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  <FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">SECURITIES AND EXCHANGE COMMISSION<BR>
  Washington, D. C. 20549</P>
  <P ALIGN="CENTER">FORM 8-K</P>
  <P ALIGN="CENTER">CURRENT REPORT<BR>
  PURSUANT TO SECTION 13 OR 15(d) OF<BR>
  THE SECURITIES EXCHANGE ACT OF 1934</P>
  <P ALIGN="CENTER">Date of Report (Date of earliest event reported) July 13, 2004<BR>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;..............</P>
  <P ALIGN="CENTER">RAYMOND JAMES FINANCIAL, INC.<BR>
  (Exact name of registrant as specified in its charter)</P>
  <P>&nbsp;</P>
  <P ALIGN="CENTER">Florida&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1-9109&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No. 59-1517485<BR>
  .................................&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;............&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;....................<BR>
  &nbsp;(State or other jurisdiction of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Commission&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I.R.S. Employer<BR>
  &nbsp;&nbsp;incorporation&nbsp;or&nbsp;organization)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;File&nbsp;Number)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Identification&nbsp;No.)</P>
  <P>&nbsp;880 Carillon Parkway, St. Petersburg, Florida&nbsp; 33716<BR>
  .........................................................<BR>
  (Address of principal executive offices)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Zip Code)</P>
  <P>Registrant's telephone number, including area code (727) 567-1000<BR>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;..............</P>
  <P>_____________________________________________________________</P>
  <P>(Former name or former address, if changed since last report.</P>
  <P>ITEM 7. EXHIBITS</P>
  <P>(c) exhibits</P>
  <P>99.1 Raymond James Financial Inc.'s Press Release dated July 13, 2004, containing unaudited financial results for the quarter ended June 25, 2004.</P>
  <P>Item 9.&nbsp;&nbsp;REGULATION FD DISCLOSURE</P>
  <P>Pursuant to Item 12, Raymond James Financial, Inc. is furnishing under Item 9 of this Current Report on Form 8-K the information included as Exhibit 99.1to this report, which is hereby incorporated herein by reference.</P>
  <P>The press release included instructions as to how and when to access the Company's complementary quarterly conference call that was available to all interested persons telephonically and by webcast through the Company's website.</P>
  <P>SIGNATURES</P>
  <P>&nbsp;</P>
  <P>Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.</P>
  <P>&nbsp;</P>
  <P>&nbsp;</P>
  <U><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; July 13, 2004&nbsp;</U> <BR>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Date)</P>
  <P>RAYMOND JAMES FINANCIAL, INC.</P>
  <P>&nbsp;</P>
  <P>&nbsp;</P>
  <P>&nbsp;</P>
  <P>&nbsp;</P>
  <P>BY:&nbsp;/s/ <U>Thomas A. James</U><BR>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thomas A. James<BR>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chairman and Chief<BR>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Executive Officer</P>
  <P>&nbsp;</P>
  <P>&nbsp;</P>
  <P>&nbsp;</P>
  <P>BY:&nbsp;/s/ <U>Jeffrey P. Julien</U><BR>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jeffrey P. Julien<BR>
  &nbsp;&nbsp;&nbsp;&nbsp;Senior Vice President - Finance<BR>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and Chief Financial Officer</P>
  <P>Exhibit 99.1</P>
  <P>Release No. 0704-02</P>
  <P>July 13, 2004&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FOR IMMEDIATE RELEASE</P>
  <P>RAYMOND JAMES FINANCIAL, INC.</P>
  <P>REPORTS THIRD QUARTER RESULTS</P>
  <P><A NAME="OLE_LINK1">ST. PETERSBURG, Fla. -- Raymond James Financial, Inc. today reported a 26 percent increase in unaudited net income to $29,613,000, or $0.40 per diluted share, for the third quarter ended June 25 on a 16 percent increase in net revenues of $440,111,000. This compares to net income of $23,562,000, or $0.32 per diluted share, on net revenues of $377,991,000, for fiscal 2003's third quarter.</A></P>
  <P>Unaudited net income for the first nine months of fiscal 2004 was reported at $96,912,000, up 82 percent from 2003's $53,183,000, while net revenues for the period increased 27 percent to $1,334,547,000 from $1,049,204,000 the previous year. Diluted earnings per share were $1.30 versus $0.72 for last year's comparable period.</P>
  <P>All per share amounts have been restated to reflect the effect of the March 2004 three-for-two stock split.</P>
  <P>&quot;Although the results of the third quarter were not as impressive as the record levels achieved in the immediately preceding quarter, they substantially surpassed last year's comparable quarter, even though the market began its resurgence in that period. Net revenues increased 16 percent driving a 26 percent increase in net income. Except for trading revenues, which declined due to a more difficult environment for fixed income, and flat net interest income, all revenue categories contributed double-digit gains," stated Thomas A. James, chairman of the board</P>
  <P ALIGN="CENTER">- more -</P>
  <P>Page 2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RAYMOND JAMES FINANCIAL, INC.</P>
  <P>Rel. No. 0704-02</P>
  <P>and chief executive officer.</P>
  <P>&quot;One should not lose sight of the remarkable 82 percent increase in net income for the nine-month period ended in June, based on a 27 percent increment in net revenues,&quot; he continued. &quot;These outstanding comparisons demonstrate the power of operating leverage as revenues began to grow again after three years of static results.</P>
  <P>&quot;Against the incongruous background of increasing corporate profits and rising interest rates, I do not expect much change in retail transaction volume but investment banking and investment advisory revenue are still robust, auguring for a respectable fourth quarter,&quot; he concluded.</P>
  <P>The company will conduct its quarterly conference call July 13 at 4:15 p.m. The telephone number is 800-773-5520. The call will also be available on demand on the company's Web site, www.RaymondJames.com, under &quot;About Our Company,&quot; &quot;Financials.&quot;</P>
  <P>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 5,200 financial advisors serving 1.3 million accounts in 2,200 locations throughout the United States, Canada&nbsp;and overseas. In addition, total client assets are currently over $100 billion, of which more than $22 billion are managed by the firm's asset management subsidiaries.</P>
  <P ALIGN="CENTER">- more -</P>
  <P>Page 3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RAYMOND JAMES FINANCIAL, INC.</P>
  <P>Rel. No. 0704-02</P></FONT>
  <TABLE CELLSPACING=0 BORDER=0 WIDTH=600>
  <TR><TD VALIGN="BOTTOM" COLSPAN=13 width="596">
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">Raymond James Financial, Inc.</B></FONT></TD>
  </TR>
  <TR><TD VALIGN="BOTTOM" COLSPAN=13 width="596">
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">Unaudited Report</B></FONT></TD>
  </TR>
  <TR><TD VALIGN="BOTTOM" COLSPAN=13 width="596">
  <FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">For the third quarter ended June 25, 2004</FONT></TD>
  </TR>
  <TR><TD VALIGN="BOTTOM" COLSPAN=13 width="596">
  <FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(all data in thousands, except per share earnings)</FONT></TD>
  </TR>
  <TR><TD WIDTH="120" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="62" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="4" VALIGN="BOTTOM" COLSPAN=2>&nbsp;</TD>
  <TD WIDTH="61" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="60" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="76" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="76" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="77" VALIGN="BOTTOM">&nbsp;</TD>
  </TR>
  <TR><TD WIDTH="120" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="207" VALIGN="BOTTOM" COLSPAN=6>
  <FONT FACE="Arial" SIZE=2><P ALIGN="CENTER" style="border-bottom-style: solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Third Quarter&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="253" VALIGN="BOTTOM" COLSPAN=5>
  <FONT FACE="Arial" SIZE=2><P ALIGN="CENTER" style="border-bottom-style: solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nine Months&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  </TR>
  <TR><TD WIDTH="120" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="62" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="CENTER" style="border-bottom-style: solid">&nbsp;&nbsp;&nbsp;&nbsp;2004&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="61" VALIGN="BOTTOM" COLSPAN=2>
  <FONT FACE="Arial" SIZE=2><P ALIGN="CENTER" style="border-bottom-style: solid">&nbsp;&nbsp;&nbsp;&nbsp;2003&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="60" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="CENTER" style="border-bottom-style: solid">% Change</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="76" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="CENTER" style="border-bottom-style: solid">&nbsp;&nbsp;&nbsp;&nbsp;2004&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="76" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="CENTER" style="border-bottom-style: solid">&nbsp;&nbsp;&nbsp;&nbsp;2003&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="77" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="CENTER" style="border-bottom-style: solid">% Change</FONT></TD>
  </TR>
  <TR><TD WIDTH="120" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P>Revenues</FONT></TD>
  <TD WIDTH="62" VALIGN="BOTTOM">
  <FONT SIZE=2><P ALIGN="RIGHT"><font face="Arial">$451,535&nbsp;&nbsp;</font></FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="61" VALIGN="BOTTOM" COLSPAN=2>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$389,767&nbsp;&nbsp;</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="60" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">16%&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="76" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$1,367,568&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="76" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$1,084,871&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="77" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">26%&nbsp;&nbsp;&nbsp;</FONT></TD>
  </TR>
  <TR><TD WIDTH="120" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P>Net revenues</FONT></TD>
  <TD WIDTH="62" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">&nbsp; 440,111&nbsp;&nbsp;</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="61" VALIGN="BOTTOM" COLSPAN=2>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">377,991&nbsp;&nbsp;</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="60" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">16%&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="76" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">1,334,547&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="76" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">1,049,204&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="77" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">27%&nbsp;&nbsp;&nbsp;</FONT></TD>
  </TR>
  <TR><TD WIDTH="120" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P>Net income</FONT></TD>
  <TD WIDTH="62" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">29,613&nbsp;&nbsp;</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="61" VALIGN="BOTTOM" COLSPAN=2>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">23,562&nbsp;&nbsp;</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="60" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">26%&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="76" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">96,912&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="76" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">53,183&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="77" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">82%&nbsp;&nbsp;&nbsp;</FONT></TD>
  </TR>
  <TR><TD WIDTH="120" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="62" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="61" VALIGN="BOTTOM" COLSPAN=2>&nbsp;</TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="60" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="76" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="76" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="77" VALIGN="BOTTOM">&nbsp;</TD>
  </TR>
  <TR><TD WIDTH="120" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P>Net income per</FONT></TD>
  <TD WIDTH="62" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="61" VALIGN="BOTTOM" COLSPAN=2>&nbsp;</TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="60" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="76" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="76" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="77" VALIGN="BOTTOM">&nbsp;</TD>
  </TR>
  <TR><TD WIDTH="120" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P>&nbsp; share - diluted</FONT></TD>
  <TD WIDTH="62" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">0.40&nbsp;&nbsp;</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="61" VALIGN="BOTTOM" COLSPAN=2>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">0.32&nbsp;&nbsp;</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="60" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">25%&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="76" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">1.30&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="76" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">0.72&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="77" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">81%&nbsp;&nbsp;&nbsp;</FONT></TD>
  </TR>
  <TR><TD WIDTH="120" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P>Average shares</FONT></TD>
  <TD WIDTH="62" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="61" VALIGN="BOTTOM" COLSPAN=2>&nbsp;</TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="60" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="76" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="76" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="77" VALIGN="BOTTOM">&nbsp;</TD>
  </TR>
  <TR><TD WIDTH="120" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P>&nbsp; outstanding - diluted</FONT></TD>
