content: <HTML><HEAD><TITLE>RJF Earnings Release</TITLE><!-- Licensed to: Raymond James--><!-- Document Created using EDGARIZER HTML --><!-- Copyright 2004 EDGARfilings, Ltd., an IEC company.--><!-- All rights reserved EDGARfilings.com -->
  <META content="MSHTML 6.00.2800.1479" name=GENERATOR></HEAD>
  <BODY id=38>
  <DIV><BR>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman, serif"><STRONG>UNITED STATES</STRONG></FONT></DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman, serif"><STRONG>SECURITIES AND EXCHANGE COMMISSION</STRONG></FONT></DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif"><STRONG>Washington, D.C.&nbsp; 20549</STRONG></FONT></DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"></FONT>&nbsp;</DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman, serif"><STRONG>FORM 8-K</STRONG></FONT></DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"></FONT>&nbsp;</DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"><STRONG>CURRENT REPORT</STRONG></FONT></DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"><STRONG>Pursuant to Section l3 and l5(d) of the</STRONG></FONT></DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"><STRONG>Securities Exchange Act of l934</STRONG></FONT></DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"></FONT>&nbsp;</DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif"><STRONG>January 19, 2005</STRONG></FONT></DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Date of report (date of earliest event reported)</FONT></DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"></FONT>&nbsp;</DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman, serif"><STRONG>Raymond James Financial, Inc.</STRONG></FONT></DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">(Exact Name of Registrant as Specified in Its Charter)</FONT></DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"></FONT>&nbsp;</DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif"><STRONG>Florida</STRONG></FONT></DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">(State or Other Jurisdiction of Incorporation)</FONT></DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"></FONT>&nbsp;</DIV>
  <TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
  <TD vAlign=top align=middle width="38%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif"><STRONG>1-9109</STRONG></FONT></DIV></TD>
  <TD vAlign=bottom align=left width="2%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"></FONT>&nbsp;</DIV></TD>
  <TD vAlign=top align=middle width="38%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif"><STRONG>59-1517485</STRONG></FONT></DIV></TD></TR>
  <TR>
  <TD vAlign=top align=middle width="38%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">(Commission File Number)</FONT></DIV></TD>
  <TD vAlign=bottom align=left width="2%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"></FONT>&nbsp;</DIV></TD>
  <TD vAlign=top align=middle width="38%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">(IRS Employer Identification No.)</FONT></DIV></TD></TR></TABLE>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"></FONT>&nbsp;</DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif"><STRONG>880 Carillon Parkway St. Petersburg, FL 33702</STRONG></FONT></DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">(Address of Principal Executive Offices)&nbsp; (Zip Code)</FONT></DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"></FONT>&nbsp;</DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif"><STRONG>(727) 567-1000</STRONG></FONT></DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">(Registrant&#146;s Telephone Number, Including Area Code)</FONT></DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"></FONT>&nbsp;</DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif"><STRONG>Not Applicable</STRONG></FONT></DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">(Former Name or Former Address, if Changed Since Last Report)</FONT></DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"></FONT>&nbsp;</DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"></FONT>&nbsp;</DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif"><EM>see</EM></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif"> General Instruction A.2. below):</FONT></DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: -27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"></FONT>&nbsp;</DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">o</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">&nbsp; Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"></FONT>&nbsp;</DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">o</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">&nbsp; Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"></FONT>&nbsp;</DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">o</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">&nbsp; Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"></FONT>&nbsp;</DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">o</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">&nbsp; Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"></FONT>&nbsp;</DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
  <TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
  <TD vAlign=top align=left width="78%" colSpan=3>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"></FONT>&nbsp;</DIV></TD></TR>
  <TR>
  <TD vAlign=center align=left width="26%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"></FONT>&nbsp;</DIV></TD>
  <TD vAlign=center align=middle width="27%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"></FONT>&nbsp;</DIV></TD>
  <TD vAlign=center align=right width="26%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"></FONT>&nbsp;</DIV></TD></TR>
  <TR>
  <TD vAlign=top align=left width="78%" colSpan=3>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"></FONT>&nbsp;</DIV></TD></TR></TABLE>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
  <TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
  <TD vAlign=bottom align=left width="78%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"></FONT>&nbsp;</DIV></TD></TR></TABLE>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif"><STRONG>Item 7.01 Regulation FD Disclosure</STRONG></FONT></DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">The following information was contained in a press release issued on January 19, 2005.</FONT></DIV><BR>
  <TABLE id=PGBRK cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
  <TR vAlign=top>
  <TD width="100%" colSpan=3>&nbsp;&nbsp;</TD></TR>
  <TR>
  <TD align=left width="33%"><FONT size=1>&nbsp;</FONT></TD>
  <TD align=middle width="34%"><FONT size=1>&nbsp;</FONT></TD>
  <TD align=right width="33%"><FONT size=1>&nbsp;</FONT></TD></TR>
  <TR vAlign=top>
  <TD width="100%" colSpan=3><FONT size=1>
  <HR style="PAGE-BREAK-AFTER: always" color=#000000 noShade SIZE=2>
  </FONT></TD></TR></TABLE>
  <TABLE id=HDR cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
  <TR>
  <TD vAlign=bottom width="100%">&nbsp;</TD></TR></TABLE><BR>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify>&nbsp;</DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><IMG src="logo.jpg"></DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify>&nbsp;</DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">Release No. 0105-05</FONT><FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;&nbsp;&nbsp;</FONT></DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">FOR IMMEDIATE RELEASE</FONT></DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify>&nbsp;</DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify>&nbsp;</DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">January 19, 2005</FONT><FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp; &nbsp;</FONT>&nbsp;<FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp; &nbsp;</FONT>&nbsp;<FONT style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify>&nbsp;</DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">RAYMOND JAMES FINANCIAL, INC.</FONT></DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">REPORTS RECORD NET REVENUE</FONT></DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">IN FIRST QUARTER RESULTS</FONT></DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">ST. PETERSBURG, Fla. - Raymond James Financial, Inc. today reported a 62 percent increase in unaudited net income to $39,243,000, or $0.52 per diluted share, for the first quarter ended December 31 on a 21 percent increase in net revenues of $498,985,000, compared to net income of $24,230,000, or $0.33 per diluted share, on net revenues of $413,987,000, for fiscal 2004&#146;s first quarter. All per-share amounts have been restated to reflect the effect of a March 2004 three-for-two stock split.</FONT></DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">&#147;In spite of the doldrums normally associated with business activity in the holiday season, Raymond James attained a new record of almost $500 million in quarterly net revenues in the first quarter of fiscal 2005,&#148; stated Chairman and CEO Thomas A. James.</FONT></DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">&#147;The confluence of a 14-week quarter, a material increase in net interest income, excellent trading profits and another vibrant investment banking quarter produced a dramatic upsurge of 62 percent in net income from last year&#146;s first quarter. Since 14-week quarters are unusual and the other three factors rarely coincide, one should not annualize these results.</FONT></DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">&#147;Although net interest earnings are certainly in a favorable trend and the investment banking pipeline is still replete with offerings, future results will be dependent upon favorable market conditions. While the U.S. economy remains vibrant and the near-term outlook for corporate earnings appears benign, a combination of higher inflation and interest rates could undermine future market appreciation,&#148; he concluded.</FONT></DIV>
  <TABLE id=list cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
  <TD style="WIDTH: 36pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"></FONT></TD>
  <TD>
  <P align=center><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">&#150;&nbsp;more - </FONT></P></TD></TR></TABLE><BR>
  <TABLE id=PGBRK cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
  <TR vAlign=top>
  <TD width="100%" colSpan=3>&nbsp;&nbsp;</TD></TR>
  <TR>
  <TD align=left width="33%"><FONT size=1>&nbsp;</FONT></TD>
  <TD align=middle width="34%"><FONT size=1>&nbsp;</FONT></TD>
  <TD align=right width="33%"><FONT size=1>&nbsp;</FONT></TD></TR>
  <TR vAlign=top>
  <TD width="100%" colSpan=3><FONT size=1>
