content: <html>
  <head>
  <title>Release No</title>
  </head>
  <body link="blue" vlink="purple">
  <div>
  <p align="center"><font size="2" face="Arial">SECURITIES AND EXCHANGE COMMISSION<br />
  Washington, D. C. 20549</font></p>
  
  <p align="center"><font size="2" face="Arial">FORM 8-K</font></p>
  
  <p align="center"><font size="2" face="Arial">CURRENT REPORT<br />
  PURSUANT TO SECTION 13 OR 15(d) OF<br />
  THE SECURITIES EXCHANGE ACT OF 1934</font></p>
  
  <p align="center"><font size="2" face="Arial">Date of Report (Date of earliest event reported) April 13, 2004<br />
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;..............</font></p>
  
  <p align="center"><font size="2" face="Arial">RAYMOND JAMES FINANCIAL, INC.<br />
  (Exact name of registrant as specified in its charter)</font></p>
  
  <p><font size="2" face="Arial">&nbsp;</font></p>
  
  <p align="center"><font size="2" face="Arial">Florida&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1-9109&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No.
  59-1517485<br />
  .................................&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;............&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;....................<br />
  &nbsp;(State or other jurisdiction of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Commission&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I.R.S. Employer<br />
  &nbsp;&nbsp;incorporation&nbsp;or&nbsp;organization)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;File&nbsp;Number)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Identification&nbsp;No.)</font></p>
  
  <p><font size="2" face="Arial">&nbsp;</font></p>
  
  <p><font size="2" face="Arial">880 Carillon Parkway, St. Petersburg, Florida&nbsp; 33716<br />
  .........................................................<br />
  (Address of principal executive offices)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Zip Code)</font></p>
  
  <p><font size="2" face="Arial">Registrant's telephone number, including area code (727) 567-1000<br />
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;..............</font></p>
  
  <p><font size="2" face="Arial">_____________________________________________________________</font></p>
  
  <p><font size="2" face="Arial">(Former name or former address, if changed since last report.</font></p>
  
  <p><font size="2" face="Arial">ITEM 7. EXHIBITS</font></p>
  
  <p><font size="2" face="Arial">(c) exhibits</font></p>
  
  <p><font size="2" face="Arial">99.1 Raymond James Financial Inc.'s Press Release dated April 13, 2004</font></p>
  
  <p><font size="2" face="Arial">99.2 Supplemental segment information with respect to the financial information reflected in Exhibit 99.1</font></p>
  
  <p><font size="2" face="Arial">Item 9.&nbsp;&nbsp;REGULATION FD DISCLOSURE</font></p>
  
  <p><font size="2" face="Arial">Pursuant to Item 12, Raymond James Financial, Inc. is furnishing under Item 9 of this Current Report on Form 8-K the information included as Exhibits 99.1 and 99.2 to this report, which are hereby incorporated herein by
  reference.</font></p>
  
  <p><font size="2" face="Arial">The press release includes instructions as to how and when to access the Company's complementary quarterly conference call that will be available to all interested persons telephonically and by webcast through the Company's
  website.</font></p>
  
  <p><font size="2" face="Arial">SIGNATURES</font></p>
  
  <p><font size="2" face="Arial">&nbsp;</font></p>
  
  <p><font size="2" face="Arial">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.</font></p>
  
  <p><font size="2" face="Arial">&nbsp;</font></p>
  
  <p><font size="2" face="Arial">&nbsp;</font></p>
  
  <p><font size="2" face="Arial">________<u>April 13, 2004&nbsp;</u><br />
   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Date)</font></p>
  
  <p><font size="2" face="Arial">RAYMOND JAMES FINANCIAL, INC.</font></p>
  
  <p><font size="2" face="Arial">&nbsp;</font></p>
  
  <p><font size="2" face="Arial">&nbsp;</font></p>
  
  <p><font size="2" face="Arial">&nbsp;</font></p>
  
  <p><font size="2" face="Arial">&nbsp;</font></p>
  
  <p><font size="2" face="Arial">BY:&nbsp;/s/ <u>Thomas A. James</u><br />
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thomas A. James<br />
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chairman and Chief<br />
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Executive Officer</font></p>
  
  <p><font size="2" face="Arial">&nbsp;</font></p>
  
  <p><font size="2" face="Arial">&nbsp;</font></p>
  
  <p><font size="2" face="Arial">&nbsp;</font></p>
  
  <p><font size="2" face="Arial">BY:&nbsp;/s/ <u>Jeffrey P. Julien</u><br />
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jeffrey P. Julien<br />
  &nbsp;&nbsp;&nbsp;&nbsp;Senior Vice President - Finance<br />
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and Chief Financial Officer</font></p>
  
  <p><font size="2" face="Arial">Exhibit 99.1</font></p>
  
  <p><font size="2" face="Arial">Release No. 0404-04</font></p>
  
  <p><font size="2" face="Arial">April 13, 2004&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FOR IMMEDIATE RELEASE</font></p>
  
  <p><font size="2" face="Arial">RAYMOND JAMES FINANCIAL, INC.</font></p>
  
  <p><font size="2" face="Arial">REPORTS RECORD SECOND QUARTER RESULTS</font></p>
  
  <p><a name="OLE_LINK1"><font size="2" face="Arial">ST. PETERSBURG, Fla. &ndash;</font></a>Raymond James Financial, Inc. today reported unaudited net income of $43,068,000, or $0.58 per diluted share, for the second quarter ended March 26 on net revenues of
  $480,448,000 compared to net income of $15,194,000, or $0.21 per diluted share, on net revenues of $339,819,000, for fiscal 2003&rsquo;s second quarter.</p>
  
  <p><font size="2" face="Arial">Unaudited net income for the first half of fiscal 2004 was reported at $67,298,000, up from 2003&rsquo;s $29,622,000, while net revenues for the period increased to $894,435,000 from $671,214,000 the previous year.&nbsp; Diluted
  earnings per share were $0.91 versus $0.40 for last year&rsquo;s comparable period.</font></p>
  
  <p><font size="2" face="Arial">All per share amounts have been restated to reflect the effect of the March 2004 three&ndash;for-two stock split.</font></p>
  
  <p><font size="2" face="Arial">&ldquo;After a year of recovery, the market has infused investors with renewed confidence,&rdquo; stated Thomas A. James, chairman and CEO. &ldquo;As a result, commissions surged 42 percent over last year&rsquo;s anemic levels in the
  March quarter.&nbsp; The same forces increased investment banking revenues by 133 percent and investment advisory fees by 27 percent.</font></p>
  
  <p><font size="2" face="Arial">&ldquo;Conjoined with restricted expense growth, the expansion in revenues has increased margins and generated a 183 percent increment in unaudited net income over last year&rsquo;s second quarter.&nbsp; As a result of these factors,
  both revenues and net income vaulted to new historic quarterly records,&rdquo; he continued.</font></p>
  
  <p><font size="2" face="Arial">&ldquo;While it is unclear whether these factors can stay in alignment for the rest of the year, the domestic economy remains strong and corporate earnings are rising rapidly.&nbsp; Later this year, interest rates will probably begin to
  increase, dampening the robust growth in the economy, but the intermediate-term outlook is still benign as the rate of increase probably will be gradual,&rdquo; he concluded.</font></p>
  
  <p><font size="2" face="Arial">The company will conduct its quarterly conference call April 13 at 4:15 p.m. The telephone number is 800-773-5520. The call will also be available on demand on the company&rsquo;s Web site, www.RaymondJames.com, under About Our Company,
  Financial Results and SEC Filings.</font></p>
  
  <p><font size="2" face="Arial">Raymond James Financial, Inc. (NYSE - RJF) provides financial services to individuals, corporations and municipalities through its three wholly owned investment firms, Raymond James &amp; Associates, Raymond James Financial Services and
  Raymond James Ltd., which have over 5,000 financial advisors in more than 2,200 locations throughout the United States, Canada and internationally, as well as through its asset management subsidiaries, which currently manage in excess of $21.0 billion.</font></p>
  
  <table border="0" cellspacing="0" cellpadding="0" width="100%">
  <tr>
  <td colspan="12" valign="bottom">
  <p align="center"><b><font size="2" face="Arial">Raymond James Financial, Inc.</font></b></p>
  </td>
  </tr>
  
  <tr>
  <td colspan="12" valign="bottom">
  <p align="center"><b><font size="2" face="Arial">Unaudited Report</font></b></p>
  </td>
  </tr>
  
  <tr>
  <td colspan="12" valign="bottom">
  <p align="center"><font size="2" face="Arial">For the second quarter ended March 26, 2004</font></p>
  </td>
  </tr>
  
  <tr>
  <td colspan="12" valign="bottom">
  <p align="center"><font size="2" face="Arial">(all data in thousands, except per share earnings)</font></p>
  </td>
  </tr>
  
  <tr>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  </tr>
  
  <tr>
  <td valign="bottom"></td>
  <td colspan="5" valign="bottom">
  <p align="center"><font size="2" face="Arial">Second Quarter</font></p>
  </td>
  <td valign="bottom"></td>
  <td colspan="5" valign="bottom">
  <p align="center"><font size="2" face="Arial">Six Months</font></p>
  </td>
  </tr>
  
  <tr>
  <td valign="bottom"></td>
  <td colspan="5" valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="4" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td valign="bottom"></td>
  <td colspan="5" valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="4" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  </tr>
  