  <TD WIDTH="62" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">74,560&nbsp;&nbsp;</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="61" VALIGN="BOTTOM" COLSPAN=2>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">73,365&nbsp;&nbsp;</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="60" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="76" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">74,353&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="76" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">73,385&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="77" VALIGN="BOTTOM">&nbsp;</TD>
  </TR>
  <TR><TD WIDTH="120" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="62" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="61" VALIGN="BOTTOM" COLSPAN=2>&nbsp;</TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="60" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="76" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="76" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="77" VALIGN="BOTTOM">&nbsp;</TD>
  </TR>
  </TABLE>
  
  <FONT FACE="Arial" SIZE=2><P ALIGN="CENTER"></P></FONT>
  <P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 WIDTH=578>
  <TR><TD WIDTH="45%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="55%" VALIGN="BOTTOM" COLSPAN=7>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">Balance Sheet Data</B></FONT></TD>
  </TR>
  <TR><TD WIDTH="45%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="13%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="13%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
  <TD WIDTH="1%" VALIGN="TOP">&nbsp;</TD>
  <TD WIDTH="13%" VALIGN="BOTTOM">&nbsp;</TD>
  </TR>
  <TR><TD WIDTH="45%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="13%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">June</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="13%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">March</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="13%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">Sept.</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP">&nbsp;</TD>
  <TD WIDTH="13%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">June</FONT></TD>
  </TR>
  <TR><TD WIDTH="45%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="13%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="CENTER" style="border-bottom-style: solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2004&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="13%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="CENTER" style="border-bottom-style: solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2004&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="13%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="CENTER" style="border-bottom-style: solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2003&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP">&nbsp;</TD>
  <TD WIDTH="13%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="CENTER" style="border-bottom-style: solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2003&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  </TR>
  <TR><TD WIDTH="45%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P>Total assets</FONT></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$&nbsp;&nbsp;&nbsp;&nbsp;7.3 bil.&nbsp;&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="13%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$&nbsp;&nbsp;&nbsp;&nbsp;7.4 bil.&nbsp;&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="13%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$&nbsp;&nbsp; 6.9 bil.</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP">&nbsp;</TD>
  <TD WIDTH="13%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$  &nbsp;7.0 bil.</FONT></TD>
  </TR>
  <TR><TD WIDTH="45%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P>Shareholders' equity</FONT></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$ 1,033 mil.&nbsp;&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="13%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$ 1,003 mil.&nbsp;&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="13%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$ 925 mil.</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP">&nbsp;</TD>
  <TD WIDTH="13%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$ 889 mil.</FONT></TD>
  </TR>
  <TR><TD WIDTH="45%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P>Book value per share</FONT></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.01&nbsp;&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="13%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.64&nbsp;&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="13%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$&nbsp;&nbsp;&nbsp;12.71</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP">&nbsp;</TD>
  <TD WIDTH="13%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$&nbsp;&nbsp;&nbsp;12.20</FONT></TD>
  </TR>
  <TR><TD WIDTH="45%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="13%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="13%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="13%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="1%" VALIGN="TOP">&nbsp;</TD>
  <TD WIDTH="13%" VALIGN="BOTTOM">&nbsp;</TD>
  </TR>
  <TR><TD WIDTH="45%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="55%" VALIGN="BOTTOM" COLSPAN=7>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">Management Data</B></FONT></TD>
  </TR>
  <TR><TD WIDTH="45%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="13%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="13%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="13%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="1%" VALIGN="TOP">&nbsp;</TD>
  <TD WIDTH="13%" VALIGN="BOTTOM">&nbsp;</TD>
  </TR>
  <TR><TD WIDTH="45%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="13%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">June</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="13%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">March</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="13%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">Sept.</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP">&nbsp;</TD>
  <TD WIDTH="13%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">June</FONT></TD>
  </TR>
  <TR><TD WIDTH="45%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="13%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="CENTER" style="border-bottom-style: solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2004&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="13%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="CENTER" style="border-bottom-style: solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2004&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="13%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="CENTER" style="border-bottom-style: solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2003&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP">&nbsp;</TD>
  <TD WIDTH="13%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="CENTER" style="border-bottom-style: solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2003&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  </TR>
  <TR><TD WIDTH="45%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P>Total financial advisors:</FONT></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="13%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="13%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="1%" VALIGN="TOP">&nbsp;</TD>
  <TD WIDTH="13%" VALIGN="BOTTOM">&nbsp;</TD>
  </TR>
  <TR><TD WIDTH="45%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp; United States</FONT></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">4,824&nbsp;&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="13%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">4,824&nbsp;&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="13%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">4,770</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP">&nbsp;</TD>
  <TD WIDTH="13%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">4,782</FONT></TD>
  </TR>
  <TR><TD WIDTH="45%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp; Canada</FONT></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">261&nbsp;&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="13%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">243&nbsp;&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="13%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">226</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP">&nbsp;</TD>
  <TD WIDTH="13%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">217</FONT></TD>
  </TR>
  <TR><TD WIDTH="45%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="13%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="13%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="13%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="1%" VALIGN="TOP">&nbsp;</TD>
  <TD WIDTH="13%" VALIGN="BOTTOM">&nbsp;</TD>
  </TR>
  <TR><TD WIDTH="45%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P># Lead managed/co-managed</P>
  <P>&nbsp;&nbsp; Public offerings in U.S.</FONT></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">22&nbsp;&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="13%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">26&nbsp;&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="13%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">27</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP">&nbsp;</TD>
  <TD WIDTH="13%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">18</FONT></TD>
  </TR>
  <TR><TD WIDTH="45%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P>&nbsp;&nbsp; Public offerings in&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
  <P>Canada</FONT></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">5&nbsp;&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="13%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">7&nbsp;&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="13%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">7</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP">&nbsp;</TD>
  <TD WIDTH="13%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">3</FONT></TD>
  </TR>
  <TR><TD WIDTH="45%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P>Financial assets under management</FONT></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$22.1 bil.&nbsp;&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="13%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$21.8 bil.&nbsp;&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="13%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$19.2 bil.</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP">&nbsp;</TD>
  <TD WIDTH="13%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$18.1 bil.</FONT></TD>
  </TR>
  </TABLE>
  </CENTER>
  
  <FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">&nbsp;</P>
  
  <UL>
  <P ALIGN="CENTER"></UL>
  
  <p ALIGN="CENTER">- more -
  
  <P ALIGN="CENTER">&nbsp;</P>
  <P>Page 4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RAYMOND JAMES FINANCIAL, INC.</P>
  <P>Rel. No. 0704-02</P></FONT>
  <P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 WIDTH=719>
  <TR><TD WIDTH="34%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
  <TD WIDTH="1%" VALIGN="TOP">&nbsp;</TD>
  <TD WIDTH="15%" VALIGN="BOTTOM">&nbsp;</TD>
  </TR>
  <TR><TD WIDTH="34%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="17%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">June</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="17%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">March</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="15%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">Sept.</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP">&nbsp;</TD>
  <TD WIDTH="15%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">June</FONT></TD>
  </TR>
  <TR><TD WIDTH="34%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="17%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="CENTER" style="border-bottom-style: solid">2004</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="17%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="CENTER" style="border-bottom-style: solid">2004</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="15%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="CENTER" style="border-bottom-style: solid">2003</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP">&nbsp;</TD>
  <TD WIDTH="15%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="CENTER" style="border-bottom-style: solid">2003</FONT></TD>
  </TR>
  <TR><TD WIDTH="34%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="15%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="1%" VALIGN="TOP">&nbsp;</TD>
  <TD WIDTH="15%" VALIGN="BOTTOM">&nbsp;</TD>
  </TR>
  <TR><TD WIDTH="34%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P>Client assets</FONT></TD>
  <TD WIDTH="17%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$109 bil.</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="17%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$107 bil.</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="15%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$96 bil.</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP">&nbsp;</TD>
  <TD WIDTH="15%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$94 bil.</FONT></TD>
  </TR>
  <TR><TD WIDTH="34%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P>Client margin balances</FONT></TD>
  <TD WIDTH="17%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$1,129 mil.</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="17%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$1,074 mil.</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="15%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">955 mil.</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP">&nbsp;</TD>
  <TD WIDTH="15%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$947 mil.</FONT></TD>
  </TR>
  <TR><TD WIDTH="34%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P>Client trade volume</FONT></TD>
