" width="10%">&#160;</td>
                <td align="left" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="10%">&#160;</td>
                <td align="left" valign="bottom" width="2%">&#160;</td>
                <td align="left" valign="top" width="9%">&#160;</td>
              </tr>
              <tr>
                <td align="left" valign="bottom" width="1%">&#160;</td>
                <td align="left" valign="bottom" width="34%">
                  <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
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                </td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="10%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 7.05pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$1,048,206</font></div>
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                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="10%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.6pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$
                    982,030</font></div>
                </td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="9%">
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                </td>
              </tr>
              <tr>
                <td align="left" valign="bottom" width="1%">&#160;</td>
                <td align="left" valign="bottom" width="34%">
                  <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
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                </td>
                <td align="left" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="10%">
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                </td>
                <td align="left" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="10%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.6pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">69,017</font></div>
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                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" 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%</font></div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="bottom" width="1%">&#160;</td>
                <td align="left" valign="bottom" width="34%">
                  <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 align="left" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="10%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 7.05pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">115,233</font></div>
                </td>
                <td align="left" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="10%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.6pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">99,934</font></div>
                </td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" 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%</font></div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="bottom" width="1%">&#160;</td>
                <td align="left" valign="bottom" width="34%">
                  <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 align="left" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="10%">
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                  <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
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                <td align="left" valign="bottom" width="34%">
                  <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>
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                <td align="right" valign="bottom" width="9%">
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              <tr>
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                <td align="left" valign="bottom" width="34%">&#160;</td>
                <td align="left" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="10%">&#160;</td>
                <td align="left" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="10%">&#160;</td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="9%">&#160;</td>
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                <td align="left" colspan="2" valign="bottom" width="35%">
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                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 7.05pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,563,066</font></div>
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                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.6pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,367,568</font></div>
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                <td align="right" valign="bottom" width="9%">
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                <td align="left" valign="bottom" width="34%">
                  <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
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                <td align="left" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="10%">
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                <td align="right" valign="bottom" width="10%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.6pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">33,021</font></div>
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                <td align="right" valign="bottom" 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">165%</font></div>
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              <tr>
                <td align="left" colspan="2" valign="bottom" width="35%">
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                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 7.05pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,475,647</font></div>
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                <td align="left" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: black thin solid">
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                <td align="left" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" 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">11%</font></div>
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              <tr>
                <td align="left" valign="bottom" width="1%">&#160;</td>
                <td align="left" valign="bottom" width="34%">&#160;</td>
                <td align="left" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="10%">&#160;</td>
                <td align="left" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="10%">&#160;</td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="9%">&#160;</td>
              </tr>
              <tr>
                <td align="left" colspan="2" valign="bottom" width="35%">
                  <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 align="left" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="10%">&#160;</td>
                <td align="left" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="10%">&#160;</td>
                <td align="left" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="9%">&#160;</td>
              </tr>
              <tr>
                <td align="left" valign="bottom" width="1%">&#160;</td>
                <td align="left" valign="bottom" width="34%">
                  <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>
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                <td align="left" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="10%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 7.05pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,039,762</font></div>
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                <td align="left" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="10%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.6pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">961,993</font></div>
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                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" 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">8%</font></div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="bottom" width="1%">&#160;</td>
                <td align="left" valign="bottom" width="34%">
                  <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 align="left" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="10%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 7.05pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">67,205</font></div>
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                <td align="left" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="10%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.6pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">60,975</font></div>
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                <td align="left" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" 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%</font></div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="bottom" width="1%">&#160;</td>
                <td align="left" valign="bottom" width="34%">
                  <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
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                </td>
                <td align="left" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="10%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 7.05pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">48,570</font></div>
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                <td align="right" valign="top" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="10%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.6pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">45,435</font></div>
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                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" 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">7%</font></div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="bottom" width="1%">&#160;</td>
                <td align="left" valign="bottom" width="34%">
                  <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
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                </td>
