<SUBMISSION>
<ACCESSION-NUMBER>0000950109-03-003070
<TYPE>10-Q
<PUBLIC-DOCUMENT-COUNT>2
<PERIOD>20030331
<FILING-DATE>20030514
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>SEI CORP
<CIK>0000350894
<ASSIGNED-SIC>6211
<IRS-NUMBER>231707341
<STATE-OF-INCORPORATION>PA
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>10-Q
<ACT>34
<FILE-NUMBER>000-10200
<FILM-NUMBER>03697375
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>1 FREEDOM VALLEY DRIVE
<CITY>OAKS
<STATE>PA
<ZIP>19456-1100
<PHONE>6106761000
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>1 FREEDOM VALLEY DRIVE
<CITY>OAKS
<STATE>PA
<ZIP>19456-1100
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>10-Q
<SEQUENCE>1
<FILENAME>d10q.htm
<DESCRIPTION>FORM 10-Q
<TEXT>
<HTML><HEAD>
<TITLE>Form 10-Q</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
  <HR noshade size=4 color="black" ><br> <p style=' margin-bottom:0pt;text-align:center; margin-top:0pt;'><b><font SIZE=4>SECURITIES AND EXCHANGE COMMISSION</font></b></p> <p style=' margin-bottom:0pt;text-align:center;
margin-top:0pt;'><b><font SIZE=2>WASHINGTON, D.C. 20549</font></b></p> <HR noshade width=120 color="black" > <p style=' margin-bottom:0pt;text-align:center; margin-top:12pt;'><b><font SIZE=4>FORM 10-Q</font></b></p> <HR noshade width=120
color="black" > <p style=' margin-bottom:0pt; margin-top:0pt;'><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p> <p style=' margin-bottom:0pt; margin-top:0pt;'><font size=2>(Mark One)*</font></p> <p
style='margin-bottom:0;margin-top:12pt;text-indent:0in;'><b><font size=2><font face=Wingdings>x</font></font></b></p><p style='margin-bottom:0pt;margin-top:-11pt;margin-left:0.5in;'><b><font size=2>Quarterly report pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934 for the quarterly period ended March 31, 2003</font></b></p> <p style=' margin-bottom:0pt;text-align:center; margin-top:12pt;'><b><font SIZE=2>OR</font></b></p> <p
style='margin-bottom:0;margin-top:12pt;text-indent:0in;'><b><font size=2><font face=Wingdings>o</font></font></b></p> <p style='margin-bottom:0pt;margin-top:-11pt;margin-left:0.5in;'><b><font size=2>Transition report pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934 for the transition period from </font></b><font size=2><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font><b><font size=2> to </font></b><font
size=2><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>&nbsp;</font></p> <p style=' margin-bottom:0pt;text-align:center; margin-top:12pt;'><b><font size=2>0-10200</font></b><br><font size=2>(Commission File
Number)</font></p> <HR noshade width=120 color="black" > <p style=' margin-bottom:0pt;text-align:center; margin-top:8pt;'><b><font SIZE=5>SEI INVESTMENTS COMPANY</font></b></p> <p style=' margin-bottom:0pt;text-align:center;
margin-top:0pt;'><b><font size=1>(Exact name of registrant as specified in its charter)</font></b></p> <HR noshade width=120 color="black" > <p style=' margin-bottom:0pt; margin-top:0pt;'>&nbsp;</p>
<table width="100%" cellspacing=0 cellpadding=0>
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<td width="50">&nbsp;</td>
<td align=center valign=top width="280"><b><font size=2>Pennsylvania </font></b><br> <b><font size=1>(State or other jurisdiction of</font></b><br> <b><font size=1>incorporation or organization)</font></b><br></td>
<td align=center width="280">&nbsp;</td>
<td align=center valign=top width="280"><b><font size=2>23-1707341</font></b><br> <b><font size=1>(IRS Employer</font></b><br> <b><font size=1>Identification Number)</font></b></td>
<td width="50">&nbsp;</td></tr></table><br> <p style=' margin-bottom:0pt;text-align:center; margin-top:12pt;'><b><font size=2>1 Freedom Valley Drive, Oaks, Pennsylvania 19456-1100</font></b></p> <p style=' margin-bottom:0pt;text-align:center;
margin-top:0pt;'><b><font size=1>(Address of principal executive offices)</font></b><br><b><font size=1>(Zip Code)</font></b></p> <p style=' margin-bottom:0pt;text-align:center; margin-top:12pt;'><b><font size=2>(610) 676-1000</font></b><br><b><font
size=1>(Registrant&#146;s telephone number, including area code)</font></b></p> <p style=' margin-bottom:0pt;text-align:center; margin-top:12pt;'><b><font SIZE=2>N/A</font></b><br><b><font size=1>(Former name, former address and former fiscal year,
if changed since last report)</font></b></p> <p style=' margin-bottom:0pt; margin-top:0pt;'><font size=1>&nbsp;</font></p> <p style=' margin-bottom:0pt; margin-top:8pt;'><font size=2>Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.</font><br><font size=2>Yes <font face=Wingdings>x</font> No <font face=Wingdings>o</font></font></p> <p style=' margin-bottom:0pt; margin-top:8pt;'><font size=2>Indicate by check mark whether the registrant is an
accelerated filer (as defined in Rule 12b-2 of the Securities Exchange Act of 1934). Yes <font face=Wingdings>x</font> No <font face=Wingdings>o</font></font></p> <p style=' margin-bottom:0pt; margin-top:8pt;'><font size=2>*APPLICABLE ONLY TO
ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS:</font></p> <p style=' margin-bottom:0pt; margin-top:8pt;'><font size=2>Indicate by check mark whether the registrant has filed all documents and reports required to be filed
by Sections 12, 13, or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes <font face=Wingdings>o</font> No <font face=Wingdings>o</font></font></p> <p style='
margin-bottom:0pt; margin-top:12pt;'><font size=2>*APPLICABLE ONLY TO CORPORATE ISSUERS:</font></p> <p style=' margin-bottom:0pt; margin-top:8pt;'><font size=2>Indicate the number of shares outstanding of each of the issuer&#146;s classes of common
stock, as of April 30, 2003: 104,794,110 shares of common stock, par value $.01 per share.</font></p> <br><HR noshade size=4 color="black" > <br><p style='margin-bottom:0pt;text-align:left'><font size=2>
</font></p>
<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
  <p style=' margin-bottom:0pt; margin-top:12pt;'><u><b><font SIZE=2>PART I.</font></b></u><b><font size=2> </font></b><u><b><font SIZE=2>FINANCIAL INFORMATION</font></b></u></p> <p
style='margin-bottom:0;margin-top:12pt;text-indent:0in;'><u><b><font size=2>Item 1</font></b></u><b><font size=2>.</font></b></p><p style='margin-bottom:0pt;margin-top:-11pt;margin-left:0.75in;'><u><b><font size=2>Consolidated Financial
Statements</font></b></u></p> <p style=' margin-bottom:0pt;text-align:center; margin-top:16pt;'><b><font size=2>SEI Investments Company</font></b><br><b><font size=2>Consolidated Balance Sheets</font></b><br><font
size=2>(unaudited)</font><br><i><font size=2>(In thousands)</font></i></p> <p style=' margin-bottom:0pt; margin-top:0pt;'><font size=2>&nbsp;</font></p>
<table width="100%" border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse; '>
<tr>
<td valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;' ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font size=1>March 31,</font></b><br> <b><font size=1>2003</font></b></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="10%" colspan="2" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font size=1>December 31, </font></b><br> <b><font size=1>2002</font></b></p> </td>