  <TD WIDTH="17%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">1,739,000</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="17%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">1,995,000</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="15%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">1,587,000</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP">&nbsp;</TD>
  <TD WIDTH="15%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">1,630,000</FONT></TD>
  </TR>
  <TR><TD WIDTH="34%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P># of client accounts</FONT></TD>
  <TD WIDTH="17%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">1,340,000</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="17%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">1,314,000</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="15%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">1,210,000</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP">&nbsp;</TD>
  <TD WIDTH="15%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">1,286,000</FONT></TD>
  </TR>
  </TABLE>
  </CENTER>
  
  <FONT FACE="Arial" SIZE=2><P ALIGN="CENTER"></P></FONT>
  <P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 WIDTH=785>
  <TR><TD WIDTH="22%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="77%" VALIGN="BOTTOM" COLSPAN=11>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">Segment Data</B></FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP">&nbsp;</TD>
  </TR>
  <TR><TD WIDTH="22%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="36%" VALIGN="BOTTOM" COLSPAN=5>
  <FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">Third Quarter</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="40%" VALIGN="BOTTOM" COLSPAN=5>
  <FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">Nine Months</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP">&nbsp;</TD>
  </TR>
  <TR><TD WIDTH="22%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="11%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="CENTER" style="border-bottom-style: solid">2004</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP">&nbsp;</TD>
  <TD WIDTH="11%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="CENTER" style="border-bottom-style: solid">2003</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="12%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="CENTER" style="border-bottom-style: solid">% Change</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="13%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="CENTER" style="border-bottom-style: solid">2004</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP">&nbsp;</TD>
  <TD WIDTH="13%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="CENTER" style="border-bottom-style: solid">2003</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP">&nbsp;</TD>
  <TD WIDTH="12%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="CENTER" style="border-bottom-style: solid">%&nbsp; Change</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP">&nbsp;</TD>
  </TR>
  <TR><TD WIDTH="22%" VALIGN="BOTTOM">
  <U><FONT FACE="Arial" SIZE=2><P>Revenues:</U></FONT></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="1%" VALIGN="TOP">&nbsp;</TD>
  <TD WIDTH="11%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="12%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="13%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="1%" VALIGN="TOP">&nbsp;</TD>
  <TD WIDTH="13%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="1%" VALIGN="TOP">&nbsp;</TD>
  <TD WIDTH="12%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="1%" VALIGN="TOP">&nbsp;</TD>
  </TR>
  <TR><TD WIDTH="22%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P>Private Client Group</FONT></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$311,509&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP">&nbsp;</TD>
  <TD WIDTH="11%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$263,096&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="12%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">18%&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="13%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$925,728&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="13%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$724,699&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP">&nbsp;</TD>
  <TD WIDTH="12%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">28%&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP">&nbsp;</TD>
  </TR>
  <TR><TD WIDTH="22%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P>Capital Markets</FONT></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">89,151&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP">&nbsp;</TD>
  <TD WIDTH="11%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">85,132&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="12%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">5%&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="13%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">294,004&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="13%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">232,724&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP">&nbsp;</TD>
  <TD WIDTH="12%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">26%&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP">&nbsp;</TD>
  </TR>
  <TR><TD WIDTH="22%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P>Asset Management</FONT></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">36,956&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP">&nbsp;</TD>
  <TD WIDTH="11%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">30,278&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="12%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">22%&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="13%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">109,137&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="13%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">89,411&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP">&nbsp;</TD>
  <TD WIDTH="12%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">22%&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP">&nbsp;</TD>
  </TR>
  <TR><TD WIDTH="22%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P>RJ Bank</FONT></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">7,099&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP">&nbsp;</TD>
  <TD WIDTH="11%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">6,890&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="12%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">3%&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="13%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">20,554&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="13%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">21,877&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP">&nbsp;</TD>
  <TD WIDTH="12%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">(6%)</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP">&nbsp;</TD>
  </TR>
  <TR><TD WIDTH="22%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P>Other</FONT></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">6,820&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP">&nbsp;</TD>
  <TD WIDTH="11%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">4,371&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="12%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">56%&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="13%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">18,145&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="13%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">16,160&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP">&nbsp;</TD>
  <TD WIDTH="12%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">12%&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP">&nbsp;</TD>
  </TR>
  <TR><TD WIDTH="22%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P>Total</FONT></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double">$451,535</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP">&nbsp;</TD>
  <TD WIDTH="11%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double">$389,767&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="12%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double">16%&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="13%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double">$1,367,568&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="13%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double">$1,084,871&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP">&nbsp;</TD>
  <TD WIDTH="12%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double">26%&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP">&nbsp;</TD>
  </TR>
  <TR><TD WIDTH="22%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="77%" VALIGN="BOTTOM" COLSPAN=11>&nbsp;</TD>
  <TD WIDTH="1%" VALIGN="TOP">&nbsp;</TD>
  </TR>
  <TR><TD WIDTH="22%" VALIGN="BOTTOM">
  <U><FONT FACE="Arial" SIZE=2><P>Pre-tax income:</U></FONT></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="1%" VALIGN="TOP">&nbsp;</TD>
  <TD WIDTH="11%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="12%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="13%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="13%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="1%" VALIGN="TOP">&nbsp;</TD>
  <TD WIDTH="12%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="1%" VALIGN="TOP">&nbsp;</TD>
  </TR>
  <TR><TD WIDTH="22%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P>Private Client Group</FONT></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$27,835&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP">&nbsp;</TD>
  <TD WIDTH="11%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$22,498&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="12%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">24%&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="13%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$90,122&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="13%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$50,371&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP">&nbsp;</TD>
  <TD WIDTH="12%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">79%&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP">&nbsp;</TD>
  </TR>
  <TR><TD WIDTH="22%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P>Capital Markets</FONT></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">10,197&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP">&nbsp;</TD>
  <TD WIDTH="11%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">10,872&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="12%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">(6%)</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="13%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">37,822&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="13%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">18,667&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP">&nbsp;</TD>
  <TD WIDTH="12%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">103%&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP">&nbsp;</TD>
  </TR>
  <TR><TD WIDTH="22%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P>Asset Management</FONT></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">7,485&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP">&nbsp;</TD>
  <TD WIDTH="11%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">4,332&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="12%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">73%&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="13%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">21,385&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="13%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">12,443&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP">&nbsp;</TD>
  <TD WIDTH="12%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">72%&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP">&nbsp;</TD>
  </TR>
  <TR><TD WIDTH="22%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P>RJ Bank</FONT></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">2,775&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP">&nbsp;</TD>
  <TD WIDTH="11%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">2,704&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">&nbsp;</FONT></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">3%&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="13%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">7,038&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="13%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">7,739&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP">&nbsp;</TD>
  <TD WIDTH="12%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">(9%)&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP">&nbsp;</TD>
  </TR>
  <TR><TD WIDTH="22%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P>Other</FONT></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">(578)</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP">&nbsp;</TD>
  <TD WIDTH="11%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">(2,262)</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="12%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">74%&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="13%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">(2,790)</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="13%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">(3,441)</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP">&nbsp;</TD>
  <TD WIDTH="12%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">19%&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP">&nbsp;</TD>
  </TR>
  <TR><TD WIDTH="22%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P>Total</FONT></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double">47,714&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP">&nbsp;</TD>
  <TD WIDTH="11%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double">$38,144&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="12%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double">25%&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="13%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double">$153,577&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="13%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double">$85,779&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP">&nbsp;</TD>
