<SUBMISSION>
<ACCESSION-NUMBER>0000720672-05-000049
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>2
<PERIOD>20050505
<ITEMS>2.02
<FILING-DATE>20050506
<DATE-OF-FILING-DATE-CHANGE>20050505
<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>8-K
<ACT>34
<FILE-NUMBER>001-09305
<FILM-NUMBER>05804838
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>ATTN: JAMES G. LASCHOBER
<STREET2>501 N. BROADWAY
<CITY>ST. LOUIS
<STATE>MO
<ZIP>63102-2102
<PHONE>314-342-2000
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>ATTN: JAMES G. LASCHOBER
<STREET2>501 N. BROADWAY
<CITY>ST. LOUIS
<STATE>MO
<ZIP>63102-2102
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>r8k_0503er.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML>
<HEAD>
<TITLE>Stifel Financial Corp-Form 8-K May 5, 2005</TITLE>
</HEAD>
<BODY LINK="#0000ff" VLINK="#800080">

<B><FONT SIZE=5><P ALIGN="CENTER"></P>
</FONT><FONT FACE="Bookman Old Style,Georgia" SIZE=5><P ALIGN="CENTER">UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
</FONT><FONT FACE="Bookman Old Style,Georgia" SIZE=4>Washington, DC 20549</P>
</B></FONT><FONT FACE="Bookman Old Style,Georgia" SIZE=2><P ALIGN="CENTER"></P>
<P ALIGN="CENTER">&nbsp;</P>
</FONT><B><FONT FACE="Bookman Old Style,Georgia" SIZE=5><P ALIGN="CENTER">FORM 8-K</P>
</B></FONT><FONT FACE="Bookman Old Style,Georgia"><P ALIGN="CENTER"></P>
<B><P ALIGN="CENTER">CURRENT REPORT<BR>
Pursuant To Section 13 OR 15(d) of The Securities Exchange Act of 1934</P>
</B><P ALIGN="CENTER"></P>
<P ALIGN="CENTER">Date of Report (Date of earliest event reported):  <B>May 5, 2005</P>
</B><P ALIGN="CENTER"></P>
</FONT><B><U><FONT FACE="Bookman Old Style,Georgia" SIZE=5><P ALIGN="CENTER">STIFEL FINANCIAL CORP.<BR>
</B></U></FONT><FONT FACE="Bookman Old Style,Georgia" SIZE=2>(Exact name of registrant as specified in its charter)</P>
</FONT><FONT FACE="Bookman Old Style,Georgia"><P ALIGN="CENTER"></P>
<P ALIGN="CENTER">&nbsp;</P></FONT>
<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=638>
<TR><TD WIDTH="33%" VALIGN="TOP">
<B><U><P ALIGN="CENTER">Delaware<BR>
</B></U><FONT SIZE=3>(State of incorporation)</P>
</FONT><FONT FACE="Bookman Old Style,Georgia"><P ALIGN="CENTER"></FONT></TD>
<TD WIDTH="33%" VALIGN="TOP">
<B><U><P ALIGN="CENTER">1-9305<BR>
</B></U><FONT SIZE=3>(Commission File Number)</P>
</FONT><FONT FACE="Bookman Old Style,Georgia"><P ALIGN="CENTER"></FONT></TD>
<TD WIDTH="33%" VALIGN="TOP">
<B><U><P ALIGN="CENTER">43-1273600<BR>
</B></U><FONT SIZE=3>(IRS Employer<BR>
Identification No.)</P>
</FONT><FONT FACE="Bookman Old Style,Georgia"><P ALIGN="CENTER"></FONT></TD>
</TR>
</TABLE>
</CENTER></P>

<FONT FACE="Bookman Old Style,Georgia"><P ALIGN="CENTER">&nbsp;</P>
<B><P ALIGN="CENTER">One Financial Plaza<BR>
501 North Broadway</B><BR>
<B><U>St. Louis, Missouri 63102-2102<BR>
</B></U>(Address of principal executive offices, including zip code)</P>
<P ALIGN="CENTER"></P>
</FONT><FONT FACE="Bookman Old Style,Georgia" SIZE=2><P ALIGN="CENTER">Registrant's telephone number, including area code </FONT><B><U><FONT FACE="Bookman Old Style,Georgia">(314) 342-2000</P>
</B></U>
</FONT><P>&nbsp;</P>
<U><FONT FACE="Bookman Old Style,Georgia" SIZE=2><P ALIGN="CENTER">___________________________N/A___________________________</U><BR>
(Former name or former address, if changed since last report)</P>

</FONT><FONT FACE="TimesNewRoman" SIZE=2><P>Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):</P>
<P>[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P>
<P>[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>
<P>[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>
<P>[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>
<P ALIGN="CENTER" ><FONT SIZE=2 COLOR ="#708090"><I> Page 1 </I></FONT><BR>
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<p Style='page-break-before:always'>

</FONT>
<FONT FACE="Bookman Old Style,Georgia" SIZE=2><P ALIGN="CENTER"></P>
</FONT><FONT SIZE=2><P> </P>

</FONT><B><FONT SIZE=4><P>Item 2.02 Results of Operations and Financial Condition.</P>
<DIR><DIR>
</B></FONT><P ALIGN="JUSTIFY">On May 5, 2005, Stifel Financial Corp.'s announced its results for the three months ended March 31, 2005. A copy of the related press release is attached hereto as Exhibit 99.</P>
<P ALIGN="JUSTIFY">Stifel Financial Corp. will hold a conference call on Friday, May 6, 2005, at 10:15 a.m. EST. This call will be Web cast and can be accessed on the Investor Relations portion of the Stifel Financial Corp. website at www.stifel.com, as well as on all sites within CCBN's Investor Distribution Network. To participate on the call, please dial 888-676-3684 and request the Stifel Financial Corp. earnings call. </P>
<P ALIGN="JUSTIFY">The exhibit 99 is "furnished" pursuant to Item 2.02 "Results of Operations and Financial Condition," is not to be considered "filed" under the Securities Exchange Act of 1934, as amended, ("Exchange Act") and shall not be incorporated by reference into any filing by Stifel Financial Corp. under the Securities Act of 1933, as amended, ("Securities Act") or the Exchange Act.</P></DIR></DIR>