  <HR style="PAGE-BREAK-AFTER: always" color=#000000 noShade SIZE=2>
  </FONT></TD></TR></TABLE>
  <TABLE id=HDR cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
  <TR>
  <TD vAlign=bottom width="100%">&nbsp;</TD></TR></TABLE><BR>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><BR></DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">Release No. 0105-05</FONT><FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;</DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">Raymond James Financial, Inc.</FONT></DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">Page 2</FONT></DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">The company will conduct its quarterly conference call January 20 at 4:15 p.m. The telephone number is 800-773-5520. The call will also be available on demand on the company&#146;s Web site, </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #0000ff; FONT-FAMILY: Times New Roman, serif"><U>raymondjames.com</U></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">, under &#147;About Raymond James Financial,&#148; &#147;Financial Reports.&#148;</FONT></DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">Raymond James Financial (NYSE-RJF) is a&nbsp;Florida-based diversified&nbsp;holding company providing financial services to individuals, corporations and municipalities through its&nbsp;subsidiary companies. Its three wholly owned&nbsp;broker/dealers, Raymond James &amp; Associates, Raymond James Financial Services and Raymond James Ltd.&nbsp;have more than 5,000 financial advisors serving 1.3 million accounts in 2,100 locations throughout the United States, Canada&nbsp;and overseas. In addition, total client assets are currently over $136 billion, of which more than $25 billion are managed by the firm&#146;s asset management subsidiaries.</FONT></DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">To the extent that Raymond James makes or publishes forward-looking statements (regarding management expectations, strategic objectives, business prospects, anticipated expense savings, financial results, anticipated results of litigation and regulatory proceedings, and other similar matters), a variety of factors, many of which are beyond Raymond James&#146; control, could cause actual results and experiences to differ materially from the expectations and objectives expressed in these statements. These factors are described in Raymond James&#146; 2004 annual report on Form 10-K, which is available on raymondjames.com and sec.gov.</FONT></DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">- more -</FONT></DIV><BR>
  <TABLE id=PGBRK cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
  <TR vAlign=top>
  <TD width="100%" colSpan=3>&nbsp;&nbsp;</TD></TR>
  <TR>
  <TD align=left width="33%"><FONT size=1>&nbsp;</FONT></TD>
  <TD align=middle width="34%"><FONT size=1>&nbsp;</FONT></TD>
  <TD align=right width="33%"><FONT size=1>&nbsp;</FONT></TD></TR>
  <TR vAlign=top>
  <TD width="100%" colSpan=3><FONT size=1>
  <HR style="PAGE-BREAK-AFTER: always" color=#000000 noShade SIZE=2>
  </FONT></TD></TR></TABLE>
  <TABLE id=HDR cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
  <TR>
  <TD vAlign=bottom width="100%">&nbsp;</TD></TR></TABLE><BR>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><BR></DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">Release No. 0105-05</FONT><FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp; &nbsp;</FONT>&nbsp;<FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp; &nbsp;</FONT>&nbsp;<FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp; &nbsp;</FONT>&nbsp;<FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp; &nbsp;</FONT>&nbsp;<FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp; &nbsp;</FONT>&nbsp;<FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp; &nbsp;</FONT>&nbsp;<FONT style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">Raymond James Financial, Inc.</FONT></DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">Page 3</FONT></DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
  <TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
  <TD vAlign=top align=left width="25%">&nbsp;</TD>
  <TD vAlign=top align=middle width="42%" colSpan=5>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif"><STRONG>Raymond James Financial, Inc.</STRONG></FONT></DIV></TD></TR>
  <TR>
  <TD vAlign=top align=left width="25%">&nbsp;</TD>
  <TD vAlign=top align=middle width="42%" colSpan=5>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif"><STRONG>Unaudited Report</STRONG></FONT></DIV></TD></TR>
  <TR>
  <TD vAlign=top align=left width="25%">&nbsp;</TD>
  <TD vAlign=top align=middle width="42%" colSpan=5>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">For the first quarter ended December 31, 2004</FONT></DIV></TD></TR>
  <TR>
  <TD vAlign=top align=left width="25%">&nbsp;</TD>
  <TD vAlign=top align=middle width="42%" colSpan=5>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">(all data in thousands, expect per-share earnings)</FONT></DIV></TD></TR>
  <TR>
  <TD vAlign=top align=left width="25%">&nbsp;</TD>
  <TD vAlign=top align=left width="13%">&nbsp;</TD>
  <TD vAlign=top align=left width="1%">&nbsp;</TD>
  <TD vAlign=top align=middle width="14%">&nbsp;</TD>
  <TD vAlign=top align=middle width="1%">&nbsp;</TD>
  <TD vAlign=top align=middle width="14%">&nbsp;</TD></TR>
  <TR>
  <TD vAlign=top align=left width="25%">&nbsp;</TD>
  <TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=middle width="42%" colSpan=5>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">First Quarter</FONT></DIV></TD></TR>
  <TR>
  <TD vAlign=top align=right width="25%">&nbsp;</TD>
  <TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=middle width="13%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">2004</FONT></DIV></TD>
  <TD vAlign=top align=middle width="1%">&nbsp;</TD>
  <TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=middle width="14%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">2003</FONT></DIV></TD>
  <TD vAlign=top align=middle width="1%">&nbsp;</TD>
  <TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=middle width="14%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">% Change</FONT></DIV></TD></TR>
  <TR>
  <TD vAlign=top align=right width="25%">&nbsp;</TD>
  <TD vAlign=top align=right width="13%">&nbsp;</TD>
  <TD vAlign=top align=right width="1%">&nbsp;</TD>
  <TD vAlign=top align=right width="14%">&nbsp;</TD>
  <TD vAlign=top align=right width="1%">&nbsp;</TD>
  <TD vAlign=top align=right width="14%">&nbsp;</TD></TR>
  <TR>
  <TD vAlign=top align=right width="25%">&nbsp;</TD>
  <TD vAlign=top align=right width="13%">&nbsp;</TD>
  <TD vAlign=top align=right width="1%">&nbsp;</TD>
  <TD vAlign=top align=right width="14%">&nbsp;</TD>
  <TD vAlign=top align=right width="1%">&nbsp;</TD>
  <TD vAlign=top align=right width="14%">&nbsp;</TD></TR>
  <TR>
  <TD vAlign=top align=left width="25%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">Revenues</FONT></DIV></TD>
  <TD vAlign=top align=right width="13%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">$ 524,377</FONT></DIV></TD>
  <TD vAlign=top align=right width="1%">&nbsp;</TD>
  <TD vAlign=top align=right width="14%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">$ 424,660</FONT></DIV></TD>
  <TD vAlign=top align=right width="1%">&nbsp;</TD>
  <TD vAlign=top align=right width="14%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">23%&nbsp;</FONT></DIV></TD></TR>
  <TR>
  <TD vAlign=top align=left width="25%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">Net revenues</FONT></DIV></TD>
  <TD vAlign=top align=right width="13%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">498,985</FONT></DIV></TD>
  <TD vAlign=top align=right width="1%">&nbsp;</TD>
  <TD vAlign=top align=right width="14%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">413,987</FONT></DIV></TD>
  <TD vAlign=top align=right width="1%">&nbsp;</TD>
  <TD vAlign=top align=right width="14%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">21%&nbsp;</FONT></DIV></TD></TR>
  <TR>
  <TD vAlign=top align=left width="25%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">Net income</FONT></DIV></TD>
  <TD vAlign=top align=right width="13%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">39,243</FONT></DIV></TD>
  <TD vAlign=top align=right width="1%">&nbsp;</TD>
  <TD vAlign=top align=right width="14%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">24,230</FONT></DIV></TD>
  <TD vAlign=top align=right width="1%">&nbsp;</TD>
  <TD vAlign=top align=right width="14%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">62%&nbsp;</FONT></DIV></TD></TR>
  <TR>
  <TD vAlign=top align=left width="25%">&nbsp;</TD>
  <TD vAlign=top align=right width="13%">&nbsp;</TD>
  <TD vAlign=top align=right width="1%">&nbsp;</TD>
  <TD vAlign=top align=right width="14%">&nbsp;</TD>
  <TD vAlign=top align=right width="1%">&nbsp;</TD>
  <TD vAlign=top align=right width="14%">&nbsp;</TD></TR>
  <TR>
  <TD vAlign=top align=left width="25%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">Net income per share</FONT></DIV></TD>
  <TD vAlign=top align=right width="13%">&nbsp;</TD>
  <TD vAlign=top align=right width="1%">&nbsp;</TD>
  <TD vAlign=top align=right width="14%">&nbsp;</TD>
  <TD vAlign=top align=right width="1%">&nbsp;</TD>
  <TD vAlign=top align=right width="14%">&nbsp;</TD></TR>
  <TR>
  <TD vAlign=top align=left width="25%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">&nbsp;&nbsp;- diluted</FONT></DIV></TD>
  <TD vAlign=top align=right width="13%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">$ 0.52</FONT></DIV></TD>
  <TD vAlign=top align=right width="1%">&nbsp;</TD>
  <TD vAlign=top align=right width="14%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">$ 0.33</FONT></DIV></TD>
  <TD vAlign=top align=right width="1%">&nbsp;</TD>
  <TD vAlign=top align=right width="14%">&nbsp;</TD></TR>
  <TR>
  <TD vAlign=top align=left width="25%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">Average shares</FONT></DIV></TD>
  <TD vAlign=top align=right width="13%">&nbsp;</TD>
  <TD vAlign=top align=right width="1%">&nbsp;</TD>
  <TD vAlign=top align=right width="14%">&nbsp;</TD>
  <TD vAlign=top align=right width="1%">&nbsp;</TD>
  <TD vAlign=top align=right width="14%">&nbsp;</TD></TR>
  <TR>
  <TD vAlign=top align=left width="25%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">&nbsp;&nbsp;outstanding - diluted</FONT></DIV></TD>
  <TD vAlign=bottom align=right width="13%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">75,334</FONT></DIV></TD>
  <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="14%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">74,111</FONT></DIV></TD>