  <TD WIDTH="12%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double">79%&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP">&nbsp;</TD>
  </TR>
  </TABLE>
  </CENTER>
  
  <FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">For additional information, contact</P>
  <P ALIGN="CENTER">Mike White at 727-567-2824.</P>
  <P>Please visit the Raymond James Press Center at www.raymondjames.com/media.htm</P></FONT>
  <TABLE CELLSPACING=0 BORDER=0 WIDTH=691>
  <TR><TD VALIGN="BOTTOM" COLSPAN=12 width="656">
  <FONT FACE="Arial" SIZE=2><P><BR>
  </P>
  <B><P ALIGN="CENTER">RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES</B></FONT></TD>
  </TR>
  <TR><TD VALIGN="BOTTOM" COLSPAN=12 width="656">
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">CONSOLIDATED STATEMENT OF OPERATIONS</B></FONT></TD>
  </TR>
  <TR><TD VALIGN="BOTTOM" COLSPAN=12 width="656">
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(UNAUDITED)</B></FONT></TD>
  </TR>
  <TR><TD VALIGN="BOTTOM" COLSPAN=12 width="656">
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">Quarter-to-Date</B></FONT></TD>
  </TR>
  <TR><TD WIDTH="254" VALIGN="BOTTOM" COLSPAN=2>
  <FONT FACE="Arial" SIZE=2><P>(in thousands, except per share amounts)</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="119" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="79" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="47" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="79" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="49" VALIGN="BOTTOM">&nbsp;</TD>
  </TR>
  <TR><TD WIDTH="5" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="245" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P>&nbsp;</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="195" VALIGN="BOTTOM" COLSPAN=3>
  <I><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER" style="border-bottom-style: solid">Three Months Ended</I></FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P>&nbsp;</FONT></TD>
  <TD WIDTH="47" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P>&nbsp;</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P>&nbsp;</FONT></TD>
  <TD WIDTH="79" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P>&nbsp;</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P>&nbsp;</FONT></TD>
  <TD WIDTH="49" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P>&nbsp;</FONT></TD>
  </TR>
  <TR><TD WIDTH="5" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="245" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="119" VALIGN="BOTTOM">
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">June 25,</B></FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="79" VALIGN="BOTTOM">
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">June 27,</B></FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="47" VALIGN="BOTTOM">
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">%</B></FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="79" VALIGN="BOTTOM">
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">March 26,</B></FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="49" VALIGN="BOTTOM">
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">%</B></FONT></TD>
  </TR>
  <TR><TD WIDTH="5" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="245" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="119" VALIGN="BOTTOM">
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER" style="border-bottom-style: solid">2004</B></FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="79" VALIGN="BOTTOM">
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER" style="border-bottom-style: solid">2003</FONT></B></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="47" VALIGN="BOTTOM">
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER" style="border-bottom-style: solid">change</FONT></B></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="79" VALIGN="BOTTOM">
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER" style="border-bottom-style: solid">2004</FONT></B></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="49" VALIGN="BOTTOM">
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER" style="border-bottom-style: solid">Change</FONT></B></TD>
  </TR>
  <TR><TD WIDTH="254" VALIGN="BOTTOM" COLSPAN=2>
  <FONT FACE="Arial" SIZE=2><P>Revenues:</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="119" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="79" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="47" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="79" VALIGN="BOTTOM" align="right">&nbsp;</TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="49" VALIGN="BOTTOM">&nbsp;</TD>
  </TR>
  <TR><TD WIDTH="5" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="245" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P>Securities commissions and fees</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="119" VALIGN="BOTTOM" align="right">
  <FONT FACE="Arial" SIZE=2><P>&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 326,701&nbsp;</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM" align="right">&nbsp;</TD>
  <TD WIDTH="79" VALIGN="BOTTOM" align="right">
  <FONT FACE="Arial" SIZE=2><P>&nbsp; $&nbsp;&nbsp; 279,929</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="47" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">17%&nbsp;</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="79" VALIGN="BOTTOM" align="right">
  <FONT FACE="Arial" SIZE=2><P>&nbsp; $&nbsp;&nbsp; 352,039</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="49" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">(7%)</FONT></TD>
  </TR>
  <TR><TD WIDTH="5" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="245" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P>Investment&nbsp; banking</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="119" VALIGN="BOTTOM" align="right">
  <FONT FACE="Arial" SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17,226</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM" align="right">&nbsp;</TD>
  <TD WIDTH="79" VALIGN="BOTTOM" align="right">
  <FONT FACE="Arial" SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12,224</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="47" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">41%&nbsp;</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="79" VALIGN="BOTTOM" align="right">
  <FONT FACE="Arial" SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32,065</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="49" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">(46%)</FONT></TD>
  </TR>
  <TR><TD WIDTH="5" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="245" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P>Investment advisory fees</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="119" VALIGN="BOTTOM" align="right">
  <FONT FACE="Arial" SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33,517</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM" align="right">&nbsp;</TD>
  <TD WIDTH="79" VALIGN="BOTTOM" align="right">
  <FONT FACE="Arial" SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27,829</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="47" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">20%&nbsp;</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="79" VALIGN="BOTTOM" align="right">
  <FONT FACE="Arial" SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34,460</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="49" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">(3%)</FONT></TD>
  </TR>
  <TR><TD WIDTH="5" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="245" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P>Interest</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="119" VALIGN="BOTTOM" align="right">
  <FONT FACE="Arial" SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33,271</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM" align="right">&nbsp;</TD>
  <TD WIDTH="79" VALIGN="BOTTOM" align="right">
  <FONT FACE="Arial" SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32,364</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="47" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">3%&nbsp;</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="79" VALIGN="BOTTOM" align="right">
  <FONT FACE="Arial" SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31,575</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="49" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">5%&nbsp;</FONT></TD>
  </TR>
  <TR><TD WIDTH="5" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="245" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P>Net trading profits</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="119" VALIGN="BOTTOM" align="right">
  <FONT FACE="Arial" SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,031</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM" align="right">&nbsp;</TD>
  <TD WIDTH="79" VALIGN="BOTTOM" align="right">
  <FONT FACE="Arial" SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8,491</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="47" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">(41%)</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="79" VALIGN="BOTTOM" align="right">
  <FONT FACE="Arial" SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,512</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="49" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">12%&nbsp;</FONT></TD>
  </TR>
  <TR><TD WIDTH="5" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="245" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P>Financial service fees</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P>&nbsp;</FONT></TD>
  <TD WIDTH="119" VALIGN="BOTTOM" align="right">
  <FONT FACE="Arial" SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20,852</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM" align="right">&nbsp;</TD>
  <TD WIDTH="79" VALIGN="BOTTOM" align="right">
  <FONT FACE="Arial" SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18,910</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="47" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">10%&nbsp;</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="79" VALIGN="BOTTOM" align="right">
  <FONT FACE="Arial" SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21,571</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="49" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">(3%)</FONT></TD>
  </TR>
  <TR><TD WIDTH="5" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="245" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P>Other</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="119" VALIGN="BOTTOM" align="right">
  <FONT FACE="Arial" SIZE=2><P style="border-bottom-style: solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14,937</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM" align="right">&nbsp;</TD>
  <TD WIDTH="79" VALIGN="BOTTOM" align="right">
  <FONT FACE="Arial" SIZE=2><P style="border-bottom-style: solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10,020</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="47" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P align="RIGHT" style="border-bottom-style: solid">49%&nbsp;</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="79" VALIGN="BOTTOM" align="right">
  <FONT FACE="Arial" SIZE=2><P style="border-bottom-style: solid" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15,151</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="49" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P align="RIGHT" style="border-bottom-style: solid">(1%)</FONT></TD>
  </TR>
  <TR><TD WIDTH="5" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="245" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="119" VALIGN="BOTTOM" align="right">&nbsp;</TD>
  <TD WIDTH="4" VALIGN="BOTTOM" align="right">&nbsp;</TD>
  <TD WIDTH="79" VALIGN="BOTTOM" align="right">&nbsp;</TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="47" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="79" VALIGN="BOTTOM" align="right">&nbsp;</TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="49" VALIGN="BOTTOM">&nbsp;</TD>
  </TR>
  <TR><TD WIDTH="254" VALIGN="BOTTOM" COLSPAN=2>
  <B><FONT FACE="Arial" SIZE=2><P>TOTAL REVENUES</B></FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="119" VALIGN="BOTTOM" align="right">
  <FONT FACE="Arial" SIZE=2><P style="border-bottom-style: solid" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 451,535</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM" align="right">&nbsp;</TD>
  <TD WIDTH="79" VALIGN="BOTTOM" align="right">
  <FONT FACE="Arial" SIZE=2><P style="border-bottom-style: solid" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 389,767</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="47" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P align="RIGHT" style="border-bottom-style: solid">16%&nbsp;</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="79" VALIGN="BOTTOM" align="right">
  <FONT FACE="Arial" SIZE=2><P style="border-bottom-style: solid" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 491,373</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="49" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P align="RIGHT" style="border-bottom-style: solid">(8%)</FONT></TD>
  </TR>
  <TR><TD WIDTH="5" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="245" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P>Interest expense</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="119" VALIGN="BOTTOM" align="right">
  <FONT FACE="Arial" SIZE=2><P style="border-bottom-style: solid" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11,424</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM" align="right">&nbsp;</TD>
  <TD WIDTH="79" VALIGN="BOTTOM" align="right">
  <FONT FACE="Arial" SIZE=2><P style="border-bottom-style: solid" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11,776</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="47" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P align="RIGHT" style="border-bottom-style: solid">(3%)</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="79" VALIGN="BOTTOM" align="right">
  <FONT FACE="Arial" SIZE=2><P style="border-bottom-style: solid" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10,925</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="49" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P align="RIGHT" style="border-bottom-style: solid">5%&nbsp;</FONT></TD>