  <tr>
  <td valign="bottom"></td>
  <td valign="bottom">
  <p align="center"><font size="2" face="Arial">2004</font></p>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <p align="center"><font size="2" face="Arial">2003</font></p>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <p align="center"><font size="2" face="Arial">Percent Change</font></p>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <p align="center"><font size="2" face="Arial">2004</font></p>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <p align="center"><font size="2" face="Arial">2003</font></p>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <p align="center"><font size="2" face="Arial">Percent Change</font></p>
  </td>
  </tr>
  
  <tr>
  <td valign="bottom"></td>
  <td valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="4" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="4" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="4" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="4" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="4" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="4" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  </tr>
  
  <tr>
  <td valign="bottom">
  <p><font size="2" face="Arial">Revenues</font></p>
  </td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">$491,373</font></p>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">$350,497</font></p>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">40%</font></p>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">$916,033</font></p>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">$695,105</font></p>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">32%</font></p>
  </td>
  </tr>
  
  <tr>
  <td valign="bottom">
  <p><font size="2" face="Arial">Net Revenues</font></p>
  </td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">&nbsp; 480,448</font></p>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">339,819</font></p>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">41%</font></p>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">894,435</font></p>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">671,214</font></p>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">33%</font></p>
  </td>
  </tr>
  
  <tr>
  <td valign="bottom">
  <p><font size="2" face="Arial">Net Income</font></p>
  </td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">43,068</font></p>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">15,194</font></p>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">183%</font></p>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">67,298</font></p>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">29,622</font></p>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">127%</font></p>
  </td>
  </tr>
  
  <tr>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  </tr>
  
  <tr>
  <td valign="bottom">
  <p><font size="2" face="Arial">Earnings Per</font></p>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  </tr>
  
  <tr>
  <td valign="bottom">
  <p><font size="2" face="Arial">&nbsp; Share &ndash; Diluted</font></p>
  </td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">0.58</font></p>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">0.21</font></p>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">176%</font></p>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">0.91</font></p>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">0.40</font></p>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">128%</font></p>
  </td>
  </tr>
  
  <tr>
  <td valign="bottom">
  <p><font size="2" face="Arial">Average Shares</font></p>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  </tr>
  
  <tr>
  <td valign="bottom">
  <p><font size="2" face="Arial">&nbsp; Outstanding - Diluted</font></p>
  </td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">74,395</font></p>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">73,127</font></p>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">74,254</font></p>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">73,517</font></p>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  </tr>
  
  <tr>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
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  <td valign="bottom"></td>
  <td valign="bottom"></td>
  </tr>
  </table>
  
  <p align="center"><font size="2" face="Arial"></font></p>
  
  <div align="center">
  <table border="0" cellspacing="0" cellpadding="0" width="86%">
  <tr>
  <td valign="bottom"></td>
  <td colspan="7" valign="bottom">
  <p align="center"><b><font size="2" face="Arial">Balance Sheet Data</font></b></p>
  </td>
  </tr>
  
  <tr>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  <td valign="top"></td>
  <td valign="top"></td>
  <td valign="bottom"></td>
  </tr>
  
  <tr>
  <td valign="bottom"></td>
  <td valign="bottom">
  <p align="center"><font size="2" face="Arial">March</font></p>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <p align="center"><font size="2" face="Arial">Dec.</font></p>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <p align="center"><font size="2" face="Arial">Sept.</font></p>
  </td>
  <td valign="top"></td>
  <td valign="bottom">
  <p align="center"><font size="2" face="Arial">March</font></p>
  </td>
  </tr>
  
  <tr>
  <td valign="bottom"></td>
  <td valign="bottom">
  <p align="center"><font size="2" face="Arial">2004</font></p>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <p align="center"><font size="2" face="Arial">2003</font></p>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <p align="center"><font size="2" face="Arial">2003</font></p>
  </td>
  <td valign="top"></td>
  <td valign="bottom">
  <p align="center"><font size="2" face="Arial">2003</font></p>
  </td>
  </tr>
  
  <tr>
  <td valign="bottom"></td>
  <td valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="4" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="4" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="4" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td valign="top"></td>
  <td valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="4" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  </tr>
  
  <tr>
  <td valign="bottom">
  <p><font size="2" face="Arial">Total Assets</font></p>
  </td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">$7.4 bil.</font></p>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">$6.9 bil.</font></p>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">$6.9 bil.</font></p>
  </td>
  <td valign="top"></td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">$6.4 bil.</font></p>
  </td>
  </tr>
  
  <tr>
  <td valign="bottom">
  <p><font size="2" face="Arial">Shareholders' Equity</font></p>
  </td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">$1,003 mil.</font></p>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">$956 mil.</font></p>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">$925 mil.</font></p>
  </td>
  <td valign="top"></td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">$862 mil.</font></p>
  </td>
  </tr>
  
  <tr>
  <td valign="bottom">
  <p><font size="2" face="Arial">Book Value per share</font></p>
  </td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">&nbsp;&nbsp; $13.64</font></p>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">&nbsp;&nbsp; $13.07</font></p>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">&nbsp;&nbsp; $12.71</font></p>
  </td>
  <td valign="top"></td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">&nbsp;&nbsp; $11.85</font></p>
  </td>
  </tr>
  
  <tr>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  <td valign="top"></td>
  <td valign="bottom"></td>
  </tr>
  
  <tr>
  <td valign="bottom"></td>
  <td colspan="7" valign="bottom">
  <p align="center"><b><font size="2" face="Arial">Management Data</font></b></p>
  </td>
  </tr>
  
  <tr>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  <td valign="top"></td>
  <td valign="bottom"></td>
  </tr>
  
  <tr>
  <td valign="bottom"></td>
  <td valign="bottom">
  <p align="center"><font size="2" face="Arial">March</font></p>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <p align="center"><font size="2" face="Arial">Dec.</font></p>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <p align="center"><font size="2" face="Arial">Sept.</font></p>
  </td>
  <td valign="top"></td>
  <td valign="bottom">
  <p align="center"><font size="2" face="Arial">March</font></p>
  </td>
  </tr>
  
  <tr>
  <td valign="bottom"></td>
  <td valign="bottom">
  <p align="center"><font size="2" face="Arial">2004</font></p>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <p align="center"><font size="2" face="Arial">2003</font></p>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <p align="center"><font size="2" face="Arial">2003</font></p>
  </td>
  <td valign="top"></td>
  <td valign="bottom">
  <p align="center"><font size="2" face="Arial">2003</font></p>
  </td>
  </tr>
  
  <tr>
  <td valign="bottom"></td>
  <td valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="4" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="4" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="4" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td valign="top"></td>
  <td valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="4" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  </tr>
  
  <tr>
  <td valign="bottom">
  <p><font size="2" face="Arial">Total Financial Advisors:</font></p>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  <td valign="top"></td>
  <td valign="bottom"></td>
  </tr>
  
  <tr>
  <td valign="bottom">
  <p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp; US</font></p>
  </td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">4,824</font></p>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">&nbsp;&nbsp;&nbsp; 4,785</font></p>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">&nbsp;&nbsp;&nbsp; 4,770</font></p>
  </td>
  <td valign="top"></td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">4,993</font></p>
  </td>
  </tr>
  
  <tr>
  <td valign="bottom">
  <p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp; Canada</font></p>
  </td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">243</font></p>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 236</font></p>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 226</font></p>
  </td>
  <td valign="top"></td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">241</font></p>
  </td>
  </tr>
  
  <tr>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  <td valign="top"></td>
  <td valign="bottom"></td>
  </tr>
  
  <tr>
  <td valign="bottom">
  <p><font size="2" face="Arial"># Lead Managed/Co-Managed</font></p>
  
  <p><font size="2" face="Arial">&nbsp;&nbsp; Public Offerings in U.S.</font></p>
  </td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">26</font></p>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">&nbsp; 23</font></p>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">&nbsp; 27</font></p>
  </td>
  <td valign="top"></td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">4</font></p>
  </td>
  </tr>
  
  <tr>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  <td valign="top"></td>
  <td valign="bottom"></td>
  </tr>
  
  <tr>
  <td valign="bottom">
  <p><font size="2" face="Arial">Financial Assets Under Management</font></p>
  </td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">$21.0 bil.</font></p>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">$20.1 bil.</font></p>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">$18.8 bil.</font></p>
  </td>
  <td valign="top"></td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">$16.3 bil.</font></p>
  </td>
  </tr>
  </table>
  </div>
  
  <p><font size="2" face="Arial"></font></p>
  
  <table border="0" cellspacing="0" cellpadding="0" width="87%">
  <tr>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  <td valign="top"></td>
  <td valign="top"></td>
  <td valign="bottom"></td>
  </tr>
  
  <tr>
  <td valign="bottom"></td>
  <td valign="bottom">
  <p align="center"><font size="2" face="Arial">March</font></p>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <p align="center"><font size="2" face="Arial">Dec.</font></p>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <p align="center"><font size="2" face="Arial">Sept.</font></p>
  </td>
  <td valign="top"></td>
  <td valign="bottom">
  <p align="center"><font size="2" face="Arial">March</font></p>
  </td>
  </tr>
  
  <tr>
  <td valign="bottom"></td>
  <td valign="bottom">
  <p align="center"><font size="2" face="Arial">2004</font></p>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <p align="center"><font size="2" face="Arial">2003</font></p>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <p align="center"><font size="2" face="Arial">2003</font></p>
  </td>
  <td valign="top"></td>
  <td valign="bottom">
  <p align="center"><font size="2" face="Arial">2003</font></p>
  </td>
  </tr>
  
