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  <FONT FACE="Courier New" SIZE=2><P ALIGN="CENTER">SECURITIES AND EXCHANGE COMMISSION<BR>
  Washington, D. C. 20549</P>
  <P ALIGN="CENTER">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<BR>
  </P>
  <P>Date of Report (Date of earliest event reported) October 21, 2003<BR>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;..............</P>
  
  <P ALIGN="CENTER">RAYMOND JAMES FINANCIAL, INC.<BR>
  (Exact name of registrant as specified in its charter)</P>
  
  <P>&nbsp;</P>
  <P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Florida&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1-9109&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No. 59-1517485   <BR>
  .................................&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;............&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;....................<BR>
  &nbsp;(State or other jurisdiction of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Commission&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I.R.S. Employer <BR>
  &nbsp;&nbsp;incorporation&nbsp;or&nbsp;organization)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;File&nbsp;Number)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Identification&nbsp;No.)</P>
  
  <P>&nbsp;</P>
  <P> 880 Carillon Parkway, St. Petersburg, Florida&nbsp; 33716<BR>
  .........................................................<BR>
  (Address of principal executive offices)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Zip Code)<BR>
  </P>
  <P>Registrant's telephone number, including area code (727) 567-1000<BR>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;..............</P>
  
  <P>_____________________________________________________________</P>
  <P>(Former name or former address, if changed since last report.</P>
  
  <P ALIGN="JUSTIFY">ITEM 7. EXHIBITS</P>
  
  <P>(c) exhibits</P>
  
  <P>99.1 Raymond James Financial Inc.'s Press Release dated October 21, 2003</P>
  
  <P>&nbsp;</P>
  <P>Item 9.&nbsp;&nbsp;REGULATION FD DISCLOSURE</P>
  <FONT SIZE=2>
  
  </FONT><FONT FACE="Courier New" SIZE=2>
  <blockquote>
    <P>&nbsp;&nbsp; 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 99.1 to this report, which is hereby incorporated herein by reference. Exhibit 99.1 is Raymond James Financial Inc.'s fourth quarter 2003 financial press release issued on October 21, 2003.</P>
  </blockquote>
  <DIR>
  <DIR>
  <DIR>
  
  <P>&nbsp;</P>
  <P>&nbsp;</P></DIR>
  </DIR>
  </DIR>
  
  <P>SIGNATURES</P>
  
  <P>&nbsp;</P>
  <P ALIGN="JUSTIFY">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.</P>
  
  <P>&nbsp;</P>
  <P>&nbsp;</P>
  <P>________<U>October 21, 2003&#9;&#9;</U><BR>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Date)</P>
  
  <P>RAYMOND JAMES FINANCIAL, INC.</P>
  
  <P>&nbsp;</P>
  <P>&nbsp;</P>
  <P>&nbsp;</P>
  <P>&nbsp;</P>
  <P>BY:&nbsp;/s/ <U>Thomas A. James</U><BR>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thomas A. James<BR>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chairman and Chief<BR>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Executive Officer</P>
  
  <P>&nbsp;</P>
  <P>&nbsp;</P>
  <P>&nbsp;</P>
  <P>BY:&nbsp;/s/ <U>Jeffrey P. Julien</U>    <BR>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jeffrey P. Julien<BR>
  &nbsp;&nbsp;&nbsp;&nbsp;Senior Vice President - Finance<BR>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and Chief Financial Officer</P>
  
  <P>&nbsp;</P>
  <P>&nbsp;</P>
  <P>Exhibit 99.1</P>
  </FONT><P>Release No. 1003-03<br>
  October 21, 2003 FOR IMMEDIATE RELEASE</P>
  
  <P align="center">RAYMOND JAMES FINANCIAL<br>
  REPORTS REVENUES, INCOME</P>
  <P align="center">FOR FOURTH QUARTER,<br>
  FISCAL 2003 REVENUES, EARNINGS </P>
  
  <P><A NAME="OLE_LINK1">ST. PETERSBURG, Fla. </FONT><font face="Arial" size="3">-</font><FONT FACE="Courier New" SIZE=2>
  Raymond James Financial today reported unaudited earnings and revenues for the fourth quarter and fiscal year ended Sept. 26.</P>
  <P>For the fourth quarter, net income increased 51 percent to $33,134,000 from fiscal 2002's fourth quarter net income of $21,995,000, while net revenues were $402,756,000, an increase of 9 percent from 2002's $369,355,000. Earnings per diluted share increased to $0.67 from $0.44.</P>
  <P>For the fiscal year, net income increased 9 percent to $86,317,000 from 2002's $79,303,000. Net revenues increased 1 percent to $1,451,960,000 from $1,441,088,000. Earnings per diluted share increased 10 percent to $1.76 from $1.60.  </P>
  <P>&quot;Buoyed by a rising stock market in our fourth fiscal quarter ended on September 26, Raymond James Financial's quarterly performance materially outpaced last year's final quarter, as well as the immediately preceding quarter,&quot; states Thomas A. James, chairman of the board and chief executive officer. &quot;While trading profits declined 70 percent from last
  year's quarter, reflecting a difficult, volatile mortgage securities market, commissions increased 9 percent and investment banking revenues surged 44 percent.  Consequently, net revenues of $402,756,000 exceeded last year's comparable quarter by 9 percent,&quot; he continues. &quot;Net income of $33,134,000 exceeded last year's by more than 50 percent, manifesting the latent operating leverage present in the securities industry in a more sanguine market environment.  Diluted earnings per share were $0.67 for the quarter, up from $0.44 last year. The vast majority of the improved results is attributable to improved results in the Private Client Group (Retail) and in Investment Banking.</P>
  
  <P ALIGN="CENTER">-  more -</P>
  
  <P>&nbsp;</P>
  <P>&nbsp;</P>
  <P>Page 2                              RAYMOND JAMES FINANCIAL, INC.</P>
  </FONT><FONT FACE="Courier,Courier New" SIZE=2><P>Rel. No. 1003-03</P>
  </FONT><FONT FACE="Courier New" SIZE=2>
  <P>James adds, &quot;The quarterly improvement enabled net revenues for the 2003 fiscal year to surpass last year's net revenues, in spite of the lackluster results experienced in the first six months of this year. Conjoined with rigorous expense control, net income grew 9 percent to $86,317,000, or $1.76 per share.</P>
  <P>&quot;The improved conditions in the equities market have continued into the first quarter of fiscal 2004 as the economy has continued to improve, bolstered by low interest and inflation rates, as well as improved corporate earnings,&quot; he continues. &quot;I anticipate that capital spending will increase in coming quarters, which should promise better economic and corporate results in 2004.  Even though many stocks have already manifested this outlook in higher prices, the general environment should be supportive of better results for the securities industry in the intermediate term."</P>
  <P>The company will conduct its quarterly conference call Wednesday at 4:15 p.m. The telephone number is 800-773-5520. The call will also be available on demand on the company's Web site, www.RaymondJames.com, under &quot;About Raymond James Financial, Financial Reports.&quot;</P>
  <P>Raymond James Financial (NYSE - RJF) provides financial services to individuals, corporations and municipalities through its three wholly-owned investment firms, Raymond James &amp; Associates, Raymond James Financial Services and Raymond James Ltd., which have over 4,800 Financial Advisors in more than 2,100 locations throughout the United States, Canada and internationally, as well as through its asset management subsidiaries, which currently manage in excess of $18 billion.</P>
  
  <P>&nbsp;</P>
  <P>&nbsp;</P>
  <P>&nbsp;</P>
  <P>&nbsp;</P>
  <P ALIGN="CENTER">-  more -</P>
  
  <P>&nbsp;</P>
  <P>&nbsp;</P>
  <P>Page 3                              RAYMOND JAMES FINANCIAL, INC.</P>
  <P>Rel. No. 1003-03</P>
  </FONT>
  <P ALIGN="RIGHT"><TABLE CELLSPACING WIDTH=636 cellpadding>
  <TR><TD VALIGN="BOTTOM" COLSPAN=12 HEIGHT=21>
  <B><FONT FACE="Courier New" SIZE=2><P ALIGN="CENTER"></a>Raymond James Financial, Inc.</B></FONT></TD>
  </TR>
  <TR><TD VALIGN="BOTTOM" COLSPAN=12 HEIGHT=21>
  <B><FONT FACE="Courier New" SIZE=2><P ALIGN="CENTER">Unaudited Report</B></FONT></TD>
  </TR>
  <TR><TD VALIGN="BOTTOM" COLSPAN=12 HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="CENTER">For the fourth quarter ended September 26, 2003</FONT></TD>
  </TR>
  <TR><TD VALIGN="BOTTOM" COLSPAN=12 HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="CENTER">(all data in thousands, except per share earnings)</FONT></TD>
  </TR>
  <TR><TD WIDTH="25%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  </TR>
  <TR><TD WIDTH="25%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="34%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="CENTER" style="border-bottom-style: solid">Fourth Quarter</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="41%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="CENTER" style="border-bottom-style: solid">Fiscal Year</FONT></TD>
  </TR>
  <TR><TD WIDTH="25%" VALIGN="BOTTOM" HEIGHT=36><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=36>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="CENTER" style="border-bottom-style: solid">2003</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=36><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=36>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="CENTER" style="border-bottom-style: solid">2002</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=36><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=36>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="CENTER" style="border-bottom-style: solid">Percent Change</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=36><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=36>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="CENTER" style="border-bottom-style: solid">2003</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=36><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=36>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="CENTER" style="border-bottom-style: solid">2002</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=36><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=36>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="CENTER" style="border-bottom-style: solid">Percent Change</FONT></TD>
  </TR>
  <TR><TD WIDTH="25%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P>Revenues</FONT></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P>$412,699</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P>$384,150</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P>   7%   </FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P>$1,497,571</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P>$1,517,423</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier,Courier New" SIZE=2><P>   (1%)   </FONT></TD>
  </TR>
  <TR><TD WIDTH="25%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P>Total Net Revenues</FONT></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P> 402,756</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P> 369,355</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P>   9%</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P> 1,451,960</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P> 1,441,088</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT"> </FONT></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P>    1%</FONT></TD>
  </TR>
  <TR><TD WIDTH="25%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P>Net Income</FONT></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P>  33,134</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P>  21,995</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier,Courier New" SIZE=2><P>  51%    </FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P>    86,317</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P>    79,303</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier,Courier New" SIZE=2><P>    9%    </FONT></TD>
  </TR>
  <TR><TD WIDTH="25%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P>Earnings Per </FONT></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  </TR>
  <TR><TD WIDTH="25%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P> Share - Diluted</FONT></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT SIZE=2><P>    0.67</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT SIZE=2><P>    0.44</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT SIZE=2><P>  52%    </FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P>      1.76</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P>      1.60</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier,Courier New" SIZE=2><P>   10%    </FONT></TD>
  </TR>
  <TR><TD WIDTH="25%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P>Average Shares</FONT></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  </TR>
  <TR><TD WIDTH="25%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P> Outstanding -            Diluted</FONT></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P>  49,133</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P>  49,401</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier,Courier New" SIZE=2><P>         </FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P>    48,986</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P>    49,629</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier,Courier New" SIZE=2><P>          </FONT></TD>
  </TR>
  </TABLE>
  