  </TR>
  <TR><TD WIDTH="254" VALIGN="BOTTOM" COLSPAN=2>
  <B><FONT FACE="Arial" SIZE=2><P>NET REVENUES</B></FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="119" VALIGN="BOTTOM" align="right">
  <FONT FACE="Arial" SIZE=2><P style="border-bottom-style: solid" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 440,111</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM" align="right">&nbsp;</TD>
  <TD WIDTH="79" VALIGN="BOTTOM" align="right">
  <FONT FACE="Arial" SIZE=2><P style="border-bottom-style: solid" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 377,991</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="47" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P align="RIGHT" style="border-bottom-style: solid">16%&nbsp;</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="79" VALIGN="BOTTOM" align="right">
  <FONT FACE="Arial" SIZE=2><P style="border-bottom-style: solid" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 480,448</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="49" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P align="RIGHT" style="border-bottom-style: solid">(8%)</FONT></TD>
  </TR>
  <TR><TD WIDTH="5" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="245" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="119" VALIGN="BOTTOM" align="right">&nbsp;</TD>
  <TD WIDTH="4" VALIGN="BOTTOM" align="right">&nbsp;</TD>
  <TD WIDTH="79" VALIGN="BOTTOM" align="right">&nbsp;</TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="47" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="79" VALIGN="BOTTOM" align="right">&nbsp;</TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="49" VALIGN="BOTTOM">&nbsp;</TD>
  </TR>
  <TR><TD WIDTH="5" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="245" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="119" VALIGN="BOTTOM" align="right">&nbsp;</TD>
  <TD WIDTH="4" VALIGN="BOTTOM" align="right">&nbsp;</TD>
  <TD WIDTH="79" VALIGN="BOTTOM" align="right">&nbsp;</TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="47" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="79" VALIGN="BOTTOM" align="right">&nbsp;</TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="49" VALIGN="BOTTOM">&nbsp;</TD>
  </TR>
  <TR><TD WIDTH="254" VALIGN="BOTTOM" COLSPAN=2>
  <FONT FACE="Arial" SIZE=2><P>Non-Interest expenses</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="119" VALIGN="BOTTOM" align="right">&nbsp;</TD>
  <TD WIDTH="4" VALIGN="BOTTOM" align="right">&nbsp;</TD>
  <TD WIDTH="79" VALIGN="BOTTOM" align="right">&nbsp;</TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="47" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="79" VALIGN="BOTTOM" align="right">&nbsp;</TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="49" VALIGN="BOTTOM">&nbsp;</TD>
  </TR>
  <TR><TD WIDTH="5" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="245" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P>Compensation, commissions and benefits</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="119" VALIGN="BOTTOM" align="right">
  <FONT FACE="Arial" SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 319,962</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM" align="right">&nbsp;</TD>
  <TD WIDTH="79" VALIGN="BOTTOM" align="right">
  <FONT FACE="Arial" SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 270,308</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="47" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">18%&nbsp;</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="79" VALIGN="BOTTOM" align="right">
  <FONT FACE="Arial" SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 341,370</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="49" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">(6%)</FONT></TD>
  </TR>
  <TR><TD WIDTH="5" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="245" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P>Communications and information processing</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="119" VALIGN="BOTTOM" align="right">
  <FONT FACE="Arial" SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20,425</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM" align="right">&nbsp;</TD>
  <TD WIDTH="79" VALIGN="BOTTOM" align="right">
  <FONT FACE="Arial" SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19,196</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="47" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">6%&nbsp;</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="79" VALIGN="BOTTOM" align="right">
  <FONT FACE="Arial" SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21,354</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="49" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">(4%)</FONT></TD>
  </TR>
  <TR><TD WIDTH="5" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="245" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P>Occupancy and equipment costs</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="119" VALIGN="BOTTOM" align="right">
  <FONT FACE="Arial" SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14,913</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM" align="right">&nbsp;</TD>
  <TD WIDTH="79" VALIGN="BOTTOM" align="right">
  <FONT FACE="Arial" SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14,811</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="47" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">1%&nbsp;</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="79" VALIGN="BOTTOM" align="right">
  <FONT FACE="Arial" SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15,229</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="49" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">(2%)</FONT></TD>
  </TR>
  <TR><TD WIDTH="5" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="245" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P>Clearance and floor brokerage</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="119" VALIGN="BOTTOM" align="right">
  <FONT FACE="Arial" SIZE=2><P>&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,094</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM" align="right">&nbsp;</TD>
  <TD WIDTH="79" VALIGN="BOTTOM" align="right">
  <FONT FACE="Arial" SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,187</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="47" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">(2%)</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="79" VALIGN="BOTTOM" align="right">
  <FONT FACE="Arial" SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,320</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="49" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">(4%)</FONT></TD>
  </TR>
  <TR><TD WIDTH="5" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="245" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P>Business development</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="119" VALIGN="BOTTOM" align="right">
  <FONT FACE="Arial" SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15,398</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM" align="right">&nbsp;</TD>
  <TD WIDTH="79" VALIGN="BOTTOM" align="right">
  <FONT FACE="Arial" SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13,424</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="47" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">15%&nbsp;</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="79" VALIGN="BOTTOM" align="right">
  <FONT FACE="Arial" SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13,854</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="49" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">11%&nbsp;</FONT></TD>
  </TR>
  <TR><TD WIDTH="5" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="245" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P>Other</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="119" VALIGN="BOTTOM" align="right">
  <FONT FACE="Arial" SIZE=2><P style="border-bottom-style: solid" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16,605</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM" align="right">&nbsp;</TD>
  <TD WIDTH="79" VALIGN="BOTTOM" align="right">
  <FONT FACE="Arial" SIZE=2><P style="border-bottom-style: solid" align="right">&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp; 16,921</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="47" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P align="RIGHT" style="border-bottom-style: solid">(2%)</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="79" VALIGN="BOTTOM" align="right">
  <FONT FACE="Arial" SIZE=2><P style="border-bottom-style: solid" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16,414</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="49" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P align="RIGHT" style="border-bottom-style: solid">1%&nbsp;</FONT></TD>
  </TR>
  <TR><TD WIDTH="5" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="245" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="119" VALIGN="BOTTOM" align="right">
  <FONT FACE="Arial" SIZE=2><P>&nbsp;</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM" align="right">&nbsp;</TD>
  <TD WIDTH="79" VALIGN="BOTTOM" align="right">
  <FONT FACE="Arial" SIZE=2><P>&nbsp;</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="47" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P>&nbsp;</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="79" VALIGN="BOTTOM" align="right">
  <FONT FACE="Arial" SIZE=2><P>&nbsp;</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="49" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P>&nbsp;</FONT></TD>
  </TR>
  <TR><TD WIDTH="254" VALIGN="BOTTOM" COLSPAN=2>
  <B><FONT FACE="Arial" SIZE=2><P>TOTAL NON-INTEREST EXPENSES</B></FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="119" VALIGN="BOTTOM" align="right">
  <FONT FACE="Arial" SIZE=2><P style="border-bottom-style: solid" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 392,397</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM" align="right">&nbsp;</TD>
  <TD WIDTH="79" VALIGN="BOTTOM" align="right">
  <FONT FACE="Arial" SIZE=2><P style="border-bottom-style: solid" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 339,847</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="47" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P align="RIGHT" style="border-bottom-style: solid">15%&nbsp;</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="79" VALIGN="BOTTOM" align="right">
  <FONT FACE="Arial" SIZE=2><P style="border-bottom-style: solid" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 413,541</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="49" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P align="RIGHT" style="border-bottom-style: solid">(5%)</FONT></TD>
  </TR>
  <TR><TD WIDTH="5" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="245" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="119" VALIGN="BOTTOM" align="right">&nbsp;</TD>
  <TD WIDTH="4" VALIGN="BOTTOM" align="right">&nbsp;</TD>
  <TD WIDTH="79" VALIGN="BOTTOM" align="right">&nbsp;</TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="47" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="79" VALIGN="BOTTOM" align="right">&nbsp;</TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="49" VALIGN="BOTTOM">&nbsp;</TD>
  </TR>
  <TR><TD WIDTH="5" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="245" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P>Income before provision for income taxes</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="119" VALIGN="BOTTOM" align="right">
  <FONT FACE="Arial" SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47,714</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM" align="right">&nbsp;</TD>
  <TD WIDTH="79" VALIGN="BOTTOM" align="right">
  <FONT FACE="Arial" SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38,144</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="47" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">25%&nbsp;</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="79" VALIGN="BOTTOM" align="right">
  <FONT FACE="Arial" SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66,907</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="49" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">(29%)</FONT></TD>
  </TR>
  <TR><TD WIDTH="254" VALIGN="BOTTOM" COLSPAN=2>
  <FONT FACE="Arial" SIZE=2><P>Provision for income taxes</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="119" VALIGN="BOTTOM" align="right">
  <FONT FACE="Arial" SIZE=2><P style="border-bottom-style: solid" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18,101</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM" align="right">&nbsp;</TD>
  <TD WIDTH="79" VALIGN="BOTTOM" align="right">
  <FONT FACE="Arial" SIZE=2><P style="border-bottom-style: solid" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14,582</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="47" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P align="RIGHT" style="border-bottom-style: solid">24%&nbsp;</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="79" VALIGN="BOTTOM" align="right">
  <FONT FACE="Arial" SIZE=2><P style="border-bottom-style: solid" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23,839</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="49" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P align="RIGHT" style="border-bottom-style: solid">(24%)</FONT></TD>
  </TR>
  <TR><TD WIDTH="254" VALIGN="BOTTOM" COLSPAN=2>
  <B><FONT FACE="Arial" SIZE=2><P>Net Income</B></FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="119" VALIGN="BOTTOM" align="right">
  <B><FONT FACE="Arial" SIZE=2><P style="border-bottom-style: double">&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29,613</B></FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM" align="right">&nbsp;</TD>
  <TD WIDTH="79" VALIGN="BOTTOM" align="right">
  <B><FONT FACE="Arial" SIZE=2><P style="border-bottom-style: double">&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 23,562</B></FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="47" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double">26%&nbsp;</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="79" VALIGN="BOTTOM" align="right">
  <B><FONT FACE="Arial" SIZE=2><P style="border-bottom-style: double">&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 43,068</B></FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="49" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double">(31%)</FONT></TD>
