<SUBMISSION>
<ACCESSION-NUMBER>0000950134-02-003934
<TYPE>424B4
<PUBLIC-DOCUMENT-COUNT>2
<FILING-DATE>20020418
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>STIFEL FINANCIAL CAPITAL TRUST I
<CIK>0001169866
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>424B4
<ACT>33
<FILE-NUMBER>333-84952-01
<FILM-NUMBER>02614029
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>501 N BROADWAY
<CITY>ST LOUIS
<STATE>MO
<ZIP>63102
<PHONE>314 342 2000
</BUSINESS-ADDRESS>
</FILER>
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>STIFEL FINANCIAL CORP
<CIK>0000720672
<ASSIGNED-SIC>6211
<IRS-NUMBER>431273600
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>424B4
<ACT>33
<FILE-NUMBER>333-84952
<FILM-NUMBER>02614028
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>ONE FINANCIAL PLAZA
<STREET2>501 N BROADWAY
<CITY>ST. LOUIS
<STATE>MO
<ZIP>63102-2102
<PHONE>314-342-2000
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>ONE FINANCIAL PLAZA
<STREET2>501 N BROADWAY
<CITY>ST. LOUIS
<STATE>MO
<ZIP>63102-2102
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>424B4
<SEQUENCE>1
<FILENAME>c68329fe424b4.htm
<DESCRIPTION>PROSPECTUS - FILE NO. 333-84952
<TEXT>
<HTML>
<HEAD>
<TITLE>Stifel Financial Corp. Prospectus 424(b)(4)</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="right">
<FONT size="2">Filed Pursuant to Rule 424(b)(4)
</FONT>
</DIV>

<DIV align="right">
<FONT size="2">Registration Nos. 333-84952 and 333-84952-01,
</FONT>
</DIV>

<DIV align="right">
<FONT size="2">333-86476 and 333-86476-01.
</FONT>
</DIV>

<P align="left">
<B><FONT size="2">PROSPECTUS</FONT></B>

<P align="center">
<B><FONT size="4">1,200,000 Preferred Securities</FONT></B>

<P align="center">
<B><FONT size="5">Stifel Financial Capital Trust I</FONT></B>

<P align="center">
<B>9.00% Cumulative Trust Preferred Securities</B>

<DIV align="center">
<B>(Liquidation Amount $25 Per Preferred Security)</B>
</DIV>

<P align="center">
<B>Fully, irrevocably and unconditionally guaranteed</B>

<DIV align="center">
<B>on a subordinated basis, as described in this prospectus,
by</B>
</DIV>

<P align="center">
<IMG src="c68329fstifelgo.gif" alt="(STIFEL FINANCIAL LOGO)">

<P align="center">
<B><FONT size="5">Stifel Financial Corp.</FONT></B>

<P align="left">
<FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stifel
Financial Capital Trust I is offering 1,200,000 preferred
securities at $25 per security. The preferred securities
represent an indirect interest in our 9.00% junior subordinated
debentures. The debentures have the same payment terms as the
preferred securities and will be purchased by Stifel Financial
Capital Trust I using the proceeds from its sale of the
preferred securities.
</FONT>

<P align="left">
<FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
preferred securities have been approved for listing on the New
York Stock Exchange under the symbol &#147;SFPr.A&#148; and we
expect trading in the preferred securities on the New York Stock
Exchange to begin within 30&nbsp;days after the original issue
date.
</FONT>

<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Investing
in the preferred securities involves risks. See &#147;Risk
Factors&#148; beginning on&nbsp;page&nbsp;10.</B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
        <TD width="57%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="17%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="20%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD colspan="5"></TD>
</TR>

<TR>
        <TD colspan="5" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
        <TD colspan="5"></TD>
</TR>

<TR>
        <TD colspan="5" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
        <TD></TD>
        <TD></TD>
        <TD align="center" nowrap><B><FONT size="1">Per Preferred</FONT></B></TD>
        <TD></TD>
        <TD></TD>
</TR>

<TR>
        <TD></TD>
        <TD></TD>
        <TD align="center" nowrap><B><FONT size="1">Security</FONT></B></TD>
        <TD></TD>
        <TD align="center" nowrap><B><FONT size="1">Total</FONT></B></TD>
</TR>

<TR>
        <TD colspan="5"></TD>
</TR>

<TR>
        <TD colspan="5" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px">
        <FONT size="2">Public offering price
        </FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="bottom">
        <FONT size="2">$25.00
        </FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="bottom">
        <FONT size="2">$30,000,000
        </FONT></TD>
</TR>

<TR>
        <TD colspan="5" align="left"><HR size="1" noshade></TD>

</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px">
        <FONT size="2">Proceeds to Stifel Financial Capital Trust&nbsp;I
        </FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="bottom">
        <FONT size="2">$25.00
        </FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="bottom">
        <FONT size="2">$30,000,000
        </FONT></TD>
</TR>

<TR>
        <TD colspan="5" align="left"><HR size="1" noshade></TD>

</TR>

<TR>
        <TD colspan="5" align="left"><HR size="1" noshade></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">
<FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
is a firm commitment underwriting. We will pay underwriting
commissions of $1.00 per preferred security, or a total of
$1,200,000, for arranging the investment in our junior
subordinated debentures. The underwriters have been granted a
30-day option to purchase up to an additional 180,000 preferred
securities to cover over-allotments, if any.
</FONT>

<P align="left">
<B><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither
the Securities and Exchange Commission nor any state securities
commission has approved or disapproved of these securities or
passed upon the adequacy or accuracy of this prospectus. Any
representation to the contrary is a criminal offense.</FONT></B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
        <TD width="50%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="47%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <B><FONT size="2">Legg Mason Wood Walker</FONT></B></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="top">
        <B><FONT size="2">Stifel, Nicolaus &#38; Company</FONT></B></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <B><FONT size="2">Incorporated</FONT></B></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="top">
        <B><FONT size="2">Incorporated</FONT></B></TD>
</TR>

<TR>
        <TD colspan="3" align="center" valign="top">
        <B><FONT size="2">Friedman Billings Ramsey</FONT></B></TD>
</TR>

</TABLE>
</CENTER>

<P align="center">
<B><FONT size="2">The date of this prospectus is April&nbsp;17,
2002</FONT></B>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="center">
<B><FONT size="2">[Map of the continental United States having a
blue background and depicting our 76 branch and office
locations. Above the map is a line of text which reads
&#147;Stifel Nicolaus Office Locations&#148;.]</FONT></B>

<P align="center">
<B><FONT size="2">[Along the left side of the page is the
following list of our 76&nbsp;branch and office locations:
Alton, Illinois; Beachwood, Ohio; Belleville, Illinois; Beloit,
Wisconsin; Brookfield, Wisconsin; Camdenton, Missouri;
Champaign, Illinois; Chesterfield, Missouri; Chicago, Illinois;
Cincinnati, Ohio; Clayton, Missouri(2); Colorado Springs,
Colorado; Columbia, Missouri; Columbus, Ohio; Dallas, Texas;
Dayton, Ohio; Decatur, Illinois; Denver, Colorado(2); Dublin,
Ohio; Edina, Minnesota; Edwardsville, Illinois; Fort Wayne,
Indiana; Fremont, Michigan; Geneva, Illinois; Grand Haven,
Michigan; Grand Rapids, Michigan; Green Bay, Wisconsin;
Greenwood Village, Colorado; Gulfport, Mississippi; Jackson,
Mississippi; Jefferson City, Missouri; Joplin, Missouri; Kansas
City, Missouri; Kimberly, Wisconsin; Kirkwood, Missouri; Little
Rock, Arkansas; Louisville, Kentucky; Manhattan, Kansas;
Mansfield, Ohio; Mattoon, Illinois; Milwaukee, Wisconsin;
Minnetonka, Minnesota; Mound City, Kansas; New Albany, Indiana;
New Orleans, Louisiana; Oak Brook, Illinois; Olympia Fields,
Illinois; Omaha, Nebraska; Oshkosh, Wisconsin; Overland Park,
Kansas; Pikeville, Kentucky; Quincy, Illinois; Racine,
Wisconsin; Rockford, Illinois; Rolla, Missouri; Sandusky, Ohio;
Shelbyville, Kentucky; Springfield, Missouri; St. Louis,
Missouri; St. Peters, Missouri; Stevens Point, Wisconsin;
Texarkana, Texas; Valparaiso, Indiana; Washington Courthouse,
Ohio; Waterloo, Illinois; Wausau, Wisconsin; Wayzata, Minnesota;
West Bend, Wisconsin; Westlake, Ohio; Wichita, Kansas; Wilmette,
Illinois; Winter Park, Florida; Woodbury, Minnesota; Youngstown,
Ohio]</FONT></B>

<P align="center">
<B><FONT size="2">[Square bordered by double line. The outer
line is bold. Centered in the upper one-third of the square are
four lines of text. The first line is &#147;Our mission is to be
the Advisor of Choice for&#148;, with the words &#147;Advisor of
Choice&#148; in bold text. The second line is &#147;clients, the
Firm of Choice for talented&#148;, with the words &#147;Firm of
Choice&#148; in bold text. The third line is
&#147;professionals, and the Investment of Choice&#148;, with
the words &#147;Investment of Choice&#148; in bold text. The
fourth line is &#147;for stockholders&#148;. Centered at the
bottom of the square is a pyramid-shaped graphic, the top half
of which is inside the square and the bottom half which is
directly below the square. [Pyramid-shaped graphic divided into
a top one-third section and two lower sections of one-third
each, divided vertically, all having a blue background. Top
third section contains two lines of white text in the middle of
the section. The first line is &#147;Investment&#148; and the
second line is &#147;Of Choice&#148; and is centered in the
section. The lower left section contains two lines of white text
in the middle of the section. The first line is
&#147;Advisor&#148; and the second line is &#147;Of Choice&#148;
and is centered in the section. The lower right section contains
two lines of white text in the middle of the section. The first
line is &#147;Firm&#148; and the second line is &#147;Of
Choice&#148; and is centered in the section. ]</FONT></B>

<DIV>&nbsp;</DIV>

<DIV align="left">
<B><FONT size="2">[Pyramid-shaped graphic divided into a top
one-third section and two lower sections of one-third each,
divided vertically, all having a blue background. Top third
section contains two lines of white text in the middle of the
section. The first line is Investment and the second line is Of
Choice and is centered in the section. The lower left section
contains two lines of white text in the middle of the section.
The first line is Advisor and the second line is Of Choice and
is centered in the section. The lower right section contains two
lines of white text in the middle of the section. The first line
is Firm and the second line is Of Choice and is centered in the
section.]</FONT></B>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>

<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD colspan="9"><A HREF="#000">TABLE OF CONTENTS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">SUMMARY</A></TD></TR>
<TR><TD colspan="9"><A HREF="#002">SELECTED CONSOLIDATED FINANCIAL DATA</A></TD></TR>
<TR><TD colspan="9"><A HREF="#003">RISK FACTORS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#004">MANAGEMENT</A></TD></TR>
<TR><TD colspan="9"><A HREF="#005">DESCRIPTION OF THE TRUST</A></TD></TR>
<TR><TD colspan="9"><A HREF="#006">DESCRIPTION OF THE PREFERRED SECURITIES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#007">DESCRIPTION OF THE DEBENTURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#008">BOOK-ENTRY ISSUANCE</A></TD></TR>
<TR><TD colspan="9"><A HREF="#009">DESCRIPTION OF THE GUARANTEE</A></TD></TR>
<TR><TD colspan="9"><A HREF="#010">RELATIONSHIP AMONG THE PREFERRED SECURITIES,</A></TD></TR>
<TR><TD colspan="9"><A HREF="#011">THE DEBENTURES AND THE GUARANTEE</A></TD></TR>
<TR><TD colspan="9"><A HREF="#012">FEDERAL INCOME TAX CONSEQUENCES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#013">ERISA CONSIDERATIONS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#014">UNDERWRITING</A></TD></TR>
<TR><TD colspan="9"><A HREF="#015">LEGAL MATTERS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#016">EXPERTS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#017">WHERE YOU CAN FIND MORE INFORMATION</A></TD></TR>
<TR><TD colspan="9"><A HREF="#018">DOCUMENTS INCORPORATED BY REFERENCE</A></TD></TR>
</TABLE>
</CENTER>
<!-- /TOC -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<!-- link1 "TABLE OF CONTENTS" -->
<DIV align="left"><A NAME="000"></A></DIV>

<DIV align="center">
<B><FONT size="2">TABLE OF CONTENTS</FONT></B>
</DIV>

<CENTER>
<TABLE width="60%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="90%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="2" align="center" nowrap><B><FONT size="1">Page</FONT></B></TD><TD></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="2" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Special Note Regarding Forward-Looking Statements
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">ii</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Summary
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Risk Factors
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Use Of Proceeds
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">21</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Accounting Treatment
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">21</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Market For The Preferred Securities
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">21</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Capitalization
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">22</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Management
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">23</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Description Of The Trust
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">25</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Description Of The Preferred Securities
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">26</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Description Of The Debentures
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">38</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Book-Entry Issuance
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">47</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Description Of The Guarantee
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">49</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Relationship Among The Preferred Securities, The
	Debentures And The Guarantee
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">51</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Federal Income Tax Consequences
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">52</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">ERISA Considerations
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">55</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Underwriting
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">57</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Legal Matters
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">59</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Experts
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">59</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Where You Can Find More Information
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">59</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Documents Incorporated By Reference
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">60</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center">
<HR size="1" width="26%" align="center" noshade>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><FONT size="2">We have not, and the underwriters have not,
authorized any other person to provide you with information
other than as provided in this prospectus. This prospectus is
not an offer to sell, nor is it seeking an offer to buy, the
preferred securities in any state or other jurisdiction where
the offer or sale is not permitted. The information in this
prospectus is complete and accurate as of the date on the front
cover, but the information may have changed since that
date.</FONT></B>

<P align="center"><FONT size="2">i
</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="center">
<B><FONT size="2">SPECIAL NOTE REGARDING FORWARD-LOOKING
STATEMENTS</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We make certain forward-looking statements in
this prospectus that are based upon our current expectations and
projections about current events. We intend these
forward-looking statements to be covered by the safe harbor
provisions for forward-looking statements contained in the
Private Securities Litigation Reform Act of 1995, and we are
including this statement for purposes of these safe harbor
provisions. You can identify these statements from our use of
the words &#147;may,&#148; &#147;will,&#148; &#147;should,&#148;
&#147;could,&#148; &#147;would,&#148; &#147;plan,&#148;
&#147;potential,&#148; &#147;estimate,&#148;
&#147;project,&#148; &#147;believe,&#148; &#147;intend,&#148;
&#147;anticipate,&#148; &#147;expect&#148; and similar
expressions. These forward-looking statements include statements
relating to:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="1%"></TD>
	<TD width="96%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">our goals, intentions and expectations;
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">our business plans and growth strategies; and
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">estimates of our risks and future costs and
	benefits.
	</FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">These forward-looking statements are subject to
significant risks, assumptions and uncertainties, including,
among other things, changes in general economic and business
conditions and the risks and other factors set forth in
&#147;Risk Factors&nbsp;&#151; Risk Factors Relating to Stifel
Financial&#148; beginning on page&nbsp;14.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Because of these and other uncertainties, our
actual future results may be materially different from the
results indicated by these forward-looking statements. In
addition, our past results of operations do not necessarily
indicate our future results. You should not place undue reliance
on any forward-looking statements, which speak only as of the
date they were made. We will not update these forward-looking
statements, even though our situation may change in the future,
unless we are obligated to do so under federal securities laws.
We qualify all of our forward-looking statements by these
cautionary statements.
</FONT>

<P align="center"><FONT size="2">ii
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<!-- link1 "SUMMARY" -->
<DIV align="left"><A NAME="001"></A></DIV>

<P align="center">
<B><FONT size="2">SUMMARY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">This summary highlights information contained
elsewhere in, or incorporated by reference into, this
prospectus. Because this is a summary, it may not contain all of
the information that is important to you. Therefore, you should
also read the more detailed information set forth in this
prospectus, our financial statements and the other information
that is included or incorporated by reference in this
prospectus, before making a decision to invest in the preferred
securities. Unless we indicate otherwise, the words
&#147;we,&#148; &#147;our,&#148; &#147;us&#148; and
&#147;Company&#148; refer to Stifel Financial Corp. and its
wholly-owned subsidiaries, including Stifel, Nicolaus &#38;
Company, Incorporated, which we refer to as &#147;Stifel
Nicolaus.&#148; Unless otherwise indicated, the information in
this prospectus assumes that the underwriters will not exercise
their option to purchase additional preferred securities to
cover over-allotments.</FONT></I>

<P align="center">
<B><FONT size="2">Stifel Financial Corp.</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Stifel Financial Corp. is a Delaware corporation
and holding company for Stifel, Nicolaus &#38; Company,
Incorporated, a full-service regional brokerage and investment
banking firm established in 1890. We are headquartered in St.
Louis, Missouri and are geographically focused primarily on
serving the Midwestern region of the United States and, to a
lesser extent, the Rocky Mountain region. While we focus
primarily on securities brokerage, we also provide investment
banking, trading, investment advisory, and related financial
services through our wholly-owned subsidiaries to individual
investors, professional money managers, businesses, and
municipalities. Our Stifel Nicolaus retail brokerage network
consists of 409&nbsp;investment executives located in
74&nbsp;branch offices throughout the Midwest and the Rocky
Mountain regions. Our other broker-dealer subsidiary, Century
Securities Associates, Inc. is affiliated with 153 independent
contractors throughout the country.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Over the past five years, we have assembled a
strong management team with extensive brokerage and investment
banking expertise in order to execute our strategy and better
position ourselves as a premier Midwest regional brokerage firm.
In September 1997, Ronald&nbsp;J. Kruszewski joined us as our
president and chief executive officer, and was named chairman of
our board of directors in April 2001. Mr.&nbsp;Kruszewski has
served in various capacities throughout his 17&nbsp;years in the
securities industry. He has assembled a management team from
both within our firm, drawing upon the expertise and knowledge
of investment bankers, research analysts and administrative
personnel, and from outside our firm. Our executive management
team has played a vital role in our growth over the past
five&nbsp;years.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our growth has come both internally and through
the successful integration of Hanifen, Imhoff Inc., a
Colorado-based broker-dealer we acquired in January 2000. The
integration brought experienced investment bankers, research
analysts, institutional sales associates and traders to our
Fixed Income Capital Markets and Equity Capital Markets business
segments. From late 1997 through February&nbsp;28, 2002, we have
increased the number of branch offices from 39 to 74, increased
the number of Private Client and Institutional investment
executives by approximately 59%, widened the industry coverage
of our equity research and more than doubled the number of
investment bankers within both the Equity Capital Markets and
Fixed Income Capital Markets business segments.
</FONT>

<P align="left">
<B><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Financial
Summary</I></FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We have maintained profitability while growing
our three key business segments over the five years ended
December&nbsp;31, 2001, highlighted by five consecutive years of
record net revenue growth. Over this five-year period, our
compound annual growth rate for net revenue was 12%, for book
value per share was 8% and for stockholders&#146; equity was 16%.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our diluted earnings per share declined from
$1.20 for the year ended December&nbsp;31, 2000 to $0.25 for the
year ended December&nbsp;31, 2001, principally due to lower
brokerage activity as a result of decreased investor confidence,
decreased net interest income, increased operating costs due to
our expansion efforts and significant non-recurring charges for
legal related matters incurred primarily in connection with
historical litigation arising from our former Oklahoma
operations and a write-down of our investment
</FONT>

<P align="center"><FONT size="2">1
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="left">
<FONT size="2">portfolio. Investor confidence in the stock
market plummeted as indicated by the major market indices,
particularly the technology stock-based Nasdaq composite, which
decreased 21% from December&nbsp;31, 2000 to December&nbsp;31,
2001, and to a lesser extent the Dow Jones Industrial Average,
which decreased 7% in that same period. Despite the continued
addition of new offices and new investment executives during the
year, net revenue of our Private Client Group declined by 6%,
reflecting the significant weakness of the retail brokerage
industry in 2001. Our other two business segments offset this
decline with growth in net revenue of 64% for our Fixed Income
Capital Markets business segment and 41% for our Equity Capital
Markets business segment.
</FONT>
</DIV>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="45%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="19"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="18" align="center" nowrap><B><FONT size="1">Five-Year Financial Highlights</FONT></B></TD><TD></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="18" align="center" nowrap><B><FONT size="1">As of or For the Years Ended December 31,</FONT></B></TD><TD></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="18" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="2" align="center" nowrap><B><FONT size="1">2001</FONT></B></TD><TD></TD>
	<TD></TD>
	<TD colspan="2" align="center" nowrap><B><FONT size="1">2000</FONT></B></TD><TD></TD>
	<TD></TD>
	<TD colspan="2" align="center" nowrap><B><FONT size="1">1999</FONT></B></TD><TD></TD>
	<TD></TD>
	<TD colspan="2" align="center" nowrap><B><FONT size="1">1998</FONT></B></TD><TD></TD>
	<TD></TD>
	<TD colspan="2" align="center" nowrap><B><FONT size="1">1997</FONT></B></TD><TD></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="2" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
	<TD></TD>
	<TD colspan="2" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
	<TD></TD>
	<TD colspan="2" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
	<TD></TD>
	<TD colspan="2" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
	<TD></TD>
	<TD colspan="2" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="19"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="18" align="center" nowrap><B><FONT size="1">(dollars in thousands, except per share data)</FONT></B></TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Revenue
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">189,620</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">198,122</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">151,193</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">137,288</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">135,819</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Net revenue
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">177,898</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">177,528</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">141,096</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">127,490</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">122,828</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Net income
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,010</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9,203</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,165</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,245</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,671</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Diluted earnings per share
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.25</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.20</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.03</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.73</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.88</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Stockholders&#146; equity
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">78,622</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">74,178</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">59,059</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">54,977</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">50,081</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Book value per share
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">11.03</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10.56</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9.18</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8.13</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7.60</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">
<B><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Our Business
Segments</I></FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We define our core business through three key
segments: Private Client Group, Equity Capital Markets, and
Fixed Income Capital Markets. Our net revenue contributions and
percentages of total net revenue from our major business
segments are shown in the table below:
</FONT>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="48%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="23"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="22" align="center" nowrap><B><FONT size="1">For the Years Ended December 31,</FONT></B></TD><TD></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="22" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="7"></TD>
	<TD></TD>
	<TD colspan="7"></TD>
	<TD></TD>
	<TD colspan="7"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="6" align="center" nowrap><B><FONT size="1">2001</FONT></B></TD><TD></TD>
	<TD></TD>
	<TD colspan="6" align="center" nowrap><B><FONT size="1">2000</FONT></B></TD><TD></TD>
	<TD></TD>
	<TD colspan="6" align="center" nowrap><B><FONT size="1">1999</FONT></B></TD><TD></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="6" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
	<TD></TD>
	<TD colspan="6" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
	<TD></TD>
	<TD colspan="6" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="7"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="23"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="22" align="center" nowrap><B><FONT size="1">(dollars in thousands)</FONT></B></TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Private Client Group
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">127,982</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">72</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">135,562</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">76</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">113,242</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">80</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Equity Capital Markets
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">24,874</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">14</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">17,670</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9,856</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Fixed Income Capital Markets
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">18,091</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">11,009</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,912</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Other
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,951</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">13,287</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">14,086</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left"><HR size="1" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left"><HR size="1" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left"><HR size="1" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left"><HR size="1" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left"><HR size="1" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left"><HR size="1" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Total net revenue
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">177,898</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">177,528</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">141,096</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">
<B><I><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Private
Client Group</FONT></I></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our Private Client Group has historically been,
and is currently, our largest contributor to net revenue,
accounting for approximately 72% of net revenue in 2001 and 76%
of net revenue in 2000. Private Client Group net revenue
decreased 6% to $128.0&nbsp;million in 2001 compared to
$135.6&nbsp;million in 2000, primarily due to decreased
commissions from fewer transactions as a result of declining
financial market conditions and lower net interest income due
primarily to lower customer borrowings.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We provide securities transaction and financial
planning services to our private clients through our Stifel
Nicolaus branch system and our independent contractor firm,
Century Securities. Our primary strategy since late 1997 has
been to grow our Private Client Group. Since then, we have
increased the number of investment executives from 262 to 409 at
February&nbsp;28, 2002, while during that same period we
increased our number of offices to a total of 74. In 2001, these
new offices accounted for approximately 29% of our branch
revenue. While Private Client Group net revenue only declined
6%, our investment in new offices and investment executives,
coupled with the decline in net interest income, contributed to
a 38% decline in profit contributions for this segment.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our investment executives have access to a
comprehensive offering of financial products to service their
clients&#146; needs. In addition to equity and fixed income
securities, we offer annuities and insurance,
</FONT>

<P align="center"><FONT size="2">2
</FONT>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="left">
<FONT size="2">mutual funds, options, trust services, investment
advisory, financial planning, consulting and executive services.
We have successfully built a new platform that delivers the
technology and professional support that allows our investment
executives to more fully service their clients&#146; investment
needs. We believe that service is the key differentiating factor
in attracting and retaining clients and that this service should
be delivered directly through our investment executives. We will
continue to focus on providing more tools, training, and
products to help our investment executives meet his or her
clients&#146; needs.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Century Securities has affiliations with
153&nbsp;independent contractors in 26&nbsp;branch offices and
106&nbsp;satellite offices in 31&nbsp;states. Century
Securities&#146; independent contractors provide the same types
of financial products and services to their clients as does
Stifel Nicolaus, but each independent contractor is responsible
for all of his or her direct costs and, accordingly, is paid a
larger percentage of commissions to compensate for the added
expenses.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">As part of our ongoing strategy, we plan to
continue recruiting, training, and retaining talented investment
executives. Across the organization, we believe we are
structured to meet the needs of our investment executives, who
in turn help their clients achieve their financial goals.
</FONT>

<P align="left">
<B><I><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity
Capital Markets</FONT></I></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our Equity Capital Markets business segment,
which encompasses corporate finance, institutional equity sales
and trading, syndicate and research, recorded net revenue of
$24.9&nbsp;million in 2001, up 41% from $17.7&nbsp;million in
the prior year. Stifel Nicolaus&#146; Equity Capital Markets
Group was involved as lead or co-manager on 21&nbsp;public
offerings, raising approximately $1.2&nbsp;billion in capital.
In addition, we completed 17&nbsp;private placements, raising an
additional $205&nbsp;million in capital. A significant part of
our Equity Capital Markets business is concentrated in the
financial services sector. Our Financial Institutions Group
underwrote 22&nbsp;trust preferred issues, including
13&nbsp;private placements, and advised on 10&nbsp;mergers
valued at approximately $700&nbsp;million in 2001.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">During 2001, we made significant strides in our
plan to build our Equity Capital Markets Group. Specifically, we
have expanded our team of senior research analysts to 12 and our
total research staff to 24&nbsp;people since January&nbsp;1,
2001. Currently, Stifel Nicolaus&#146; research coverage
encompasses 179&nbsp;companies, compared with 138 at the end of
2000. Research, in turn, has given us the foundation to double
the size of our institutional sales group from eight to
13&nbsp;senior salespeople and three junior salespeople during
the same period. Simultaneously, we have increased our listed
trading desk from four coverage traders to eight in the last
14&nbsp;months. We believe the response of our institutional
client base has been positive. In 2001, we conducted business
with 224&nbsp;institutional clients, including 98&nbsp;new
clients since January 2001.
</FONT>

<P align="left">
<B><I><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed Income
Capital Markets</FONT></I></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our Fixed Income Capital Markets business
segment, which encompasses public finance, institutional fixed
income sales, underwriting and trading, increased its net
revenue to $18.1&nbsp;million in 2001 from $11.0&nbsp;million in
2000. This increase was partially due to the addition of a new
public finance office opened in Brookfield, Wisconsin in
mid-year 2000, along with increased new issue offerings and
refinancings resulting from a declining interest rate
environment. During the past year, we were sole manager, senior
manager, or co-manager in 375&nbsp;bond issuances totaling
$10.3&nbsp;billion. Of these issuances, Stifel Nicolaus was the
sole, lead, or co-manager on 147&nbsp;negotiated municipal bond
issuances totaling $4.8&nbsp;billion, up from
102&nbsp;negotiated bond issues totaling $3.7&nbsp;billion in
2000.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our Fixed Income Capital Markets business segment
operates through six offices located in St. Louis, Missouri,
Denver, Colorado, Omaha, Nebraska, Brookfield, Wisconsin,
Wichita, Kansas, and Orlando, Florida. The Public Finance
Department provides analytical and advisory services, structured
financings, tax-exempt and taxable borrowings, and various other
services to state and local governments and not-for-profit
entities.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Through internal growth and the integration of
Hanifen Imhoff, our Fixed Income Capital Markets business
segment has tripled both the number of public finance bankers
and institutional sales associates
</FONT>