  <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="14%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif"><EM></EM></FONT>&nbsp;</DIV></TD></TR></TABLE>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify><BR></DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify><BR></DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify><BR></DIV>
  <TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
  <TD vAlign=top align=left width="28%">&nbsp;</TD>
  <TD vAlign=top align=middle width="23%" colSpan=4>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif"><STRONG>Balance Sheet Data</STRONG></FONT></DIV></TD></TR>
  <TR>
  <TD vAlign=top align=right width="28%">&nbsp;</TD>
  <TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=middle width="11%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">Dec. 2004</FONT></DIV></TD>
  <TD vAlign=top align=middle width="1%">&nbsp;</TD>
  <TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=middle width="10%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">Sept. 2004</FONT></DIV></TD>
  <TD vAlign=top align=middle width="1%">&nbsp;</TD></TR>
  <TR>
  <TD vAlign=top align=right width="28%">&nbsp;</TD>
  <TD vAlign=top align=right width="11%">&nbsp;</TD>
  <TD vAlign=top align=right width="1%">&nbsp;</TD>
  <TD vAlign=top align=right width="10%">&nbsp;</TD>
  <TD vAlign=top align=right width="1%">&nbsp;</TD></TR>
  <TR>
  <TD vAlign=top align=left width="28%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">Total assets</FONT></DIV></TD>
  <TD vAlign=top align=right width="11%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">$ 7.9 bil.</FONT></DIV></TD>
  <TD vAlign=top align=right width="1%">&nbsp;</TD>
  <TD vAlign=top align=right width="10%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">$ 7.6 bil.</FONT></DIV></TD>
  <TD vAlign=top align=right width="1%">&nbsp;</TD></TR>
  <TR>
  <TD vAlign=top align=left width="28%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">Shareholders' equity</FONT></DIV></TD>
  <TD vAlign=top align=right width="11%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">$1,120 mil.</FONT></DIV></TD>
  <TD vAlign=top align=right width="1%">&nbsp;</TD>
  <TD vAlign=top align=right width="10%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">$1,065 mil.</FONT></DIV></TD>
  <TD vAlign=top align=right width="1%">&nbsp;</TD></TR>
  <TR>
  <TD vAlign=top align=left width="28%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">Book value per share</FONT></DIV></TD>
  <TD vAlign=top align=right width="11%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">$15.01</FONT></DIV></TD>
  <TD vAlign=top align=right width="1%">&nbsp;</TD>
  <TD vAlign=top align=right width="10%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">$14.42</FONT></DIV></TD>
  <TD vAlign=top align=right width="1%">&nbsp;</TD></TR>
  <TR>
  <TD vAlign=top align=left width="28%">&nbsp;</TD>
  <TD vAlign=top align=right width="11%">&nbsp;</TD>
  <TD vAlign=top align=right width="1%">&nbsp;</TD>
  <TD vAlign=top align=right width="10%">&nbsp;</TD>
  <TD vAlign=top align=right width="1%">&nbsp;</TD></TR></TABLE>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify>&nbsp;</DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify>&nbsp;</DIV>
  <TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
  <TD vAlign=top align=left width="37%">&nbsp;</TD>
  <TD vAlign=top align=middle width="31%" colSpan=5>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif"><STRONG>Management Data</STRONG></FONT></DIV></TD></TR>
  <TR>
  <TD vAlign=top align=right width="37%">&nbsp;</TD>
  <TD vAlign=top align=middle width="9%">&nbsp;</TD>
  <TD vAlign=top align=middle width="1%">&nbsp;</TD>
  <TD vAlign=top align=middle width="12%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">Quarter Ended </FONT></DIV></TD>
  <TD vAlign=top align=middle width="1%">&nbsp;</TD>
  <TD vAlign=top align=middle width="9%">&nbsp;</TD></TR>
  <TR>
  <TD vAlign=top align=right width="37%">&nbsp;</TD>
  <TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=middle width="9%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">Dec. 2004</FONT></DIV></TD>
  <TD vAlign=top align=middle width="1%">&nbsp;</TD>
  <TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=middle width="12%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">Dec. 2003</FONT></DIV></TD>
  <TD vAlign=top align=middle width="1%">&nbsp;</TD>
  <TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=middle width="9%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">Sept. 2004</FONT></DIV></TD></TR>
  <TR>
  <TD vAlign=top align=left width="37%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">Total </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">Private Client Group </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">financial advisors:</FONT></DIV></TD>
  <TD vAlign=top align=right width="9%">&nbsp;</TD>
  <TD vAlign=top align=right width="1%">&nbsp;</TD>
  <TD vAlign=top align=right width="12%">&nbsp;</TD>
  <TD vAlign=top align=right width="1%">&nbsp;</TD>
  <TD vAlign=top align=right width="9%">&nbsp;</TD></TR>
  <TR>
  <TD vAlign=top align=left width="37%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">&nbsp;&nbsp;United States</FONT></DIV></TD>
  <TD vAlign=top align=right width="9%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">4,801</FONT></DIV></TD>
  <TD vAlign=top align=right width="1%">&nbsp;</TD>
  <TD vAlign=top align=right width="12%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">4,785</FONT></DIV></TD>
  <TD vAlign=top align=right width="1%">&nbsp;</TD>
  <TD vAlign=top align=right width="9%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">4,856</FONT></DIV></TD></TR>
  <TR>
  <TD vAlign=top align=left width="37%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">&nbsp;&nbsp;Canada</FONT></DIV></TD>
  <TD vAlign=top align=right width="9%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">277</FONT></DIV></TD>
  <TD vAlign=top align=right width="1%">&nbsp;</TD>
  <TD vAlign=top align=right width="12%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">236</FONT></DIV></TD>
  <TD vAlign=top align=right width="1%">&nbsp;</TD>
  <TD vAlign=top align=right width="9%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">274</FONT></DIV></TD></TR>
  <TR>
  <TD vAlign=top align=left width="37%">&nbsp;</TD>
  <TD vAlign=top align=right width="9%">&nbsp;</TD>
  <TD vAlign=top align=right width="1%">&nbsp;</TD>
  <TD vAlign=top align=right width="12%">&nbsp;</TD>
  <TD vAlign=top align=right width="1%">&nbsp;</TD>
  <TD vAlign=top align=right width="9%">&nbsp;</TD></TR>
  <TR>
  <TD vAlign=top align=left width="37%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif"># Lead managed/co-managed</FONT></DIV></TD>
  <TD vAlign=top align=right width="9%">&nbsp;</TD>
  <TD vAlign=top align=right width="1%">&nbsp;</TD>
  <TD vAlign=top align=right width="12%">&nbsp;</TD>
  <TD vAlign=top align=right width="1%">&nbsp;</TD>
  <TD vAlign=top align=right width="9%">&nbsp;</TD></TR>
  <TR>
  <TD vAlign=top align=left width="37%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">&nbsp;&nbsp;Public offerings U.S.</FONT></DIV></TD>
  <TD vAlign=top align=right width="9%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">26</FONT></DIV></TD>
  <TD vAlign=top align=right width="1%">&nbsp;</TD>
  <TD vAlign=top align=right width="12%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">23</FONT></DIV></TD>
  <TD vAlign=top align=right width="1%">&nbsp;</TD>
  <TD vAlign=top align=right width="9%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">25</FONT></DIV></TD></TR>
  <TR>
  <TD vAlign=top align=left width="37%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">&nbsp;&nbsp;Public offerings in Canada</FONT></DIV></TD>
  <TD vAlign=top align=right width="9%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">8</FONT></DIV></TD>
  <TD vAlign=top align=right width="1%">&nbsp;</TD>
  <TD vAlign=top align=right width="12%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">9</FONT></DIV></TD>
  <TD vAlign=top align=right width="1%">&nbsp;</TD>
  <TD vAlign=top align=right width="9%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">3</FONT></DIV></TD></TR>
  <TR>
  <TD vAlign=top align=left width="37%">&nbsp;</TD>
  <TD vAlign=top align=right width="9%">&nbsp;</TD>
  <TD vAlign=top align=right width="1%">&nbsp;</TD>
  <TD vAlign=top align=right width="12%">&nbsp;</TD>
  <TD vAlign=top align=right width="1%">&nbsp;</TD>
  <TD vAlign=top align=right width="9%">&nbsp;</TD></TR>
  <TR>
  <TD vAlign=top align=left width="37%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">Financial assets under management</FONT></DIV></TD>
  <TD vAlign=bottom align=right width="9%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">$ 25.1 bil.</FONT></DIV></TD>
  <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="12%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">$ 20.7 bil.</FONT></DIV></TD>
  <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="9%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">$ 22.3 bil.</FONT></DIV></TD></TR></TABLE>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify>&nbsp;</DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify>&nbsp;</DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify>&nbsp;</DIV>
  <TABLE id=list cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
  <TD style="WIDTH: 36pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">&nbsp;</FONT></TD>
  <TD>
  <P align=center><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">&#150;&nbsp;more -</FONT></P></TD></TR></TABLE>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify>&nbsp;</DIV><BR>
  <TABLE id=PGBRK cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
  <TR vAlign=top>
  <TD width="100%" colSpan=3>&nbsp;&nbsp;</TD></TR>
  <TR>
  <TD align=left width="33%"><FONT size=1>&nbsp;</FONT></TD>
  <TD align=middle width="34%"><FONT size=1>&nbsp;</FONT></TD>
  <TD align=right width="33%"><FONT size=1>&nbsp;</FONT></TD></TR>
  <TR vAlign=top>
  <TD width="100%" colSpan=3><FONT size=1>
  <HR style="PAGE-BREAK-AFTER: always" color=#000000 noShade SIZE=2>
  </FONT></TD></TR></TABLE>
  <TABLE id=HDR cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
  <TR>