  </TR>
  <TR><TD WIDTH="254" VALIGN="BOTTOM" COLSPAN=2>
  <B><FONT FACE="Arial" SIZE=2><P>Net Income per share basic</B></FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="119" VALIGN="BOTTOM" align="right">
  <B><FONT FACE="Arial" SIZE=2><P style="border-bottom-style: double">&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.40</B></FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM" align="right">&nbsp;</TD>
  <TD WIDTH="79" VALIGN="BOTTOM" align="right">
  <B><FONT FACE="Arial" SIZE=2><P style="border-bottom-style: double">&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.33</B></FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="47" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double">21%&nbsp;</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="79" VALIGN="BOTTOM" align="right">
  <B><FONT FACE="Arial" SIZE=2><P style="border-bottom-style: double">&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.59</B></FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="49" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double">(32%)</FONT></TD>
  </TR>
  <TR><TD WIDTH="254" VALIGN="BOTTOM" COLSPAN=2>
  <B><FONT FACE="Arial" SIZE=2><P>Net Income per share diluted</B></FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="119" VALIGN="BOTTOM" align="right">
  <B><FONT FACE="Arial" SIZE=2><P style="border-bottom-style: double">&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.40</B></FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM" align="right">&nbsp;</TD>
  <TD WIDTH="79" VALIGN="BOTTOM" align="right">
  <B><FONT FACE="Arial" SIZE=2><P style="border-bottom-style: double">&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.32</B></FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="47" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double">25%&nbsp;</FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="79" VALIGN="BOTTOM" align="right">
  <B><FONT FACE="Arial" SIZE=2><P style="border-bottom-style: double">&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.58</B></FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="49" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double">(31%)</FONT></TD>
  </TR>
  <TR><TD WIDTH="254" VALIGN="BOTTOM" COLSPAN=2>
  <B><FONT FACE="Arial" SIZE=2><P>Weighted average common shares</B></FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="119" VALIGN="BOTTOM" align="right">
    <p>&nbsp;</p>
    </TD>
  <TD WIDTH="4" VALIGN="BOTTOM" align="right">&nbsp;</TD>
  <TD WIDTH="79" VALIGN="BOTTOM" align="right">&nbsp;</TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="47" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="79" VALIGN="BOTTOM" align="right">&nbsp;</TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="49" VALIGN="BOTTOM">&nbsp;</TD>
  </TR>
  <TR><TD WIDTH="254" VALIGN="BOTTOM" COLSPAN=2>
  <B><FONT FACE="Arial" SIZE=2><P>&nbsp;&nbsp;&nbsp; Outstanding-basic</B></FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="119" VALIGN="BOTTOM" align="right">
  <B><FONT FACE="Arial" SIZE=2><P style="border-bottom-style: double">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73,592</B></FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM" align="right">&nbsp;</TD>
  <TD WIDTH="79" VALIGN="BOTTOM" align="right">
  <B><FONT FACE="Arial" SIZE=2><P style="border-bottom-style: double">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72,789</FONT></B></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="47" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="79" VALIGN="BOTTOM" align="right">
  <B><FONT FACE="Arial" SIZE=2><P style="border-bottom-style: double">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73,352</B></FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="49" VALIGN="BOTTOM">&nbsp;</TD>
  </TR>
  <TR><TD WIDTH="254" VALIGN="BOTTOM" COLSPAN=2>
  <B><FONT FACE="Arial" SIZE=2><P>Weighted average common and common</B></FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="119" VALIGN="BOTTOM" align="right">&nbsp;</TD>
  <TD WIDTH="4" VALIGN="BOTTOM" align="right">&nbsp;</TD>
  <TD WIDTH="79" VALIGN="BOTTOM" align="right">&nbsp;</TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="47" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="79" VALIGN="BOTTOM" align="right">&nbsp;</TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="49" VALIGN="BOTTOM">&nbsp;</TD>
  </TR>
  <TR><TD WIDTH="254" VALIGN="BOTTOM" COLSPAN=2>
  <B><FONT FACE="Arial" SIZE=2><P>&nbsp;&nbsp;&nbsp; equivalent shares outstanding-diluted</B></FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="119" VALIGN="BOTTOM" align="right">
  <B><FONT FACE="Arial" SIZE=2><P style="border-bottom-style: double">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74,560</B></FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM" align="right">&nbsp;</TD>
  <TD WIDTH="79" VALIGN="BOTTOM" align="right">
  <B><FONT FACE="Arial" SIZE=2><P style="border-bottom-style: double">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73,365</B></FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="47" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="79" VALIGN="BOTTOM" align="right">
  <B><FONT FACE="Arial" SIZE=2><P style="border-bottom-style: double">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74,395</B></FONT></TD>
  <TD WIDTH="4" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="49" VALIGN="BOTTOM">&nbsp;</TD>
  </TR>
  </TABLE>
  
  <FONT FACE="Arial" SIZE=2></FONT>
  <TABLE CELLSPACING=0 BORDER=0 WIDTH=611>
  <TR><TD WIDTH="90%" VALIGN="BOTTOM" COLSPAN=7>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER"><br>
  <br>
  <br>
  <br>
  <br>
  RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES</B></FONT></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">&nbsp;</FONT></TD>
  </TR>
  <TR><TD WIDTH="90%" VALIGN="BOTTOM" COLSPAN=7>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">CONSOLIDATED STATEMENT OF OPERATIONS</B></FONT></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">&nbsp;</FONT></TD>
  </TR>
  <TR><TD WIDTH="90%" VALIGN="BOTTOM" COLSPAN=7>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(UNAUDITED)</B></FONT></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">&nbsp;</FONT></TD>
  </TR>
  <TR><TD WIDTH="90%" VALIGN="BOTTOM" COLSPAN=7>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">Year-to-Date</B></FONT></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">&nbsp;</FONT></TD>
  </TR>
  <TR><TD WIDTH="53%" VALIGN="BOTTOM" COLSPAN=2>
  <FONT FACE="Arial" SIZE=2><P>(in thousands, except per share amounts)</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="18%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="10%" VALIGN="BOTTOM">&nbsp;</TD>
  </TR>
  <TR><TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="53%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="35%" VALIGN="BOTTOM" COLSPAN=3>
  <I><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER" style="border-bottom-style: solid">Nine Months Ended</I></FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P>&nbsp;</FONT></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P>&nbsp;</FONT></TD>
  </TR>
  <TR><TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="53%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="18%" VALIGN="BOTTOM">
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">June 25,</B></FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="17%" VALIGN="BOTTOM">
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">June 27,</B></FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="10%" VALIGN="BOTTOM">
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">%</B></FONT></TD>
  </TR>
  <TR><TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="53%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="18%" VALIGN="BOTTOM">
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER" style="border-bottom-style: solid">2004</FONT></B></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="17%" VALIGN="BOTTOM">
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER" style="border-bottom-style: solid">2003</FONT></B></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="10%" VALIGN="BOTTOM">
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER" style="border-bottom-style: solid">change</FONT></B></TD>
  </TR>
  <TR><TD WIDTH="53%" VALIGN="BOTTOM" COLSPAN=2>
  <FONT FACE="Arial" SIZE=2><P>Revenues:</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="18%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="10%" VALIGN="BOTTOM">&nbsp;</TD>
  </TR>
  <TR><TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="53%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P>Securities commissions and fees</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="18%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 982,030</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="17%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P>&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 765,334</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="10%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">28%&nbsp;</FONT></TD>
  </TR>
  <TR><TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="53%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P>Investment&nbsp; banking</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="18%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69,017</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="17%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37,171</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="10%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">86%&nbsp;</FONT></TD>
  </TR>
  <TR><TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="53%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P>Investment advisory fees</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="18%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99,934</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="17%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81,344</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="10%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">23%&nbsp;</FONT></TD>
  </TR>
  <TR><TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="53%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P>Interest</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="18%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96,001</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="17%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98,010</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="10%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">(2%)</FONT></TD>
  </TR>
  <TR><TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="53%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P>Net trading profits</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="18%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16,323</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="17%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17,654</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="10%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">(8%)</FONT></TD>
  </TR>
  <TR><TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="53%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P>Financial service fees</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="18%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61,126</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="17%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49,999</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="10%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">22%&nbsp;</FONT></TD>
  </TR>
  <TR><TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="53%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P>Other</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="18%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P style="border-bottom-style: solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43,137</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="17%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P style="border-bottom-style: solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35,359</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="10%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P align="RIGHT" style="border-bottom-style: solid">22%&nbsp;</FONT></TD>
  </TR>
  <TR><TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="53%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="18%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="10%" VALIGN="BOTTOM">&nbsp;</TD>
  </TR>
  <TR><TD WIDTH="53%" VALIGN="BOTTOM" COLSPAN=2>
  <B><FONT FACE="Arial" SIZE=2><P>TOTAL REVENUES</B></FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="18%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P style="border-bottom-style: solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,367,568</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="17%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P style="border-bottom-style: solid">&nbsp;&nbsp;&nbsp;&nbsp; 1,084,871</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="10%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P align="RIGHT" style="border-bottom-style: solid">26%&nbsp;</FONT></TD>
  </TR>
  <TR><TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="53%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P>Interest expense</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="18%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P style="border-bottom-style: solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; 33,021</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="17%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P style="border-bottom-style: solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35,667</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="10%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P align="RIGHT" style="border-bottom-style: solid">(7%)</FONT></TD>
  </TR>
  <TR><TD WIDTH="53%" VALIGN="BOTTOM" COLSPAN=2>
  <B><FONT FACE="Arial" SIZE=2><P>NET REVENUES</B></FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="18%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P style="border-bottom-style: solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,334,547</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="17%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P style="border-bottom-style: solid">&nbsp;&nbsp;&nbsp;&nbsp; 1,049,204</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="10%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P align="RIGHT" style="border-bottom-style: solid">27%&nbsp;</FONT></TD>