  <FONT FACE="Courier,Courier New" SIZE=2><P ALIGN="CENTER"></P>
  <P ALIGN="CENTER">&nbsp;</P></FONT>
  <P ALIGN="CENTER"><CENTER><TABLE CELLSPACING WIDTH=633 cellpadding>
  <TR><TD WIDTH="42%" VALIGN="BOTTOM" HEIGHT=15>
  <FONT FACE="Courier,Courier New" SIZE=2><P></A></FONT></TD>
  <TD WIDTH="19%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
  <TD WIDTH="19%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
  <TD WIDTH="19%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
  </TR>
  <TR><TD WIDTH="42%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="38%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=21>
  <B><FONT FACE="Courier New" SIZE=2><P ALIGN="CENTER">Balance Sheet Data</B></FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="19%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  </TR>
  <TR><TD WIDTH="42%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="19%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="CENTER" style="border-bottom-style: solid">Sept. 2003</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="19%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="CENTER" style="border-bottom-style: solid">Sept. 2002</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="19%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="CENTER">&nbsp;</FONT></TD>
  </TR>
  <TR><TD WIDTH="42%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P>Total Assets</FONT></TD>
  <TD WIDTH="19%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">$6.9 bil.</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="19%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">$6.0 bil.</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="19%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  </TR>
  <TR><TD WIDTH="42%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P>Shareholders' Equity</FONT></TD>
  <TD WIDTH="19%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">$925 mil.</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="19%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">$840 mil.</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="19%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  </TR>
  <TR><TD WIDTH="42%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P>Book Value per share</FONT></TD>
  <TD WIDTH="19%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT SIZE=2><P ALIGN="RIGHT">   $19.06</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="19%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT SIZE=2><P ALIGN="RIGHT">   $17.25</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="19%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  </TR>
  <TR><TD WIDTH="42%" VALIGN="BOTTOM" HEIGHT=9><P></P></TD>
  <TD WIDTH="19%" VALIGN="BOTTOM" HEIGHT=9><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=9><P></P></TD>
  <TD WIDTH="19%" VALIGN="BOTTOM" HEIGHT=9><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=9><P></P></TD>
  <TD WIDTH="19%" VALIGN="BOTTOM" HEIGHT=9><P></P></TD>
  </TR>
  </TABLE>
  </CENTER>
  
  <FONT FACE="Arial" SIZE=2><P ALIGN="CENTER"></P>
  <P ALIGN="CENTER">&nbsp;</P></FONT>
  <P ALIGN="CENTER"><CENTER><TABLE CELLSPACING WIDTH=557 cellpadding>
  <TR><TD WIDTH="47%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="53%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=21>
  <B><FONT FACE="Courier,Courier New" SIZE=2><P ALIGN="CENTER">Management Data</B></FONT></TD>
  </TR>
  <TR><TD WIDTH="47%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="53%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="CENTER">Quarter Ended</FONT></TD>
  </TR>
  <TR><TD WIDTH="47%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="19%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="CENTER" style="border-bottom-style: solid">Sept. 03</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="CENTER" style="border-bottom-style: solid">Sept. 02</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="CENTER" style="border-bottom-style: solid">June 03</FONT></TD>
  </TR>
  <TR><TD WIDTH="66%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P>No. Retail Financial Advisors:</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  </TR>
  <TR><TD WIDTH="47%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P>     US</FONT></TD>
  <TD WIDTH="19%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT SIZE=2><P ALIGN="RIGHT">    4,599</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT SIZE=2><P ALIGN="RIGHT">    4,549</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">   4,609 </FONT></TD>
  </TR>
  <TR><TD WIDTH="47%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P>     Canada</FONT></TD>
  <TD WIDTH="19%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT SIZE=2><P ALIGN="RIGHT">      212</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT SIZE=2><P ALIGN="RIGHT">      235</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">     202</FONT></TD>
  </TR>
  <TR><TD WIDTH="47%" VALIGN="BOTTOM" HEIGHT=13><P></P></TD>
  <TD WIDTH="19%" VALIGN="BOTTOM" HEIGHT=13><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=13><P></P></TD>
  <TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=13><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=13><P></P></TD>
  <TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=13><P></P></TD>
  </TR>
  <TR><TD WIDTH="47%" VALIGN="BOTTOM" HEIGHT=13>
  <FONT FACE="Courier New" SIZE=2><P>No. Managed/Co-Managed </FONT></TD>
  <TD WIDTH="19%" VALIGN="BOTTOM" HEIGHT=13><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=13><P></P></TD>
  <TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=13><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=13><P></P></TD>
  <TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=13><P></P></TD>
  </TR>
  <TR><TD WIDTH="47%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P>  U.S. Public Equity Offerings</FONT></TD>
  <TD WIDTH="19%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT"> 27</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT"> 6</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">      18 </FONT></TD>
  </TR>
  <TR><TD WIDTH="47%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="19%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  </TR>
  <TR><TD WIDTH="47%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P>Assets Under Management - US</FONT></TD>
  <TD WIDTH="19%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">$18.8 bil.</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">$15.3 bil.</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">$17.7 bil.</FONT></TD>
  </TR>
  <TR><TD WIDTH="47%" VALIGN="BOTTOM" HEIGHT=6><P></P></TD>
  <TD WIDTH="19%" VALIGN="BOTTOM" HEIGHT=6><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=6><P></P></TD>
  <TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=6><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=6><P></P></TD>
  <TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=6><P></P></TD>
  </TR>
  <TR><TD WIDTH="47%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="53%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=21><P></P></TD>
  </TR>
  <TR><TD WIDTH="47%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="37%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=21>
  <FONT SIZE=2><P ALIGN="CENTER"><font face="Courier New">Year Ended</font></FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  </TR>
  <TR><TD WIDTH="47%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="19%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="CENTER" style="border-bottom-style: solid">Sept. 03</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="CENTER" style="border-bottom-style: solid">Sept. 02</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  </TR>
  <TR><TD WIDTH="47%" VALIGN="BOTTOM" HEIGHT=16>
  <FONT FACE="Courier New" SIZE=2><P>No. Managed/Co-Managed</FONT></TD>
  <TD WIDTH="19%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  </TR>
  <TR><TD WIDTH="47%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P>  U.S. Public Equity Offerings</FONT></TD>
  <TD WIDTH="19%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="CENTER">58</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=21>
  <FONT FACE="Courier New" SIZE=2><P ALIGN="CENTER">50</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  <TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
  </TR>
  </TABLE>
  </CENTER>
  