<P align="center"><FONT size="2">3
</FONT>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="left">
<FONT size="2">since the end of 1997. We see continued
opportunity to build our fixed income platform. The public
finance market is both large and fragmented, allowing us the
chance to provide innovative and creative financial solutions
for our clients. In addition, the bond issuances used to finance
the building of our country&#146;s infrastructure provide our
individual and institutional clients with tax-exempt investment
opportunities.
</FONT>
</DIV>

<P align="left">
<B><I><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Business
Strategy</FONT></I></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The foundation of our business strategy is
premised on our goal of becoming the <I>&#147;of
Choice&#148;</I> firm for our clients, employees, and investors
by:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="1%"></TD>
	<TD width="96%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<I><FONT size="2">Providing our clients with the resources and
	advice they need to make sound investment
	decisions.</FONT></I><FONT size="2"> Our advisors offer creative
	ideas and recommendations to assist our clients in attaining
	their investment and financial goals and objectives. By
	understanding our clients&#146; needs and consistently providing
	high-quality, value-added advice and timely service, our goal is
	to earn the distinction of being their <I>advisor of choice.</I>
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<I><FONT size="2">Attracting and retaining experienced,
	entrepreneurial, and talented
	associates.</FONT></I><FONT size="2"> In order to become the
	<I>firm of choice, </I>we foster a culture of unconfined,
	long-term thinking that views change as an opportunity to better
	serve our clients and improve our market position. In this
	environment, hard-working team players are rewarded for their
	attention to client needs and dedication to providing
	high-quality investment advice. As the <I>firm of choice,</I> we
	support the professional efforts of our associates and their
	contributions to their communities.
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<I><FONT size="2">Becoming the investment of choice.
	</FONT></I><FONT size="2">By becoming our clients&#146;
	<I>advisor of choice </I>and our associates&#146; <I>firm of
	choice, </I>our goal is to become the <I>investment of choice,
	</I>delivering superior financial returns to our stockholders.
	We believe our associates share a common interest with our
	stockholders as evidenced by the fact that our associates own
	approximately 50% of our common stock, either directly or
	through deferred compensation and related compensation plans.
	</FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Moving forward we intend to work to solidify our
position as the <I>advisor of choice </I>for our existing
clients by continuing to offer a comprehensive set of products,
tools and services. We also plan to capitalize on the continuing
consolidation within the securities industry by seeking to add
new investment executives throughout our market areas, who will
consider Stifel Nicolaus to be their <I>firm of choice</I>.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our principal executive offices, as well as those
of the trust, are located at 501&nbsp;N. Broadway, St. Louis,
Missouri 63102. The main telephone number for us and the trust
is (314)&nbsp;342-2000. Our common stock is traded on the New
York Stock Exchange and the Chicago Stock Exchange under the
symbol &#147;SF.&#148;
</FONT>

<P align="center">
<B><FONT size="2">Stifel Financial Capital Trust I</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We recently formed Stifel Financial Capital
Trust&nbsp;I as a Delaware business trust. We created the trust
to offer the preferred securities and to purchase the
debentures. The trust has a term of 31&nbsp;years but may be
dissolved earlier as provided in the trust agreement. Upon
issuance of the preferred securities offered by this prospectus,
the purchasers in this offering will own all of the issued and
outstanding preferred securities of the trust. In exchange for
our capital contribution to the trust, we will own all of the
common securities of the trust.
</FONT>

<P align="center"><FONT size="2">4
</FONT>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="center">
<B><FONT size="2">The Offering</FONT></B>

<DIV>&nbsp;</DIV>

<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="28%"></TD>
	<TD width="1%"></TD>
	<TD width="71%"></TD>
</TR>

<TR>
	<TD valign="top">
	<FONT size="2">The issuer
	</FONT></TD>
	<TD></TD>
	<TD valign="top">
	<FONT size="2">Stifel Financial Capital Trust I
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR>
	<TD valign="top">
	<FONT size="2">Securities being offered
	</FONT></TD>
	<TD></TD>
	<TD valign="top">
	<FONT size="2">1,200,000 preferred securities, which represent
	preferred undivided beneficial interests in the assets of the
	trust. Those assets will consist solely of the debentures and
	payments received on the debentures.
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR>
	<TD valign="top">
</TD>
	<TD></TD>
	<TD valign="top">
	<FONT size="2">The trust will sell the preferred securities to
	the public for cash. The trust will use that cash to buy the
	debentures from us.
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR>
	<TD valign="top">
	<FONT size="2">Offering price
	</FONT></TD>
	<TD></TD>
	<TD valign="top">
	<FONT size="2">$25 per preferred security.
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR>
	<TD valign="top">
	<FONT size="2">When the trust will pay distributions to&nbsp;you
	</FONT></TD>
	<TD></TD>
	<TD valign="top">
	<FONT size="2">Your purchase of the preferred securities
	entitles you to receive cumulative cash distributions at a 9.00%
	annual rate. Distributions will accumulate from the date the
	trust issues the preferred securities and are to be paid
	quarterly on March&nbsp;31, June&nbsp;30, September&nbsp;30 and
	December&nbsp;31 of each year, beginning June&nbsp;30, 2002. As
	long as the preferred securities are represented by a global
	security, the record date for distributions on the preferred
	securities will be the business day prior to the distribution
	date. We may defer the payment of cash distributions, as
	described below.
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR>
	<TD valign="top">
	<FONT size="2">When the trust must redeem the preferred
	securities
	</FONT></TD>
	<TD></TD>
	<TD valign="top">
	<FONT size="2">The debentures will mature, and we must redeem
	the preferred securities on June&nbsp;30, 2032. We have the
	option, however, to shorten the maturity date to a date not
	earlier than June&nbsp;30, 2007.
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR>
	<TD valign="top">
	<FONT size="2">Redemption of the preferred securities before
	June&nbsp;30, 2032 is possible
	</FONT></TD>
	<TD></TD>
	<TD valign="top">
	<FONT size="2">The trust must redeem the preferred securities
	when the debentures are paid at maturity or upon any earlier
	redemption of the debentures to the extent the debentures are
	redeemed. We may redeem all or part of the debentures at any
	time on or after June&nbsp;30, 2007. In addition, we may redeem,
	at any time, all of the debentures if:
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR>
	<TD valign="top">
</TD>
	<TD></TD>
	<TD valign="top">
	<FONT size="2">&#149;&nbsp;existing laws or regulations, or the
	judicial interpretation or application of these laws or
	regulations, change, causing the interest we pay on the
	debentures to no longer be deductible by us for federal income
	tax purposes; or causing the trust to become subject to federal
	income tax or to certain other taxes or governmental charges; or
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR>
	<TD valign="top">
</TD>
	<TD></TD>
	<TD valign="top">
	<FONT size="2">&#149;&nbsp;existing laws or regulations change,
	requiring the trust to register as an investment company.
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR>
	<TD valign="top">
</TD>
	<TD></TD>
	<TD valign="top">
	<FONT size="2">We may also redeem the debentures at any time,
	and from time to time, in an amount equal to the liquidation
	amount of any preferred securities we repurchase, plus a
	proportionate amount of common securities, but only in exchange
	for a like amount of the preferred securities and common
	securities that we then own.
	</FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">5
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="28%"></TD>
	<TD width="1%"></TD>
	<TD width="71%"></TD>
</TR>

<TR>
	<TD valign="top">
</TD>
	<TD></TD>
	<TD valign="top">
	<FONT size="2">If your preferred securities are redeemed by the
	trust, you will receive the liquidation amount of $25 per
	preferred security, plus any accrued and unpaid distributions to
	the date of redemption.
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR>
	<TD valign="top">
	<FONT size="2">We have the option to extend the interest payment
	period
	</FONT></TD>
	<TD></TD>
	<TD valign="top">
	<FONT size="2">The trust will rely solely on payments made by us
	under the debentures to pay distributions on the preferred
	securities. As long as we are not in default under the indenture
	relating to the debentures, we may, at one or more times, defer
	interest payments on the debentures for up to
	20&nbsp;consecutive quarters, but not beyond June&nbsp;30, 2032.
	If we defer interest payments on the debentures:
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR>
	<TD valign="top">
</TD>
	<TD></TD>
	<TD valign="top">
	<FONT size="2">&#149;&nbsp;the trust will also defer
	distributions on the preferred securities;
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR>
	<TD valign="top">
</TD>
	<TD></TD>
	<TD valign="top">
	<FONT size="2">&#149;&nbsp;the distributions you are entitled to
	will accumulate; and
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR>
	<TD valign="top">
</TD>
	<TD></TD>
	<TD valign="top">
	<FONT size="2">&#149;&nbsp;these accumulated distributions will
	earn interest at an annual rate of 9.00%, compounded quarterly,
	until paid.
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR>
	<TD valign="top">
</TD>
	<TD></TD>
	<TD valign="top">
	<FONT size="2">At the end of any deferral period, we will be
	obligated to pay to the trust all accrued and unpaid interest
	under the debentures. The trust will then pay all accumulated
	and unpaid distributions to you to the extent that the trust has
	received accrued and unpaid interest under the debentures.
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR>
	<TD valign="top">
	<FONT size="2">You will still be taxed if distributions on the
	preferred securities <BR>
	 are deferred
	</FONT></TD>
	<TD></TD>
	<TD valign="top">
	<FONT size="2">If a deferral of payment occurs, you must
	recognize the amount of the deferred distributions as interest
	income for United States federal income tax purposes in advance
	of receiving the actual cash distributions, even if you are a
	cash basis taxpayer.
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR>
	<TD valign="top">
	<FONT size="2">Our full and unconditional guarantee of payment
	</FONT></TD>
	<TD></TD>
	<TD valign="top">
	<FONT size="2">Our obligations described in this prospectus, in
	the aggregate, constitute a full, irrevocable and unconditional
	guarantee on a subordinated basis by us of the obligations of
	the trust under the preferred securities. Under the guarantee
	agreement, we guarantee that the trust will use its assets to
	pay the distributions on the preferred securities and the
	liquidation amount upon liquidation of the trust. However, the
	guarantee does not apply when the trust does not have sufficient
	funds to make the payments. If we do not make payments on the
	debentures, the trust will not have sufficient funds to make
	payments on the preferred securities. In this event, your remedy
	is to institute a legal proceeding directly against us for
	enforcement of payments under the debentures.
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR>
	<TD valign="top">
	<FONT size="2">We may distribute the debentures directly to you
	</FONT></TD>
	<TD></TD>
	<TD valign="top">
	<FONT size="2">We may, at any time, dissolve the trust and
	distribute the debentures to you. If we distribute the
	debentures, we will use our best efforts to list them on a
	national securities exchange or to include them in the Nasdaq
	National Market or a comparable market.
	</FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">6
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="28%"></TD>
	<TD width="1%"></TD>
	<TD width="71%"></TD>
</TR>

<TR>
	<TD valign="top">
	<FONT size="2">How the securities will rank in right of payment
	</FONT></TD>
	<TD></TD>
	<TD valign="top">
	<FONT size="2">Our obligations under the preferred securities,
	debentures and guarantee are unsecured and will rank as follows
	with regard to right of payment:
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR>
	<TD valign="top">
</TD>
	<TD></TD>
	<TD valign="top">
	<FONT size="2">&#149;&nbsp;the preferred securities will rank
	equally with the common securities of the trust. The trust will
	pay distributions on the preferred securities and the common
	securities pro rata. However, if we default with respect to the
	debentures, then no distributions on the common securities of
	the trust or our common stock will be paid until all accumulated
	and unpaid distributions on the preferred securities have been
	paid;
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR>
	<TD valign="top">
</TD>
	<TD></TD>
	<TD valign="top">
	<FONT size="2">&#149;&nbsp;our obligations under the debentures
	and the guarantee are unsecured and generally will rank junior
	in priority to our existing and future senior and subordinated
	indebtedness; and
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR>
	<TD valign="top">
</TD>
	<TD></TD>
	<TD valign="top">
	<FONT size="2">&#149;&nbsp;because we are a holding company, the
	debentures and the guarantee will effectively be subordinated to
	all existing and future liabilities of our subsidiaries.
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR>
	<TD valign="top">
	<FONT size="2">Voting rights of the <BR>
	 preferred securities
	</FONT></TD>
	<TD></TD>
	<TD valign="top">
	<FONT size="2">Except in limited circumstances, holders of the
	preferred securities will have no voting rights.
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR>
	<TD valign="top">
	<FONT size="2">New York Stock Exchange symbol
	</FONT></TD>
	<TD></TD>
	<TD valign="top">
	<FONT size="2">SFPr.A
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR>
	<TD valign="top">
	<FONT size="2">You will not receive certificates
	</FONT></TD>
	<TD></TD>
	<TD valign="top">
	<FONT size="2">The preferred securities will be represented by a
	global security that will be deposited with and registered in
	the name of The Depository Trust Company, New York, New York, or
	its nominee. As a result, you will not receive a certificate for
	the preferred securities, and your beneficial ownership
	interests will be recorded through the DTC book-entry system.
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR>
	<TD valign="top">
	<FONT size="2">How the proceeds of this offering will be used
	</FONT></TD>
	<TD></TD>
	<TD valign="top">
	<FONT size="2">The trust will invest the proceeds from the sale
	of the preferred securities in the debentures. We estimate the
	net proceeds to us from the sale of the debentures to the trust,
	after deducting underwriting expenses and commissions, will be
	approximately $28.5&nbsp;million. We expect to use the net
	proceeds from the sale of the debentures to repay short-term
	borrowings from banks.
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR>
	<TD valign="top">
</TD>
	<TD></TD>
	<TD valign="top">
	<FONT size="2">Following the repayment of short-term borrowings,
	we expect to utilize cash flows from operations and other
	sources to support continued growth of our existing
	subsidiaries, for general corporate purposes, to repurchase
	shares of our common stock, to repay up to $10.0&nbsp;million
	principal amount of long-term debt payable to a significant
	stockholder and to finance further expansion and potential
	acquisitions. We have no agreements or commitments and are not
	currently engaged in any negotiations with respect to any such
	acquisitions.
	</FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Before purchasing the preferred securities being
offered, you should carefully consider the &#147;Risk
Factors&#148; beginning on page&nbsp;10.
</FONT>

<P align="center"><FONT size="2">7
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<!-- link1 "SELECTED CONSOLIDATED FINANCIAL DATA" -->
<DIV align="left"><A NAME="002"></A></DIV>

<P align="center">
<B><FONT size="2">SELECTED CONSOLIDATED FINANCIAL DATA</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following table summarizes our consolidated
financial information and other financial data. The selected
statement of financial condition data and statement of
operations data, insofar as they relate to the years ended
December&nbsp;31, 2001, 2000, 1999, 1998 and 1997, are derived
from our consolidated financial statements, which have been
audited by Deloitte &#38; Touche LLP. This information should be
read together with &#147;Management&#146;s Discussion and
Analysis of Financial Condition and Results of Operations&#148;
and our consolidated financial statements and the related notes
incorporated by reference into this prospectus from our Annual
Report on Form&nbsp;10-K for the year ended December&nbsp;31,
2001. Results for past periods are not necessarily indicative of
results that may be expected for any future period.
</FONT>

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="32%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD colspan="19"></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD colspan="18" align="center" nowrap><B><FONT size="1">As of and For the Years Ended December 31,</FONT></B></TD><TD></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD colspan="18" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD colspan="2" align="center" nowrap><B><FONT size="1">2001</FONT></B></TD><TD></TD>
	<TD></TD>
	<TD colspan="2" align="center" nowrap><B><FONT size="1">2000</FONT></B></TD><TD></TD>
	<TD></TD>
	<TD colspan="2" align="center" nowrap><B><FONT size="1">1999</FONT></B></TD><TD></TD>
	<TD></TD>
	<TD colspan="2" align="center" nowrap><B><FONT size="1">1998</FONT></B></TD><TD></TD>
	<TD></TD>
	<TD colspan="2" align="center" nowrap><B><FONT size="1">1997</FONT></B></TD><TD></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD colspan="2" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
	<TD></TD>
	<TD colspan="2" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
	<TD></TD>
	<TD colspan="2" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
	<TD></TD>
	<TD colspan="2" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
	<TD></TD>
	<TD colspan="2" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD colspan="19"></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD colspan="18" align="center" nowrap><B><FONT size="1">(in thousands, except per share amounts and ratios)</FONT></B></TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
	<TD colspan="4" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<B><FONT size="2">Revenue:</FONT></B></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="3" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Commissions
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">74,146</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">85,383</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">68,663</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">56,729</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">49,763</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="3" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Principal transactions
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">31,010</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">28,046</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">24,654</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">26,465</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">20,463</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="3" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Investment banking
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">37,068</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">21,700</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">11,507</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">15,763</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">28,476</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="3" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Interest
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">21,866</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">35,479</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">20,525</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">18,889</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">21,397</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="3" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Other
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">25,530</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">27,514</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">25,844</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">19,442</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">15,720</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left"><HR size="1" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left"><HR size="1" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left"><HR size="1" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left"><HR size="1" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left"><HR size="1" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Total revenue
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">189,620</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">198,122</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">151,193</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">137,288</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">135,819</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="3" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Less: Interest expense
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">11,722</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">20,594</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10,097</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9,798</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12,991</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left"><HR size="1" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left"><HR size="1" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left"><HR size="1" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left"><HR size="1" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left"><HR size="1" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Net revenue
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">177,898</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">177,528</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">141,096</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">127,490</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">122,828</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="4" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<B><FONT size="2">Non-Interest Expenses:</FONT></B></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="3" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Employee compensation and benefits
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">120,889</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">117,229</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">92,819</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">86,967</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">81,817</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="3" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Communications and office supplies
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10,799</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10,879</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8,911</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8,389</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,914</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="3" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Occupancy and equipment rental
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">17,673</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">15,120</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">11,819</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9,549</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8,109</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="3" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Commissions and floor brokerage
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,899</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,333</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,838</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,804</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,780</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="3" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Other operating expenses
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">21,251</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">16,278</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">13,736</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">11,192</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">13,787</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left"><HR size="1" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left"><HR size="1" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left"><HR size="1" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left"><HR size="1" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left"><HR size="1" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Total non-interest expenses
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">174,511</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">162,839</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">130,123</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">118,901</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">113,407</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left"><HR size="1" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left"><HR size="1" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left"><HR size="1" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left"><HR size="1" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left"><HR size="1" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
	<TD colspan="4" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<B><FONT size="2">Income:</FONT></B></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="3" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Income before income taxes
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,387</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">14,689</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10,973</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8,589</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9,421</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="3" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Provision for income taxes
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,377</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,486</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,808</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,344</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,750</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left"><HR size="1" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left"><HR size="1" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left"><HR size="1" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left"><HR size="1" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left"><HR size="1" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="3" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Net income
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,010</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9,203</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,165</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,245</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,671</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
	<TD colspan="4" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<B><FONT size="2">Common Share Data:</FONT></B></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="3" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Basic earnings per share
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.28</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.31</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.08</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.77</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.01</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="3" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Diluted earnings per share
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.25</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.20</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.03</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.73</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.88</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="3" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Cash dividends per share
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.12</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.12</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.12</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.12</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.12</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="3" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Book value per share
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">11.03</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10.56</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9.18</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8.13</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7.60</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="3" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Average common shares:
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Basic
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,162</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,007</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,655</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,850</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,591</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Diluted
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,990</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,669</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,940</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,198</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,099</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">8
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="38%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD colspan="19"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD colspan="18" align="center" nowrap><B><FONT size="1">As of and For the Years Ended December 31,</FONT></B></TD><TD></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD colspan="18" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD colspan="2" align="center" nowrap><B><FONT size="1">2001</FONT></B></TD><TD></TD>
	<TD></TD>
	<TD colspan="2" align="center" nowrap><B><FONT size="1">2000</FONT></B></TD><TD></TD>
	<TD></TD>
	<TD colspan="2" align="center" nowrap><B><FONT size="1">1999</FONT></B></TD><TD></TD>
	<TD></TD>
	<TD colspan="2" align="center" nowrap><B><FONT size="1">1998</FONT></B></TD><TD></TD>
	<TD></TD>
	<TD colspan="2" align="center" nowrap><B><FONT size="1">1997</FONT></B></TD><TD></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD colspan="2" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
	<TD></TD>
	<TD colspan="2" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
	<TD></TD>
	<TD colspan="2" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
	<TD></TD>
	<TD colspan="2" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
	<TD></TD>
	<TD colspan="2" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD colspan="19"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD colspan="18" align="center" nowrap><B><FONT size="1">(in thousands, except per share amounts and ratios)</FONT></B></TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<B><FONT size="2">Statement of Financial Condition and Other
	Data:</FONT></B></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Total assets
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">440,559</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">458,312</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">453,110</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">335,005</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">315,484</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Long-term obligations
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">11,285</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">11,771</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">11,438</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,218</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,522</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Stockholders&#146; equity
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">78,622</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">74,178</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">59,059</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">54,977</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">50,081</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Net income to average equity
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2.58</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">13.33</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12.55</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9.69</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">13.29</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Pre-tax income to total revenue
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.79</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7.41</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7.26</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6.26</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6.94</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Net income to total revenue
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.06</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4.65</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4.74</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3.82</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4.17</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Amortization expense(1)
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,489</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,836</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,992</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,717</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,178</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Ratio of earnings to fixed charges(2)
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.23</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">x</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.64</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">x</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.93</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">x</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.77</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">x</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.67</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">x</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Number of investment executives
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">406</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">375</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">336</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">300</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">274</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Number of branches
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">73</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">70</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">60</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">49</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">39</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">
<HR size="1" width="18%" align="left" noshade>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="4%"></TD>
	<TD width="96%"></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">(1)&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Amortization expense is comprised of amortization
	on upfront loans made to investment executives. We offer
	transition pay to investment executives upon their joining the
	firm principally in the form of upfront loans. These loans are
	amortized over a five- to ten-year period.
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">(2)&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">In computing the ratio of earnings to fixed
	charges: (a)&nbsp;earnings have been based on income before
	income taxes and fixed charges, and (b) fixed charges consist of
	interest expense and one-third of rent expense, which we believe
	is a reasonable approximation of the interest factor of such
	rent expense.
	</FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">9
</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<!-- link1 "RISK FACTORS" -->
<DIV align="left"><A NAME="003"></A></DIV>

<P align="center">
<B><FONT size="2">RISK FACTORS</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">An investment in the preferred securities
involves a number of risks. Some of these risks relate to the
preferred securities and others relate to us and our industry,
generally. We urge you to read all of the information contained
in this prospectus. In addition, we urge you to consider
carefully the following factors in evaluating an investment in
the trust before you purchase the preferred securities offered
by this prospectus.</FONT></I>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Because the trust will rely on the payments it
receives on the debentures from us to fund all payments on the
preferred securities, and because the trust may distribute the
debentures in exchange for the preferred securities, purchasers
of the preferred securities are making an investment decision
that relates to the debentures being issued by us as well as the
preferred securities. Purchasers should carefully review the
information in this prospectus about the preferred securities,
the debentures and the guarantee.</FONT></I>

<P align="left">
<B><FONT size="2">Risks Related to an Investment in the
Preferred Securities</FONT></B>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="1%"></TD>
	<TD width="99%"></TD>
</TR>

<TR valign="top">
	<TD></TD>
	<TD>
	<B><I><FONT size="2">If we do not make interest payments under
	the debentures, the trust will be unable to pay distributions
	and liquidation amounts. Our guarantee will not apply because
	the guarantee covers payments only if the trust has funds
	available.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The trust will depend solely on our payments on
the debentures to pay amounts due to you on the preferred
securities. If we default on our obligation to pay the principal
or interest on the debentures, the trust will not have
sufficient funds to pay distributions or the liquidation amount
on the preferred securities. In that case, you will not be able
to rely on the guarantee for payment of these amounts because
the guarantee only applies if the trust has sufficient funds to
make distributions on or to pay the liquidation amount of the
preferred securities. Instead, you or the property trustee will
have to institute a direct action against us to enforce the
property trustee&#146;s rights under the indenture relating to
the debentures.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="1%"></TD>
	<TD width="99%"></TD>
</TR>

<TR valign="top">
	<TD></TD>
	<TD>
	<B><I><FONT size="2">To the extent we must rely on dividends
	from our wholly-owned subsidiaries to make interest payments on
	the debentures to the trust, our available cash flow may be
	restricted and distributions may be deferred.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We are a holding company and substantially all of
our assets are held by our wholly-owned subsidiaries,
principally Stifel Nicolaus. Our ability to make payments on the
debentures when due will depend primarily on available cash
resources at the holding company and dividends from our
subsidiaries. Dividend payments or extensions of credit from our
subsidiaries are subject to net capital limitations as described
in &#147;&#151;&nbsp;We are subject to net capital requirements;
failure to comply with these rules would significantly harm our
business&#148; on page&nbsp;20. We cannot assure you that our
subsidiaries will be able to pay dividends in the future.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="1%"></TD>
	<TD width="99%"></TD>
</TR>

<TR valign="top">
	<TD></TD>
	<TD>
	<B><I><FONT size="2">The debentures and the guarantee rank lower
	than most of our other indebtedness, and our holding company
	structure effectively subordinates any claims against us to
	those of our subsidiaries&#146; creditors.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our obligations under the debentures and the
guarantee are unsecured and will rank junior in priority of
payment to our existing and future senior and subordinated
indebtedness. As of April&nbsp;16, 2002, we had approximately
$251.6&nbsp;million outstanding principal amount of consolidated
senior and subordinated debt. Except in certain circumstances,
the issuance of the debentures and the preferred securities does
not limit our ability or the ability of our subsidiaries to
incur additional indebtedness, guarantees or other liabilities.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Because we are a holding company, the creditors
of our subsidiaries also will have priority over you in any
distribution of our subsidiaries&#146; assets in liquidation,
reorganization or otherwise. Accordingly, the debentures and the
guarantee will be effectively subordinated to all existing and
future liabilities of our direct and indirect subsidiaries, and
you should look only to our assets for payments on the preferred
securities and the debentures.
</FONT>

<P align="center"><FONT size="2">10
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="1%"></TD>
	<TD width="99%"></TD>
</TR>

<TR valign="top">
	<TD></TD>
	<TD>
	<B><I><FONT size="2">We may defer interest payments on the
	debentures for substantial periods, which could have adverse
	consequences for you.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We may, at one or more times, defer interest
payments on the debentures for up to 20&nbsp;consecutive
quarters. If we defer interest payments on the debentures, the
trust will defer distributions on the preferred securities
during any deferral period. During a deferral period, you will
be required to recognize as income for federal income tax
purposes the amount approximately equal to the interest that
accrues on your proportionate share of the debentures held by
the trust in the tax year in which that interest accrues, even
though you will not receive these amounts until a later date.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">You will also not receive the cash related to any
accrued and unpaid interest from the trust if you sell the
preferred securities before the end of any deferral period.
During a deferral period, accrued but unpaid distributions will
increase your tax basis in the preferred securities. If you sell
the preferred securities during a deferral period, your
increased tax basis will decrease the amount of any capital gain
or increase the amount of any capital loss that you may have
otherwise realized on the sale. A capital loss, except in
certain limited circumstances, cannot be applied to offset
ordinary income. As a result, deferral of distributions could
result in ordinary income, and a related tax liability for the
holder, and a capital loss that may only be used to offset a
capital gain.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We do not currently intend to exercise our right
to defer interest payments on the debentures. However, in the
event of a deferral period, the market price of the preferred
securities would likely be adversely affected. The preferred
securities may trade at a price that does not fully reflect the
value of accrued but unpaid interest on the debentures. If you
sell the preferred securities during a deferral period, you may
not receive the same return on investment as someone who
continues to hold the preferred securities. Due to our right to
defer interest payments, the market price of the preferred
securities may be more volatile than the market prices of other
securities without the deferral feature.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="1%"></TD>
	<TD width="99%"></TD>
</TR>

<TR valign="top">
	<TD></TD>
	<TD>
	<B><I><FONT size="2">Regulators may preclude us from making
	distributions on the debentures under certain
	circumstances.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We and our subsidiaries are subject to extensive
federal and state law, regulation and supervision. Our
regulators monitor our financial condition on a periodic basis
and may impose limitations on our operations and business
activities under various circumstances. Our subsidiaries are
required to submit reports regularly regarding their capital
position. Because of these net capital requirements, our
subsidiaries may need approval of our regulators to pay
dividends. In the event our regulators withheld their consent to
our payment of interest on the debentures, we would exercise our
right to defer interest payments on the debentures, and the
trust would not have funds available to make distributions on
the preferred securities during the deferral period. This action
by our regulators may or may not be taken in conjunction with
similar restrictions on the ability of our subsidiaries to pay
dividends to us. See &#147;&#151;&nbsp;To the extent we must
rely on dividends from our wholly-owned subsidiaries to make
interest payments on the debentures to the trust, our available
cash flow may be restricted and distributions may be
deferred&#148; on page&nbsp;10. The commencement of a deferral
period with respect to interest on the debentures and,
accordingly, distributions on the preferred securities, would
likely cause the market price of the preferred securities to
decline. See &#147;&#151;&nbsp;We may defer interest payments on
the debentures for substantial periods, which could have adverse
consequences for you&#148; on page&nbsp;11.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="1%"></TD>
	<TD width="99%"></TD>
</TR>