  </TR>
  <TR><TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="53%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="18%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="10%" VALIGN="BOTTOM">&nbsp;</TD>
  </TR>
  <TR><TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="53%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="18%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="10%" VALIGN="BOTTOM">&nbsp;</TD>
  </TR>
  <TR><TD WIDTH="53%" VALIGN="BOTTOM" COLSPAN=2>
  <FONT FACE="Arial" SIZE=2><P>Non-Interest expenses</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="18%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="10%" VALIGN="BOTTOM">&nbsp;</TD>
  </TR>
  <TR><TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="53%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P>Compensation, commissions and benefits</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="18%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 961,993</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="17%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 754,125</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="10%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">28%&nbsp;</FONT></TD>
  </TR>
  <TR><TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="53%" VALIGN="BOTTOM" COLSPAN=2>
  <FONT FACE="Arial" SIZE=2><P>Communications and information processing</FONT></TD>
  <TD WIDTH="18%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60,975</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="17%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58,004</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="10%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">5%&nbsp;</FONT></TD>
  </TR>
  <TR><TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="53%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P>Occupancy and equipment costs</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="18%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45,435</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="17%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45,402</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="10%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">0%&nbsp;</FONT></TD>
  </TR>
  <TR><TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="53%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P>Clearance and floor brokerage</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="18%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15,466</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="17%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12,864</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="10%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">20%&nbsp;</FONT></TD>
  </TR>
  <TR><TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="53%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P>Business development</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="18%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42,194</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="17%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36,885</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="10%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">14%&nbsp;</FONT></TD>
  </TR>
  <TR><TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="53%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P>Other</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="18%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P style="border-bottom-style: solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54,907</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="17%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P style="border-bottom-style: solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56,145</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="10%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P align="RIGHT" style="border-bottom-style: solid">(2%)</FONT></TD>
  </TR>
  <TR><TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="53%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="18%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P>&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="17%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P>&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="10%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P>&nbsp;</FONT></TD>
  </TR>
  <TR><TD WIDTH="53%" VALIGN="BOTTOM" COLSPAN=2>
  <B><FONT FACE="Arial" SIZE=2><P>TOTAL NON-INTEREST EXPENSES</B></FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="18%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P style="border-bottom-style: solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,180,970</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="17%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P style="border-bottom-style: solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 963,425</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="10%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P align="RIGHT" style="border-bottom-style: solid">23%&nbsp;</FONT></TD>
  </TR>
  <TR><TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="53%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="18%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="10%" VALIGN="BOTTOM">&nbsp;</TD>
  </TR>
  <TR><TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="53%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P>Income before provision for income taxes</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="18%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 153,577</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="17%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85,779</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="10%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">79%&nbsp;</FONT></TD>
  </TR>
  <TR><TD WIDTH="53%" VALIGN="BOTTOM" COLSPAN=2>
  <FONT FACE="Arial" SIZE=2><P>Provision for income taxes</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="18%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P style="border-bottom-style: solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56,665</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="17%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P style="border-bottom-style: solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32,596</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="10%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P align="RIGHT" style="border-bottom-style: solid">74%&nbsp;</FONT></TD>
  </TR>
  <TR><TD WIDTH="53%" VALIGN="BOTTOM" COLSPAN=2>
  <B><FONT FACE="Arial" SIZE=2><P>Net income</B></FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="18%" VALIGN="BOTTOM">
  <B><FONT FACE="Arial" SIZE=2><P style="border-bottom-style: double">&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96,912</B></FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="17%" VALIGN="BOTTOM">
  <B><FONT FACE="Arial" SIZE=2><P style="border-bottom-style: double">&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53,183</B></FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="10%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double">82%&nbsp;</FONT></TD>
  </TR>
  <TR><TD WIDTH="53%" VALIGN="BOTTOM" COLSPAN=2>
  <B><FONT FACE="Arial" SIZE=2><P>Net income per share basic</B></FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="18%" VALIGN="BOTTOM">
  <B><FONT FACE="Arial" SIZE=2><P style="border-bottom-style: double">&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.32</B></FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="17%" VALIGN="BOTTOM">
  <B><FONT FACE="Arial" SIZE=2><P style="border-bottom-style: double">&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.73</B></FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="10%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double">81%&nbsp;</FONT></TD>
  </TR>
  <TR><TD WIDTH="53%" VALIGN="BOTTOM" COLSPAN=2>
  <B><FONT FACE="Arial" SIZE=2><P>Net income per share diluted</B></FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="18%" VALIGN="BOTTOM">
  <B><FONT FACE="Arial" SIZE=2><P style="border-bottom-style: double">&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.30</B></FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="17%" VALIGN="BOTTOM">
  <B><FONT FACE="Arial" SIZE=2><P style="border-bottom-style: double">&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.72</B></FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="10%" VALIGN="BOTTOM">
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double">81%&nbsp;</FONT></TD>
  </TR>
  <TR><TD WIDTH="53%" VALIGN="BOTTOM" COLSPAN=2>
  <B><FONT FACE="Arial" SIZE=2><P>Weighted average common shares</B></FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="18%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="10%" VALIGN="BOTTOM">&nbsp;</TD>
  </TR>
  <TR><TD WIDTH="53%" VALIGN="BOTTOM" COLSPAN=2>
  <B><FONT FACE="Arial" SIZE=2><P>&nbsp;&nbsp;&nbsp; Outstanding-basic</B></FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="18%" VALIGN="BOTTOM">
  <B><FONT FACE="Arial" SIZE=2><P style="border-bottom-style: double">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73,275</B></FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="17%" VALIGN="BOTTOM">
  <B><FONT FACE="Arial" SIZE=2><P style="border-bottom-style: double">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72,878</B></FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="10%" VALIGN="BOTTOM">&nbsp;</TD>
  </TR>
  <TR><TD WIDTH="53%" VALIGN="BOTTOM" COLSPAN=2>
  <B><FONT FACE="Arial" SIZE=2><P>Weighted average common and common</B></FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="18%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="10%" VALIGN="BOTTOM">&nbsp;</TD>
  </TR>
  <TR><TD WIDTH="53%" VALIGN="BOTTOM" COLSPAN=2>
  <B><FONT FACE="Arial" SIZE=2><P>&nbsp;&nbsp;&nbsp; equivalent shares outstanding-diluted</B></FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="18%" VALIGN="BOTTOM">
  <B><FONT FACE="Arial" SIZE=2><P style="border-bottom-style: double">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74,353</B></FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="17%" VALIGN="BOTTOM">
  <B><FONT FACE="Arial" SIZE=2><P style="border-bottom-style: double">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73,385</B></FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
  <TD WIDTH="10%" VALIGN="BOTTOM">&nbsp;</TD>
  </TR>
  </TABLE>
  
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  </HTML>
metadata_documents: [{"type": "8-K", "sequence": "1", "filename": "fpqtr32004final.htm", "secsgml_size_bytes": 108601}]
metadata_filer: {"company-data": {"conformed-name": "RAYMOND JAMES FINANCIAL INC", "cik": "0000720005", "assigned-sic": "6211", "irs-number": "591517485", "state-of-incorporation": "FL", "fiscal-year-end": "0930"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-09109", "film-number": "04913915"}, "business-address": {"street1": "880 CARILLON PKWY", "street2": "P O BOX 12749", "city": "ST PETERSBURG", "state": "FL", "zip": "33716", "phone": "727-567-1000"}, "mail-address": {"street1": "P O BOX 12749", "city": "ST. PETERSBURG", "state": "FL", "zip": "33716"}, "former-company": {"former-conformed-name": "RJ FINANCIAL CORP/FL", "date-changed": "19870303"}}
text: SECURITIES AND EXCHANGE COMMISSION
  Washington, D. C. 20549
  FORM 8-K
  CURRENT REPORT
  PURSUANT TO SECTION 13 OR 15(d) OF
  THE SECURITIES EXCHANGE ACT OF 1934
  Date of Report (Date of earliest event reported) July 13, 2004
  ..............
  RAYMOND JAMES FINANCIAL, INC.
  (Exact name of registrant as specified in its charter)
  Florida                               1-9109               No. 59-1517485
  .................................     ............          ....................
  (State or other jurisdiction of     (Commission           (I.R.S. Employer
  incorporation or organization)      File Number)          Identification No.)
  880 Carillon Parkway, St. Petersburg, Florida  33716
  .........................................................
  (Address of principal executive offices)      (Zip Code)
  Registrant's telephone number, including area code (727) 567-1000
  ..............
  _____________________________________________________________
  (Former name or former address, if changed since last report.
  ITEM 7. EXHIBITS
  (c) exhibits
  99.1 Raymond James Financial Inc.'s Press Release dated July 13, 2004, containing unaudited financial results for the quarter ended June 25, 2004.
  Item 9.  REGULATION FD DISCLOSURE
  Pursuant to Item 12, Raymond James Financial, Inc. is furnishing under Item 9 of this Current Report on Form 8-K the information included as Exhibit 99.1to this report, which is hereby incorporated herein by reference.
  The press release included instructions as to how and when to access the Company's complementary quarterly conference call that was available to all interested persons telephonically and by webcast through the Company's website.
  SIGNATURES
  Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
  July 13, 2004
  (Date)
  RAYMOND JAMES FINANCIAL, INC.
  BY: /s/
  Thomas A. James
  Thomas A. James
  Chairman and Chief
  Executive Officer
  BY: /s/
  Jeffrey P. Julien
  Jeffrey P. Julien
  Senior Vice President - Finance
  and Chief Financial Officer
  Exhibit 99.1
  Release No. 0704-02
  July 13, 2004                       FOR IMMEDIATE RELEASE
  RAYMOND JAMES FINANCIAL, INC.
  REPORTS THIRD QUARTER RESULTS
  ST. PETERSBURG, Fla. -- Raymond James Financial, Inc. today reported a 26 percent increase in unaudited net income to $29,613,000, or $0.40 per diluted share, for the third quarter ended June 25 on a 16 percent increase in net revenues of $440,111,000. This compares to net income of $23,562,000, or $0.32 per diluted share, on net revenues of $377,991,000, for fiscal 2003's third quarter.
  Unaudited net income for the first nine months of fiscal 2004 was reported at $96,912,000, up 82 percent from 2003's $53,183,000, while net revenues for the period increased 27 percent to $1,334,547,000 from $1,049,204,000 the previous year. Diluted earnings per share were $1.30 versus $0.72 for last year's comparable period.