<td width="2%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='margin-top:2pt;margin-bottom:0pt;margin-left:8.65pt;text-indent:-8.65pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="9%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr>
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<td valign=bottom style='background:#CCEEFF; '> <p style='margin-top:2pt;margin-bottom:0pt;margin-left:8.65pt;text-indent:-8.65pt;'><u><b><font size=2>Assets</font></b></u><b><u></u></b></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="9%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='margin-top:2pt;margin-bottom:0pt;margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>Current Assets:</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="9%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-top:2pt;margin-bottom:0pt;margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>Cash and cash equivalents</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>144,836</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="9%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>165,724</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='margin-top:2pt;margin-bottom:0pt;margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>Restricted cash</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>10,000</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="9%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>10,000</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-top:2pt;margin-bottom:0pt;margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>Receivables from regulated investment companies</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>22,261</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="9%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>22,588</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='margin-top:2pt;margin-bottom:0pt;margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>Receivables, net of allowance for doubtful accounts of $1,700</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>62,209</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="9%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>52,054</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-top:2pt;margin-bottom:0pt;margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>Deferred income taxes</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>8,225</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="9%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>3,526</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='margin-top:2pt;margin-bottom:0pt;margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>Prepaid expenses and other current assets</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>4,371</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="9%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>7,543</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-top:2pt;margin-bottom:0pt;margin-left:17.3pt;text-indent:-8.65pt;'><font size=2>Total Current Assets</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>251,902</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="9%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>261,435</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-top:2pt;margin-bottom:0pt;margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>Property and Equipment, net of accumulated depreciation and amortization of $115,137and
$111,210</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>104,258</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="9%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>104,926</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-top:2pt;margin-bottom:0pt;margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>Capitalized Software, net of accumulated amortization of $15,637 and $15,204</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>12,708</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="9%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>12,596</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-top:2pt;margin-bottom:0pt;margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>Investments Available for Sale</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>60,741</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="9%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>62,433</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-top:2pt;margin-bottom:0pt;margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>Other Assets, net</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>22,390</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="9%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>23,425</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-top:2pt;margin-bottom:0pt;margin-left:17.3pt;text-indent:-8.65pt;'><font size=2>Total Assets</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>452,667</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="9%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>464,147</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr> </table> <br> <p style=' margin-bottom:0pt;text-align:center; margin-top:18pt;'><font size=2>The accompanying notes are an integral part of these consolidated financial
statements.</font></p> <br><p style='margin-bottom:0pt;text-align:center'><font
size=2>2</font></p>
<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
  <p style=' margin-bottom:0pt;text-align:center; margin-top:16pt;'><b><font size=2>SEI Investments Company</font></b><br><b><font size=2>Consolidated Balance Sheets</font></b><br><font
size=2>(unaudited)</font><br><i><font size=2>(In thousands, except par value)</font></i></p> <p style=' margin-bottom:0pt; margin-top:0pt;'><font size=2>&nbsp;</font></p>
<table width="100%" border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse; '>
<tr>
<td valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;' ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font size=1>March 31</font></b><br> <b><font size=1>2003</font></b></p> </td>
<td width="2%" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="10%" colspan="2" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font size=1>December 31,</font></b><br> <b><font size=1>2002</font></b></p> </td>
<td width="4%" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td> </tr>
<tr>
<td valign=bottom > <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;'><font size=2>Liabilities and Shareholders&#146; Equity</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;'><font size=2>Current Liabilities:</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom > <p ><font size=2>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=2>Current portion of long-term debt</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="8%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>9,556</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="8%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>9,556</font></p> </td>
