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  <title>SECURITIES AND EXCHANGE COMMISSION</title>
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  <div>
  <div>
  <p align="center">SECURITIES AND EXCHANGE COMMISSION<br />
  Washington, D. C. 20549</p>
  
  <p align="center">FORM 8-K</p>
  
  <p align="center">CURRENT REPORT<br />
  PURSUANT TO SECTION 13 OR 15(d) OF<br />
  THE SECURITIES EXCHANGE ACT OF 1934</p>
  
  <p>Date of Report (Date of earliest event reported)&nbsp; <u>July 16, 2003</u><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;&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;&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;&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;1-9109&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;No.
  59-1517485&nbsp;&nbsp;<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;&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;
  ..........................<br />
  &nbsp;(State or other jurisdiction of&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;
  (Commission&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;(I.R.S. Employer<br />
  &nbsp;&nbsp;incorporation&nbsp;or&nbsp;organization)&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;
  File&nbsp;Number)&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;Identification&nbsp;No.)</p>
  
  <p>&nbsp; 880 Carillon Parkway, St. Petersburg, Florida&nbsp;&nbsp;33716<br />
  .......................................................................................<br />
  (Address of principal executive offices)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Zip Code)</p>
  
  <p>Registrant's telephone number, including area code (727) 567-1000<br />
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  .........................</p>
  
  <p>_____________________________________________________________</p>
  
  <p>(Former name or former address, if changed since last report.</p>
  
  <p>ITEM 7. EXHIBITS</p>
  
  <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) exhibits</p>
  
  <p>&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;
  99.1 Raymond James Financial Inc.'s Press Release dated July 16, 2003</p>
  
  <p>ITEM 9. REGULATION FD DISCLOSURE</p>
  
  <p align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pursuant to Item 12, Raymond James Financial, Inc. (the
        Company) is furnishing under Item 9 of this Current Report on Form 8-K the
        information included as Exhibit 99.1 to this report. Exhibit 99.1 is the
        Company's second quarter 2003 financial press release issued on July 16,
        2003. The press release includes instructions as to how and when to access
        the Company's complementary quarterly conference call that will be
        available to all interested persons telephonically and by webcast through
        the Company's website.</p>
  
  
  <p>SIGNATURES</p>
  
  <p>Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.</p>
  
  <p>______<u>July 17, 2003&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br />
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Date)</p>
  
  <p>RAYMOND JAMES FINANCIAL, INC.</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>BY:&nbsp;/s/ <u>Jeffrey P. Julien</u>&nbsp;&nbsp;&nbsp;<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>&nbsp;</p>
  
  <p>Exhibit 99.1</p>
  
  <p>Release No. 0703-02</p>
  
  <p>July 16, 2003&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; FOR IMMEDIATE RELEASE</p>
  
  <p>RAYMOND JAMES FINANCIAL<br />
  REPORTS THIRD QUARTER RESULTS</p>
  
  <p>&nbsp;&nbsp;&nbsp; <a name="OLE_LINK1">ST. PETERSBURG, Fla. &ndash;</a>Raymond James Financial today reported unaudited net income of $23,562,000, or $0.48 per diluted share, for the third quarter ended June 27 on totalrevenues of $389,767,000 compared to net
  income of $20,393,000, or $0.41 per diluted share, on total revenues of $388,123,000 for fiscal 2002's third quarter.</p>
  
  <p>&nbsp;&nbsp;&nbsp; Unaudited net income for the first nine months of fiscal 2003 was reported at $53,183,000, down from 2002's $57,308,000, while total revenues for the period decreased to $1,084,871,000 from $1,133,273,000 the previous year. Diluted earnings per
  share were $1.09 versus $1.15 for last year's comparable period.</p>
  
  <p>&nbsp;&nbsp;&nbsp; "Once again, we are reminded of the dependence of the results of the securities industry upon the performance of the equities markets,&rdquo; states Thomas A. James, chairman of the board and chief executive officer. &ldquo;The rally in the June
  quarter fueled increased commission activity, up 5 percent over last year&rsquo;s comparable period and 13 percent over the immediately preceding March quarter. Excellent Fixed Income trading results also generated favorable comparisons with last year and the March
  quarter.</p>
  
  <p>&nbsp;&nbsp;&nbsp; &ldquo;In spite of lower investment banking and investment advisory revenues, due to the even more favorable conditions experienced in the same quarter last year,&rdquo; he continues, &ldquo;total net revenues were up 2 percent over last year
  and 11 percent from the preceding quarter. Abetted by good expense control, profits were more favorably impacted as earnings per share grew 17 percent from last year&rsquo;s June quarter and 55 percent from the preceding March quarter.</p>
  
  <p>&nbsp;&nbsp;&nbsp; &ldquo;More importantly,&rdquo; James emphasizes, &ldquo;the favorable conditions have continued thus far in July engendering more vibrant activity levels in the</p>
  
  <p align="center">&nbsp; -&nbsp; more&nbsp; -</p>
  
  <p align="center">&nbsp;</p>
  
  <p align="center">&nbsp;</p>
  
  <p>Page 2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp; RAYMOND JAMES FINANCIAL</p>
  
  <p>Rel. No. 0703-02</p>
  
  <p>equity capital markets early in the fourth fiscal quarter. Moreover, higher valuations of assets under management at the end of the third quarter suggest an increase in investmentadvisory fees. Both of these factors augur well for the fourth quarter. As a note of
  caution, however, the size of this rally and its focus in the large cap technology sector is disquieting and suggests that a correction could dampen results in the final two months of our fiscal year. Nonetheless, in our opinion the longer-term outlook is improving
  as the economy seems to be picking up steam. If the corporate earnings recovery does continue into fiscal 2004, it should enable us to improve results in fiscal 2004.&rdquo;</p>
  
  <p>&nbsp;&nbsp;&nbsp; The company will conduct its quarterly conference call Thursday 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.</p>
  
  <p>&nbsp;&nbsp;&nbsp; Raymond James Financial, Inc. (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 1,600 locations throughout the United States, Canada and internationally, as well as through its asset management subsidiaries, which currently manage approximately $17.7 billion.</p>
  
  <p align="center">-&nbsp; more&nbsp; -</p>
  
  <p align="center">&nbsp;</p>
  
  <p align="center">&nbsp;</p>
  
  <p>Page 3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RAYMOND JAMES FINANCIAL</p>
  
  <p>Rel. No. 0703-02</p>
  
  <table border="0" cellspacing="0" cellpadding="0" width="680">
  <tr>
  <td colspan="12" valign="bottom" width="645">
  <p align="center"><b>Raymond James Financial, Inc.</b></p>
  </td>
  </tr>
  
  <tr>
  <td colspan="12" valign="bottom" width="645">
  <p align="center"><b>Unaudited Report</b></p>
  </td>
  </tr>
  
  <tr>
  <td colspan="12" valign="bottom" width="645">
  <p align="center">For the third quarter ended June 27, 2003</p>
  </td>
  </tr>
  
  <tr>
  <td colspan="12" valign="bottom" width="645">
  <p align="center">(all data in thousands, except per share earnings)</p>
  </td>
  </tr>
  
  <tr>
  <td valign="bottom" width="137"></td>
  <td valign="bottom" width="64"></td>
  <td valign="bottom" width="11"></td>
  <td valign="bottom" width="60"></td>
  <td valign="bottom" width="15"></td>
  <td valign="bottom" width="93"></td>
  <td valign="bottom" width="14"></td>
  <td valign="bottom" width="72"></td>
  <td valign="bottom" width="16"></td>
  <td valign="bottom" width="72"></td>
  <td valign="bottom" width="17"></td>
  <td valign="bottom" width="85"></td>
  </tr>
  
  <tr>
  <td valign="bottom" width="137"></td>
  <td colspan="5" valign="bottom" width="242">
  <div>
  <p align="center" style="border-bottom-style: solid">Third Quarter</p>
  </div>
  </td>
  <td valign="bottom" width="14"></td>
  <td colspan="5" valign="bottom" width="260">
  <div>
  <p align="center" style="border-bottom-style: solid">Nine Months</p>
  </div>
  </td>
  </tr>
  
  <tr>
  <td valign="bottom" width="137"></td>
  <td valign="bottom" width="64">
  <div>
  <p align="center" style="border-bottom-style: solid">2003</p>
  </div>
  </td>
  <td valign="bottom" width="11"></td>
  <td valign="bottom" width="60">
  <div>
  <p align="center" style="border-bottom-style: solid">2002</p>
  </div>
  </td>
  <td valign="bottom" width="15"></td>
  <td valign="bottom" width="93">
  <div>
  <p align="center" style="border-bottom-style: solid">Percent Change</p>
  </div>
  </td>
  <td valign="bottom" width="14"></td>
  <td valign="bottom" width="72">
  <div>
  <p align="center" style="border-bottom-style: solid">2003</p>
  </div>
  </td>
  <td valign="bottom" width="16"></td>
  <td valign="bottom" width="72">
  <div>
  <p align="center" style="border-bottom-style: solid">2002</p>
  </div>
  </td>
  <td valign="bottom" width="17"></td>
  <td valign="bottom" width="85">
  <div>
  <p align="center" style="border-bottom-style: solid">Percent Change</p>
  </div>
  </td>
  </tr>
  
  <tr>
  <td valign="bottom" width="137">
  <p>Revenues</p>
  </td>
  <td valign="bottom" width="64">
  <p align="right">$389,767</p>
  </td>
  <td valign="bottom" width="11"></td>
  <td valign="bottom" width="60">
  <p align="right">$388,123</p>
  </td>
  <td valign="bottom" width="15"></td>
  <td valign="bottom" width="93">
  <p align="right">0%</p>
  </td>
  <td valign="bottom" width="14"></td>
  <td valign="bottom" width="72">
  <p align="right">$1,084,871</p>
  </td>
  <td valign="bottom" width="16"></td>
  <td valign="bottom" width="72">
  <p align="right">$1,133,273</p>
  </td>
  <td valign="bottom" width="17"></td>
  <td valign="bottom" width="85">
  <p align="right">(4%)</p>
  </td>
  </tr>
  
  <tr>
  <td valign="bottom" width="137">
  <p>Net Income</p>
  </td>
  <td valign="bottom" width="64">
  <p align="right">23,562</p>
  </td>
  <td valign="bottom" width="11"></td>
  <td valign="bottom" width="60">
  <p align="right">20,393</p>
  </td>
  <td valign="bottom" width="15"></td>
  <td valign="bottom" width="93">
  <p align="right">16%</p>
  </td>
  <td valign="bottom" width="14"></td>
  <td valign="bottom" width="72">
  <p align="right">53,183</p>
  </td>
  <td valign="bottom" width="16"></td>
  <td valign="bottom" width="72">
  <p align="right">57,308</p>
  </td>
  <td valign="bottom" width="17"></td>
  <td valign="bottom" width="85">
  <p align="right">(7%)</p>
  </td>
  </tr>
  
  <tr>
  <td valign="bottom" width="137">
  <p>Earnings Per</p>
  </td>
  <td valign="bottom" width="64"></td>
  <td valign="bottom" width="11"></td>
  <td valign="bottom" width="60"></td>
  <td valign="bottom" width="15"></td>
  <td valign="bottom" width="93"></td>
  <td valign="bottom" width="14"></td>
  <td valign="bottom" width="72"></td>
  <td valign="bottom" width="16"></td>
  <td valign="bottom" width="72"></td>
  <td valign="bottom" width="17"></td>
  <td valign="bottom" width="85"></td>
  </tr>
  
  <tr>
  <td valign="bottom" width="137">
  <p>&nbsp; Share - Diluted</p>
  </td>
  <td valign="bottom" width="64">
  <p align="right">0.48</p>
  </td>
  <td valign="bottom" width="11"></td>
  <td valign="bottom" width="60">
  <p align="right">0.41</p>
  </td>
  <td valign="bottom" width="15"></td>
  <td valign="bottom" width="93">
  <p align="right">17%</p>
  </td>
  <td valign="bottom" width="14"></td>
  <td valign="bottom" width="72">
  <p align="right">1.09</p>
  </td>
  <td valign="bottom" width="16"></td>
  <td valign="bottom" width="72">
  <p align="right">1.15</p>
  </td>
  <td valign="bottom" width="17"></td>
  <td valign="bottom" width="85">
  <p align="right">(5%)</p>
  </td>
  </tr>
  