<TR valign="top">
	<TD></TD>
	<TD>
	<B><I><FONT size="2">We have made only limited covenants in the
	indenture and the trust agreement, which may not protect your
	investment in the event we experience significant adverse
	changes in our financial condition or results of
	operations.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The indenture governing the debentures and the
trust agreement governing the trust do not require us to
maintain any financial ratios or specified levels of net worth,
revenues, income, cash flow or liquidity, and therefore do not
protect holders of the debentures or the preferred securities in
the event we experience significant adverse changes in our
financial condition or results of operations. The indenture
prevents us and any subsidiary from incurring, in connection
with the issuance of any trust preferred securities or any
similar securities, indebtedness that is senior in right of
payment to the debentures. The
</FONT>

<P align="center"><FONT size="2">11
</FONT>

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<DIV align="left">
<FONT size="2">indenture limits our ability and the ability of
any subsidiary to incur, in connection with the issuance of any
trust preferred securities or any similar securities,
indebtedness that is equal in right of payment with the
debentures. Except as described above, neither the indenture nor
the trust agreement limits our ability or the ability of any
subsidiary to incur additional indebtedness that is senior in
right of payment to the debentures. Therefore, you should not
consider the provisions of these governing instruments as a
significant factor in evaluating whether we will be able to
comply with our obligations under the debentures or the
guarantee.
</FONT>
</DIV>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="1%"></TD>
	<TD width="99%"></TD>
</TR>

<TR valign="top">
	<TD></TD>
	<TD>
	<B><I><FONT size="2">In the event we redeem the debentures
	before June&nbsp;30, 2032, you may not be able to reinvest your
	principal at the same or a higher rate of return.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Under the following circumstances, we may redeem
the debentures before their stated maturity:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="1%"></TD>
	<TD width="96%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">We may redeem the debentures, in whole or in
	part, at any time on or after June&nbsp;30, 2007.
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">We may redeem the debentures in whole, but not in
	part, within 180&nbsp;days after certain occurrences at any time
	during the life of the trust. These occurrences may include
	adverse tax or investment company developments. See
	&#147;Description of the Debentures&nbsp;&#151; Redemption&#148;
	on page&nbsp;40.
	</FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">You should assume that we will exercise our
redemption option if we are able to obtain capital at a lower
cost than we must pay on the debentures or if it is otherwise in
our interest to redeem the debentures. If the debentures are
redeemed, the trust must redeem preferred securities having an
aggregate liquidation amount equal to the aggregate principal
amount of debentures redeemed, and you may be required to
reinvest your principal at a time when you may not be able to
earn a return that is as high as you were earning on the
preferred securities.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="1%"></TD>
	<TD width="99%"></TD>
</TR>

<TR valign="top">
	<TD></TD>
	<TD>
	<B><I><FONT size="2">We can distribute the debentures to you,
	which may have adverse tax consequences for you and which may
	adversely affect the market price of the preferred securities
	prior to such distribution.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The trust may be dissolved at any time before
maturity of the debentures on June&nbsp;30, 2032. As a result,
and subject to the terms of the trust agreement, the trustees
may distribute the debentures to you.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We cannot predict the market prices for the
debentures that may be distributed in exchange for preferred
securities upon liquidation of the trust. The preferred
securities, or the debentures that you may receive if the trust
is liquidated, may trade at a discount to the price that you
paid to purchase the preferred securities. Because you may
receive debentures, your investment decision with regard to the
preferred securities will also be an investment decision with
regard to the debentures. You should carefully review all of the
information contained in this prospectus regarding the
debentures.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Under current interpretations of United States
federal income tax laws supporting classification of the trust
as a grantor trust for tax purposes, a distribution of the
debentures to you upon the dissolution of the trust would not be
a taxable event to you. Nevertheless, if the trust is classified
for United States federal income tax purposes as an association
taxable as a corporation at the time it is dissolved, the
distribution of the debentures would be a taxable event to you.
In addition, if there is a change in law, a distribution of
debentures upon the dissolution of the trust could be a taxable
event to you.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="1%"></TD>
	<TD width="99%"></TD>
</TR>

<TR valign="top">
	<TD></TD>
	<TD>
	<B><I><FONT size="2">You are subject to repayment risk because
	possible tax law changes could result in a redemption of the
	trust preferred securities.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Future legislation may be enacted that could
adversely affect our ability to deduct our interest payments on
the debentures for federal income tax purposes, making
redemption of the debentures likely and resulting in a
redemption of the trust preferred securities. From time to time,
Congress has proposed federal income tax law changes that would,
among other things, generally deny interest deductions to a
corporate issuer if the debt instrument is not reflected as
indebtedness on the issuer&#146;s consolidated balance sheet.
Specifically, on January&nbsp;24, 2002, Congressman Rangel
introduced a bill to amend the Internal Revenue Code of 1986
generally to prohibit the deduction for interest by any
corporation which is required to file an annual report with
certified financial statements with the Securities and Exchange
Commission for any indebtedness of such corporation if such
indebtedness is not shown in the corporation&#146;s annual
report as part of its total liabilities.
</FONT>

<P align="center"><FONT size="2">12
</FONT>

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Although it is impossible to predict whether this
recent proposal or future proposals of this nature will be
introduced and enacted with application to already issued and
outstanding securities, in the future we could be precluded from
deducting interest on the debentures in this event. Enactment of
this type of proposal might in turn give rise to a tax event as
described under &#147;Description of the Preferred
Securities&nbsp;&#151; Redemption or Exchange&nbsp;&#151;
Redemption upon a Tax Event or Investment Company Event&#148;
beginning on page&nbsp;28.
</FONT>

<P align="left">
<B><I><FONT size="2">Trading characteristics of the preferred
securities may create adverse tax consequences for
you.</FONT></I></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The preferred securities may trade at a price
that does not reflect the value of accrued but unpaid interest
on the underlying debentures. If you dispose of your preferred
securities between record dates for payments on the preferred
securities, this action may have adverse tax consequences for
you. Under these circumstances, you will be required to include
accrued but unpaid interest on the debentures allocable to the
preferred securities through the date of disposition in your
income as ordinary income if you use the accrual method of
accounting or if this interest represents original issue
discount.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If interest on the debentures is included in
income under the original issue discount provisions, you would
add this amount to your adjusted tax basis in the disposed
preferred securities. If your selling price is less than your
adjusted tax basis, which will include all accrued but unpaid
original issue discount interest included in your income, you
could recognize a capital loss which, subject to limited
exceptions, cannot be applied to offset ordinary income for
federal income tax purposes. See &#147;Federal Income Tax
Consequences&#148; beginning on page&nbsp;52 for more
information on possible adverse tax consequences to you.
</FONT>

<P align="left">
<B><I><FONT size="2">There is no current public market for the
preferred securities, and their market price may decline after
you invest.</FONT></I></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">There is currently no public market for the
preferred securities. Although the preferred securities have
been approved for listing on the New&nbsp;York Stock Exchange,
there is no guarantee that an active or liquid trading market
will develop for the preferred securities or that the preferred
securities will continue to be listed for trading on the
New&nbsp;York Stock Exchange. If an active trading market does
not develop, the market price and liquidity of the preferred
securities will be adversely affected. Even if an active public
market does develop, there is no guarantee that the market price
for the preferred securities will equal or exceed the price you
pay for the preferred securities.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Future trading prices of the preferred securities
may be subject to significant fluctuations in response to
prevailing interest rates, our future operating results and
financial condition, the market for similar securities and
general economic and market conditions. The initial public
offering price of the preferred securities has been set at the
liquidation amount of the preferred securities and may be
greater than the market price following the offering.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The market price for the preferred securities, or
the debentures that you may receive in a distribution, is also
likely to decline during any period that we are deferring
interest payments on the debentures.
</FONT>

<P align="left">
<B><I><FONT size="2">You must rely on the property trustee to
enforce your rights if there is an event of default under the
indenture.</FONT></I></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">You may not be able to directly enforce your
rights against us if an event of default under the indenture
occurs. If an event of default under the indenture occurs and is
continuing, this event will also be an event of default under
the trust agreement. In that case, you must rely on the
enforcement by the property trustee of its rights as holder of
the debentures against us. The holders of a majority in
liquidation amount of the preferred securities will have the
right to direct the property trustee to enforce its rights. If
the property trustee does not enforce its rights following an
event of default and a request by the record holders to do so,
any record holder may, to the extent permitted by applicable
law, take action directly against us to enforce the property
trustee&#146;s rights. If an event of default occurs under the
trust agreement that is attributable to our failure to pay
interest or principal on the debentures, or if we default under
the
</FONT>

<P align="center"><FONT size="2">13
</FONT>

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<DIV align="left">
<FONT size="2">guarantee, you may proceed directly against us.
You will not be able to exercise directly any other remedies
available to the holders of the debentures unless the property
trustee fails to do so.
</FONT>
</DIV>

<P align="left">
<B><I><FONT size="2">As a holder of preferred securities you
have limited voting rights, and we can amend the trust agreement
to change the terms and conditions of the administration,
operation and management of the trust without your
consent.</FONT></I></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Holders of preferred securities have limited
voting rights. We can, without your consent, make certain
amendments to the trust agreement. Your voting rights pertain
primarily to certain amendments to the trust agreement and not
to the administration, operation or management of the trust. In
general, only we can replace or remove any of the trustees.
However, if an event of default under the trust agreement occurs
and is continuing, the holders of at least a majority in
aggregate liquidation amount of the preferred securities may
replace the property trustee and the Delaware trustee. In
certain circumstances, with the consent of the holders of a
majority in the aggregate liquidation amount of the preferred
securities, we may amend the trust agreement to ensure that the
trust remains classified for federal income tax purposes as a
grantor trust and to ensure that the trust retains its exemption
from status as an &#147;investment company&#148; under the
Investment Company Act, even if such amendment adversely affects
your rights as a holder of preferred securities. For more
information regarding limitation on your ability to control
amendments to the trust agreement, see &#147;Description of the
Preferred Securities&nbsp;&#151; Voting Rights; Amendment of
Trust Agreement&#148; beginning on page&nbsp;34.
</FONT>

<P align="left">
<B><FONT size="2">Risk Factors Relating to Stifel
Financial</FONT></B>

<P align="left">
<B><I><FONT size="2">We are directly affected by fluctuations in
the trading volume and price levels of securities, national and
international economic and political conditions, and broad
trends in business and finance.</FONT></I></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">As a brokerage and investment banking firm, our
business depends heavily on conditions in the financial markets
and on economic conditions generally, both domestically and
abroad. Many factors outside our control may directly affect the
securities business, in many cases in an adverse manner. These
include:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="1%"></TD>
	<TD width="96%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">economic and political conditions,
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">broad trends in business and finance,
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">legislation and regulation affecting the national
	and international business and financial communities,
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">currency values,
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">inflation,
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">market conditions,
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">the availability and cost of short-term or
	long-term funding and capital,
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">the credit capacity or perceived credit
	worthiness of the securities industry in the market place, and
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">the level and volatility of interest rates.
	</FONT></TD>
</TR>

</TABLE>

<P align="left">
<B><I><FONT size="2">A downturn in the U.S. securities market
could adversely affect our business in many ways.</FONT></I></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Over the past several years, the stock markets in
the United States achieved record or near record levels,
generating substantial revenue for firms in the securities
industry. However, this favorable business environment began to
erode in early 2000 as all major stock indices declined and
volatility increased during 2001. This volatility decreased
transaction volumes industry-wide and many brokerage and
investment banking firms experienced a significant slowdown in
business in 2001. In particular, we experienced a significant
reduction in revenues from our Private Client Group. Continued
volatility or
</FONT>

<P align="center"><FONT size="2">14
</FONT>

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<DIV align="left">
<FONT size="2">instability in the financial markets could
significantly harm our business for many reasons, including
those described below.
</FONT>
</DIV>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="97%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	<B><I><FONT size="2">Because a significant portion of our
	revenue is derived from commissions, margin interest revenue,
	principal transactions and investment banking fees, a decline in
	stock prices, trading volumes or liquidity could significantly
	harm our profitability in the following ways:</FONT></I></B></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="1%"></TD>
	<TD width="96%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">the volume of trades we would execute for our
	clients may decrease;
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">our customer margin balances may decrease which
	would result in lower net interest income;
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">the number and size of transactions for which we
	provide underwriting and merger and acquisition advisory
	services may decline;
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">the value of the securities we hold in inventory
	as assets, which we often purchase in connection with market
	making and underwriting activities, may decline. In particular,
	a sizable portion of our inventory is comprised of fixed-income
	securities which are sensitive to interest rates. As interest
	rates rise or fall, there is a corresponding increase or
	decrease in the values of our assets;
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">the value of the securities we hold as
	investments acquired directly through our subsidiaries may
	decline. In particular, those investments in venture capital and
	start-up type companies, which by their nature are subject to a
	high degree of volatility, may be susceptible to significant
	fluctuations;
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">because our Equity Capital Markets business is
	significantly concentrated in the financial services sector, our
	financial results may be adversely affected if future
	legislative, regulatory or other developments in the banking
	industry cause a decline in the number of public offerings,
	private placements and other capital raising efforts, including
	the issuance of trust preferred securities, by financial
	institutions, or if there is a significant slowdown in financial
	institution mergers and acquisition activity; and
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">our financial results may be adversely affected
	by the fixed amortization costs incurred by us in connection
	with the upfront loans we offer to investment executives.
	</FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="97%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	<B><I><FONT size="2">To the extent our clients, or
	counterparties in transactions with us, are more likely to
	suffer financial setbacks in a volatile stock market
	environment, our risk of loss during these periods would
	increase.</FONT></I></B></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	<FONT size="2">Declines in the market value of securities can
	result in the failure of buyers and sellers of securities to
	fulfill their settlement obligations, and in the failure of our
	clients to fulfill their credit obligations. During market
	downturns, counterparties to us in securities transactions may
	be less likely to complete transactions. Also, we often permit
	our clients to purchase securities on margin or, in other words,
	to borrow a portion of the purchase price from us and
	collateralize the loan with a set percentage of the securities.
	During steep declines in securities prices, the value of the
	collateral securing margin purchases may drop below the amount
	of the purchaser&#146;s indebtedness. If the clients are unable
	to provide additional collateral for these loans, we may lose
	money on these margin transactions. In addition, particularly
	during market downturns, we may face additional expense
	defending or pursuing claims or litigation related to
	counterparty or client defaults.
	</FONT></TD>
</TR>

</TABLE>

<P align="left">
<B><I><FONT size="2">We face intense competition in our
industry.</FONT></I></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our business will suffer if we do not compete
successfully. All aspects of our business and of the securities
industry in general are intensely competitive. We expect
competition to continue and intensify in the future.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="97%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	<B><I><FONT size="2">Because many of our competitors have
	greater resources and offer more services than we do, increased
	competition could have a material and adverse effect on our
	profitability.</FONT></I></B></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	<FONT size="2">We compete directly with national and regional
	full-service broker-dealers and investment banking firms, and to
	a lesser extent with discount brokers and dealers, investment
	advisors and
	</FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">15
</FONT>

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<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="97%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	<FONT size="2">commercial banks. We also compete indirectly for
	investment assets with insurance companies, hedge funds and
	others.
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	<FONT size="2">Although we believe we have competitive
	advantages, such as the qualifications and experience of our
	professional staff, our reputation in the marketplace and our
	existing client relationships, a number of our competitors have
	significantly greater capital and financial resources than we
	do. The financial services industry has recently undergone
	significant consolidation which has further concentrated equity
	capital and other financial resources in the industry and
	further increased competition. Many of our competitors use their
	significantly greater financial capital and scope of operations
	to offer their customers more products and services, broader
	research capabilities, access to international markets and other
	products and services not currently offered by us. These and
	other competitive pressures may adversely affect our competitive
	position and, as a result, our operations and financial
	condition.
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	<B><I><FONT size="2">We face competition from new entrants into
	the market and increased use of alternative sales channels by
	other firms.</FONT></I></B></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	<FONT size="2">Domestic commercial banks and investment banking
	boutique firms have entered the broker-dealer business, and
	large international banks have begun serving our markets as
	well. Recently enacted legislative and regulatory initiatives
	intended to ease restrictions on the sale of securities and
	underwriting activities by commercial banks are already
	beginning to increase competition. This increased competition
	could cause our business to suffer.
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	<FONT size="2">The industry of electronic and/or discount
	brokerage services is also rapidly developing. Increased
	competition from firms using new technology to deliver these
	products and services may materially and adversely affect our
	operating results and financial position. Competitors offering
	Internet-based or other electronic brokerage services may have
	lower costs and offer their customers more attractive pricing
	and more convenient services than we do. In addition, we
	anticipate additional competition from underwriters who conduct
	offerings of securities through electronic distribution
	channels, bypassing financial intermediaries such as us
	altogether.
	</FONT></TD>
</TR>

</TABLE>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="1%"></TD>
	<TD width="99%"></TD>
</TR>

<TR valign="top">
	<TD></TD>
	<TD>
	<B><I><FONT size="2">We are subject to an increased risk of
	legal proceedings, which may result in significant losses to us
	that we cannot recover. Claimants in these proceedings may be
	customers, employees or regulatory agencies, among others,
	seeking damages for mistakes, errors, negligence or acts of
	fraud by our employees.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Many aspects of our business subject us to
substantial risks of potential liability to customers and to
regulatory enforcement proceedings by state and federal
regulators. Participants in the securities industry face an
increasing amount of litigation and arbitration proceedings.
Dissatisfied clients regularly make claims against securities
firms and their brokers for among others, negligence, fraud,
unauthorized trading, suitability, churning, failure to
supervise, breach of fiduciary duty, employee errors,
intentional misconduct, unauthorized transactions by investment
executives or traders, improper recruiting activity and failures
in the processing of securities transactions. These types of
claims expose us to the risk of significant loss. Acts of fraud
are difficult to detect and deter, and we cannot assure
investors that our risk management procedures and controls will
prevent losses from fraudulent activity. In addition, in our
role as underwriter and selling agent we may be liable if there
are material misstatements or omissions of material information
in prospectuses and other communications regarding underwritten
offerings of securities. At any point in time, the aggregate
amount of existing claims against us could be material. While we
do not expect the outcome of any existing claims against us to
have a material adverse impact on our business, financial
condition or results of operations, we cannot assure you that
these types of proceedings will not materially and adversely
affect us. We do not carry insurance that would cover payments
regarding these liabilities with the exception of fidelity
coverage with respect to fraudulent acts of our employees. In
addition, our bylaws provides for the indemnification of our
officers, directors and employees to the maximum extent
permitted under Delaware law. We are now and in the future may
be the subject of indemnification assertions under these
documents by our officers, directors or employees who have or
may become defendants in litigation. These claims for
indemnification may subject us to substantial risks of potential
liability.
</FONT>

<P align="center"><FONT size="2">16
</FONT>

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In addition to the foregoing financial costs and
risks associated with potential liability, the defense of
litigation has increased costs associated with attorneys&#146;
fees. The amount of outside attorneys&#146; fees incurred in
connection with the defense of litigation could be substantial
and might materially and adversely affect our results of
operations for any reporting period. Securities class action
litigation in particular is highly complex and can extend for a
protracted period of time, thereby substantially increasing the
costs incurred to resolve the litigation.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="1%"></TD>
	<TD width="99%"></TD>
</TR>

<TR valign="top">
	<TD></TD>
	<TD>
	<B><I><FONT size="2">We depend on our ability to attract and
	retain key personnel. Our business is a service business that
	depends heavily on highly-skilled personnel and the
	relationships they form with clients.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our business, as a service business, relies
heavily upon our highly-skilled and often highly-specialized
employees and executive officers. The unexpected loss of
services of any of these key employees and executive officers,
particularly Ronald&nbsp;J. Kruszewski, our chairman of the
board, president and chief executive officer, or the inability
to recruit and retain highly qualified personnel in the future,
could have an adverse effect on our business and results of
operations.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We generally do not enter into written employment
agreements with our employees, and our employees can stop
working with us at any time. Investment executives typically
take their clients with them when they leave to work for a
competitor of ours. From time to time, in addition to investment
executives, we have lost equity research, investment banking,
public finance, and institutional sales and trading
professionals to our competitors and some have taken clients
away from us.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We often extend up-front loans to individuals
recruited as investment executives as transition pay. These
loans are generally forgiven over time if the investment
executive satisfies certain conditions, usually based on
continued employment with us and, in some cases, certain
performance standards. If the investment executive leaves before
the term of the loan expires or, in some cases, fails to meet
certain performance standards, the individual is required to
repay the balance. In the past, the term of the loan has
typically been three to five years, although recently it has
been five to ten years. We do not maintain collateral on these
loans and we would incur losses if the departing investment
executive is unable to repay the loan. At December&nbsp;31,
2001, we had approximately $22.0&nbsp;million in principal
amount of loans outstanding to current and former investment
executives and maintained an allowance for doubtful collection
of approximately $526,000. We cannot assure you that we will not
incur losses in excess of such allowance.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="1%"></TD>
	<TD width="99%"></TD>
</TR>

<TR valign="top">
	<TD></TD>
	<TD>
	<B><I><FONT size="2">We cannot assure you that we will
	successfully retain our key personnel or attract, assimilate or
	retain other highly qualified personnel in the future, and our
	failure to do so could materially and adversely affect our
	business, financial condition and operating
	results.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Competition for personnel within the financial
services industry is intense. The cost of retaining skilled
professionals in the financial services industry has escalated
considerably as competition for these professionals has
intensified. Employers in the industry are increasingly offering
guaranteed contracts, upfront payments and increased
compensation. These can be important factors in an
employee&#146;s decision to leave us. As competition for skilled
professionals in the industry increases, we may have to devote
more significant resources to attracting and retaining qualified
personnel.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Moreover, companies in our industry whose
employees accept positions with competitors frequently claim
that those competitors have engaged in unfair hiring practices.
We are currently subject to several such claims, and may be
subject to additional claims in the future, as we seek to hire
qualified personnel, some of whom may currently be working for
our competitors. Some of these claims may result in material
litigation. We could incur substantial costs in defending
ourselves against these claims, regardless of their merits. Such
claims could also discourage potential employees who currently
work for our competitors from joining us.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="1%"></TD>
	<TD width="99%"></TD>
</TR>

<TR valign="top">
	<TD></TD>
	<TD>
	<B><I><FONT size="2">Continued growth may strain our
	resources.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">One of our strategies is to grow through the
recruitment of investment executives and, to a lesser extent,
possible future acquisitions. The growth of our business and
expansion of our client base has and
</FONT>

<P align="center"><FONT size="2">17
</FONT>

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<DIV align="left">
<FONT size="2">will continue to strain our management and
administrative resources. It will also require increased
investment in management personnel and financial, administrative
and communication systems. Unless offset by a growth of
revenues, the costs associated with these investments will
reduce our operating margins. We cannot assure investors that we
will be able to manage or continue to manage our recent or
future growth successfully. The inability to do so could have a
material adverse effect on our business, financial condition and
operating results.
</FONT>
</DIV>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="1%"></TD>
	<TD width="99%"></TD>
</TR>

<TR valign="top">
	<TD></TD>
	<TD>
	<B><I><FONT size="2">Terrorist attacks have contributed to
	economic instability in the United States; continued terrorist
	attacks, war or other civil disturbances could lead to further
	economic instability and adversely affect investor
	confidence.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The events of September&nbsp;11, 2001 in New York
City, Washington, D.C. and in the vicinity of Pittsburgh,
Pennsylvania and the subsequent four-day closure of the major
financial markets in the U.S. exacerbated already difficult
conditions in the securities industry and the economy generally.
The market has been beset with volatility and uncertainty in
light of the impact of the terrorist attacks on the financial
markets and the resultant adverse effect on consumer confidence,
as well as recessionary economic conditions, the Federal Reserve
Board&#146;s interest rate reductions, escalating tensions in
the Middle East and the war in Afghanistan. The full impact of
these events on the financial markets is not yet known, but
could include, among other things, increased volatility in the
prices of securities, including the preferred securities. We are
unable to predict whether the future effects of the terrorist
attacks, the ensuing U.S. military and other responsive actions
and the threat of similar future events or responses to such
events will result in long-term commercial disruptions or will
have a long-term adverse effect on the financial markets, as
well as our business, results of operations or financial
condition.
</FONT>

<P align="left">
<B><I><FONT size="2">We continually encounter technological
change, and we may have fewer resources than many of our
competitors to continue to invest in technological
improvements.</FONT></I></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The brokerage and investment banking industry
continues to undergo technological change, with periodic
introductions of new technology-driven products and services. In
addition to better serving clients, the effective use of
technology increases efficiency and enables firms to reduce
costs. Our future success will depend, in part, upon our ability
to address the needs of our clients by using technology to
provide products and services that will satisfy their demands
for convenience, as well as to create additional efficiencies in
our operations. Many of our competitors have substantially
greater resources to invest in technological improvements. We
cannot assure you that we will be able to effectively implement
new technology-driven products and services or be successful in
marketing these products and services to our clients.
</FONT>

<P align="left">
<B><I><FONT size="2">We rely upon third parties to provide
critical functions.</FONT></I></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our trade processing software is operated by a
third party vendor under an agreement whereby they provide us
turn-key maintenance and operation of mainframe computers and
servers that operate the software. Likewise, we contract with
another vendor affiliated with our trade processing software
vendor to operate our market data servers which constantly
broadcast news, quotes, analytics and other important
information to the desktop computers of our investment
executives. We contract with other vendors to produce, batch and
mail our confirmations and customer reports. As our business
grows, we cannot be assured that the technology and services we
require from third parties will be available. A third party
contractor&#146;s inability to meet our needs could cause us to
be unable to timely and accurately process our clients&#146;
transactions or maintain complete and accurate records of such
transactions.
</FONT>

<P align="left">
<B><I><FONT size="2">We depend heavily on our communications and
information systems, which are vulnerable to systems
failures.</FONT></I></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our business is highly dependent on
communications and information systems. Any failure or
interruption of our systems could cause delays in our securities
trading activities, which could significantly harm our operating
results. We cannot assure you that we will not suffer any of
these systems failures or
</FONT>

<P align="center"><FONT size="2">18
</FONT>

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<DIV align="left">
<FONT size="2">interruptions from power or telecommunication
failures, natural disasters, or that our back-up procedures and
capabilities in the event of any such failure or interruption
will be adequate.
</FONT>
</DIV>

<P align="left">
<B><I><FONT size="2">Localized conditions in the Midwest region
of the United States, or to a lesser extent the Rocky Mountain
region, may adversely affect our business.</FONT></I></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our revenue is derived largely from customers who
are and have historically been concentrated in the Midwest
region of the United States and, to a lesser extent, the Rocky
Mountain region. Because of this concentration, we are dependent
on market conditions in these regions. A significant downturn in
the economy in any of these regions could materially and
adversely affect our underwriting and brokerage businesses
located there.
</FONT>

<P align="left">
<B><I><FONT size="2">Lack of sufficient liquidity could impair
our business and financial condition.</FONT></I></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Liquidity is essential to our business. If we
have insufficient liquid assets, we will be forced to curtail
our operations and our business will suffer. The principal
sources of our liquidity are our assets, consisting mainly of
cash or assets readily convertible into cash. These assets are
financed primarily by our equity capital, client credit
balances, short-term bank loans, proceeds from securities
lending, long-term notes payable, and other payables. We
currently finance our client accounts and firm trading positions
through ordinary course borrowings at floating interest rates
from various banks on a demand basis with company-owned and
client securities pledged as collateral. Changes in securities
market volumes, related client borrowing demands, underwriting
activity, and levels of securities inventory affect the amount
of our financing requirements.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our liquidity requirements may change in the
event we need to raise more funds than anticipated to increase
inventory positions, support more rapid expansion, develop new
or enhanced services and products, acquire technologies or
respond to other unanticipated liquidity requirements. Stifel
Nicolaus generates substantially all of our revenue. We rely
exclusively on financing activities and distributions from our
subsidiaries for funds to pay dividends, implement our business
and growth strategies and repurchase shares. Net capital rules,
restrictions under our long-term debt or the borrowing
arrangements of our subsidiaries, as well as the earnings,
financial condition and cash requirements of our subsidiaries
may each limit distributions to us from our subsidiaries.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In the event existing internal and external
financial resources do not satisfy our needs, we may have to
seek additional outside financing. The availability of outside
financing will depend on a variety of factors such as market
conditions, the general availability of credit, the volume of
trading activities, the overall availability of credit to the
financial services industry, credit ratings and credit capacity,
as well as our specific financial position. We cannot assure
investors that our internal sources of liquidity will prove
sufficient, or if they prove insufficient, that we will be able
to successfully obtain outside financing on favorable terms, or
at all.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="1%"></TD>
	<TD width="99%"></TD>
</TR>