  <FONT FACE="Arial" SIZE=2><P ALIGN="CENTER"></P>
  <P ALIGN="CENTER">&nbsp;</P>
  </FONT><FONT FACE="Courier New" SIZE=2><P ALIGN="CENTER">-  more -</P>
  </FONT><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER"></P>
  <P ALIGN="CENTER">&nbsp;</P>
  <P ALIGN="CENTER">&nbsp;</P>
  <P ALIGN="CENTER">&nbsp;</P>
  </FONT><FONT FACE="Courier New" SIZE=2><P>Page 4                              RAYMOND JAMES FINANCIAL, INC.</P>
  <P>Rel. No. 1003-03</P>
  </FONT><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER"></P></FONT>
  <TABLE CELLSPACING CELLPADDING WIDTH=638>
  <TR><TD VALIGN="TOP" COLSPAN=8 HEIGHT=15>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">Raymond James Financial, Inc.</B></FONT></TD>
  </TR>
  <TR><TD VALIGN="TOP" COLSPAN=8 HEIGHT=15>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">Consolidated Business Segments</B></FONT></TD>
  </TR>
  <TR><TD VALIGN="TOP" COLSPAN=8 HEIGHT=15>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">Year-to-Date as of September 26, 2003</B></FONT></TD>
  </TR>
  <TR><TD WIDTH="24%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="21%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="19%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="17%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="24%" VALIGN="TOP" HEIGHT=15><P></P></TD>
  <TD WIDTH="76%" VALIGN="TOP" COLSPAN=7 HEIGHT=15>
  <B><FONT FACE="Arial" SIZE=2><P style="border-bottom-style: solid">REVENUES</B></FONT></TD>
  </TR>
  <TR><TD WIDTH="24%" VALIGN="TOP" HEIGHT=15><P></P></TD>
  <TD WIDTH="21%" VALIGN="TOP" HEIGHT=15><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=15><P></P></TD>
  <TD WIDTH="19%" VALIGN="TOP" HEIGHT=15><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=15><P></P></TD>
  <TD WIDTH="33%" VALIGN="TOP" COLSPAN=3 HEIGHT=15>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">Year-to-Year change</B></FONT></TD>
  </TR>
  <TR><TD WIDTH="24%" VALIGN="TOP" HEIGHT=15><P></P></TD>
  <TD WIDTH="21%" VALIGN="TOP" HEIGHT=15>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER" style="border-bottom-style: solid">Sept 2003</B></FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=15><P></P></TD>
  <TD WIDTH="19%" VALIGN="TOP" HEIGHT=15>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER" style="border-bottom-style: solid">Sept 2002</FONT></B></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=15><P></P></TD>
  <TD WIDTH="17%" VALIGN="TOP" HEIGHT=15>
  <FONT FACE="Arial" SIZE=2><P ALIGN="CENTER" style="border-bottom-style: solid"><b>$</b></FONT></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=15><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=15>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER" style="border-bottom-style: solid">%</FONT></B></TD>
  </TR>
  <TR><TD WIDTH="24%" VALIGN="TOP" HEIGHT=15>
  <B><FONT FACE="Arial" SIZE=2><P>Private Client Group</B></FONT></TD>
  <TD WIDTH="21%" VALIGN="TOP" HEIGHT=15>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT"> $              994,815 </FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=15><P></P></TD>
  <TD WIDTH="19%" VALIGN="TOP" HEIGHT=15>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT"> $              991,158 </FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=15><P></P></TD>
  <TD WIDTH="17%" VALIGN="TOP" HEIGHT=15>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT"> $              3,657 </FONT></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=15><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=15>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">0.37%</FONT></TD>
  </TR>
  <TR><TD WIDTH="24%" VALIGN="TOP" HEIGHT=14>
  <FONT FACE="Arial" SIZE=2><P>  Percent</FONT></TD>
  <TD WIDTH="21%" VALIGN="TOP" HEIGHT=14>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">66.43%</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="19%" VALIGN="TOP" HEIGHT=14>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">65.32%</FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="17%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="24%" VALIGN="TOP" HEIGHT=14>
  <FONT FACE="Arial" SIZE=2><P> </FONT></TD>
  <TD WIDTH="21%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="19%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="17%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="24%" VALIGN="TOP" HEIGHT=15>
  <B><FONT FACE="Arial" SIZE=2><P>Capital Markets</B></FONT></TD>
  <TD WIDTH="21%" VALIGN="TOP" HEIGHT=15>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">                 330,966 </FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=15><P></P></TD>
  <TD WIDTH="19%" VALIGN="TOP" HEIGHT=15>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">                 332,346 </FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=15><P></P></TD>
  <TD WIDTH="17%" VALIGN="TOP" HEIGHT=15>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT"> $             (1,380)</FONT></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=15><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=15>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">-0.42%</FONT></TD>
  </TR>
  <TR><TD WIDTH="24%" VALIGN="TOP" HEIGHT=14>
  <FONT FACE="Arial" SIZE=2><P>  Percent</FONT></TD>
  <TD WIDTH="21%" VALIGN="TOP" HEIGHT=14>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">22.10%</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="19%" VALIGN="TOP" HEIGHT=14>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">21.90%</FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="17%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="24%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="21%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="19%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="17%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="24%" VALIGN="TOP" HEIGHT=15>
  <B><FONT FACE="Arial" SIZE=2><P>Asset Management </B></FONT></TD>
  <TD WIDTH="21%" VALIGN="TOP" HEIGHT=15>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">                 123,647 </FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=15><P></P></TD>
  <TD WIDTH="19%" VALIGN="TOP" HEIGHT=15>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">                 129,731 </FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=15><P></P></TD>
  <TD WIDTH="17%" VALIGN="TOP" HEIGHT=15>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT"> $             (6,084)</FONT></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=15><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=15>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">-4.69%</FONT></TD>
  </TR>
  <TR><TD WIDTH="24%" VALIGN="TOP" HEIGHT=14>
  <FONT FACE="Arial" SIZE=2><P>  Percent</FONT></TD>
  <TD WIDTH="21%" VALIGN="TOP" HEIGHT=14>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">8.26%</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="19%" VALIGN="TOP" HEIGHT=14>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">8.55%</FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="17%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="24%" VALIGN="TOP" HEIGHT=14>
  <FONT FACE="Arial" SIZE=2><P> </FONT></TD>
  <TD WIDTH="21%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="19%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="17%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="24%" VALIGN="TOP" HEIGHT=15>
  <B><FONT FACE="Arial" SIZE=2><P>RJ Bank</B></FONT></TD>
  <TD WIDTH="21%" VALIGN="TOP" HEIGHT=15>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">                   28,699 </FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=15><P></P></TD>
  <TD WIDTH="19%" VALIGN="TOP" HEIGHT=15>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">                   31,056 </FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=15><P></P></TD>
  <TD WIDTH="17%" VALIGN="TOP" HEIGHT=15>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT"> $             (2,357)</FONT></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=15><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=15>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">-7.59%</FONT></TD>
  </TR>
  <TR><TD WIDTH="24%" VALIGN="TOP" HEIGHT=14>
  <FONT FACE="Arial" SIZE=2><P>  Percent</FONT></TD>
  <TD WIDTH="21%" VALIGN="TOP" HEIGHT=14>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">1.92%</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="19%" VALIGN="TOP" HEIGHT=14>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">2.05%</FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="17%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="24%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="21%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="19%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="17%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="24%" VALIGN="TOP" HEIGHT=15>
  <B><FONT FACE="Arial" SIZE=2><P>Other</B></FONT></TD>
  <TD WIDTH="21%" VALIGN="TOP" HEIGHT=15>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">                   19,444 </FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=15><P></P></TD>
  <TD WIDTH="19%" VALIGN="TOP" HEIGHT=15>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">                   33,132 </FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=15><P></P></TD>
  <TD WIDTH="17%" VALIGN="TOP" HEIGHT=15>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid"> $           (13,688)</FONT></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=15><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=15>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">-41.31%</FONT></TD>
  </TR>
  <TR><TD WIDTH="24%" VALIGN="TOP" HEIGHT=14>
  <FONT FACE="Arial" SIZE=2><P>  Percent</FONT></TD>
  <TD WIDTH="21%" VALIGN="TOP" HEIGHT=14>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">1.30%</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="19%" VALIGN="TOP" HEIGHT=14>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">2.18%</FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="17%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="24%" VALIGN="TOP" HEIGHT=14>
  <FONT FACE="Arial" SIZE=2><P>  </FONT></TD>
  <TD WIDTH="21%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="19%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="17%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="24%" VALIGN="TOP" HEIGHT=16>
  <B><FONT FACE="Arial" SIZE=2><P>           Total </B></FONT></TD>
  <TD WIDTH="21%" VALIGN="TOP" HEIGHT=16>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double"> $           1,497,571</FONT> </B></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="19%" VALIGN="TOP" HEIGHT=16>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double"> $           1,517,423</FONT> </B></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="17%" VALIGN="TOP" HEIGHT=16>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double"> $           (19,852)</B></FONT></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double">-1.31%</FONT></B></TD>
  </TR>