  <tr>
  <td valign="bottom" width="137">
  <p>Average Shares</p>
  </td>
  <td valign="bottom" width="64"></td>
  <td valign="bottom" width="11"></td>
  <td valign="bottom" width="60"></td>
  <td valign="bottom" width="15"></td>
  <td valign="bottom" width="93"></td>
  <td valign="bottom" width="14"></td>
  <td valign="bottom" width="72"></td>
  <td valign="bottom" width="16"></td>
  <td valign="bottom" width="72"></td>
  <td valign="bottom" width="17"></td>
  <td valign="bottom" width="85"></td>
  </tr>
  
  <tr>
  <td valign="bottom" width="137">
  <p>&nbsp; Outstanding - Diluted</p>
  </td>
  <td valign="bottom" width="64">
  <p align="right">48,910</p>
  </td>
  <td valign="bottom" width="11"></td>
  <td valign="bottom" width="60">
  <p align="right">49,866</p>
  </td>
  <td valign="bottom" width="15"></td>
  <td valign="bottom" width="93"></td>
  <td valign="bottom" width="14"></td>
  <td valign="bottom" width="72">
  <p align="right">48,923</p>
  </td>
  <td valign="bottom" width="16"></td>
  <td valign="bottom" width="72">
  <p align="right">49,654</p>
  </td>
  <td valign="bottom" width="17"></td>
  <td valign="bottom" width="85"></td>
  </tr>
  
  <tr>
  <td valign="bottom" width="137"></td>
  <td valign="bottom" width="64"></td>
  <td valign="bottom" width="11"></td>
  <td valign="bottom" width="60"></td>
  <td valign="bottom" width="15"></td>
  <td valign="bottom" width="93"></td>
  <td valign="bottom" width="14"></td>
  <td valign="bottom" width="72"></td>
  <td valign="bottom" width="16"></td>
  <td valign="bottom" width="72"></td>
  <td valign="bottom" width="17"></td>
  <td valign="bottom" width="85"></td>
  </tr>
  </table>
  
  <p align="center">&nbsp;</p>
  <p align="center">&nbsp;</p>
  
  <div align="center">
  <table border="0" cellspacing="0" cellpadding="0" width="502">
  <tr>
  <td valign="bottom" width="221"></td>
  <td colspan="7" valign="bottom" width="277">
  <p align="center"><b>Balance Sheet Data</b></p>
  </td>
  </tr>
  
  <tr>
  <td valign="bottom" width="221"></td>
  <td valign="bottom" width="60"></td>
  <td valign="bottom" width="9"></td>
  <td valign="bottom" width="63"></td>
  <td valign="bottom" width="8"></td>
  <td valign="top" width="58"></td>
  <td valign="top" width="8"></td>
  <td valign="bottom" width="59"></td>
  </tr>
  
  <tr>
  <td valign="bottom" width="221"></td>
  <td valign="bottom" width="60">
  <p align="center">June</p>
  </td>
  <td valign="bottom" width="9"></td>
  <td valign="bottom" width="63">
  <p align="center">March</p>
  </td>
  <td valign="bottom" width="8"></td>
  <td valign="bottom" width="58">
  <p align="center">Sept.</p>
  </td>
  <td valign="top" width="8"></td>
  <td valign="bottom" width="59">
  <p align="center">June</p>
  </td>
  </tr>
  
  <tr>
  <td valign="bottom" width="221"></td>
  <td valign="bottom" width="60">
  <div>
  <p align="center" style="border-bottom-style: solid">2003</p>
  </div>
  </td>
  <td valign="bottom" width="9"></td>
  <td valign="bottom" width="63">
  <div>
  <p align="center" style="border-bottom-style: solid">2003</p>
  </div>
  </td>
  <td valign="bottom" width="8"></td>
  <td valign="bottom" width="58">
  <div>
  <p align="center" style="border-bottom-style: solid">2002</p>
  </div>
  </td>
  <td valign="top" width="8"></td>
  <td valign="bottom" width="59">
  <div>
  <p align="center" style="border-bottom-style: solid">2002</p>
  </div>
  </td>
  </tr>
  
  <tr>
  <td valign="bottom" width="221">
  <p>Total Assets</p>
  </td>
  <td valign="bottom" width="60">
  <p align="right">$7.0 bil.</p>
  </td>
  <td valign="bottom" width="9"></td>
  <td valign="bottom" width="63">
  <p align="right">$6.4 bil.</p>
  </td>
  <td valign="bottom" width="8"></td>
  <td valign="bottom" width="58">
  <p align="right">$6.0 bil.</p>
  </td>
  <td valign="top" width="8"></td>
  <td valign="bottom" width="59">
  <p align="right">$6.6 bil.</p>
  </td>
  </tr>
  
  <tr>
  <td valign="bottom" width="221">
  <p>Shareholders' Equity</p>
  </td>
  <td valign="bottom" width="60">
  <p align="right">$889 mil.</p>
  </td>
  <td valign="bottom" width="9"></td>
  <td valign="bottom" width="63">
  <p align="right">$862 mil.</p>
  </td>
  <td valign="bottom" width="8"></td>
  <td valign="bottom" width="58">
  <p align="right">$840 mil.</p>
  </td>
  <td valign="top" width="8"></td>
  <td valign="bottom" width="59">
  <p align="right">$831 mil.</p>
  </td>
  </tr>
  
  <tr>
  <td valign="bottom" width="221">
  <p>Book Value per share</p>
  </td>
  <td valign="bottom" width="60">
  <p>&nbsp;&nbsp;&nbsp; $18.30</p>
  </td>
  <td valign="bottom" width="9"></td>
  <td valign="bottom" width="63">
  <p>&nbsp;&nbsp;&nbsp; $17.78</p>
  </td>
  <td valign="bottom" width="8"></td>
  <td valign="bottom" width="58">
  <p>&nbsp;&nbsp; $17.25</p>
  </td>
  <td valign="top" width="8"></td>
  <td valign="bottom" width="59">
  <p>&nbsp;&nbsp; $17.00</p>
  </td>
  </tr>
  
  <tr>
  <td valign="bottom" width="221"></td>
  <td valign="bottom" width="60"></td>
  <td valign="bottom" width="9"></td>
  <td valign="bottom" width="63"></td>
  <td valign="bottom" width="8"></td>
  <td valign="bottom" width="58"></td>
  <td valign="top" width="8"></td>
  <td valign="bottom" width="59"></td>
  </tr>
  
  <tr>
  <td valign="bottom" width="221"></td>
  <td valign="bottom" width="60"></td>
  <td valign="bottom" width="9"></td>
  <td valign="bottom" width="63"></td>
  <td valign="bottom" width="8"></td>
  <td valign="bottom" width="58"></td>
  <td valign="top" width="8"></td>
  <td valign="bottom" width="59"></td>
  </tr>
  
  <tr>
  <td valign="bottom" width="221"></td>
  <td valign="bottom" width="60"></td>
  <td valign="bottom" width="9"></td>
  <td valign="bottom" width="63"></td>
  <td valign="bottom" width="8"></td>
  <td valign="bottom" width="58"></td>
  <td valign="top" width="8"></td>
  <td valign="bottom" width="59"></td>
  </tr>
  
  <tr>
  <td valign="bottom" width="221"></td>
  <td valign="bottom" width="60"></td>
  <td valign="bottom" width="9"></td>
  <td valign="bottom" width="63"></td>
  <td valign="bottom" width="8"></td>
  <td valign="bottom" width="58"></td>
  <td valign="top" width="8"></td>
  <td valign="bottom" width="59"></td>
  </tr>
  
  <tr>
  <td valign="bottom" width="221"></td>
  <td colspan="7" valign="bottom" width="277">
  <p align="center">&nbsp;</p>
  <p align="center">&nbsp;</p>
  <p align="center"><b>Quarterly Management Data</b></p>
  </td>
  </tr>
  
  <tr>
  <td valign="bottom" width="221"></td>
  <td valign="bottom" width="60"></td>
  <td valign="bottom" width="9"></td>
  <td valign="bottom" width="63"></td>
  <td valign="bottom" width="8"></td>
  <td valign="bottom" width="58"></td>
  <td valign="top" width="8"></td>
  <td valign="bottom" width="59"></td>
  </tr>
  
  <tr>
  <td valign="bottom" width="221"></td>
  <td valign="bottom" width="60">
  <p align="center">June</p>
  </td>
  <td valign="bottom" width="9"></td>
  <td valign="bottom" width="63">
  <p align="center">March</p>
  </td>
  <td valign="bottom" width="8"></td>
  <td valign="bottom" width="58">
  <p align="center">Sept.</p>
  </td>
  <td valign="top" width="8"></td>
  <td valign="bottom" width="59">
  <p align="center">June</p>
  </td>
  </tr>
  
  <tr>
  <td valign="bottom" width="221"></td>
  <td valign="bottom" width="60">
  <div>
  <p align="center" style="border-bottom-style: solid">2003</p>
  </div>
  </td>
  <td valign="bottom" width="9"></td>
  <td valign="bottom" width="63">
  <div>
  <p align="center" style="border-bottom-style: solid">2003</p>
  </div>
  </td>
  <td valign="bottom" width="8"></td>
  <td valign="bottom" width="58">
  <div>
  <p align="center" style="border-bottom-style: solid">2002</p>
  </div>
  </td>
  <td valign="top" width="8"></td>
  <td valign="bottom" width="59">
  <div>
  <p align="center" style="border-bottom-style: solid">2002</p>
  </div>
  </td>
  </tr>
  
  <tr>
  <td valign="bottom" width="221">
  <p>Retail Financial Advisors:</p>
  </td>
  <td valign="bottom" width="60"></td>
  <td valign="bottom" width="9"></td>
  <td valign="bottom" width="63"></td>
  <td valign="bottom" width="8"></td>
  <td valign="bottom" width="58"></td>
  <td valign="top" width="8"></td>
  <td valign="bottom" width="59"></td>
  </tr>
  
  <tr>
  <td valign="bottom" width="221">
  <p>&nbsp;&nbsp;&nbsp;&nbsp; US</p>
  </td>
  <td valign="bottom" width="60">
  <p align="right">4,609</p>
  </td>
  <td valign="bottom" width="9"></td>
  <td valign="bottom" width="63">
  <p align="right">4,823</p>
  </td>
  <td valign="bottom" width="8"></td>
  <td valign="bottom" width="58">
  <p align="right">4,759</p>
  </td>
  <td valign="top" width="8"></td>
  <td valign="bottom" width="59">
  <p align="right">4,732</p>
  </td>
  </tr>
  
  <tr>
  <td valign="bottom" width="221">
  <p>&nbsp;&nbsp;&nbsp;&nbsp; Canada</p>
  </td>
  <td valign="bottom" width="60">
  <p align="right">202</p>
  </td>
  <td valign="bottom" width="9"></td>
  <td valign="bottom" width="63">
  <p align="right">227</p>
  </td>
  <td valign="bottom" width="8"></td>
  <td valign="bottom" width="58">
  <p align="right">235</p>
  </td>
  <td valign="top" width="8"></td>
  <td valign="bottom" width="59">
  <p align="right">228</p>
  </td>
  </tr>
  
  <tr>
  <td valign="bottom" width="221"></td>
  <td valign="bottom" width="60"></td>
  <td valign="bottom" width="9"></td>
  <td valign="bottom" width="63"></td>
  <td valign="bottom" width="8"></td>
  <td valign="bottom" width="58"></td>
  <td valign="top" width="8"></td>
  <td valign="bottom" width="59"></td>
  </tr>
  
  <tr>
  <td valign="bottom" width="221">
  <p># Lead Managed/Co-Managed<br />
   &nbsp; &nbsp;&nbsp; Public Offerings in U.S.</p>
  </td>
  <td valign="bottom" width="60">
  <p align="right">18</p>
  </td>
  <td valign="bottom" width="9"></td>
  <td valign="bottom" width="63">
  <p align="right">4</p>
  </td>
  <td valign="bottom" width="8"></td>
  <td valign="bottom" width="58">
  <p align="right">6</p>
  </td>
  <td valign="top" width="8"></td>
  <td valign="bottom" width="59">
  <p align="right">26</p>
  </td>
  </tr>
  
  <tr>
  <td valign="bottom" width="221"></td>
  <td valign="bottom" width="60"></td>
  <td valign="bottom" width="9"></td>
  <td valign="bottom" width="63"></td>
  <td valign="bottom" width="8"></td>
  <td valign="bottom" width="58"></td>
  <td valign="top" width="8"></td>
  <td valign="bottom" width="59"></td>
  </tr>
  