  <tr>
  <td valign="bottom"></td>
  <td valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="4" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="4" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="4" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td valign="top"></td>
  <td valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="4" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  </tr>
  
  <tr>
  <td valign="bottom">
  <p><font size="2" face="Arial">Client Assets</font></p>
  </td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">$107 bil.</font></p>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">$103 bil.</font></p>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">$96 bil.</font></p>
  </td>
  <td valign="top"></td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">$84 bil.</font></p>
  </td>
  </tr>
  
  <tr>
  <td valign="bottom">
  <p><font size="2" face="Arial">Client Margin Balances</font></p>
  </td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">$1,074 mil.</font></p>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">$1,014 mil.</font></p>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">955 mil.</font></p>
  </td>
  <td valign="top"></td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">$913 mil.</font></p>
  </td>
  </tr>
  
  <tr>
  <td valign="bottom">
  <p><font size="2" face="Arial">Client Trade Volume</font></p>
  </td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">1,995,000</font></p>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">1,729,000</font></p>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">1,587,000</font></p>
  </td>
  <td valign="top"></td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">1,466,000</font></p>
  </td>
  </tr>
  
  <tr>
  <td valign="bottom">
  <p><font size="2" face="Arial"># of Client Accounts</font></p>
  </td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">1,314,000</font></p>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">1,299,000</font></p>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">1,210,000</font></p>
  </td>
  <td valign="top"></td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">1,272,000</font></p>
  </td>
  </tr>
  </table>
  
  <p align="center"><font size="2" face="Arial">For additional information, contact</font></p>
  
  <p align="center"><font size="2" face="Arial">Mike White at 727-567-5171.</font></p>
  
  <p align="center"><font size="2" face="Arial">Please visit the Raymond James Press Center at http://www.RaymondJames.com/media.htm.</font></p>
  
  <p><font size="2" face="Arial"><br clear="all" />
  </font></p>
  
  <table border="0" cellspacing="0" cellpadding="0" width="110%">
  <tr>
  <td nowrap colspan="12" valign="bottom">
  <p align="center"><b><font size="2" face="Arial">RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES</font></b></p>
  </td>
  </tr>
  
  <tr>
  <td nowrap colspan="12" valign="bottom">
  <p align="center"><b><font size="2" face="Arial">CONSOLIDATED STATEMENT OF OPERATIONS</font></b></p>
  </td>
  </tr>
  
  <tr>
  <td nowrap colspan="12" valign="bottom">
  <p align="center"><b><font size="2" face="Arial">(UNAUDITED)</font></b></p>
  </td>
  </tr>
  
  <tr>
  <td nowrap colspan="12" valign="bottom">
  <p align="center"><b><font size="2" face="Arial">Quarter-to-Date</font></b></p>
  </td>
  </tr>
  
  <tr>
  <td nowrap colspan="2" valign="bottom">
  <p><font size="2" face="Arial">(in thousands, except per share amounts)</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  </tr>
  
  <tr>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p><font size="2" face="Arial">&nbsp;</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap colspan="3" valign="bottom">
  <p align="center"><i><font size="2" face="Arial">Three Months Ended</font></i></p>
  </td>
  <td nowrap valign="bottom">
  <p><font size="2" face="Arial">&nbsp;</font></p>
  </td>
  <td nowrap valign="bottom">
  <p><font size="2" face="Arial">&nbsp;</font></p>
  </td>
  <td nowrap valign="bottom">
  <p><font size="2" face="Arial">&nbsp;</font></p>
  </td>
  <td nowrap valign="bottom">
  <p><font size="2" face="Arial">&nbsp;</font></p>
  </td>
  <td nowrap valign="bottom">
  <p><font size="2" face="Arial">&nbsp;</font></p>
  </td>
  <td nowrap valign="bottom">
  <p><font size="2" face="Arial">&nbsp;</font></p>
  </td>
  </tr>
  
  <tr>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap colspan="9" valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="4" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  </tr>
  
  <tr>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="center"><b><font size="2" face="Arial">March 26,</font></b></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="center"><b><font size="2" face="Arial">March 28,</font></b></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="center"><b><font size="2" face="Arial">%</font></b></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="center"><b><font size="2" face="Arial">December 26,</font></b></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="center"><b><font size="2" face="Arial">%</font></b></p>
  </td>
  </tr>
  
  <tr>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="center"><b><font size="2" face="Arial">2004</font></b></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="center"><b><font size="2" face="Arial">2003</font></b></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="center"><b><font size="2" face="Arial">change</font></b></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="center"><b><font size="2" face="Arial">2003</font></b></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="center"><b><font size="2" face="Arial">change</font></b></p>
  </td>
  </tr>
  
  <tr>
  <td nowrap colspan="2" valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="4" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="4" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="4" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="4" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="4" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  </tr>
  
  <tr>
  <td nowrap colspan="2" valign="bottom">
  <p><font size="2" face="Arial">Revenues:</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  </tr>
  
  <tr>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p><font size="2" face="Arial">Securities commissions and fees</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 352,039</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">$&nbsp;&nbsp; 247,557</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">42%</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">$&nbsp;&nbsp; 303,291</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">16%</font></p>
  </td>
  </tr>
  
  <tr>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p><font size="2" face="Arial">Investment&nbsp; banking</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">32,065</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">13,740</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">133%</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">19,726</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">63%</font></p>
  </td>
  </tr>
  
  <tr>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p><font size="2" face="Arial">Investment advisory fees</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">34,460</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">27,232</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">27%</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">31,958</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">8%</font></p>
  </td>
  </tr>
  
  <tr>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p><font size="2" face="Arial">Interest</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">31,575</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">31,000</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">2%</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">31,156</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">1%</font></p>
  </td>
  </tr>
  
  <tr>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p><font size="2" face="Arial">Net trading profits</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">4,512</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">5,456</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">-17%</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">6,779</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">-33%</font></p>
  </td>
  </tr>
  
  <tr>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p><font size="2" face="Arial">Financial service fees</font></p>
  </td>
  <td nowrap valign="bottom">
  <p><font size="2" face="Arial">&nbsp;</font></p>
  </td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">21,571</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">15,583</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">38%</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">18,702</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">15%</font></p>
  </td>
  </tr>
  
  <tr>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p><font size="2" face="Arial">Other</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">15,151</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">9,929</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">53%</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">13,048</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">16%</font></p>
  </td>
  </tr>
  
  <tr height="22">
  <td nowrap height="22" valign="top"></td>
  <td nowrap height="22" valign="top"></td>
  <td nowrap height="22" valign="top"></td>
  <td nowrap height="22" valign="top">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap height="22" valign="top"></td>
  <td nowrap height="22" valign="top">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap height="22" valign="top"></td>
  <td nowrap height="22" valign="top">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap height="22" valign="top"></td>
  <td nowrap height="22" valign="top">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap height="22" valign="top"></td>
  <td nowrap height="22" valign="top">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  </tr>
  
  <tr>
  <td nowrap colspan="2" valign="bottom">
  <p><b><font size="2" face="Arial">TOTAL REVENUES</font></b></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">491,373</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">350,497</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">40%</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">424,660</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">16%</font></p>
  </td>
  </tr>
  
  <tr>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  </tr>
  
  <tr>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p><font size="2" face="Arial">Interest Expense</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">10,925</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">10,678</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">2%</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">10,673</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">2%</font></p>
  </td>
  </tr>
  
  <tr>
  <td nowrap colspan="2" valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  </tr>
  
  <tr>
  <td nowrap colspan="2" valign="bottom">
  <p><b><font size="2" face="Arial">NET REVENUES</font></b></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">480,448</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">339,819</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">41%</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">413,987</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">16%</font></p>
  </td>
  </tr>
  
  <tr>
  <td nowrap valign="top"></td>
  <td nowrap valign="top"></td>
  <td nowrap valign="top"></td>
  <td nowrap valign="top">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="top"></td>
  <td nowrap valign="top">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="top"></td>
  <td nowrap valign="top">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="top"></td>
  <td nowrap valign="top">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="top"></td>
  <td nowrap valign="top">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  </tr>
  
  <tr>
  <td nowrap colspan="2" valign="bottom">
  <p><font size="2" face="Arial">Non-Interest Expenses</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  </tr>
  
  <tr>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p><font size="2" face="Arial">Compensation, commissions and benefits</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">341,370</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">248,951</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">37%</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">300,660</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">14%</font></p>
  </td>
  </tr>
  
  <tr>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p><font size="2" face="Arial">Communications and information processing</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">21,354</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">19,842</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">8%</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">19,196</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">11%</font></p>
  </td>
  </tr>
  
  <tr>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p><font size="2" face="Arial">Occupancy and equipment costs</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">15,229</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">14,942</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">2%</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">15,293</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">0%</font></p>
  </td>
  </tr>
  
  <tr>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p><font size="2" face="Arial">Clearance and floor brokerage</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">5,320</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">4,147</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">28%</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">5,052</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">5%</font></p>
  </td>
  </tr>
  
  <tr>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p><font size="2" face="Arial">Business development</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">13,854</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">11,184</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">24%</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">12,943</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">7%</font></p>
  </td>
  </tr>
  
  <tr>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p><font size="2" face="Arial">Other</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">16,414</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">16,482</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">0%</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">21,888</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">-25%</font></p>
  </td>
  </tr>
  