  <TR><TD WIDTH="24%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="21%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="19%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="17%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  </TR>
  <TR><TD WIDTH="24%" VALIGN="TOP" HEIGHT=15><P></P></TD>
  <TD WIDTH="21%" VALIGN="TOP" HEIGHT=15><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=15><P></P></TD>
  <TD WIDTH="19%" VALIGN="TOP" HEIGHT=15><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=15><P></P></TD>
  <TD WIDTH="17%" VALIGN="TOP" HEIGHT=15><P></P></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=15><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=15><P></P></TD>
  </TR>
  <TR><TD WIDTH="24%" VALIGN="TOP" HEIGHT=15><P></P></TD>
  <TD WIDTH="21%" VALIGN="TOP" HEIGHT=15><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=15><P></P></TD>
  <TD WIDTH="19%" VALIGN="TOP" HEIGHT=15><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=15><P></P></TD>
  <TD WIDTH="17%" VALIGN="TOP" HEIGHT=15><P></P></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=15><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=15><P></P></TD>
  </TR>
  <TR><TD WIDTH="24%" VALIGN="TOP" HEIGHT=15><P></P></TD>
  <TD WIDTH="76%" VALIGN="TOP" HEIGHT=15 colspan="7">
  <B><FONT FACE="Arial" SIZE=2><P style="border-bottom-style: solid">PRE-TAX INCOME</FONT></B></TD>
  </TR>
  <TR><TD WIDTH="24%" VALIGN="TOP" HEIGHT=15><P></P></TD>
  <TD WIDTH="21%" VALIGN="TOP" HEIGHT=15><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=15><P></P></TD>
  <TD WIDTH="19%" VALIGN="TOP" HEIGHT=15><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=15><P></P></TD>
  <TD WIDTH="33%" VALIGN="TOP" COLSPAN=3 HEIGHT=15>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">Year-to-Year change</FONT></B></TD>
  </TR>
  <TR><TD WIDTH="24%" VALIGN="TOP" HEIGHT=15><P></P></TD>
  <TD WIDTH="21%" VALIGN="TOP" HEIGHT=15>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER" style="border-bottom-style: solid">Sept 2003</B></FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=15><P></P></TD>
  <TD WIDTH="19%" VALIGN="TOP" HEIGHT=15>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER" style="border-bottom-style: solid">Sept 2002</FONT></B></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=15><P></P></TD>
  <TD WIDTH="17%" VALIGN="TOP" HEIGHT=15>
  <FONT FACE="Arial" SIZE=2><P ALIGN="CENTER" style="border-bottom-style: solid">$</FONT></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=15><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=15>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER" style="border-bottom-style: solid">%</FONT></B></TD>
  </TR>
  <TR><TD WIDTH="24%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="21%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="19%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="17%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="24%" VALIGN="TOP" HEIGHT=15>
  <B><FONT FACE="Arial" SIZE=2><P>Private Client Group</B></FONT></TD>
  <TD WIDTH="21%" VALIGN="TOP" HEIGHT=15>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT"> $                73,440 </FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=15><P></P></TD>
  <TD WIDTH="19%" VALIGN="TOP" HEIGHT=15>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT"> $                72,494 </FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=15><P></P></TD>
  <TD WIDTH="17%" VALIGN="TOP" HEIGHT=15>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT"> $                 946 </FONT></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=15><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=15>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">1.30%</FONT></TD>
  </TR>
  <TR><TD WIDTH="24%" VALIGN="TOP" HEIGHT=14>
  <FONT FACE="Arial" SIZE=2><P>  Percent</FONT></TD>
  <TD WIDTH="21%" VALIGN="TOP" HEIGHT=14>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">53.11%</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="19%" VALIGN="TOP" HEIGHT=14>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">55.12%</FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="17%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="24%" VALIGN="TOP" HEIGHT=14>
  <FONT FACE="Arial" SIZE=2><P> </FONT></TD>
  <TD WIDTH="21%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="19%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="17%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="24%" VALIGN="TOP" HEIGHT=15>
  <B><FONT FACE="Arial" SIZE=2><P>Capital Markets</B></FONT></TD>
  <TD WIDTH="21%" VALIGN="TOP" HEIGHT=15>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">                   37,532 </FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=15><P></P></TD>
  <TD WIDTH="19%" VALIGN="TOP" HEIGHT=15>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">                   38,032 </FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=15><P></P></TD>
  <TD WIDTH="17%" VALIGN="TOP" HEIGHT=15>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT"> $                (500)</FONT></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=15><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=15>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">-1.31%</FONT></TD>
  </TR>
  <TR><TD WIDTH="24%" VALIGN="TOP" HEIGHT=14>
  <FONT FACE="Arial" SIZE=2><P>  Percent</FONT></TD>
  <TD WIDTH="21%" VALIGN="TOP" HEIGHT=14>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">27.14%</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="19%" VALIGN="TOP" HEIGHT=14>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">28.92%</FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="17%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="24%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="21%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="19%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="17%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="24%" VALIGN="TOP" HEIGHT=15>
  <B><FONT FACE="Arial" SIZE=2><P>Asset Management </B></FONT></TD>
  <TD WIDTH="21%" VALIGN="TOP" HEIGHT=15>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">                   18,730 </FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=15><P></P></TD>
  <TD WIDTH="19%" VALIGN="TOP" HEIGHT=15>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">                   20,257 </FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=15><P></P></TD>
  <TD WIDTH="17%" VALIGN="TOP" HEIGHT=15>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT"> $             (1,527)</FONT></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=15><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=15>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">-7.54%</FONT></TD>
  </TR>
  <TR><TD WIDTH="24%" VALIGN="TOP" HEIGHT=14>
  <FONT FACE="Arial" SIZE=2><P>  Percent</FONT></TD>
  <TD WIDTH="21%" VALIGN="TOP" HEIGHT=14>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">13.55%</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="19%" VALIGN="TOP" HEIGHT=14>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">15.40%</FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="17%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="24%" VALIGN="TOP" HEIGHT=14>
  <FONT FACE="Arial" SIZE=2><P> </FONT></TD>
  <TD WIDTH="21%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="19%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="17%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="24%" VALIGN="TOP" HEIGHT=15>
  <B><FONT FACE="Arial" SIZE=2><P>RJ Bank</B></FONT></TD>
  <TD WIDTH="21%" VALIGN="TOP" HEIGHT=15>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">                   10,182 </FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=15><P></P></TD>
  <TD WIDTH="19%" VALIGN="TOP" HEIGHT=15>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">                     7,188 </FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=15><P></P></TD>
  <TD WIDTH="17%" VALIGN="TOP" HEIGHT=15>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT"> $              2,994 </FONT></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=15><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=15>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">41.65%</FONT></TD>
  </TR>
  <TR><TD WIDTH="24%" VALIGN="TOP" HEIGHT=14>
  <FONT FACE="Arial" SIZE=2><P>  Percent</FONT></TD>
  <TD WIDTH="21%" VALIGN="TOP" HEIGHT=14>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">7.36%</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="19%" VALIGN="TOP" HEIGHT=14>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">5.47%</FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="17%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="24%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="21%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="19%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="17%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="24%" VALIGN="TOP" HEIGHT=15>
  <B><FONT FACE="Arial" SIZE=2><P>Other</B></FONT></TD>
  <TD WIDTH="21%" VALIGN="TOP" HEIGHT=15>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">                   (1,609)</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=15><P></P></TD>
  <TD WIDTH="19%" VALIGN="TOP" HEIGHT=15>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">                   (6,455)</FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=15><P></P></TD>
  <TD WIDTH="17%" VALIGN="TOP" HEIGHT=15>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid"> $              4,846 </FONT></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=15><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=15>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">75.07%</FONT></TD>
  </TR>
  <TR><TD WIDTH="24%" VALIGN="TOP" HEIGHT=14>
  <FONT FACE="Arial" SIZE=2><P>  Percent</FONT></TD>
  <TD WIDTH="21%" VALIGN="TOP" HEIGHT=14>
  <P ALIGN="RIGHT"><font face="Arial" size="2">-1.16%</font></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="19%" VALIGN="TOP" HEIGHT=14>
  <P ALIGN="RIGHT"><font face="Arial" size="2">-4.91%</font></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="17%" VALIGN="TOP" HEIGHT=14><P ALIGN="RIGHT">&nbsp;</P></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=14><P ALIGN="RIGHT"></P></TD>
  </TR>
  <TR><TD WIDTH="24%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="21%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="19%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="17%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="24%" VALIGN="TOP" HEIGHT=16>
  <B><FONT FACE="Arial" SIZE=2><P>           Total Operating</B></FONT></TD>
  <TD WIDTH="21%" VALIGN="TOP" HEIGHT=16>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double"> $              138,275 </B></FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="19%" VALIGN="TOP" HEIGHT=16>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double"> $              131,516 </B></FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="17%" VALIGN="TOP" HEIGHT=16>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double"> $              6,759</FONT> </B></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double"><b>5.14%</b></FONT></TD>
  </TR>
  </TABLE>
  