  <tr>
  <td valign="bottom" width="221">
  <p>Financial Assets Under Management</p>
  </td>
  <td valign="bottom" width="60">
  <p align="right">$17.7 bil.</p>
  </td>
  <td valign="bottom" width="9"></td>
  <td valign="bottom" width="63">
  <p align="right">$16.3 bil.</p>
  </td>
  <td valign="bottom" width="8"></td>
  <td valign="bottom" width="58">
  <p align="right">$15.3 bil.</p>
  </td>
  <td valign="top" width="8"></td>
  <td valign="bottom" width="59">
  <p align="right">$16.6 bil.</p>
  </td>
  </tr>
  </table>
  </div>
  
  <p>&nbsp;</p>
  
  <p>&nbsp;</p>
  
  <p>Page 4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  RAYMOND JAMES FINANCIAL</p>
  
  <p>Rel. No. 0703-02</p>
  
  <div align="center">
  <table border="0" cellspacing="0" cellpadding="0" width="473">
  <tr>
  <td valign="bottom" width="150"></td>
  <td valign="bottom" width="72"></td>
  <td valign="bottom" width="12"></td>
  <td valign="bottom" width="62"></td>
  <td valign="bottom" width="12"></td>
  <td valign="top" width="64"></td>
  <td valign="top" width="15"></td>
  <td valign="bottom" width="71"></td>
  </tr>
  
  <tr>
  <td valign="bottom" width="150"></td>
  <td valign="bottom" width="72">
  <p align="center">June</p>
  </td>
  <td valign="bottom" width="12"></td>
  <td valign="bottom" width="62">
  <p align="center">March</p>
  </td>
  <td valign="bottom" width="12"></td>
  <td valign="bottom" width="64">
  <p align="center">Sept.</p>
  </td>
  <td valign="top" width="15"></td>
  <td valign="bottom" width="71">
  <p align="center">June</p>
  </td>
  </tr>
  
  <tr>
  <td valign="bottom" width="150"></td>
  <td valign="bottom" width="72">
  <div>
  <p align="center" style="border-bottom-style: solid">2003</p>
  </div>
  </td>
  <td valign="bottom" width="12"></td>
  <td valign="bottom" width="62">
  <div>
  <p align="center" style="border-bottom-style: solid">2003</p>
  </div>
  </td>
  <td valign="bottom" width="12"></td>
  <td valign="bottom" width="64">
  <div>
  <p align="center" style="border-bottom-style: solid">2002</p>
  </div>
  </td>
  <td valign="top" width="15"></td>
  <td valign="bottom" width="71">
  <div>
  <p align="center" style="border-bottom-style: solid">2002</p>
  </div>
  </td>
  </tr>
  
  <tr>
  <td valign="bottom" width="150"></td>
  <td valign="bottom" width="72"></td>
  <td valign="bottom" width="12"></td>
  <td valign="bottom" width="62"></td>
  <td valign="bottom" width="12"></td>
  <td valign="bottom" width="64"></td>
  <td valign="top" width="15"></td>
  <td valign="bottom" width="71"></td>
  </tr>
  
  <tr>
  <td valign="bottom" width="150">
  <p>Client Assets</p>
  </td>
  <td valign="bottom" width="72">
  <p align="right">$93.8 bil.</p>
  </td>
  <td valign="bottom" width="12"></td>
  <td valign="bottom" width="62">
  <p align="right">$84.4 bil.</p>
  </td>
  <td valign="bottom" width="12"></td>
  <td valign="bottom" width="64">
  <p align="right">$80.1 bil.</p>
  </td>
  <td valign="top" width="15"></td>
  <td valign="bottom" width="71">
  <p align="right">$86.1 bil.</p>
  </td>
  </tr>
  
  <tr>
  <td valign="bottom" width="150">
  <p>Client Margin Balances</p>
  </td>
  <td valign="bottom" width="72">
  <p align="right">$947 mil.</p>
  </td>
  <td valign="bottom" width="12"></td>
  <td valign="bottom" width="62">
  <p align="right">$913 mil.</p>
  </td>
  <td valign="bottom" width="12"></td>
  <td valign="bottom" width="64">
  <p align="right">960 mil.</p>
  </td>
  <td valign="top" width="15"></td>
  <td valign="bottom" width="71">
  <p align="right">$1,053 mil.</p>
  </td>
  </tr>
  
  <tr>
  <td valign="bottom" width="150">
  <p>Client Trade Volume</p>
  </td>
  <td valign="bottom" width="72">
  <p align="right">1,630,000</p>
  </td>
  <td valign="bottom" width="12"></td>
  <td valign="bottom" width="62">
  <p align="right">1,466,000</p>
  </td>
  <td valign="bottom" width="12"></td>
  <td valign="bottom" width="64">
  <p align="right">1,600,000</p>
  </td>
  <td valign="top" width="15"></td>
  <td valign="bottom" width="71">
  <p align="right">1,714,000</p>
  </td>
  </tr>
  
  <tr>
  <td valign="bottom" width="150">
  <p># of Client Accounts</p>
  </td>
  <td valign="bottom" width="72">
  <p align="right">1,286,000</p>
  </td>
  <td valign="bottom" width="12"></td>
  <td valign="bottom" width="62">
  <p align="right">1,272,000</p>
  </td>
  <td valign="bottom" width="12"></td>
  <td valign="bottom" width="64">
  <p align="right">1,230,000</p>
  </td>
  <td valign="top" width="15"></td>
  <td valign="bottom" width="71">
  <p align="right">1,224,000</p>
  </td>
  </tr>
  </table>
  </div>
  
  <p align="center"></p>
  
  <div align="center">
  <table border="0" cellspacing="0" cellpadding="0" width="658">
  <tr>
  <td valign="bottom" width="116"></td>
  <td colspan="11" valign="bottom" width="522">
  <p align="center">&nbsp;</p>
  <p align="center"><b>Segment Data</b></p>
  </td>
  <td valign="top" width="6"></td>
  </tr>
  
  <tr>
  <td valign="bottom" width="116"></td>
  <td colspan="5" valign="bottom" width="244">
  <div>
  <p align="center" style="border-bottom-style: solid">Third Quarter</p>
  </div>
  </td>
  <td valign="bottom" width="6"></td>
  <td colspan="5" valign="bottom" width="268">
  <div>
  <p align="center" style="border-bottom-style: solid">Nine Months</p>
  </div>
  </td>
  <td valign="top" width="6"></td>
  </tr>
  
  <tr>
  <td valign="bottom" width="116"></td>
  <td valign="bottom" width="64">
  <div>
  <p align="center" style="border-bottom-style: solid">2003</p>
  </div>
  </td>
  <td valign="top" width="14"></td>
  <td valign="bottom" width="64">
  <div>
  <p align="center" style="border-bottom-style: solid">2002</p>
  </div>
  </td>
  <td valign="bottom" width="6"></td>
  <td valign="bottom" width="96">
  <div>
  <p align="center" style="border-bottom-style: solid">Percent Change</p>
  </div>
  </td>
  <td valign="bottom" width="6"></td>
  <td valign="bottom" width="76">
  <div>
  <p align="center" style="border-bottom-style: solid">2003</p>
  </div>
  </td>
  <td valign="top" width="6"></td>
  <td valign="bottom" width="76">
  <div>
  <p align="center" style="border-bottom-style: solid">2002</p>
  </div>
  </td>
  <td valign="top" width="6"></td>
  <td valign="bottom" width="96">
  <div>
  <p align="center" style="border-bottom-style: solid">Percent Change</p>
  </div>
  </td>
  <td valign="top" width="6"></td>
  </tr>
  
  <tr>
  <td valign="bottom" width="116">
  <p><u>Revenues:</u></p>
  </td>
  <td valign="bottom" width="64"></td>
  <td valign="top" width="14"></td>
  <td valign="bottom" width="64"></td>
  <td valign="bottom" width="6"></td>
  <td valign="bottom" width="96"></td>
  <td valign="bottom" width="6"></td>
  <td valign="bottom" width="76"></td>
  <td valign="top" width="6"></td>
  <td valign="bottom" width="76"></td>
  <td valign="top" width="6"></td>
  <td valign="bottom" width="96"></td>
  <td valign="top" width="6"></td>
  </tr>
  
  <tr>
  <td valign="bottom" width="116">
  <p>Retail</p>
  </td>
  <td valign="bottom" width="64">
  <p align="right">$264,569&nbsp;</p>
  </td>
  <td valign="top" width="14"></td>
  <td valign="bottom" width="64">
  <p align="right">$259,451&nbsp;</p>
  </td>
  <td valign="bottom" width="6"></td>
  <td valign="bottom" width="96">
  <p align="right">2%&nbsp;</p>
  </td>
  <td valign="bottom" width="6"></td>
  <td valign="bottom" width="76">
  <p align="right">$729,157&nbsp;</p>
  </td>
  <td valign="bottom" width="6"></td>
  <td valign="bottom" width="76">
  <p align="right">$752,110&nbsp;</p>
  </td>
  <td valign="top" width="6"></td>
  <td valign="bottom" width="96">
  <p align="right">(3%)</p>
  </td>
  <td valign="top" width="6"></td>
  </tr>
  
  <tr>
  <td valign="bottom" width="116">
  <p>Capital Markets</p>
  </td>
  <td valign="bottom" width="64">
  <p align="right">84,370&nbsp;</p>
  </td>
  <td valign="top" width="14"></td>
  <td valign="bottom" width="64">
  <p align="right">78,294&nbsp;</p>
  </td>
  <td valign="bottom" width="6"></td>
  <td valign="bottom" width="96">
  <p align="right">8%&nbsp;</p>
  </td>
  <td valign="bottom" width="6"></td>
  <td valign="bottom" width="76">
  <p align="right">231,466&nbsp;</p>
  </td>
  <td valign="bottom" width="6"></td>
  <td valign="bottom" width="76">
  <p align="right">237,992&nbsp;</p>
  </td>
  <td valign="top" width="6"></td>
  <td valign="bottom" width="96">
  <p align="right">(3%)</p>
  </td>
  <td valign="top" width="6"></td>
  </tr>
  
  <tr>
  <td valign="bottom" width="116">
  <p>Asset Management</p>
  </td>
  <td valign="bottom" width="64">
  <p align="right">30,277&nbsp;</p>
  </td>
  <td valign="top" width="14"></td>
  <td valign="bottom" width="64">
  <p align="right">33,607&nbsp;</p>
  </td>
  <td valign="bottom" width="6"></td>
  <td valign="bottom" width="96">
  <p align="right">(10%)</p>
  </td>
  <td valign="bottom" width="6"></td>
  <td valign="bottom" width="76">
  <p align="right">89,410&nbsp;</p>
  </td>
  <td valign="bottom" width="6"></td>
  <td valign="bottom" width="76">
  <p align="right">98,211&nbsp;</p>
  </td>
  <td valign="top" width="6"></td>
  <td valign="bottom" width="96">
  <p align="right">(9%)</p>
  </td>
  <td valign="top" width="6"></td>
  </tr>
  
  <tr>
  <td valign="bottom" width="116">
  <p>RJ Bank</p>
  </td>
  <td valign="bottom" width="64">
  <p align="right">6,925&nbsp;</p>
  </td>
  <td valign="top" width="14"></td>
  <td valign="bottom" width="64">
  <p align="right">7,207&nbsp;</p>
  </td>
  <td valign="bottom" width="6"></td>
  <td valign="bottom" width="96">
  <p align="right">(4%)</p>
  </td>
  <td valign="bottom" width="6"></td>
  <td valign="bottom" width="76">
  <p align="right">21,972&nbsp;</p>
  </td>
  <td valign="bottom" width="6"></td>
  <td valign="bottom" width="76">
  <p align="right">23,350&nbsp;</p>
  </td>
  <td valign="top" width="6"></td>
  <td valign="bottom" width="96">
  <p align="right">(6%)</p>
  </td>
  <td valign="top" width="6"></td>
  </tr>
  
  <tr>
  <td valign="bottom" width="116">
  <p>Other</p>
  </td>
  <td valign="bottom" width="64">
  <div>
  <p align="right" style="border-bottom-style: solid">3,626&nbsp;</p>
  </div>
  </td>
  <td valign="top" width="14"></td>
  <td valign="bottom" width="64">
  <div>
  <p align="right" style="border-bottom-style: solid">9,564&nbsp;</p>
  </div>
  </td>
  <td valign="bottom" width="6"></td>
  <td valign="bottom" width="96">
  <div>
  <p align="right" style="border-bottom-style: solid">(62%)</p>
  </div>
  </td>
  <td valign="bottom" width="6"></td>
  <td valign="bottom" width="76">
  <div>
  <p align="right" style="border-bottom-style: solid">12,866&nbsp;</p>
  </div>
  </td>
  <td valign="bottom" width="6"></td>
  <td valign="bottom" width="76">
  <div>
  <p align="right" style="border-bottom-style: solid">21,610&nbsp;</p>
  </div>
  </td>
  <td valign="top" width="6"></td>
  <td valign="bottom" width="96">
  <div>
  <p align="right" style="border-bottom-style: solid">(40%)</p>
  </div>
  </td>
  <td valign="top" width="6"></td>
  </tr>
  