  <tr>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  </tr>
  
  <tr>
  <td nowrap colspan="2" valign="bottom">
  <p><b><font size="2" face="Arial">TOTAL NON-INTEREST EXPENSES</font></b></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">413,541</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">315,548</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">31%</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">375,032</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">10%</font></p>
  </td>
  </tr>
  
  <tr>
  <td nowrap valign="top"></td>
  <td nowrap valign="top"></td>
  <td nowrap valign="top"></td>
  <td nowrap valign="top">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="top"></td>
  <td nowrap valign="top">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="top"></td>
  <td nowrap valign="top">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="top"></td>
  <td nowrap valign="top">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="top"></td>
  <td nowrap valign="top">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  </tr>
  
  <tr>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p><font size="2" face="Arial">Income before provision for income taxes</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">66,907</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">24,271</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">176%</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">38,955</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">72%</font></p>
  </td>
  </tr>
  
  <tr>
  <td nowrap colspan="2" valign="bottom">
  <p><font size="2" face="Arial">Provision for income taxes</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">23,839</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">9,077</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">163%</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">14,725</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">62%</font></p>
  </td>
  </tr>
  
  <tr>
  <td nowrap colspan="2" valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  </tr>
  
  <tr>
  <td nowrap colspan="2" valign="bottom">
  <p><b><font size="2" face="Arial">Net Income</font></b></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><b><font size="2" face="Arial">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43,068</font></b></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><b><font size="2" face="Arial">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15,194</font></b></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">183%</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><b><font size="2" face="Arial">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24,230</font></b></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">78%</font></p>
  </td>
  </tr>
  
  <tr>
  <td nowrap colspan="2" valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="4" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="4" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="4" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="4" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  </tr>
  
  <tr>
  <td nowrap colspan="2" valign="bottom">
  <p><b><font size="2" face="Arial">Net Income per share basic</font></b></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><b><font size="2" face="Arial">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.59</font></b></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><b><font size="2" face="Arial">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.21</font></b></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">181%</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><b><font size="2" face="Arial">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33</font></b></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">79%</font></p>
  </td>
  </tr>
  
  <tr>
  <td nowrap colspan="2" valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="4" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="4" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="4" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="4" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  </tr>
  
  <tr>
  <td nowrap colspan="2" valign="bottom">
  <p><b><font size="2" face="Arial">Net Income per share diluted</font></b></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><b><font size="2" face="Arial">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.58</font></b></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><b><font size="2" face="Arial">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.21</font></b></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">176%</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><b><font size="2" face="Arial">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33</font></b></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">76%</font></p>
  </td>
  </tr>
  
  <tr>
  <td nowrap colspan="2" valign="bottom">
  <p><b><font size="2" face="Arial">Weighted average common shares</font></b></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="4" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="4" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="4" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="4" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  </tr>
  
  <tr>
  <td nowrap colspan="2" valign="bottom">
  <p><b><font size="2" face="Arial">&nbsp;&nbsp;&nbsp; outstanding-basic</font></b></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><b><font size="2" face="Arial">73,352</font></b></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><b><font size="2" face="Arial">72,702</font></b></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><b><font size="2" face="Arial">72,881</font></b></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  </tr>
  
  <tr>
  <td nowrap colspan="2" valign="bottom">
  <p><b><font size="2" face="Arial">Weighted average common and common</font></b></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="4" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="4" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="4" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  </tr>
  
  <tr>
  <td nowrap colspan="2" valign="bottom">
  <p><b><font size="2" face="Arial">&nbsp;&nbsp;&nbsp; equivalent shares outstanding-diluted</font></b></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><b><font size="2" face="Arial">74,395</font></b></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><b><font size="2" face="Arial">73,127</font></b></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><b><font size="2" face="Arial">74,111</font></b></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  </tr>
  
  <tr>
  <td nowrap colspan="2" valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="4" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="4" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="4" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  </tr>
  </table>
  
  <p><font size="2" face="Arial"></font></p>
  
  <table border="0" cellspacing="0" cellpadding="0" width="611">
  <tr>
  <td nowrap colspan="8" valign="bottom">
  <p align="center"><b><font size="2" face="Arial">RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES</font></b></p>
  </td>
  </tr>
  
  <tr>
  <td nowrap colspan="8" valign="bottom">
  <p align="center"><b><font size="2" face="Arial">CONSOLIDATED STATEMENT OF OPERATIONS</font></b></p>
  </td>
  </tr>
  
  <tr>
  <td nowrap colspan="8" valign="bottom">
  <p align="center"><b><font size="2" face="Arial">(UNAUDITED)</font></b></p>
  </td>
  </tr>
  
  <tr>
  <td nowrap colspan="8" valign="bottom">
  <p align="center"><b><font size="2" face="Arial">Year-to-Date</font></b></p>
  </td>
  </tr>
  
  <tr>
  <td nowrap colspan="2" valign="bottom">
  <p><font size="2" face="Arial">(in thousands, except per share amounts)</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  </tr>
  
  <tr>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap colspan="3" valign="bottom">
  <p align="center"><i><font size="2" face="Arial">Six Months Ended</font></i></p>
  </td>
  <td nowrap valign="bottom">
  <p><font size="2" face="Arial">&nbsp;</font></p>
  </td>
  <td nowrap valign="bottom">
  <p><font size="2" face="Arial">&nbsp;</font></p>
  </td>
  </tr>
  
  <tr>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap colspan="5" valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="4" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  </tr>
  
  <tr>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="center"><b><font size="2" face="Arial">March 26,</font></b></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="center"><b><font size="2" face="Arial">March 28,</font></b></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="center"><b><font size="2" face="Arial">%</font></b></p>
  </td>
  </tr>
  
  <tr>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="center"><b><font size="2" face="Arial">2004</font></b></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="center"><b><font size="2" face="Arial">2003</font></b></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="center"><b><font size="2" face="Arial">change</font></b></p>
  </td>
  </tr>
  
  <tr>
  <td nowrap colspan="2" valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="4" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="4" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="4" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  </tr>
  
  <tr>
  <td nowrap colspan="2" valign="bottom">
  <p><font size="2" face="Arial">Revenues:</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  </tr>
  
  <tr>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p><font size="2" face="Arial">Securities commissions and fees</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 655,330</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">$&nbsp;&nbsp;&nbsp;&nbsp; 485,405</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">35%</font></p>
  </td>
  </tr>
  
  <tr>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p><font size="2" face="Arial">Investment&nbsp; banking</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">51,791</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">24,948</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">108%</font></p>
  </td>
  </tr>
  
  <tr>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p><font size="2" face="Arial">Investment advisory fees</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">66,418</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">53,515</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">24%</font></p>
  </td>
  </tr>
  
  <tr>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p><font size="2" face="Arial">Interest</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">62,731</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">65,646</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">-4%</font></p>
  </td>
  </tr>
  
  <tr>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p><font size="2" face="Arial">Net trading profits</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">11,291</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">9,163</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">23%</font></p>
  </td>
  </tr>
  
  <tr>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p><font size="2" face="Arial">Financial service fees</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">40,273</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">31,089</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">30%</font></p>
  </td>
  </tr>
  
  <tr>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p><font size="2" face="Arial">Other</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">28,199</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">25,339</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">11%</font></p>
  </td>
  </tr>
  
  <tr>
  <td nowrap valign="top"></td>
  <td nowrap valign="top"></td>
  <td nowrap valign="top"></td>
  <td nowrap valign="top">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="top"></td>
  <td nowrap valign="top">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="top"></td>
  <td nowrap valign="top">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  </tr>
  
  <tr>
  <td nowrap colspan="2" valign="bottom">
  <p><b><font size="2" face="Arial">TOTAL REVENUES</font></b></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">916,033</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">695,105</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">32%</font></p>
  </td>
  </tr>
  
  <tr>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="top">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="top"></td>
  <td nowrap valign="top">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="top"></td>
  <td nowrap valign="top">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  </tr>
  
  <tr>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p><font size="2" face="Arial">Interest Expense</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">21,598</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">23,891</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">-10%</font></p>
  </td>
  </tr>
  
  <tr>
  <td nowrap colspan="2" valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="top">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="top"></td>
  <td nowrap valign="top">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="top"></td>
  <td nowrap valign="top">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  </tr>
  
  <tr>
  <td nowrap colspan="2" valign="bottom">
  <p><b><font size="2" face="Arial">NET REVENUES</font></b></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">894,435</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">671,214</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">33%</font></p>
  </td>
  </tr>
  
  <tr>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="top">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="top"></td>
  <td nowrap valign="top">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="top"></td>
  <td nowrap valign="top">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  </tr>
  
  <tr>
  <td nowrap colspan="2" valign="bottom">
  <p><font size="2" face="Arial">Non-Interest Expenses</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  </tr>
  
  <tr>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p><font size="2" face="Arial">Compensation, commissions and benefits</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">642,030</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">483,817</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">33%</font></p>
  </td>
  </tr>
  
  <tr>
  <td nowrap valign="bottom"></td>
  <td nowrap colspan="2" valign="bottom">
  <p><font size="2" face="Arial">Communications and information processing</font></p>
  </td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">40,550</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">38,808</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">4%</font></p>
  </td>
  </tr>
  
  <tr>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p><font size="2" face="Arial">Occupancy and equipment costs</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">30,522</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">30,590</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">0%</font></p>
  </td>
  </tr>
  
  <tr>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p><font size="2" face="Arial">Clearance and floor brokerage</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">10,372</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">7,678</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">35%</font></p>
  </td>
  </tr>
  