  All per share amounts have been restated to reflect the effect of the March 2004 three-for-two stock split.
  "Although the results of the third quarter were not as impressive as the record levels achieved in the immediately preceding quarter, they substantially surpassed last year's comparable quarter, even though the market began its resurgence in that period. Net revenues increased 16 percent driving a 26 percent increase in net income. Except for trading revenues, which declined due to a more difficult environment for fixed income, and flat net interest income, all revenue categories contributed double-digit gains," stated Thomas A. James, chairman of the board
  - more -
  Page 2                              RAYMOND JAMES FINANCIAL, INC.
  Rel. No. 0704-02
  and chief executive officer.
  "One should not lose sight of the remarkable 82 percent increase in net income for the nine-month period ended in June, based on a 27 percent increment in net revenues," he continued. "These outstanding comparisons demonstrate the power of operating leverage as revenues began to grow again after three years of static results.
  "Against the incongruous background of increasing corporate profits and rising interest rates, I do not expect much change in retail transaction volume but investment banking and investment advisory revenue are still robust, auguring for a respectable fourth quarter," he concluded.
  The company will conduct its quarterly conference call July 13 at 4:15 p.m. The telephone number is 800-773-5520. The call will also be available on demand on the company's Web site, www.RaymondJames.com, under "About Our Company," "Financials."
  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 5,200 financial advisors serving 1.3 million accounts in 2,200 locations throughout the United States, Canada and overseas. In addition, total client assets are currently over $100 billion, of which more than $22 billion are managed by the firm's asset management subsidiaries.
  - more -
  Page 3                              RAYMOND JAMES FINANCIAL, INC.
  Rel. No. 0704-02
  Raymond James Financial, Inc.
  Unaudited Report
  For the third quarter ended June 25, 2004
  (all data in thousands, except per share earnings)
  Third Quarter
  Nine Months
  2004
  2003
  % Change
  2004
  2003
  % Change
  Revenues
  $451,535
  $389,767
  16%
  $1,367,568
  $1,084,871
  26%
  Net revenues
  440,111
  377,991
  16%
  1,334,547
  1,049,204
  27%
  Net income
  29,613
  23,562
  26%
  96,912
  53,183
  82%
  Net income per
  share - diluted
  0.40
  0.32
  25%
  1.30
  0.72
  81%
  Average shares
  outstanding - diluted
  74,560
  73,365
  74,353
  73,385
  Balance Sheet Data
  June
  March
  Sept.
  June
  2004
  2004
  2003
  2003
  Total assets
  $    7.3 bil.
  $    7.4 bil.
  $   6.9 bil.
  $   7.0 bil.
  Shareholders' equity
  $ 1,033 mil.
  $ 1,003 mil.
  $ 925 mil.
  $ 889 mil.
  Book value per share
  $     14.01
  $     13.64
  $   12.71
  $   12.20
  Management Data
  June
  March
  Sept.
  June
  2004
  2004
  2003
  2003
  Total financial advisors:
  United States
  4,824
  4,824
  4,770
  4,782
  Canada
  261
  243
  226
  217
  # Lead managed/co-managed
  Public offerings in U.S.
  22
  26
  27
  18
  Public offerings in
  Canada
  5
  7
  7
  3
  Financial assets under management
  $22.1 bil.
  $21.8 bil.
  $19.2 bil.
  $18.1 bil.
  - more -
  Page 4                              RAYMOND JAMES FINANCIAL, INC.
  Rel. No. 0704-02
  June
  March
  Sept.
  June
  2004
  2004
  2003
  2003
  Client assets
  $109 bil.
  $107 bil.
  $96 bil.
  $94 bil.
  Client margin balances
  $1,129 mil.
  $1,074 mil.
  955 mil.
  $947 mil.
  Client trade volume
  1,739,000
  1,995,000
  1,587,000
  1,630,000
  # of client accounts
  1,340,000
  1,314,000
  1,210,000
  1,286,000
  Segment Data
  Third Quarter
  Nine Months
  2004
  2003
  % Change
  2004
  2003
  %  Change
  Revenues:
  Private Client Group
  $311,509
  $263,096
  18%
  $925,728
  $724,699
  28%
  Capital Markets
  89,151
  85,132
  5%
  294,004
  232,724
  26%
  Asset Management
  36,956
  30,278
  22%
  109,137
  89,411
  22%
  RJ Bank
  7,099
  6,890
  3%
  20,554
  21,877
  (6%)
  Other
  6,820
  4,371
  56%
  18,145
  16,160
  12%
  Total
  $451,535
  $389,767
  16%
  $1,367,568
  $1,084,871
  26%
  Pre-tax income:
  Private Client Group
  $27,835
  $22,498
  24%
  $90,122
  $50,371
  79%
  Capital Markets
  10,197
  10,872
  (6%)
  37,822
  18,667
  103%
  Asset Management
  7,485
  4,332
  73%
  21,385
  12,443
  72%
  RJ Bank
  2,775
  2,704
  3%
  7,038
  7,739
  (9%)
  Other
  (578)
  (2,262)
  74%
  (2,790)
  (3,441)
  19%
  Total
  47,714
  $38,144
  25%
  $153,577
  $85,779
  79%
  For additional information, contact
  Mike White at 727-567-2824.
  Please visit the Raymond James Press Center at www.raymondjames.com/media.htm
  RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
  CONSOLIDATED STATEMENT OF OPERATIONS
  (UNAUDITED)
  Quarter-to-Date
  (in thousands, except per share amounts)
  Three Months Ended
  June 25,
  June 27,
  %
  March 26,
  %
  2004
  2003
  change
  2004
  Change
  Revenues:
  Securities commissions and fees
  $            326,701
  $   279,929
  17%
  $   352,039
  (7%)
  Investment  banking
  17,226
  12,224
  41%
  32,065
  (46%)
  Investment advisory fees
  33,517
  27,829
  20%
  34,460
  (3%)
  Interest
  33,271
  32,364
  3%
  31,575
  5%
  Net trading profits
  5,031
  8,491
  (41%)
  4,512
  12%
  Financial service fees
  20,852
  18,910
  10%
  21,571
  (3%)
  Other
  14,937
  10,020
  49%
  15,151
  (1%)
  TOTAL REVENUES
  451,535
  389,767
  16%
  491,373
  (8%)
  Interest expense
  11,424
  11,776
  (3%)
  10,925
  5%
  NET REVENUES
  440,111
  377,991
  16%
  480,448
  (8%)
  Non-Interest expenses
  Compensation, commissions and benefits
  319,962
  270,308
  18%
  341,370
  (6%)
  Communications and information processing
  20,425
  19,196
  6%
  21,354
  (4%)
  Occupancy and equipment costs
  14,913
  14,811
  1%
  15,229
  (2%)
  Clearance and floor brokerage
  5,094
  5,187
  (2%)
  5,320
  (4%)
  Business development
  15,398
  13,424
  15%
  13,854
  11%
  Other
  16,605
  16,921
  (2%)
  16,414
  1%
  TOTAL NON-INTEREST EXPENSES
  392,397
  339,847
  15%
  413,541
  (5%)
  Income before provision for income taxes
  47,714
  38,144
  25%
  66,907
  (29%)
  Provision for income taxes
  18,101
  14,582
  24%
  23,839
  (24%)
  Net Income
  $              29,613
  $     23,562
  26%
  $     43,068
  (31%)
  Net Income per share basic
  $                  0.40
  $        0.33
  21%
  $        0.59
  (32%)
  Net Income per share diluted
  $                  0.40
  $        0.32
  25%
  $        0.58
  (31%)
  Weighted average common shares
  Outstanding-basic
  73,592
  72,789
  73,352
  Weighted average common and common
  equivalent shares outstanding-diluted
  74,560
  73,365
  74,395
  RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
  CONSOLIDATED STATEMENT OF OPERATIONS
  (UNAUDITED)
  Year-to-Date
  (in thousands, except per share amounts)
  Nine Months Ended
  June 25,
  June 27,
  %
  2004
  2003
  change
  Revenues:
  Securities commissions and fees
  $       982,030
  $     765,334
  28%
  Investment  banking
  69,017
  37,171
  86%
  Investment advisory fees
  99,934
  81,344
  23%
  Interest
  96,001
  98,010
  (2%)
  Net trading profits
  16,323
  17,654
  (8%)
  Financial service fees
  61,126
  49,999
  22%
  Other
  43,137
  35,359
  22%
  TOTAL REVENUES
  1,367,568
  1,084,871
  26%
  Interest expense
  33,021
  35,667
  (7%)
  NET REVENUES
  1,334,547
  1,049,204
  27%
  Non-Interest expenses
  Compensation, commissions and benefits
  961,993
  754,125
  28%
  Communications and information processing
  60,975
  58,004
  5%
  Occupancy and equipment costs
  45,435
  45,402
  0%
  Clearance and floor brokerage
  15,466
  12,864
  20%
  Business development
  42,194
  36,885
  14%
  Other
  54,907
  56,145
  (2%)
  TOTAL NON-INTEREST EXPENSES
  1,180,970
  963,425
  23%
  Income before provision for income taxes
  153,577
  85,779
  79%
  Provision for income taxes
  56,665
  32,596
  74%
  Net income
  $        96,912
  $       53,183
  82%
  Net income per share basic
  $            1.32
  $           0.73
  81%
  Net income per share diluted
  $            1.30
  $           0.72
  81%
  Weighted average common shares
  Outstanding-basic
  73,275
  72,878
  Weighted average common and common
  equivalent shares outstanding-diluted
  74,353
  73,385