content: <HTML><HEAD>
  <TITLE>
  RJF January 2005 Monthly Operating Numbers
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  <DIV><BR>
  <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: 18pt; FONT-FAMILY: Times New Roman"><STRONG>UNITED
  STATES</STRONG></FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman"><STRONG>SECURITIES
  AND EXCHANGE COMMISSION</STRONG></FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Washington,
  D.C.&nbsp; 20549</STRONG></FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman"><STRONG>FORM
  8-K</STRONG></FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>CURRENT
  REPORT</STRONG></FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Pursuant
  to Section l3 and l5(d) of the</STRONG></FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Securities
  Exchange Act of l934</STRONG></FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>January
  28, 2005</STRONG></FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date of
  report (date of earliest event reported)</FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman"><STRONG>Raymond
  James Financial, Inc.</STRONG></FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Exact
  Name of Registrant as Specified in Its Charter)</FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Florida</STRONG></FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(State or
  Other Jurisdiction of Incorporation)</FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV>
  <DIV>
  <TABLE cellSpacing=0 cellPadding=0 width="100%">
    <TR>
      <TD vAlign=top align=middle width="35%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>1-9109</STRONG></FONT></DIV></TD>
      <TD vAlign=bottom align=left width="2%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV></TD>
      <TD vAlign=top align=middle width="35%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>59-1517485</STRONG></FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=top align=middle width="35%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Commission
        File Number)</FONT></DIV></TD>
      <TD vAlign=bottom align=left width="2%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV></TD>
      <TD vAlign=top align=middle width="35%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(IRS
        Employer Identification No.)</FONT></DIV></TD></TR></TABLE></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>880
  Carillon Parkway St. Petersburg, FL 33702</STRONG></FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Address
  of Principal Executive Offices)&nbsp; (Zip Code)</FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>(727)
  567-1000</STRONG></FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Registrant&#8217;s
  Telephone Number, Including Area Code)</FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Not
  Applicable</STRONG></FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Former
  Name or Former Address, if Changed Since Last Report)</FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Check the
  appropriate box below if the Form 8-K filing is intended to simultaneously
  satisfy the filing obligation of the registrant under any of the following
  provisions (</FONT><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><EM>see</EM></FONT><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> General
  Instruction A.2. below):</FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">o</FONT><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;
  Written communications pursuant to Rule 425 under the Securities Act (17 CFR
  230.425)</FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">o</FONT><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;
  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
  240.14a-12)</FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">o</FONT><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;
  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
  (17 CFR 240.14d-2(b))</FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">o</FONT><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;
  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
  (17 CFR 240.13e-4(c))</FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left>
  <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></STRONG></FONT>&nbsp;</DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><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=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">The
  following information was contained in a press release issued on February 17,
  2005.</FONT><BR></DIV></DIV>
  <DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
  <DIV id=FTR>
  <DIV id=GLFTR style="WIDTH: 100%" align=left><FONT
  style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
  <DIV id=PN style="PAGE-BREAK-AFTER: always">
  <DIV style="WIDTH: 100%; TEXT-ALIGN: center"><FONT
  style="DISPLAY: inline; FONT-SIZE: 8pt" face="Times New Roman"></FONT></DIV>
  <DIV style="WIDTH: 100%; TEXT-ALIGN: center">
  <HR color=#000000 noShade SIZE=2>
  </DIV></DIV>
  <DIV id=HDR>
  <DIV id=GLHDR style="WIDTH: 100%" align=right><FONT
  style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV></DIV>
  <DIV><BR>&nbsp;</DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><IMG src="logo.jpg"><BR>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center>&nbsp;</DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><BR>&nbsp;</DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Release
  No. 0205-06</FONT><FONT id=TAB2
  style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;</FONT><FONT id=TAB2
  style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;</FONT><FONT id=TAB2
  style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;</FONT><FONT id=TAB2
  style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;&nbsp; </FONT><FONT id=TAB2
  style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;</FONT><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> FOR
  IMMEDIATE RELEASE</FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Feb. 17,
  2005 </FONT><FONT id=TAB2
  style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;</FONT><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT><FONT
  id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;</FONT><FONT id=TAB2
  style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;</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">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
  JANUARY 2005 OPERATING DATA</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. - In an effort to provide timely information to enable analysts
  and investors to stay better informed about the general trends in our major
  business segments, we are releasing selected operating statistics. Due to the
  limited nature of this data, a consistent correlation to earnings should not be
  assumed. </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;Despite
  the downturn in equity prices in January, the momentum of the prior quarter
  continued in our major business lines,&#8221; explained Chairman and CEO Thomas A.