<B><FONT SIZE=4><P ALIGN="JUSTIFY">Items 9.01 Financial Statements and Exhibits.</P>
</B></FONT>
<DIR><DIR>
<P ALIGN="JUSTIFY">(c) Exhibits:</P><DIR>

<P ALIGN="JUSTIFY">The following exhibit is "furnished" pursuant to Item 12 "Disclosure of Results of Operations and Financial Condition," is not to be considered "filed" under the Securities Exchange Act of 1934, as amended, ("Exchange Act") and shall not be incorporated by reference into any filing by Stifel Financial Corp. under the Securities Act of 1933, as amended, ("Securities Act") or the Exchange Act.</P>
<P ALIGN="JUSTIFY"></P><DIR>

<B><P ALIGN="JUSTIFY">Exhibit 99:</B>&nbsp;&nbsp;Stifel Financial Corp.'s press release dated May 5, 2005. </P>

</DIR></DIR></DIR></DIR><P ALIGN="CENTER" ><FONT SIZE=2 COLOR ="#708090"><I> Page 2 </I></FONT><BR>
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<p Style='page-break-before:always'>

<B><P ALIGN="CENTER">SIGNATURE</P>
</B><P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>
<P ALIGN="JUSTIFY"></P><DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>

<P>STIFEL FINANCIAL CORP.</P>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>

<center><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=638>
<TR><TD WIDTH="50%" VALIGN="TOP">
<P>Date:  May 5, 2005</TD>
<TD WIDTH="50%" VALIGN="TOP">
<P>By:  &#9;<U>  /s/  James M. Zemlyak&#9;</U></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="50%" VALIGN="TOP">
<P>Name:&#9;James M. Zemlyak</TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="50%" VALIGN="TOP">
<P>Title:&#9;Chief Financial Officer</TD>
</TR>
</TABLE>

<P ALIGN="CENTER" ><FONT SIZE=2 COLOR ="#708090"><I> Page 3 </I></FONT><BR>
<HR NOSHADE></P>
<p Style='page-break-before:always'>

<B><P ALIGN="CENTER">Exhibit Index</P>
</B>
<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 WIDTH=421>
<TR><TD WIDTH="16%" VALIGN="MIDDLE">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="80%" VALIGN="MIDDLE">&nbsp;</TD>
</TR>
<TR><TD WIDTH="16%" VALIGN="BOTTOM">
<B><FONT SIZE=2><P>Exhibit&nbsp;No.</P>
</B></FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="80%" VALIGN="BOTTOM">
<B><FONT SIZE=2><P>Description</P>
</B></FONT></TD>
</TR>
<TR><TD WIDTH="16%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">99</FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM">
<FONT SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="80%" VALIGN="BOTTOM">
<FONT SIZE=2><P>Stifel Financial Corp.'s press release dated May 5, 2005. </FONT></TD>
</TR>
</TABLE>
</CENTER></P>

<HR NOSHADE></P>
<p Style='page-break-before:always'>
</FONT></BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>r8k_0503e99.htm
<DESCRIPTION>EARNINGS RELEASE FOR 1ST QUARTER 2005
<TEXT>
<HTML>
<HEAD>
<TITLE>1st Quarter 2005 Earnings Release</TITLE>
</HEAD>
<BODY LINK="#0000ff" VLINK="#800080">
<B><FONT SIZE=4><P ALIGN="CENTER">STIFEL FINANCIAL CORP.<BR>
</B></FONT>Form 8-K Dated May 5, 2005<BR>
Exhibit 99: Press Release </P>
<P>[Stifel Financial Corp. logo]<B><FONT SIZE=5> Stifel Financial News</P></B></FONT>
<P ALIGN="RIGHT"><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=0 WIDTH=198>
<TR><TD VALIGN="TOP">
<P>One Financial Plaza<BR>
501 North Broadway <BR>
St. Louis, MO 63102<BR>
(314) 342-2000</P>
<I><P>&nbsp;</I></TD>
</TR>
</TABLE>
</P>

<DIR>

<B><P>For further information contact:<BR>
James M. Zemlyak<BR>
Chief Financial Officer<BR>
(314) 342-2228</P>
</DIR>