  <TD vAlign=bottom width="100%">&nbsp;</TD></TR></TABLE><BR>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify>&nbsp;</DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><BR></DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify>&nbsp;</DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">Release No. 0105-05</FONT><FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp; &nbsp;</FONT>&nbsp;<FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp; &nbsp;</FONT>&nbsp;<FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp; &nbsp;</FONT>&nbsp;<FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp; &nbsp;</FONT>&nbsp;<FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp; &nbsp;</FONT>&nbsp;<FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp; &nbsp;</FONT>&nbsp;<FONT style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">Raymond James Financial, Inc.</FONT></DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">Page 4</FONT></DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify>&nbsp;</DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify>&nbsp;</DIV>
  <TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
  <TD vAlign=top align=left width="19%">&nbsp;</TD>
  <TD vAlign=top align=left width="23%" colSpan=3>&nbsp;</TD></TR>
  <TR>
  <TD vAlign=top align=right width="19%">&nbsp;</TD>
  <TD vAlign=top align=middle width="10%">&nbsp;</TD>
  <TD vAlign=top align=middle width="1%">&nbsp;</TD>
  <TD vAlign=top align=middle width="12%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">Quarter Ended </FONT></DIV></TD></TR>
  <TR>
  <TD vAlign=top align=right width="19%">&nbsp;</TD>
  <TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=middle width="10%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">Dec. 2004</FONT></DIV></TD>
  <TD vAlign=top align=middle width="1%">&nbsp;</TD>
  <TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=middle width="12%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">Sept. 2004</FONT></DIV></TD></TR>
  <TR>
  <TD vAlign=top align=right width="19%">&nbsp;</TD>
  <TD vAlign=top align=right width="10%">&nbsp;</TD>
  <TD vAlign=top align=right width="1%">&nbsp;</TD>
  <TD vAlign=top align=right width="12%">&nbsp;</TD></TR>
  <TR>
  <TD vAlign=top align=left width="19%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">Client assets</FONT></DIV></TD>
  <TD vAlign=top align=right width="10%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">$ 136 bil.</FONT></DIV></TD>
  <TD vAlign=top align=right width="1%">&nbsp;</TD>
  <TD vAlign=top align=right width="12%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">$ 124 bil.</FONT></DIV></TD></TR>
  <TR>
  <TD vAlign=top align=left width="19%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">Client margin balances</FONT></DIV></TD>
  <TD vAlign=top align=right width="10%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">$1,199 mil.</FONT></DIV></TD>
  <TD vAlign=top align=right width="1%">&nbsp;</TD>
  <TD vAlign=top align=right width="12%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">$1,173 mil.</FONT></DIV></TD></TR>
  <TR>
  <TD vAlign=top align=left width="19%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">Client trade volume</FONT></DIV></TD>
  <TD vAlign=top align=right width="10%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">2,079,000</FONT></DIV></TD>
  <TD vAlign=top align=right width="1%">&nbsp;</TD>
  <TD vAlign=top align=right width="12%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">1,680,000</FONT></DIV></TD></TR>
  <TR>
  <TD vAlign=top align=left width="19%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif"># of client accounts</FONT></DIV></TD>
  <TD vAlign=top align=right width="10%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">1,326,865</FONT></DIV></TD>
  <TD vAlign=top align=right width="1%">&nbsp;</TD>
  <TD vAlign=top align=right width="12%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">1,321,000</FONT></DIV></TD></TR></TABLE>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><BR></DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><BR></DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify>&nbsp;</DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">- more - </FONT></DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify>&nbsp;</DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify>&nbsp;</DIV>
  <DIV><BR>
  <TABLE id=PGBRK cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
  <TR vAlign=top>
  <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
  <TD align=left width="33%"><FONT size=1>&nbsp;</FONT></TD>
  <TD align=middle width="34%"><FONT size=1>&nbsp;</FONT></TD>
  <TD align=right width="33%"><FONT size=1>&nbsp;</FONT></TD></TR>
  <TR vAlign=top>
  <TD width="100%" colSpan=3><FONT size=1>
  <HR style="PAGE-BREAK-AFTER: always" color=#000000 noShade SIZE=2>
  </FONT></TD></TR></TABLE>
  <TABLE id=HDR cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
  <TR>
  <TD vAlign=bottom width="100%">&nbsp;</TD></TR></TABLE><BR></DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center>&nbsp;</DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify><BR>&nbsp;</DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify>&nbsp;</DIV>
  <DIV></DIV><BR>
  <DIV align=left>
  <TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
  <TD vAlign=bottom align=middle width="83%" colSpan=10>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace"><STRONG>RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES</STRONG></FONT></DIV></TD></TR>
  <TR>
  <TD vAlign=bottom align=middle width="83%" colSpan=10>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace"><STRONG>CONSOLIDATED STATEMENT OF OPERATIONS</STRONG></FONT></DIV></TD></TR>
  <TR>
  <TD vAlign=bottom align=middle width="83%" colSpan=10>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace"><STRONG>(UNAUDITED)</STRONG></FONT></DIV></TD></TR>
  <TR>
  <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=middle width="83%" colSpan=10>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace"><STRONG>Quarter-to-Date</STRONG></FONT></DIV></TD></TR>
  <TR>
  <TD vAlign=bottom align=left width="42%" colSpan=2>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">(in thousands, except per share amounts)</FONT></DIV></TD>
  <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
  <TD vAlign=bottom align=left width="8%">&nbsp;</TD>
  <TD vAlign=bottom align=left width="3%">&nbsp;</TD>
  <TD vAlign=bottom align=left width="7%">&nbsp;</TD>
  <TD vAlign=bottom align=left width="3%">&nbsp;</TD>
  <TD vAlign=bottom align=left width="8%">&nbsp;</TD>
  <TD vAlign=bottom align=left width="3%">&nbsp;</TD>
  <TD vAlign=bottom align=left width="7%">&nbsp;</TD></TR>
  <TR>
  <TD vAlign=bottom align=left width="33%">&nbsp;</TD>
  <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=middle width="19%" colSpan=3>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace"><EM>Three Months Ended</EM></FONT></DIV></TD>
  <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left width="3%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace"></FONT>&nbsp;</DIV></TD>
  <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left width="7%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace"></FONT>&nbsp;</DIV></TD>
  <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left width="3%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace"></FONT>&nbsp;</DIV></TD>
  <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left width="8%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace"></FONT>&nbsp;</DIV></TD>
  <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left width="3%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace"></FONT>&nbsp;</DIV></TD>
  <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left width="7%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace"></FONT>&nbsp;</DIV></TD></TR>
  <TR>
  <TD vAlign=bottom align=left width="33%">&nbsp;</TD>
  <TD vAlign=bottom align=middle width="9%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace"><STRONG>Dec. 31,</STRONG></FONT></DIV></TD>
  <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
  <TD vAlign=bottom align=middle width="8%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace"><STRONG>Dec. 27,</STRONG></FONT></DIV></TD>
  <TD vAlign=bottom align=left width="3%">&nbsp;</TD>
  <TD vAlign=bottom align=middle width="7%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace"><STRONG>%</STRONG></FONT></DIV></TD>
  <TD vAlign=bottom align=left width="3%">&nbsp;</TD>
  <TD vAlign=bottom align=middle width="8%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace"><STRONG>Sept. 24,</STRONG></FONT></DIV></TD>
  <TD vAlign=bottom align=left width="3%">&nbsp;</TD>
  <TD vAlign=bottom align=middle width="7%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace"><STRONG>%</STRONG></FONT></DIV></TD></TR>
  <TR>
  <TD vAlign=bottom align=left width="33%">&nbsp;</TD>
  <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=middle width="9%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace"><STRONG>2004</STRONG></FONT></DIV></TD>
  <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
  <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=middle width="8%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace"><STRONG>2003</STRONG></FONT></DIV></TD>
  <TD vAlign=bottom align=left width="3%">&nbsp;</TD>
  <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=middle width="7%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace"><STRONG>change</STRONG></FONT></DIV></TD>
  <TD vAlign=bottom align=left width="3%">&nbsp;</TD>
  <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=middle width="8%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace"><STRONG>2004</STRONG></FONT></DIV></TD>
  <TD vAlign=bottom align=left width="3%">&nbsp;</TD>
  <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=middle width="7%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace"><STRONG>change</STRONG></FONT></DIV></TD></TR>
  <TR>
  <TD vAlign=bottom align=left width="33%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">Revenues:</FONT></DIV></TD>
  <TD vAlign=bottom align=left width="9%">&nbsp;</TD>
  <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
  <TD vAlign=bottom align=left width="8%">&nbsp;</TD>
  <TD vAlign=bottom align=left width="3%">&nbsp;</TD>
  <TD vAlign=bottom align=left width="7%">&nbsp;</TD>
  <TD vAlign=bottom align=left width="3%">&nbsp;</TD>
  <TD vAlign=bottom align=left width="8%">&nbsp;</TD>
  <TD vAlign=bottom align=left width="3%">&nbsp;</TD>
  <TD vAlign=bottom align=left width="7%">&nbsp;</TD></TR>
  <TR>
  <TD vAlign=bottom align=left width="33%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">Securities commissions and fees</FONT></DIV></TD>
  <TD vAlign=bottom align=right width="9%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">$357,469</FONT></DIV></TD>
  <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="8%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman, serif">$ 303,291</FONT></DIV></TD>
  <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="7%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">18%</FONT></DIV></TD>