<TR valign="top">
	<TD></TD>
	<TD>
	<B><I><FONT size="2">We are subject to increasing governmental
	and organizational regulation.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our business, and the securities industry
generally, is subject to extensive regulation at both the
federal and state levels. In addition, self-regulatory
organizations, such as the New York Stock Exchange and the
National Association of Securities Dealers, as well as the
Municipal Securities Rulemaking Board, require compliance with
their extensive rules and regulations. Among other things, these
regulatory authorities impose restrictions on sales methods,
trading practices, use and safekeeping of customer funds and
securities, record keeping and the conduct of principals and
employees. The extensive regulatory framework applicable to
broker-dealers, the purpose of which is to protect customers and
the integrity of the securities markets, imposes significant
compliance burdens and attendant costs on us. The regulatory
bodies that administer these rules do not attempt to protect the
interests of our security holders as such, but rather the public
and markets generally. Failure to comply with any of the laws,
rules or regulations of any independent, state or federal
regulatory authority could result in a fine, limitations on our
activities, injunction, suspension or expulsion from the
industry, which could materially and adversely impact us.
</FONT>

<P align="center"><FONT size="2">19
</FONT>

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<DIV align="left">
<FONT size="2">Furthermore, amendments to existing state or
federal statutes, rules and regulations or the adoption of new
statutes, rules and regulations could require us to alter our
methods of operation at costs which could be substantial. In
particular, the recent bankruptcy filing by Enron Corporation,
and related matters, may increase the level of regulatory and
governmental oversight of financial markets and market
participants, and the potential effect on us of possible
regulatory or legislative initiatives is difficult to predict.
Certain of such initiatives include proposals to separate
persons or entities providing securities research and analysis
from investment banks. The enactment of such a proposal would
potentially adversely affect the revenues and profits of
investment banks generally, including the Financial Institutions
Group of our Equity Capital Markets business segment. In
addition, our ability to comply with laws, rules and regulations
is highly dependent upon our ability to maintain a compliance
system which is capable of evolving with increasingly complex
and changing requirements. Moreover, one of our subsidiaries,
Century Securities, gives rise to a higher risk of noncompliance
because of the nature of the independent contractor
relationships involved.
</FONT>
</DIV>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="1%"></TD>
	<TD width="99%"></TD>
</TR>

<TR valign="top">
	<TD></TD>
	<TD>
	<B><I><FONT size="2">We are subject to net capital requirements;
	failure to comply with these rules would significantly harm our
	business.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The SEC requires broker-dealers to maintain
adequate regulatory capital in relation to their liabilities and
the size of their customer business. These rules require
broker-dealers to maintain a substantial portion of their assets
in cash or highly liquid investments. Failure to maintain the
required net capital may subject a firm to limitation of its
activities, including suspension or revocation of its
registration by the SEC and suspension or expulsion by the
National Association of Securities Dealers, the New York Stock
Exchange and other regulatory bodies, and ultimately may require
its liquidation. These rules affect each of our broker-dealer
subsidiaries. Failure to comply with the net capital rules could
have material and adverse consequences such as:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="1%"></TD>
	<TD width="96%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">limiting our operations that require intensive
	use of capital, such as underwriting or trading activities; or
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">restricting us from withdrawing capital from our
	subsidiaries, even where our broker-dealer subsidiaries have
	more than the minimum amount of required capital. This, in turn,
	could limit our ability to pay dividends, implement our business
	and growth strategies, pay interest on and repay the principal
	of our debt and/or repurchase shares.
	</FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In addition, a change in the net capital rules or
the imposition of new rules affecting the scope, coverage,
calculation or amount of net capital requirements, or a
significant operating loss or any large charge against net
capital, could have similar adverse effects.
</FONT>

<P align="left">
<B><I><FONT size="2">Our risk management policies and procedures
may leave us exposed to unidentified or unanticipated
risk.</FONT></I></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Although we have developed risk management
procedures and policies to identify, monitor and manage risks,
we cannot assure investors that our procedures will be fully
effective. Our risk management methods may not effectively
predict the risks we will face in the future, which may be
different in nature or magnitude than past experiences. In
addition, some of our risk management methods are based on an
evaluation of information regarding markets, clients and other
matters provided by third parties. This information may not be
accurate, complete, up-to-date or properly evaluated, and our
risk management procedures may be correspondingly flawed.
Management of operational, legal and regulatory risk requires,
among other things, policies and procedures to record properly
and verify a large number of transactions and events, and we
cannot assure investors that our policies and procedures will be
fully effective.
</FONT>

<P align="center"><FONT size="2">20
</FONT>

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<P align="center">
<B><FONT size="2">USE OF PROCEEDS</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The trust will invest all of the proceeds from
the sale of the preferred securities in the debentures. We
anticipate that the net proceeds from the sale of the debentures
will be approximately $28.5&nbsp;million after deduction of
offering expenses, estimated to be $275,000, and underwriting
commissions.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We expect to use all of the net proceeds from
this offering to repay short-term borrowings from banks. At
April&nbsp;16, 2002, we had approximately $68.6&nbsp;million of
short-term borrowings outstanding under arrangements with banks.
We borrow from banks on a demand basis in the normal course of
business to facilitate customer and firm borrowings. We use firm
borrowings to finance securities trades. Amounts outstanding
under these arrangements are collateralized by securities owned
by us or by our customers. Interest is payable on amounts
outstanding at floating rates that are indexed to the Fed Funds
rate. At April&nbsp;16, 2002, our weighted average interest rate
on these borrowings approximated 2.35%.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Following the repayment of short-term borrowings,
we expect to utilize cash flows from operations and other
sources to support continued growth of our existing
subsidiaries, for general corporate purposes, to repurchase
shares of our common stock, to repay up to $10.0&nbsp;million
principal amount of long-term indebtedness due 2004 payable to
Western and Southern Life Insurance Company, a significant
stockholder, bearing interest of 8.00% per annum, and to finance
further expansion and potential acquisitions. We have no
agreements or commitments and are not currently engaged in any
negotiations with respect to any such acquisitions.
</FONT>

<P align="center">
<B><FONT size="2">ACCOUNTING TREATMENT</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The trust will be treated, for financial
reporting purposes, as our finance subsidiary and, accordingly,
the accounts of the trust will be included in our consolidated
financial statements. The preferred securities will be presented
as a liability in our consolidated balance sheet under the
caption &#147;Trust preferred securities,&#148; or other similar
caption. In addition, appropriate disclosures about the
preferred securities, the guarantee and the debentures will be
included in the notes to our consolidated financial statements.
For financial reporting purposes, we will record distributions
payable on the preferred securities in our consolidated
statements of income.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our future reports filed under the Securities
Exchange Act of 1934 will include a footnote to the audited
consolidated financial statements stating that:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="1%"></TD>
	<TD width="96%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">the trust is wholly-owned;
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">the sole assets of the trust are the debentures,
	specifying the debentures&#146; outstanding principal amount,
	interest rate and maturity date; and
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">our obligations described in this prospectus, in
	the aggregate, constitute a full, irrevocable and unconditional
	guarantee on a subordinated basis by us of the obligations of
	the trust under the preferred securities.
	</FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Under accounting rules of the SEC, we are not
required to include separate financial statements of the trust
in this prospectus because we will own all of the trust&#146;s
voting securities, the trust has no independent operations and
we guarantee the payments on the preferred securities to the
extent described in the prospectus.
</FONT>

<P align="center">
<B><FONT size="2">MARKET FOR THE PREFERRED SECURITIES</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The preferred securities have been approved for
listing on the New York Stock Exchange. We can give no assurance
that an active and liquid trading market will develop or, if
developed, that such a market will continue. The offering price
and distribution rate have been determined by negotiations among
us and representatives of the underwriters, and the offering
price of the preferred securities may not be indicative of the
market price following the offering. See
&#147;Underwriting&#148; beginning on page&nbsp;57.
</FONT>

<P align="center"><FONT size="2">21
</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="center">
<B><FONT size="2">CAPITALIZATION</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following table sets forth our indebtedness
and capitalization at December&nbsp;31, 2001:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="1%"></TD>
	<TD width="96%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">on an actual basis; and
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">on an as adjusted basis to give effect to the
	offering, assuming no exercise of the underwriters&#146;
	over-allotment option, and the application of the estimated net
	proceeds from the corresponding sale of the debentures, as
	described on page&nbsp;21 under &#147;Use of Proceeds,&#148; as
	if such sale had been consummated on December&nbsp;31, 2001.
	</FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">This data should be read in conjunction with our
consolidated financial statements and the related notes
incorporated by reference into this prospectus from our Annual
Report on Form&nbsp;10-K for the year ended December&nbsp;31,
2001.
</FONT>

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="65%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="7"></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="6" align="center" nowrap><B><FONT size="1">As of December 31, 2001</FONT></B></TD><TD></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="6" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="2" align="center" nowrap><B><FONT size="1">Actual</FONT></B></TD><TD></TD>
	<TD></TD>
	<TD colspan="2" align="center" nowrap><B><FONT size="1">As Adjusted</FONT></B></TD><TD></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="2" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
	<TD></TD>
	<TD colspan="2" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="7"></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="6" align="center" nowrap><B><FONT size="1">(in thousands)</FONT></B></TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
	<TD colspan="3" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<B><FONT size="2">Short-Term Debt:</FONT></B></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Short-term borrowings from banks and
	broker-dealers(1)
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">210,822</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">182,297</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
	<TD colspan="3" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<B><FONT size="2">Long-Term Debt:</FONT></B></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Long-term debt
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10,000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10,000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Long-term debt&nbsp;&#151; trust preferred
	securities(2)
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">30,000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left"><HR size="1" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left"><HR size="1" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Total long-term debt
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10,000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">40,000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left"><HR size="1" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left"><HR size="1" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
	<TD colspan="3" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<B><FONT size="2">Stockholders&#146; Equity:</FONT></B></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Preferred stock&nbsp;&#151; $1 par value;
	authorized 3,000,000&nbsp;shares; none issued
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Common stock&nbsp;&#151; $0.15 par value;
	authorized 30,000,000&nbsp;shares; issued 7,675,781
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,152</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,152</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Additional paid-in capital
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">49,595</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">49,595</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Retained earnings
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">33,929</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">33,929</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left"><HR size="1" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left"><HR size="1" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
	<TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">84,676</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">84,676</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Less treasury stock, at cost&nbsp;&#151; 357,962
	shares
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,628</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,628</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Less unearned employee stock ownership plan shares
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,397</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,397</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Less unamortized expense of restricted stock
	awards, at cost
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">29</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">29</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left"><HR size="1" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left"><HR size="1" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Total stockholders&#146; equity
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">78,622</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">78,622</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left"><HR size="1" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left"><HR size="1" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Total capitalization
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">88,622</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">118,622</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">
<HR size="1" width="18%" align="left" noshade>

<P align="left">
<FONT size="2">(1)&nbsp;Includes approximately
$144.0&nbsp;million of short-term borrowings from broker-dealers
which will not be repaid with the proceeds of this offering.
</FONT>

<P align="left">
<FONT size="2">(2)&nbsp;Reflects the preferred securities at
their issue price. As described herein, the only assets of the
trust, which is our subsidiary, will be approximately
$31.0&nbsp;million in aggregate principal amount of junior
subordinated debentures, including the amount attributable to
the issuance of common securities of the trust, which will
mature on June&nbsp;30, 2032. We will own all of the common
securities issued by the trust.
</FONT>

<P align="center"><FONT size="2">22
</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<!-- link1 "MANAGEMENT" -->
<DIV align="left"><A NAME="004"></A></DIV>

<P align="center">
<B><FONT size="2">MANAGEMENT</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our directors and executive officers and their
principal position(s) with us are shown in the table below.
</FONT>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="43%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="47%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap><B><FONT size="1">Positions Or Offices</FONT></B></TD>
</TR>

<TR>
	<TD align="center" nowrap><B><FONT size="1">Name</FONT></B></TD>
	<TD></TD>
	<TD colspan="2" align="center" nowrap><B><FONT size="1">Age</FONT></B></TD><TD></TD>
	<TD></TD>
	<TD align="center" nowrap><B><FONT size="1">With The Company And Stifel Nicolaus</FONT></B></TD>
</TR>

<TR>
	<TD align="center" nowrap><HR size="1" noshade></TD>
	<TD></TD>
	<TD colspan="2" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
	<TD></TD>
	<TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Ronald J. Kruszewski
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">43</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom">
	<FONT size="2">Chairman of the Board of Directors, President and
	Chief Executive Officer of Stifel Financial and Stifel Nicolaus
	</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Scott B. McCuaig
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">52</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom">
	<FONT size="2">Senior Vice President, President of the Private
	Client Group and Director of Stifel Financial and Stifel Nicolaus
	</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">James M. Zemlyak
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">42</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom">
	<FONT size="2">Senior Vice President, Chief Financial Officer
	and Treasurer of Stifel Financial and Senior Vice President,
	Chief Financial Officer and Director of Stifel Nicolaus
	</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Walter F. Imhoff
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">70</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom">
	<FONT size="2">Senior Vice President of Stifel Nicolaus;
	Director of Stifel Financial
	</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Thomas A. Prince
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">52</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom">
	<FONT size="2">Senior Vice President and General Counsel of
	Stifel Financial and General Counsel, Senior Vice President and
	Director of Stifel Nicolaus
	</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Bruce A. Beda
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">61</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom">
	<FONT size="2">Director
	</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Charles A. Dill
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">62</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom">
	<FONT size="2">Director
	</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Richard F. Ford
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">65</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom">
	<FONT size="2">Director
	</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">John J. Goebel
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">72</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom">
	<FONT size="2">Director
	</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Robert E. Lefton
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">70</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom">
	<FONT size="2">Director
	</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">James M. Oates
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">55</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom">
	<FONT size="2">Director
	</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">George H. Walker III
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">71</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom">
	<FONT size="2">Chairman Emeritus of the Board of Directors of
	Stifel Financial
	</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Ronald J. Kruszewski</FONT></I><FONT size="2">
has been President and Chief Executive Officer of Stifel
Financial and Stifel Nicolaus since September 1997, and Chairman
of the Board of Directors of Stifel Financial and Stifel
Nicolaus since April 2001. Prior thereto, Mr.&nbsp;Kruszewski
served as Managing Director and Chief Financial Officer of Baird
Financial Corporation and Managing Director of Robert W. Baird
&#38; Co. Incorporated, a securities broker-dealer firm, from
1993 to September 1997. Mr.&nbsp;Kruszewski has been a Director
of Stifel Financial since September 1997.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Scott B. McCuaig</FONT></I><FONT size="2"> has
been Senior Vice President, President of the Private Client
Group of Stifel Financial and Stifel Nicolaus and a member of
the Board of Directors of Stifel Nicolaus since January 1998.
Mr.&nbsp;McCuaig has served as a member of the Board of
Directors of Stifel Financial since April 2001. Prior thereto,
Mr.&nbsp;McCuaig served as Managing Director, head of marketing
and regional sales manager of Robert W. Baird &#38; Co.
Incorporated, from June 1988 to January 1998. Mr.&nbsp;McCuaig
has been a director of Stifel Financial since April 2001.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">James M. Zemlyak</FONT></I><FONT size="2">
joined Stifel Nicolaus in February 1999. He is Senior Vice
President, Chief Financial Officer and Treasurer of Stifel
Financial and Senior Vice President and Chief Financial Officer
of Stifel Nicolaus and a member of the Board of Directors of
Stifel Nicolaus. Prior to joining us, Mr.&nbsp;Zemlyak served as
Managing Director and Chief Financial Officer of Baird Financial
Corporation from 1997 to 1999 and Senior Vice President and
Chief Financial Officer of Robert W. Baird &#38; Co.
Incorporated from 1994 to 1999.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Walter F. Imhoff</FONT></I><FONT size="2"> has
served as Senior Vice President of Stifel Nicolaus and a
Director of Stifel Financial since January&nbsp;12, 2000. Prior
thereto, Mr. Imhoff served as Chairman, President and Chief
</FONT>

<P align="center"><FONT size="2">23
</FONT>

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<DIV align="left">
<FONT size="2">Executive Officer of Hanifen, Imhoff Inc., a
Colorado-based broker-dealer, from 1979 until it was acquired by
Stifel Financial on January&nbsp;12, 2000.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Thomas A. Prince</FONT></I><FONT size="2">
joined Stifel Nicolaus in August 1999. He became Senior Vice
President and General Counsel of Stifel Financial and General
Counsel, Senior Vice President and a Director of Stifel Nicolaus
in July 2000. Prior thereto, he served as Branch Manager of the
Little Rock, Arkansas Private Client Group office of Stifel
Nicolaus. Prior to joining Stifel Nicolaus, Mr. Prince was a
principal in the law firm of Jack, Lyon &#38; Jones, PA in
Little Rock, Arkansas from January 1990 to August 1999.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Bruce A. Beda,</FONT></I><FONT size="2"> a
Director of Stifel Financial since 1997, has been Chief
Executive Officer of Orion Partners, LLC, a private investment
and consulting company, since 1996 and Chief Executive Officer
of Kilburn Capital Management, an asset manager, since 2001.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Charles A. Dill,</FONT></I><FONT size="2"> a
Director of Stifel Financial since 1995, has been a General
Partner of Gateway Associates, a private venture capital fund,
since November 1995. From 1991 to 1995, Mr.&nbsp;Dill was the
President, Chief Executive Officer and a director of Bridge
Information Systems, Inc., a company providing online
information and trading services. Mr.&nbsp;Dill is a director of
Zoltek Companies, Inc., TransAct Technologies Incorporated and
DT Industries, Inc.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Richard F. Ford,</FONT></I><FONT size="2"> a
Director of Stifel Financial since 1994, is a Managing General
Partner of the management companies which act as a General
Partner of Gateway Mid-America Partners, L.P., Gateway Venture
Partners II, L.P., Gateway Venture Partners III, L.P. and
Gateway Partners, L.P., private venture capital funds formed in
1984, 1987, 1990 and 1995, respectively. Mr.&nbsp;Ford is a
director of CompuCom Systems, Inc., D&#38;K Healthcare
Resources, Inc. and TALX Corporation.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">John J. Goebel,</FONT></I><FONT size="2"> a
Director of Stifel Financial since 1987, is Senior Counsel with
the law firm of Bryan Cave LLP. He was a partner with the firm
from 1957 until 1998, former Chairman of its Management
Committee, former Chairman of its Corporate and Business
Department, and former member of its Executive Committee.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Robert E. Lefton,
Ph.D.,</FONT></I><FONT size="2"> a Director of Stifel Financial
since 1992, has been President and Chief Executive Officer of
Psychological Associates, Inc., an international training and
consulting firm, since 1958.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">James M. Oates,</FONT></I><FONT size="2"> a
Director of Stifel Financial since 1996, has been Chairman of
IBEX Capital Markets, Inc., a financial service company, since
1996 and he has been Managing Director of The Wydown Group, a
consulting firm that specializes in start-ups, turn-arounds and
defining growth strategies, since 1994. Mr.&nbsp;Oates is a
director of Phoenix Funds, Phoenix Duff &#38; Phelps
Institutional Mutual Funds, Phoenix-Aberdeen Series&nbsp;Fund,
and Chairman of the Board of Emerson Investment Management, Inc.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">George H. Walker III</FONT></I><FONT size="2">
joined Stifel Nicolaus in 1976, became Chief Executive Officer
of Stifel Nicolaus in December 1978 and became Chairman of
Stifel Nicolaus in July 1982. Mr.&nbsp;Walker served as Chairman
of the Board of Stifel Financial from 1981 to 1985 and from 1988
until April 2001 when he became Chairman Emeritus, and until
October&nbsp;26, 1992, Mr.&nbsp;Walker served as our President
and Chief Executive Officer. Mr.&nbsp;Walker is a director of
Western and Southern Life Insurance Company, Laidlaw Corporation
and Macroeconomics Advisers, LLC. Mr.&nbsp;Walker is Chairman of
the Advisory Board of the School of Business and Technology,
Webster University and is a member of Washington
University&#146;s National Council for the Olin School of
Business. He is also Founder and Chairman of the Steering
Committee to bring about &#147;Home Rule&#148; for the City of
St. Louis.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">As indicated in our Annual Report on
Form&nbsp;10-K for 2001 incorporated by reference herein, Robert
Baer is a nominee for director at our upcoming annual meeting of
stockholders. He retired on April&nbsp;15, 2002 as President and
Chief Operating Officer of UniGroup, Inc., the holding company
for several household goods transportation companies, including
United Van Lines, LLC and Mayflower Transit, LLC. He expects to
remain as President Emeritus and serve as an adviser to the
board of directors of UniGroup, Inc. through the end
of&nbsp;2002.
</FONT>

<P align="center"><FONT size="2">24
</FONT>
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<!-- link1 "DESCRIPTION OF THE TRUST" -->
<DIV align="left"><A NAME="005"></A></DIV>

<P align="center">
<B><FONT size="2">DESCRIPTION OF THE TRUST</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Stifel Financial Capital Trust I is a statutory
business trust formed pursuant to the Delaware Business Trust
Act under a trust agreement executed by us, as depositor, and
the trustees named in the trust agreement. A certificate of
trust has been filed with the Delaware Secretary of State. The
trust agreement will be amended and restated in its entirety in
the form filed as an exhibit to the registration statement of
which this prospectus is a part, as of the date the preferred
securities are initially issued. The trust agreement will be
qualified under the Trust Indenture Act of 1939.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following discussion contains a description
of the material terms of the amended and restated trust
agreement of the trust and is subject to, and is qualified in
its entirety by reference to, the amended and restated trust
agreement and the Trust Indenture Act. We urge prospective
investors to read the form of amended and restated trust
agreement, which is filed as an exhibit to the registration
statement of which this prospectus forms a part.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The holders of the preferred securities issued
pursuant to the offering described in this prospectus will own
all of the issued and outstanding preferred securities of the
trust which have certain prior rights over the other securities
of the trust. We will not initially own any of the preferred
securities. We will acquire common securities in an amount equal
to at least 3% of the total capital of the trust and will
initially own, directly or indirectly, all of the issued and
outstanding common securities. The common securities, together
with the preferred securities, are called the trust securities.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The trust exists exclusively for the purposes of:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="1%"></TD>
	<TD width="96%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">issuing and selling the preferred securities to
	the public for cash;
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">issuing and selling its common securities to us
	in exchange for our capitalization of the trust;
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">investing the proceeds from the sale of the trust
	securities in an equivalent amount of debentures; and
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">engaging in other activities that are incidental
	to those listed above, such as receiving payments on the
	debentures and making distributions to securities holders,
	furnishing notices and other administrative tasks.
	</FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The trust will not have any independent business
operations or any assets, revenues or cash flows other than
those related to the issuance and administration of the trust
securities.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The rights of the holders of the trust securities
are as set forth in the trust agreement, the Delaware Business
Trust Act and the Trust Indenture Act. The trust agreement does
not permit the trust to borrow money or make any investment
other than in the debentures. Other than with respect to the
trust securities, we have agreed to pay for all debts and
obligations and all costs and expenses of the trust, including
the fees and expenses of the trustees and any income taxes,
duties and other governmental charges, and all costs and
expenses related to these charges, to which the trust may become
subject, except for United States withholding taxes that are
properly withheld.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The number of trustees of the trust will,
pursuant to the trust agreement, initially be five. Three of the
trustees, whom we refer to as the &#147;administrative
trustees,&#148; will be persons who are employees or officers of
or who are affiliated with us. They are the administrative
trustees. The fourth trustee will be an entity that maintains
its principal place of business in the State of Delaware. It is
the Delaware trustee. Initially, Wilmington Trust Company, a
Delaware banking corporation, will act as Delaware trustee. The
fifth trustee, called the property trustee, will initially be
Wilmington Trust Company. The property trustee is the
institutional trustee under the trust agreement and acts as the
indenture trustee called for under the applicable provisions of
the Trust Indenture Act. Also for purposes of compliance with
the Trust Indenture Act, Wilmington Trust Company will act as
guarantee trustee and indenture trustee under the guarantee
agreement and the indenture. See &#147;Description of the
Debentures&#148; beginning on page&nbsp;38 and &#147;Description
of the Guarantee&#148; beginning on page&nbsp;49. We, as holder
of all of the common securities, will have the right to appoint
or remove any trustee unless an event of default under the
indenture has occurred and is
</FONT>

<P align="center"><FONT size="2">25
</FONT>

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<DIV align="left">
<FONT size="2">continuing, in which case only the holders of at
least a majority in aggregate liquidation amount of the
preferred securities may remove the Delaware trustee or the
property trustee. The trust has a term of approximately
31&nbsp;years, but may terminate earlier as provided in the
trust agreement.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The property trustee will hold the debentures for
the benefit of the holders of the trust securities and will have
the power to exercise all rights, powers and privileges under
the indenture as the holder of the debentures. In addition, the
property trustee will maintain exclusive control of a segregated
non-interest-bearing &#147;payment account&#148; established
with Wilmington Trust Company to hold all payments made on the
debentures for the benefit of the holders of the trust
securities. The property trustee will make payments of
distributions and payments on liquidation, redemption and
otherwise to the holders of the trust securities out of funds
from the payment account. The guarantee trustee will hold the
guarantee for the benefit of the holders of the preferred
securities. We will pay all fees and expenses related to the
trust and the offering of the preferred securities, including
the fees and expenses of the trustees.
</FONT>

<!-- link1 "DESCRIPTION OF THE PREFERRED SECURITIES" -->
<DIV align="left"><A NAME="006"></A></DIV>

<P align="center">
<B><FONT size="2">DESCRIPTION OF THE PREFERRED
SECURITIES</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The preferred securities will be issued pursuant
to the trust agreement. For more information about the trust
agreement, see &#147;Description of the Trust&#148; beginning on
page&nbsp;25. Wilmington Trust Company will act as property
trustee for the preferred securities under the trust agreement
for purposes of complying with the provisions of the Trust
Indenture Act. The terms of the preferred securities will
include those stated in the trust agreement and those made part
of the trust agreement by the Trust Indenture Act.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following discussion contains a description
of the material provisions of the preferred securities and is
subject to, and is qualified in its entirety by reference to,
the trust agreement and the Trust Indenture Act. We urge
prospective investors to read the form of amended and restated
trust agreement, which is filed as an exhibit to the
registration statement of which this prospectus forms a part.
</FONT>

<P align="left">
<B><FONT size="2">General</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The trust agreement authorizes the administrative
trustees, on behalf of the trust, to issue the trust securities,
which are comprised of 1,200,000 preferred securities to be sold
to the public and 37,116&nbsp;common securities which we will
acquire. In the event the underwriters exercise the
over-allotment option, the trust agreement authorizes the
administrative trustees, on behalf of the trust, to issue an
additional 180,000 preferred securities to the public and
5,568&nbsp;common securities to us. We will own all of the
common securities issued by the trust. The trust is not
permitted to issue any securities other than the trust
securities or to incur any indebtedness.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The preferred securities will represent preferred
undivided beneficial interests in the assets of the trust, and
the holders of the preferred securities will be entitled to a
preference over the common securities upon an event of default
under the indenture with respect to distributions and amounts
payable on redemption or liquidation. The preferred securities
will rank equally, and payments on the preferred securities will
be made proportionally, with the common securities, except as
described under &#147;&#151;&nbsp;Subordination of Common
Securities&#148; beginning on page&nbsp;30.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The property trustee will hold legal title to the
debentures in trust for the benefit of the holders of the trust
securities. We will guarantee the payment of distributions out
of money held by the trust, and payments upon redemption of the
preferred securities or liquidation of the trust, to the extent
described under &#147;Description of the Guarantee&#148;
beginning on page&nbsp;49. The guarantee agreement does not
cover the payment of any distribution or the liquidation amount
when the trust does not have sufficient funds available to make
these payments.
</FONT>

<P align="left">
<B><FONT size="2">Distributions</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Source of
Distributions.</FONT></I><FONT size="2"> The funds of the trust
available for distribution to holders of the preferred
securities will be limited to payments made under the
debentures, which the trust will purchase with the proceeds from
the sale of the trust securities. Distributions will be paid
through the property trustee, which
</FONT>