<U><P>For Immediate Release</P>

</U><FONT SIZE=4><P ALIGN="CENTER">Stifel Financial Corp.<BR>Reports First Quarter Results<BR>Diluted EPS of $.35 - Return on Average Equity of 13%<BR>Quarterly Net Income of $4.4 Million</P>
<P ALIGN="CENTER"></P>
</FONT><P ALIGN="JUSTIFY">St. Louis, Missouri - May 5, 2005 </B>- Stifel Financial Corp. (NYSE: &quot;SF&quot;) today reported unaudited quarterly net income of $4.4 million, or $0.35 per diluted share, on net revenues of $60.2 million for the quarter ended March 31, 2005, compared to a net income of $6.9 million, or $0.57 per diluted share, on record net revenues of $67.5 million for the comparable quarter of 2004. Net income for the three-month period ended March 31, 2004 included a $1.0 million tax benefit, or $0.08 per diluted share, resulting from the settlement of a state tax matter covering a number of tax years. Excluding the prior year tax adjustment, net income decreased 26% or $0.14 per diluted share. All prior period share and earnings per share amounts have been retroactively restated to reflect the four-for-three stock split distributed in September 2004. For the quarter ended March 31, 2005, the Company achieved pre-tax margin of 12% and a 13% return on average equity.</P>
<P ALIGN="JUSTIFY">At March 31, 2005, the Company's equity was $132.9 million, resulting in book value per share of $13.59. During the first quarter of 2005, the Company repurchased 345,914 shares, under existing Board authorization, at an average cost of $20.62 per share.</P>
<P ALIGN="JUSTIFY">Chairman and Chief Executive Officer, Ronald J. Kruszewski, commented, "We are pleased with our performance in the quarter, despite the difficult market environment characterized by a flattening yield curve, concerns about energy prices, and declining equity markets.  The Company achieved annualized return on average equity of 13% and pre-tax margins of 12%."  Mr. Kruszewski continued, "The current market environment, while difficult for short-term financial performance, provides an excellent opportunity for Stifel Financial to continue to build its platform."</P>
<P ALIGN="CENTER" ><FONT SIZE=2 COLOR ="#708090"><I> Page 1 of 5 </I></FONT><BR>
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<p Style='page-break-before:always'>

<P ALIGN="JUSTIFY"></P>
<B><U><FONT SIZE=4><P ALIGN="JUSTIFY">First Quarter Discussion </P>
</B></U></FONT><P ALIGN="JUSTIFY">Net revenues for the quarter decreased 11% to $60.2 million from $67.5 million in the prior year first quarter, and decreased 6% from the fourth quarter of 2004. Commission and principal transaction revenues decreased 11% to $35.2 million from $39.5 million in the same period last year and decreased 2% from the fourth quarter of 2004. Investment banking revenues decreased 19% to $13.8 million in the first quarter of 2005 from $17.0 million in the prior year first quarter, and decreased 14% from the fourth quarter of 2004. Asset management and service fees increased 10% to $9.5 million from $8.6 million in the first quarter of 2004 and increased 6% from the fourth quarter of last year. Net interest increased 21% to $2.3 million from $1.9 million in the prior year first quarter, and was unchanged from the fourth quarter of 2004.  Other revenues decreased $941,000 from $424,000 in the prior year first quarter, and decreased $1.5 million from the fourth quarter of 2004. </P>
<P ALIGN="JUSTIFY"> Total non-interest expenses in the 2005 first quarter were $52.9 million, down 8% from $57.7 million in the same period of 2004, and virtually unchanged from the fourth quarter of 2004. Employee compensation and benefits decreased 10% to $40.7 million from $45.1 million in the prior year first quarter and increased 7% from the fourth quarter of 2004. As a percentage of net revenues, compensation and benefits totaled 67.6% in the first quarter of 2005, 66.9% in the 2004 comparable quarter, and 59.2% in the fourth quarter of 2004. A portion of compensation and benefits includes transition pay in connection with the Company's expansion efforts. Excluding these expenses, compensation and benefits as a percentage of net revenues totaled 63.8% in the first quarter of 2005, 63.5% in the 2004 comparable quarter, and 55.7% in the fourth quarter of 2004. Excluding compensation and benefits, non-interest expenses decreased 2% from the prior year first quarter and decreased 17% from the fourth quarter of 2004. </P>
<B><U><FONT SIZE=4><P ALIGN="JUSTIFY">Business Segment Results for the Three Months Ended March 31, 2005: </P>

<UL>

<UL>
</B></U></FONT><P ALIGN="JUSTIFY"><LI>Private Client Group ("PCG") net revenues for the first quarter of 2005 were $47.2 million, a decrease of 10% from the first quarter of 2004, and a 1% decrease from the fourth quarter of 2004. PCG recorded an operating contribution of $11.2 million, a 22% decrease from the first quarter of 2004, and a decrease of 3% from the 2004 fourth quarter. </LI></P>
<P ALIGN="JUSTIFY"><LI>Equity Capital Markets ("ECM") recorded net revenues of $8.6 million, a 21% decrease from the same quarter last year and a 17% decrease from the fourth quarter of 2004. ECM operating contribution totaled $2.7 million, a 23% decrease from the first quarter of 2004 and a 32% decrease from the fourth quarter of 2004. The Company lead or co-managed 19 equity, debt, closed end funds, or trust preferred offerings during the first quarter 2005, compared to 22 in the same period one year earlier and 27 during the fourth quarter 2004.<STRIKE> </LI></P>
</STRIKE><P ALIGN="JUSTIFY"><LI>Fixed Income Capital Markets ("FICM") posted net revenues of $4.1 million, an increase of 5% from the prior year first quarter and a decrease of 17% from the previous quarter. During the 2005 first quarter, FICM recorded an operating contribution of $542,000, an increase of 54% from the prior year first quarter and a decrease of 63% from the previous quarter. The FICM senior or co-managed 27 offerings during the first quarter 2005 compared to 43 offerings in the same period one year earlier and 32 offerings during the fourth quarter 2004.  </LI></P></UL>
</UL>
<P ALIGN="CENTER" ><FONT SIZE=2 COLOR ="#708090"><I> Page 2 of 5 </I></FONT><BR>
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<p Style='page-break-before:always'>