  <FONT FACE="Courier,Courier New" SIZE=2><P ALIGN="CENTER"></P>
  </FONT><FONT FACE="Courier New" SIZE=2><P ALIGN="CENTER">For additional information, contact</P>
  <P ALIGN="CENTER">Mike White at 727-567-5171.</P>
  <P ALIGN="CENTER"></P>
  <B><P ALIGN="CENTER">Please visit the Raymond James Press Center at http://www.RaymondJames.com/media.htm</P>
  <P ALIGN="CENTER">&nbsp;</P>
  <P ALIGN="CENTER">&nbsp;</P>
  <P ALIGN="CENTER"></P>
  </FONT><FONT FACE="Courier,Courier New" SIZE=2><P>&nbsp;</P></FONT>
  <TABLE CELLSPACING CELLPADDING WIDTH=656>
  <TR><TD VALIGN="TOP" COLSPAN=10 HEIGHT=13>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES</B></FONT></TD>
  </TR>
  <TR><TD VALIGN="TOP" COLSPAN=10 HEIGHT=13>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">CONSOLIDATED STATEMENT OF OPERATIONS</B></FONT></TD>
  </TR>
  <TR><TD VALIGN="TOP" COLSPAN=10 HEIGHT=13>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(UNAUDITED)</B></FONT></TD>
  </TR>
  <TR><TD VALIGN="TOP" COLSPAN=10 HEIGHT=13>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">Quarter-to-Date</B></FONT></TD>
  </TR>
  <TR><TD VALIGN="TOP" COLSPAN=10 HEIGHT=13>
    </TD>
  </TR>
  <TR><TD WIDTH="64%" VALIGN="TOP" COLSPAN=4 HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P>(in thousands, except per share amounts)</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  </TR>
  <TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="42%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="14%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  </TR>
  <TR><TD WIDTH="50%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
  <B><I><FONT FACE="Arial" SIZE=2>
  </B></I><P> </FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="50%" VALIGN="MIDDLE" COLSPAN=7 HEIGHT=16>
  <FONT FACE="Arial" SIZE=2>
  <I><P style="border-bottom-style: solid">Three Months </I> Ended</FONT></TD>
  </TR>
  <TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="42%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="14%" VALIGN="TOP" HEIGHT=13>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">Sept. 26,</B></FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">June 27,</B></FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">$</B></FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=13>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">%</B></FONT></TD>
  </TR>
  <TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="42%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="14%" VALIGN="TOP" HEIGHT=13>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER" style="border-bottom-style: solid">2003</B></FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER" style="border-bottom-style: solid">2003</FONT></B></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER" style="border-bottom-style: solid">change</FONT></B></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=13>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER" style="border-bottom-style: solid">change</FONT></B></TD>
  </TR>
  <TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="42%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="14%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  </TR>
  <TR><TD WIDTH="50%" VALIGN="TOP" COLSPAN=2 HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P>Revenues:</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="14%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  </TR>
  <TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=22><P></P></TD>
  <TD WIDTH="42%" VALIGN="TOP" COLSPAN=2 HEIGHT=22>
  <FONT FACE="Arial" SIZE=2><P>Securities commissions and fees</FONT></TD>
  <TD WIDTH="14%" VALIGN="TOP" HEIGHT=22>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT"> $   279,737 </FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=22><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT"> $   279,929 </FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=22><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT"> $        (192)</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=22><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">0%</FONT></TD>
  </TR>
  <TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="42%" VALIGN="TOP" HEIGHT=21>
  <FONT FACE="Arial" SIZE=2><P>Investment  banking</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="14%" VALIGN="TOP" HEIGHT=21>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">        34,146 </FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=21>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">        12,224 </FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=21>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">        21,922 </FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=21>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">179%</FONT></TD>
  </TR>
  <TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="42%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P>Investment advisory fees</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="14%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">        30,782 </FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">        27,829 </FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">         2,953 </FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">11%</FONT></TD>
  </TR>
  <TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="42%" VALIGN="TOP" HEIGHT=21>
  <FONT FACE="Arial" SIZE=2><P>Interest</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="14%" VALIGN="TOP" HEIGHT=21>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">        29,697 </FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=21>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">        32,364 </FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=21>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">        (2,667)</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=21>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">-8%</FONT></TD>
  </TR>
  <TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="42%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P>Net trading profits</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="14%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">         2,960 </FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">         8,491 </FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">        (5,531)</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">-65%</FONT></TD>
  </TR>
  <TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="42%" VALIGN="TOP" HEIGHT=16>
  <FONT FACE="Arial" SIZE=2><P>Financial service fees</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=16>
  <FONT FACE="Arial" SIZE=2><P> </FONT></TD>
  <TD WIDTH="14%" VALIGN="TOP" HEIGHT=16>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">        19,537 </FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">        18,910 </FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">            627 </FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=16>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">3%</FONT></TD>
  </TR>
  <TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="42%" VALIGN="TOP" HEIGHT=21>
  <FONT FACE="Arial" SIZE=2><P>Other</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="14%" VALIGN="TOP" HEIGHT=21>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">        15,840 </FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=21>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">        10,020 </FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=21>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">         5,820 </FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=21>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">58%</FONT></TD>
  </TR>
  <TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="42%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="14%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  </TR>
  <TR><TD WIDTH="50%" VALIGN="TOP" COLSPAN=2 HEIGHT=13>
  <B><FONT FACE="Arial" SIZE=2><P>TOTAL REVENUES</B></FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="14%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">      412,699 </FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">      389,767 </FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">        22,932 </FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">6%</FONT></TD>
  </TR>
  <TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="42%" VALIGN="TOP" HEIGHT=21>
  <FONT FACE="Arial" SIZE=2><P>Interest Expense</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="14%" VALIGN="TOP" HEIGHT=21>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">         9,943 </FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=21>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">        11,776 </FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=21>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">        (1,833)</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=21>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">-16%</FONT></TD>
  </TR>
  <TR><TD WIDTH="50%" VALIGN="TOP" COLSPAN=2 HEIGHT=13>
  <B><FONT FACE="Arial" SIZE=2><P>NET REVENUES</B></FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="14%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">      402,756 </FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">      377,991 </FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">        24,765 </FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">7%</FONT></TD>
  </TR>
  <TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="42%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="14%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  </TR>
  <TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="42%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="14%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  </TR>
  <TR><TD WIDTH="50%" VALIGN="TOP" COLSPAN=2 HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P>Non-Interest Expenses</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="14%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  </TR>
  <TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="42%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
  <FONT FACE="Arial" SIZE=2><P>Compensation, commissions and benefits</FONT></TD>
  <TD WIDTH="14%" VALIGN="TOP" HEIGHT=16>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">      280,551 </FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">      270,308 </FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">        10,243 </FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=16>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">4%</FONT></TD>
  </TR>
  <TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="42%" VALIGN="TOP" COLSPAN=2 HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P>Communications and information processing</FONT></TD>
  <TD WIDTH="14%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">        19,012 </FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">        19,196 </FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">           (184)</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">-1%</FONT></TD>
  </TR>
  <TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="42%" VALIGN="TOP" COLSPAN=2 HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P>Occupancy and equipment costs</FONT></TD>
  <TD WIDTH="14%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">        16,119 </FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">        14,811 </FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">         1,308 </FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">9%</FONT></TD>
  </TR>
  <TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="42%" VALIGN="TOP" COLSPAN=2 HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P>Clearance and floor brokerage</FONT></TD>
  <TD WIDTH="14%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">         4,865 </FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">         5,187 </FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">           (322)</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">-6%</FONT></TD>
  </TR>
  <TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="42%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P>Business development</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="14%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">        14,446 </FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">        13,424 </FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">         1,022 </FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">8%</FONT></TD>
  </TR>
  <TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="42%" VALIGN="TOP" HEIGHT=16>
  <FONT FACE="Arial" SIZE=2><P>Other</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="14%" VALIGN="TOP" HEIGHT=16>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">        15,268 </FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">        16,921 </FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">        (1,653)</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=16>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">-10%</FONT></TD>
  </TR>
  <TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="42%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="14%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  </TR>
  <TR><TD WIDTH="51%" VALIGN="TOP" COLSPAN=3 HEIGHT=13>
  <B><FONT FACE="Arial" SIZE=2><P>TOTAL NON-INTEREST EXPENSES</B></FONT></TD>
  <TD WIDTH="14%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">      350,261 </FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">      339,847 </FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">        10,414 </FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">3%</FONT></TD>
  </TR>
  <TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="42%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="14%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  </TR>
  <TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="42%" VALIGN="TOP" COLSPAN=2 HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P>Income before provision for income taxes</FONT></TD>
  <TD WIDTH="14%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">        52,495 </FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">        38,144 </FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">        14,351 </FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">38%</FONT></TD>
  </TR>
  <TR><TD WIDTH="50%" VALIGN="TOP" COLSPAN=2 HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P>Provision for income taxes</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="14%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">        19,361 </FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">        14,582 </FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">         4,779 </FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">33%</FONT></TD>
  </TR>
  <TR><TD WIDTH="50%" VALIGN="TOP" COLSPAN=2 HEIGHT=13>
  <B><FONT FACE="Arial" SIZE=2><P>Net Income</B></FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="14%" VALIGN="TOP" HEIGHT=13>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double"> $     33,134 </B></FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double"> $     23,562 </B></FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double"> $      9,572</FONT> </B></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=13>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double">41%</FONT></B></TD>
  </TR>
  <TR><TD WIDTH="50%" VALIGN="TOP" COLSPAN=2 HEIGHT=14>
  <B><FONT FACE="Arial" SIZE=2><P>Net Income per share basic</B></FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="14%" VALIGN="TOP" HEIGHT=14>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double"> $        0.68 </B></FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=14>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double"> $        0.49 </B></FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=14>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double"> $        0.19 </B></FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=14>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double">39%</FONT></B></TD>
  </TR>
  <TR><TD WIDTH="50%" VALIGN="TOP" COLSPAN=2 HEIGHT=14>
  <B><FONT FACE="Arial" SIZE=2><P>Net Income per share diluted</B></FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="14%" VALIGN="TOP" HEIGHT=14>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double"> $        0.67</FONT> </B></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=14>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double"> $        0.48</FONT> </B></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=14>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double"> $        0.19</FONT> </B></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=14>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double">40%</FONT></B></TD>
  </TR>
  <TR><TD WIDTH="51%" VALIGN="TOP" COLSPAN=3 HEIGHT=14>
  <B><FONT FACE="Arial" SIZE=2><P>Weighted average common shares</B></FONT></TD>
  <TD WIDTH="14%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="50%" VALIGN="TOP" COLSPAN=2 HEIGHT=13>
  <B><FONT FACE="Arial" SIZE=2><P>    outstanding-basic</B></FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="14%" VALIGN="TOP" HEIGHT=13>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double">        48,440 </B></FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double">        48,526 </B></FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  </TR>
  <TR><TD WIDTH="64%" VALIGN="TOP" COLSPAN=4 HEIGHT=13>
  <B><FONT FACE="Arial" SIZE=2><P>Weighted average common and common </B></FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  </TR>
  <TR><TD WIDTH="51%" VALIGN="TOP" COLSPAN=3 HEIGHT=13>
  <B><FONT FACE="Arial" SIZE=2><P>    equivalent shares outstanding-diluted</B></FONT></TD>
  <TD WIDTH="14%" VALIGN="TOP" HEIGHT=13>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double">        49,133</FONT> </B></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double">        48,909</FONT> </B></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  </TR>
  </TABLE>
  