  <tr>
  <td valign="bottom" width="116">
  <p>Total</p>
  </td>
  <td valign="bottom" width="64">
  <div>
  <p align="right" style="border-bottom-style: double">$389,767&nbsp;</p>
  </div>
  </td>
  <td valign="top" width="14"></td>
  <td valign="bottom" width="64">
  <div>
  <p align="right" style="border-bottom-style: double">$388,123&nbsp;</p>
  </div>
  </td>
  <td valign="bottom" width="6"></td>
  <td valign="bottom" width="96">
  <div>
  <p align="right" style="border-bottom-style: double">(0%)</p>
  </div>
  </td>
  <td valign="bottom" width="6">
    <p align="right" style="border-bottom-style: double"></td>
  <td valign="bottom" width="76">
  <div>
  <p align="right" style="border-bottom-style: double">$1,084,871&nbsp;</p>
  </div>
  </td>
  <td valign="bottom" width="6"></td>
  <td valign="bottom" width="76">
  <div>
  <p align="right" style="border-bottom-style: double">$1,133,273&nbsp;</p>
  </div>
  </td>
  <td valign="top" width="6"></td>
  <td valign="bottom" width="96">
  <div>
  <p align="right" style="border-bottom-style: double">(4%)</p>
  </div>
  </td>
  <td valign="top" width="6"></td>
  </tr>
  
  <tr>
  <td valign="bottom" width="116"></td>
  <td colspan="11" valign="bottom" width="522"></td>
  <td valign="top" width="6"></td>
  </tr>
  
  <tr>
  <td valign="bottom" width="116"></td>
  <td colspan="11" valign="bottom" width="522"></td>
  <td valign="top" width="6"></td>
  </tr>
  
  <tr>
  <td valign="bottom" width="116"></td>
  <td colspan="11" valign="bottom" width="522"></td>
  <td valign="top" width="6"></td>
  </tr>
  
  <tr>
  <td valign="bottom" width="116"></td>
  <td colspan="11" valign="bottom" width="522"></td>
  <td valign="top" width="6"></td>
  </tr>
  
  <tr>
  <td valign="bottom" width="116">
  <p><u>Pre-tax Income:</u></p>
  </td>
  <td valign="bottom" width="64"></td>
  <td valign="top" width="14"></td>
  <td valign="bottom" width="64"></td>
  <td valign="bottom" width="6"></td>
  <td valign="bottom" width="96"></td>
  <td valign="bottom" width="6"></td>
  <td valign="bottom" width="76"></td>
  <td valign="bottom" width="6"></td>
  <td valign="bottom" width="76"></td>
  <td valign="top" width="6"></td>
  <td valign="bottom" width="96"></td>
  <td valign="top" width="6"></td>
  </tr>
  
  <tr>
  <td valign="bottom" width="116">
  <p>Retail</p>
  </td>
  <td valign="bottom" width="64">
  <p align="right">$22,167&nbsp;</p>
  </td>
  <td valign="top" width="14"></td>
  <td valign="bottom" width="64">
  <p align="right">$17,282&nbsp;</p>
  </td>
  <td valign="bottom" width="6"></td>
  <td valign="bottom" width="96">
  <p align="right">28%&nbsp;</p>
  </td>
  <td valign="bottom" width="6"></td>
  <td valign="bottom" width="76">
  <p align="right">$43,577&nbsp;</p>
  </td>
  <td valign="bottom" width="6"></td>
  <td valign="bottom" width="76">
  <p align="right">$46,285&nbsp;</p>
  </td>
  <td valign="top" width="6"></td>
  <td valign="bottom" width="96">
  <p align="right">(6%)</p>
  </td>
  <td valign="top" width="6"></td>
  </tr>
  
  <tr>
  <td valign="bottom" width="116">
  <p>Capital Markets</p>
  </td>
  <td valign="bottom" width="64">
  <p align="right">12,362&nbsp;</p>
  </td>
  <td valign="top" width="14"></td>
  <td valign="bottom" width="64">
  <p align="right">10,009&nbsp;</p>
  </td>
  <td valign="bottom" width="6"></td>
  <td valign="bottom" width="96">
  <p align="right">24%&nbsp;</p>
  </td>
  <td valign="bottom" width="6"></td>
  <td valign="bottom" width="76">
  <p align="right">22,045&nbsp;</p>
  </td>
  <td valign="bottom" width="6"></td>
  <td valign="bottom" width="76">
  <p align="right">28,937&nbsp;</p>
  </td>
  <td valign="top" width="6"></td>
  <td valign="bottom" width="96">
  <p align="right">(24%)</p>
  </td>
  <td valign="top" width="6"></td>
  </tr>
  
  <tr>
  <td valign="bottom" width="116">
  <p>Asset Management</p>
  </td>
  <td valign="bottom" width="64">
  <p align="right">4,036&nbsp;</p>
  </td>
  <td valign="top" width="14"></td>
  <td valign="bottom" width="64">
  <p align="right">4,489&nbsp;</p>
  </td>
  <td valign="bottom" width="6"></td>
  <td valign="bottom" width="96">
  <p align="right">(10%)</p>
  </td>
  <td valign="bottom" width="6"></td>
  <td valign="bottom" width="76">
  <p align="right">12,635&nbsp;</p>
  </td>
  <td valign="bottom" width="6"></td>
  <td valign="bottom" width="76">
  <p align="right">13,235&nbsp;</p>
  </td>
  <td valign="top" width="6"></td>
  <td valign="bottom" width="96">
  <p align="right">(5%)</p>
  </td>
  <td valign="top" width="6"></td>
  </tr>
  
  <tr>
  <td valign="bottom" width="116">
  <p>RJ Bank</p>
  </td>
  <td valign="bottom" width="64">
  <p align="right">2,707&nbsp;</p>
  </td>
  <td valign="top" width="14"></td>
  <td valign="bottom" width="64">
  <p align="right">1,350&nbsp;</p>
  </td>
  <td valign="bottom" width="6">
  <p align="right">&nbsp;</p>
  </td>
  <td valign="bottom" width="96">
  <p align="right">101%&nbsp;</p>
  </td>
  <td valign="bottom" width="6"></td>
  <td valign="bottom" width="76">
  <p align="right">7,747&nbsp;</p>
  </td>
  <td valign="bottom" width="6"></td>
  <td valign="bottom" width="76">
  <p align="right">5,021&nbsp;</p>
  </td>
  <td valign="top" width="6"></td>
  <td valign="bottom" width="96">
  <p align="right">54%&nbsp;</p>
  </td>
  <td valign="top" width="6"></td>
  </tr>
  
  <tr>
  <td valign="bottom" width="116">
  <p>Other</p>
  </td>
  <td valign="bottom" width="64">
  <div>
  <p align="right" style="border-bottom-style: solid">(3,128)</p>
  </div>
  </td>
  <td valign="top" width="14"></td>
  <td valign="bottom" width="64">
  <div>
  <p align="right" style="border-bottom-style: solid">809&nbsp;</p>
  </div>
  </td>
  <td valign="bottom" width="6"></td>
  <td valign="bottom" width="96">
  <div>
  <p align="right" style="border-bottom-style: solid">(487%)</p>
  </div>
  </td>
  <td valign="bottom" width="6"></td>
  <td valign="bottom" width="76">
  <div>
  <p align="right" style="border-bottom-style: solid">(225)</p>
  </div>
  </td>
  <td valign="bottom" width="6"></td>
  <td valign="bottom" width="76">
  <div>
  <p align="right" style="border-bottom-style: solid">531&nbsp;</p>
  </div>
  </td>
  <td valign="top" width="6"></td>
  <td valign="bottom" width="96">
  <div>
  <p align="right" style="border-bottom-style: solid">(142%)</p>
  </div>
  </td>
  <td valign="top" width="6"></td>
  </tr>
  
  <tr>
  <td valign="bottom" width="116">
  <p>Total</p>
  </td>
  <td valign="bottom" width="64">
  <div>
  <p align="right" style="border-bottom-style: double">$38,144&nbsp;</p>
  </div>
  </td>
  <td valign="top" width="14"></td>
  <td valign="bottom" width="64">
  <div>
  <p align="right" style="border-bottom-style: double">$33,939&nbsp;</p>
  </div>
  </td>
  <td valign="bottom" width="6"></td>
  <td valign="bottom" width="96">
  <div>
  <p align="right" style="border-bottom-style: double">12%&nbsp;</p>
  </div>
  </td>
  <td valign="bottom" width="6"></td>
  <td valign="bottom" width="76">
  <div>
  <p align="right" style="border-bottom-style: double">$85,779&nbsp;</p>
  </div>
  </td>
  <td valign="bottom" width="6"></td>
  <td valign="bottom" width="76">
  <div>
  <p align="right" style="border-bottom-style: double">$94,009&nbsp;</p>
  </div>
  </td>
  <td valign="top" width="6"></td>
  <td valign="bottom" width="96">
  <div>
  <p align="right" style="border-bottom-style: double">(9%)</p>
  </div>
  </td>
  <td valign="top" width="6"></td>
  </tr>
  </table>
  </div>
  
  <p align="center">- &nbsp; 30&nbsp; -</p>
  
  <p align="center">For additional information, contact</p>
  
  <p align="center">Mike White at 727-567-5171.</p>
  
  <p align="center"><b>Please visit the Raymond James Press Center at</b> http://www.RaymondJames.com/media.htm</p>
  
  <p><br clear="all" />
  </p>
  
  <p>&nbsp;
  </p>
  
  <table border="0" cellspacing="0" cellpadding="0" width="732">
  <tr>
  <td colspan="12" valign="top" width="730">
  <p align="center"><b>RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES</b></p>
  </td>
  </tr>
  
  <tr>
  <td colspan="12" valign="top" width="730">
  <p align="center"><b>CONSOLIDATED STATEMENT OF OPERATIONS</b></p>
  </td>
  </tr>
  
  <tr>
  <td colspan="12" valign="top" width="730">
  <p align="center"><b>(UNAUDITED)</b></p>
  </td>
  </tr>
  
  <tr>
  <td colspan="12" valign="top" width="730">
  <p align="center"><b>Quarter-to-Date</b></p>
  </td>
  </tr>
  
  <tr>
  <td valign="top" width="11"></td>
  <td valign="top" width="291"></td>
  <td valign="top" width="7"></td>
  <td colspan="4" valign="top" width="200"></td>
  <td valign="top" width="52"></td>
  <td valign="top" width="6"></td>
  <td valign="top" width="89"></td>
  <td valign="top" width="6"></td>
  <td valign="top" width="52"></td>
  </tr>
  
  <tr>
  <td colspan="2" valign="top" width="304">
  <p>(in thousands, except per share amounts)</p>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="90"></td>
  <td valign="top" width="7"></td>
  <td valign="top" width="90"></td>
  <td valign="top" width="7"></td>
  <td valign="top" width="52"></td>
  <td valign="top" width="6"></td>
  <td valign="top" width="89"></td>
  <td valign="top" width="6"></td>
  <td valign="top" width="52"></td>
  </tr>
  
  <tr>
  <td valign="top" width="11"></td>
  <td valign="top" width="291">
  <p>&nbsp;</p>
  </td>
  <td valign="top" width="7"></td>
  <td colspan="9" valign="top" width="403">
  <p align="left" style="border-bottom-style: solid"><i>Three Months Ended</i></p>
  </td>
  </tr>
  
  <tr>
  <td valign="top" width="11"></td>
  <td valign="top" width="291"></td>
  <td valign="top" width="7"></td>
  <td valign="top" width="90">
  <p align="center"><b>June 27</b></p>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="90">
  <p align="center"><b>June 28</b></p>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="52">
  <p align="center"><b>%</b></p>
  </td>
  <td valign="top" width="6"></td>
  <td valign="top" width="89">
  <p align="center"><b>March 28</b></p>
  </td>
  <td valign="top" width="6"></td>
  <td valign="top" width="52">
  <p align="center"><b>%</b></p>
  </td>
  </tr>
  