<B><U><FONT SIZE=4><P ALIGN="JUSTIFY">Conference Call Information </P>
</B></U></FONT><P ALIGN="JUSTIFY">Stifel Financial Corp. will hold a conference call tomorrow, May 6, 2005, at 10:15 a.m. EST. This call will be Web cast and can be accessed on the Investor Relations portion of the Stifel Financial Corp. website at www.stifel.com, as well as on all sites within CCBN's Investor Distribution Network. To participate on the call, please dial 888-676-3684 and request the Stifel Financial Corp. earnings call. </P>
<B><U><FONT SIZE=4><P ALIGN="JUSTIFY">Company Information </P>
</B></U></FONT><P ALIGN="JUSTIFY">Stifel Financial Corp. is a financial services holding company whose subsidiaries are engaged in general securities brokerage, investment banking, and money management with 89 locations in 17 states, primarily in the Midwest. To learn more about Stifel, please visit the Company's web site at www.stifel.com. </P>
<B><U><FONT SIZE=4><P ALIGN="JUSTIFY">Forward Looking Statements</P>
</B></U></FONT><P ALIGN="JUSTIFY">Statements in this news release contain forward-looking statements within the meaning of federal securities laws. Actual results are subject to risks and uncertainties, including both those specific to the Company and those specific to the industry, which could cause results to differ materially from those contemplated. The risks and uncertainties include, but are not limited to, general economic conditions, actions of competitors, regulatory actions, changes in legislation, and technology changes. Undue reliance should not be placed on the forward-looking statements, which speak only as of the date of this news release. The Company does not undertake any obligation to publicly update any forward-looking statements.  </P>
<B><I><P ALIGN="CENTER"># # #</P></B></I>
<P ALIGN="CENTER">&#9;&#9;(Tables attached)&#9;</P>

<P ALIGN="CENTER" ><FONT SIZE=2 COLOR ="#708090"><I> Page 3 of 5 </I></FONT><BR>
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<p Style='page-break-before:always'>