  James. &#8220;Comparative commission revenues were impacted by a shorter fiscal month
  than both the prior month and January of the prior year. The months of the
  current quarter will be difficult comparisons as March 2004 established our
  record earnings quarter. Further, the current quarter is an unusually short
  12-week fiscal quarter.&#8221;</FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Raymond
  James Financial (NYSE-RJF) is a&nbsp;Florida-based diversified&nbsp;holding
  company providing financial services to individuals, corporations and
  municipalities through its&nbsp;subsidiary companies. Its three wholly
  owned&nbsp;broker/dealers, Raymond James &amp; Associates, Raymond James
  Financial Services and Raymond James Ltd.&nbsp;have more than 5,000 financial
  advisors serving 1.3 million accounts in 2,100 locations throughout the United
  States, Canada&nbsp;and overseas. In addition, total client assets are
  approximately $134 billion, of which are approximately $25 billion are managed
  by the firm&#8217;s asset management subsidiaries.</FONT><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">To the
  extent that Raymond James makes or publishes forward-looking statements
  (regarding management expectations, strategic objectives, business prospects,
  anticipated expense savings, financial results, anticipated results of
  litigation and regulatory proceedings, and other similar matters), a variety of
  factors, many of which are beyond Raymond James&#8217; control, could cause actual
  results and experiences to differ materially from the expectations and
  objectives expressed in these statements. These factors are described in Raymond
  James&#8217; 2004 annual report on Form 10-K, which is available on raymondjames.com
  and sec.gov.</FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><BR></DIV>
  <DIV>
  <TABLE cellSpacing=0 cellPadding=0 width="100%">
    <TR>
      <TD vAlign=bottom align=left width="36%">&nbsp;</TD>
      <TD vAlign=bottom align=middle width="16%">
        <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>January
        2005</STRONG></FONT></DIV></TD>
      <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=middle width="16%">
        <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>December
        2004</STRONG></FONT></DIV></TD>
      <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=middle width="16%">
        <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>January
        2004</STRONG></FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=bottom align=middle width="36%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=middle
      width="16%">
        <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>(4
        weeks)</STRONG></FONT></DIV></TD>
      <TD vAlign=bottom align=middle width="2%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=middle
      width="16%">
        <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>(5
        weeks)</STRONG></FONT></DIV></TD>
      <TD vAlign=bottom align=middle width="2%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=middle
      width="16%">
        <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>(5
        weeks)</STRONG></FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="36%">&nbsp;</TD>
      <TD vAlign=bottom align=middle width="16%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="16%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="16%">&nbsp;</TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="36%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Securities
        commissions/fees</FONT><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT><FONT
        style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial, sans-serif"><SUP>(1)</SUP></FONT></DIV></TD>
      <TD vAlign=bottom align=right width="16%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$112.0
        mil.</FONT></DIV></TD>
      <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="16%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$127.5
        mil.</FONT></DIV></TD>
      <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="16%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$129.5
        mil.</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="36%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="16%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="16%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="16%">&nbsp;</TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="36%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Assets
        under management</FONT><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT><FONT
        style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial, sans-serif"><SUP>(2)</SUP></FONT></DIV></TD>
      <TD vAlign=bottom align=right width="16%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$
        24.9 bil.</FONT></DIV></TD>
      <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="16%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$
        25.1 bil.</FONT></DIV></TD>
      <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="16%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$
        21.5 bil.</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="36%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="16%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="16%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="16%">&nbsp;</TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="36%">
        <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 managed/co-managed underwritings</FONT><FONT
        style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial, sans-serif"><SUP>
        (3)</SUP></FONT></DIV></TD>
      <TD vAlign=bottom align=right width="16%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6
        </FONT></DIV></TD>
      <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="16%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; 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
        </FONT></DIV></TD>
      <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="16%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">11
        </FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="36%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="16%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="16%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="16%">&nbsp;</TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="36%">
        <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
        customer assets under administration </FONT></DIV></TD>
      <TD vAlign=bottom align=right width="16%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$
        133.6 bil.</FONT><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><SUP>(4)</SUP></FONT></DIV></TD>
      <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="16%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$136.2
        bil.</FONT><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><SUP>(4)</SUP></FONT></DIV></TD>
      <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="16%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$106.4
        bil.</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=bottom align=left width="36%">&nbsp;</TD>
      <TD vAlign=bottom align=middle width="16%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=middle width="16%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
      <TD vAlign=bottom align=middle width="16%">&nbsp;</TD></TR></TABLE></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><BR></DIV>
  <DIV>
  <TABLE id=list cellSpacing=0 cellPadding=0 width="100%">
    <TR style="LINE-HEIGHT: 1.25" vAlign=top>
      <TD style="WIDTH: 63pt" align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(1)&nbsp;&nbsp;</FONT></TD>
      <TD>
        <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
        align=justify><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Includes