<td width="4%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=2>Accounts payable</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>2,863</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>4,058</font></p> </td>
<td width="4%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=2>Accrued expenses</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>110,236</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>119,427</font></p> </td>
<td width="4%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=2>Deferred revenue</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>2,711</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>1,206</font></p> </td>
<td width="4%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="4%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-top:2pt;margin-bottom:0pt;margin-left:17.3pt;text-indent:-8.65pt;'><font size=2>Total Current Liabilities</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>125,366</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>134,247</font></p> </td>
<td width="4%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="4%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=2>Long-term Debt</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>28,111</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>33,500</font></p> </td>
<td width="4%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="4%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=2>Deferred Income Taxes</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>6,366</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>6,393</font></p> </td>
<td width="4%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="4%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;'><font size=2>Shareholders&#146; Equity:</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=2>Common stock, $.01 par value, 750,000 shares authorized; 105,017 and 106,184 shares issued and outstanding</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>1,050</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>1,062</font></p> </td>
<td width="4%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=2>Capital in excess of par value</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>220,094</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>216,284</font></p> </td>
<td width="4%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=2>Retained earnings</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>73,397</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>74,019</font></p> </td>
<td width="4%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=2>Accumulated other comprehensive losses</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>(1,717</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>)</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>(1,358</font></p> </td>
<td width="4%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>)</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="4%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-top:2pt;margin-bottom:0pt;margin-left:17.3pt;text-indent:-8.65pt;'><font size=2>Total Shareholders&#146; Equity</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>292,824</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>290,007</font></p> </td>
<td width="4%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="4%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-top:2pt;margin-bottom:0pt;margin-left:17.3pt;text-indent:-8.65pt;'><font size=2>Total Liabilities and Shareholders&#146; Equity</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="8%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>452,667</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="8%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>464,147</font></p> </td>
<td width="4%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td width="4%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr> </table> <br> <p style=' margin-bottom:0pt;text-align:center; margin-top:18pt;'><font size=2>The accompanying notes are an integral part of these consolidated financial
statements.</font></p> <br><p style='margin-bottom:0pt;text-align:center'><font
size=2>3</font></p>
<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
  <p style=' margin-bottom:0pt;text-align:center; margin-top:16pt;'><b><font size=2>SEI Investments Company</font></b><br><b><font size=2>Consolidated Statements of Income</font></b><br><font
size=2>(unaudited)</font><br><i><font size=2>(In thousands, except per share data)</font></i></p> <p style=' margin-bottom:0pt; margin-top:0pt;'><font size=2>&nbsp;</font></p>
<table width="100%" border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse; '>
<tr>
<td valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;' ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="32%" colspan="9" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font size=1>Three Months</font></b><br> <b><font size=1>Ended March 31,</font></b></p> </td>
<td width="3%" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td colspan="9" valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="3%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;' ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font size=1>2003</font></b></p> </td>
<td width="2%" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="3%" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font size=1>2002</font></b></p> </td>
<td width="3%" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="3%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="3%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=2>Revenues</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>150,605</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="3%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>159,215</font></p> </td>
<td width="3%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=2>Expenses:</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="3%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="3%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-top:2pt;margin-bottom:0pt;margin-left:17.3pt;text-indent:-8.65pt;'><font size=2>Operating and development</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>66,552</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="3%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>68,736</font></p> </td>
<td width="3%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='margin-top:2pt;margin-bottom:0pt;margin-left:17.3pt;text-indent:-8.65pt;'><font size=2>Sales and marketing</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>26,889</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="3%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>34,148</font></p> </td>
<td width="3%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-top:2pt;margin-bottom:0pt;margin-left:17.3pt;text-indent:-8.65pt;'><font size=2>General and administrative</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2> 5,651</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="3%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2> 5,709</font></p> </td>