<CENTER><TABLE  CELLPADDING=0 WIDTH=847>
<TR><TD VALIGN="TOP" COLSPAN=16>
<B><FONT SIZE=6><P ALIGN="CENTER">Stifel Financial Corp.</B><FONT SIZE=4><BR>Summary of Results of Operations (Unaudited)<BR>(In Thousands, Except Per Share Amounts)</FONT></TD>
</TR>
<TR><TD WIDTH="28%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="52%" VALIGN="BOTTOM" COLSPAN=12 BGCOLOR="#00ffff">
<B><P ALIGN="CENTER">Three Months Ended</B></TD>
<TD WIDTH="21%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#00ffff">
<I><FONT SIZE=3><P ALIGN="CENTER">Percent Change From</I></FONT></TD>
</TR>
<TR><TD WIDTH="28%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=2>
<B><U><FONT SIZE=2><P ALIGN="CENTER">3/31/2005</B></U></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">
<U><FONT SIZE=2><P ALIGN="CENTER">% of Net Revenues</U></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=3>
<U><FONT SIZE=2><P ALIGN="CENTER">12/31/2004</U></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" COLSPAN=2>
<U><FONT SIZE=2><P ALIGN="CENTER">% of Net Revenues</U></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<U><FONT SIZE=2><P ALIGN="CENTER">3/31/2004</U></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" COLSPAN=3>
<U><FONT SIZE=2><P ALIGN="CENTER">% of Net Revenues</U></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=2>
<U><FONT SIZE=2><P ALIGN="CENTER">12/31/2004</U></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<U><FONT SIZE=2><P ALIGN="CENTER">3/31/2004</U></FONT></TD>
</TR>
<TR><TD WIDTH="28%" VALIGN="BOTTOM">
<B><U><FONT SIZE=4><P ALIGN="CENTER">Revenues</B></U></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=3>&nbsp;</TD>
<TD WIDTH="8%" VALIGN="BOTTOM" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="BOTTOM" COLSPAN=3>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="28%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P>Commissions</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#00ffff">
<B><FONT SIZE=2><P ALIGN="RIGHT"> $    24,197 </B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<B><FONT SIZE=2><P ALIGN="RIGHT">40.2%</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT"> $    24,582 </FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">38.2%</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT"> $    27,034 </FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">40.1%</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">-2%</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">-10%</FONT></TD>
</TR>
<TR><TD WIDTH="28%" VALIGN="BOTTOM">
<FONT SIZE=2><P>Investment banking</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=2>
<B><FONT SIZE=2><P ALIGN="RIGHT">13,754 </B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">
<B><FONT SIZE=2><P ALIGN="RIGHT">22.9%</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=3>
<FONT SIZE=2><P ALIGN="RIGHT">15,939 </FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">24.8%</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">16,986 </FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" COLSPAN=3>
<FONT SIZE=2><P ALIGN="RIGHT">25.2%</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">-14%</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">-19%</FONT></TD>
</TR>
<TR><TD WIDTH="28%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P>Principal transactions</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#00ffff">
<B><FONT SIZE=2><P ALIGN="RIGHT">10,981 </B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<B><FONT SIZE=2><P ALIGN="RIGHT">18.2%</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">11,478 </FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">17.9%</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">12,463 </FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">18.5%</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">-4%</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">-12%</FONT></TD>
</TR>
<TR><TD WIDTH="28%" VALIGN="BOTTOM">
<FONT SIZE=2><P>Asset management and service fees</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=2>
<B><FONT SIZE=2><P ALIGN="RIGHT">9,451 </B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">
<B><FONT SIZE=2><P ALIGN="RIGHT">15.7%</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=3>
<FONT SIZE=2><P ALIGN="RIGHT">8,921 </FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">13.9%</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">8,630 </FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" COLSPAN=3>
<FONT SIZE=2><P ALIGN="RIGHT">12.8%</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">6%</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">10%</FONT></TD>
</TR>
<TR><TD WIDTH="28%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P>Other</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#00ffff">
<B><FONT SIZE=2><P ALIGN="RIGHT">(517)</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<B><FONT SIZE=2><P ALIGN="RIGHT">-0.9%</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">1,016 </FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">1.6%</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">424 </FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">0.6%</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">          n/a</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">          n/a</FONT></TD>
</TR>
<TR><TD WIDTH="28%" VALIGN="BOTTOM">
<B><FONT SIZE=2><P>    Total operating revenues</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=2>
<B><FONT SIZE=2><P ALIGN="RIGHT">57,866 </B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">
<B><FONT SIZE=2><P ALIGN="RIGHT">96.1%</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=3>
<FONT SIZE=2><P ALIGN="RIGHT">61,936 </FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">96.4%</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">65,537 </FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" COLSPAN=3>
<FONT SIZE=2><P ALIGN="RIGHT">97.2%</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">-7%</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">-12%</FONT></TD>
</TR>
<TR><TD WIDTH="28%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P>Interest revenue</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#00ffff">
<B><FONT SIZE=2><P ALIGN="RIGHT">3,427 </B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<B><FONT SIZE=2><P ALIGN="RIGHT">5.7%</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">3,430 </FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">5.3%</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">2,998 </FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">4.4%</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">0%</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">14%</FONT></TD>
</TR>
<TR><TD WIDTH="28%" VALIGN="BOTTOM">
<B><FONT SIZE=2><P>    Total revenues</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=2>
<B><FONT SIZE=2><P ALIGN="RIGHT">61,293 </B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">
<B><FONT SIZE=2><P ALIGN="RIGHT">101.8%</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=3>
<FONT SIZE=2><P ALIGN="RIGHT">65,366 </FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">101.7%</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">68,535 </FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" COLSPAN=3>
<FONT SIZE=2><P ALIGN="RIGHT">101.6%</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">-6%</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">-11%</FONT></TD>
</TR>
<TR><TD WIDTH="28%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P>Less: Interest expense</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#00ffff">
<B><FONT SIZE=2><P ALIGN="RIGHT">1,105 </B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<B><FONT SIZE=2><P ALIGN="RIGHT">1.8%</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">1,099 </FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">1.7%</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">1,085 </FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">1.6%</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">1%</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">2%</FONT></TD>
</TR>
<TR><TD WIDTH="28%" VALIGN="BOTTOM">
<B><FONT SIZE=2><P>    Net revenues</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=2>
<B><FONT SIZE=2><P ALIGN="RIGHT">60,188 </B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">
<B><FONT SIZE=2><P ALIGN="RIGHT">100.0%</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=3>
<FONT SIZE=2><P ALIGN="RIGHT">64,267 </FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">100.0%</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">67,450 </FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" COLSPAN=3>
<FONT SIZE=2><P ALIGN="RIGHT">100.0%</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">-6%</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">-11%</FONT></TD>
</TR>
<TR><TD WIDTH="28%" VALIGN="BOTTOM">
<B><U><FONT SIZE=4><P ALIGN="CENTER">Non-Interest Expenses</B></U></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=3>&nbsp;</TD>
<TD WIDTH="8%" VALIGN="BOTTOM" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="BOTTOM" COLSPAN=3>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="28%" VALIGN="BOTTOM" BGCOLOR="#00ffff" HEIGHT=23>
<FONT SIZE=2><P>Employee compensation and benefits</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#00ffff" HEIGHT=23>
<B><FONT SIZE=2><P ALIGN="RIGHT">40,689 </B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#00ffff" HEIGHT=23>
<B><FONT SIZE=2><P ALIGN="RIGHT">67.6%</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#00ffff" HEIGHT=23>
<FONT SIZE=2><P ALIGN="RIGHT">38,076 </FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#00ffff" HEIGHT=23>
<FONT SIZE=2><P ALIGN="RIGHT">59.2%</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#00ffff" HEIGHT=23>
<FONT SIZE=2><P ALIGN="RIGHT">45,124 </FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#00ffff" HEIGHT=23>