  <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="8%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">$308,314</FONT></DIV></TD>
  <TD vAlign=bottom align=left width="3%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="7%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">16%</FONT></DIV></TD></TR>
  <TR>
  <TD vAlign=bottom align=left width="33%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">Investment banking</FONT></DIV></TD>
  <TD vAlign=bottom align=right width="9%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">28,505</FONT></DIV></TD>
  <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="8%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">19,726</FONT></DIV></TD>
  <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="7%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">45%</FONT></DIV></TD>
  <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="8%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">37,332</FONT></DIV></TD>
  <TD vAlign=bottom align=left width="3%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="7%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">-27%</FONT></DIV></TD></TR>
  <TR>
  <TD vAlign=bottom align=left width="33%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">Investment advisory fees</FONT></DIV></TD>
  <TD vAlign=bottom align=right width="9%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">37,452</FONT></DIV></TD>
  <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="8%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">31,958</FONT></DIV></TD>
  <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="7%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">17%</FONT></DIV></TD>
  <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="8%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">34,513</FONT></DIV></TD>
  <TD vAlign=bottom align=left width="3%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="7%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">9%</FONT></DIV></TD></TR>
  <TR>
  <TD vAlign=bottom align=left width="33%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">Interest</FONT></DIV></TD>
  <TD vAlign=bottom align=right width="9%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">54,416</FONT></DIV></TD>
  <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="8%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">31,156</FONT></DIV></TD>
  <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="7%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">75%</FONT></DIV></TD>
  <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="8%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">38,763</FONT></DIV></TD>
  <TD vAlign=bottom align=left width="3%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="7%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">40%</FONT></DIV></TD></TR>
  <TR>
  <TD vAlign=bottom align=left width="33%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">Net trading profits</FONT></DIV></TD>
  <TD vAlign=bottom align=right width="9%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">9,752</FONT></DIV></TD>
  <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="8%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">6,779</FONT></DIV></TD>
  <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="7%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">44%</FONT></DIV></TD>
  <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="8%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">7,242</FONT></DIV></TD>
  <TD vAlign=bottom align=left width="3%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="7%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">35%</FONT></DIV></TD></TR>
  <TR>
  <TD vAlign=bottom align=left width="33%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">Financial service fees</FONT></DIV></TD>
  <TD vAlign=bottom align=right width="9%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">22,410</FONT></DIV></TD>
  <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="8%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">18,702</FONT></DIV></TD>
  <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="7%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">20%</FONT></DIV></TD>
  <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="8%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">19,305</FONT></DIV></TD>
  <TD vAlign=bottom align=left width="3%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="7%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">16%</FONT></DIV></TD></TR>
  <TR>
  <TD vAlign=bottom align=left width="33%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">Other</FONT></DIV></TD>
  <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right width="9%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">14,373</FONT></DIV></TD>
  <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
  <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right width="8%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">13,048</FONT></DIV></TD>
  <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
  <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right width="7%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">10%</FONT></DIV></TD>
  <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
  <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right width="8%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">16,740</FONT></DIV></TD>
  <TD vAlign=bottom align=left width="3%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="7%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">-14%</FONT></DIV></TD></TR>
  <TR>
  <TD vAlign=bottom align=left width="33%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="9%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="8%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="7%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="8%">&nbsp;</TD>
  <TD vAlign=bottom align=left width="3%">&nbsp;</TD>
  <TD vAlign=bottom align=left width="7%">&nbsp;</TD></TR>
  <TR>
  <TD vAlign=bottom align=left width="33%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace"><STRONG>TOTAL REVENUES</STRONG></FONT></DIV></TD>
  <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right width="9%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">524,377</FONT></DIV></TD>
  <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
  <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right width="8%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">424,660</FONT></DIV></TD>
  <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
  <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right width="7%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">23%</FONT></DIV></TD>
  <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
  <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right width="8%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">462,209</FONT></DIV></TD>
  <TD vAlign=bottom align=left width="3%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="7%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">13%</FONT></DIV></TD></TR>
  <TR>
  <TD vAlign=bottom align=left width="33%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">Interest Expense</FONT></DIV></TD>
  <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right width="9%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">25,392</FONT></DIV></TD>
  <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="8%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">10,673</FONT></DIV></TD>
  <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
  <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right width="7%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">138%</FONT></DIV></TD>
  <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
  <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right width="8%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">15,496</FONT></DIV></TD>
  <TD vAlign=bottom align=left width="3%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="7%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">64%</FONT></DIV></TD></TR>
  <TR>
  <TD vAlign=bottom align=left width="33%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace"><STRONG>NET REVENUES</STRONG></FONT></DIV></TD>
  <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right width="9%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">498,985</FONT></DIV></TD>
  <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
  <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right width="8%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">413,987</FONT></DIV></TD>
  <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
  <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right width="7%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">21%</FONT></DIV></TD>
  <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
  <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right width="8%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">446,713</FONT></DIV></TD>
  <TD vAlign=bottom align=left width="3%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="7%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">12%</FONT></DIV></TD></TR>
  <TR>
  <TD vAlign=bottom align=left width="33%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="9%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="8%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="7%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="8%">&nbsp;</TD>
  <TD vAlign=bottom align=left width="3%">&nbsp;</TD>
  <TD vAlign=bottom align=left width="7%">&nbsp;</TD></TR>
  <TR>
  <TD vAlign=bottom align=left width="33%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">Non-Interest Expenses</FONT></DIV></TD>
  <TD vAlign=bottom align=right width="9%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="8%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="7%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="8%">&nbsp;</TD>
  <TD vAlign=bottom align=left width="3%">&nbsp;</TD>
  <TD vAlign=bottom align=left width="7%">&nbsp;</TD></TR>
  <TR>
  <TD vAlign=bottom align=left width="33%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">Compensation, commissions and benefits</FONT></DIV></TD>
  <TD vAlign=bottom align=right width="9%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">348,909</FONT></DIV></TD>
  <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="8%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">300,660</FONT></DIV></TD>
  <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="7%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">16%</FONT></DIV></TD>
  <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="8%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">311,427</FONT></DIV></TD>