  <tr>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p><font size="2" face="Arial">Business development</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">26,797</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">23,461</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">14%</font></p>
  </td>
  </tr>
  
  <tr>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p><font size="2" face="Arial">Other</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">38,302</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">39,224</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">-2%</font></p>
  </td>
  </tr>
  
  <tr>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="top">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="top"></td>
  <td nowrap valign="top">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="top"></td>
  <td nowrap valign="top">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  </tr>
  
  <tr>
  <td nowrap colspan="2" valign="bottom">
  <p><b><font size="2" face="Arial">TOTAL NON-INTEREST EXPENSES</font></b></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">788,573</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">623,578</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">26%</font></p>
  </td>
  </tr>
  
  <tr>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="top">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="top"></td>
  <td nowrap valign="top">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="top"></td>
  <td nowrap valign="top">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  </tr>
  
  <tr>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p><font size="2" face="Arial">Income before provision for income taxes</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">105,862</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">47,636</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">122%</font></p>
  </td>
  </tr>
  
  <tr>
  <td nowrap colspan="2" valign="bottom">
  <p><font size="2" face="Arial">Provision for income taxes</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">38,564</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">18,014</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">114%</font></p>
  </td>
  </tr>
  
  <tr>
  <td nowrap colspan="2" valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="top">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="top"></td>
  <td nowrap valign="top">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="top"></td>
  <td nowrap valign="top">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  </tr>
  
  <tr>
  <td nowrap colspan="2" valign="bottom">
  <p><b><font size="2" face="Arial">Net Income</font></b></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><b><font size="2" face="Arial">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67,298</font></b></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><b><font size="2" face="Arial">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29,622</font></b></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">127%</font></p>
  </td>
  </tr>
  
  <tr>
  <td nowrap colspan="2" valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="4" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="4" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="4" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  </tr>
  
  <tr>
  <td nowrap colspan="2" valign="bottom">
  <p><b><font size="2" face="Arial">Net Income per share basic</font></b></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><b><font size="2" face="Arial">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.92</font></b></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><b><font size="2" face="Arial">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.41</font></b></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">124%</font></p>
  </td>
  </tr>
  
  <tr>
  <td nowrap colspan="2" valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="4" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="4" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="4" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  </tr>
  
  <tr>
  <td nowrap colspan="2" valign="bottom">
  <p><b><font size="2" face="Arial">Net Income per share diluted</font></b></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><b><font size="2" face="Arial">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.91</font></b></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><b><font size="2" face="Arial">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.40</font></b></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">128%</font></p>
  </td>
  </tr>
  
  <tr>
  <td nowrap colspan="2" valign="bottom">
  <p><b><font size="2" face="Arial">Weighted average common shares</font></b></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="4" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="4" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="4" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  </tr>
  
  <tr>
  <td nowrap colspan="2" valign="bottom">
  <p><b><font size="2" face="Arial">&nbsp;&nbsp;&nbsp; outstanding-basic</font></b></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><b><font size="2" face="Arial">73,117</font></b></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><b><font size="2" face="Arial">72,923</font></b></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  </tr>
  
  <tr>
  <td nowrap colspan="2" valign="bottom">
  <p><b><font size="2" face="Arial">Weighted average common and common</font></b></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="4" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="4" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  </tr>
  
  <tr>
  <td nowrap colspan="2" valign="bottom">
  <p><b><font size="2" face="Arial">&nbsp;&nbsp;&nbsp; equivalent shares outstanding-diluted</font></b></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><b><font size="2" face="Arial">74,254</font></b></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><b><font size="2" face="Arial">73,517</font></b></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  </tr>
  
  <tr>
  <td nowrap colspan="2" valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="4" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="4" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  </tr>
  </table>
  
  <h1><b><font size="2" face="Arial">Exhibit 99.2</font></b></h1>
  
  <div align="center">
  <table border="0" cellspacing="0" cellpadding="0" width="103%">
  <tr height="21">
  <td height="21" valign="bottom"></td>
  <td colspan="11" height="21" valign="bottom">
  <p align="center"><b><font size="2" face="Courier New">Segment Data</font></b></p>
  </td>
  <td height="21" valign="top"></td>
  </tr>
  
  <tr height="21">
  <td height="21" valign="bottom"></td>
  <td colspan="5" height="21" valign="bottom">
  <p align="center"><font size="2" face="Courier New">Second Quarter</font></p>
  </td>
  <td height="21" valign="bottom"></td>
  <td colspan="5" height="21" valign="bottom">
  <p align="center"><font size="2" face="Courier New">Six Months</font></p>
  </td>
  <td height="21" valign="top"></td>
  </tr>
  
  <tr height="21">
  <td height="21" valign="bottom"></td>
  <td height="21" valign="bottom">
  <p align="center"><font size="2" face="Courier New">2004</font></p>
  </td>
  <td height="21" valign="top"></td>
  <td height="21" valign="bottom">
  <p align="center"><font size="2" face="Courier New">2003</font></p>
  </td>
  <td height="21" valign="bottom"></td>
  <td height="21" valign="bottom">
  <p align="center"><font size="2" face="Courier New">Percent Change</font></p>
  </td>
  <td height="21" valign="bottom"></td>
  <td height="21" valign="bottom">
  <p align="center"><font size="2" face="Courier New">2004</font></p>
  </td>
  <td height="21" valign="top"></td>
  <td height="21" valign="bottom">
  <p align="center"><font size="2" face="Courier New">2003</font></p>
  </td>
  <td height="21" valign="top"></td>
  <td height="21" valign="bottom">
  <p align="center"><font size="2" face="Courier New">Percent Change</font></p>
  </td>
  <td height="21" valign="top"></td>
  </tr>
  
  <tr height="21">
  <td height="21" valign="bottom"></td>
  <td height="21" valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="4" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td height="21" valign="top"></td>
  <td height="21" valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="4" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td height="21" valign="bottom"></td>
  <td height="21" valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="4" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td height="21" valign="bottom"></td>
  <td height="21" valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="4" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td height="21" valign="top"></td>
  <td height="21" valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="4" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td height="21" valign="top"></td>
  <td height="21" valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="4" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td height="21" valign="top"></td>
  </tr>
  
  <tr height="21">
  <td height="21" valign="bottom">
  <p><u><font size="2" face="Courier New">Revenues:</font></u></p>
  </td>
  <td height="21" valign="bottom"></td>
  <td height="21" valign="top"></td>
  <td height="21" valign="bottom"></td>
  <td height="21" valign="bottom"></td>
  <td height="21" valign="bottom"></td>
  <td height="21" valign="bottom"></td>
  <td height="21" valign="bottom"></td>
  <td height="21" valign="top"></td>
  <td height="21" valign="bottom"></td>
  <td height="21" valign="top"></td>
  <td height="21" valign="bottom"></td>
  <td height="21" valign="top"></td>
  </tr>
  
  <tr height="21">
  <td height="21" valign="bottom">
  <p><font size="2" face="Courier New">Private Client Group</font></p>
  </td>
  <td height="21" valign="bottom">
  <p align="right"><font size="2" face="Courier New">$327,416&nbsp;</font></p>
  </td>
  <td height="21" valign="top"></td>
  <td height="21" valign="bottom">
  <p align="right"><font size="2" face="Courier New">$233,122&nbsp;</font></p>
  </td>
  <td height="21" valign="bottom"></td>
  <td height="21" valign="bottom">
  <p align="right"><font size="2" color="black" face="Courier New">40%&nbsp;</font></p>
  </td>
  <td height="21" valign="bottom"></td>
  <td height="21" valign="bottom">
  <p align="right"><font size="2" face="Courier New">$614,219&nbsp;</font></p>
  </td>
  <td height="21" valign="bottom"></td>
  <td height="21" valign="bottom">
  <p align="right"><font size="2" face="Courier New">$461,603&nbsp;</font></p>
  </td>
  <td height="21" valign="top"></td>
  <td height="21" valign="bottom">
  <p align="right"><font size="2" color="black" face="Courier New">33%&nbsp;</font></p>
  </td>
  <td height="21" valign="top"></td>
  </tr>
  
  <tr height="21">
  <td height="21" valign="bottom">
  <p><font size="2" face="Courier New">Capital Markets</font></p>
  </td>
  <td height="21" valign="bottom">
  <p align="right"><font size="2" face="Courier New">113,246&nbsp;</font></p>
  </td>
  <td height="21" valign="top"></td>
  <td height="21" valign="bottom">
  <p align="right"><font size="2" face="Courier New">78,335&nbsp;</font></p>
  </td>
  <td height="21" valign="bottom"></td>
  <td height="21" valign="bottom">
  <p align="right"><font size="2" color="black" face="Courier New">45%&nbsp;</font></p>
  </td>
  <td height="21" valign="bottom"></td>
  <td height="21" valign="bottom">
  <p align="right"><font size="2" face="Courier New">204,853&nbsp;</font></p>
  </td>
  <td height="21" valign="bottom"></td>
  <td height="21" valign="bottom">
  <p align="right"><font size="2" face="Courier New">147,592&nbsp;</font></p>
  </td>
  <td height="21" valign="top"></td>
  <td height="21" valign="bottom">
  <p align="right"><font size="2" color="black" face="Courier New">39%&nbsp;</font></p>
  </td>
  <td height="21" valign="top"></td>
  </tr>
  