<FONT SIZE=2><P ALIGN="RIGHT">66.9%</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#00ffff" HEIGHT=23>
<FONT SIZE=2><P ALIGN="RIGHT">7%</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#00ffff" HEIGHT=23>
<FONT SIZE=2><P ALIGN="RIGHT">-10%</FONT></TD>
</TR>
<TR><TD WIDTH="28%" VALIGN="BOTTOM">
<FONT SIZE=2><P>Occupancy and equipment rental</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=2>
<B><FONT SIZE=2><P ALIGN="RIGHT">5,505 </B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">
<B><FONT SIZE=2><P ALIGN="RIGHT">9.1%</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=3>
<FONT SIZE=2><P ALIGN="RIGHT">6,153 </FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">9.6%</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">4,973 </FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" COLSPAN=3>
<FONT SIZE=2><P ALIGN="RIGHT">7.4%</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">-11%</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">11%</FONT></TD>
</TR>
<TR><TD WIDTH="28%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P>Communication and office supplies</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#00ffff">
<B><FONT SIZE=2><P ALIGN="RIGHT">2,561 </B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<B><FONT SIZE=2><P ALIGN="RIGHT">4.3%</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">2,697 </FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">4.2%</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">2,547 </FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">3.8%</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">-5%</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">1%</FONT></TD>
</TR>
<TR><TD WIDTH="28%" VALIGN="BOTTOM">
<FONT SIZE=2><P>Commissions and floor brokerage</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=2>
<B><FONT SIZE=2><P ALIGN="RIGHT">844 </B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">
<B><FONT SIZE=2><P ALIGN="RIGHT">1.4%</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=3>
<FONT SIZE=2><P ALIGN="RIGHT">966 </FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">1.5%</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">804 </FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" COLSPAN=3>
<FONT SIZE=2><P ALIGN="RIGHT">1.2%</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">-13%</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">5%</FONT></TD>
</TR>
<TR><TD WIDTH="28%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P>Other operating expenses</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#00ffff">
<B><FONT SIZE=2><P ALIGN="RIGHT">3,325 </B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<B><FONT SIZE=2><P ALIGN="RIGHT">5.5%</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">4,917 </FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">7.7%</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">4,202 </FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">6.2%</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">-32%</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">-21%</FONT></TD>
</TR>
<TR><TD WIDTH="28%" VALIGN="BOTTOM">
<B><FONT SIZE=2><P>    Total non-interest expenses</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=2>
<B><FONT SIZE=2><P ALIGN="RIGHT">52,924 </B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">
<B><FONT SIZE=2><P ALIGN="RIGHT">87.9%</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=3>
<FONT SIZE=2><P ALIGN="RIGHT">52,809 </FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">82.2%</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">57,650 </FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" COLSPAN=3>
<FONT SIZE=2><P ALIGN="RIGHT">85.5%</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">0%</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">-8%</FONT></TD>
</TR>
<TR><TD WIDTH="28%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<B><FONT SIZE=2><P>Income before income taxes</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#00ffff">
<B><FONT SIZE=2><P ALIGN="RIGHT">7,264 </B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<B><FONT SIZE=2><P ALIGN="RIGHT">12.1%</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">11,458 </FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">17.8%</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">9,800 </FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">14.5%</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">-37%</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">-26%</FONT></TD>
</TR>
<TR><TD WIDTH="28%" VALIGN="BOTTOM">
<FONT SIZE=2><P>Provision for income taxes</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=2>
<B><FONT SIZE=2><P ALIGN="RIGHT">2,906 </B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">
<B><FONT SIZE=2><P ALIGN="RIGHT">4.8%</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=3>
<FONT SIZE=2><P ALIGN="RIGHT">4,476 </FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">7.0%</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">2,926 </FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" COLSPAN=3>
<FONT SIZE=2><P ALIGN="RIGHT">4.3%</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">-35%</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">-1%</FONT></TD>
</TR>
<TR><TD WIDTH="28%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<B><FONT SIZE=2><P>     Net income</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#00ffff">
<B><FONT SIZE=2><P ALIGN="RIGHT"> $      4,358 </B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<B><FONT SIZE=2><P ALIGN="RIGHT">7.3%</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT"> $      6,982 </FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">10.9%</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT"> $      6,874 </FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">10.2%</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">-38%</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">-37%</FONT></TD>
</TR>
<TR><TD VALIGN="BOTTOM" COLSPAN=16 BGCOLOR="#ffff00">
<B><I><FONT SIZE=4><P ALIGN="CENTER">Per Share Information</B></I></FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="47%" VALIGN="BOTTOM" COLSPAN=9 BGCOLOR="#00ffff">
<B><P ALIGN="CENTER">Three Months Ended</B></TD>
<TD WIDTH="24%" VALIGN="BOTTOM" COLSPAN=5 BGCOLOR="#00ffff">
<I><FONT SIZE=3><P ALIGN="CENTER">Percent Change From</I></FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="MIDDLE" COLSPAN=3>
<B><U><FONT SIZE=2><P ALIGN="CENTER">3/31/2005</B></U></FONT></TD>
<TD WIDTH="16%" VALIGN="MIDDLE" COLSPAN=3>
<U><FONT SIZE=2><P ALIGN="CENTER">12/31/2004</U></FONT></TD>
<TD WIDTH="16%" VALIGN="MIDDLE" COLSPAN=4>
<U><FONT SIZE=2><P ALIGN="CENTER">3/31/2004</U></FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" COLSPAN=2>
<U><FONT SIZE=2><P ALIGN="CENTER">12/31/2004</U></FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" COLSPAN=2>
<U><FONT SIZE=2><P ALIGN="CENTER">3/31/2004</U></FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM" COLSPAN=2>
<I><FONT SIZE=2><P>Earnings Per Share:</I></FONT></TD>
<TD WIDTH="71%" VALIGN="TOP" COLSPAN=14>&nbsp;</TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#00ffff">
<FONT SIZE=2><P>       Basic </FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=4 BGCOLOR="#00ffff">
<B><FONT SIZE=2><P ALIGN="CENTER">$            0.44</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="CENTER">$         0.72</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=4 BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="CENTER">$         0.71</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">-39%</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">-39%</FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM" COLSPAN=2>
<FONT SIZE=2><P>       Diluted</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=4>
<B><FONT SIZE=2><P ALIGN="CENTER">$            0.35</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2>
<FONT SIZE=2><P ALIGN="CENTER">$         0.56</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=4>
<FONT SIZE=2><P ALIGN="CENTER">$         0.57</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">-38%</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">-39%</FONT></TD>
</TR>
<TR><TD VALIGN="BOTTOM" COLSPAN=16>
<I><FONT SIZE=2><P>Number of Shares for Earnings Per Share Computations:</I></FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#00ffff">
<FONT SIZE=2><P>       Basic shares</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=4 BGCOLOR="#00ffff">
<B><FONT SIZE=2><P ALIGN="CENTER">9,830</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="CENTER">9,686</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=4 BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="CENTER">9,612</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">1%</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">2%</FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM" COLSPAN=2>
<FONT SIZE=2><P>       Diluted shares</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=4>
<B><FONT SIZE=2><P ALIGN="CENTER">12,415</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2>
<FONT SIZE=2><P ALIGN="CENTER">12,396</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=4>
<FONT SIZE=2><P ALIGN="CENTER">12,021</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">0%</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">3%</FONT></TD>
</TR>
<TR><TD VALIGN="BOTTOM" COLSPAN=16>
<I><FONT SIZE=2><P>All shares and earnings per share amounts reflect the four-for-three stock split distributed in September 2004.</I></FONT></TD>
</TR>
<TR><TD VALIGN="BOTTOM" COLSPAN=16>
<I><FONT SIZE=2><P>Note:  Certain prior period amounts have been reclassified to conform to the current period presentation</FONT><FONT SIZE=3>.</I></FONT></TD>
</TR>
</TABLE>
<P ALIGN="CENTER" ><FONT SIZE=2 COLOR ="#708090"><I> Page 4 of 5 </I></FONT><BR>
<HR NOSHADE></P>
<p Style='page-break-before:always'>