  <FONT FACE="Courier,Courier New" SIZE=2>
  <P>&nbsp;</P>
  <P>&nbsp;</P>
  <P>&nbsp;</P>
  <P>&nbsp;</P></FONT>
  <TABLE CELLSPACING CELLPADDING WIDTH=650>
  <TR><TD VALIGN="TOP" COLSPAN=10 HEIGHT=13>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES</B></FONT></TD>
  </TR>
  <TR><TD VALIGN="TOP" COLSPAN=10 HEIGHT=13>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">CONSOLIDATED STATEMENT OF OPERATIONS</B></FONT></TD>
  </TR>
  <TR><TD VALIGN="TOP" COLSPAN=10 HEIGHT=13>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(UNAUDITED)</B></FONT></TD>
  </TR>
  <TR><TD VALIGN="TOP" COLSPAN=10 HEIGHT=13>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">Quarter-to-Date</B></FONT></TD>
  </TR>
  <TR><TD VALIGN="TOP" COLSPAN=10 HEIGHT=13>
    </TD>
  </TR>
  <TR><TD WIDTH="61%" VALIGN="TOP" COLSPAN=4 HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P>(in thousands, except per share amounts)</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  </TR>
  <TR><TD WIDTH="3%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="42%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="14%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  </TR>
  <TR><TD WIDTH="3%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="42%" VALIGN="TOP" HEIGHT=16>
  <FONT FACE="Arial" SIZE=2><P> </FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="54%" VALIGN="TOP" COLSPAN=7 HEIGHT=16>
  <I><FONT FACE="Arial" SIZE=2><P style="border-bottom-style: solid">Three Months Ended</FONT></I></TD>
  </TR>
  <TR><TD WIDTH="3%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="42%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="14%" VALIGN="TOP" HEIGHT=13>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">Sept. 26,</B></FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">Sept. 27,</B></FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">$</B></FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=13>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">%</B></FONT></TD>
  </TR>
  <TR><TD WIDTH="3%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="42%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="14%" VALIGN="TOP" HEIGHT=13>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER" style="border-bottom-style: solid">2003</FONT></B></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER" style="border-bottom-style: solid">2002</FONT></B></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" COLSPAN=2 HEIGHT=13>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER" style="border-bottom-style: solid">change</FONT></B></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=13>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER" style="border-bottom-style: solid">change</FONT></B></TD>
  </TR>
  <TR><TD WIDTH="3%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="42%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="14%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  </TR>
  <TR><TD WIDTH="46%" VALIGN="TOP" COLSPAN=2 HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P>Revenues:</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="14%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  </TR>
  <TR><TD WIDTH="3%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="43%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
  <FONT FACE="Arial" SIZE=2><P>Securities commissions and fees</FONT></TD>
  <TD WIDTH="14%" VALIGN="TOP" HEIGHT=16>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT"> $   279,737 </FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT"> $   256,602 </FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT"> $   23,135 </FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=16>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">9%</FONT></TD>
  </TR>
  <TR><TD WIDTH="3%" VALIGN="TOP" HEIGHT=18><P></P></TD>
  <TD WIDTH="42%" VALIGN="TOP" HEIGHT=18>
  <FONT FACE="Arial" SIZE=2><P>Investment  banking</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=18><P></P></TD>
  <TD WIDTH="14%" VALIGN="TOP" HEIGHT=18>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">        34,146 </FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=18><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=18>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">        23,638 </FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=18>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">      10,508 </FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=18>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">44%</FONT></TD>
  </TR>
  <TR><TD WIDTH="3%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="42%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P>Investment advisory fees</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="14%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">        30,782 </FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">        29,727 </FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">       1,055 </FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">4%</FONT></TD>
  </TR>
  <TR><TD WIDTH="3%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="42%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P>Interest</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="14%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">        29,697 </FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">        37,343 </FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">      (7,646)</FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">-20%</FONT></TD>
  </TR>
  <TR><TD WIDTH="3%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="42%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P>Net trading profits</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="14%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">         2,960 </FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">         9,751 </FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">      (6,791)</FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">-70%</FONT></TD>
  </TR>
  <TR><TD WIDTH="3%" VALIGN="TOP" HEIGHT=15><P></P></TD>
  <TD WIDTH="42%" VALIGN="TOP" HEIGHT=15>
  <FONT FACE="Arial" SIZE=2><P>Financial service fees</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=15>
  <FONT FACE="Arial" SIZE=2><P> </FONT></TD>
  <TD WIDTH="14%" VALIGN="TOP" HEIGHT=15>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">        19,537 </FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=15><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">        16,431 </FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=15><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">       3,106 </FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=15><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">19%</FONT></TD>
  </TR>
  <TR><TD WIDTH="3%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="42%" VALIGN="TOP" HEIGHT=21>
  <FONT FACE="Arial" SIZE=2><P>Other</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="14%" VALIGN="TOP" HEIGHT=21>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">        15,840 </FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=21>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">        10,658 </FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=21>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">       5,182 </FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=21>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">49%</FONT></TD>
  </TR>
  <TR><TD WIDTH="3%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="42%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="14%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  </TR>
  <TR><TD WIDTH="46%" VALIGN="TOP" COLSPAN=2 HEIGHT=13>
  <B><FONT FACE="Arial" SIZE=2><P>TOTAL REVENUES</B></FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="14%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">      412,699 </FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">      384,150 </FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">      28,549 </FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">7%</FONT></TD>
  </TR>
  <TR><TD WIDTH="3%" VALIGN="TOP" HEIGHT=17><P></P></TD>
  <TD WIDTH="42%" VALIGN="TOP" HEIGHT=17>
  <FONT FACE="Arial" SIZE=2><P>Interest Expense</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=17><P></P></TD>
  <TD WIDTH="14%" VALIGN="TOP" HEIGHT=17>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">         9,943 </FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=17><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=17>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">        14,795 </FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=17><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=17>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">      (4,852)</FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=17><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=17>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">-33%</FONT></TD>
  </TR>
  <TR><TD WIDTH="46%" VALIGN="TOP" COLSPAN=2 HEIGHT=13>
  <B><FONT FACE="Arial" SIZE=2><P>NET REVENUES</B></FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="14%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">      402,756 </FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">      369,355 </FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">      33,401 </FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">9%</FONT></TD>
  </TR>
  <TR><TD WIDTH="3%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="42%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="14%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  </TR>
  <TR><TD WIDTH="3%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="42%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="14%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  </TR>
  <TR><TD WIDTH="46%" VALIGN="TOP" COLSPAN=2 HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P>Non-Interest Expenses</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="14%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  </TR>
  <TR><TD WIDTH="3%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="43%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
  <FONT FACE="Arial" SIZE=2><P>Compensation, commissions and benefits</FONT></TD>
  <TD WIDTH="14%" VALIGN="TOP" HEIGHT=16>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">      280,551 </FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">      253,528 </FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">      27,023 </FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=16>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">11%</FONT></TD>
  </TR>
  <TR><TD WIDTH="3%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="43%" VALIGN="TOP" COLSPAN=2 HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P>Communications and information processing</FONT></TD>
  <TD WIDTH="14%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">        19,012 </FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">        21,167 </FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">      (2,155)</FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">-10%</FONT></TD>
  </TR>
  <TR><TD WIDTH="3%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="43%" VALIGN="TOP" COLSPAN=2 HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P>Occupancy and equipment costs</FONT></TD>
  <TD WIDTH="14%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">        16,119 </FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">        15,811 </FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">          308 </FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">2%</FONT></TD>
  </TR>
  <TR><TD WIDTH="3%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="42%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P>Clearance and floor brokerage</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="14%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">         4,865 </FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">         4,714 </FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">          151 </FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">3%</FONT></TD>
  </TR>
  <TR><TD WIDTH="3%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="42%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P>Business development</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="14%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">        14,446 </FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">        13,877 </FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">          569 </FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">4%</FONT></TD>
  </TR>
  <TR><TD WIDTH="3%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="42%" VALIGN="TOP" HEIGHT=19>
  <FONT FACE="Arial" SIZE=2><P>Other</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="14%" VALIGN="TOP" HEIGHT=19>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">        15,268 </FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=19>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">        22,752 </FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=19>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">      (7,484)</FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">-33%</FONT></TD>
  </TR>
  <TR><TD WIDTH="3%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="42%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="14%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  </TR>
  <TR><TD WIDTH="46%" VALIGN="TOP" COLSPAN=3 HEIGHT=13>
  <B><FONT FACE="Arial" SIZE=2><P>TOTAL NON-INTEREST EXPENSES</B></FONT></TD>
  <TD WIDTH="14%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">      350,261 </FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">      331,849 </FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">      18,412 </FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">6%</FONT></TD>
  </TR>
  <TR><TD WIDTH="3%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="42%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="14%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  </TR>
  <TR><TD WIDTH="3%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="43%" VALIGN="TOP" COLSPAN=2 HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P>Income before provision for income taxes</FONT></TD>
  <TD WIDTH="14%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">        52,495 </FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">        37,506 </FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">      14,989 </FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">40%</FONT></TD>
  </TR>
  <TR><TD WIDTH="46%" VALIGN="TOP" COLSPAN=2 HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P>Provision for income taxes</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="14%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">        19,361 </FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">        15,511 </FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">       3,850 </FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">25%</FONT></TD>
  </TR>
  <TR><TD WIDTH="46%" VALIGN="TOP" COLSPAN=2 HEIGHT=13>
  <B><FONT FACE="Arial" SIZE=2><P>Net Income</B></FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="14%" VALIGN="TOP" HEIGHT=13>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double"> $     33,134 </B></FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double"> $     21,995 </B></FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double"> $   11,139</FONT> </B></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=13>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double">51%</FONT></B></TD>
  </TR>
  <TR><TD WIDTH="46%" VALIGN="TOP" COLSPAN=2 HEIGHT=14>
  <B><FONT FACE="Arial" SIZE=2><P>Net Income per share basic</B></FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="14%" VALIGN="TOP" HEIGHT=14>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double"> $        0.68 </B></FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=14>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double"> $        0.45 </B></FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=14>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double"> $      0.23</FONT> </B></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=14>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double">51%</FONT></B></TD>
  </TR>
  <TR><TD WIDTH="46%" VALIGN="TOP" COLSPAN=2 HEIGHT=14>
  <B><FONT FACE="Arial" SIZE=2><P>Net Income per share diluted</B></FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="14%" VALIGN="TOP" HEIGHT=14>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double"> $        0.67 </B></FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=14>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double"> $        0.44</FONT> </B></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=14>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double"> $      0.23 </B></FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=14>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double">52%</FONT></B></TD>
  </TR>
  <TR><TD WIDTH="46%" VALIGN="TOP" COLSPAN=3 HEIGHT=14>
  <B><FONT FACE="Arial" SIZE=2><P>Weighted average common shares</B></FONT></TD>
  <TD WIDTH="14%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="46%" VALIGN="TOP" COLSPAN=2 HEIGHT=13>
  <B><FONT FACE="Arial" SIZE=2><P>    outstanding-basic</B></FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="14%" VALIGN="TOP" HEIGHT=13>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double">        48,440 </B></FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double">        48,699</FONT> </B></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  </TR>
  <TR><TD WIDTH="61%" VALIGN="TOP" COLSPAN=4 HEIGHT=13>
  <B><FONT FACE="Arial" SIZE=2><P>Weighted average common and common </B></FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  </TR>
  <TR><TD WIDTH="46%" VALIGN="TOP" COLSPAN=3 HEIGHT=13>
  <B><FONT FACE="Arial" SIZE=2><P>    equivalent shares outstanding-diluted</B></FONT></TD>
  <TD WIDTH="14%" VALIGN="TOP" HEIGHT=13>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double">        49,133</FONT> </B></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double">        49,401</FONT> </B></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  </TR>
  <TR><TD WIDTH="3%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="42%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="14%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  </TR>
  <TR><TD VALIGN="TOP" COLSPAN=10 HEIGHT=9>
  <FONT FACE="Arial" SIZE=1><P>Reclassifications have been made to prior year condensed consolidated financial statements to conform to the current period presentation.</FONT></TD>
  </TR>
  </TABLE>
  