                <td align="left" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="10%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 7.05pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">18,014</font></div>
                </td>
                <td align="left" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="10%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.6pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">15,466</font></div>
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                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" 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%</font></div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="bottom" width="1%">&#160;</td>
                <td align="left" valign="bottom" width="34%">
                  <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
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                </td>
                <td align="left" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="10%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 7.05pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">47,303</font></div>
                </td>
                <td align="left" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="10%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.6pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">42,194</font></div>
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                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" 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">12%</font></div>
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              </tr>
              <tr>
                <td align="left" valign="bottom" width="1%">&#160;</td>
                <td align="left" valign="bottom" width="34%">
                  <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>
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                <td align="left" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="10%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 7.05pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">78,205</font></div>
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                <td align="left" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="10%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.6pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">53,680</font></div>
                </td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" 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">46%</font></div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="bottom" width="1%">&#160;</td>
                <td align="left" valign="bottom" width="34%">&#160;</td>
                <td align="left" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: black thin solid">&#160;</td>
                <td align="left" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: black thin solid">&#160;</td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="9%">&#160;</td>
              </tr>
              <tr>
                <td align="left" colspan="2" valign="bottom" width="35%">
                  <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
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                </td>
                <td align="left" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: black thin solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 7.05pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,299,059</font></div>
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                <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: black thin solid">
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                <td align="left" valign="bottom" width="34%">&#160;</td>
                <td align="left" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="10%">&#160;</td>
                <td align="left" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="10%">&#160;</td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="9%">&#160;</td>
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                <td align="left" valign="bottom" width="1%">&#160;</td>
                <td align="left" valign="bottom" width="34%">
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                <td align="right" valign="bottom" width="10%">
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                <td align="left" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="10%">&#160;</td>
                <td align="left" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="10%">&#160;</td>
                <td align="left" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="9%">&#160;</td>
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                <td align="left" colspan="2" valign="bottom" width="35%" style="BORDER-BOTTOM: #ffffff solid">
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                    Interest</font></div>
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                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.6pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,227</font></div>
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              <tr>
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                </td>
                <td align="left" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: black double">
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                <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: black double">
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                <td align="right" valign="bottom" width="9%">
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                <td align="left" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: black double">&#160;</td>
                <td align="left" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: black double">&#160;</td>
                <td align="left" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="9%">&#160;</td>
              </tr>
              <tr>
                <td align="left" colspan="2" valign="bottom" width="35%">
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                    income per share basic</strong></font></div>
                </td>
                <td align="left" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: black double">
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                    1.45</strong></font></div>
                </td>
                <td align="left" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: black double">
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                    1.32</strong></font></div>
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                <td align="left" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="9%">&#160;</td>
              </tr>
              <tr>
                <td align="left" colspan="2" valign="bottom" width="35%">
                  <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 align="left" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: black double">
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                    1.41</strong></font></div>
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                    1.30</strong></font></div>
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                <td align="left" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="9%">&#160;</td>
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              <tr>
                <td align="left" colspan="2" valign="bottom" width="35%">
                  <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
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                </td>
                <td align="left" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="10%">&#160;</td>
                <td align="left" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="10%">&#160;</td>
                <td align="left" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="9%">&#160;</td>
              </tr>
              <tr>
                <td align="left" colspan="2" valign="bottom" width="35%">
                  <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>
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                </td>
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                <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: black double">
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                <td align="left" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="9%">&#160;</td>
              </tr>
              <tr>
                <td align="left" colspan="2" valign="bottom" width="35%">
                  <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
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                </td>
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                <td align="right" valign="bottom" width="10%">&#160;</td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="10%">&#160;</td>
                <td align="left" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="9%">&#160;</td>
              </tr>
              <tr>
                <td align="left" colspan="2" valign="bottom" width="35%">
                  <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
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                <td align="right" valign="bottom" width="9%">&#160;</td>
              </tr>
              <tr>
                <td align="left" colspan="2" valign="bottom" width="35%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="10%">&#160;</td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="10%">&#160;</td>
                <td align="left" valign="bottom" width="2%">&#160;</td>
                <td align="left" valign="top" width="9%">&#160;</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">&#160;</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><br></div>
    </body>
  </html>
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text: RJF June 2005 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
  July
        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 July 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: 
                  July 18, 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. 0705-03
  FOR
          IMMEDIATE RELEASE
  July
          18,
          2005
  RAYMOND
          JAMES FINANCIAL, INC.