<CENTER><TABLE  CELLPADDING=0 WIDTH=799>
<TR><TD VALIGN="BOTTOM" COLSPAN=6>
<B><FONT SIZE=6><P ALIGN="CENTER">Stifel Financial Corp.</B><FONT SIZE=4><BR>Summary of Segment Data &amp; Statistical Information (Unaudited)<BR>($ In Thousands, Except Per Share Amounts)</FONT></TD>
</TR>
<TR><TD VALIGN="BOTTOM" COLSPAN=6>&nbsp;</TD>
</TR>
<TR><TD VALIGN="BOTTOM" COLSPAN=6 BGCOLOR="#ffff00">
<B><I><FONT SIZE=4><P ALIGN="CENTER">Segment Data</B></I></FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="47%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#00ffff">
<B><FONT SIZE=2><P ALIGN="CENTER">Three Months Ended</B></FONT></TD>
<TD WIDTH="24%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#00ffff">
<I><FONT SIZE=2><P ALIGN="CENTER">Percent Change From</I></FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM">
<B><U><FONT SIZE=4><P>Net Revenues</B></U></FONT></TD>
<TD WIDTH="17%" VALIGN="MIDDLE">
<B><U><FONT SIZE=2><P ALIGN="CENTER">3/31/2005</B></U></FONT></TD>
<TD WIDTH="16%" VALIGN="MIDDLE">
<U><FONT SIZE=2><P ALIGN="CENTER">12/31/2004</U></FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE">
<U><FONT SIZE=2><P ALIGN="CENTER">3/31/2004</U></FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE">
<U><FONT SIZE=2><P ALIGN="CENTER">12/31/2004</U></FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE">
<U><FONT SIZE=2><P ALIGN="CENTER">3/31/2004</U></FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P>Private client</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<B><FONT SIZE=2><P ALIGN="RIGHT"> $         47,158 </B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT"> $         47,501 </FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT"> $         52,292 </FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">-1%</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">-10%</FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM">
<FONT SIZE=2><P>Equity capital markets</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<B><FONT SIZE=2><P ALIGN="RIGHT">8,614 </B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">10,359 </FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">10,854 </FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">-17%</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">-21%</FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P>Fixed income capital markets</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<B><FONT SIZE=2><P ALIGN="RIGHT">4,095 </B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">4,923 </FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">3,883 </FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">-17%</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">5%</FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM">
<FONT SIZE=2><P>Other</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<B><FONT SIZE=2><P ALIGN="RIGHT">321 </B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">1,484 </FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">421 </FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">-78%</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">-24%</FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<B><FONT SIZE=2><P>Total net revenues</B></FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<B><FONT SIZE=2><P ALIGN="RIGHT"> $         60,188 </B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT"> $         64,267 </FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT"> $         67,450 </FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">-6%</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">-11%</FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="MIDDLE">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="MIDDLE">&nbsp;</TD>
<TD WIDTH="14%" VALIGN="MIDDLE">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD VALIGN="BOTTOM" COLSPAN=6>
<B><U><FONT SIZE=4><P>Operating Contribution</B></U></FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM">
<FONT SIZE=2><P>Private client</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<B><FONT SIZE=2><P ALIGN="RIGHT"> $         11,188 </B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT"> $         11,573 </FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT"> $         14,338 </FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">-3%</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">-22%</FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P>Equity capital markets</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<B><FONT SIZE=2><P ALIGN="RIGHT">2,730 </B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">4,016 </FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">3,567 </FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">-32%</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">-23%</FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM">
<FONT SIZE=2><P>Fixed income capital markets</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<B><FONT SIZE=2><P ALIGN="RIGHT">542 </B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">1,468 </FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">353 </FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">-63%</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">54%</FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P>Other / unallocated overhead</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<B><FONT SIZE=2><P ALIGN="RIGHT">(7,196)</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">(5,599)</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">(8,458)</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P>          n/a</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P>          n/a</FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM">
<B><FONT SIZE=2><P>Income before income taxes</B></FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<B><FONT SIZE=2><P ALIGN="RIGHT"> $           7,264 </B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT"> $         11,458 </FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT"> $           9,800 </FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">-37%</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">-26%</FONT></TD>
</TR>
<TR><TD VALIGN="BOTTOM" COLSPAN=6 BGCOLOR="#ffff00">
<B><I><FONT SIZE=4><P ALIGN="CENTER">Statistical Information</B></I></FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="47%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#00ffff">
<B><FONT SIZE=2><P ALIGN="CENTER">Three Months Ended</B></FONT></TD>
<TD WIDTH="24%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#00ffff">
<I><FONT SIZE=2><P ALIGN="CENTER">Percent Change From</I></FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="MIDDLE">
<B><U><FONT SIZE=2><P ALIGN="CENTER">3/31/2005</B></U></FONT></TD>
<TD WIDTH="16%" VALIGN="MIDDLE">
<U><FONT SIZE=2><P ALIGN="CENTER">12/31/2004</U></FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE">
<U><FONT SIZE=2><P ALIGN="CENTER">3/31/2004</U></FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE">
<U><FONT SIZE=2><P ALIGN="CENTER">12/31/2004</U></FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE">
<U><FONT SIZE=2><P ALIGN="CENTER">3/31/2004</U></FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P>Total Operating Revenues</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<B><FONT SIZE=2><P ALIGN="RIGHT"> $         57,866 </B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT"> $         61,936 </FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT"> $         65,537 </FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">-7%</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">-12%</FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM">
<FONT SIZE=2><P>Net Operating Interest</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<B><FONT SIZE=2><P ALIGN="RIGHT">3,098 </B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">3,107 </FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">2,689 </FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">0%</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">15%</FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P>Non-Interest Expenses (1)</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<B><FONT SIZE=2><P ALIGN="RIGHT">50,119 </B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">50,394 </FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">55,162 </FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">-1%</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">-9%</FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM">
<B><FONT SIZE=2><P>Adjusted EBITDA (2)</B></FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<B><FONT SIZE=2><P ALIGN="RIGHT">10,845 </B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">14,649 </FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">13,064 </FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">-26%</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">-17%</FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P>Amortization and Depreciation</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<B><FONT SIZE=2><P ALIGN="RIGHT">2,805 </B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">2,415 </FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">2,488 </FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">16%</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">13%</FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM">
<FONT SIZE=2><P>Interest on Long-Term Debt (3)</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<B><FONT SIZE=2><P ALIGN="RIGHT">776 </B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">776 </FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">776 </FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">0%</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">0%</FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<B><FONT SIZE=2><P>Income before income taxes</B></FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<B><FONT SIZE=2><P ALIGN="RIGHT">7,264 </B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">11,458 </FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">9,800 </FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">-37%</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">-26%</FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM">
<FONT SIZE=2><P>Provision for income taxes</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<B><FONT SIZE=2><P ALIGN="RIGHT">2,906 </B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">4,476 </FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">2,926 </FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">-35%</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">-1%</FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<B><FONT SIZE=2><P>     Net income</B></FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<B><FONT SIZE=2><P ALIGN="RIGHT"> $           4,358 </B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT"> $           6,982 </FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT"> $           6,874 </FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">-38%</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">-37%</FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM">
<I><FONT SIZE=2><P>Earnings Per Share<SUP> (4)</SUP> :</I></FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="14%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P>       Diluted</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<B><FONT SIZE=2><P ALIGN="RIGHT"> $             0.35 </B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT"> $             0.56 </FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT"> $             0.57 </FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">-38%</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">-39%</FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="14%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM">
<FONT SIZE=3><P>Stockholders' Equity</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<B><FONT SIZE=2><P ALIGN="RIGHT"> $       132,873 </B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT"> $       131,312 </FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT"> $       114,589 </FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">1%</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">16%</FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=3><P>Book Value Per Share</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<B><FONT SIZE=2><P ALIGN="RIGHT"> $           13.59 </B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT"> $           13.53 </FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT"> $           11.66 </FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">0%</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">17%</FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM">
<FONT SIZE=3><P>Total Assets</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<B><FONT SIZE=2><P ALIGN="RIGHT"> $       436,479 </B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT"> $       382,314 </FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT"> $       430,125 </FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">14%</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">1%</FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=3><P>Investment Executives</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<B><FONT SIZE=2><P ALIGN="RIGHT">438 </B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">439 </FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">419 </FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">0%</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">5%</FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM">
<FONT SIZE=3><P>Full-Time Employees</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<B><FONT SIZE=2><P ALIGN="RIGHT">1,163 </B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">1,173 </FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">1,135 </FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">-1%</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">2%</FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=3><P>Locations</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<B><FONT SIZE=2><P ALIGN="RIGHT">89 </B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">89 </FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">86 </FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">0%</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">2%</FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM">
<FONT SIZE=3><P>Total Client Assets</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<B><FONT SIZE=2><P ALIGN="RIGHT"> $  20,207,000 </B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT"> $  20,286,000 </FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT"> $  21,096,000 </FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">0%</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">-4%</FONT></TD>
</TR>
</TABLE>