  <FONT FACE="Courier,Courier New" SIZE=2>
  <P>&nbsp;</P>
  <P>&nbsp;</P>
  <P>&nbsp;</P></FONT>
  <TABLE CELLSPACING CELLPADDING WIDTH=676>
  <TR><TD VALIGN="TOP" COLSPAN=10 HEIGHT=13>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES </B></FONT></TD>
  </TR>
  <TR><TD VALIGN="TOP" COLSPAN=10 HEIGHT=13>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">CONSOLIDATED STATEMENT OF OPERATIONS </B></FONT></TD>
  </TR>
  <TR><TD VALIGN="TOP" COLSPAN=10 HEIGHT=13>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(UNAUDITED) </B></FONT></TD>
  </TR>
  <TR><TD VALIGN="TOP" COLSPAN=10 HEIGHT=13>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">Year-to-Date </B></FONT></TD>
  </TR>
  <TR><TD VALIGN="TOP" COLSPAN=10 HEIGHT=13>
    </TD>
  </TR>
  <TR><TD WIDTH="59%" VALIGN="TOP" COLSPAN=4 HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P>(in thousands, except per share amounts)</FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  </TR>
  <TR><TD WIDTH="3%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="29%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  </TR>
  <TR><TD WIDTH="3%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="29%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="54%" VALIGN="TOP" COLSPAN=7 HEIGHT=16>
  <I><FONT FACE="Arial" SIZE=2><P style="border-bottom-style: solid">Fiscal Year Ended</FONT></I></TD>
  </TR>
  <TR><TD WIDTH="3%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="29%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">Sept. 26,</B></FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">Sept. 27,</B></FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">$</B></FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=13>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">%</B></FONT></TD>
  </TR>
  <TR><TD WIDTH="3%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="29%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER" style="border-bottom-style: solid">2003</B></FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER" style="border-bottom-style: solid">2002</FONT></B></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="15%" VALIGN="TOP" COLSPAN=2 HEIGHT=13>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER" style="border-bottom-style: solid">change</FONT></B></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=13>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER" style="border-bottom-style: solid">change</FONT></B></TD>
  </TR>
  <TR><TD WIDTH="3%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="29%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  </TR>
  <TR><TD WIDTH="32%" VALIGN="TOP" COLSPAN=2 HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P>Revenues:</FONT></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  </TR>
  <TR><TD WIDTH="3%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="42%" VALIGN="TOP" COLSPAN=2 HEIGHT=19>
  <FONT FACE="Arial" SIZE=2><P>Securities commissions and fees</FONT></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=19>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT"> $    1,045,071 </FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=19>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT"> $   1,042,924 </FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=19>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT"> $      2,147 </FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=19>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">0%</FONT></TD>
  </TR>
  <TR><TD WIDTH="3%" VALIGN="TOP" HEIGHT=18><P></P></TD>
  <TD WIDTH="29%" VALIGN="TOP" HEIGHT=18>
  <FONT FACE="Arial" SIZE=2><P>Investment  banking</FONT></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=18><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=18>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">           71,317 </FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=18>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">          73,056 </FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=18>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">       (1,739)</FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=18>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">-2%</FONT></TD>
  </TR>
  <TR><TD WIDTH="3%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="29%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P>Investment advisory fees</FONT></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">         112,126 </FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">        117,054 </FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">       (4,928)</FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">-4%</FONT></TD>
  </TR>
  <TR><TD WIDTH="3%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="29%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P>Interest</FONT></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">         127,707 </FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">        159,802 </FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">      (32,095)</FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">-20%</FONT></TD>
  </TR>
  <TR><TD WIDTH="3%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="29%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P>Net trading profits</FONT></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">           20,615 </FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">          22,650 </FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">       (2,035)</FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">-9%</FONT></TD>
  </TR>
  <TR><TD WIDTH="3%" VALIGN="TOP" HEIGHT=15><P></P></TD>
  <TD WIDTH="29%" VALIGN="TOP" HEIGHT=15>
  <FONT FACE="Arial" SIZE=2><P>Financial service fees</FONT></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=15><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=15>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">           69,536 </FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=15><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=15>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">          60,449 </FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=15><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=15>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">        9,087 </FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=15><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=15>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">15%</FONT></TD>
  </TR>
  <TR><TD WIDTH="3%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="29%" VALIGN="TOP" HEIGHT=21>
  <FONT FACE="Arial" SIZE=2><P>Other</FONT></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=21>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">           51<b>,</b>199 </FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=21>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">          41,488 </FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=21>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">        9,711 </FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=21>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">23%</FONT></TD>
  </TR>
  <TR><TD WIDTH="3%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="29%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  </TR>
  <TR><TD WIDTH="32%" VALIGN="TOP" COLSPAN=2 HEIGHT=13>
  <B><FONT FACE="Arial" SIZE=2><P>TOTAL REVENUES</B></FONT></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">       1,497,571 </FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">     1,517,423 </FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">      (19,852)</FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">-1%</FONT></TD>
  </TR>
  <TR><TD WIDTH="3%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="29%" VALIGN="TOP" HEIGHT=21>
  <FONT FACE="Arial" SIZE=2><P>Interest Expense</FONT></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=21>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">           45,611 </FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=21>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">          76,335 </FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=21>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">      (30,724)</FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=21>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">-40%</FONT></TD>
  </TR>
  <TR><TD WIDTH="32%" VALIGN="TOP" COLSPAN=2 HEIGHT=13>
  <B><FONT FACE="Arial" SIZE=2><P>NET REVENUES</B></FONT></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">       1,451,960 </FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">     1,441,088 </FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">       10,872 </FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">1%</FONT></TD>
  </TR>
  <TR><TD WIDTH="3%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="29%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  </TR>
  <TR><TD WIDTH="3%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="29%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  </TR>
  <TR><TD WIDTH="32%" VALIGN="TOP" COLSPAN=2 HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P>Non-Interest Expenses</FONT></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  </TR>
  <TR><TD WIDTH="3%" VALIGN="TOP" HEIGHT=15><P></P></TD>
  <TD WIDTH="42%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
  <FONT FACE="Arial" SIZE=2><P>Compensation, commissions and benefits</FONT></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=15>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">       1,034,676 </FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=15><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=15>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">     1,022,157 </FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=15><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=15>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">       12,519 </FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=15><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=15>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">1%</FONT></TD>
  </TR>
  <TR><TD WIDTH="3%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="42%" VALIGN="TOP" COLSPAN=2 HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P>Communications and information processing</FONT></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">           77,016 </FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">          79,245 </FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">       (2,229)</FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">-3%</FONT></TD>
  </TR>
  <TR><TD WIDTH="3%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="42%" VALIGN="TOP" COLSPAN=2 HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P>Occupancy and equipment costs</FONT></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">           61,520 </FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">          61,038 </FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">           482 </FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">1%</FONT></TD>
  </TR>
  <TR><TD WIDTH="3%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="42%" VALIGN="TOP" COLSPAN=2 HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P>Clearance and floor brokerage</FONT></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">           17,729 </FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">          15,630 </FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">        2,099 </FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">13%</FONT></TD>
  </TR>
  <TR><TD WIDTH="3%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="29%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P>Business development</FONT></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">           51,332 </FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">          49,675 </FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">        1,657 </FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">3%</FONT></TD>
  </TR>
  <TR><TD WIDTH="3%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="29%" VALIGN="TOP" HEIGHT=16>
  <FONT FACE="Arial" SIZE=2><P>Other</FONT></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">           71,412 </FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">          81,827 </FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">      (10,415)</FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=16>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">-13%</FONT></TD>
  </TR>
  <TR><TD WIDTH="3%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="29%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  </TR>
  <TR><TD WIDTH="46%" VALIGN="TOP" COLSPAN=3 HEIGHT=13>
  <B><FONT FACE="Arial" SIZE=2><P>TOTAL NON-INTEREST EXPENSES</B></FONT></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">       1,313,685 </FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">     1,309,572 </FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">        4,113 </FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">0%</FONT></TD>
  </TR>
  <TR><TD WIDTH="3%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="29%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  </TR>
  <TR><TD WIDTH="3%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="42%" VALIGN="TOP" COLSPAN=2 HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P>Income before provision for income taxes</FONT></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">         138,275 </FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">        131,516 </FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">        6,759 </FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">5%</FONT></TD>
  </TR>
  <TR><TD WIDTH="32%" VALIGN="TOP" COLSPAN=2 HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P>Provision for income taxes</FONT></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">           51,958 </FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">          52,213 </FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">          (255)</FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=13>
  <FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: solid">0%</FONT></TD>
  </TR>
  <TR><TD WIDTH="32%" VALIGN="TOP" COLSPAN=2 HEIGHT=13>
  <B><FONT FACE="Arial" SIZE=2><P>Net Income</B></FONT></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double"> $        86,317 </B></FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double"> $       79,303</FONT> </B></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double"> $      7,014</FONT> </B></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=13>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double">9%</FONT></B></TD>
  </TR>
  <TR><TD WIDTH="32%" VALIGN="TOP" COLSPAN=2 HEIGHT=14>
  <B><FONT FACE="Arial" SIZE=2><P>Net Income per share basic</B></FONT></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=14>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double"> $            1.78</FONT> </B></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=14>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double"> $           1.63</FONT> </B></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=14>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double">$        0.15</FONT> </B></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=14>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double">9%</FONT></B></TD>
  </TR>
  <TR><TD WIDTH="32%" VALIGN="TOP" COLSPAN=2 HEIGHT=14>
  <B><FONT FACE="Arial" SIZE=2><P>Net Income per share diluted</B></FONT></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=14>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double"> $            1.76</FONT> </B></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=14>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double"> $           1.60</FONT> </B></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=14>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double">$        0.16</FONT></B></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=14>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double">10%</FONT></B></TD>
  </TR>
  <TR><TD WIDTH="46%" VALIGN="TOP" COLSPAN=3 HEIGHT=14>
  <B><FONT FACE="Arial" SIZE=2><P>Weighted average common shares</B></FONT></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="32%" VALIGN="TOP" COLSPAN=2 HEIGHT=13>
  <B><FONT FACE="Arial" SIZE=2><P>    outstanding-basic</B></FONT></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double">           48,549</FONT> </B></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double">          48,674</FONT> </B></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  </TR>
  <TR><TD WIDTH="59%" VALIGN="TOP" COLSPAN=4 HEIGHT=13>
  <B><FONT FACE="Arial" SIZE=2><P>Weighted average common and common </B></FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  </TR>
  <TR><TD WIDTH="46%" VALIGN="TOP" COLSPAN=3 HEIGHT=13>
  <B><FONT FACE="Arial" SIZE=2><P>    equivalent shares outstanding-diluted</B></FONT></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double">           48,986</FONT> </B></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13>
  <B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT" style="border-bottom-style: double">          49,629</FONT> </B></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  </TR>
  <TR><TD WIDTH="3%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="29%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  </TR>
  <TR><TD VALIGN="TOP" COLSPAN=10 HEIGHT=9>
  <FONT FACE="Arial" SIZE=1><P>Reclassifications have been made to prior year condensed consolidated financial statements to conform to the current period presentation.</FONT></TD>
  </TR>
  </TABLE>
  