  <tr>
  <td valign="top" width="11"></td>
  <td valign="top" width="291"></td>
  <td valign="top" width="7"></td>
  <td valign="top" width="90">
  <p align="center" style="border-bottom-style: solid"><b>2003</b></p>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="90">
  <p align="center" style="border-bottom-style: solid"><b>2002</b></p>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="52">
  <p align="center" style="border-bottom-style: solid"><b>change</b></p>
  </td>
  <td valign="top" width="6"></td>
  <td valign="top" width="89">
  <p align="center" style="border-bottom-style: solid"><b>2003</b></p>
  </td>
  <td valign="top" width="6"></td>
  <td valign="top" width="52">
  <p align="center" style="border-bottom-style: solid"><b>change</b></p>
  </td>
  </tr>
  
  <tr>
  <td valign="top" width="11"></td>
  <td valign="top" width="291"></td>
  <td valign="top" width="7"></td>
  <td valign="top" width="90"></td>
  <td valign="top" width="7"></td>
  <td valign="top" width="90"></td>
  <td valign="top" width="7"></td>
  <td valign="top" width="52"></td>
  <td valign="top" width="6"></td>
  <td valign="top" width="89"></td>
  <td valign="top" width="6"></td>
  <td valign="top" width="52"></td>
  </tr>
  
  <tr>
  <td colspan="2" valign="top" width="304">
  <p>Revenues:</p>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="90"></td>
  <td valign="top" width="7"></td>
  <td valign="top" width="90"></td>
  <td valign="top" width="7"></td>
  <td valign="top" width="52"></td>
  <td valign="top" width="6"></td>
  <td valign="top" width="89"></td>
  <td valign="top" width="6"></td>
  <td valign="top" width="52"></td>
  </tr>
  
  <tr>
  <td valign="top" width="11"></td>
  <td valign="top" width="291">
  <p>Securities commissions and fees</p>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="90">
  <p align="right">&nbsp; $&nbsp;&nbsp; 279,929</p>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="90">
  <p align="right">&nbsp; $&nbsp;&nbsp; 266,434</p>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="52">
  <p align="right">5%</p>
  </td>
  <td valign="top" width="6"></td>
  <td valign="top" width="89">
  <p align="right">&nbsp; $&nbsp;&nbsp; 247,557</p>
  </td>
  <td valign="top" width="6"></td>
  <td valign="top" width="52">
  <p align="right">13%</p>
  </td>
  </tr>
  
  <tr>
  <td valign="top" width="11"></td>
  <td valign="top" width="291">
  <p>Investment&nbsp; banking</p>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="90">
  <p align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12,224</p>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="90">
  <p align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23,199</p>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="52">
  <p align="right">-47%</p>
  </td>
  <td valign="top" width="6"></td>
  <td valign="top" width="89">
  <p align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13,740</p>
  </td>
  <td valign="top" width="6"></td>
  <td valign="top" width="52">
  <p align="right">-11%</p>
  </td>
  </tr>
  
  <tr>
  <td valign="top" width="11"></td>
  <td valign="top" width="291">
  <p>Investment advisory fees</p>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="90">
  <p align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27,829</p>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="90">
  <p align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29,745</p>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="52">
  <p align="right">-6%</p>
  </td>
  <td valign="top" width="6"></td>
  <td valign="top" width="89">
  <p align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27,232</p>
  </td>
  <td valign="top" width="6"></td>
  <td valign="top" width="52">
  <p align="right">2%</p>
  </td>
  </tr>
  
  <tr>
  <td valign="top" width="11"></td>
  <td valign="top" width="291">
  <p>Interest</p>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="90">
  <p align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32,364</p>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="90">
  <p align="right">&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38,494</p>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="52">
  <p align="right">-16%</p>
  </td>
  <td valign="top" width="6"></td>
  <td valign="top" width="89">
  <p align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31,000</p>
  </td>
  <td valign="top" width="6"></td>
  <td valign="top" width="52">
  <p align="right">4%</p>
  </td>
  </tr>
  
  <tr>
  <td valign="top" width="11"></td>
  <td valign="top" width="291">
  <p>Trading profits</p>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="90">
  <p align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8,491</p>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="90">
  <p align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,125</p>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="52">
  <p align="right">172%</p>
  </td>
  <td valign="top" width="6"></td>
  <td valign="top" width="89">
  <p align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,456</p>
  </td>
  <td valign="top" width="6"></td>
  <td valign="top" width="52">
  <p align="right">56%</p>
  </td>
  </tr>
  
  <tr>
  <td valign="top" width="11"></td>
  <td valign="top" width="291">
  <p>Financial service fees</p>
  </td>
  <td valign="top" width="7">
  <p>&nbsp;</p>
  </td>
  <td valign="top" width="90">
  <p align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18,910</p>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="90">
  <p align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15,716</p>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="52">
  <p align="right">20%</p>
  </td>
  <td valign="top" width="6"></td>
  <td valign="top" width="89">
  <p align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15,583</p>
  </td>
  <td valign="top" width="6"></td>
  <td valign="top" width="52">
  <p align="right">21%</p>
  </td>
  </tr>
  
  <tr>
  <td valign="top" width="11"></td>
  <td valign="top" width="291">
  <p>Other</p>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="90">
  <p align="right" style="border-bottom-style: solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10,020</p>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="90">
  <p align="right" style="border-bottom-style: solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11,410</p>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="52">
  <p align="right" style="border-bottom-style: solid">-12%</p>
  </td>
  <td valign="top" width="6"></td>
  <td valign="top" width="89">
  <p align="right" style="border-bottom-style: solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9,929</p>
  </td>
  <td valign="top" width="6"></td>
  <td valign="top" width="52">
  <p align="right" style="border-bottom-style: solid">1%</p>
  </td>
  </tr>
  
  <tr>
  <td valign="top" width="11"></td>
  <td valign="top" width="291"></td>
  <td valign="top" width="7"></td>
  <td valign="top" width="90"></td>
  <td valign="top" width="7"></td>
  <td valign="top" width="90"></td>
  <td valign="top" width="7"></td>
  <td valign="top" width="52"></td>
  <td valign="top" width="6"></td>
  <td valign="top" width="89"></td>
  <td valign="top" width="6"></td>
  <td valign="top" width="52"></td>
  </tr>
  
  <tr>
  <td colspan="2" valign="top" width="304">
  <p><b>TOTAL REVENUES</b></p>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="90">
  <p align="right" style="border-bottom-style: solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 389,767</p>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="90">
  <p align="right" style="border-bottom-style: solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 388,123</p>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="52">
  <p align="right" style="border-bottom-style: solid">0%</p>
  </td>
  <td valign="top" width="6"></td>
  <td valign="top" width="89">
  <p align="right" style="border-bottom-style: solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350,497</p>
  </td>
  <td valign="top" width="6"></td>
  <td valign="top" width="52">
  <p align="right" style="border-bottom-style: solid">11%</p>
  </td>
  </tr>
  
  <tr>
  <td valign="top" width="11"></td>
  <td valign="top" width="291">
  <p>Interest Expense</p>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="90">
  <p align="right" style="border-bottom-style: solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11,776</p>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="90">
  <p align="right" style="border-bottom-style: solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17,178</p>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="52">
  <p align="right" style="border-bottom-style: solid">-31%</p>
  </td>
  <td valign="top" width="6"></td>
  <td valign="top" width="89">
  <p align="right" style="border-bottom-style: solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10,678</p>
  </td>
  <td valign="top" width="6"></td>
  <td valign="top" width="52">
  <p align="right" style="border-bottom-style: solid">10%</p>
  </td>
  </tr>
  
  <tr>
  <td colspan="2" valign="top" width="304">
  <p><b>NET REVENUES</b></p>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="90">
  <p align="right" style="border-bottom-style: solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 377,991</p>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="90">
  <p align="right" style="border-bottom-style: solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 370,945</p>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="52">
  <p align="right" style="border-bottom-style: solid">2%</p>
  </td>
  <td valign="top" width="6"></td>
  <td valign="top" width="89">
  <p align="right" style="border-bottom-style: solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 339,819</p>
  </td>
  <td valign="top" width="6"></td>
  <td valign="top" width="52">
  <p align="right" style="border-bottom-style: solid">11%</p>
  </td>
  </tr>
  
  <tr>
  <td valign="top" width="11"></td>
  <td valign="top" width="291"></td>
  <td valign="top" width="7"></td>
  <td valign="top" width="90"></td>
  <td valign="top" width="7"></td>
  <td valign="top" width="90"></td>
  <td valign="top" width="7"></td>
  <td valign="top" width="52"></td>
  <td valign="top" width="6"></td>
  <td valign="top" width="89"></td>
  <td valign="top" width="6"></td>
  <td valign="top" width="52"></td>
  </tr>
  
  <tr>
  <td colspan="2" valign="top" width="304">
  <p>Non-Interest Expenses</p>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="90"></td>
  <td valign="top" width="7"></td>
  <td valign="top" width="90"></td>
  <td valign="top" width="7"></td>
  <td valign="top" width="52"></td>
  <td valign="top" width="6"></td>
  <td valign="top" width="89"></td>
  <td valign="top" width="6"></td>
  <td valign="top" width="52"></td>
  </tr>
  
  <tr>
  <td valign="top" width="11"></td>
  <td valign="top" width="291">
  <p>Compensation, commissions and benefits</p>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="90">
  <p align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 270,308</p>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="90">
  <p align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 263,660</p>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="52">
  <p align="right">3%</p>
  </td>
  <td valign="top" width="6"></td>
  <td valign="top" width="89">
  <p align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 248,951</p>
  </td>
  <td valign="top" width="6"></td>
  <td valign="top" width="52">
  <p align="right">9%</p>
  </td>
  </tr>
  
  <tr>
  <td valign="top" width="11"></td>
  <td valign="top" width="291">
  <p>Communications and information processing</p>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="90">
  <p align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19,196</p>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="90">
  <p align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18,209</p>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="52">
  <p align="right">5%</p>
  </td>
  <td valign="top" width="6"></td>
  <td valign="top" width="89">
  <p align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19,842</p>
  </td>
  <td valign="top" width="6"></td>
  <td valign="top" width="52">
  <p align="right">-3%</p>
  </td>
  </tr>
  
  <tr>
  <td valign="top" width="11"></td>
  <td valign="top" width="291">
  <p>Occupancy and equipment costs</p>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="90">
  <p align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14,811</p>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="90">
  <p align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15,524</p>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="52">
  <p align="right">-5%</p>
  </td>
  <td valign="top" width="6"></td>
  <td valign="top" width="89">
  <p align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14,942</p>
  </td>
  <td valign="top" width="6"></td>
  <td valign="top" width="52">
  <p align="right">-1%</p>
  </td>
  </tr>
  
  <tr>
  <td valign="top" width="11"></td>
  <td valign="top" width="291">
  <p>Clearance and floor brokerage</p>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="90">
  <p align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,187</p>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="90">
  <p align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,924</p>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="52">
  <p align="right">32%</p>
  </td>
  <td valign="top" width="6"></td>
  <td valign="top" width="89">
  <p align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,147</p>
  </td>
  <td valign="top" width="6"></td>
  <td valign="top" width="52">
  <p align="right">25%</p>
  </td>
  </tr>
  
  <tr>
  <td valign="top" width="11"></td>
  <td valign="top" width="291">
  <p>Business development</p>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="90">
  <p align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13,424</p>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="90">
  <p align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11,939</p>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="52">
  <p align="right">12%</p>
  </td>
  <td valign="top" width="6"></td>
  <td valign="top" width="89">
  <p align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11,184</p>
  </td>
  <td valign="top" width="6"></td>
  <td valign="top" width="52">
  <p align="right">20%</p>
  </td>
  </tr>
  
  <tr>
  <td valign="top" width="11"></td>
  <td valign="top" width="291">
  <p>Other</p>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="90">
  <p align="right" style="border-bottom-style: solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16,921</p>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="90">
  <p align="right" style="border-bottom-style: solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23,750</p>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="52">
  <p align="right" style="border-bottom-style: solid">-29%</p>
  </td>
  <td valign="top" width="6"></td>
  <td valign="top" width="89">
  <p align="right" style="border-bottom-style: solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16,482</p>
  </td>
  <td valign="top" width="6"></td>
  <td valign="top" width="52">
  <p align="right" style="border-bottom-style: solid">3%</p>
  </td>
  </tr>
  
  <tr>
  <td valign="top" width="11"></td>
  <td valign="top" width="291"></td>
  <td valign="top" width="7"></td>
  <td valign="top" width="90"></td>
  <td valign="top" width="7"></td>
  <td valign="top" width="90"></td>
  <td valign="top" width="7"></td>
  <td valign="top" width="52"></td>
  <td valign="top" width="6"></td>
  <td valign="top" width="89"></td>
  <td valign="top" width="6"></td>
  <td valign="top" width="52"></td>
  </tr>
  