  <TD vAlign=bottom align=left width="3%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="7%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">12%</FONT></DIV></TD></TR>
  <TR>
  <TD vAlign=bottom align=left width="33%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">Communications and information processing</FONT></DIV></TD>
  <TD vAlign=bottom align=right width="9%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">21,199</FONT></DIV></TD>
  <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="8%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">19,196</FONT></DIV></TD>
  <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="7%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">10%</FONT></DIV></TD>
  <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="8%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">21,211</FONT></DIV></TD>
  <TD vAlign=bottom align=left width="3%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="7%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">0%</FONT></DIV></TD></TR>
  <TR>
  <TD vAlign=bottom align=left width="33%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">Occupancy and equipment costs</FONT></DIV></TD>
  <TD vAlign=bottom align=right width="9%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">16,053</FONT></DIV></TD>
  <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="8%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">15,293</FONT></DIV></TD>
  <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="7%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">5%</FONT></DIV></TD>
  <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="8%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">15,904</FONT></DIV></TD>
  <TD vAlign=bottom align=left width="3%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="7%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">1%</FONT></DIV></TD></TR>
  <TR>
  <TD vAlign=bottom align=left width="33%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">Clearance and floor brokerage</FONT></DIV></TD>
  <TD vAlign=bottom align=right width="9%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">5,466</FONT></DIV></TD>
  <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="8%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">5,052</FONT></DIV></TD>
  <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="7%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">8%</FONT></DIV></TD>
  <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="8%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">5,308</FONT></DIV></TD>
  <TD vAlign=bottom align=left width="3%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="7%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">3%</FONT></DIV></TD></TR>
  <TR>
  <TD vAlign=bottom align=left width="33%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">Business development</FONT></DIV></TD>
  <TD vAlign=bottom align=right width="9%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">14,744</FONT></DIV></TD>
  <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="8%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">12,943</FONT></DIV></TD>
  <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="7%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">14%</FONT></DIV></TD>
  <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="8%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">17,769</FONT></DIV></TD>
  <TD vAlign=bottom align=left width="3%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="7%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">-17%</FONT></DIV></TD></TR>
  <TR>
  <TD vAlign=bottom align=left width="33%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">Other</FONT></DIV></TD>
  <TD vAlign=bottom align=right width="9%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">27,809</FONT></DIV></TD>
  <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="8%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">21,888</FONT></DIV></TD>
  <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="7%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">27%</FONT></DIV></TD>
  <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="8%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">24,550</FONT></DIV></TD>
  <TD vAlign=bottom align=left width="3%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="7%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">13%</FONT></DIV></TD></TR>
  <TR>
  <TD vAlign=bottom align=left width="33%">&nbsp;</TD>
  <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right width="9%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
  <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right width="8%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
  <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right width="7%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
  <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right width="8%">&nbsp;</TD>
  <TD vAlign=bottom align=left width="3%">&nbsp;</TD>
  <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left width="7%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace"></FONT>&nbsp;</DIV></TD></TR>
  <TR>
  <TD vAlign=bottom align=left width="33%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace"><STRONG>TOTAL NON-INTEREST EXPENSES</STRONG></FONT></DIV></TD>
  <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right width="9%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">434,180</FONT></DIV></TD>
  <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
  <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right width="8%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">375,032</FONT></DIV></TD>
  <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
  <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right width="7%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">16%</FONT></DIV></TD>
  <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
  <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right width="8%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">396,169</FONT></DIV></TD>
  <TD vAlign=bottom align=left width="3%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="7%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">10%</FONT></DIV></TD></TR>
  <TR>
  <TD vAlign=bottom align=left width="33%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="9%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="8%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="7%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="8%">&nbsp;</TD>
  <TD vAlign=bottom align=left width="3%">&nbsp;</TD>
  <TD vAlign=bottom align=left width="7%">&nbsp;</TD></TR>
  <TR>
  <TD vAlign=bottom align=left width="33%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">Income before provision for income taxes</FONT></DIV></TD>
  <TD vAlign=bottom align=right width="9%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">64,805</FONT></DIV></TD>
  <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="8%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">38,955</FONT></DIV></TD>
  <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="7%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">66%</FONT></DIV></TD>
  <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="8%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">50,544</FONT></DIV></TD>
  <TD vAlign=bottom align=left width="3%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="7%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">28%</FONT></DIV></TD></TR>
  <TR>
  <TD vAlign=bottom align=left width="33%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">Provision for income taxes</FONT></DIV></TD>
  <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right width="9%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">25,562</FONT></DIV></TD>
  <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
  <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right width="8%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">14,725</FONT></DIV></TD>
  <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
  <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right width="7%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">74%</FONT></DIV></TD>
  <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
  <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right width="8%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">19,880</FONT></DIV></TD>
  <TD vAlign=bottom align=left width="3%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="7%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">29%</FONT></DIV></TD></TR>
  <TR>
  <TD vAlign=bottom align=left width="33%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace"><STRONG>Net Income</STRONG></FONT></DIV></TD>
  <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right width="9%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace"><STRONG>$ 39,243</STRONG></FONT></DIV></TD>
  <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
  <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right width="8%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace"><STRONG>$ 24,230</STRONG></FONT></DIV></TD>
  <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
  <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right width="7%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">62%</FONT></DIV></TD>
  <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
  <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right width="8%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace"><STRONG>$ 30,664</STRONG></FONT></DIV></TD>
  <TD vAlign=bottom align=left width="3%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="7%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">28%</FONT></DIV></TD></TR>
  <TR>
  <TD vAlign=bottom align=left width="33%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace"><STRONG>Net Income per share basic</STRONG></FONT></DIV></TD>
  <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right width="9%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace"><STRONG>$ 0.53</STRONG></FONT></DIV></TD>
  <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
  <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right width="8%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace"><STRONG>$ 0.33</STRONG></FONT></DIV></TD>
  <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
  <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right width="7%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">61%</FONT></DIV></TD>
  <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