  <tr height="21">
  <td height="21" valign="bottom">
  <p><font size="2" face="Courier New">Asset Management</font></p>
  </td>
  <td height="21" valign="bottom">
  <p align="right"><font size="2" face="Courier New">38,270&nbsp;</font></p>
  </td>
  <td height="21" valign="top"></td>
  <td height="21" valign="bottom">
  <p align="right"><font size="2" face="Courier New">29,922&nbsp;</font></p>
  </td>
  <td height="21" valign="bottom"></td>
  <td height="21" valign="bottom">
  <p align="right"><font size="2" color="black" face="Courier New">28%&nbsp;</font></p>
  </td>
  <td height="21" valign="bottom"></td>
  <td height="21" valign="bottom">
  <p align="right"><font size="2" face="Courier New">72,181&nbsp;</font></p>
  </td>
  <td height="21" valign="bottom"></td>
  <td height="21" valign="bottom">
  <p align="right"><font size="2" face="Courier New">59,133&nbsp;</font></p>
  </td>
  <td height="21" valign="top"></td>
  <td height="21" valign="bottom">
  <p align="right"><font size="2" color="black" face="Courier New">22%&nbsp;</font></p>
  </td>
  <td height="21" valign="top"></td>
  </tr>
  
  <tr height="21">
  <td height="21" valign="bottom">
  <p><font size="2" face="Courier New">RJ Bank</font></p>
  </td>
  <td height="21" valign="bottom">
  <p align="right"><font size="2" face="Courier New">6,897&nbsp;</font></p>
  </td>
  <td height="21" valign="top"></td>
  <td height="21" valign="bottom">
  <p align="right"><font size="2" face="Courier New">6,993&nbsp;</font></p>
  </td>
  <td height="21" valign="bottom"></td>
  <td height="21" valign="bottom">
  <p align="right"><font size="2" color="black" face="Courier New">(1%)</font></p>
  </td>
  <td height="21" valign="bottom"></td>
  <td height="21" valign="bottom">
  <p align="right"><font size="2" face="Courier New">13,455&nbsp;</font></p>
  </td>
  <td height="21" valign="bottom"></td>
  <td height="21" valign="bottom">
  <p align="right"><font size="2" face="Courier New">14,987&nbsp;</font></p>
  </td>
  <td height="21" valign="top"></td>
  <td height="21" valign="bottom">
  <p align="right"><font size="2" color="black" face="Courier New">(10%)</font></p>
  </td>
  <td height="21" valign="top"></td>
  </tr>
  
  <tr height="21">
  <td height="21" valign="bottom">
  <p><font size="2" face="Courier New">Other</font></p>
  </td>
  <td height="21" valign="bottom">
  <p align="right"><font size="2" face="Courier New">5,544&nbsp;</font></p>
  </td>
  <td height="21" valign="top"></td>
  <td height="21" valign="bottom">
  <p align="right"><font size="2" face="Courier New">2,125&nbsp;</font></p>
  </td>
  <td height="21" valign="bottom"></td>
  <td height="21" valign="bottom">
  <p align="right"><font size="2" color="black" face="Courier New">161%&nbsp;</font></p>
  </td>
  <td height="21" valign="bottom"></td>
  <td height="21" valign="bottom">
  <p align="right"><font size="2" face="Courier New">11,325&nbsp;</font></p>
  </td>
  <td height="21" valign="bottom"></td>
  <td height="21" valign="bottom">
  <p align="right"><font size="2" face="Courier New">11,790&nbsp;</font></p>
  </td>
  <td height="21" valign="top"></td>
  <td height="21" valign="bottom">
  <p align="right"><font size="2" color="black" face="Courier New">(4%)</font></p>
  </td>
  <td height="21" valign="top"></td>
  </tr>
  
  <tr height="21">
  <td height="21" valign="top"></td>
  <td height="21" valign="top">
  <div><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="left" />
  </div>
  </td>
  <td height="21" valign="top"></td>
  <td height="21" valign="top">
  <div><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="left" />
  </div>
  </td>
  <td height="21" valign="top"></td>
  <td height="21" valign="top">
  <div><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="left" />
  </div>
  </td>
  <td height="21" valign="top"></td>
  <td height="21" valign="top">
  <div><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="left" />
  </div>
  </td>
  <td height="21" valign="top"></td>
  <td height="21" valign="top">
  <div><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="left" />
  </div>
  </td>
  <td height="21" valign="top"></td>
  <td height="21" valign="top">
  <div><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="left" />
  </div>
  </td>
  <td height="21" valign="top"></td>
  </tr>
  
  <tr height="21">
  <td height="21" valign="bottom">
  <p><font size="2" face="Courier New">Total</font></p>
  </td>
  <td height="21" valign="bottom">
  <p align="right"><font size="2" face="Courier New">$491,373&nbsp;</font></p>
  </td>
  <td height="21" valign="top"></td>
  <td height="21" valign="bottom">
  <p align="right"><font size="2" face="Courier New">$350,497&nbsp;</font></p>
  </td>
  <td height="21" valign="bottom"></td>
  <td height="21" valign="bottom">
  <p align="right"><font size="2" color="black" face="Courier New">40%&nbsp;</font></p>
  </td>
  <td height="21" valign="bottom"></td>
  <td height="21" valign="bottom">
  <p align="right"><font size="2" face="Courier New">$916,033&nbsp;</font></p>
  </td>
  <td height="21" valign="bottom"></td>
  <td height="21" valign="bottom">
  <p align="right"><font size="2" face="Courier New">$695,105&nbsp;</font></p>
  </td>
  <td height="21" valign="top"></td>
  <td height="21" valign="bottom">
  <p align="right"><font size="2" color="black" face="Courier New">32%&nbsp;</font></p>
  </td>
  <td height="21" valign="top"></td>
  </tr>
  
  <tr height="21">
  <td height="21" valign="top"></td>
  <td height="21" valign="top">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="4" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td height="21" valign="top"></td>
  <td height="21" valign="top">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="4" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td height="21" valign="top"></td>
  <td height="21" valign="top">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="4" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td height="21" valign="top"></td>
  <td height="21" valign="top">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="4" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td height="21" valign="top"></td>
  <td height="21" valign="top">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="4" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td height="21" valign="top"></td>
  <td height="21" valign="top">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="4" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td height="21" valign="top"></td>
  </tr>
  
  <tr height="21">
  <td height="21" valign="bottom"></td>
  <td colspan="11" height="21" valign="bottom"></td>
  <td height="21" valign="top"></td>
  </tr>
  
  <tr height="21">
  <td height="21" valign="bottom">
  <p><u><font size="2" face="Courier New">Pre-tax Income:</font></u></p>
  </td>
  <td height="21" valign="bottom"></td>
  <td height="21" valign="top"></td>
  <td height="21" valign="bottom"></td>
  <td height="21" valign="bottom"></td>
  <td height="21" valign="bottom"></td>
  <td height="21" valign="bottom"></td>
  <td height="21" valign="bottom"></td>
  <td height="21" valign="bottom"></td>
  <td height="21" valign="bottom"></td>
  <td height="21" valign="top"></td>
  <td height="21" valign="bottom"></td>
  <td height="21" valign="top"></td>
  </tr>
  
  <tr height="21">
  <td height="21" valign="bottom">
  <p><font size="2" face="Courier New">Private Client Group</font></p>
  </td>
  <td height="21" valign="bottom">
  <p align="right"><font size="2" face="Courier New">$35,028&nbsp;</font></p>
  </td>
  <td height="21" valign="top"></td>
  <td height="21" valign="bottom">
  <p align="right"><font size="2" face="Courier New">$19,005&nbsp;</font></p>
  </td>
  <td height="21" valign="bottom"></td>
  <td height="21" valign="bottom">
  <p align="right"><font size="2" color="black" face="Courier New">84%&nbsp;</font></p>
  </td>
  <td height="21" valign="bottom"></td>
  <td height="21" valign="bottom">
  <p align="right"><font size="2" face="Courier New">$62,287&nbsp;</font></p>
  </td>
  <td height="21" valign="bottom"></td>
  <td height="21" valign="bottom">
  <p align="right"><font size="2" face="Courier New">$27,873&nbsp;</font></p>
  </td>
  <td height="21" valign="top"></td>
  <td height="21" valign="bottom">
  <p align="right"><font size="2" color="black" face="Courier New">123%&nbsp;</font></p>
  </td>
  <td height="21" valign="top"></td>
  </tr>
  
  <tr height="21">
  <td height="21" valign="bottom">
  <p><font size="2" face="Courier New">Capital Markets</font></p>
  </td>
  <td height="21" valign="bottom">
  <p align="right"><font size="2" face="Courier New">21,610&nbsp;</font></p>
  </td>
  <td height="21" valign="top"></td>
  <td height="21" valign="bottom">
  <p align="right"><font size="2" face="Courier New">4,712&nbsp;</font></p>
  </td>
  <td height="21" valign="bottom"></td>
  <td height="21" valign="bottom">
  <p align="right"><font size="2" color="black" face="Courier New">359%&nbsp;</font></p>
  </td>
  <td height="21" valign="bottom"></td>
  <td height="21" valign="bottom">
  <p align="right"><font size="2" face="Courier New">27,625&nbsp;</font></p>
  </td>
  <td height="21" valign="bottom"></td>
  <td height="21" valign="bottom">
  <p align="right"><font size="2" face="Courier New">7,794&nbsp;</font></p>
  </td>
  <td height="21" valign="top"></td>
  <td height="21" valign="bottom">
  <p align="right"><font size="2" color="black" face="Courier New">254%&nbsp;</font></p>
  </td>
  <td height="21" valign="top"></td>
  </tr>
  