  <tr>
  <td colspan="2" valign="top" width="304">
  <p><b>TOTAL NON-INTEREST EXPENSES</b></p>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="90">
  <p align="right" style="border-bottom-style: solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 339,847</p>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="90">
  <p align="right" style="border-bottom-style: solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 337,006</p>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="52">
  <p align="right" style="border-bottom-style: solid">1%</p>
  </td>
  <td valign="top" width="6"></td>
  <td valign="top" width="89">
  <p align="right" style="border-bottom-style: solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 315,548</p>
  </td>
  <td valign="top" width="6"></td>
  <td valign="top" width="52">
  <p align="right" style="border-bottom-style: solid">8%</p>
  </td>
  </tr>
  
  <tr>
  <td valign="top" width="11"></td>
  <td valign="top" width="291"></td>
  <td valign="top" width="7"></td>
  <td valign="top" width="90"></td>
  <td valign="top" width="7"></td>
  <td valign="top" width="90"></td>
  <td valign="top" width="7"></td>
  <td valign="top" width="52"></td>
  <td valign="top" width="6"></td>
  <td valign="top" width="89"></td>
  <td valign="top" width="6"></td>
  <td valign="top" width="52"></td>
  </tr>
  
  <tr>
  <td valign="top" width="11"></td>
  <td valign="top" width="291">
  <p>Income before provision for income taxes</p>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="90">
  <p align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38,144</p>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="90">
  <p align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33,939</p>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="52">
  <p align="right">12%</p>
  </td>
  <td valign="top" width="6"></td>
  <td valign="top" width="89">
  <p align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24,271</p>
  </td>
  <td valign="top" width="6"></td>
  <td valign="top" width="52">
  <p align="right">57%</p>
  </td>
  </tr>
  
  <tr>
  <td colspan="2" valign="top" width="304">
  <p>Provision for income taxes</p>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="90">
  <p align="right" style="border-bottom-style: solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14,582</p>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="90">
  <p align="right" style="border-bottom-style: solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13,546</p>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="52">
  <p align="right" style="border-bottom-style: solid">8%</p>
  </td>
  <td valign="top" width="6"></td>
  <td valign="top" width="89">
  <p align="right" style="border-bottom-style: solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9,077</p>
  </td>
  <td valign="top" width="6"></td>
  <td valign="top" width="52">
  <p align="right" style="border-bottom-style: solid">61%</p>
  </td>
  </tr>
  
  <tr>
  <td colspan="2" valign="top" width="304">
  <p><b>Net Income</b></p>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="90">
  <div>
  <p align="right" style="border-bottom-style: double"><b>&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 23,562</b></p>
  </div>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="90">
  <div>
  <p align="right" style="border-bottom-style: double"><b>&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 20,393</b></p>
  </div>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="52">
  <div>
  <p align="right" style="border-bottom-style: double">16%</p>
  </div>
  </td>
  <td valign="top" width="6"></td>
  <td valign="top" width="89">
  <div>
  <p align="right" style="border-bottom-style: double"><b>&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 15,194</b></p>
  </div>
  </td>
  <td valign="top" width="6"></td>
  <td valign="top" width="52">
  <div>
  <p align="right" style="border-bottom-style: double">55%</p>
  </div>
  </td>
  </tr>
  
  <tr>
  <td colspan="2" valign="top" width="304">
  <p><b>Net Income per share basic</b></p>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="90">
  <div>
  <p align="right" style="border-bottom-style: double"><b>&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;
  &nbsp;&nbsp;&nbsp; 0.49</b></p>
  </div>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="90">
  <div>
  <p align="right" style="border-bottom-style: double"><b>&nbsp; $&nbsp;&nbsp;&nbsp;
  &nbsp;&nbsp;&nbsp;&nbsp; 0.42</b></p>
  </div>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="52">
  <div>
  <p align="right" style="border-bottom-style: double">17%</p>
  </div>
  </td>
  <td valign="top" width="6"></td>
  <td valign="top" width="89">
  <div>
  <p align="right" style="border-bottom-style: double"><b>&nbsp; $&nbsp;&nbsp;&nbsp;
  &nbsp;&nbsp;&nbsp;&nbsp; 0.31</b></p>
  </div>
  </td>
  <td valign="top" width="6"></td>
  <td valign="top" width="52">
  <div>
  <p align="right" style="border-bottom-style: double">58%</p>
  </div>
  </td>
  </tr>
  
  <tr>
  <td colspan="2" valign="top" width="304">
  <p><b>Net Income per share diluted</b></p>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="90">
  <div>
  <p align="right" style="border-bottom-style: double"><b>&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;
  &nbsp;&nbsp;&nbsp; 0.48</b></p>
  </div>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="90">
  <div>
  <p align="right" style="border-bottom-style: double"><b>&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  &nbsp;&nbsp; 0.41</b></p>
  </div>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="52">
  <p align="right" style="border-bottom-style: double">17%</p>
  </td>
  <td valign="top" width="6"></td>
  <td valign="top" width="89">
  <div>
  <p align="right" style="border-bottom-style: double"><b>&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  &nbsp;&nbsp; 0.31</b></p>
  </div>
  </td>
  <td valign="top" width="6"></td>
  <td valign="top" width="52">
  <p align="right" style="border-bottom-style: double">55%</p>
  </td>
  </tr>
  
  <tr>
  <td colspan="2" valign="top" width="304">
  <p><b>Weighted average common shares</b></p>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="90"></td>
  <td valign="top" width="7"></td>
  <td valign="top" width="90"></td>
  <td valign="top" width="7"></td>
  <td valign="top" width="52"></td>
  <td valign="top" width="6"></td>
  <td valign="top" width="89"></td>
  <td valign="top" width="6"></td>
  <td valign="top" width="52"></td>
  </tr>
  
  <tr>
  <td colspan="2" valign="top" width="304">
  <p><b>&nbsp;&nbsp;&nbsp; outstanding-basic</b></p>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="90">
  <div>
  <p align="right" style="border-bottom-style: double"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48,526</b></p>
  </div>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="90">
  <div>
  <p align="right" style="border-bottom-style: double"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48,864</b></p>
  </div>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="52"></td>
  <td valign="top" width="6"></td>
  <td valign="top" width="89">
  <div>
  <p align="right" style="border-bottom-style: double"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48,468</b></p>
  </div>
  </td>
  <td valign="top" width="6"></td>
  <td valign="top" width="52"></td>
  </tr>
  
  <tr>
  <td colspan="2" valign="top" width="304">
  <p><b>Weighted average common and common</b></p>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="90"></td>
  <td valign="top" width="7"></td>
  <td valign="top" width="90"></td>
  <td valign="top" width="7"></td>
  <td valign="top" width="52"></td>
  <td valign="top" width="6"></td>
  <td valign="top" width="89"></td>
  <td valign="top" width="6"></td>
  <td valign="top" width="52"></td>
  </tr>
  
  <tr>
  <td colspan="2" valign="top" width="304">
  <p><b>&nbsp;&nbsp;&nbsp; equivalent shares outstanding-diluted</b></p>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="90">
  <div>
  <p align="right" style="border-bottom-style: double"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48,910</b></p>
  </div>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="90">
  <div>
  <p align="right" style="border-bottom-style: double"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49,866</b></p>
  </div>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="52"></td>
  <td valign="top" width="6"></td>
  <td valign="top" width="89">
  <div>
  <p align="right" style="border-bottom-style: double"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48,751</b></p>
  </div>
  </td>
  <td valign="top" width="6"></td>
  <td valign="top" width="52"></td>
  </tr>
  </table>
  
  <p>&nbsp;</p>
  
  <p>&nbsp;</p>
  
  <table border="0" cellspacing="0" cellpadding="0" width="695">
  <tr>
  <td colspan="8" valign="top" width="693">
  <p align="center"><b>RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES</b>&nbsp;</p>
  </td>
  </tr>
  
  <tr>
  <td colspan="8" valign="top" width="693">
  <p align="center"><b>CONSOLIDATED STATEMENT OF OPERATIONS</b>&nbsp;</p>
  </td>
  </tr>
  
  <tr>
  <td colspan="8" valign="top" width="693">
  <p align="center"><b>(UNAUDITED)</b>&nbsp;</p>
  </td>
  </tr>
  
  <tr>
  <td colspan="8" valign="top" width="693">
  <p align="center"><b>Year-to-Date</b>&nbsp;</p>
  </td>
  </tr>
  
  <tr>
  <td colspan="8" valign="top" width="693"></td>
  </tr>
  
  <tr>
  <td colspan="2" valign="top" width="335">
  <p>(in thousands, except per share amounts)</p>
  </td>
  <td valign="top" width="8"></td>
  <td valign="top" width="138"></td>
  <td valign="top" width="8"></td>
  <td valign="top" width="128"></td>
  <td valign="top" width="7"></td>
  <td valign="top" width="57"></td>
  </tr>
  
  <tr>
  <td valign="top" width="13"></td>
  <td valign="top" width="320"></td>
  <td valign="top" width="8"></td>
  <td colspan="5" valign="top" width="342">
  <p align="left" style="border-bottom-style: solid"><i>&nbsp;Nine Months Ended</i></p>
  </td>
  </tr>
  
  <tr>
  <td valign="top" width="13"></td>
  <td valign="top" width="320"></td>
  <td valign="top" width="8"></td>
  <td valign="top" width="138">
  <p align="center"><b>June 27</b></p>
  </td>
  <td valign="top" width="8"></td>
  <td valign="top" width="128">
  <p align="center"><b>June 28</b></p>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="57">
  <p align="center"><b>%</b></p>
  </td>
  </tr>
  
  <tr>
  <td valign="top" width="13"></td>
  <td valign="top" width="320"></td>
  <td valign="top" width="8"></td>
  <td valign="top" width="138">
  <p align="center" style="border-bottom-style: solid"><b>2003</b></p>
  </td>
  <td valign="top" width="8"></td>
  <td valign="top" width="128">
  <p align="center" style="border-bottom-style: solid"><b>2002</b></p>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="57">
  <p align="center" style="border-bottom-style: solid"><b>change</b></p>
  </td>
  </tr>
  
  <tr>
  <td valign="top" width="13"></td>
  <td valign="top" width="320"></td>
  <td valign="top" width="8"></td>
  <td valign="top" width="138"></td>
  <td valign="top" width="8"></td>
  <td valign="top" width="128"></td>
  <td valign="top" width="7"></td>
  <td valign="top" width="57"></td>
  </tr>
  
  <tr>
  <td colspan="2" valign="top" width="335">
  <p>Revenues:</p>
  </td>
  <td valign="top" width="8"></td>
  <td valign="top" width="138"></td>
  <td valign="top" width="8"></td>
  <td valign="top" width="128"></td>
  <td valign="top" width="7"></td>
  <td valign="top" width="57"></td>
  </tr>
  
  <tr>
  <td valign="top" width="13"></td>
  <td valign="top" width="320">
  <p>Securities commissions and fees</p>
  </td>
  <td valign="top" width="8"></td>
  <td valign="top" width="138">
  <p align="right">&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 765,334</p>
  </td>
  <td valign="top" width="8"></td>
  <td valign="top" width="128">
  <p align="right">&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 786,322</p>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="57">
  <p align="right">-3%</p>
  </td>
  </tr>
  
  <tr>
  <td valign="top" width="13"></td>
  <td valign="top" width="320">
  <p>Investment&nbsp; banking</p>
  </td>
  <td valign="top" width="8"></td>
  <td valign="top" width="138">
  <p align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37,171</p>
  </td>
  <td valign="top" width="8"></td>
  <td valign="top" width="128">
  <p align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49,417</p>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="57">
  <p align="right">-25%</p>
  </td>
  </tr>
  
  <tr>
  <td valign="top" width="13"></td>
  <td valign="top" width="320">
  <p>Investment advisory fees</p>
  </td>
  <td valign="top" width="8"></td>
  <td valign="top" width="138">
  <p align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81,344</p>
  </td>
  <td valign="top" width="8"></td>
  <td valign="top" width="128">
  <p align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87,327</p>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="57">
  <p align="right">-7%</p>
  </td>
  </tr>
  
  <tr>
  <td valign="top" width="13"></td>
  <td valign="top" width="320">
  <p>Interest</p>
  </td>
  <td valign="top" width="8"></td>
  <td valign="top" width="138">
  <p align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98,010</p>
  </td>
  <td valign="top" width="8"></td>
  <td valign="top" width="128">
  <p align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 122,460</p>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="57">
  <p align="right">-20%</p>
  </td>
  </tr>
  