  <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right width="8%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace"><STRONG>$ 0.42</STRONG></FONT></DIV></TD>
  <TD vAlign=bottom align=left width="3%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="7%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">26%</FONT></DIV></TD></TR>
  <TR>
  <TD vAlign=bottom align=left width="33%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace"><STRONG>Net Income per share diluted</STRONG></FONT></DIV></TD>
  <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right width="9%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace"><STRONG>$ 0.52</STRONG></FONT></DIV></TD>
  <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
  <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right width="8%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace"><STRONG>$ 0.33</STRONG></FONT></DIV></TD>
  <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
  <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right width="7%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">58%</FONT></DIV></TD>
  <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
  <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right width="8%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace"><STRONG>$ 0.41</STRONG></FONT></DIV></TD>
  <TD vAlign=bottom align=left width="3%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="7%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace">27%</FONT></DIV></TD></TR>
  <TR>
  <TD vAlign=bottom align=left width="33%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace"><STRONG>Weighted average common shares</STRONG></FONT></DIV></TD>
  <TD vAlign=bottom align=right width="9%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="8%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="7%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="8%">&nbsp;</TD>
  <TD vAlign=bottom align=left width="3%">&nbsp;</TD>
  <TD vAlign=bottom align=left width="7%">&nbsp;</TD></TR>
  <TR>
  <TD vAlign=bottom align=left width="33%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace"><STRONG>outstanding-basic</STRONG></FONT></DIV></TD>
  <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right width="9%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace"><STRONG>74,002</STRONG></FONT></DIV></TD>
  <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
  <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right width="8%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace"><STRONG>72,881</STRONG></FONT></DIV></TD>
  <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="7%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
  <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right width="8%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace"><STRONG>73,756</STRONG></FONT></DIV></TD>
  <TD vAlign=bottom align=left width="3%">&nbsp;</TD>
  <TD vAlign=bottom align=left width="7%">&nbsp;</TD></TR>
  <TR>
  <TD vAlign=bottom align=left width="33%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace"><STRONG>Weighted average common and common</STRONG></FONT></DIV></TD>
  <TD vAlign=bottom align=right width="9%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="8%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="7%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="8%">&nbsp;</TD>
  <TD vAlign=bottom align=left width="3%">&nbsp;</TD>
  <TD vAlign=bottom align=left width="7%">&nbsp;</TD></TR>
  <TR>
  <TD vAlign=bottom align=left width="33%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace"><STRONG>equivalent shares outstanding-diluted</STRONG></FONT></DIV></TD>
  <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right width="9%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace"><STRONG>75,334</STRONG></FONT></DIV></TD>
  <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
  <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right width="8%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace"><STRONG>74,111</STRONG></FONT></DIV></TD>
  <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="7%">&nbsp;</TD>
  <TD vAlign=bottom align=right width="3%">&nbsp;</TD>
  <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right width="8%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Courier New, monospace"><STRONG>74,550</STRONG></FONT></DIV></TD>
  <TD vAlign=bottom align=left width="3%">&nbsp;</TD>
  <TD vAlign=bottom align=left width="7%">&nbsp;</TD></TR></TABLE></DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">- 30 - </FONT></DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">For additional information, contact Tracey Bustamante at 727-567-2824.</FONT></DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif"><STRONG>Please visit the Raymond James Press Center at </STRONG></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #0000ff; FONT-FAMILY: Times New Roman, serif"><STRONG><U>raymondjames.com/media.htm</U></STRONG></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"><STRONG>.</STRONG></FONT></DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV><BR>
  <TABLE id=PGBRK cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
  <TR vAlign=top>
  <TD width="100%" colSpan=3>&nbsp;&nbsp;</TD></TR>
  <TR>
  <TD align=left width="33%"><FONT size=1>&nbsp;</FONT></TD>
  <TD align=middle width="34%"><FONT size=1>&nbsp;</FONT></TD>
  <TD align=right width="33%"><FONT size=1>&nbsp;</FONT></TD></TR>
  <TR vAlign=top>
  <TD width="100%" colSpan=3><FONT size=1>
  <HR style="PAGE-BREAK-AFTER: always" color=#000000 noShade SIZE=2>
  </FONT></TD></TR></TABLE>
  <TABLE id=HDR cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
  <TR>
  <TD vAlign=bottom width="100%">&nbsp;</TD></TR></TABLE><BR>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif"><STRONG>SIGNATURES</STRONG></FONT></DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"></FONT>&nbsp;</DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"></FONT>&nbsp;</DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</FONT></DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"></FONT>&nbsp;</DIV>
  <TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
  <TD vAlign=top align=left width="42%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"></FONT>&nbsp;</DIV></TD>
  <TD vAlign=top align=left width="30%" colSpan=2>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">RAYMOND JAMES FINANCIAL, INC.</FONT></DIV></TD></TR>
  <TR>
  <TD vAlign=top align=left width="42%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"></FONT>&nbsp;</DIV></TD>
  <TD vAlign=top align=left width="30%" colSpan=2>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"></FONT>&nbsp;</DIV></TD></TR>
  <TR>
  <TD vAlign=top align=left width="42%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"></FONT>&nbsp;</DIV></TD>
  <TD vAlign=top align=left width="30%" colSpan=2>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"></FONT>&nbsp;</DIV></TD></TR>
  <TR>
  <TD vAlign=top align=left width="42%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Date:&nbsp; January 19, 2005</FONT></DIV></TD>
  <TD vAlign=top align=left width="3%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">By:</FONT></DIV></TD>
  <TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=left width="27%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/ Thomas A. James</FONT></DIV></TD></TR>
  <TR>
  <TD vAlign=top align=left width="42%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"></FONT>&nbsp;</DIV></TD>
  <TD vAlign=top align=left width="3%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"></FONT>&nbsp;</DIV></TD>
  <TD vAlign=top align=left width="27%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Thomas A. James,</FONT></DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Chairman and Chief Executive Officer</FONT></DIV></TD></TR>
  <TR>
  <TD vAlign=top align=left width="42%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"></FONT>&nbsp;</DIV></TD>
  <TD vAlign=top align=left width="3%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"></FONT>&nbsp;</DIV></TD>
  <TD vAlign=top align=left width="27%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"></FONT>&nbsp;</DIV></TD></TR>
  <TR>
  <TD vAlign=top align=left width="42%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"></FONT>&nbsp;</DIV></TD>
  <TD vAlign=top align=left width="3%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">By:</FONT></DIV></TD>
  <TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=left width="27%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/ Jeffrey P. Julien</FONT></DIV></TD></TR>
  <TR>
  <TD vAlign=top align=left width="42%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"></FONT>&nbsp;</DIV></TD>
  <TD vAlign=top align=left width="3%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"></FONT>&nbsp;</DIV></TD>
  <TD vAlign=top align=left width="27%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Jeffrey P. Julien</FONT></DIV></TD></TR>
  <TR>
  <TD vAlign=top align=left width="42%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"></FONT>&nbsp;</DIV></TD>
  <TD vAlign=top align=left width="3%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"></FONT>&nbsp;</DIV></TD>
  <TD vAlign=top align=left width="27%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Senior Vice President - Finance</FONT></DIV></TD></TR>
  <TR>
  <TD vAlign=top align=left width="42%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"></FONT>&nbsp;</DIV></TD>
  <TD vAlign=top align=left width="3%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"></FONT>&nbsp;</DIV></TD>
  <TD vAlign=top align=left width="27%">
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">and Chief Financial Officer</FONT></DIV></TD></TR></TABLE>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"></FONT>&nbsp;</DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"></FONT>&nbsp;</DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"></FONT>&nbsp;</DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
  <DIV></DIV></DIV></BODY></HTML>
metadata_documents: [{"type": "8-K", "sequence": "1", "filename": "k8105.htm", "description": "RJF EARNINGS RELEASE", "secsgml_size_bytes": 138116}, {"type": "8-K", "sequence": "3", "filename": "earningsrelease.pdf", "description": "RJF EARNINGS RELEASE", "secsgml_size_bytes": 87799}]
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": "05538125"}, "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: RJF Earnings Release
  UNITED STATES
  SECURITIES AND EXCHANGE COMMISSION
  Washington, D.C.  20549
  FORM 8-K
  CURRENT REPORT
  Pursuant to Section l3 and l5(d) of the
  Securities Exchange Act of l934
  January 19, 2005
  Date of report (date of earliest event reported)
  Raymond James Financial, Inc.