<P ALIGN="LEFT"><CENTER><TABLE BORDER CELLSPACING=1 WIDTH=673>
<TR><TD VALIGN="BOTTOM" HEIGHT=25><DIR>

<SUP><P>(1)&#9;</SUP><FONT SIZE=2> Non-interest expenses exclude depreciation and amortization of intangibles and employment incentives.  Employment incentives include up-front loans and restricted stock units.</DIR>
</FONT></TD>
</TR>
<TR><TD VALIGN="BOTTOM" HEIGHT=25><DIR>

<SUP><P>(2)</SUP> &#9;<FONT SIZE=2>Adjusted EBITDA, which is defined as net income before income taxes, depreciation, amortization of intangibles and employment incentives, and interest on long-term debt, represents a non-GAAP financial measure.  A reconciliation of adjusted EBITDA to net income, the most directly comparable measure under accounting principles generally accepted in the United States (GAAP), is included in the table above.  The Company believes that adjusted EBITDA is a useful measure of financial performance because of its focus on the Company's results from operations before income taxes, depreciation, amortization, and interest. The Company also believes that this measure is an alternative financial measure of performance used by investors, rating agencies, and financial analysts to estimate the value of a company and evaluate its ability to meet debt service requirements.</DIR>
</FONT></TD>
</TR>
<TR><TD VALIGN="BOTTOM" HEIGHT=25><DIR>

<SUP><P>(3) &#9;</SUP><FONT SIZE=2>Long-term debt is composed of 9% $34.5 million Debenture to Stifel Financial Capital Trust I, issued April 25, 2002.</DIR>
</FONT></TD>
</TR>
<TR><TD VALIGN="BOTTOM" HEIGHT=25><DIR>

<SUP><P>(4) &#9;</SUP><FONT SIZE=2>All earnings per share amounts reflect the four-for-three stock split distributed in September 2004.</P>
</FONT><SUP></DIR>
</SUP></TD>
</TR>
<TR><TD VALIGN="BOTTOM" HEIGHT=25>
<I><FONT SIZE=3><P>Note:  Certain prior period amounts have been reclassified to conform to the current period presentation.</I></FONT></TD>
</TR>
</TABLE>
</CENTER></P>
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