  REPORTS
          THIRD QUARTER RESULTS
  ST.
          PETERSBURG, Fla. - Raymond James Financial, Inc. today reported a 9 percent
          increase in unaudited net income to $32,382,000, or $0.43 per diluted share,
          for
          the third quarter ended June 24, 2005, on slightly higher net revenues of
          $493,544,000, compared to net income of $29,614,000, or $0.40 per diluted
          share,
          for fiscal 2004's third quarter.
  Unaudited
          net income for the nine months of fiscal 2005 was reported at $106,322,000,
          up
          from 2004's $96,912,000, while net revenues for the period increased to
          $1,475,647,000 from $1,334,547,000 the previous year. Diluted earnings per
          share
          were $1.41 versus $1.30 for last year's comparable period.
  "Reflecting
          vibrant business activity across the firm, gross revenues and net revenues
          in
          our third fiscal quarter increased 17 percent and 12 percent, respectively,
          over
          last year's comparable quarter," stated Chairman and CEO Thomas A.
          James.
  "Although
          the 9 percent increase in net income was respectable, net additions to legal
          and
          settlement reserves of $8 million, of which $6.5 million related to two series
          of claims, obscured the excellent operating results' impact on net income. One
          of those was the "Premier 72" (Lapin) group of claims, of which approximately
          two-thirds were settled for $24 million after several years of litigation.
          As a
          result, Private Client Group profits were down $10 million from last year
          and
          masked excellent operating results in Capital Markets, Asset Management,
          Raymond
          James Bank and our venture capital investments.
  "While
          litigation costs associated with the 2000-2002 market have continued to be
          a
          drag -more-
  Release
          No. 0705-03
  Raymond
          James Financial, Inc.
  Page
          2
  on
          earnings, there is an encouraging trend in a reduction in the number of
          complaints. An improved investment climate, as well as recruiting success
          in our
          brokerage subsidiaries, augurs well for the final quarter. We have participated
          in the summer rally since mid-June, which has favorably influenced investment
          results and activity," James concluded.
  The
          company will conduct its quarterly conference call July 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 4,800 financial
          advisors serving 1.3 million accounts in 2,100 locations throughout the United
          States, Canada and overseas. In addition, total client assets are
          currently
          over $142 billion, of which more than $26 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. 0705-03
  Raymond
          James Financial, Inc.
  Page
          3
  Raymond
                    James Financial, Inc.
  Unaudited
                    Report
  For
                    the third quarter ended June 24, 2005
  (all
                    data in thousands, except per share earnings)
  Third
                    Quarter
  Nine
                    Months
  2005
  2004
  Percent
                    Change
  2005
  2004
  Percent
                    Change
  Revenues
  $526,362
  $451,535
  17%
  $1,563,066
  $1,367,568
  14%
  Net
                    Revenues
  493,544
  440,111
  12%
  1,475,647
  1,334,547
  11%
  Net
                    Income
  32,382
  29,613
  9%
  106,322
  96,912
  10%
  Earnings
                    Per Share - Diluted
  0.43
  0.40
  1.41
  1.30
  Average
                    Shares
  Outstanding
                    - Diluted
  75,588
  74,560
  75,493
  74,353
  Balance
                    Sheet Data
  June
  March
  September
  June
  2005
  2005
  2004
  2004
  Total
                    Assets
  $7.8
                    bil.
  $7.9
                    bil.
  $
                    7.6 bil.
  $7.3
                    bil.
  Shareholders'
                    Equity
  $1,192
                    mil.
  $1,160
                    mil.
  $1,065
                    mil.
  $1,033
                    mil.