        all securities commissions and fees generated by our financial advisors,
        both private client and institutional, except for emerging markets joint
        ventures.</FONT></DIV></TD></TR></TABLE></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><BR></DIV>
  <DIV>
  <TABLE id=list cellSpacing=0 cellPadding=0 width="100%">
    <TR style="LINE-HEIGHT: 1.25" vAlign=top>
      <TD style="WIDTH: 63pt" align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(2)&nbsp;&nbsp;</FONT></TD>
      <TD>
        <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
        align=justify><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
        is the primary revenue driver for the asset management segment. Just under
        half of the assets under management are subject to billing quarterly in
        advance, with the balance billed mainly based on average daily
        assets.</FONT></DIV></TD></TR></TABLE></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><BR></DIV>
  <DIV>
  <TABLE id=list cellSpacing=0 cellPadding=0 width="100%">
    <TR style="LINE-HEIGHT: 1.25" vAlign=top>
      <TD style="WIDTH: 63pt" align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(3)&nbsp;&nbsp;</FONT></TD>
      <TD>
        <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
        align=justify><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
        is only one of several key revenue sources for the capital markets
        segment, other key revenue sources include institutional sales
        commissions.</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>&nbsp;</DIV>
  <DIV>
  <TABLE id=list cellSpacing=0 cellPadding=0 width="100%">
    <TR style="LINE-HEIGHT: 1.25" vAlign=top>
      <TD style="WIDTH: 63pt" align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(4)&nbsp;&nbsp;</FONT></TD>
      <TD>
        <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
        align=justify><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">These
        figures have been adjusted to include certain annuity assets held directly
        in the insurance companies. Future balances will include additional assets
        directly held as such information becomes available. For comparison
        purposes, such additions, to the extent that they cannot be retroactively
        applied, will be noted.</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=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">- 30
  -</FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><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">For more
  information, please 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</STRONG></FONT><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>.</STRONG></FONT><BR></DIV></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 id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
  <DIV id=FTR>
  <DIV id=GLFTR style="WIDTH: 100%" align=left><FONT
  style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
  <DIV id=PN style="PAGE-BREAK-AFTER: always">
  <DIV style="WIDTH: 100%; TEXT-ALIGN: center"><FONT
  style="DISPLAY: inline; FONT-SIZE: 8pt" face="Times New Roman"></FONT></DIV>
  <DIV style="WIDTH: 100%; TEXT-ALIGN: center">
  <HR color=#000000 noShade SIZE=2>
  </DIV></DIV>
  <DIV id=HDR>
  <DIV id=GLHDR style="WIDTH: 100%" align=right><FONT
  style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>SIGNATURES</STRONG></FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
  to the requirements of the Securities Exchange Act of 1934, the Registrant has
  duly caused this report to be signed on its behalf by the undersigned hereunto
  duly authorized.</FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV>
  <DIV>
  <TABLE cellSpacing=0 cellPadding=0 width="100%">
    <TR>
      <TD vAlign=top align=left width="42%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV></TD>
      <TD vAlign=top align=left width="30%" colSpan=2>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">RAYMOND
        JAMES FINANCIAL, INC.</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=top align=left width="42%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV></TD>
      <TD vAlign=top align=left width="30%" colSpan=2>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV></TD></TR>
    <TR>
      <TD vAlign=top align=left width="42%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV></TD>
      <TD vAlign=top align=left width="30%" colSpan=2>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV></TD></TR>
    <TR>
      <TD vAlign=top align=left width="42%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date:&nbsp;
        February 18, 2005</FONT></DIV></TD>
      <TD vAlign=top align=left width="3%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By:</FONT></DIV></TD>
      <TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=left
      width="27%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        /s/ Thomas A. James</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=top align=left width="42%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV></TD>
      <TD vAlign=top align=left width="3%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV></TD>
      <TD vAlign=top align=left width="27%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Thomas
        A. James,</FONT></DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Chairman
        and Chief Executive Officer</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=top align=left width="42%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV></TD>
      <TD vAlign=top align=left width="3%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV></TD>
      <TD vAlign=top align=left width="27%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV></TD></TR>
    <TR>
      <TD vAlign=top align=left width="42%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV></TD>
      <TD vAlign=top align=left width="3%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By:</FONT></DIV></TD>
      <TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=left
      width="27%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        /s/ Jeffrey P. Julien</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=top align=left width="42%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV></TD>
      <TD vAlign=top align=left width="3%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV></TD>
      <TD vAlign=top align=left width="27%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Jeffrey
        P. Julien</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=top align=left width="42%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV></TD>
      <TD vAlign=top align=left width="3%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV></TD>
      <TD vAlign=top align=left width="27%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Senior
        Vice President - Finance</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=top align=left width="42%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV></TD>
      <TD vAlign=top align=left width="3%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV></TD>
      <TD vAlign=top align=left width="27%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">and
        Chief Financial Officer</FONT></DIV></TD></TR></TABLE></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><BR>&nbsp;</DIV>
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  <DIV id=FTR>&nbsp;</DIV>
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  <DIV id=HDR>&nbsp;</DIV></DIV>
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  align=left><BR></DIV>
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  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG></STRONG></FONT></DIV>
  <DIV
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  align=left><BR></DIV>
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text: RJF January 2005 Monthly Operating Numbers
  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
  January
  28, 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 February 17,
  2005.