  <tr>
  <td valign="top" width="13"></td>
  <td valign="top" width="320">
  <p>Trading profits</p>
  </td>
  <td valign="top" width="8"></td>
  <td valign="top" width="138">
  <p align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17,654</p>
  </td>
  <td valign="top" width="8"></td>
  <td valign="top" width="128">
  <p align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12,899</p>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="57">
  <p align="right">37%</p>
  </td>
  </tr>
  
  <tr>
  <td valign="top" width="13"></td>
  <td valign="top" width="320">
  <p>Financial Service Fees</p>
  </td>
  <td valign="top" width="8"></td>
  <td valign="top" width="138">
  <p align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49,999</p>
  </td>
  <td valign="top" width="8"></td>
  <td valign="top" width="128">
  <p align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44,019</p>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="57">
  <p align="right">14%</p>
  </td>
  </tr>
  
  <tr>
  <td valign="top" width="13"></td>
  <td valign="top" width="320">
  <p>Other</p>
  </td>
  <td valign="top" width="8"></td>
  <td valign="top" width="138">
  <p align="right" style="border-bottom-style: solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  35,359</p>
  </td>
  <td valign="top" width="8"></td>
  <td valign="top" width="128">
  <p align="right" style="border-bottom-style: solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30,829</p>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="57">
  <p align="right" style="border-bottom-style: solid">15%</p>
  </td>
  </tr>
  
  <tr>
  <td valign="top" width="13"></td>
  <td valign="top" width="320"></td>
  <td valign="top" width="8"></td>
  <td valign="top" width="138"></td>
  <td valign="top" width="8"></td>
  <td valign="top" width="128"></td>
  <td valign="top" width="7"></td>
  <td valign="top" width="57"></td>
  </tr>
  
  <tr>
  <td colspan="2" valign="top" width="335">
  <p><b>TOTAL REVENUES</b></p>
  </td>
  <td valign="top" width="8"></td>
  <td valign="top" width="138">
  <p align="right" style="border-bottom-style: solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,084,871</p>
  </td>
  <td valign="top" width="8"></td>
  <td valign="top" width="128">
  <p align="right" style="border-bottom-style: solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,133,273</p>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="57">
  <p align="right" style="border-bottom-style: solid">-4%</p>
  </td>
  </tr>
  
  <tr>
  <td valign="top" width="13"></td>
  <td valign="top" width="320">
  <p>Interest Expense</p>
  </td>
  <td valign="top" width="8"></td>
  <td valign="top" width="138">
  <p align="right" style="border-bottom-style: solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35,667</p>
  </td>
  <td valign="top" width="8"></td>
  <td valign="top" width="128">
  <p align="right" style="border-bottom-style: solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61,540</p>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="57">
  <p align="right" style="border-bottom-style: solid">-42%</p>
  </td>
  </tr>
  
  <tr>
  <td colspan="2" valign="top" width="335">
  <p><b>NET REVENUES</b></p>
  </td>
  <td valign="top" width="8"></td>
  <td valign="top" width="138">
  <p align="right" style="border-bottom-style: solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,049,204</p>
  </td>
  <td valign="top" width="8"></td>
  <td valign="top" width="128">
  <p align="right" style="border-bottom-style: solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,071,733</p>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="57">
  <p align="right" style="border-bottom-style: solid">-2%</p>
  </td>
  </tr>
  
  <tr>
  <td valign="top" width="13"></td>
  <td valign="top" width="320"></td>
  <td valign="top" width="8"></td>
  <td valign="top" width="138"></td>
  <td valign="top" width="8"></td>
  <td valign="top" width="128"></td>
  <td valign="top" width="7"></td>
  <td valign="top" width="57"></td>
  </tr>
  
  <tr>
  <td valign="top" width="13"></td>
  <td valign="top" width="320"></td>
  <td valign="top" width="8"></td>
  <td valign="top" width="138"></td>
  <td valign="top" width="8"></td>
  <td valign="top" width="128"></td>
  <td valign="top" width="7"></td>
  <td valign="top" width="57"></td>
  </tr>
  
  <tr>
  <td colspan="2" valign="top" width="335">
  <p>Non-Interest Expenses</p>
  </td>
  <td valign="top" width="8"></td>
  <td valign="top" width="138"></td>
  <td valign="top" width="8"></td>
  <td valign="top" width="128"></td>
  <td valign="top" width="7"></td>
  <td valign="top" width="57"></td>
  </tr>
  
  <tr>
  <td valign="top" width="13"></td>
  <td valign="top" width="320">
  <p>Employee compensation</p>
  </td>
  <td valign="top" width="8"></td>
  <td valign="top" width="138">
  <p align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 754,125</p>
  </td>
  <td valign="top" width="8"></td>
  <td valign="top" width="128">
  <p align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 766,629</p>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="57">
  <p align="right">-2%</p>
  </td>
  </tr>
  
  <tr>
  <td valign="top" width="13"></td>
  <td valign="top" width="320">
  <p>Communications and information processing</p>
  </td>
  <td valign="top" width="8"></td>
  <td valign="top" width="138">
  <p align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58,004</p>
  </td>
  <td valign="top" width="8"></td>
  <td valign="top" width="128">
  <p align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58,078</p>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="57">
  <p align="right">0%</p>
  </td>
  </tr>
  
  <tr>
  <td valign="top" width="13"></td>
  <td valign="top" width="320">
  <p>Occupancy and equipment costs</p>
  
  </td>
  <td valign="top" width="8"></td>
  <td valign="top" width="138">
  <p align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45,402</p>
  </td>
  <td valign="top" width="8"></td>
  <td valign="top" width="128">
  <p align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45,228</p>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="57">
  <p align="right">0%</p>
  </td>
  </tr>
  
  <tr>
  <td valign="top" width="13"></td>
  <td valign="top" width="320">
  <p>Clearance and floor brokerage</p>
  </td>
  <td valign="top" width="8"></td>
  <td valign="top" width="138">
  <p align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12,864</p>
  </td>
  <td valign="top" width="8"></td>
  <td valign="top" width="128">
  <p align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10,916</p>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="57">
  <p align="right">18%</p>
  </td>
  </tr>
  
  <tr>
  <td valign="top" width="13"></td>
  <td valign="top" width="320">
  <p>Business development</p>
  </td>
  <td valign="top" width="8"></td>
  <td valign="top" width="138">
  <p align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36,885</p>
  </td>
  <td valign="top" width="8"></td>
  <td valign="top" width="128">
  <p align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35,798</p>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="57">
  <p align="right">3%</p>
  </td>
  </tr>
  
  <tr>
  <td valign="top" width="13"></td>
  <td valign="top" width="320">
  <p>Other</p>
  </td>
  <td valign="top" width="8"></td>
  <td valign="top" width="138">
  <p align="right" style="border-bottom-style: solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56,145</p>
  </td>
  <td valign="top" width="8"></td>
  <td valign="top" width="128">
  <p align="right" style="border-bottom-style: solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61,075</p>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="57">
  <p align="right" style="border-bottom-style: solid">-8%</p>
  </td>
  </tr>
  
  <tr>
  <td valign="top" width="13"></td>
  <td valign="top" width="320"></td>
  <td valign="top" width="8"></td>
  <td valign="top" width="138"></td>
  <td valign="top" width="8"></td>
  <td valign="top" width="128"></td>
  <td valign="top" width="7"></td>
  <td valign="top" width="57"></td>
  </tr>
  
  <tr>
  <td colspan="2" valign="top" width="335">
  <p><b>TOTAL NON-INTEREST EXPENSES</b></p>
  </td>
  <td valign="top" width="8"></td>
  <td valign="top" width="138">
  <p align="right" style="border-bottom-style: solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 963,425</p>
  </td>
  <td valign="top" width="8"></td>
  <td valign="top" width="128">
  <p align="right" style="border-bottom-style: solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 977,724</p>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="57">
  <p align="right" style="border-bottom-style: solid">-1%</p>
  </td>
  </tr>
  
  <tr>
  <td valign="top" width="13"></td>
  <td valign="top" width="320"></td>
  <td valign="top" width="8"></td>
  <td valign="top" width="138"></td>
  <td valign="top" width="8"></td>
  <td valign="top" width="128"></td>
  <td valign="top" width="7"></td>
  <td valign="top" width="57"></td>
  </tr>
  
  <tr>
  <td valign="top" width="13"></td>
  <td valign="top" width="320">
  <p>Income before Income taxes</p>
  </td>
  <td valign="top" width="8"></td>
  <td valign="top" width="138">
  <p align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85,779</p>
  </td>
  <td valign="top" width="8"></td>
  <td valign="top" width="128">
  <p align="right">&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94,009</p>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="57">
  <p align="right">-9%</p>
  </td>
  </tr>
  
  <tr>
  <td colspan="2" valign="top" width="335">
  <p>Provision for income taxes</p>
  </td>
  <td valign="top" width="8"></td>
  <td valign="top" width="138">
  <p align="right" style="border-bottom-style: solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32,596</p>
  </td>
  <td valign="top" width="8"></td>
  <td valign="top" width="128">
  <p align="right" style="border-bottom-style: solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36,701</p>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="57">
  <p align="right" style="border-bottom-style: solid">-11%</p>
  </td>
  </tr>
  
  <tr>
  <td colspan="2" valign="top" width="335">
  <p><b>Net Income</b></p>
  </td>
  <td valign="top" width="8"></td>
  <td valign="top" width="138">
  <div>
  <p align="right" style="border-bottom-style: double"><b>&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53,183</b></p>
  </div>
  </td>
  <td valign="top" width="8"></td>
  <td valign="top" width="128">
  <div>
  <p align="right" style="border-bottom-style: double"><b>&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57,308</b></p>
  </div>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="57">
  <div>
  <p align="right" style="border-bottom-style: double">-7%</p>
  </div>
  </td>
  </tr>
  
  <tr>
  <td colspan="2" valign="top" width="335">
  <p><b>Net Income per share basic</b></p>
  </td>
  <td valign="top" width="8"></td>
  <td valign="top" width="138">
  <div>
  <p align="right" style="border-bottom-style: double"><b>&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.09</b></p>
  </div>
  </td>
  <td valign="top" width="8"></td>
  <td valign="top" width="128">
  <div>
  <p align="right" style="border-bottom-style: double"><b>&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.18</b></p>
  </div>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="57">
  <div>
  <p align="right" style="border-bottom-style: double"><b>-</b>8%</p>
  </div>
  </td>
  </tr>
  
  <tr>
  <td colspan="2" valign="top" width="335">
  <p><b>Net Income per share diluted</b></p>
  </td>
  <td valign="top" width="8"></td>
  <td valign="top" width="138">
  <div>
  <p align="right" style="border-bottom-style: double"><b>&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.09</b></p>
  </div>
  </td>
  <td valign="top" width="8"></td>
  <td valign="top" width="128">
  <div>
  <p align="right" style="border-bottom-style: double"><b>&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.15</b></p>
  </div>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="57">
  <div>
  <p align="right" style="border-bottom-style: double"><b>-</b>5%</p>
  </div>
  </td>
  </tr>
  
  <tr>
  <td colspan="2" valign="top" width="335">
  <p><b>Weighted average common shares</b></p>
  </td>
  <td valign="top" width="8"></td>
  <td valign="top" width="138"></td>
  <td valign="top" width="8"></td>
  <td valign="top" width="128"></td>
  <td valign="top" width="7"></td>
  <td valign="top" width="57"></td>
  </tr>
  
  <tr>
  <td colspan="2" valign="top" width="335">
  <p><b>&nbsp;&nbsp;&nbsp; outstanding-basic</b></p>
  </td>
  <td valign="top" width="8"></td>
  <td valign="top" width="138">
  <div>
  <p align="right" style="border-bottom-style: double"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48,585</b></p>
  </div>
  </td>
  <td valign="top" width="8"></td>
  <td valign="top" width="128">
  <div>
  <p align="right" style="border-bottom-style: double"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48,667</b></p>
  </div>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="57"></td>
  </tr>
  
  <tr>
  <td colspan="2" valign="top" width="335">
  <p><b>Weighted average common and common</b></p>
  </td>
  <td valign="top" width="8"></td>
  <td valign="top" width="138"></td>
  <td valign="top" width="8"></td>
  <td valign="top" width="128"></td>
  <td valign="top" width="7"></td>
  <td valign="top" width="57"></td>
  </tr>
  