  <tr height="21">
  <td height="21" valign="bottom">
  <p><font size="2" face="Courier New">Asset Management</font></p>
  </td>
  <td height="21" valign="bottom">
  <p align="right"><font size="2" face="Courier New">8,978&nbsp;</font></p>
  </td>
  <td height="21" valign="top"></td>
  <td height="21" valign="bottom">
  <p align="right"><font size="2" face="Courier New">2,747&nbsp;</font></p>
  </td>
  <td height="21" valign="bottom"></td>
  <td height="21" valign="bottom">
  <p align="right"><font size="2" color="black" face="Courier New">227%&nbsp;</font></p>
  </td>
  <td height="21" valign="bottom"></td>
  <td height="21" valign="bottom">
  <p align="right"><font size="2" face="Courier New">13,900&nbsp;</font></p>
  </td>
  <td height="21" valign="bottom"></td>
  <td height="21" valign="bottom">
  <p align="right"><font size="2" face="Courier New">8,111&nbsp;</font></p>
  </td>
  <td height="21" valign="top"></td>
  <td height="21" valign="bottom">
  <p align="right"><font size="2" color="black" face="Courier New">71%&nbsp;</font></p>
  </td>
  <td height="21" valign="top"></td>
  </tr>
  
  <tr height="21">
  <td height="21" valign="bottom">
  <p><font size="2" face="Courier New">RJ Bank</font></p>
  </td>
  <td height="21" valign="bottom">
  <p align="right"><font size="2" face="Courier New">2,366&nbsp;</font></p>
  </td>
  <td height="21" valign="top"></td>
  <td height="21" valign="bottom">
  <p align="right"><font size="2" face="Courier New">1,935&nbsp;</font></p>
  </td>
  <td height="21" valign="bottom">
  <p align="right"><font size="2" face="Courier New">&nbsp;</font></p>
  </td>
  <td height="21" valign="bottom">
  <p align="right"><font size="2" color="black" face="Courier New">22%&nbsp;</font></p>
  </td>
  <td height="21" valign="bottom"></td>
  <td height="21" valign="bottom">
  <p align="right"><font size="2" face="Courier New">4,263&nbsp;</font></p>
  </td>
  <td height="21" valign="bottom"></td>
  <td height="21" valign="bottom">
  <p align="right"><font size="2" face="Courier New">5,035&nbsp;</font></p>
  </td>
  <td height="21" valign="top"></td>
  <td height="21" valign="bottom">
  <p align="right"><font size="2" color="black" face="Courier New">(15%)&nbsp;</font></p>
  </td>
  <td height="21" valign="top"></td>
  </tr>
  
  <tr height="21">
  <td height="21" valign="bottom">
  <p><font size="2" face="Courier New">Other</font></p>
  </td>
  <td height="21" valign="bottom">
  <p align="right"><font size="2" face="Courier New">(1,075)</font></p>
  </td>
  <td height="21" valign="top"></td>
  <td height="21" valign="bottom">
  <p align="right"><font size="2" face="Courier New">(4,128)</font></p>
  </td>
  <td height="21" valign="bottom"></td>
  <td height="21" valign="bottom">
  <p align="right"><font size="2" color="black" face="Courier New">74%&nbsp;</font></p>
  </td>
  <td height="21" valign="bottom"></td>
  <td height="21" valign="bottom">
  <p align="right"><font size="2" face="Courier New">(2,213)</font></p>
  </td>
  <td height="21" valign="bottom"></td>
  <td height="21" valign="bottom">
  <p align="right"><font size="2" face="Courier New">(1,177)</font></p>
  </td>
  <td height="21" valign="top"></td>
  <td height="21" valign="bottom">
  <p align="right"><font size="2" color="black" face="Courier New">(88%)</font></p>
  </td>
  <td height="21" valign="top"></td>
  </tr>
  
  <tr height="21">
  <td height="21" valign="top"></td>
  <td height="21" valign="top">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td height="21" valign="top"></td>
  <td height="21" valign="top">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td height="21" valign="top"></td>
  <td height="21" valign="top">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td height="21" valign="top"></td>
  <td height="21" valign="top">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td height="21" valign="top"></td>
  <td height="21" valign="top">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td height="21" valign="top"></td>
  <td height="21" valign="top">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td height="21" valign="top"></td>
  </tr>
  
  <tr height="21">
  <td height="21" valign="bottom">
  <p><font size="2" face="Courier New">Total</font></p>
  </td>
  <td height="21" valign="bottom">
  <p align="right"><font size="2" face="Courier New">$66,907&nbsp;</font></p>
  </td>
  <td height="21" valign="top"></td>
  <td height="21" valign="bottom">
  <p align="right"><font size="2" face="Courier New">$24,271&nbsp;</font></p>
  </td>
  <td height="21" valign="bottom"></td>
  <td height="21" valign="bottom">
  <p align="right"><font size="2" color="black" face="Courier New">176%&nbsp;</font></p>
  </td>
  <td height="21" valign="bottom"></td>
  <td height="21" valign="bottom">
  <p align="right"><font size="2" face="Courier New">$105,862&nbsp;</font></p>
  </td>
  <td height="21" valign="bottom"></td>
  <td height="21" valign="bottom">
  <p align="right"><font size="2" face="Courier New">$47,636&nbsp;</font></p>
  </td>
  <td height="21" valign="top"></td>
  <td height="21" valign="bottom">
  <p align="right"><font size="2" color="black" face="Courier New">122%&nbsp;</font></p>
  </td>
  <td height="21" valign="top"></td>
  </tr>
  
  <tr height="21">
  <td height="21" valign="top"></td>
  <td height="21" valign="top">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="4" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td height="21" valign="top"></td>
  <td height="21" valign="top">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="4" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td height="21" valign="top"></td>
  <td height="21" valign="top">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="4" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td height="21" valign="top"></td>
  <td height="21" valign="top">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="4" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td height="21" valign="top"></td>
  <td height="21" valign="top">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="4" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td height="21" valign="top"></td>
  <td height="21" valign="top">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="4" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td height="21" valign="top"></td>
  </tr>
  </table>
  </div>
  