<P align="center"><FONT size="2">26
</FONT>

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<DIV align="left">
<FONT size="2">will hold the amounts received from our interest
payments on the debentures in the payment account for the
benefit of the holders of the trust securities. If we do not
make interest payments on the debentures, the property trustee
will not have funds available to pay distributions on the
preferred securities.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Payment of Distributions.
</FONT></I><FONT size="2">Distributions on the preferred
securities will be payable at the annual rate of 9.00% of the
$25 stated liquidation amount, payable quarterly on
March&nbsp;31, June&nbsp;30, September&nbsp;30 and
December&nbsp;31 of each year, to the holders of the preferred
securities on the relevant record dates. So long as the
preferred securities are represented by a global security, as
described below, the record date will be the business day
immediately preceding the relevant distribution date. The first
distribution date for the preferred securities will be
June&nbsp;30, 2002.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Distributions will accumulate from the date of
issuance, will be cumulative and will be computed on the basis
of a 360-day year of twelve 30-day months. If the distribution
date is not a business day, then payment of the distributions
will be made on the next day that is a business day, without any
additional interest or other payment for the delay. However, if
the next business day is in the next calendar year, payment of
the distribution will be made on the business day immediately
preceding the scheduled distribution date. When we use the term
&#147;business day,&#148; we mean any day other than a Saturday,
a Sunday, a day on which banking institutions in New York, New
York are authorized or required by law, regulation or executive
order to remain closed or a day on which the corporate trust
office of the property trustee or the indenture trustee is
closed for business.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Extension Period. </FONT></I><FONT size="2">As
long as no event of default under the indenture has occurred and
is continuing, we have the right to defer the payment of
interest on the debentures at any time for a period not
exceeding 20 consecutive quarters. We refer to this period of
deferral as an &#147;extension period.&#148; No extension period
may extend beyond June&nbsp;30, 2032 or end on a date other than
an interest payment date, which dates are the same as the
distribution dates. If we defer the payment of interest,
quarterly distributions on the preferred securities will also be
deferred during any such extension period. Any deferred
distributions under the preferred securities will accumulate
additional amounts at the annual rate of 9.00%, compounded
quarterly from the relevant distribution date. The term
&#147;distributions&#148; as used in this prospectus includes
those accumulated amounts.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">During an extension period, we may not:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="1%"></TD>
	<TD width="96%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">declare or pay any dividends or distributions on,
	or redeem, purchase, acquire or make a liquidation payment with
	respect to, any of our capital stock, other than stock
	dividends, non-cash dividends in connection with the
	implementation of a stockholder rights plan, purchases of common
	stock in connection with employee benefit plans or in connection
	with the reclassification of any class of our capital stock into
	another class of capital stock, or allow any of our direct or
	indirect subsidiaries to do the same with respect to their
	capital stock, other than the payment of dividends or
	distributions to us or to any of our direct or indirect
	subsidiaries;
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">make, or allow any of our direct or indirect
	subsidiaries to make, any payment of principal, interest or
	premium on or repay, repurchase or redeem any debt securities
	that rank equally, or junior to, the debentures;
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">make, or allow any of our direct or indirect
	subsidiaries to make, any guarantee payments with respect to any
	guarantee by us of any debt securities if the guarantee ranks
	equally with or junior to the debentures, other than payments
	under the guarantee relating to the preferred securities; or
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">redeem, purchase or acquire less than all of the
	debentures or any of the preferred securities.
	</FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">After the termination of any extension period and
the payment of all amounts due, we may elect to begin a new
extension period, subject to the above requirements.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We do not currently intend to exercise our right
to defer distributions on the preferred securities by deferring
the payment of interest on the debentures.
</FONT>

<P align="center"><FONT size="2">27
</FONT>

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<P align="left">
<B><FONT size="2">Redemption or Exchange</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">General. </FONT></I><FONT size="2">We will
have the right to redeem the debentures:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="1%"></TD>
	<TD width="96%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">in whole at any time, or in part from time to
	time, on or after June&nbsp;30, 2007;
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">at any time, in whole, within 180&nbsp;days
	following the occurrence of a Tax Event or an Investment Company
	Event, which terms we define below; or
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">at any time, to the extent of any preferred
	securities we repurchase, plus a proportionate amount of the
	common securities we hold.
	</FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Mandatory Redemption.
</FONT></I><FONT size="2">Upon our repayment or redemption, in
whole or in part, of any debentures, whether on June&nbsp;30,
2032 or earlier, the property trustee will apply the proceeds to
redeem the same amount of the trust securities, upon not less
than 30&nbsp;days nor more than 60&nbsp;days notice, at the
redemption price. The redemption price will equal 100% of the
aggregate liquidation amount of the trust securities plus
accumulated but unpaid distributions to the date of redemption.
If less than all of the debentures are to be repaid or redeemed
on a date of redemption, then the proceeds from such repayment
or redemption will be allocated to redemption of preferred
securities and common securities proportionately.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Distribution of Debentures in Exchange for
Preferred Securities. </FONT></I><FONT size="2">We will have the
right at any time to dissolve, wind-up or terminate the trust
and, after satisfaction of the liabilities of creditors of the
trust as provided by applicable law, including, without
limitation, amounts due and owing the trustees of the trust,
cause the debentures to be distributed directly to the holders
of trust securities in liquidation of the trust. See
&#147;&#151;&nbsp;Liquidation Distribution Upon
Termination&#148; beginning on page&nbsp;31.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">After the liquidation date fixed for any
distribution of debentures in exchange for preferred securities:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="1%"></TD>
	<TD width="96%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">those trust securities will no longer be deemed
	to be outstanding;
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">certificates representing debentures in a
	principal amount equal to the liquidation amount of those
	preferred securities will be issued in exchange for the
	preferred securities certificates;
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">we will use our best efforts to list the
	debentures on the New York Stock Exchange or on another national
	securities exchange or to include them in the Nasdaq National
	Market;
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">any certificates representing trust securities
	that are not surrendered for exchange will be deemed to
	represent debentures with a principal amount equal to the
	liquidation amount of those preferred securities, accruing
	interest at the rate provided for in the debentures from the
	last distribution date on the preferred securities; and
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">all rights of the trust security holders other
	than the right to receive debentures upon surrender of a
	certificate representing trust securities will terminate.
	</FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We cannot assure you that the market prices for
the preferred securities or the debentures that may be
distributed if a dissolution and liquidation of the trust were
to occur would be favorable. The preferred securities that an
investor may purchase, or the debentures that an investor may
receive on dissolution and liquidation of the trust, may trade
at a discount to the price that the investor paid to purchase
the preferred securities.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Redemption upon a Tax Event or Investment
Company Event. </FONT></I><FONT size="2">If a Tax Event or an
Investment Company Event occurs, we will have the right to
redeem the debentures in whole, but not in part, and thereby
cause a mandatory redemption of all of the trust securities at
the redemption price. If one of these events occurs and we do
not elect to redeem the debentures, or to dissolve the trust and
cause the debentures to be distributed to holders of the trust
securities, then the preferred securities will remain
outstanding and additional interest may be payable on the
debentures. See &#147;Description of the Debentures&nbsp;&#151;
Additional Sums to be Paid as a Result of Additional Taxes&#148;
on page&nbsp;39.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;Tax Event&#148; means the receipt by the
trust and us of an opinion of counsel experienced in such
matters stating that, as a result of any change or prospective
change in the laws or regulations of the
</FONT>

<P align="center"><FONT size="2">28
</FONT>

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<DIV align="left">
<FONT size="2">United States or any political subdivision or
taxing authority of the United States, or as a result of any
official administrative pronouncement or judicial decision
interpreting or applying the tax laws or regulations, there is
more than an insubstantial risk that:
</FONT>
</DIV>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="1%"></TD>
	<TD width="96%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">interest payable by us on the debentures is not,
	or within 90&nbsp;days of the date of the opinion will not be,
	deductible by us, in whole or in part, for federal income tax
	purposes;
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">the trust is, or will be within 90&nbsp;days
	after the date of the opinion, subject to federal income tax
	with respect to income received or accrued on the debentures; or
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">the trust is, or will be within 90&nbsp;days
	after the date of the opinion, subject to more than an
	immaterial amount of other taxes, duties, assessments or other
	governmental charges.
	</FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;Investment Company Event&#148; means the
receipt by the trust and us of an opinion of counsel experienced
in such matters to the effect that the trust is or will be
considered an &#147;investment company&#148; that is required to
be registered under the Investment Company Act, as a result of a
change in law or regulation or a change in interpretation or
application of law or regulation.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">For all of the events described above, we or the
trust must request and receive an opinion with regard to the
event within a reasonable period of time after we become aware
of the possible occurrence of an event of this kind.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Redemption of Debentures in Exchange for
Preferred Securities We Repurchase. </FONT></I><FONT size="2">We
will also have the right at any time, and from time to time, to
redeem debentures in exchange for any preferred securities we
may have repurchased in the market. If we elect to surrender any
preferred securities beneficially owned by us in exchange for
redemption of a like amount of debentures, we will also
surrender a proportionate amount of common securities in
exchange for debentures.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The common securities we surrender will be in the
same proportion to the preferred securities we surrender as is
the ratio of common securities purchased by us to the preferred
securities issued by the trust. In exchange for the trust
securities surrendered by us, the property trustee will cause to
be released to us for cancellation debentures with a principal
amount equal to the liquidation amount of the trust securities,
plus any accumulated but unpaid distributions, if any, then held
by the property trustee allocable to those trust securities.
After the date of redemption involving an exchange by us, the
trust securities we surrender will no longer be deemed
outstanding and the debentures redeemed in exchange for the
trust securities will be canceled.
</FONT>

<P align="left">
<B><FONT size="2">Redemption Procedures</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Preferred securities will be redeemed at the
redemption price with the applicable proceeds from our
contemporaneous redemption of the debentures. Redemptions of the
preferred securities will be made, and the redemption price will
be payable, on each redemption date only to the extent that the
trust has funds available for the payment of the redemption
price.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Notice of any redemption will be mailed at least
30&nbsp;days but not more than 60&nbsp;days before the date of
redemption to each holder of trust securities to be redeemed at
its registered address. Unless we default in payment of the
redemption price on the debentures, interest will cease to
accumulate on the debentures called for redemption on and after
the date of redemption.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If the trust gives notice of redemption of its
trust securities, then the property trustee, to the extent funds
are available, will irrevocably deposit with the depositary for
the trust securities funds sufficient to pay the aggregate
redemption price and will give the depositary for the trust
securities irrevocable instructions and authority to pay the
redemption price to the holders of the trust securities. See
&#147;Book-Entry Issuance&#148; beginning on page&nbsp;47. If
the preferred securities are no longer in book-entry only form,
the property trustee, to the extent funds are available, will
deposit with the designated paying agent for such preferred
securities funds sufficient to pay the aggregate redemption
price and will give the paying agent irrevocable instructions
and authority to pay the redemption price to the holders upon
surrender of their certificates evidencing the preferred
securities. Notwithstanding the foregoing, distributions payable
</FONT>

<P align="center"><FONT size="2">29
</FONT>

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<DIV align="left">
<FONT size="2">on or prior to the date of redemption for any
trust securities called for redemption will be payable to the
holders of the trust securities on the relevant record dates for
the related distribution dates.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If notice of redemption has been given and we
have deposited funds as required, then on the date of the
deposit all rights of the holders of the trust securities called
for redemption will cease, except the right to receive the
redemption price, but without interest on such redemption price
after the date of redemption. The trust securities will also
cease to be outstanding on the date of the deposit. If any date
fixed for redemption of trust securities is not a business day,
then payment of the redemption price payable on that date will
be made on the next day that is a business day without any
additional interest or other payment in respect of the delay.
However, if the next business day is in the next succeeding
calendar year, payment of the interest will be made on the
immediately preceding business day.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If payment of the redemption price in respect of
trust securities called for redemption is improperly withheld or
refused and not paid by the trust, or by us pursuant to the
guarantee, distributions on the trust securities will continue
to accumulate at the applicable rate from the date of redemption
originally established by the trust for the trust securities to
the date the redemption price is actually paid. In this case,
the actual payment date will be considered the date fixed for
redemption for purposes of calculating the redemption price. See
&#147;Description of the Guarantee&#148; beginning on
page&nbsp;49.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Payment of the redemption price on the preferred
securities and any distribution of debentures to holders of
preferred securities will be made to the applicable
recordholders as they appear on the register for the preferred
securities on the relevant record date. As long as the preferred
securities are represented by a global security, the record date
will be the business day immediately preceding the date of
redemption or liquidation date, as applicable.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If less than all of the trust securities are to
be redeemed, then the aggregate liquidation amount of the trust
securities to be redeemed will be allocated proportionately to
those trust securities based upon the relative liquidation
amounts. The particular preferred securities to be redeemed will
be selected by the property trustee from the outstanding
preferred securities not previously called for redemption by a
method the property trustee deems fair and appropriate, except
that if we instruct the property trustee to redeem preferred
securities purchased by us in connection with our redemption of
a like amount of debentures, then the property trustee will
select the particular preferred securities held by us for
redemption. This method may provide for the redemption of
portions equal to $25 or an integral multiple of $25 of the
liquidation amount of the preferred securities. The property
trustee will promptly notify the registrar for the preferred
securities in writing of the preferred securities selected for
redemption and, in the case of any preferred securities selected
for partial redemption, the liquidation amount to be redeemed.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Subject to applicable law, and if we are not
exercising our right to defer interest payments on the
debentures, we may, at any time, purchase outstanding preferred
securities.
</FONT>

<P align="left">
<B><FONT size="2">Subordination of Common Securities</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Payment of distributions on, and the redemption
price of, the preferred securities and common securities of the
trust will be made based on the liquidation amount of these
securities. However, if an event of default under the indenture
has occurred and is continuing, no distributions on or
redemption of the common securities may be made unless payment
in full in cash of all accumulated and unpaid distributions on
all of the outstanding preferred securities for all distribution
periods terminating on or before that time, or in the case of
payment of the redemption price, payment of the full amount of
the redemption price on all of the outstanding preferred
securities then called for redemption, has been made or provided
for. All funds available to the property trustee will first be
applied to the payment in full in cash of all distributions on,
or the redemption price of, the preferred securities then due
and payable.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In the case of the occurrence and continuance of
any event of default under the trust agreement resulting from an
event of default under the indenture, we, as holder of the
common securities, will be deemed to have waived any right to
act with respect to that event of default under the trust
agreement until the effect of the event of default has been
cured, waived or otherwise eliminated. Until the event of
</FONT>

<P align="center"><FONT size="2">30
</FONT>

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<DIV align="left">
<FONT size="2">default under the trust agreement has been so
cured, waived or otherwise eliminated, the property trustee will
act solely on behalf of the holders of the preferred securities
and not on our behalf, and only the holders of the preferred
securities will have the right to direct the property trustee to
act on their behalf.
</FONT>
</DIV>

<P align="left">
<B><FONT size="2">Liquidation Distribution Upon
Termination</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We will have the right at any time to dissolve,
wind-up or terminate the trust and cause the debentures to be
distributed to the holders of the preferred securities.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In addition, the trust will automatically
terminate upon expiration of its term and will terminate earlier
on the first to occur of:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="1%"></TD>
	<TD width="96%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">our bankruptcy, dissolution or liquidation;
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">the distribution of a like amount of the
	debentures to the holders of trust securities, if we have given
	written direction to the property trustee to terminate the trust;
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">redemption of all of the preferred securities, as
	described on page&nbsp;28 under &#147;&#151;&nbsp;Redemption or
	Exchange&nbsp;&#151; Mandatory Redemption;&#148; or
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">the entry of a court order for the dissolution of
	the trust.
	</FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">With the exception of a redemption, as described
on page&nbsp;28 under &#147;&#151;&nbsp;Redemption or
Exchange&nbsp;&#151; Mandatory Redemption,&#148; if an early
termination of the trust occurs, the trust will be liquidated by
the administrative trustees as expeditiously as they determine
to be possible. After satisfaction of liabilities to creditors
of the trust as provided by applicable law, the trustees will
distribute to the holders of trust securities, debentures:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="1%"></TD>
	<TD width="96%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">in an aggregate stated principal amount equal to
	the aggregate stated liquidation amount of the trust securities;
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">with an interest rate identical to the
	distribution rate on the trust securities; and
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">with accrued and unpaid interest equal to
	accumulated and unpaid distributions on the trust securities.
	</FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If the property trustee determines that the
distribution of debentures is not practical, then the holders of
trust securities will be entitled to receive, instead of
debentures, a proportionate amount of the liquidation
distribution. The liquidation distribution will be the amount
equal to the aggregate of the liquidation amount plus
accumulated and unpaid distributions to the date of payment. If
the liquidation distribution can be paid only in part because
the trust has insufficient assets available to pay in full the
aggregate liquidation distribution, then the amounts payable
directly by the trust on the trust securities will be paid on a
proportional basis, based on liquidation amounts, to us, as the
holder of the common securities, and to the holders of the
preferred securities. However, if an event of default under the
indenture has occurred and is continuing, the preferred
securities will have a priority over the common securities. See
&#147;&#151;&nbsp;Subordination of Common Securities&#148;
beginning on page&nbsp;30.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Under current United States federal income tax
law and interpretations and assuming that the trust is treated
as a grantor trust, as is expected, a distribution of the
debentures should not be a taxable event to holders of the
preferred securities. Should there be a change in law, a change
in legal interpretation, a Tax Event or another circumstance,
however, the distribution could be a taxable event to holders of
the preferred securities. See &#147;Federal Income Tax
Consequences&nbsp;&#151; Receipt of Debentures or Cash Upon
Liquidation of the Trust&#148; on page&nbsp;54 for more
information regarding a taxable distribution.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If we do not elect to redeem the debentures prior
to maturity or to liquidate the trust and distribute the
debentures to holders of the preferred securities, the preferred
securities will remain outstanding until the repayment of the
debentures. If we elect to dissolve the trust and thus cause the
debentures to be distributed to holders of the preferred
securities in liquidation of the trust, we will continue to have
the
</FONT>

<P align="center"><FONT size="2">31
</FONT>

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<DIV align="left">
<FONT size="2">right to shorten the maturity of the debentures.
See &#147;Description of the Debentures&nbsp;&#151;
General&#148; on page&nbsp;38.
</FONT>
</DIV>

<P align="left">
<B><FONT size="2">Liquidation Value</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The amount of the liquidation distribution
payable on the preferred securities in the event of any
liquidation of the trust is $25 per preferred security plus
accumulated and unpaid distributions to the date of payment,
which may be in the form of a distribution of debentures having
a liquidation value and accrued interest of an equal amount. See
&#147;&#151;&nbsp;Liquidation Distribution Upon
Termination&#148; beginning on page&nbsp;31.
</FONT>

<P align="left">
<B><FONT size="2">Events of Default; Notice</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Any one of the following events constitutes an
event of default under the trust agreement with respect to the
preferred securities:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="1%"></TD>
	<TD width="96%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">the occurrence of an event of default under the
	indenture, as described beginning on page&nbsp;43 under
	&#147;Description of the Debentures&nbsp;&#151; Debenture Events
	of Default&#148;;
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">a default by the trust in the payment of any
	distribution when it becomes due and payable, and continuation
	of the default for a period of 30&nbsp;days;
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">a default by the trust in the payment of any
	redemption price of any of the trust securities when it becomes
	due and payable;
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">a default in the performance, or breach, in any
	material respect, of any covenant or warranty of the trustees in
	the trust agreement, other than those defaults covered in the
	previous two points, and continuation of the default or breach
	for a period of 60&nbsp;days after there has been given, by
	registered or certified mail, to the trustees by the holders of
	at least 25% in aggregate liquidation amount of the outstanding
	preferred securities, a written notice specifying the default or
	breach and requiring it to be remedied and stating that the
	notice is a &#147;Notice of Default&#148; under the trust
	agreement; or
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">the occurrence of events of bankruptcy or
	insolvency with respect to the property trustee and our failure
	to appoint a successor property trustee within 60&nbsp;days.
	</FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Within five business days after the occurrence of
any event of default actually known to the property trustee, the
property trustee will transmit notice of the event of default to
the holders of the preferred securities, the administrative
trustees and to us, unless the event of default has been cured
or waived. The administrative trustees and we are required to
file annually with the property trustee a certificate as to
whether or not they or we are in compliance with all the
conditions and covenants applicable to them under the trust
agreement.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If an event of default under the indenture has
occurred and is continuing, the preferred securities will have
preference over the common securities upon termination of the
trust. See &#147;&#151;&nbsp;Subordination of Common
Securities&#148; beginning on page&nbsp;30 and
&#147;&#151;&nbsp;Liquidation Distribution Upon
Termination&#148; beginning on page&nbsp;31. The existence of an
event of default under the trust agreement does not entitle the
holders of preferred securities to accelerate the maturity
thereof, unless the event of default is caused by the occurrence
of an event of default under the indenture and both the
indenture trustee and holders of at least 25% in principal
amount of the debentures fail to accelerate the maturity thereof.
</FONT>

<P align="left">
<B><FONT size="2">Removal of the Trustees</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Unless an event of default under the indenture
has occurred and is continuing, we may remove any trustee at any
time. If an event of default under the indenture has occurred
and is continuing, only the holders of at least a majority in
aggregate liquidation amount of the outstanding preferred
securities may remove the property trustee or the Delaware
trustee. The holders of the preferred securities generally have
no right to vote to appoint, remove or replace the
administrative trustees. These rights are vested
</FONT>

<P align="center"><FONT size="2">32
</FONT>

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<DIV align="left">
<FONT size="2">exclusively with us as the holder of the common
securities. No resignation or removal of a trustee and no
appointment of a successor trustee will be effective until the
successor trustee accepts the appointment in accordance with the
trust agreement.
</FONT>
</DIV>

<P align="left">
<B><FONT size="2">Co-Trustees and Separate Property
Trustee</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Unless an event of default under the indenture
has occurred and is continuing, for the purpose of meeting the
legal requirements of the Trust Indenture Act or of any
jurisdiction in which any part of the trust property may at the
time be located, we will have the power to appoint at any time
or times, and upon written request of the property trustee will
appoint, one or more persons or entities either (1)&nbsp;to act
as a co-trustee, jointly with the property trustee, of all or
any part of the trust property, or (2)&nbsp;to act as separate
trustee of any trust property. In either case, these persons or
entities will have the powers that may be provided in the
instrument of appointment, and will have vested in them any
property, title, right or power deemed necessary or desirable,
subject to the provisions of the trust agreement. In case an
event of default under the indenture has occurred and is
continuing, the property trustee alone will have power to make
the appointment.
</FONT>

<P align="left">
<B><FONT size="2">Merger or Consolidation of Trustees</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Generally, any person or successor to any of the
trustees may be a successor trustee to any of the trustees,
including a successor resulting from a merger or consolidation.
However, any successor trustee must meet all of the
qualifications and eligibility standards to act as a trustee.
</FONT>

<P align="left">
<B><FONT size="2">Mergers, Consolidations, Amalgamations or
Replacements of the Trust</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The trust may not merge with or into,
consolidate, amalgamate, or be replaced by, or convey, transfer
or lease its properties and assets substantially as an entirety
to any corporation or other person, except as described below.
For these purposes, if we consolidate or merge with another
entity, or transfer or sell substantially all of our assets to
another entity, in some cases that transaction may be deemed to
involve a replacement of the trust, and the conditions set forth
below would apply to such transaction. The trust may, at our
request, with the consent of the administrative trustees and
without the consent of the holders of the preferred securities,
the property trustee or the Delaware trustee, merge with or
into, consolidate, amalgamate or be replaced by another trust if
the following conditions are met:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="1%"></TD>
	<TD width="96%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">the successor entity either (a)&nbsp;expressly
	assumes all of the obligations of the trust with respect to the
	preferred securities, or (b)&nbsp;substitutes for the preferred
	securities other securities having substantially the same terms
	as the preferred securities, referred to as &#147;successor
	securities,&#148; so long as the successor securities rank the
	same in priority as the preferred securities with respect to
	distributions and payments upon liquidation, redemption and
	otherwise;
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">we appoint a trustee of the successor entity
	possessing substantially the same powers and duties as the
	property trustee in its capacity as the holder of the debentures;
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">the successor securities are listed, included or
	traded or will be listed, included or traded in or on any
	national securities exchange or the Nasdaq National Market or
	other comparable trading system on or in which the preferred
	securities are then listed, if any;
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">the merger, consolidation, amalgamation,
	replacement, conveyance, transfer or lease does not adversely
	affect the rights, preferences and privileges of the holders of
	the preferred securities, including any successor securities, in
	any material respect;
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">the successor entity has a purpose substantially
	identical to that of the trust;
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">prior to the merger, consolidation, amalgamation,
	replacement, conveyance, transfer or lease, we have received an
	opinion from independent counsel that (a)&nbsp;any transaction
	of this kind does not adversely affect the rights, preferences
	and privileges of the holders of the preferred securities,
	including any successor securities, in any material respect, and
	(b)&nbsp;following the transaction,
	</FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">33
</FONT>

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<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="1%"></TD>
	<TD width="96%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD></TD>
	<TD align="left">
	<FONT size="2">neither the trust nor the successor entity will
	be required to register as an &#147;investment company&#148;
	under the Investment Company Act; and
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">we own all of the common securities of the
	successor entity and guarantee the obligations of the successor
	entity under the successor securities at least to the extent
	provided by the guarantee, the debentures, the trust agreement
	and the expense agreement.
	</FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Notwithstanding the foregoing, the trust may not,
except with the consent of every holder of the preferred
securities, enter into any transaction of this kind if the
transaction would cause the trust or the successor entity not to
be classified as a grantor trust for United States federal
income tax purposes.
</FONT>

<P align="left">
<B><FONT size="2">Voting Rights; Amendment of Trust
Agreement</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Except as described below and under
&#147;Description of the Guarantee&nbsp;&#151; Amendments&#148;
on page&nbsp;50 and as otherwise required by the Trust Indenture
Act and the trust agreement, the holders of the preferred
securities will have no voting rights.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The trust agreement may be amended from time to
time by us, as holders of the common securities, and the
trustees, without the consent of the holders of the preferred
securities, in the following circumstances:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="1%"></TD>
	<TD width="96%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">with respect to acceptance of appointment by a
	successor trustee;
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">to cure any ambiguity, correct or supplement any
	provisions in the trust agreement that may be inconsistent with
	any other provision, or to make any other provisions with
	respect to matters or questions arising under the trust
	agreement, as long as the amendment is not inconsistent with the
	other provisions of the trust agreement and does not have a
	material adverse effect on the interests of any holder of trust
	securities; or
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">to modify, eliminate or add to any provisions of
	the trust agreement if necessary to ensure that the trust will
	be classified for federal income tax purposes as a grantor trust
	at all times that any trust securities are outstanding or to
	ensure that the trust will not be required to register as an
	&#147;investment company&#148; under the Investment Company Act.
	</FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">With the consent of the holders of a majority of
the aggregate liquidation amount of the outstanding trust
securities, we and the trustees may amend the trust agreement if
the trustees receive an opinion of counsel to the effect that
the amendment or the exercise of any power granted to the
trustees in accordance with the amendment will not affect the
trust&#146;s status as a grantor trust for federal income tax
purposes or the trust&#146;s exemption from status as an
&#147;investment company&#148; under the Investment Company Act.
However, without the consent of each holder of trust securities,
the trust agreement may not be amended to (a)&nbsp;change the
amount or timing of any distribution on the trust securities or
otherwise adversely affect the amount of any distribution
required to be made in respect of the trust securities as of a
specified date, or (b)&nbsp;restrict the right of a holder of
trust securities to institute suit for the enforcement of the
payment on or after that date.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">As long as the property trustee holds any
debentures, the trustees will not, without obtaining the prior
approval of the holders of a majority in aggregate liquidation
amount of all outstanding preferred securities:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="1%"></TD>
	<TD width="96%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">direct the time, method and place of conducting
	any proceeding for any remedy available to the indenture
	trustee, or executing any trust or power conferred on the
	property trustee with respect to the debentures;
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">waive any past default that is waivable under the
	indenture;
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">exercise any right to rescind or annul a
	declaration that the principal of all the debentures will be due
	and payable; or
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">consent to any amendment or termination of the
	indenture or the debentures, where the property trustee&#146;s
	consent is required. However, where a consent under the
	indenture requires the consent of
	</FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">34
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<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="1%"></TD>
	<TD width="96%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD></TD>
	<TD align="left">
	<FONT size="2">each holder of the affected debentures, no
	consent will be given by the property trustee without the prior
	consent of each holder of the preferred securities.
	</FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The trustees may not revoke any action previously
authorized or approved by a vote of the holders of the preferred
securities except by subsequent vote of the holders of the
preferred securities. The property trustee will notify each
holder of preferred securities of any notice of default with
respect to the debentures. In addition to obtaining the
foregoing approvals of the holders of the preferred securities,
prior to taking any of the foregoing actions, the trustees must
obtain an opinion of counsel experienced in these matters to the
effect that the trust will continue to be classified as a
grantor trust and will not be classified as an association
taxable as a corporation for federal income tax purposes on
account of the action.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Any required approval of holders of trust
securities may be given at a meeting or by written consent. The
property trustee will cause a notice of any meeting at which
holders of the trust securities are entitled to vote to be given
to each holder of record of trust securities.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">No vote or consent of the holders of preferred
securities will be required for the trust to redeem and cancel
its preferred securities in accordance with the trust agreement.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Notwithstanding the fact that holders of
preferred securities are entitled to vote or consent under any
of the circumstances described above, any of the preferred
securities that are owned by us, the trustees or any affiliate
of ours or of any trustee, will, for purposes of the vote or
consent, be treated as if they were not outstanding.
</FONT>