<td width="3%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="3%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="3%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=2>Income from operations</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>51,513</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="3%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>50,622</font></p> </td>
<td width="3%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=2>Equity in the earnings of unconsolidated affiliate</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>3,614</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="3%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>2,679</font></p> </td>
<td width="3%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=2>Net loss from investments </font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>(106</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>)</font></p> </td>
<td width="3%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>&#151;</font></p> </td>
<td width="3%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=2>Interest income</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>1,242</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="3%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>1,150</font></p> </td>
<td width="3%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=2>Interest expense</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>(568</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>)</font></p> </td>
<td width="3%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>(481</font></p> </td>
<td width="3%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>)</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="3%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="3%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=2>Income before income taxes</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>55,695</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="3%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>53,970</font></p> </td>
<td width="3%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=2>Income taxes</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2> 20,607</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="3%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2> 19,969</font></p> </td>
<td width="3%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="3%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="3%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=2>Net income</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2> 35,088</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="3%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2> 34,001</font></p> </td>
<td width="3%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="3%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="3%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=2>Other comprehensive (loss) income, net of tax:</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="3%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="3%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='margin-top:2pt;margin-bottom:0pt;margin-left:17.3pt;text-indent:-8.65pt;'><font size=2>Foreign currency translation adjustments</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>(18</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=2>)</font></p> </td>
<td width="3%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>(381</font></p> </td>
<td width="3%" valign=bottom > <p ><font size=2>)</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-top:2pt;margin-bottom:0pt;margin-left:17.3pt;text-indent:-8.65pt;'><font size=2>Unrealized holding (loss) gain on investments,</font><br> <font size=2>Unrealized holding (losses) gains
during the period</font><br> <font size=2>net of income tax (benefit) expense of $(441) and $306</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>(807</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>)</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="3%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>803</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="3%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='margin-top:2pt;margin-bottom:0pt;margin-left:17.3pt;text-indent:-8.65pt;'><font size=2>Less: reclassification adjustment for (losses) gains</font><br> <font size=2>realized in net income, net of income</font><br> <font
size=2>tax benefit (expense) of $274 and $(140)</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>466</font></p> </td>
<td width="2%" valign=bottom > <p >&nbsp;</p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>(341</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=2>)</font></p> </td>
<td width="3%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2> (239</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=2>)</font><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>564 </font></p> </td>
<td width="3%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="3%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=2>Other comprehensive (loss) income</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>(359</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>)</font></p> </td>
<td width="3%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2> 183</font></p> </td>
<td width="3%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="3%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="3%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=2>Comprehensive income</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>34,729</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="3%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>34,184</font></p> </td>
<td width="3%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="3%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td width="3%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=2>Basic earnings per common share</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>.33</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="3%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>.31</font></p> </td>
<td width="3%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="3%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td width="3%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=2>Diluted earnings per common share</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>.32</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="3%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>.30</font></p> </td>
<td width="3%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="3%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td width="3%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr> </table> <br> <p style=' margin-bottom:0pt;text-align:center; margin-top:18pt;'><font size=2>The accompanying notes are an integral part of these consolidated financial
statements.</font></p> <br><p style='margin-bottom:0pt;text-align:center'><font
size=2>4</font></p>
<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