  Release
  No. 0205-06
  FOR
  IMMEDIATE RELEASE
  Feb. 17,
  2005
  RAYMOND
  JAMES FINANCIAL, INC.
  REPORTS
  JANUARY 2005 OPERATING DATA
  ST.
  PETERSBURG, Fla. - In an effort to provide timely information to enable analysts
  and investors to stay better informed about the general trends in our major
  business segments, we are releasing selected operating statistics. Due to the
  limited nature of this data, a consistent correlation to earnings should not be
  assumed.
  "Despite
  the downturn in equity prices in January, the momentum of the prior quarter
  continued in our major business lines," explained Chairman and CEO Thomas A.
  James. "Comparative commission revenues were impacted by a shorter fiscal month
  than both the prior month and January of the prior year. The months of the
  current quarter will be difficult comparisons as March 2004 established our
  record earnings quarter. Further, the current quarter is an unusually short
  12-week fiscal quarter."
  Raymond
  James Financial (NYSE-RJF) is a Florida-based diversified holding
  company providing financial services to individuals, corporations and
  municipalities through its subsidiary companies. Its three wholly
  owned broker/dealers, Raymond James & Associates, Raymond James
  Financial Services and Raymond James Ltd. have more than 5,000 financial
  advisors serving 1.3 million accounts in 2,100 locations throughout the United
  States, Canada and overseas. In addition, total client assets are
  approximately $134 billion, of which are approximately $25 billion are managed
  by the firm's asset management subsidiaries.
  To the
  extent that Raymond James makes or publishes forward-looking statements
  (regarding management expectations, strategic objectives, business prospects,
  anticipated expense savings, financial results, anticipated results of
  litigation and regulatory proceedings, and other similar matters), a variety of
  factors, many of which are beyond Raymond James' control, could cause actual
  results and experiences to differ materially from the expectations and
  objectives expressed in these statements. These factors are described in Raymond
  James' 2004 annual report on Form 10-K, which is available on raymondjames.com
  and sec.gov.
  January
        2005
  December
        2004
  January
        2004
  (4
        weeks)
  (5
        weeks)
  (5
        weeks)
  Securities
        commissions/fees
  (1)
  $112.0
        mil.
  $127.5
        mil.
  $129.5
        mil.
  Assets
        under management
  (2)
  $
        24.9 bil.
  $
        25.1 bil.
  $
        21.5 bil.
  #
        of managed/co-managed underwritings
  (3)
  6
  18
  11
  Total
        customer assets under administration
  $
        133.6 bil.
  (4)
  $136.2
        bil.
  (4)
  $106.4
        bil.
  (1)
  Includes
        all securities commissions and fees generated by our financial advisors,
        both private client and institutional, except for emerging markets joint
        ventures.
  (2)
  This
        is the primary revenue driver for the asset management segment. Just under
        half of the assets under management are subject to billing quarterly in
        advance, with the balance billed mainly based on average daily
        assets.
  (3)
  This
        is only one of several key revenue sources for the capital markets
        segment, other key revenue sources include institutional sales
        commissions.
  (4)
  These
        figures have been adjusted to include certain annuity assets held directly
        in the insurance companies. Future balances will include additional assets
        directly held as such information becomes available. For comparison
        purposes, such additions, to the extent that they cannot be retroactively
        applied, will be noted.
  - 30
  -
  For more
  information, please contact Tracey Bustamante at 727-567-2824.
  Please
  visit the Raymond James Press Center at
  raymondjames.com/media
  .
  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: 
        February 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