  Book
                    Value Per Share
  $15.82
  $15.44
  $14.42
  $14.01
  Management
                    Data
  June
  March
  September
  June
  2005
  2005
  2004
  2004
  Total
                    Financial Advisors*
  United
                    States
  4,537
  4,488
  4,539
  4,633
  Canada
  282
  279
  274
  261
  #
                    Lead Managed/Co-Managed
  Public
                    Offerings in United States
  20
  20
  25
  22
  Financial
                    Assets Under Management
  $26.2
                    bil.
  $25.4
                    bil.
  $
                    22.3 bil.
  $22.1
                    bil.
  *Prior
          quarters were restated to reflect a change in the definition of a producing
          Financial Advisor.
  -more-
  Release
          No. 0705-03
  Raymond
          James Financial, Inc.
  Page
          4
  June
  March
  September
  June
  2005
  2005
  2004
  2004
  Client
                    Assets
  $
                    142 bil.
  $
                    136 bil.
  $
                    124 bil.
  $109
                    bil.
  Client
                    Margin Balances
  $1,214
                    mil.
  $1,190
                    mil.
  $1,173
                    mil.
  $1,129
                    mil.
  Client
                    Trade Volume
  1,884,000
  1,993,000
  1,680,000
  1,739,000
  #
                    of Client Accounts
  1,363,000
  1,347,000
  1,321,000
  1,340,000
  Segment
                    Data
  Three
                    Months Ended
  Nine
                    Months Ended
  June
                    24,
  June
                    25,
  June
                    24,
  June
                    25,
  2005
  2004
  2005
  2004
  Revenues:
  Private
                    Client Group
  $
                    341,559
  $311,509
  $
                    1,019,478
  $
                    925,728
  Capital
                    Markets
  106,134
  89,151
  326,817
  294,004
  Asset
                    Management
  43,139
  36,956
  125,661
  109,137
  Raymond
                    James Bank
  12,243
  7,099
  31,046
  20,554
  Other
  23,287
  6,820
  60,064
  18,145
  Total
  $
                    526,362
  $451,535
  $1,563,066
  $1,367,568
  Pre-tax
                    Income:
  Private
                    Client Group
  $
                    17,879
  $
                    27,835
  $
                    81,634
  $
                    90,122
  Capital
                    Markets
  15,229
  10,197
  45,482
  37,822
  Asset
                    Management
  10,292
  7,485
  29,107
  21,385
  Raymond
                    James Bank
  3,379
  2,775
  9,457
  7,038
  Other
  4,697
  (577)
  8,730
  (2,790)
  Total
  $
                    51,476
  $
                    47,715
  $174,410
  $153,577
  -more-
  Release
          No. 0705-03
  Raymond
          James Financial, Inc.
  Page
          5
  RAYMOND
                    JAMES FINANCIAL, INC. AND SUBSIDIARIES
  CONSOLIDATED
                    STATEMENT OF OPERATIONS
  (UNAUDITED)
  Quarter-to-Date
  (in
                    thousands, except per share amounts)
  Three
                    Months Ended
  June
                    24
  June
                    25,
  %
  March
                    24
  %
  2005
  2004
  Change
  2005
  Change
  Revenues:
  Securities
                    commissions and fees
  $349,364
  $
                    326,701
  7%
  $341,373
  2%
  Investment
                    banking
  30,544
  17,226
  77%
  28,387
  8%
  Investment
                    advisory fees
  38,674
  33,517
  15%
  39,106
  -1%
  Interest
  66,354
  33,271
  99%
  57,392
  16%
  Net
                    trading profits
  2,722
  5,031
  -46%
  7,445
  -63%
  Financial
                    service fees
  20,507
  20,852
  -2%
  21,748
  -6%
  Other
  18,197
  14,937
  22%
  16,876
  8%
  TOTAL
                    REVENUES
  526,362
  451,535
  17%
  512,327
  3%
  Interest
                    Expense
  32,818
  11,424
  187%
  29,209
  12%
  NET
                    REVENUES
  493,544
  440,111
  12%
  483,118
  2%
  Non-Interest