  <p style=' margin-bottom:0pt;text-align:center; margin-top:16pt;'><b><font size=2>SEI Investments Company</font></b><br><b><font size=2>Consolidated Statements of Cash Flows</font></b><br><font
size=2>(unaudited)</font><br><i><font size=2>(In thousands)</font></i></p> <p style=' margin-bottom:0pt; margin-top:0pt;'><font size=2>&nbsp;</font></p>
<table width="100%" border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse; '>
<tr>
<td valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;' ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="21%" colspan="5" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font size=1>Three Months</font></b><br> <b><font size=1>Ended March 31,</font></b></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td colspan="5" valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;' ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font size=1>2003</font></b></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font size=1>2002</font></b></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=2>Cash flows from operating activities:</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=2>Net income</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="7%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>35,088</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="8%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>34,001</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=2>Adjustments to reconcile net income to net cash provided by operating activities:</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='margin-top:2pt;margin-bottom:0pt;margin-left:17.3pt;text-indent:-8.65pt;'><font size=2>Depreciation and amortization</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>4,380</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>4,433</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-top:2pt;margin-bottom:0pt;margin-left:17.3pt;text-indent:-8.65pt;'><font size=2>Undistributed equity in the earnings of unconsolidated affiliate</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>(294</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=2>)</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>(334</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=2>)</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='margin-top:2pt;margin-bottom:0pt;margin-left:17.3pt;text-indent:-8.65pt;'><font size=2>Tax benefit on stock options exercised</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>2,248</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>6,771</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-top:2pt;margin-bottom:0pt;margin-left:17.3pt;text-indent:-8.65pt;'><font size=2>Other</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>37</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>(3,036</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=2>)</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='margin-top:2pt;margin-bottom:0pt;margin-left:17.3pt;text-indent:-8.65pt;'><font size=2>Change in current assets and liabilities:</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-top:2pt;margin-bottom:0pt;margin-left:25.9pt;text-indent:-8.65pt;'><font size=2>Decrease (increase) in</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='margin-top:2pt;margin-bottom:0pt;margin-left:34.55pt;text-indent:-8.65pt;'><font size=2>Receivables from regulated investment companies</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>327</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>1,314</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-top:2pt;margin-bottom:0pt;margin-left:34.55pt;text-indent:-8.65pt;'><font size=2>Receivables</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>(10,155</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=2>)</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>(6,781</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=2>)</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='margin-top:2pt;margin-bottom:0pt;margin-left:34.55pt;text-indent:-8.65pt;'><font size=2>Prepaid expenses and other current assets</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>(682</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=2>)</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>(1,035</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=2>)</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-top:2pt;margin-bottom:0pt;margin-left:25.9pt;text-indent:-8.65pt;'><font size=2>Increase (decrease) in</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='margin-top:2pt;margin-bottom:0pt;margin-left:34.55pt;text-indent:-8.65pt;'><font size=2>Accounts payable</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>(1,195</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=2>)</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>(1,198</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=2>)</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-top:2pt;margin-bottom:0pt;margin-left:34.55pt;text-indent:-8.65pt;'><font size=2>Accrued expenses</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>(2,817</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=2>)</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>(5,689</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=2>)</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='margin-top:2pt;margin-bottom:0pt;margin-left:34.55pt;text-indent:-8.65pt;'><font size=2>Deferred revenue</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2> 1,505</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2> (766</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=2>)</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-top:2pt;margin-bottom:0pt;margin-left:25.9pt;text-indent:-8.65pt;'><font size=2>Net cash provided by operating activities</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>28,442</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2> 27,680</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=2>Cash flows from investing activities:</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='margin-top:2pt;margin-bottom:0pt;margin-left:17.3pt;text-indent:-8.65pt;'><font size=2>Additions to property and equipment</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>(4,556</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=2>)</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>(9,601</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=2>)</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-top:2pt;margin-bottom:0pt;margin-left:17.3pt;text-indent:-8.65pt;'><font size=2>Additions to capitalized software</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>(545</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=2>)</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>&#151;</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='margin-top:2pt;margin-bottom:0pt;margin-left:17.3pt;text-indent:-8.65pt;'><font size=2>Purchase of investments available for