  (Exact Name of Registrant as Specified in Its Charter)
  Florida
  (State or Other Jurisdiction of Incorporation)
  1-9109
  59-1517485
  (Commission File Number)
  (IRS Employer Identification No.)
  880 Carillon Parkway St. Petersburg, FL 33702
  (Address of Principal Executive Offices)  (Zip Code)
  (727) 567-1000
  (Registrant's Telephone Number, Including Area Code)
  Not Applicable
  (Former Name or Former Address, if Changed Since Last Report)
  Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (
  see
  General Instruction A.2. below):
  o
  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
  o
  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
  o
  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
  o
  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
  Item 7.01 Regulation FD Disclosure
  The following information was contained in a press release issued on January 19, 2005.
  Release No. 0105-05
  FOR IMMEDIATE RELEASE
  January 19, 2005
  RAYMOND JAMES FINANCIAL, INC.
  REPORTS RECORD NET REVENUE
  IN FIRST QUARTER RESULTS
  ST. PETERSBURG, Fla. - Raymond James Financial, Inc. today reported a 62 percent increase in unaudited net income to $39,243,000, or $0.52 per diluted share, for the first quarter ended December 31 on a 21 percent increase in net revenues of $498,985,000, compared to net income of $24,230,000, or $0.33 per diluted share, on net revenues of $413,987,000, for fiscal 2004's first quarter. All per-share amounts have been restated to reflect the effect of a March 2004 three-for-two stock split.
  "In spite of the doldrums normally associated with business activity in the holiday season, Raymond James attained a new record of almost $500 million in quarterly net revenues in the first quarter of fiscal 2005," stated Chairman and CEO Thomas A. James.
  "The confluence of a 14-week quarter, a material increase in net interest income, excellent trading profits and another vibrant investment banking quarter produced a dramatic upsurge of 62 percent in net income from last year's first quarter. Since 14-week quarters are unusual and the other three factors rarely coincide, one should not annualize these results.
  "Although net interest earnings are certainly in a favorable trend and the investment banking pipeline is still replete with offerings, future results will be dependent upon favorable market conditions. While the U.S. economy remains vibrant and the near-term outlook for corporate earnings appears benign, a combination of higher inflation and interest rates could undermine future market appreciation," he concluded.
  – more -
  Release No. 0105-05
  Raymond James Financial, Inc.
  Page 2
  The company will conduct its quarterly conference call January 20 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,
  raymondjames.com
  , under "About Raymond James Financial," "Financial Reports."
  Raymond James Financial (NYSE-RJF) is a Florida-based diversified holding company providing financial services to individuals, corporations and municipalities through its subsidiary companies. Its three wholly owned broker/dealers, Raymond James & Associates, Raymond James Financial Services and Raymond James Ltd. have more than 5,000 financial advisors serving 1.3 million accounts in 2,100 locations throughout the United States, Canada and overseas. In addition, total client assets are currently over $136 billion, of which more than $25 billion are managed by the firm's asset management subsidiaries.
  To the extent that Raymond James makes or publishes forward-looking statements (regarding management expectations, strategic objectives, business prospects, anticipated expense savings, financial results, anticipated results of litigation and regulatory proceedings, and other similar matters), a variety of factors, many of which are beyond Raymond James' control, could cause actual results and experiences to differ materially from the expectations and objectives expressed in these statements. These factors are described in Raymond James' 2004 annual report on Form 10-K, which is available on raymondjames.com and sec.gov.
  - more -
  Release No. 0105-05
  Raymond James Financial, Inc.
  Page 3
  Raymond James Financial, Inc.
  Unaudited Report
  For the first quarter ended December 31, 2004
  (all data in thousands, expect per-share earnings)
  First Quarter
  2004
  2003
  % Change
  Revenues
  $ 524,377
  $ 424,660
  23%
  Net revenues
  498,985
  413,987
  21%
  Net income
  39,243
  24,230
  62%
  Net income per share
  - diluted
  $ 0.52
  $ 0.33
  Average shares
  outstanding - diluted
  75,334
  74,111
  Balance Sheet Data
  Dec. 2004
  Sept. 2004
  Total assets
  $ 7.9 bil.
  $ 7.6 bil.
  Shareholders' equity
  $1,120 mil.
  $1,065 mil.
  Book value per share
  $15.01
  $14.42
  Management Data
  Quarter Ended
  Dec. 2004
  Dec. 2003
  Sept. 2004
  Total
  Private Client Group
  financial advisors:
  United States
  4,801
  4,785
  4,856
  Canada
  277
  236
  274
  # Lead managed/co-managed
  Public offerings U.S.
  26
  23
  25
  Public offerings in Canada
  8
  9
  3
  Financial assets under management
  $ 25.1 bil.
  $ 20.7 bil.
  $ 22.3 bil.
  – more -
  Release No. 0105-05
  Raymond James Financial, Inc.
  Page 4
  Quarter Ended
  Dec. 2004
  Sept. 2004
  Client assets
  $ 136 bil.
  $ 124 bil.
  Client margin balances
  $1,199 mil.
  $1,173 mil.
  Client trade volume
  2,079,000
  1,680,000
  # of client accounts
  1,326,865
  1,321,000
  - more -
  RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
  CONSOLIDATED STATEMENT OF OPERATIONS
  (UNAUDITED)
  Quarter-to-Date
  (in thousands, except per share amounts)
  Three Months Ended
  Dec. 31,
  Dec. 27,
  %
  Sept. 24,
  %
  2004
  2003
  change
  2004
  change
  Revenues:
  Securities commissions and fees
  $357,469
  $ 303,291
  18%
  $308,314
  16%
  Investment banking
  28,505
  19,726
  45%
  37,332
  -27%
  Investment advisory fees
  37,452
  31,958
  17%
  34,513
  9%
  Interest
  54,416
  31,156
  75%
  38,763
  40%
  Net trading profits
  9,752
  6,779
  44%
  7,242
  35%
  Financial service fees
  22,410
  18,702
  20%
  19,305
  16%
  Other
  14,373
  13,048
  10%
  16,740
  -14%
  TOTAL REVENUES
  524,377
  424,660
  23%
  462,209
  13%
  Interest Expense
  25,392
  10,673
  138%
  15,496
  64%
  NET REVENUES
  498,985
  413,987
  21%
  446,713
  12%
  Non-Interest Expenses
  Compensation, commissions and benefits
  348,909
  300,660
  16%
  311,427
  12%
  Communications and information processing
  21,199
  19,196
  10%
  21,211
  0%
  Occupancy and equipment costs
  16,053
  15,293
  5%
  15,904
  1%
  Clearance and floor brokerage
  5,466
  5,052
  8%
  5,308
  3%
  Business development
  14,744
  12,943
  14%
  17,769
  -17%
  Other
  27,809
  21,888
  27%
  24,550
  13%
  TOTAL NON-INTEREST EXPENSES
  434,180
  375,032
  16%
  396,169
  10%
  Income before provision for income taxes
  64,805
  38,955
  66%
  50,544
  28%
  Provision for income taxes
  25,562
  14,725
  74%
  19,880
  29%
  Net Income
  $ 39,243
  $ 24,230
  62%
  $ 30,664
  28%
  Net Income per share basic
  $ 0.53
  $ 0.33
  61%
  $ 0.42
  26%
  Net Income per share diluted
  $ 0.52
  $ 0.33
  58%
  $ 0.41
  27%
  Weighted average common shares
  outstanding-basic
  74,002
  72,881
  73,756
  Weighted average common and common
  equivalent shares outstanding-diluted
  75,334
  74,111
  74,550
  - 30 -
  For additional information, contact Tracey Bustamante at 727-567-2824.
  Please visit the Raymond James Press Center at
  raymondjames.com/media.htm
  .
  SIGNATURES
  Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
  RAYMOND JAMES FINANCIAL, INC.
  Date:  January 19, 2005
  By:
  /s/ Thomas A. James
  Thomas A. James,
  Chairman and Chief Executive Officer
  By:
  /s/ Jeffrey P. Julien
  Jeffrey P. Julien
  Senior Vice President - Finance
  and Chief Financial Officer