<P align="left">
<B><FONT size="2">Global Preferred Securities</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The preferred securities will be represented by
one or more global preferred securities registered in the name
of The Depository Trust Company, New York, New York, referred to
below as DTC, or its nominee. A global preferred security is a
security representing interests of more than one beneficial
holder. Ownership of beneficial interests in the global
preferred securities will be reflected in DTC participant
account records through DTC&#146;s book-entry transfer and
registration system. Participants are brokers, dealers, or
others having accounts with DTC. Indirect beneficial interests
of other persons investing in the preferred securities will be
shown on, and transfers will be effected only through, records
maintained by DTC participants. Except as described below,
preferred securities in definitive form will not be issued in
exchange for the global preferred securities. See
&#147;Book-Entry Issuance&#148; beginning on page&nbsp;47.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">No global preferred security may be exchanged for
preferred securities registered in the names of persons other
than DTC or its nominee unless:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="1%"></TD>
	<TD width="96%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">DTC notifies the indenture trustee that it is
	unwilling or unable to continue as a depositary for the global
	preferred security and we are unable to locate a qualified
	successor depositary;
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">we execute and deliver to the indenture trustee a
	written order stating that we elect to terminate the book-entry
	system through DTC; or
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">there shall have occurred and be continuing an
	event of default under the indenture.
	</FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Any global preferred security that is
exchangeable pursuant to the preceding sentence shall be
exchangeable for definitive certificates registered in the names
as DTC shall direct. It is expected that the instructions will
be based upon directions received by DTC with respect to
ownership of beneficial interests in the global preferred
security. If preferred securities are issued in definitive form,
the preferred securities will be in denominations of $25 and
integral multiples of $25 and may be transferred or exchanged at
the offices described below.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Unless and until it is exchanged in whole or in
part for the individual preferred securities represented
thereby, a global preferred security may not be transferred,
except as a whole, by DTC to a nominee of DTC, by a nominee of
DTC to DTC or another nominee of DTC or by DTC or any nominee to
a successor depositary or any nominee of the successor.
</FONT>

<P align="center"><FONT size="2">35
</FONT>

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Payments on global preferred securities will be
made to DTC, as the depositary for the global preferred
securities. If the preferred securities are issued in definitive
form, distributions will be payable by check mailed to the
address of record of the persons entitled to the distribution,
and the transfer of the preferred securities will be
registrable, and preferred securities will be exchangeable for
preferred securities of other denominations of a like aggregate
liquidation amount, at the corporate office of the property
trustee, or at the offices of any paying agent or transfer agent
appointed by the administrative trustees. In addition, if the
preferred securities are issued in definitive form, the record
dates for payment of distributions will be the 15th day of the
month in which the relevant distribution date occurs. For a
description of the terms of DTC arrangements relating to
payments, transfers, voting rights, redemptions and other
notices and other matters, see &#147;Book-Entry Issuance&#148;
beginning on page&nbsp;47.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Upon the issuance of one or more global preferred
securities, and the deposit of the global preferred security
with or on behalf of DTC or its nominee, DTC or its nominee will
credit, on its book-entry registration and transfer system, the
respective aggregate liquidation amounts of the individual
preferred securities represented by the global preferred
security to the designated accounts of persons that participate
in the DTC system. These participant accounts will be designated
by the dealers, underwriters or agents selling the preferred
securities. Ownership of beneficial interests in a global
preferred security will be limited to persons or entities having
an account with DTC or who may hold interests through
participants. With respect to interests of any person or entity
that is a DTC participant, ownership of beneficial interests in
a global preferred security will be shown on, and the transfer
of that ownership will be effected only through, records
maintained by DTC or its nominee. With respect to persons or
entities who hold interests in a global preferred security
through a participant, the interest and any transfer of the
interest will be shown only on the participant&#146;s records.
The laws of some states require that certain purchasers of
securities take physical delivery of securities in definitive
form. These laws may impair the ability to transfer beneficial
interests in a global preferred security.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">So long as DTC or another depositary, or its
nominee, is the registered owner of the global preferred
security, the depositary or the nominee, as the case may be,
will be considered the sole owner or holder of the preferred
securities represented by the global preferred security for all
purposes under the trust agreement. Except as described in this
prospectus, owners of beneficial interests in a global preferred
security will not be entitled to have any of the individual
preferred securities represented by the global preferred
security registered in their names, will not receive or be
entitled to receive physical delivery of any preferred
securities in definitive form and will not be considered the
owners or holders of the preferred securities under the trust
agreement.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">None of us, the property trustee, any paying
agent or the securities registrar for the preferred securities
will have any responsibility or liability for any aspect of the
records relating to or payments made on account of beneficial
ownership interests of the global preferred security
representing the preferred securities or for maintaining,
supervising or reviewing any records relating to the beneficial
ownership interests.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We expect that DTC or its nominee, upon receipt
of any payment of the liquidation amount or distributions in
respect of a global preferred security, immediately will credit
participants&#146; accounts with payments in amounts
proportionate to their respective beneficial interest in the
aggregate liquidation amount of the global preferred security as
shown on the records of DTC or its nominee. We also expect that
payments by participants to owners of beneficial interests in
the global preferred security held through the participants will
be governed by standing instructions and customary practices, as
is now the case with securities held for the accounts of
customers in bearer form or registered in &#147;street
name.&#148; The payments will be the responsibility of the
participants. See &#147;Book-Entry Issuance&#148; beginning on
page&nbsp;47.
</FONT>

<P align="left">
<B><FONT size="2">Payment and Paying Agency</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Payments in respect of the preferred securities
shall be made to DTC, which shall credit the relevant accounts
of participants on the applicable distribution dates, or, if any
of the preferred securities are not held by DTC, the payments
shall be made by check mailed to the address of the holder as
listed on the
</FONT>

<P align="center"><FONT size="2">36
</FONT>

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<DIV align="left">
<FONT size="2">register of holders of the preferred securities.
The paying agent for the preferred securities will initially be
the property trustee and any co-paying agent chosen by the
property trustee and acceptable to us and the administrative
trustees. The paying agent for the preferred securities may
resign as paying agent upon 30&nbsp;days written notice to the
administrative trustees, the property trustee and us. If the
property trustee no longer is the paying agent for the preferred
securities, the administrative trustees will appoint a successor
to act as paying agent. The successor must be a bank or trust
company acceptable to us and the property trustee.
</FONT>
</DIV>

<P align="left">
<B><FONT size="2">Registrar and Transfer Agent</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The property trustee will act as the registrar
and the transfer agent for the preferred securities.
Registration of transfers of preferred securities will be
effected without charge by or on behalf of the trust, but upon
payment of any tax or other governmental charges that may be
imposed in connection with any transfer or exchange. The trust
and its registrar and transfer agent will not be required to
register or cause to be registered the transfer of preferred
securities after they have been called for redemption.
</FONT>

<P align="left">
<B><FONT size="2">Information Concerning the Property
Trustee</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The property trustee undertakes to perform only
the duties set forth in the trust agreement. After the
occurrence of an event of default that is continuing, the
property trustee must exercise the same degree of care and skill
as a prudent person exercises or uses in the conduct of its own
affairs. The property trustee is under no obligation to exercise
any of the powers vested in it by the trust agreement at the
request of any holder of preferred securities unless it is
offered reasonable indemnity against the costs, expenses and
liabilities that might be incurred. If no event of default under
the trust agreement has occurred and is continuing and the
property trustee is required to decide between alternative
causes of action, construe ambiguous or inconsistent provisions
in the trust agreement or is unsure of the application of any
provision of the trust agreement, and the matter is not one on
which holders of preferred securities are entitled to vote upon,
then the property trustee will take the action directed in
writing by us. If the property trustee is not so directed, then
it will take the action it deems advisable and in the best
interests of the holders of the trust securities and will have
no liability except for its own bad faith, negligence or willful
misconduct.
</FONT>

<P align="left">
<B><FONT size="2">Miscellaneous</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The administrative trustees are authorized and
directed to conduct the affairs of and to operate the trust in
such a way that:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="1%"></TD>
	<TD width="96%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">the trust will not be deemed to be an
	&#147;investment company&#148; required to be registered under
	the Investment Company Act;
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">the trust will be classified as a grantor trust
	and not as an association taxable as a corporation for federal
	income tax purposes; and
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">the debentures will be treated as our
	indebtedness for federal income tax purposes.
	</FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In this regard, we and the administrative
trustees are authorized to take any action not inconsistent with
applicable law, the certificate of trust or the trust agreement,
that we and the administrative trustees determine to be
necessary or desirable for these purposes.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The administrative trustees are required to use
their best efforts to maintain the listing of the preferred
securities on the New York Stock Exchange or on another national
securities exchange or to maintain the inclusion of the
preferred securities in the Nasdaq National Market, but this
requirement will not prevent us from redeeming all or a portion
of the preferred securities in accordance with the trust
agreement and the indenture.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Holders of the preferred securities have no
preemptive or similar rights. The trust agreement and the trust
securities will be governed by Delaware law.
</FONT>

<P align="center"><FONT size="2">37
</FONT>

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<!-- link1 "DESCRIPTION OF THE DEBENTURES" -->
<DIV align="left"><A NAME="007"></A></DIV>

<P align="center">
<B><FONT size="2">DESCRIPTION OF THE DEBENTURES</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Concurrently with the issuance of the preferred
securities, the trust will invest the proceeds from the sale of
the trust securities in the debentures issued by us. The
debentures will be issued as unsecured debt under the indenture
between us and Wilmington Trust Company, as indenture trustee.
The indenture will be qualified under the Trust Indenture Act.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following discussion contains a description
of the material terms of the debentures and is subject to, and
is qualified in its entirety by reference to, the indenture and
to the Trust Indenture Act. We urge prospective investors to
read the form of the indenture, which is filed as an exhibit to
the registration statement of which this prospectus forms a part.
</FONT>

<P align="left">
<B><FONT size="2">General</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The debentures will be limited in aggregate
principal amount to $30,927,900, or $35,567,100 if the
underwriters&#146; over-allotment option is exercised in full.
This amount represents the sum of the aggregate stated
liquidation amounts of the trust securities. The debentures will
bear interest at the annual rate of 9.00% of the principal
amount. The interest will be payable quarterly on March&nbsp;31,
June&nbsp;30, September&nbsp;30 and December&nbsp;31 of each
year, beginning June&nbsp;30, 2002, to the person in whose name
each debenture is registered at the close of business on the
15th day of the last month of the calendar quarter. It is
anticipated that, until the liquidation, if any, of the trust,
the debentures will be held in the name of the property trustee
in trust for the benefit of the holders of the trust securities.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The amount of interest payable for any period
will be computed on the basis of a 360-day year of twelve 30-day
months. If any date on which interest is payable on the
debentures is not a business day, then payment of interest will
be made on the next day that is a business day without any
additional interest or other payment in respect of the delay.
However, if the next business day is in the next calendar year,
payment of interest will be made on the immediately preceding
business day. Accrued interest that is not paid on the
applicable interest payment date will bear additional interest
on the amount due at the annual rate of 9.00%, compounded
quarterly.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The debentures will mature on June&nbsp;30, 2032,
the stated maturity date. We may shorten this date once at any
time to any date on or after June&nbsp;30, 2007. We will give
notice to the indenture trustee and the holders of the
debentures, no more than 180&nbsp;days and no less than
30&nbsp;days prior to the effectiveness of any change in the
stated maturity date.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We will not have the right to redeem the
debentures from the trust until on or after June&nbsp;30, 2007,
except if (a)&nbsp;a Tax Event or an Investment Company Event,
which terms are defined beginning on page&nbsp;28, has occurred,
or (b)&nbsp;we repurchase preferred securities in the market, in
which case we can elect to redeem debentures specifically in
exchange for a like amount of preferred securities owned by us
plus a proportionate amount of common securities.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The debentures will be unsecured and will rank
junior to all of our senior and subordinated debt, including
indebtedness we may incur in the future. Because we are a
holding company, our right to participate in any distribution of
assets of any of our subsidiaries, upon any subsidiary&#146;s
liquidation or reorganization or otherwise, and thus the ability
of holders of the debentures to benefit indirectly from any
distribution by a subsidiary, is subject to the prior claim of
creditors of the subsidiary, except to the extent that we may be
recognized as a creditor of the subsidiary. The debentures will,
therefore, be effectively subordinated to all existing and
future liabilities of our subsidiaries, and holders of
debentures should look only to our assets for payment. The
indenture does not limit our ability to incur or issue secured
or unsecured senior and junior debt, except in limited
circumstances. See &#147;&#151;&nbsp;Subordination&#148;
beginning on page&nbsp;41 and
&#147;&#151;&nbsp;Miscellaneous&#148; beginning on page&nbsp;45.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The indenture does not contain provisions that
afford holders of the debentures protection in the event of a
highly leveraged transaction or other similar transaction
involving us, nor does it require us to maintain or achieve any
financial performance levels or to obtain or maintain any credit
rating on the debentures.
</FONT>

<P align="center"><FONT size="2">38
</FONT>

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<P align="left">
<B><FONT size="2">Option to Extend Interest Payment
Period</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">As long as no event of default under the
indenture has occurred and is continuing, we have the right
under the indenture to defer the payment of interest on the
debentures at any time for a period not exceeding 20 consecutive
quarters. However, no extension period may extend beyond the
stated maturity of the debentures or end on a date other than a
date interest is normally due. At the end of an extension
period, we must pay all interest then accrued and unpaid,
together with interest thereon at the annual rate of 9.00%,
compounded quarterly. During an extension period, interest will
continue to accrue and holders of debentures, or the holders of
preferred securities if they are then outstanding, will be
required to accrue and recognize as income for federal income
tax purposes the accrued but unpaid interest amounts in the year
in which such amounts accrued. See &#147;Federal Income Tax
Consequences&#148; beginning on page&nbsp;52.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">During an extension period, we may not:
</FONT>
<P>

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	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">declare or pay any dividends or distributions on,
	or redeem, purchase, acquire or make a liquidation payment with
	respect to, any of our capital stock, other than stock
	dividends, non-cash dividends in connection with the
	implementation of a stockholder rights plan, purchases of common
	stock in connection with employee benefit plans or in connection
	with the reclassification of any class of our capital stock into
	another class of capital stock, or allow any of our direct or
	indirect subsidiaries to do the same with respect to their
	capital stock, other than payment of dividends or distributions
	to us or to any of our direct or indirect subsidiaries;
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">make, or allow any of our subsidiaries to make,
	any payment of principal, interest or premium on, or repay,
	repurchase or redeem any debt securities issued by us that rank
	equally with or junior to the debentures;
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">make, or allow any of our subsidiaries to make,
	any guarantee payments with respect to any guarantee by us of
	any debt securities if the guarantee ranks equally with or
	junior to the debentures, other than payments under the
	guarantee relating to the preferred securities; or
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">redeem, purchase or acquire less than all of the
	debentures or any of the preferred securities.
	</FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Prior to the termination of any extension period,
so long as no event of default under the indenture is
continuing, we may further defer the payment of interest subject
to the above stated requirements. Upon the termination of any
extension period and the payment of all amounts then due, we may
elect to begin a new extension period at any time. We do not
currently intend to exercise our right to defer payments of
interest on the debentures.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We must give the property trustee, the
administrative trustees and the indenture trustee notice of our
election of an extension period at least two business days prior
to the earlier of (a)&nbsp;the next date on which distributions
on the trust securities would have been payable except for the
election to begin an extension period, or (b)&nbsp;the date we
are required to give notice of the record date, or the date the
distributions are payable, to the New York Stock Exchange, or
other national securities exchange or the Nasdaq National Market
or another comparable trading system, or to holders of the
preferred securities, but in any event at least one business day
prior to the record date.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Other than as described above, there is no
limitation on the number of times that we may elect to begin an
extension period.
</FONT>

<P align="left">
<B><FONT size="2">Additional Sums to be Paid as a Result of
Additional Taxes</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If the trust is required to pay any additional
taxes, duties, assessments or other governmental charges, except
for United States withholding taxes that are properly withheld,
as a result of the occurrence of a Tax Event, we will pay as
additional interest on the debentures any amounts which may be
required so that the net amounts received and retained by the
trust after paying any additional taxes, duties, assessments or
other governmental charges will not be less than the amounts the
trust would have received had the additional taxes, duties,
assessments or other governmental charges not been imposed.
</FONT>

<P align="center"><FONT size="2">39
</FONT>

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<P align="left">
<B><FONT size="2">Redemption</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We may redeem the debentures prior to maturity:
</FONT>
<P>

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	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">on or after June&nbsp;30, 2007, in whole at any
	time or in part from time to time;
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">in whole at any time within 180&nbsp;days
	following the occurrence of a Tax Event or an Investment Company
	Event; or
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">at any time, to the extent of any preferred
	securities we purchase, plus a proportionate amount of the
	common securities we hold.
	</FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In each case we will pay a redemption price equal
to the accrued and unpaid interest on the debentures so redeemed
to the date fixed for redemption, plus 100% of the principal
amount of the redeemed debentures.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Notice of any redemption will be mailed at least
30&nbsp;days but not more than 60&nbsp;days before the
redemption date to each holder of debentures to be redeemed at
its registered address. Redemption of less than all outstanding
debentures must be effected proportionately, by lot or in any
other manner deemed to be fair and appropriate by the indenture
trustee. Unless we default in payment of the redemption price
for the debentures, on and after the redemption date interest
will no longer accrue on the debentures or the portions of the
debentures called for redemption.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The debentures will not be subject to any sinking
fund.
</FONT>

<P align="left">
<B><FONT size="2">Distribution Upon Liquidation</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">As described beginning on page&nbsp;31 under
&#147;Description of the Preferred Securities&nbsp;&#151;
Liquidation Distribution Upon Termination,&#148; under certain
circumstances, the debentures may be distributed to the holders
of the preferred securities in liquidation of the trust after
satisfaction of liabilities to creditors of the trust. If this
distribution occurs, we will use our best efforts to list the
debentures on the New York Stock Exchange or comparable trading
system, other national securities exchange or to include them in
a comparable trading system on or in which the preferred
securities are then listed, quoted or included, if any. There
can be no assurance as to the market price of any debentures
that may be distributed to the holders of preferred securities.
</FONT>

<P align="left">
<B><FONT size="2">Restrictions on Payments</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We are restricted from making certain payments,
as described below, if we have chosen to defer payment of
interest on the debentures, if an event of default has occurred
and is continuing under the indenture, or if we are in default
with respect to our obligations under the guarantee.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If any of these events occur, we will not:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="1%"></TD>
	<TD width="96%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">declare or pay any dividends or distributions on,
	or redeem, purchase, acquire, or make a liquidation payment with
	respect to, any of our capital stock, other than stock
	dividends, non-cash dividends in connection with the
	implementation of a stockholder rights plan, purchases of common
	stock in connection with employee benefit plans or in connection
	with the reclassification of any class of our capital stock into
	another class of capital stock, or allow any of our direct or
	indirect subsidiaries to do the same with respect to their
	capital stock, other than payment of dividends or distributions
	to us or to any of our direct or indirect subsidiaries;
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">make, or allow any of our subsidiaries to make,
	any payment of principal, interest or premium on, or repay or
	repurchase or redeem any of our debt securities that rank
	equally with or junior to the debentures;
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">make, or allow any of our subsidiaries to make,
	any guarantee payments with respect to any guarantee by us of
	any debt securities if the guarantee ranks equally with or
	junior to the debentures, other than payments under the
	guarantee relating to the preferred securities; or
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">redeem, purchase or acquire less than all of the
	debentures or any of the preferred securities.
	</FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">40
</FONT>

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<P align="left">
<B><FONT size="2">Subordination</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The debentures are subordinated and junior in
right of payment to all of our senior and subordinated debt, as
defined below. Upon any payment or distribution of assets to
creditors upon any liquidation, dissolution, winding up or
reorganization of our company, whether voluntary or involuntary
in bankruptcy, insolvency, receivership or other proceedings in
connection with any insolvency or bankruptcy proceedings, the
holders of our senior and subordinated debt will first be
entitled to receive payment in full of principal and interest
before the holders of debentures will be entitled to receive or
retain any payment in respect of the debentures.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If the maturity of any debentures is accelerated,
the holders of all of our senior and subordinated debt
outstanding at the time of the acceleration will also be
entitled to first receive payment in full of all amounts due to
them, including any amounts due upon acceleration, before the
holders of the debentures will be entitled to receive or retain
any principal or interest payments on the debentures.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">No payments of principal or interest on the
debentures may be made if there has occurred and is continuing a
default in any payment with respect to any of our senior or
subordinated debt or an event of default with respect to any of
our senior or subordinated debt resulting in the acceleration of
the maturity of the senior or subordinated debt, or if any
judicial proceeding is pending with respect to any default.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The term &#147;debt&#148; means, with respect to
any person, whether recourse is to all or a portion of the
assets of the person and whether or not contingent:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="1%"></TD>
	<TD width="96%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">every obligation of the person for money borrowed;
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">every obligation of the person evidenced by
	bonds, debentures, notes or other similar instruments, including
	obligations incurred in connection with the acquisition of
	property, assets or businesses;
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">every reimbursement obligation of the person with
	respect to letters of credit, bankers&#146; acceptances or
	similar facilities issued for the account of the person;
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">every obligation of the person issued or assumed
	as the deferred purchase price of property or services,
	excluding trade accounts payable or accrued liabilities arising
	in the ordinary course of business;
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">every capital lease obligation of the person; and
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">every obligation of the type referred to in the
	first five points of another person and all dividends of another
	person the payment of which, in either case, the first person
	has guaranteed or is responsible or liable, directly or
	indirectly, as obligor or otherwise.
	</FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The term &#147;senior debt&#148; means the
principal of, and premium and interest, including interest
accruing on or after the filing of any petition in bankruptcy or
for reorganization relating to us, on, debt, whether incurred on
or prior to the date of the indenture or incurred after such
date. However, senior debt will not be deemed to include:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="1%"></TD>
	<TD width="96%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">any debt where it is provided in the instrument
	creating the debt that the obligations are not superior in right
	of payment to the debentures or to other debt which is equal
	with, or subordinated to, the debentures;
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">any of our debt which when incurred and without
	regard to any election under the federal bankruptcy laws, was
	without recourse to us;
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">the preferred securities guarantee;
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">any debt to any of our employees;
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">any debt that by its terms is subordinated to
	trade accounts payable or accrued liabilities arising in the
	ordinary course of business to the extent that payments made to
	the holders of such debt by the holders of the debentures as a
	result of the subordination provisions of the indenture would be
	greater than they otherwise would have been as a result of any
	obligation of the holders of such
	</FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">41
</FONT>

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<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="1%"></TD>
	<TD width="96%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD></TD>
	<TD align="left">
	<FONT size="2">debt to pay amounts over to the obligees on the
	trade accounts payable or accrued liabilities arising in the
	ordinary course of business as a result of subordination
	provisions to which such debt is subject; and
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">debt which constitutes subordinated debt.
	</FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The term &#147;subordinated debt&#148; means the
principal of, and premium and interest, including interest
accruing on or after the filing of any petition in bankruptcy or
for reorganization relating to us, on, debt. Subordinated debt
includes debt incurred on or prior to the date of the indenture
or thereafter incurred, which is by its terms expressly provided
to be junior and subordinate to other debt of ours, other than
the debentures. However, subordinated debt will not be deemed to
include:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="1%"></TD>
	<TD width="96%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">any of our debt which, when incurred and without
	regard to any election under the federal bankruptcy laws, was
	without recourse to us;
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">any debt to any of our employees;
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">any debt which by its terms is subordinated to
	trade accounts payable or accrued liabilities arising in the
	ordinary course of business to the extent that payments made to
	the holders of such debt by the holders of the debentures as a
	result of the subordination provisions of indenture would be
	greater than they otherwise would have been as a result of any
	obligation of the holders of such debt to pay amounts over to
	the obligees on the trade accounts payable or accrued
	liabilities arising in the ordinary course of business as a
	result of subordination provisions to which such debt is subject;
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">debt which constitutes senior debt; and
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">any debt of ours under debt securities, and
	guarantees in respect of these debt securities, initially issued
	to any trust, or a trustee of a trust, partnership or other
	entity affiliated with us that is, directly or indirectly, our
	financing subsidiary in connection with the issuance by that
	entity of preferred securities or other comparable securities.
	</FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We expect from time to time to incur additional
indebtedness, and, except in certain circumstances, there is no
limitation under the indenture on the amount we may incur. We
had consolidated senior and subordinated debt of
$251.6&nbsp;million outstanding principal amount at
April&nbsp;16, 2002 and we may incur additional senior or
subordinated debt in the future.
</FONT>

<P align="left">
<B><FONT size="2">Payment and Paying Agents</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Generally, payment of principal of and interest
on the debentures will be made at the office of the indenture
trustee in Wilmington Trust Company. However, we have the option
to make payment of any interest by (a)&nbsp;check mailed to the
address of the person entitled to payment at the address listed
in the register of holders of the debentures, or (b)&nbsp;wire
transfer to an account maintained by the person entitled thereto
as specified in the register of holders of the debentures,
provided that proper transfer instructions have been received by
the applicable record date. Payment of any interest on
debentures will be made to the person in whose name the
debenture is registered at the close of business on the regular
record date for the interest payment, except in the case of
defaulted interest.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Any moneys deposited with the indenture trustee
or any paying agent for the debentures, or then held by us in
trust, for the payment of the principal of or interest on the
debentures and remaining unclaimed for two years after the
principal or interest has become due and payable, will be repaid
to us on June&nbsp;30 of each year. If we hold any of this money
in trust, then it will be discharged from the trust to us and
the holder of the debenture will thereafter look, as a general
unsecured creditor, only to us for payment.
</FONT>

<P align="center"><FONT size="2">42
</FONT>

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<P align="left">
<B><FONT size="2">Registrar and Transfer Agent</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The indenture trustee will act as the registrar
and the transfer agent for the debentures. Debentures may be
presented for registration of transfer, with the form of
transfer endorsed thereon, or a satisfactory written instrument
of transfer, duly executed, at the office of the registrar.
Provided that we maintain a transfer agent in Wilmington,
Delaware, we may rescind the designation of any transfer agent
or approve a change in the location through which any transfer
agent acts. We may at any time designate additional transfer
agents with respect to the debentures.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If we redeem any of the debentures, neither we
nor the indenture trustee will be required to (a)&nbsp;issue,
register the transfer of or exchange any debentures during a
period beginning at the opening of business 15&nbsp;days before
the day of the mailing of and ending at the close of business on
the day of the mailing of the relevant notice of redemption, or
(b)&nbsp;transfer or exchange any debentures so selected for
redemption, except, in the case of any debentures being redeemed
in part, any portion not to be redeemed.
</FONT>

<P align="left">
<B><FONT size="2">Modification of Indenture</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We and the indenture trustee may, from time to
time without the consent of the holders of the debentures,
amend, waive our rights under or supplement the indenture for
purposes which do not materially adversely affect the rights of
the holders of the debentures. Other changes may be made by us
and the indenture trustee with the consent of the holders of a
majority in principal amount of the outstanding debentures.
However, without the consent of the holder of each outstanding
debenture affected by the proposed modification, no modification
may:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="1%"></TD>
	<TD width="96%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">extend the maturity date of the debentures;
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">reduce the principal amount or the rate or extend
	the time of payment of interest; or
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">reduce the percentage of principal amount of
	debentures required to amend the indenture.
	</FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">As long as any of the preferred securities remain
outstanding, no modification of the indenture may be made that
requires the consent of the holders of the debentures, no
termination of the indenture may occur, and no waiver of any
event of default under the indenture may be effective, without
the prior consent of the holders of a majority of the aggregate
liquidation amount of the preferred securities.
</FONT>

<P align="left">
<B><FONT size="2">Debenture Events of Default</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The indenture provides that any one or more of
the following events with respect to the debentures that has
occurred and is continuing constitutes an event of default under
the indenture:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="1%"></TD>
	<TD width="96%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">our failure to pay any interest on the debentures
	for 30&nbsp;days after the due date, except where we have
	properly deferred the interest payment;
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">our failure to pay any principal on the
	debentures when due whether at maturity, upon redemption or
	otherwise;
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">our failure to observe or perform any other
	covenants or agreements contained in the indenture for
	90&nbsp;days after written notice to us from the indenture
	trustee or the holders of at least 25% in aggregate outstanding
	principal amount of the debentures; or
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">our bankruptcy, insolvency or reorganization or
	dissolution of the trust, except for certain transactions
	specifically permitted by the trust agreement.
	</FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The holders of a majority of the aggregate
outstanding principal amount of the debentures have the right to
direct the time, method and place of conducting any proceeding
for any remedy available to the indenture trustee. The indenture
trustee, or the holders of at least 25% in aggregate outstanding
principal amount of the debentures, may declare the principal
due and payable immediately upon an event of default under the
indenture. The holders of a majority of the outstanding
principal amount of the debentures may rescind and annul the
declaration and waive the default if the default has been cured
and
</FONT>