                    Expenses
  Compensation,
                    commissions and benefits
  348,361
  319,962
  9%
  342,492
  2%
  Communications
                    and information processing
  23,948
  20,425
  17%
  22,059
  9%
  Occupancy
                    and equipment costs
  16,695
  14,913
  12%
  15,822
  6%
  Clearance
                    and floor brokerage
  6,769
  5,094
  33%
  5,779
  17%
  Business
                    development
  17,057
  15,398
  11%
  15,501
  10%
  Other
  29,750
  16,561
  80%
  22,235
  34%
  TOTAL
                    NON-INTEREST EXPENSES
  442,580
  392,353
  13%
  423,888
  4%
  Income
                    before provision for income taxes
  50,964
  47,758
  7%
  59,230
  -14%
  Provision
                    for income taxes
  19,094
  18,101
  5%
  23,431
  -19%
  Minority
                    Interest
  -512
  44
  1,102
  Net
                    income
  $
                    32,382
  29,613
  9%
  $
                    34,697
  -7%
  Net
                    income per share basic
  $
                    0.44
  $
                    0.40
  $
                    0.47
  Net
                    income per share diluted
  $
                    0.43
  $
                    0.40
  $
                    0.46
  Weighted
                    average common shares
  outstanding-basic
  73,663
  73,592
  74,874
  Weighted
                    average common and common
  equivalent
                    shares outstanding-diluted
  75,588
  74,560
  76,305
  -more-
  Release
          No. 0705-03
  Raymond
          James Financial, Inc.
  Page
          6
  RAYMOND
                    JAMES FINANCIAL, INC. AND SUBSIDIARIES
  CONSOLIDATED
                    STATEMENT OF OPERATIONS
  (UNAUDITED)
  Year-to-Date
  (in
                    thousands, except per share amounts)
  Nine
                    Months Ended
  June
                    24,
  June
                    25,
  %
  2005
  2004
  Change
  Revenues:
  Securities
                    commissions and fees
  $1,048,206
  $
                    982,030
  7%
  Investment
                    banking
  87,436
  69,017
  27%
  Investment
                    advisory fees
  115,233
  99,934
  15%
  Interest
  178,161
  96,001
  86%
  Net
                    trading profits
  19,919
  16,323
  22%
  Financial
                    service fees
  64,665
  61,126
  6%
  Other
  49,446
  43,137
  15%
  TOTAL
                    REVENUES
  1,563,066
  1,367,568
  14%
  Interest
                    Expense
  87,419
  33,021
  165%
  NET
                    REVENUES
  1,475,647
  1,334,547
  11%
  Non-Interest
                    Expenses
  Compensation,
                    commissions and benefits
  1,039,762
  961,993
  8%
  Communications
                    and information processing
  67,205
  60,975
  10%
  Occupancy
                    and equipment costs
  48,570
  45,435
  7%
  Clearance
                    and floor brokerage
  18,014
  15,466
  16%
  Business
                    development
  47,303
  42,194
  12%
  Other
  78,205
  53,680
  46%
  TOTAL
                    NON-INTEREST EXPENSES
  1,299,059
  1,179,743
  10%
  Income
                    before provision for income taxes
  176,588
  154,804
  14%
  Provision
                    for income taxes
  68,088
  56,665
  20%
  Minority
                    Interest
  2,178
  1,227
  78%
  Net
                    income
  $
                    106,322
  $
                    96,912
  10%
  Net
                    income per share basic
  $
                    1.45
  $
                    1.32
  Net
                    income per share diluted
  $
                    1.41
  $
                    1.30
  Weighted
                    average common shares
  outstanding-basic
  73,320
  73,275
  Weighted
                    average common and common
  equivalent
                    shares outstanding-diluted
  75,493
  74,353
  For
          additional information, contact Tracey Bustamante at 727-567-2824.
  Please
          visit the Raymond James Press Center at
  raymondjames.com/media.htm
  .