  <p><font size="2" face="Arial">The Company modified the method used to allocate certain corporate compensation costs to the segments consistent with the approach used internally by management in evaluating the segments. Prior years results have been adjusted to
  reflect the current management allocation methodology.</font></p>
  </div>
  </body>
  </html>
metadata_documents: [{"type": "8-K", "sequence": "1", "filename": "edgarmar04.htm", "secsgml_size_bytes": 114967}]
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": "04731752"}, "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: Release No
  SECURITIES AND EXCHANGE COMMISSION
  Washington, D. C. 20549
  FORM 8-K
  CURRENT REPORT
  PURSUANT TO SECTION 13 OR 15(d) OF
  THE SECURITIES EXCHANGE ACT OF 1934
  Date of Report (Date of earliest event reported) April 13, 2004
  ..............
  RAYMOND JAMES FINANCIAL, INC.
  (Exact name of registrant as specified in its charter)
  Florida                   1-9109               No.
  59-1517485
  .................................     ............          ....................
  (State or other jurisdiction of     (Commission           (I.R.S. Employer
  incorporation or organization)      File Number)          Identification No.)
  880 Carillon Parkway, St. Petersburg, Florida  33716
  .........................................................
  (Address of principal executive offices)      (Zip Code)
  Registrant's telephone number, including area code (727) 567-1000
  ..............
  _____________________________________________________________
  (Former name or former address, if changed since last report.
  ITEM 7. EXHIBITS
  (c) exhibits
  99.1 Raymond James Financial Inc.'s Press Release dated April 13, 2004
  99.2 Supplemental segment information with respect to the financial information reflected in Exhibit 99.1
  Item 9.  REGULATION FD DISCLOSURE
  Pursuant to Item 12, Raymond James Financial, Inc. is furnishing under Item 9 of this Current Report on Form 8-K the information included as Exhibits 99.1 and 99.2 to this report, which are hereby incorporated herein by
  reference.
  The press release includes instructions as to how and when to access the Company's complementary quarterly conference call that will be available to all interested persons telephonically and by webcast through the Company's
  website.
  SIGNATURES
  Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
  ________
  April 13, 2004
  (Date)
  RAYMOND JAMES FINANCIAL, INC.
  BY: /s/
  Thomas A. James
  Thomas A. James
  Chairman and Chief
  Executive Officer
  BY: /s/
  Jeffrey P. Julien
  Jeffrey P. Julien
  Senior Vice President - Finance
  and Chief Financial Officer
  Exhibit 99.1
  Release No. 0404-04
  April 13, 2004                       FOR IMMEDIATE RELEASE
  RAYMOND JAMES FINANCIAL, INC.
  REPORTS RECORD SECOND QUARTER RESULTS
  ST. PETERSBURG, Fla. –
  Raymond James Financial, Inc. today reported unaudited net income of $43,068,000, or $0.58 per diluted share, for the second quarter ended March 26 on net revenues of
  $480,448,000 compared to net income of $15,194,000, or $0.21 per diluted share, on net revenues of $339,819,000, for fiscal 2003's second quarter.
  Unaudited net income for the first half of fiscal 2004 was reported at $67,298,000, up from 2003's $29,622,000, while net revenues for the period increased to $894,435,000 from $671,214,000 the previous year.  Diluted
  earnings per share were $0.91 versus $0.40 for last year's comparable period.
  All per share amounts have been restated to reflect the effect of the March 2004 three–for-two stock split.
  "After a year of recovery, the market has infused investors with renewed confidence," stated Thomas A. James, chairman and CEO. "As a result, commissions surged 42 percent over last year's anemic levels in the
  March quarter.  The same forces increased investment banking revenues by 133 percent and investment advisory fees by 27 percent.
  "Conjoined with restricted expense growth, the expansion in revenues has increased margins and generated a 183 percent increment in unaudited net income over last year's second quarter.  As a result of these factors,
  both revenues and net income vaulted to new historic quarterly records," he continued.
  "While it is unclear whether these factors can stay in alignment for the rest of the year, the domestic economy remains strong and corporate earnings are rising rapidly.  Later this year, interest rates will probably begin to
  increase, dampening the robust growth in the economy, but the intermediate-term outlook is still benign as the rate of increase probably will be gradual," he concluded.
  The company will conduct its quarterly conference call April 13 at 4:15 p.m. The telephone number is 800-773-5520. The call will also be available on demand on the company's Web site, www.RaymondJames.com, under About Our Company,
  Financial Results and SEC Filings.
  Raymond James Financial, Inc. (NYSE - RJF) provides financial services to individuals, corporations and municipalities through its three wholly owned investment firms, Raymond James & Associates, Raymond James Financial Services and
  Raymond James Ltd., which have over 5,000 financial advisors in more than 2,200 locations throughout the United States, Canada and internationally, as well as through its asset management subsidiaries, which currently manage in excess of $21.0 billion.
  Raymond James Financial, Inc.
  Unaudited Report
  For the second quarter ended March 26, 2004
  (all data in thousands, except per share earnings)
  Second Quarter
  Six Months
  2004
  2003
  Percent Change
  2004
  2003
  Percent Change
  Revenues
  $491,373
  $350,497
  40%
  $916,033
  $695,105
  32%
  Net Revenues
  480,448
  339,819
  41%
  894,435
  671,214
  33%
  Net Income
  43,068
  15,194
  183%
  67,298
  29,622
  127%
  Earnings Per
  Share – Diluted
  0.58
  0.21
  176%
  0.91
  0.40
  128%
  Average Shares
  Outstanding - Diluted
  74,395
  73,127
  74,254
  73,517
  Balance Sheet Data
  March
  Dec.
  Sept.
  March
  2004
  2003
  2003
  2003
  Total Assets
  $7.4 bil.
  $6.9 bil.
  $6.9 bil.
  $6.4 bil.
  Shareholders' Equity
  $1,003 mil.
  $956 mil.
  $925 mil.
  $862 mil.
  Book Value per share
  $13.64
  $13.07
  $12.71
  $11.85
  Management Data
  March
  Dec.
  Sept.
  March
  2004
  2003
  2003
  2003
  Total Financial Advisors:
  US
  4,824
  4,785
  4,770
  4,993
  Canada
  243
  236
  226
  241
  # Lead Managed/Co-Managed
  Public Offerings in U.S.
  26
  23
  27
  4
  Financial Assets Under Management
  $21.0 bil.
  $20.1 bil.
  $18.8 bil.
  $16.3 bil.
  March
  Dec.
  Sept.
  March
  2004
  2003
  2003
  2003
  Client Assets
  $107 bil.
  $103 bil.
  $96 bil.
  $84 bil.
  Client Margin Balances
  $1,074 mil.
  $1,014 mil.
  955 mil.
  $913 mil.
  Client Trade Volume
  1,995,000
  1,729,000
  1,587,000
  1,466,000
  # of Client Accounts
  1,314,000
  1,299,000
  1,210,000
  1,272,000
  For additional information, contact
  Mike White at 727-567-5171.
  Please visit the Raymond James Press Center at http://www.RaymondJames.com/media.htm.
  RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
  CONSOLIDATED STATEMENT OF OPERATIONS
  (UNAUDITED)
  Quarter-to-Date
  (in thousands, except per share amounts)
  Three Months Ended
  March 26,
  March 28,
  %
  December 26,
  %
  2004
  2003
  change
  2003
  change
  Revenues:
  Securities commissions and fees
  $             352,039
  $   247,557
  42%
  $   303,291
  16%
  Investment  banking
  32,065
  13,740
  133%
  19,726
  63%
  Investment advisory fees
  34,460
  27,232
  27%
  31,958
  8%
  Interest
  31,575
  31,000
  2%
  31,156
  1%
  Net trading profits
  4,512
  5,456
  -17%
  6,779
  -33%
  Financial service fees
  21,571
  15,583
  38%
  18,702
  15%
  Other
  15,151
  9,929
  53%
  13,048
  16%
  TOTAL REVENUES
  491,373
  350,497
  40%
  424,660
  16%
  Interest Expense
  10,925
  10,678
  2%
  10,673
  2%
  NET REVENUES
  480,448
  339,819
  41%
  413,987
  16%
  Non-Interest Expenses
  Compensation, commissions and benefits
  341,370
  248,951
  37%
  300,660
  14%
  Communications and information processing
  21,354
  19,842
  8%
  19,196
  11%
  Occupancy and equipment costs
  15,229
  14,942
  2%
  15,293
  0%
  Clearance and floor brokerage
  5,320
  4,147
  28%
  5,052
  5%
  Business development
  13,854
  11,184
  24%
  12,943
  7%
  Other
  16,414
  16,482
  0%
  21,888
  -25%
  TOTAL NON-INTEREST EXPENSES
  413,541
  315,548
  31%
  375,032
  10%
  Income before provision for income taxes
  66,907
  24,271
  176%
  38,955
  72%
  Provision for income taxes
  23,839
  9,077
  163%
  14,725
  62%
  Net Income
  $              43,068
  $     15,194
  183%
  $     24,230
  78%
  Net Income per share basic
  $                 0.59
  $        0.21
  181%
  $        0.33
  79%
  Net Income per share diluted
  $                 0.58
  $        0.21
  176%
  $        0.33
  76%
  Weighted average common shares
  outstanding-basic
  73,352
  72,702
  72,881
  Weighted average common and common
  equivalent shares outstanding-diluted
  74,395
  73,127
  74,111
  RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
  CONSOLIDATED STATEMENT OF OPERATIONS
  (UNAUDITED)
  Year-to-Date
  (in thousands, except per share amounts)
  Six Months Ended
  March 26,
  March 28,
  %
  2004
  2003
  change
  Revenues:
  Securities commissions and fees
  $       655,330
  $     485,405
  35%
  Investment  banking
  51,791
  24,948
  108%
  Investment advisory fees
  66,418
  53,515
  24%
  Interest
  62,731
  65,646
  -4%
  Net trading profits
  11,291
  9,163
  23%
  Financial service fees
  40,273
  31,089
  30%
  Other
  28,199
  25,339
  11%
  TOTAL REVENUES
  916,033
  695,105
  32%
  Interest Expense
  21,598
  23,891
  -10%
  NET REVENUES
  894,435
  671,214
  33%
  Non-Interest Expenses
  Compensation, commissions and benefits
  642,030
  483,817
  33%
  Communications and information processing
  40,550
  38,808
  4%
  Occupancy and equipment costs
  30,522
  30,590
  0%
  Clearance and floor brokerage
  10,372
  7,678
  35%
  Business development
  26,797
  23,461
  14%
  Other
  38,302
  39,224
  -2%
  TOTAL NON-INTEREST EXPENSES
  788,573
  623,578
  26%
  Income before provision for income taxes
  105,862
  47,636
  122%
  Provision for income taxes
  38,564
  18,014
  114%
  Net Income
  $        67,298
  $       29,622
  127%
  Net Income per share basic
  $           0.92
  $          0.41
  124%
  Net Income per share diluted
  $           0.91
  $          0.40
  128%
  Weighted average common shares
  outstanding-basic
  73,117
  72,923
  Weighted average common and common
  equivalent shares outstanding-diluted
  74,254
  73,517
  Exhibit 99.2
  Segment Data
  Second Quarter
  Six Months
  2004
  2003
  Percent Change
  2004
  2003
  Percent Change
  Revenues:
  Private Client Group
  $327,416
  $233,122
  40%
  $614,219
  $461,603
  33%
  Capital Markets
  113,246
  78,335
  45%
  204,853
  147,592
  39%
  Asset Management
  38,270
  29,922
  28%
  72,181
  59,133
  22%
  RJ Bank
  6,897
  6,993
  (1%)
  13,455
  14,987
  (10%)
  Other
  5,544
  2,125
  161%
  11,325
  11,790
  (4%)
  Total
  $491,373
  $350,497
  40%
  $916,033
  $695,105
  32%
  Pre-tax Income:
  Private Client Group
  $35,028
  $19,005
  84%
  $62,287
  $27,873
  123%
  Capital Markets
  21,610
  4,712
  359%
  27,625
  7,794
  254%
  Asset Management
  8,978
  2,747
  227%
  13,900
  8,111
  71%
  RJ Bank
  2,366
  1,935
  22%
  4,263
  5,035
  (15%)
  Other
  (1,075)
  (4,128)
  74%
  (2,213)
  (1,177)
  (88%)
  Total
  $66,907
  $24,271
  176%
  $105,862
  $47,636
  122%
  The Company modified the method used to allocate certain corporate compensation costs to the segments consistent with the approach used internally by management in evaluating the segments. Prior years results have been adjusted to
  reflect the current management allocation methodology.