  <tr>
  <td colspan="2" valign="top" width="335">
  <p><b>&nbsp;&nbsp;&nbsp; equivalent shares outstanding-diluted</b></p>
  </td>
  <td valign="top" width="8"></td>
  <td valign="top" width="138">
  <div>
  <p align="right" style="border-bottom-style: double"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48,923</b></p>
  </div>
  </td>
  <td valign="top" width="8"></td>
  <td valign="top" width="128">
  <div>
  <p align="right" style="border-bottom-style: double"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49,654</b></p>
  </div>
  </td>
  <td valign="top" width="7"></td>
  <td valign="top" width="57"></td>
  </tr>
  
  <tr>
  <td colspan="2" valign="top" width="335"></td>
  <td valign="top" width="8"></td>
  <td valign="top" width="138"></td>
  <td valign="top" width="8"></td>
  <td valign="top" width="128"></td>
  <td valign="top" width="7"></td>
  <td valign="top" width="57"></td>
  </tr>
  
  <tr>
  <td colspan="2" valign="top" width="335">
  <p>&nbsp;</p>
  </td>
  <td valign="top" width="8">
  <p>&nbsp;</p>
  </td>
  <td valign="top" width="138">
  <p>&nbsp;</p>
  </td>
  <td valign="top" width="8">
  <p>&nbsp;</p>
  </td>
  <td valign="top" width="128">
  <p>&nbsp;</p>
  </td>
  <td valign="top" width="7">
  <p>&nbsp;</p>
  </td>
  <td valign="top" width="57">
  <p>&nbsp;</p>
  </td>
  </tr>
  </table>
  </div>
  </div>
  </body>
  </html>
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metadata_filer: {"company-data": {"conformed-name": "RAYMOND JAMES FINANCIAL INC", "cik": "0000720005", "assigned-sic": "6211", "irs-number": "591517485", "state-of-incorporation": "FL", "fiscal-year-end": "0930"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-09109", "film-number": "03790942"}, "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
  SECURITIES AND EXCHANGE COMMISSION
  Washington, D. C. 20549
  FORM 8-K
  CURRENT REPORT
  PURSUANT TO SECTION 13 OR 15(d) OF
  THE SECURITIES EXCHANGE ACT OF 1934
  Date of Report (Date of earliest event reported)
  July 16, 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 July 16, 2003
  ITEM 9. REGULATION FD DISCLOSURE
  Pursuant to Item 12, Raymond James Financial, Inc. (the
        Company) is furnishing under Item 9 of this Current Report on Form 8-K the
        information included as Exhibit 99.1 to this report. Exhibit 99.1 is the
        Company's second quarter 2003 financial press release issued on July 16,
        2003. The press release includes instructions as to how and when to access
        the Company's complementary quarterly conference call that will be
        available to all interested persons telephonically and by webcast through
        the Company's website.
  SIGNATURES
  Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
  ______
  July 17, 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. 0703-02
  July 16, 2003                               FOR IMMEDIATE RELEASE
  RAYMOND JAMES FINANCIAL
  REPORTS THIRD QUARTER RESULTS
  ST. PETERSBURG, Fla. –
  Raymond James Financial today reported unaudited net income of $23,562,000, or $0.48 per diluted share, for the third quarter ended June 27 on totalrevenues of $389,767,000 compared to net
  income of $20,393,000, or $0.41 per diluted share, on total revenues of $388,123,000 for fiscal 2002's third quarter.
  Unaudited net income for the first nine months of fiscal 2003 was reported at $53,183,000, down from 2002's $57,308,000, while total revenues for the period decreased to $1,084,871,000 from $1,133,273,000 the previous year. Diluted earnings per
  share were $1.09 versus $1.15 for last year's comparable period.
  "Once again, we are reminded of the dependence of the results of the securities industry upon the performance of the equities markets," states Thomas A. James, chairman of the board and chief executive officer. "The rally in the June
  quarter fueled increased commission activity, up 5 percent over last year's comparable period and 13 percent over the immediately preceding March quarter. Excellent Fixed Income trading results also generated favorable comparisons with last year and the March
  quarter.
  "In spite of lower investment banking and investment advisory revenues, due to the even more favorable conditions experienced in the same quarter last year," he continues, "total net revenues were up 2 percent over last year
  and 11 percent from the preceding quarter. Abetted by good expense control, profits were more favorably impacted as earnings per share grew 17 percent from last year's June quarter and 55 percent from the preceding March quarter.
  "More importantly," James emphasizes, "the favorable conditions have continued thus far in July engendering more vibrant activity levels in the
  -  more  -
  Page 2                                      RAYMOND JAMES FINANCIAL
  Rel. No. 0703-02
  equity capital markets early in the fourth fiscal quarter. Moreover, higher valuations of assets under management at the end of the third quarter suggest an increase in investmentadvisory fees. Both of these factors augur well for the fourth quarter. As a note of
  caution, however, the size of this rally and its focus in the large cap technology sector is disquieting and suggests that a correction could dampen results in the final two months of our fiscal year. Nonetheless, in our opinion the longer-term outlook is improving
  as the economy seems to be picking up steam. If the corporate earnings recovery does continue into fiscal 2004, it should enable us to improve results in fiscal 2004."
  The company will conduct its quarterly conference call Thursday 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, Inc. (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 1,600 locations throughout the United States, Canada and internationally, as well as through its asset management subsidiaries, which currently manage approximately $17.7 billion.
  -  more  -
  Page 3                                      RAYMOND JAMES FINANCIAL
  Rel. No. 0703-02
  Raymond James Financial, Inc.
  Unaudited Report
  For the third quarter ended June 27, 2003
  (all data in thousands, except per share earnings)
  Third Quarter
  Nine Months
  2003
  2002
  Percent Change
  2003
  2002
  Percent Change
  Revenues
  $389,767
  $388,123
  0%
  $1,084,871
  $1,133,273
  (4%)
  Net Income
  23,562
  20,393
  16%
  53,183
  57,308
  (7%)
  Earnings Per
  Share - Diluted
  0.48
  0.41
  17%
  1.09
  1.15
  (5%)
  Average Shares
  Outstanding - Diluted
  48,910
  49,866
  48,923
  49,654
  Balance Sheet Data
  June
  March
  Sept.
  June
  2003
  2003
  2002
  2002
  Total Assets
  $7.0 bil.
  $6.4 bil.
  $6.0 bil.
  $6.6 bil.
  Shareholders' Equity
  $889 mil.
  $862 mil.
  $840 mil.
  $831 mil.
  Book Value per share
  $18.30
  $17.78
  $17.25
  $17.00
  Quarterly Management Data
  June
  March
  Sept.
  June
  2003
  2003
  2002
  2002
  Retail Financial Advisors:
  US
  4,609
  4,823
  4,759
  4,732
  Canada
  202
  227
  235
  228
  # Lead Managed/Co-Managed
  Public Offerings in U.S.
  18
  4
  6
  26
  Financial Assets Under Management
  $17.7 bil.
  $16.3 bil.
  $15.3 bil.
  $16.6 bil.
  Page 4                                     
  RAYMOND JAMES FINANCIAL
  Rel. No. 0703-02
  June
  March
  Sept.
  June
  2003
  2003
  2002
  2002
  Client Assets
  $93.8 bil.
  $84.4 bil.
  $80.1 bil.
  $86.1 bil.
  Client Margin Balances
  $947 mil.
  $913 mil.
  960 mil.
  $1,053 mil.
  Client Trade Volume
  1,630,000
  1,466,000
  1,600,000
  1,714,000
  # of Client Accounts
  1,286,000
  1,272,000
  1,230,000
  1,224,000
  Segment Data
  Third Quarter
  Nine Months
  2003
  2002
  Percent Change
  2003
  2002
  Percent Change
  Revenues:
  Retail
  $264,569
  $259,451
  2%
  $729,157
  $752,110
  (3%)
  Capital Markets
  84,370
  78,294
  8%
  231,466
  237,992
  (3%)
  Asset Management
  30,277
  33,607
  (10%)
  89,410
  98,211
  (9%)
  RJ Bank
  6,925
  7,207
  (4%)
  21,972
  23,350
  (6%)
  Other
  3,626
  9,564
  (62%)
  12,866
  21,610
  (40%)
  Total
  $389,767
  $388,123
  (0%)
  $1,084,871
  $1,133,273
  (4%)
  Pre-tax Income:
  Retail
  $22,167
  $17,282
  28%
  $43,577
  $46,285
  (6%)
  Capital Markets
  12,362
  10,009
  24%
  22,045
  28,937
  (24%)
  Asset Management
  4,036
  4,489
  (10%)
  12,635
  13,235
  (5%)
  RJ Bank
  2,707
  1,350
  101%
  7,747
  5,021
  54%
  Other
  (3,128)
  809
  (487%)
  (225)
  531
  (142%)
  Total
  $38,144
  $33,939
  12%
  $85,779
  $94,009
  (9%)
  -   30  -
  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
  June 27
  June 28
  %
  March 28
  %
  2003
  2002
  change
  2003
  change
  Revenues:
  Securities commissions and fees
  $   279,929
  $   266,434
  5%
  $   247,557
  13%
  Investment  banking
  12,224
  23,199
  -47%
  13,740
  -11%
  Investment advisory fees
  27,829
  29,745
  -6%
  27,232
  2%
  Interest
  32,364
  38,494
  -16%
  31,000
  4%
  Trading profits
  8,491
  3,125
  172%
  5,456
  56%
  Financial service fees
  18,910
  15,716
  20%
  15,583
  21%
  Other
  10,020
  11,410
  -12%
  9,929
  1%
  TOTAL REVENUES
  389,767
  388,123
  0%
  350,497
  11%
  Interest Expense
  11,776
  17,178
  -31%
  10,678
  10%
  NET REVENUES
  377,991
  370,945
  2%
  339,819
  11%
  Non-Interest Expenses
  Compensation, commissions and benefits
  270,308
  263,660
  3%
  248,951
  9%
  Communications and information processing
  19,196
  18,209
  5%
  19,842
  -3%
  Occupancy and equipment costs
  14,811
  15,524
  -5%
  14,942
  -1%
  Clearance and floor brokerage
  5,187
  3,924
  32%
  4,147
  25%
  Business development
  13,424
  11,939
  12%
  11,184
  20%
  Other
  16,921
  23,750
  -29%
  16,482
  3%
  TOTAL NON-INTEREST EXPENSES
  339,847
  337,006
  1%
  315,548
  8%
  Income before provision for income taxes
  38,144
  33,939
  12%
  24,271
  57%
  Provision for income taxes
  14,582
  13,546
  8%
  9,077
  61%
  Net Income
  $     23,562
  $     20,393
  16%
  $     15,194
  55%
  Net Income per share basic
  $    
      0.49
  $   
       0.42
  17%
  $   
       0.31
  58%
  Net Income per share diluted
  $    
      0.48
  $     
     0.41
  17%
  $     
     0.31
  55%
  Weighted average common shares
  outstanding-basic
  48,526
  48,864
  48,468
  Weighted average common and common
  equivalent shares outstanding-diluted
  48,910
  49,866
  48,751
  RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
  CONSOLIDATED STATEMENT OF OPERATIONS
  (UNAUDITED)
  Year-to-Date
  (in thousands, except per share amounts)
  Nine Months Ended
  June 27
  June 28
  %
  2003
  2002
  change
  Revenues:
  Securities commissions and fees
  $          765,334
  $        786,322
  -3%
  Investment  banking
  37,171
  49,417
  -25%
  Investment advisory fees
  81,344
  87,327
  -7%
  Interest
  98,010
  122,460
  -20%
  Trading profits
  17,654
  12,899
  37%
  Financial Service Fees
  49,999
  44,019
  14%
  Other
  35,359
  30,829
  15%
  TOTAL REVENUES
  1,084,871
  1,133,273
  -4%
  Interest Expense
  35,667
  61,540
  -42%
  NET REVENUES
  1,049,204
  1,071,733
  -2%
  Non-Interest Expenses
  Employee compensation
  754,125
  766,629
  -2%
  Communications and information processing
  58,004
  58,078
  0%
  Occupancy and equipment costs
  45,402
  45,228
  0%
  Clearance and floor brokerage
  12,864
  10,916
  18%
  Business development
  36,885
  35,798
  3%
  Other
  56,145
  61,075
  -8%
  TOTAL NON-INTEREST EXPENSES
  963,425
  977,724
  -1%
  Income before Income taxes
  85,779
  94,009
  -9%
  Provision for income taxes
  32,596
  36,701
  -11%
  Net Income
  $     
         53,183
  $           57,308
  -7%
  Net Income per share basic
  $                 1.09
  $               1.18
  -
  8%
  Net Income per share diluted
  $                 1.09
  $               1.15
  -
  5%
  Weighted average common shares
  outstanding-basic
  48,585
  48,667
  Weighted average common and common
  equivalent shares outstanding-diluted
  48,923
  49,654