  <FONT FACE="Courier,Courier New" SIZE=2>
  <P>&nbsp;</P>
  <P>&nbsp;</P>
  <P>&nbsp;</P></FONT></BODY>
  </HTML>
metadata_documents: [{"type": "8-K", "sequence": "1", "filename": "final4qtr2003.htm", "secsgml_size_bytes": 141553}, {"type": "8-K", "sequence": "3", "filename": "earnings903.pdf", "description": "PDF", "secsgml_size_bytes": 24044}]
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": "03951071"}, "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) October 21, 2003
  ..............
  RAYMOND JAMES FINANCIAL, INC.
  (Exact name of registrant as specified in its charter)
  Florida                   1-9109               No. 59-1517485
  .................................     ............          ....................
  (State or other jurisdiction of     (Commission           (I.R.S. Employer
  incorporation or organization)      File Number)          Identification No.)
  880 Carillon Parkway, St. Petersburg, Florida  33716
  .........................................................
  (Address of principal executive offices)      (Zip Code)
  Registrant's telephone number, including area code (727) 567-1000
  ..............
  _____________________________________________________________
  (Former name or former address, if changed since last report.
  ITEM 7. EXHIBITS
  (c) exhibits
  99.1 Raymond James Financial Inc.'s Press Release dated October 21, 2003
  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 99.1 to this report, which is hereby incorporated herein by reference. Exhibit 99.1 is Raymond James Financial Inc.'s fourth quarter 2003 financial press release issued on October 21, 2003.
  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.
  ________
  October 21, 2003
  (Date)
  RAYMOND JAMES FINANCIAL, INC.
  BY: /s/
  Thomas A. James
  Thomas A. James
  Chairman and Chief
  Executive Officer
  BY: /s/
  Jeffrey P. Julien
  Jeffrey P. Julien
  Senior Vice President - Finance
  and Chief Financial Officer
  Exhibit 99.1
  Release No. 1003-03
  October 21, 2003 FOR IMMEDIATE RELEASE
  RAYMOND JAMES FINANCIAL
  REPORTS REVENUES, INCOME
  FOR FOURTH QUARTER,
  FISCAL 2003 REVENUES, EARNINGS
  ST. PETERSBURG, Fla.
  -
  Raymond James Financial today reported unaudited earnings and revenues for the fourth quarter and fiscal year ended Sept. 26.
  For the fourth quarter, net income increased 51 percent to $33,134,000 from fiscal 2002's fourth quarter net income of $21,995,000, while net revenues were $402,756,000, an increase of 9 percent from 2002's $369,355,000. Earnings per diluted share increased to $0.67 from $0.44.
  For the fiscal year, net income increased 9 percent to $86,317,000 from 2002's $79,303,000. Net revenues increased 1 percent to $1,451,960,000 from $1,441,088,000. Earnings per diluted share increased 10 percent to $1.76 from $1.60.
  "Buoyed by a rising stock market in our fourth fiscal quarter ended on September 26, Raymond James Financial's quarterly performance materially outpaced last year's final quarter, as well as the immediately preceding quarter," states Thomas A. James, chairman of the board and chief executive officer. "While trading profits declined 70 percent from last
  year's quarter, reflecting a difficult, volatile mortgage securities market, commissions increased 9 percent and investment banking revenues surged 44 percent.  Consequently, net revenues of $402,756,000 exceeded last year's comparable quarter by 9 percent," he continues. "Net income of $33,134,000 exceeded last year's by more than 50 percent, manifesting the latent operating leverage present in the securities industry in a more sanguine market environment.  Diluted earnings per share were $0.67 for the quarter, up from $0.44 last year. The vast majority of the improved results is attributable to improved results in the Private Client Group (Retail) and in Investment Banking.
  -  more -
  Page 2                              RAYMOND JAMES FINANCIAL, INC.
  Rel. No. 1003-03
  James adds, "The quarterly improvement enabled net revenues for the 2003 fiscal year to surpass last year's net revenues, in spite of the lackluster results experienced in the first six months of this year. Conjoined with rigorous expense control, net income grew 9 percent to $86,317,000, or $1.76 per share.
  "The improved conditions in the equities market have continued into the first quarter of fiscal 2004 as the economy has continued to improve, bolstered by low interest and inflation rates, as well as improved corporate earnings," he continues. "I anticipate that capital spending will increase in coming quarters, which should promise better economic and corporate results in 2004.  Even though many stocks have already manifested this outlook in higher prices, the general environment should be supportive of better results for the securities industry in the intermediate term."
  The company will conduct its quarterly conference call Wednesday at 4:15 p.m. The telephone number is 800-773-5520. The call will also be available on demand on the company's Web site, www.RaymondJames.com, under "About Raymond James Financial, Financial Reports."
  Raymond James Financial (NYSE - RJF) provides financial services to individuals, corporations and municipalities through its three wholly-owned investment firms, Raymond James & Associates, Raymond James Financial Services and Raymond James Ltd., which have over 4,800 Financial Advisors in more than 2,100 locations throughout the United States, Canada and internationally, as well as through its asset management subsidiaries, which currently manage in excess of $18 billion.
  -  more -
  Page 3                              RAYMOND JAMES FINANCIAL, INC.
  Rel. No. 1003-03
  Raymond James Financial, Inc.
  Unaudited Report
  For the fourth quarter ended September 26, 2003
  (all data in thousands, except per share earnings)
  Fourth Quarter
  Fiscal Year
  2003
  2002
  Percent Change
  2003
  2002
  Percent Change
  Revenues
  $412,699
  $384,150
  7%
  $1,497,571
  $1,517,423
  (1%)
  Total Net Revenues
  402,756
  369,355
  9%
  1,451,960
  1,441,088
  1%
  Net Income
  33,134
  21,995
  51%
  86,317
  79,303
  9%
  Earnings Per
  Share - Diluted
  0.67
  0.44
  52%
  1.76
  1.60
  10%
  Average Shares
  Outstanding -            Diluted
  49,133
  49,401
  48,986
  49,629
  Balance Sheet Data
  Sept. 2003
  Sept. 2002
  Total Assets
  $6.9 bil.
  $6.0 bil.
  Shareholders' Equity
  $925 mil.
  $840 mil.
  Book Value per share
  $19.06
  $17.25
  Management Data
  Quarter Ended
  Sept. 03
  Sept. 02
  June 03
  No. Retail Financial Advisors:
  US
  4,599
  4,549
  4,609
  Canada
  212
  235
  202
  No. Managed/Co-Managed
  U.S. Public Equity Offerings
  27
  6
  18
  Assets Under Management - US
  $18.8 bil.
  $15.3 bil.
  $17.7 bil.
  Year Ended
  Sept. 03
  Sept. 02
  No. Managed/Co-Managed
  U.S. Public Equity Offerings
  58
  50
  -  more -
  Page 4                              RAYMOND JAMES FINANCIAL, INC.
  Rel. No. 1003-03
  Raymond James Financial, Inc.
  Consolidated Business Segments
  Year-to-Date as of September 26, 2003
  REVENUES
  Year-to-Year change
  Sept 2003
  Sept 2002
  $
  %
  Private Client Group
  $              994,815
  $              991,158
  $              3,657
  0.37%
  Percent
  66.43%
  65.32%
  Capital Markets
  330,966
  332,346
  $             (1,380)
  -0.42%
  Percent
  22.10%
  21.90%
  Asset Management
  123,647
  129,731
  $             (6,084)
  -4.69%
  Percent
  8.26%
  8.55%
  RJ Bank
  28,699
  31,056
  $             (2,357)
  -7.59%
  Percent
  1.92%
  2.05%
  Other
  19,444
  33,132
  $           (13,688)
  -41.31%
  Percent
  1.30%
  2.18%
  Total
  $           1,497,571
  $           1,517,423
  $           (19,852)
  -1.31%
  PRE-TAX INCOME
  Year-to-Year change
  Sept 2003
  Sept 2002
  $
  %
  Private Client Group
  $                73,440
  $                72,494
  $                 946
  1.30%
  Percent
  53.11%
  55.12%
  Capital Markets
  37,532
  38,032
  $                (500)
  -1.31%
  Percent
  27.14%
  28.92%
  Asset Management
  18,730
  20,257
  $             (1,527)
  -7.54%
  Percent
  13.55%
  15.40%
  RJ Bank
  10,182
  7,188
  $              2,994
  41.65%
  Percent
  7.36%
  5.47%
  Other
  (1,609)
  (6,455)
  $              4,846
  75.07%
  Percent
  -1.16%
  -4.91%
  Total Operating
  $              138,275
  $              131,516
  $              6,759
  5.14%
  For additional information, contact
  Mike White at 727-567-5171.
  Please visit the Raymond James Press Center at http://www.RaymondJames.com/media.htm
  RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
  CONSOLIDATED STATEMENT OF OPERATIONS
  (UNAUDITED)
  Quarter-to-Date
  (in thousands, except per share amounts)
  Three Months
  Ended
  Sept. 26,
  June 27,
  $
  %
  2003
  2003
  change
  change
  Revenues:
  Securities commissions and fees
  $   279,737
  $   279,929
  $        (192)
  0%
  Investment  banking
  34,146
  12,224
  21,922
  179%
  Investment advisory fees
  30,782
  27,829
  2,953
  11%
  Interest
  29,697
  32,364
  (2,667)
  -8%
  Net trading profits
  2,960
  8,491
  (5,531)
  -65%
  Financial service fees
  19,537
  18,910
  627
  3%
  Other
  15,840
  10,020
  5,820
  58%
  TOTAL REVENUES
  412,699
  389,767
  22,932
  6%
  Interest Expense
  9,943
  11,776
  (1,833)
  -16%
  NET REVENUES
  402,756
  377,991
  24,765
  7%
  Non-Interest Expenses
  Compensation, commissions and benefits
  280,551
  270,308
  10,243
  4%
  Communications and information processing
  19,012
  19,196
  (184)
  -1%
  Occupancy and equipment costs
  16,119
  14,811
  1,308
  9%
  Clearance and floor brokerage
  4,865
  5,187
  (322)
  -6%
  Business development
  14,446
  13,424
  1,022
  8%
  Other
  15,268
  16,921
  (1,653)
  -10%
  TOTAL NON-INTEREST EXPENSES
  350,261
  339,847
  10,414
  3%
  Income before provision for income taxes
  52,495
  38,144
  14,351
  38%
  Provision for income taxes
  19,361
  14,582
  4,779
  33%
  Net Income
  $     33,134
  $     23,562
  $      9,572
  41%
  Net Income per share basic
  $        0.68
  $        0.49
  $        0.19
  39%
  Net Income per share diluted
  $        0.67
  $        0.48
  $        0.19
  40%
  Weighted average common shares
  outstanding-basic
  48,440
  48,526
  Weighted average common and common
  equivalent shares outstanding-diluted
  49,133
  48,909
  RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
  CONSOLIDATED STATEMENT OF OPERATIONS
  (UNAUDITED)
  Quarter-to-Date
  (in thousands, except per share amounts)
  Three Months Ended
  Sept. 26,
  Sept. 27,
  $
  %
  2003
  2002
  change
  change
  Revenues:
  Securities commissions and fees
  $   279,737
  $   256,602
  $   23,135
  9%
  Investment  banking
  34,146
  23,638
  10,508
  44%
  Investment advisory fees
  30,782
  29,727
  1,055
  4%
  Interest
  29,697
  37,343
  (7,646)
  -20%
  Net trading profits
  2,960
  9,751
  (6,791)
  -70%
  Financial service fees
  19,537
  16,431
  3,106
  19%
  Other
  15,840
  10,658
  5,182
  49%
  TOTAL REVENUES
  412,699
  384,150
  28,549
  7%
  Interest Expense
  9,943
  14,795
  (4,852)
  -33%
  NET REVENUES
  402,756
  369,355
  33,401
  9%
  Non-Interest Expenses
  Compensation, commissions and benefits
  280,551
  253,528
  27,023
  11%
  Communications and information processing
  19,012
  21,167
  (2,155)
  -10%
  Occupancy and equipment costs
  16,119
  15,811
  308
  2%
  Clearance and floor brokerage
  4,865
  4,714
  151
  3%
  Business development
  14,446
  13,877
  569
  4%
  Other
  15,268
  22,752
  (7,484)
  -33%
  TOTAL NON-INTEREST EXPENSES
  350,261
  331,849
  18,412
  6%
  Income before provision for income taxes
  52,495
  37,506
  14,989
  40%
  Provision for income taxes
  19,361
  15,511
  3,850
  25%
  Net Income
  $     33,134
  $     21,995
  $   11,139
  51%
  Net Income per share basic
  $        0.68
  $        0.45
  $      0.23
  51%
  Net Income per share diluted
  $        0.67
  $        0.44
  $      0.23
  52%
  Weighted average common shares
  outstanding-basic
  48,440
  48,699
  Weighted average common and common
  equivalent shares outstanding-diluted
  49,133
  49,401
  Reclassifications have been made to prior year condensed consolidated financial statements to conform to the current period presentation.
  RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
  CONSOLIDATED STATEMENT OF OPERATIONS
  (UNAUDITED)
  Year-to-Date
  (in thousands, except per share amounts)
  Fiscal Year Ended
  Sept. 26,
  Sept. 27,
  $
  %
  2003
  2002
  change
  change
  Revenues:
  Securities commissions and fees
  $    1,045,071
  $   1,042,924
  $      2,147
  0%
  Investment  banking
  71,317
  73,056
  (1,739)
  -2%
  Investment advisory fees
  112,126
  117,054
  (4,928)
  -4%
  Interest
  127,707
  159,802
  (32,095)
  -20%
  Net trading profits
  20,615
  22,650
  (2,035)
  -9%
  Financial service fees
  69,536
  60,449
  9,087
  15%
  Other
  51
  ,
  199
  41,488
  9,711
  23%
  TOTAL REVENUES
  1,497,571
  1,517,423
  (19,852)
  -1%
  Interest Expense
  45,611
  76,335
  (30,724)
  -40%
  NET REVENUES
  1,451,960
  1,441,088
  10,872
  1%
  Non-Interest Expenses
  Compensation, commissions and benefits
  1,034,676
  1,022,157
  12,519
  1%
  Communications and information processing
  77,016
  79,245
  (2,229)
  -3%
  Occupancy and equipment costs
  61,520
  61,038
  482
  1%
  Clearance and floor brokerage
  17,729
  15,630
  2,099
  13%
  Business development
  51,332
  49,675
  1,657
  3%
  Other
  71,412
  81,827
  (10,415)
  -13%
  TOTAL NON-INTEREST EXPENSES
  1,313,685
  1,309,572
  4,113
  0%
  Income before provision for income taxes
  138,275
  131,516
  6,759
  5%
  Provision for income taxes
  51,958
  52,213
  (255)
  0%
  Net Income
  $        86,317
  $       79,303
  $      7,014
  9%
  Net Income per share basic
  $            1.78
  $           1.63
  $        0.15
  9%
  Net Income per share diluted
  $            1.76
  $           1.60
  $        0.16
  10%
  Weighted average common shares
  outstanding-basic
  48,549
  48,674
  Weighted average common and common
  equivalent shares outstanding-diluted
  48,986
  49,629
  Reclassifications have been made to prior year condensed consolidated financial statements to conform to the current period presentation.