<P align="center"><FONT size="2">43
</FONT>

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<DIV align="left">
<FONT size="2">a sum sufficient to pay all matured installments
of interest and principal due otherwise than by acceleration has
been deposited with the indenture trustee. In the event the
debentures are held by the trust, this waiver will not be
effective without the consent of a majority in liquidation
preference of the trust securities. Should the holders of the
debentures fail to annul the declaration and waive the default,
the holders of at least a majority in aggregate liquidation
amount of the preferred securities will have this right.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If an event of default under the indenture has
occurred and is continuing, the property trustee will have the
right to declare the principal of and the interest on the
debentures, and any other amounts payable under the indenture,
to be immediately due and payable and to enforce its other
rights as a creditor with respect to the debentures.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We are required to file annually with the
indenture trustee a certificate as to whether or not we are in
compliance with all of the conditions and covenants applicable
to us under the indenture.
</FONT>

<P align="left">
<B><FONT size="2">Enforcement of Certain Rights by Holders of
the Preferred Securities</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If an event of default under the indenture has
occurred and is continuing and the event is attributable to the
failure by us to pay interest on or principal of the debentures
on the date on which the payment is due and payable, then a
holder of preferred securities may institute a direct action
against us to compel us to make the payment. We may not amend
the indenture to remove the foregoing right to bring a direct
action without the prior written consent of all of the holders
of the preferred securities. If the right to bring a direct
action is removed, the trust may become subject to the reporting
obligations under the Securities Exchange Act of 1934.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The holders of the preferred securities will not
be able to exercise directly any remedies, other than those set
forth in the preceding paragraph, available to the holders of
the debentures unless there has been an event of default under
the trust agreement. See &#147;Description of the Preferred
Securities&nbsp;&#151; Events of Default; Notice&#148; on
page&nbsp;32.
</FONT>

<P align="left">
<B><FONT size="2">Consolidation, Merger, Sale of Assets and
Other Transactions</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We may not consolidate with or merge into any
other entity or convey or transfer our properties and assets
substantially as an entirety to any entity, and no entity may be
consolidated with or merged into us or sell, convey, transfer or
otherwise dispose of its properties and assets substantially as
an entirety to us, unless:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="1%"></TD>
	<TD width="96%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">if we consolidate with or merge into another
	person or convey or transfer our properties and assets
	substantially as an entirety to any person, the successor person
	is organized under the laws of the United States or any state or
	the District of Columbia, and the successor person expressly
	assumes by supplemental indenture our obligations on the
	debentures, and the ultimate parent entity of the successor
	entity expressly assumes our obligations under the guarantee, to
	the extent the preferred securities are then outstanding;
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">immediately after the transaction, no event of
	default under the indenture, and no event which, after notice or
	lapse of time, or both, would become an event of default under
	the indenture, has occurred and is continuing; and
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">other conditions as prescribed in the indenture
	are met.
	</FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Under certain circumstances, if we consolidate or
merge with another entity, or transfer or sell substantially all
of our assets to another entity, such transaction may be
considered to involve a replacement of the trust, and the
provisions of the trust agreement relating to a replacement of
the trust would apply to such transaction. See &#147;Description
of the Preferred Securities&nbsp;&#151; Mergers, Consolidations,
Amalgamations or Replacements of the Trust&#148; beginning on
page&nbsp;33.
</FONT>

<P align="center"><FONT size="2">44
</FONT>

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<P align="left">
<B><FONT size="2">Satisfaction and Discharge</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The indenture will cease to be of further effect
and we will be deemed to have satisfied and discharged our
obligations under the indenture when all debentures not
previously delivered to the indenture trustee for cancellation:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="1%"></TD>
	<TD width="96%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">have become due and payable; or
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">will become due and payable at their stated
	maturity within one year or are to be called for redemption
	within one year, and we deposit or cause to be deposited with
	the indenture trustee funds, in trust, in an amount sufficient
	to pay and discharge the entire indebtedness on the debentures
	not previously delivered to the indenture trustee for
	cancellation, for the principal and interest due on the stated
	maturity or redemption date, as the case may be.
	</FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We may still be required to provide
officers&#146; certificates, opinions of counsel and pay fees
and expenses due after these events occur.
</FONT>

<P align="left">
<B><FONT size="2">Governing Law</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The provisions of the indenture and the
debentures will be interpreted under Missouri law.
</FONT>

<P align="left">
<B><FONT size="2">Information Concerning the Indenture
Trustee</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The indenture trustee is subject to all the
duties and responsibilities specified with respect to an
indenture trustee under the Trust Indenture Act. Subject to
these provisions, the indenture trustee is under no obligation
to exercise any of the powers vested in it by the indenture at
the request of any holder of debentures, unless offered
reasonable security or indemnity by the holder against the
costs, expenses and liabilities which might be incurred. The
indenture trustee is not required to expend or risk its own
funds or otherwise incur personal financial liability in the
performance of its duties if the indenture trustee reasonably
believes that repayment or adequate indemnity is not reasonably
assured to it.
</FONT>

<P align="left">
<B><FONT size="2">Miscellaneous</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We have agreed, under the indenture, for so long
as preferred securities remain outstanding, that we will:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="1%"></TD>
	<TD width="96%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">maintain directly or indirectly 100% ownership of
	the common securities of the trust, except that certain
	successors that are permitted pursuant to the indenture may
	succeed to our ownership of the common securities;
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">use our reasonable efforts to cause the trust
	(a)&nbsp;to remain a business trust and to avoid involuntary
	termination, winding up or liquidation, except in connection
	with a distribution of debentures, the redemption of all of the
	trust securities of the trust or mergers, consolidations or
	amalgamations, each as permitted by the trust agreement; and
	(b)&nbsp;to otherwise continue not to be treated as an
	association taxable as a corporation or partnership for federal
	income tax purposes;
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">use our reasonable efforts to cause each holder
	of trust securities to be treated as owning an individual
	beneficial interest in the debentures;
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">use our best efforts to maintain the eligibility
	of the preferred securities for listing on the New York Stock
	Exchange or on any other national securities exchange or for
	inclusion in the Nasdaq National Market or in another comparable
	trading system for as long as the preferred securities are
	outstanding;
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">not issue or incur, directly or indirectly,
	additional trust preferred securities that are senior in right
	of payment to the preferred securities; and
	</FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">45
</FONT>

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<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="1%"></TD>
	<TD width="96%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">not issue or incur, directly or indirectly, any
	additional indebtedness in connection with the issuance of
	additional trust preferred securities or similar securities that
	are equal in right of payment to the debentures unless:
	</FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="6%"></TD>
	<TD width="4%"></TD>
	<TD width="90%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">(a)&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">the pro forma sum of all outstanding debt issued
	by us or any of our subsidiaries in connection with any trust
	preferred securities issued by any of our finance subsidiaries,
	including the debentures and the maximum liquidation amount of
	the additional trust preferred or similar securities that we or
	our finance subsidiary is then issuing, plus our total long-term
	debt, excluding any long-term debt which, by its terms, is
	expressly stated to be junior and subordinate to the debentures;
	</FONT></TD>
</TR>

</TABLE>

<P align="left">
<FONT size="2">is less than 60&nbsp;percent of:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="6%"></TD>
	<TD width="4%"></TD>
	<TD width="90%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">(b)&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">the sum of our common and preferred
	stockholders&#146; equity, plus any long-term debt which, by its
	terms, is expressly stated to be junior and subordinate to the
	debentures, in each case on a consolidated basis at the time of
	issuance.
	</FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">46
</FONT>

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<!-- link1 "BOOK-ENTRY ISSUANCE" -->
<DIV align="left"><A NAME="008"></A></DIV>

<P align="center">
<B><FONT size="2">BOOK-ENTRY ISSUANCE</FONT></B>

<P align="left">
<B><FONT size="2">General</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">DTC will act as securities depositary for the
preferred securities and may act as securities depositary for
all of the debentures in the event of the distribution of the
debentures to the holders of preferred securities. Except as
described below, the preferred securities will be issued only as
fully-registered securities in the name of Cede&nbsp;&#38; Co.,
as DTC&#146;s nominee or such other name as may be requested by
an authorized representative of DTC. One or more global
preferred securities will be issued for the preferred securities
and will be deposited with DTC.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">DTC, the world&#146;s largest depository, is a
limited purpose trust company organized under New York banking
law, a &#147;banking organization&#148; within the meaning of
the New York banking law, a member of the Federal Reserve
System, a &#147;clearing corporation&#148; within the meaning of
the New York Uniform Commercial Code, and a &#147;clearing
agency&#148; registered pursuant to Section&nbsp;17A of the
Securities Exchange Act of 1934. DTC holds securities and
provides asset servicing for over two million issues of U.S. and
non-U.S. equity issues, corporate and municipal debt issues and
money market instruments for over 85 countries that its
participants deposit with DTC. DTC also facilitates the
post-trade settlement among participants of sales and other
securities transactions in deposited securities through
electronic computerized book-entry transfers and pledges through
participants&#146; accounts, thereby eliminating the need for
physical movement of securities certificates. Direct
participants include both U.S. and non-U.S. securities brokers
and dealers, banks, trust companies, clearing corporations and
certain other organizations. DTC is a wholly-owned subsidiary of
The Depository Trust &#38; Clearing Corporation which, in turn,
is owned by a number of its direct participants, members of the
National Securities Clearing Corporation, Government Securities
Clearing Corporation, MBS Clearing Corporation and Emerging
Markets Clearing Corporation and by the New York Stock Exchange,
the American Stock Exchange and the National Association of
Securities Dealers, Inc. Access to the DTC system is also
available to others, such as U.S. and non-U.S. securities
brokers and dealers, banks, trust companies and clearing
corporations that clear through or maintain custodial
relationships with direct participants, either directly or
indirectly. The rules applicable to DTC and its participants are
on file with the SEC.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Purchases of preferred securities within the DTC
system must be made by or through direct participants, which
will receive a credit for the preferred securities on DTC&#146;s
records. The ownership interest of each actual purchaser of each
preferred security is in turn to be recorded on the direct and
indirect participants&#146; records. These beneficial owners
will not receive written confirmation from DTC of their
purchases, but beneficial owners are expected to receive written
confirmations providing details of the transactions, as well as
periodic statements of their holdings, from the direct or
indirect participants through which the beneficial owners
purchased preferred securities. Transfers of ownership interests
in the preferred securities are to be accomplished by entries
made on the books of participants acting on behalf of beneficial
owners. Beneficial owners will not receive certificates
representing their ownership interest in preferred securities,
except if use of the book-entry-only system for the preferred
securities is discontinued.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">To facilitate subsequent transfers, the preferred
securities will be registered in the name of DTC&#146;s
partnership nominee, Cede&nbsp;&#38; Co., or such other names as
may be requested by an authorized representative of DTC. The
deposit of the preferred securities with DTC and their
registration in the name of Cede&nbsp;&#38; Co., or such other
DTC nominee, doesn&#146;t effect any change in the beneficial
ownership. DTC will have no knowledge of the actual beneficial
owners of the preferred securities; DTC&#146;s records reflect
only the identity of the direct participants to whose accounts
the preferred securities are credited, which may or may not be
the beneficial owners. The participants will remain responsible
for keeping account of their holdings on behalf of their
customers.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The information in this section concerning DTC
and DTC&#146;s book-entry system has been obtained from sources
that we believe to be accurate, but we and the trust assume no
responsibility for the accuracy thereof. Neither we nor the
trust have any responsibility for the performance by DTC or its
participants of
</FONT>

<P align="center"><FONT size="2">47
</FONT>

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<DIV align="left">
<FONT size="2">their respective obligations as described in this
prospectus or under the rules and procedures governing their
respective operations.
</FONT>
</DIV>

<P align="left">
<B><FONT size="2">Notices and Voting</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Conveyance of notices and other communications by
DTC to direct participants, by direct participants to indirect
participants, and by direct and indirect participants to
beneficial owners will be governed by arrangements among them,
subject to any statutory or regulatory requirements as may be in
effect from time to time.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Redemption notices will be sent to
Cede&nbsp;&#38; Co. as the registered holder of the preferred
securities. If less than all of the preferred securities are
being redeemed, the amount to be redeemed will be determined in
accordance with the trust agreement.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Although voting with respect to the preferred
securities is limited to the holders of record of the preferred
securities, in those instances in which a vote is required,
neither DTC nor Cede&nbsp;&#38; Co. will itself consent or vote
with respect to preferred securities. Under its usual
procedures, DTC would mail an omnibus proxy to the property
trustee as soon as possible after the record date. The omnibus
proxy assigns Cede &#38; Co.&#146;s consenting or voting rights
to those direct participants to whose accounts the preferred
securities are credited on the record date.
</FONT>

<P align="left">
<B><FONT size="2">Distribution of Funds</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The property trustee will make distribution
payments on the preferred securities to DTC. DTC&#146;s practice
is to credit direct participants&#146; accounts on the relevant
payment date in accordance with their respective holdings shown
on DTC&#146;s records unless DTC has reason to believe that it
will not receive payments on the payment date. Payments by
participants to beneficial owners will be governed by standing
instructions and customary practices and will be the
responsibility of the participant and not of DTC, the property
trustee, the trust or us, subject to any statutory or regulatory
requirements as may be in effect from time to time. Payment of
distributions to DTC is the responsibility of the property
trustee, disbursement of the payments to direct participants is
the responsibility of DTC, and disbursements of the payments to
the beneficial owners is the responsibility of direct and
indirect participants.
</FONT>

<P align="left">
<B><FONT size="2">Successor Depositaries and Termination of
Book-Entry System</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">DTC may discontinue providing its services with
respect to any of the preferred securities at any time by giving
reasonable notice to the property trustee or us. If no successor
securities depositary is obtained, definitive certificates
representing the preferred securities are required to be printed
and delivered. We also have the option to discontinue use of the
system of book-entry transfers through DTC or a successor
depositary. After an event of default under the indenture, the
holders of a majority in liquidation amount of preferred
securities may determine to discontinue the system of book-entry
transfers through DTC. In these events, definitive certificates
for the preferred securities will be printed and delivered.
</FONT>

<P align="center"><FONT size="2">48
</FONT>

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<!-- link1 "DESCRIPTION OF THE GUARANTEE" -->
<DIV align="left"><A NAME="009"></A></DIV>

<P align="center">
<B><FONT size="2">DESCRIPTION OF THE GUARANTEE</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The preferred securities guarantee agreement will
be executed and delivered by us concurrently with the issuance
of the preferred securities for the benefit of the holders of
the preferred securities. The guarantee agreement will be
qualified as an indenture under the Trust Indenture Act.
Wilmington Trust Company, the guarantee trustee, will act as
trustee for purposes of complying with the provisions of the
Trust Indenture Act, and will also hold the guarantee for the
benefit of the holders of the preferred securities.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following discussion contains a description
of the material provisions of the guarantee and is subject to,
and is qualified in its entirety by reference to, the guarantee
agreement and the Trust Indenture Act. We urge prospective
investors to read the form of the guarantee agreement, which has
been filed as an exhibit to the registration statement of which
this prospectus forms a part.
</FONT>

<P align="left">
<B><FONT size="2">General</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We agree to pay in full on a subordinated basis,
to the extent described in the guarantee agreement, the
guarantee payments, as defined below, to the holders of the
preferred securities, as and when due, regardless of any
defense, right of set-off or counterclaim that the trust may
have or assert other than the defense of payment.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following payments with respect to the
preferred securities are called the &#147;guarantee
payments&#148; and, to the extent not paid or made by the trust
and to the extent that the trust has funds available for those
distributions, will be subject to the guarantee:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="1%"></TD>
	<TD width="96%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">any accumulated and unpaid distributions required
	to be paid on the preferred securities;
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">with respect to any preferred securities called
	for redemption, the redemption price; and
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">upon a voluntary or involuntary dissolution,
	winding up or termination of the trust, other than in connection
	with the distribution of debentures to the holders of preferred
	securities in exchange for preferred securities, the lesser of:
	</FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="97%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	<FONT size="2">(a)&nbsp;the amount of the liquidation
	distribution; and
	</FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="6%"></TD>
	<TD width="4%"></TD>
	<TD width="90%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">(b)&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">the amount of assets of the trust remaining
	available for distribution to holders of preferred securities in
	liquidation of the trust.
	</FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We may satisfy our obligations to make a
guarantee payment by making a direct payment of the required
amounts to the holders of the preferred securities or by causing
the trust to pay the amounts to the holders.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The guarantee agreement is a guarantee, on a
subordinated basis, of the guarantee payments, but the guarantee
only applies to the extent the trust has funds available for
those distributions. If we do not make interest payments on the
debentures purchased by the trust, the trust will not have funds
available to make the distributions and will not pay
distributions on the preferred securities.
</FONT>

<P align="left">
<B><FONT size="2">Status of the Guarantee</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The guarantee constitutes our unsecured
obligation that ranks subordinate and junior in right of payment
to all of our senior and subordinated debt in the same manner as
the debentures. We expect to incur additional indebtedness in
the future, although we have no specific plans in this regard
presently and, except in certain circumstances, neither the
indenture nor the trust agreement limits the amounts of senior
and subordinated debt that we may incur.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The guarantee constitutes a guarantee of payment
and not of collection. If we fail to make guarantee payments
when required, holders of preferred securities may institute a
legal proceeding directly against us to enforce their rights
under the guarantee without first instituting a legal proceeding
against the trust, the guarantee trustee or any other person or
entity.
</FONT>

<P align="center"><FONT size="2">49
</FONT>

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The guarantee will not be discharged except by
payment of the guarantee payments in full to the extent not paid
by the trust or upon distribution of the debentures to the
holders of the preferred securities. Because we are a holding
company, our right to participate in any distribution of assets
of any subsidiary upon the subsidiary&#146;s liquidation or
reorganization or otherwise is subject to the prior claims of
creditors of that subsidiary, except to the extent we may be
recognized as a creditor of that subsidiary. Our obligations
under the guarantee, therefore, will be effectively subordinated
to all existing and future liabilities of our subsidiaries, and
claimants should look only to our assets for payments under the
guarantee.
</FONT>

<P align="left">
<B><FONT size="2">Amendments</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Except with respect to any changes that do not
materially adversely affect the rights of holders of the
preferred securities, in which case no vote will be required,
the guarantee may be amended only with the prior approval of the
holders of a majority of the aggregate liquidation amount of the
outstanding preferred securities. See &#147;Description of the
Preferred Securities&nbsp;&#151; Voting Rights; Amendment of
Trust Agreement&#148; beginning on page&nbsp;34.
</FONT>

<P align="left">
<B><FONT size="2">Events of Default; Remedies</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">An event of default under the guarantee agreement
will occur upon our failure to make any required guarantee
payments or to perform any other obligations under the
guarantee. The holders of a majority in aggregate liquidation
amount of the preferred securities will have the right to direct
the time, method and place of conducting any proceeding for any
remedy available to the guarantee trustee in respect of the
guarantee and may direct the exercise of any power conferred
upon the guarantee trustee under the guarantee.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Any holder of preferred securities may institute
and prosecute a legal proceeding directly against us to enforce
its rights under the guarantee without first instituting a legal
proceeding against the trust, the guarantee trustee or any other
person or entity.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We are required to provide to the guarantee
trustee annually a certificate as to whether or not we are in
compliance with all of the conditions and covenants applicable
to us under the guarantee agreement.
</FONT>

<P align="left">
<B><FONT size="2">Termination of the Guarantee</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The guarantee will terminate and be of no further
force and effect upon:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="1%"></TD>
	<TD width="96%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">full payment of the redemption price of the
	preferred securities;
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">full payment of the amounts payable upon
	liquidation of the trust; or
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">distribution of the debentures to the holders of
	the preferred securities.
	</FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If at any time any holder of the preferred
securities must restore payment of any sums paid under the
preferred securities or the guarantee, the guarantee will
continue to be effective or will be reinstated with respect to
such amounts.
</FONT>

<P align="left">
<B><FONT size="2">Information Concerning the Guarantee
Trustee</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The guarantee trustee, other than during the
occurrence and continuance of our default in performance of the
guarantee, undertakes to perform only those duties as are
specifically set forth in the guarantee. When an event of
default has occurred and is continuing, the guarantee trustee
must exercise the same degree of care and skill as a prudent
person would exercise or use in the conduct of his or her own
affairs. Subject to those provisions, the guarantee trustee is
under no obligation to exercise any of the powers vested in it
by the guarantee at the request of any holder of any preferred
securities unless it is offered reasonable indemnity against the
costs, expenses and liabilities that might be incurred thereby.
</FONT>

<P align="center"><FONT size="2">50
</FONT>

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<P align="left">
<B><FONT size="2">Expense Agreement</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We will, pursuant to the agreement as to expenses
and liabilities entered into by us and the trust, irrevocably
and unconditionally guarantee to each person or entity to whom
the trust becomes indebted or liable, the full payment of any
costs, expenses or liabilities of the trust, other than
obligations of the trust to pay to the holders of the preferred
securities or other similar interests in the trust of the
amounts due to the holders pursuant to the terms of the
preferred securities or other similar interests, as the case may
be. Third party creditors of the trust may proceed directly
against us under the expense agreement, regardless of whether
they had notice of the expense agreement.
</FONT>

<P align="left">
<B><FONT size="2">Governing Law</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The guarantee will be governed by Missouri law.
</FONT>

<!-- link1 "RELATIONSHIP AMONG THE PREFERRED SECURITIES," -->
<DIV align="left"><A NAME="010"></A></DIV>

<P align="center">
<B><FONT size="2">RELATIONSHIP AMONG THE PREFERRED
SECURITIES,</FONT></B>

<!-- link1 "THE DEBENTURES AND THE GUARANTEE" -->
<DIV align="left"><A NAME="011"></A></DIV>

<DIV align="center">
<B><FONT size="2">THE DEBENTURES AND THE GUARANTEE</FONT></B>
</DIV>

<P align="left">
<B><FONT size="2">Full and Unconditional Guarantee</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We irrevocably guarantee, as and to the extent
described in this prospectus, payments of distributions and
other amounts due on the preferred securities, to the extent the
trust has funds available for the payment of these amounts. We
and the trust believe that, taken together, our obligations
under the debentures, the indenture, the trust agreement, the
expense agreement and the guarantee agreement provide, in the
aggregate, a full, irrevocable and unconditional guarantee, on a
subordinated basis, of payment of distributions and other
amounts due on the preferred securities. No single document
standing alone or operating in conjunction with fewer than all
of the other documents constitutes a guarantee. It is only the
combined operation of these documents that has the effect of
providing a full, irrevocable and unconditional guarantee of the
obligations of the trust under the preferred securities.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If and to the extent that we do not make payments
on the debentures, the trust will not pay distributions or other
amounts due on the preferred securities. The guarantee does not
cover payment of distributions when the trust does not have
sufficient funds to pay the distributions. In this event, the
remedy of a holder of preferred securities is to institute a
legal proceeding directly against us for enforcement of payment
of the distributions to the holder. Our obligations under the
guarantee are subordinated and junior in right of payment to all
of our other indebtedness.
</FONT>

<P align="left">
<B><FONT size="2">Sufficiency of Payments</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">As long as payments of interest and other
payments are made when due on the debentures, these payments
will be sufficient to cover distributions and other payments due
on the preferred securities, primarily because:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="1%"></TD>
	<TD width="96%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">the aggregate principal amount of the debentures
	will be equal to the sum of the stated liquidation amount of the
	trust securities;
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">the interest rate and interest and other payment
	dates on the debentures will match the distribution rate and
	distribution and other payment dates for the preferred
	securities;
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">we will pay for any and all costs, expenses and
	liabilities of the trust, except the obligations of the trust to
	pay to holders of the preferred securities the amounts due to
	the holders pursuant to the terms of the preferred securities;
	and
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">the trust will not engage in any activity that is
	not consistent with the limited purposes of the trust.
	</FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">51
</FONT>

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<P align="left">
<B><FONT size="2">Enforcement Rights of Holders of Preferred
Securities</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">A holder of any preferred security may institute
a legal proceeding directly against us to enforce its rights
under the guarantee without first instituting a legal proceeding
against the guarantee trustee, the trust or any other person. A
default or event of default under any of our senior or
subordinated debt would not constitute a default or event of
default under the trust agreement. In the event, however, of
payment defaults under, or acceleration of, our senior or
subordinated debt, the subordination provisions of the indenture
provide that no payments may be made in respect of the
debentures until the obligations have been paid in full or any
payment default has been cured or waived. Failure to make
required payments on the debentures would constitute an event of
default under the trust agreement.
</FONT>

<P align="left">
<B><FONT size="2">Limited Purpose of the Trust</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The preferred securities evidence preferred
undivided beneficial interests in the assets of the trust. The
trust exists for the exclusive purposes of issuing the trust
securities, investing the proceeds thereof in debentures and
engaging in only those other activities necessary, advisable or
incidental thereto. A principal difference between the rights of
a holder of a preferred security and the rights of a holder of a
debenture is that a holder of a debenture is entitled to receive
from us the principal amount of and interest accrued on
debentures held, while a holder of preferred securities is
entitled to receive distributions from the trust, or from us
under the guarantee agreement, if and to the extent the trust
has funds available for the payment of the distributions.
</FONT>

<P align="left">
<B><FONT size="2">Rights Upon Termination</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Upon any voluntary or involuntary termination,
winding-up or liquidation of the trust involving the liquidation
of the debentures, the holders of the preferred securities will
be entitled to receive, out of assets held by the trust, the
liquidation distribution in cash. See &#147;Description of the
Preferred Securities&nbsp;&#151; Liquidation Distribution Upon
Termination&#148; beginning on page&nbsp;31.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Upon our voluntary or involuntary liquidation or
bankruptcy, the property trustee, as holder of the debentures,
would be a subordinated creditor of ours. Therefore, the
property trustee would be subordinated in right of payment to
all of our senior and subordinated debt, but is entitled to
receive payment in full of principal and interest before any of
our stockholders receive payments or distributions. Since we are
the guarantor under the guarantee and have agreed to pay for all
costs, expenses and liabilities of the trust other than the
obligations of the trust to pay to holders of the preferred
securities the amounts due to the holders pursuant to the terms
of the preferred securities, the positions of a holder of the
preferred securities and a holder of the debentures relative to
our other creditors and to our stockholders in the event of
liquidation or bankruptcy are expected to be substantially the
same.
</FONT>

<!-- link1 "FEDERAL INCOME TAX CONSEQUENCES" -->
<DIV align="left"><A NAME="012"></A></DIV>

<P align="center">
<B><FONT size="2">FEDERAL INCOME TAX CONSEQUENCES</FONT></B>

<P align="left">
<B><FONT size="2">General</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following summary of the material federal
income tax considerations that may be relevant to the purchasers
of preferred securities, insofar as the discussion relates to
matters of law and legal conclusions, represents the opinion of
Bryan Cave LLP, counsel to Stifel Financial Corp. and the trust.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">This summary is based upon current provisions of
the Internal Revenue Code of 1986, as amended (the
&#147;Code&#148;), Treasury regulations issued thereunder and
current administrative rulings and court decisions, all of which
are subject to change at any time, with possible retroactive
effect. Subsequent changes may cause tax consequences to vary
substantially from the consequences described below.
Furthermore, the authorities on which the following summary is
based are subject to various interpretations, and it is
therefore possible that the federal income tax treatment of the
purchase, ownership and disposition of preferred securities may
differ from the treatment described below. An opinion of Bryan
Cave LLP is not binding on the Internal Revenue Service
(&#147;IRS&#148;) or the courts. No
</FONT>

<P align="center"><FONT size="2">52
</FONT>

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<DIV align="left">
<FONT size="2">rulings have been or are expected to be sought
from the IRS with respect to any of the matters described
herein. We can give no assurance that the opinions expressed
will not be challenged by the IRS or, if challenged, that the
challenge will not be successful.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">No attempt has been made in the following
discussion to comment on all federal income tax matters
affecting purchasers of preferred securities. Moreover, the
discussion addresses only holders of preferred securities who
are individual citizens or residents of the United States and
trusts and estates whose federal taxable income is taxed in the
same manner as individual citizens or residents of the United
States, and who acquire preferred securities on their original
issue at their initial offering price and hold such preferred
securities as capital assets. The discussion does not address
the tax consequences that may be relevant to holders who may be
subject to special tax treatment, such as, for example, banks,
thrifts, real estate investment trusts, regulated investment
companies, insurance companies, dealers in securities or
currencies, tax-exempt investors or persons that will hold the
preferred securities as a position in a &#147;straddle,&#148; as
part of a &#147;synthetic security&#148; or &#147;hedge,&#148;
as part of a &#147;conversion transaction&#148; or other
integrated investment, or as other than a capital asset. The
following discussion also does not address the tax consequences
to persons that have a functional currency other than the U.S.
dollar or the tax consequences to stockholders, partners or
beneficiaries of a holder of preferred securities. Further, it
does not include any description of any alternative minimum tax
consequences or discuss the tax laws of any state or local
government or of any foreign government that may be applicable
to the preferred securities. Accordingly, each prospective
investor should consult, and should rely exclusively on, the
investor&#146;s own tax advisors in analyzing the federal,
state, local and foreign tax consequences of the purchase,
ownership or disposition of preferred securities.
</FONT>

<P align="left">
<B><FONT size="2">Classification of the Debentures</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Bryan Cave LLP, counsel for Stifel Financial
Corp. and the trust, has rendered its opinion that the
debentures will be classified for federal income tax purposes as
indebtedness of Stifel Financial Corp. under current law, and,
by acceptance of a preferred security, you, as a holder,
covenant to treat the debentures as indebtedness and the
preferred securities as evidence of an indirect beneficial
ownership interest in the debentures. No assurance can be given,
however, that this position will not be challenged by the IRS
or, if challenged, that the challenge will not be successful.
The remainder of this discussion assumes that the debentures
will be classified for federal income tax purposes as
indebtedness of Stifel Financial Corp.
</FONT>

<P align="left">
<B><FONT size="2">Classification of the Trust</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Bryan Cave LLP, counsel for Stifel Financial
Corp. and the trust, has rendered its opinion that, under
current law and assuming full compliance with the terms of the
trust agreement and indenture, the trust will be classified for
federal income tax purposes as a grantor trust and not as an
association taxable as a corporation. Accordingly, the trust
will not be subject to federal income tax, and you, as a holder
of preferred securities will be treated for federal income tax
purposes as owning an undivided beneficial interest in the
debentures. You will be required to include in your gross income
any interest with respect to the debentures at the time such
interest is accrued or is received, in accordance with your
regular method of accounting. If the debentures were determined
to be subject to the original issue discount (&#147;OID&#148;)
rules (as discussed below), you, as a holder, would instead be
required to include in your gross income any OID accrued with
respect to your allocable share of the debentures, whether or
not cash was actually distributed to you.
</FONT>

<P align="left">
<B><FONT size="2">Interest Payment Period and Original Issue
Discount</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Under the indenture we have the right to defer
the payment of interest on the debentures at any time or from
time to time for one or more deferral periods not exceeding
twenty (20)&nbsp;consecutive quarterly periods each, provided
that no deferral period shall end on a date other than an
interest payment date or extend beyond June&nbsp;30, 2032. Under
applicable Treasury regulations, debt instruments such as the
debentures, that are issued at face value will not be considered
issued with OID, even if their issuer can
</FONT>

<P align="center"><FONT size="2">53
</FONT>

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<DIV align="left">
<FONT size="2">defer payments of interest, if the likelihood of
any deferral is remote. A debt instrument will generally be
treated as issued with OID if the stated interest on the
instrument does not constitute &#147;qualified stated
interest.&#148; Qualified stated interest is generally any one
of a series of stated interest payments on an instrument that
are unconditionally payable at least annually at a single fixed
rate. In determining whether stated interest on an instrument is
unconditionally payable and thus constitutes qualified stated
interest, remote contingencies as to the timely payment of
stated interest are ignored.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We have concluded that the likelihood that we
would exercise our option to defer payments of interest on the
debentures is remote, since exercising that option would prevent
us from declaring dividends on any of our capital stock and from
making any payments with respect to debt securities that rank
equally with or junior to the debentures. Accordingly, we intend
to take the position that the debentures will not be considered
to be issued with OID by reason of the deferral option alone,
and accordingly, stated interest on the debentures generally
will be included in your income as ordinary income at the time
it is paid or accrued in accordance with your regular method of
accounting.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If the likelihood that we would exercise the
option to defer any payment of interest was determined not to be
&#147;remote&#148; or if we actually exercise our option to
defer the payment of interest, the debentures would be treated
as issued with OID at the time of issuance or at the time of
such exercise, as the case may be, and all stated interest on
the debentures would thereafter be treated as OID as long as the
debentures remained outstanding. In such event, all of your
taxable interest income in respect of the debentures would
constitute OID that would have to be included in income on an
economic accrual basis before the receipt of the cash
attributable to such income, regardless of your method of tax
accounting, and actual cash distributions of stated interest
would not be reported as taxable income. The amount of such
includible OID could be significant. Consequently, you, as a
holder of preferred securities would be required to include such
OID in gross income even though we would not make any actual
cash payments during an extension period.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">No rulings or other interpretations have been
issued by the IRS which have addressed the meaning of the term
&#147;remote&#148; as used in the Treasury regulations, and it
is possible that the IRS could take a position contrary to the
interpretation described in this section.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Because income on the preferred securities will
constitute interest, corporate holders of preferred securities
will not be entitled to a dividends-received deduction with
respect to any income recognized with respect to the preferred
securities.
</FONT>

<P align="left">
<B><FONT size="2">Receipt of Debentures or Cash Upon Liquidation
of the Trust</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We will have the right at any time to liquidate
the trust and cause the debentures to be distributed to holders
of the preferred securities. Under current federal income tax
law, such a distribution would be treated as a nontaxable event
to the holder and would result in the holder having an aggregate
tax basis in the debentures received in the liquidation equal to
the holder&#146;s aggregate tax basis in the preferred
securities immediately before the distribution. A holder&#146;s
holding period in debentures received in liquidation of the
trust would include the period for which the holder held the
preferred securities. If, however, an event occurs which results
in the trust being treated as an association taxable as a
corporation, the distribution would likely constitute a taxable
event to holders of the preferred securities.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The debentures may be redeemed for cash, and the
proceeds of that redemption distributed to holders in redemption
of their preferred securities. Under current federal income tax
law, such a redemption should, to the extent that it constitutes
a complete redemption, constitute a taxable disposition of the
redeemed preferred securities, and, for federal income tax
purposes, a holder should therefore recognize gain or loss as if
the holder sold the preferred securities for cash.
</FONT>

<P align="left">
<B><FONT size="2">Disposition of Preferred Securities</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">A holder that sells preferred securities will
recognize gain or loss equal to the difference between the
amount realized on the sale of the preferred securities and the
holder&#146;s adjusted tax basis in the preferred
</FONT>

<P align="center"><FONT size="2">54
</FONT>

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<DIV align="left">
<FONT size="2">securities. A holder&#146;s adjusted tax basis in
the preferred securities generally will be its initial purchase
price increased by OID, if any, previously includible in the
holder&#146;s gross income to the date of disposition, and
decreased by payments, if any, received on the preferred
securities in respect of OID to the date of disposition. A gain
or loss of this kind will generally be a capital gain or loss
and will be a long-term capital gain or loss if the preferred
securities have been held for more than one year at the time of
sale.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The preferred securities may trade at a price
that does not accurately reflect the value of accrued but unpaid
interest with respect to the underlying debentures. A holder
that disposes of its preferred securities between record dates
for payments of distributions thereon will be required to
include accrued but unpaid interest on the debentures through
the date of disposition in income as ordinary income, and to add
the amount to its adjusted tax basis in the disposed preferred
securities. Any OID included in income will increase a
holder&#146;s adjusted tax basis as discussed above. To the
extent the amount realized on the sale is less than the
holder&#146;s adjusted tax basis in the preferred securities
sold, a holder will recognize a capital loss. Subject to certain
limited exceptions, capital losses cannot be applied to offset
ordinary income for federal income tax purposes.
</FONT>

<P align="left">
<B><FONT size="2">Effect of Possible Changes in Tax
Laws</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Congress has considered certain proposed tax law
changes in the past that would, among other things, generally
deny corporate issuers a deduction for interest in respect of
certain debt obligations if the debt obligations are not shown
as indebtedness on the issuer&#146;s consolidated balance sheet.
Specifically, on January&nbsp;24, 2002, Congressman Rangel
introduced a bill to amend the Code generally to prohibit the
deduction of interest by any corporation which is required to
file an annual report with certified financial statements with
the SEC, for any indebtedness of such corporation if such
indebtedness is now shown in the corporation&#146;s annual
report as part of its total liabilities. Although this recent
and other proposed tax law changes have not been enacted into
law, there can be no assurance that such tax law changes will
not be enacted in the future, after the date hereof, which may
adversely affect our ability to deduct interest paid on the
debentures. The IRS may also challenge the deductibility of
interest paid on the debentures, which, if such challenge were
litigated resulting in the IRS&#146;s position being sustained,
would trigger a Tax Event and possibly a redemption of the
preferred securities. Accordingly, there can be no assurance
that a Tax Event will not occur.
</FONT>

<P align="left">
<B><FONT size="2">Backup Withholding and Information
Reporting</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Interest paid, or, if applicable, OID accrued, on
the preferred securities held of record by individual citizens
or residents of the United States, or certain trusts, estates
and partnerships, will be reported to the IRS on
Forms&nbsp;1099-INT, or, where applicable, Forms&nbsp;1099-OID,
which forms should be mailed to the holders by January&nbsp;31
following each calendar year. Payments made on, and proceeds
from the sale of, the preferred securities may be subject to a
&#147;backup&#148; withholding tax (currently at 30%) unless the
holder complies with certain identification and other
requirements. Any amounts withheld under the backup withholding
rules will be allowed as a refund or credit against the
holder&#146;s federal income tax liability, provided the
required information is provided to the IRS.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><FONT size="2">The federal income tax discussion set forth
above is included for general information only and may not be
applicable depending upon the particular situation of a holder
of preferred securities. Holders of preferred securities should
consult their own tax advisors with respect to the tax
consequences to them of the purchase, ownership and disposition
of the preferred securities, including the tax consequences
under state, local, foreign and other tax laws and the possible
effects of changes in federal or other tax laws.</FONT></B>

<!-- link1 "ERISA CONSIDERATIONS" -->
<DIV align="left"><A NAME="013"></A></DIV>

<P align="center">
<B><FONT size="2">ERISA CONSIDERATIONS</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Employee benefit plans that are subject to the
Employee Retirement Income Security Act of 1974
(&#147;ERISA&#148;), or Section&nbsp;4975 of the Code, generally
may purchase preferred securities, subject to the investing
fiduciary&#146;s determination that the investment in preferred
securities satisfies ERISA&#146;s fiduciary standards and other
requirements applicable to investments by the plan. We and
certain of our affiliates
</FONT>

<P align="center"><FONT size="2">55
</FONT>

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<DIV align="left">
<FONT size="2">may each be considered a &#147;party in
interest&#148; within the meaning of ERISA or a
&#147;disqualified person&#148; within the meaning of
Section&nbsp;4975 of the Code with respect to many employee
benefit plans that are subject to ERISA. The purchase of the
preferred securities by a plan that is subject to the fiduciary
responsibility provisions of ERISA or the prohibited transaction
provisions of ERISA and the Code and with respect to which
either we, or any affiliate of ours, is a service provider, or
otherwise is a party in interest or a disqualified person, may
constitute or result in a prohibited transaction under ERISA or
the Code, unless the preferred securities are acquired pursuant
to and in accordance with an applicable exemption.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Any plan fiduciary considering whether to
purchase or hold any preferred securities on behalf of a plan
should consult with its counsel regarding the applicability of
the fiduciary responsibility and prohibited transaction
provisions of ERISA and the prohibited transaction provisions of
the Code to such investment. Among other things, before
purchasing any preferred securities, a fiduciary of a plan that
is subject to the fiduciary responsibility and prohibited
transaction provisions of ERISA or to the prohibited transaction
provisions of the Code should make its own determination as to
its compliance with such applicable provisions, together with
the availability, if needed, of the exemptive relief provided in
an exemption.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In addition, a plan fiduciary considering the
purchase of preferred securities should be aware that the assets
of the trust may be considered &#147;plan assets&#148; for ERISA
purposes. In such event, any persons exercising discretion with
respect to the debentures may become fiduciaries, parties in
interest or disqualified persons with respect to an investing
plan. Accordingly, each investing plan, by purchasing the
preferred securities, will be deemed to have directed the trust
to invest in the debentures, consented to the appointment of the
property trustee, and made its own determination as to the
plan&#146;s compliance with the applicable provisions of ERISA
and the Code, insofar as they relate to persons exercising
discretion with respect to the preferred securities.
</FONT>

<P align="center"><FONT size="2">56
</FONT>

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<!-- link1 "UNDERWRITING" -->
<DIV align="left"><A NAME="014"></A></DIV>

<P align="center">
<B><FONT size="2">UNDERWRITING</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Subject to the terms and conditions of the
underwriting agreement among us, the trust and the underwriters
named below, for whom Legg Mason Wood Walker, Incorporated,
Stifel, Nicolaus &#38; Company, Incorporated, and Friedman,
Billings, Ramsey &#38; Co., Inc. are acting as representatives,
the underwriters have severally agreed to purchase from the
trust, and the trust has agreed to sell to them, an aggregate of
1,200,000 preferred securities in the amounts set forth below
opposite their names.
</FONT>

<CENTER>
<TABLE width="70%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="81%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD colspan="2" align="center" nowrap><B><FONT size="1">Number of</FONT></B></TD><TD></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD colspan="2" align="center" nowrap><B><FONT size="1">Preferred</FONT></B></TD><TD></TD>
</TR>

<TR>
	<TD colspan="2" align="center" nowrap><B><FONT size="1">Underwriters</FONT></B></TD>
	<TD></TD>
	<TD colspan="2" align="center" nowrap><B><FONT size="1">Securities</FONT></B></TD><TD></TD>
</TR>

<TR>
	<TD colspan="2" align="center" nowrap><HR size="1" noshade></TD>
	<TD></TD>
	<TD colspan="2" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Legg Mason Wood Walker, Incorporated
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">372,300</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Stifel, Nicolaus &#38; Company, Incorporated
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">372,300</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Friedman, Billings, Ramsey &#38; Co.,
	Inc.&nbsp;</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">131,400</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Bear, Stearns &#38; Co. Inc.&nbsp;</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">36,000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">A.G. Edwards &#38; Sons, Inc.&nbsp;</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">36,000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Prudential Securities Incorporated
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">36,000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Advest, Inc.&nbsp;</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">18,000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">BB&#38;T Capital Markets, a division of Scott
	&#38; Stringfellow, Inc.&nbsp;</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">18,000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">D.A. Davidson &#38; Co.&nbsp;</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">18,000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Fahnstock &#38; Co. Inc.&nbsp;</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">18,000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Ferris, Baker Watts, Inc.&nbsp;</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">18,000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">J.J.B. Hilliard, W.L. Lyons, Inc.&nbsp;</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">18,000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Howe Barnes Investments, Inc.&nbsp;</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">18,000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Janney Montgomery Scott LLC
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">18,000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Keefe, Bruyette &#38; Woods, Inc.&nbsp;</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">18,000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Parker/Hunter Incorporated
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">18,000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Stephens Inc.&nbsp;</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">18,000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Utendahl Capital Partners, L.P.&nbsp;</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">18,000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left"><HR size="1" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Total
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,200,000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Under the terms and conditions of the
underwriting agreement, the underwriters are committed to accept
and pay for all of the preferred securities, if any are taken.
If an underwriter defaults, the underwriting agreement provides
that the purchase commitments of the non-defaulting underwriters
may be increased or, in certain cases, the underwriting
agreement may be terminated. In the underwriting agreement, the
obligations of the underwriters are subject to approval of
certain legal matters by their counsel, including the
authorization and the validity of the preferred securities, and
to other conditions contained in the underwriting agreement,
such as receipt by the underwriters of officers&#146;
certificates and legal opinions.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The underwriters propose to offer the preferred
securities directly to the public at the public offering price
set forth on the cover page of this prospectus, and to certain
securities dealers (who may include the underwriters) at this
price, less a concession not in excess of $0.50&nbsp;per
preferred security. The underwriters may allow, and the selected
dealers may reallow, a concession not in excess of
$0.45&nbsp;per preferred security to certain brokers and
dealers. After the preferred securities are released for sale to
the public, the offering price and other selling terms may, from
time to time, be changed by the underwriters.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The trust has granted to the underwriters an
option, exercisable within 30 days after the date of this
prospectus, to purchase up to 180,000 additional preferred
securities at the same price per preferred security to be paid
by the underwriters for the other preferred securities being
offered as set forth in the table below. If the underwriters
purchase any of the additional preferred securities under this
option, each underwriter will be committed to purchase the
additional preferred securities in approximately the same
</FONT>

<P align="center"><FONT size="2">57
</FONT>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="left">
<FONT size="2">proportion allocated to them in the table above.
The underwriters may exercise the option only for the purpose of
covering over-allotments, if any, made in connection with the
distribution of the preferred securities being offered.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If the underwriters exercise their option to
purchase additional preferred securities, the trust will issue
and sell to us additional common securities, and we will issue
and sell to the trust, debentures in an aggregate principal
amount equal to the total aggregate liquidation amount of the
additional preferred securities being purchased under the option
and the additional common securities sold to us.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The table below shows the price and proceeds on a
per preferred security and aggregate basis. The proceeds to be
received by the trust, as shown in the table below, do not
reflect estimated expenses of $275,000 payable by us. See
&#147;Use of Proceeds&#148; on page&nbsp;21.
</FONT>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="48%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="2" align="center" nowrap><B><FONT size="1">Total with</FONT></B></TD><TD></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="2" align="center" nowrap><B><FONT size="1">Exercise of</FONT></B></TD><TD></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="2" align="center" nowrap><B><FONT size="1">Per</FONT></B></TD><TD></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="2" align="center" nowrap><B><FONT size="1">Over-Allotment</FONT></B></TD><TD></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="2" align="center" nowrap><B><FONT size="1">Preferred Security</FONT></B></TD><TD></TD>
	<TD></TD>
	<TD colspan="2" align="center" nowrap><B><FONT size="1">Total</FONT></B></TD><TD></TD>
	<TD></TD>
	<TD colspan="2" align="center" nowrap><B><FONT size="1">Option</FONT></B></TD><TD></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="2" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
	<TD></TD>
	<TD colspan="2" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
	<TD></TD>
	<TD colspan="2" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Public offering price
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">25.00</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">30,000,000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">34,500,000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Proceeds, before expenses, to the trust
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">25.00</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">30,000,000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">34,500,000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Underwriting commission
	</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.00</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,200,000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,380,000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<FONT size="2">Net proceeds to Stifel Financial
	Corp.&nbsp;</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">24.00</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">28,800,000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">33,120,000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The offering of the preferred securities is made
for delivery when, as and if accepted by the underwriters and
subject to prior sale and to withdrawal, cancellation or
modification of the offering without notice. The underwriters
reserve the right to reject any order for the purchase of the
preferred securities.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We and the trust have agreed to indemnify the
underwriters against several liabilities, including liabilities
under the Securities Act of 1933. Generally, the indemnification
provisions in the underwriting agreement provide for full
indemnification of the underwriters in actions related to the
disclosure in this prospectus unless such disclosure was
provided by the underwriters specifically for use in this
prospectus.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The preferred securities will be listed for
trading on the New York Stock Exchange under the symbol
&#147;SFPr.A&#148;, and trading is expected to commence within
30&nbsp;days after initial delivery of the preferred securities.
The representatives have advised us that they presently intend
to make a market in the preferred securities after the
commencement of trading on the New York Stock Exchange. However,
we cannot assure you as to the liquidity of the preferred
securities or that an active and liquid market will develop or,
if developed, that the market will continue. The offering price
and distribution rate have been determined by negotiations
between the underwriters and us, and the offering price of the
preferred securities may not be indicative of the market price
following the offering. The representatives will have no
obligation to make a market in the preferred securities,
however, and may cease market-making activities, if commenced,
at any time.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In connection with the offering, the underwriters
may engage in transactions that are intended to stabilize,
maintain or otherwise affect the price of the preferred
securities during and after the offering, such as the following:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="1%"></TD>
	<TD width="96%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">the underwriters may over-allot or otherwise
	create a short position in the preferred securities for their
	own account by selling more preferred securities than have been
	sold to them;
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">the underwriters may elect to cover any short
	position by purchasing preferred securities in the open market
	or by exercising the over-allotment option;
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">the underwriters may stabilize or maintain the
	price of the preferred securities by bidding; and
	</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">the underwriters may impose penalty bids, under
	which selling concessions allowed to syndicate members or other
	broker-dealers participating in this offering are reclaimed if
	preferred securities previously distributed in the offering are
	repurchased in connection with stabilization transactions or
	otherwise.
	</FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">58
</FONT>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The effect of these transactions may be to
stabilize or maintain the market price of the preferred
securities at a level above that which might otherwise prevail
in the open market. The imposition of a penalty bid may also
affect the price of the preferred securities to the extent that
it discourages resales. No representation is made as to the
magnitude or effect of any such stabilization or other
transactions. Such transactions may be effected on the New York
Stock Exchange or otherwise and, if commenced, may be
discontinued at any time.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Because the National Association of Securities
Dealers, Inc. may view the preferred securities as interests in
a direct participation program, the offer and sale of the
preferred securities is being made in compliance with the
provisions of Rule&nbsp;2810 under the NASD Conduct Rules. The
representatives have informed us that they do not intend to
confirm sales to any discretionary account without the prior
specific written approval of the customer.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Certain of the underwriters and their affiliates
have, from time to time, performed investment banking and other
services for us in the ordinary course of business and have
received fees from us for their services.
</FONT>

<!-- link1 "LEGAL MATTERS" -->
<DIV align="left"><A NAME="015"></A></DIV>

<P align="center">
<B><FONT size="2">LEGAL MATTERS</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Certain legal matters, including matters relating
to federal income tax considerations, for Stifel Financial Corp.
and the trust will be passed upon by Bryan Cave LLP, St. Louis,
Missouri, counsel to Stifel Financial Corp. and the trust. John
J. Goebel, senior counsel to Bryan Cave LLP, is a director of
Stifel Financial Corp. and beneficially owns 31,876&nbsp;shares
of our common stock, as of April&nbsp;16, 2002. Bryan Cave LLP
from time to time serves as legal counsel to various of the
underwriters, including Stifel Nicolaus. Certain legal matters
will be passed upon for the underwriters by Vedder, Price,
Kaufman &#38; Kammholz, Chicago, Illinois. Vedder, Price,
Kaufman &#38; Kammholz and Bryan Cave LLP will rely on the
opinion of Richards, Layton &#38; Finger, P.A. as to certain
matters of Delaware law.
</FONT>

<!-- link1 "EXPERTS" -->
<DIV align="left"><A NAME="016"></A></DIV>

<P align="center">
<B><FONT size="2">EXPERTS</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The consolidated financial statements and the
related financial statement schedules incorporated in this
registration statement by reference from our Annual Report on
Form 10-K for the year ended December&nbsp;31, 2001 have been
audited by Deloitte &#38; Touche LLP, independent auditors, as
stated in their reports, which are incorporated herein by
reference, and have been so incorporated in reliance upon the
reports of such firm given upon their authority as experts in
accounting and auditing.
</FONT>

<!-- link1 "WHERE YOU CAN FIND MORE INFORMATION" -->
<DIV align="left"><A NAME="017"></A></DIV>

<P align="center">
<B><FONT size="2">WHERE YOU CAN FIND MORE INFORMATION</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">This prospectus is a part of a registration
statement on Form&nbsp;S-3 filed by us and the trust with the
SEC under the Securities Act, with respect to the preferred
securities, the debentures and the guarantee. This prospectus
does not contain all the information set forth in the
registration statement, certain parts of which are omitted in
accordance with the rules and regulations of the SEC. For
further information with respect to us and the securities
offered by this prospectus, reference is made to the
registration statement, including the exhibits to the
registration statement and documents incorporated by reference.
Statements contained in this prospectus concerning the
provisions of such documents are necessarily summaries of such
documents and each such statement is qualified in its entirety
by reference to the copy of the applicable document filed with
the SEC.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We file periodic reports, proxy statements and
other information with the SEC. Our filings are available to the
public over the Internet at the SEC&#146;s web site at
http://www.sec.gov. You may also inspect and copy these
materials at the public reference facilities of the SEC at 450
Fifth Street, N.W., Room 1024, Washington, D.C. 20549. Copies of
such material can be obtained at prescribed rates from the
Public Reference Section of the SEC at 450 Fifth Street, N.W.,
Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330
for further information.
</FONT>

<P align="center"><FONT size="2">59
</FONT>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The trust is not currently subject to the
information reporting requirements of the Securities Exchange
Act of 1934 and, although the trust will become subject to such
requirements upon the effectiveness of the registration
statement, it is not expected that the trust will file separate
reports under the Exchange Act.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Each holder of the trust securities will receive
a copy of our annual report at the same time as we furnish the
annual report to the holders of our common stock.
</FONT>

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<DIV align="left"><A NAME="018"></A></DIV>

<P align="center">
<B><FONT size="2">DOCUMENTS INCORPORATED BY REFERENCE</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We &#147;incorporate by reference&#148; into this
prospectus the information in documents we file with the SEC,
which means that we can disclose important information to you
through those documents. The information incorporated by
reference is an important part of this prospectus. Some
information contained in this prospectus updates the information
incorporated by reference and some information that we file
subsequently with the SEC will automatically update this
prospectus. We incorporate by reference:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="1%"></TD>
	<TD width="96%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">our Annual Report on Form&nbsp;10-K for the year
	ended December 31, 2001 (File No.&nbsp;1-9305), filed with the
	SEC on March&nbsp;26, 2002, as amended on Form&nbsp;10-K/A,
	filed with the SEC on April&nbsp;9, 2002.
	</FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We also incorporate by reference any filings we
make with the SEC under Sections&nbsp;13(a), 13(c), 14 or 15(d)
of the Securities Exchange Act of 1934 after the initial filing
of the registration statement that contains this prospectus and
before the time that all of the securities offered in this
prospectus are sold.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">You may request, either orally or in writing, and
we will provide, a copy of these filings at no cost by
contacting James Laschober, in our Corporate Accounting
department, at Stifel Financial Corp., 501 N. Broadway, St.
Louis, Missouri 63102 or by calling (314)&nbsp;342-2000.
</FONT>

<P align="center"><FONT size="2">60
</FONT>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="center">
<HR size="1" width="100%" align="center" noshade>
</DIV>

<DIV align="center">
<HR size="1" width="100%" align="center" noshade>
</DIV>

<P align="center">
<B><FONT size="5">1,200,000 Preferred Securities</FONT></B>

<P align="center">
<B><FONT size="6">Stifel Financial Capital Trust I</FONT></B>

<P align="center">
<B><FONT size="5">9.00% Cumulative Trust Preferred
Securities</FONT></B>

<DIV align="center">
<B><FONT size="4">(Liquidation Amount $25 Per Preferred
Security)</FONT></B>
</DIV>

<P align="center">
<B><FONT size="4">Fully, irrevocably and unconditionally
guaranteed on a subordinated basis,</FONT></B>

<DIV align="center">
<B><FONT size="4">as described in this prospectus, by</FONT></B>
</DIV>

<P align="center">
<IMG src="c68329fstifelgo.gif" alt="(STIFEL FINANCIAL LOGO)">

<P align="center">
<B><FONT size="5">Stifel Financial Corp.</FONT></B>

<P align="center">
<B><FONT size="4">$30,000,000</FONT></B>

<DIV align="center">
<B><FONT size="4">9.00% Junior Subordinated Debentures</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="4">of</FONT></B>
</DIV>

<P align="center">
<B><FONT size="4">STIFEL FINANCIAL CORP.</FONT></B>

<P align="center">
<HR size="1" width="30%" align="center" noshade>

<P align="center">
<B>PROSPECTUS</B>

<P align="center">
<HR size="1" width="30%" align="center" noshade>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="50%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="47%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px">
	<B><FONT size="2">Legg Mason Wood Walker</FONT></B></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="center" valign="top">
	<B><FONT size="2">Stifel, Nicolaus &#38; Company</FONT></B></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<B><FONT size="2">Incorporated</FONT></B></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="center" valign="top">
	<B><FONT size="2">Incorporated</FONT></B></TD>
</TR>

<TR>
	<TD colspan="3" align="center" valign="top">
	<B><FONT size="2">Friedman Billings Ramsey</FONT></B></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">


<DIV align="center">
<B><FONT size="2">April&nbsp;17, 2002</FONT></B>
</DIV>

<P align="center">
<HR size="1" width="100%" align="center" noshade>

<DIV align="center">
<HR size="1" width="100%" align="center" noshade>
</DIV>
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