sale</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>(620</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=2>)</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>(6,564</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=2>)</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-top:2pt;margin-bottom:0pt;margin-left:17.3pt;text-indent:-8.65pt;'><font size=2>Sale of investments available for sale </font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>2,187</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>6,065</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='margin-top:2pt;margin-bottom:0pt;margin-left:17.3pt;text-indent:-8.65pt;'><font size=2>Other</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>127</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2> 132</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-top:2pt;margin-bottom:0pt;margin-left:25.9pt;text-indent:-8.65pt;'><font size=2>Net cash used in investing activities</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>(3,407</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=2>)</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2> (9,968</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=2>)</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=2>Cash flows from financing activities:</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='margin-top:2pt;margin-bottom:0pt;margin-left:17.3pt;text-indent:-8.65pt;'><font size=2>Payment on long-term debt</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>(5,389</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=2>)</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>(3,388</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=2>)</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-top:2pt;margin-bottom:0pt;margin-left:17.3pt;text-indent:-8.65pt;'><font size=2>Purchase and retirement of common stock </font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>(38,954</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=2>)</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>(164</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=2>)</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='margin-top:2pt;margin-bottom:0pt;margin-left:17.3pt;text-indent:-8.65pt;'><font size=2>Proceeds from issuance of common stock</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>4,794</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>4,119</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-top:2pt;margin-bottom:0pt;margin-left:17.3pt;text-indent:-8.65pt;'><font size=2>Payment of dividends</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>(6,374</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=2>)</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2> (5,460</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=2>)</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-top:2pt;margin-bottom:0pt;margin-left:25.9pt;text-indent:-8.65pt;'><font size=2>Net cash used in financing activities</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>(45,923</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=2>)</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>(4,893</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=2>)</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=2>Net (decrease) increase in cash and cash equivalents</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>(20,888</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=2>)</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>12,819</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=2>Cash and cash equivalents, beginning of period</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>165,724</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>163,685</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=2>Cash and cash equivalents, end of period</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>144,836</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="8%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>176,504</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr> </table> <br> <p style=' margin-bottom:0pt;text-align:center; margin-top:18pt;'><font size=2>The accompanying notes are an integral part of these consolidated financial
statements.</font></p> <br><p style='margin-bottom:0pt;text-align:center'><font
size=2>5</font></p>
<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
  <p style=' margin-bottom:0pt;text-align:center; margin-top:16pt;'><b><font size=2>Notes to Consolidated Financial Statements</font></b><br><font size=2>(all figures are in thousands except per share data)</font></p>
<p style='margin-bottom:0;margin-top:8pt;text-indent:0in;'><font size=2>Note 1.</font></p><p style='margin-bottom:0pt;margin-top:-11pt;margin-left:0in;text-indent:0.720000028610229in;'><u><font size=2>Summary of Significant Accounting
Policies</font></u></p> <p style=' margin-bottom:0pt; margin-left:0.72in; margin-top:8pt;'><u><font size=2>Nature of Operations</font></u></p> <p style=' margin-bottom:0pt; margin-left:0.72in; margin-top:8pt;'><font size=2>SEI Investments Company
(the &#147;Company&#148;) is organized around its five primary target markets: Private Banking &amp; Trust, Investment Advisors, Enterprises, Money Mangers, and Investments in New Businesses. Private Banking &amp; Trust provides investment
processing solutions, fund processing solutions and investment management programs to banks and private trust companies. Investment Advisors provides investment management programs and investment processing solutions to affluent investors through a
network of financial intermediaries, independent investment advisors and other investment professionals. Enterprises provide retirement and treasury business solutions for corporations, unions, foundations and endowments, and other institutional
investors. Money Managers provides investment solutions to U.S. investment managers, mutual fund companies and alternative investment managers worldwide. Investments in New Businesses include the Company&#146;s global asset management businesses as
well as initiatives into new U.S. markets.</font></p> <p style=' margin-bottom:0pt; margin-left:0.72in; margin-top:8pt;'><u><font size=2>Summary Financial Information and Results of Operations</font></u><font size=2> </font></p> <p style='
margin-bottom:0pt; margin-left:0.72in; margin-top:8pt;'><font size=2>In the opinion of the Company, the accompanying unaudited Consolidated Financial Statements contain all adjustments (consisting of only normal recurring adjustments) necessary to
present fairly the financial position as of March 31, 2003 and the results of operations and cash flows for the three months ended March 31, 2003 and 2002.</font></p> <p style=' margin-bottom:0pt; margin-left:0.72in; margin-top:8pt;'><u><font
size=2>Interim Financial Information</font></u></p> <p style=' margin-bottom:0pt; margin-left:0.72in; margin-top:8pt;'><font size=2>While the Company believes that the disclosures presented are adequate to make the information not misleading, these
Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and the Notes to the Consolidated Financial Statements included in the Company&#146;s latest annual report on Form 10-K.</font></p> <p style='
margin-bottom:0pt; margin-left:0.72in; margin-top:8pt;'><u><font size=2>Principles of Consolidation</font></u></p> <p style=' margin-bottom:0pt; margin-left:0.72in; margin-top:8pt;'><font size=2>The Consolidated Financial Statements include the
accounts of the Company and its wholly owned subsidiaries. The Company&#146;s principal subsidiaries are SEI Investments Distribution Company (SIDCO), SEI Investments Management Corporation (SIMC), and SEI Private Trust Company (SPTC). All
intercompany accounts and transactions have been eliminated. Investment in unconsolidated affiliate is accounted for using the equity method due to the Company&#146;s less than 50 percent ownership. The Company&#146;s portion of the affiliate&#146;s
operating results is reflected in Equity in the earnings of unconsolidated affiliate on the accompanying Consolidated Statements of Income (See Note 6).</font></p> <br><p style='margin-bottom:0pt;text-align:center'><font
size=2>6</font></p>
<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
  <p style=' margin-bottom:0pt; margin-left:0.72in; margin-top:8pt;'><u><font size=2>Property and Equipment</font></u></p> <p style=' margin-bottom:0pt; margin-left:0.72in; margin-top:8pt;'><font size=2>Property and
equipment on the accompanying Consolidated Balance Sheets consist of the following:</font></p> <p style=' margin-bottom:0pt; margin-top:0pt;'>&nbsp;</p>
<table width="93%" border="0" cellspacing=0 cellpadding=0 style='margin-left:51.85pt; border-collapse:collapse'>
<tr>
<td valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;' ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="10%" colspan="2" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font size=1>March 31, </font></b><br> <b><font size=1>2003</font></b></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="12%" colspan="2" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font size=1>December 31, </font></b><br> <b><font size=1>2002</font></b></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="11%" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font size=1>Estimated</font></b><br> <b><font size=1>Useful Lives</font></b><br> <b><font size=1>(In Years)</font></b></p> </td>
<td width="4%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="4%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=2>Equipment</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="9%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>79,781</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="10%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>79,260</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="11%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>3 to 5</font></p> </td>
<td width="4%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=2>Buildings</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="9%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>75,825</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="10%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>75,825</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="11%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>25 to 39</font></p> </td>
<td width="4%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=2>Land</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="9%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>9,345</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="10%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>9,345</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="11%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font SIZE=2>N/A</font></p> </td>
<td width="4%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=2>Purchased software</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="9%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>21,818</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="10%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>21,256</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="11%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>3</font></p> </td>
<td width="4%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=2>Furniture and fixtures</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="9%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>15,548</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="10%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>15,523</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="11%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>3 to 5</font></p> </td>
<td width="4%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=2>Leasehold improvements</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="9%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>7,596</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="10%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>7,386</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="11%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>Lease Term</font></p> </td>
<td width="4%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=2>Construction in progress</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="9%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>10,150</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="10%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>6,873</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="11%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font SIZE=2>N/A</font></p> </td>
<td width="4%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="11%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="9%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>220,063</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="10%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>215,468</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="11%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=2>Less: Accumulated depreciation and amortization</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="9%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>(115,137</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=2>)</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="10%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>(111,210</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=2>)</font></p> </td>
<td width="11%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom > <p ><font size=2>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="11%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=2>Property and Equipment, net</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="9%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>104,926</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="10%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>104,258</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="11%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="11%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr> </table> <br> <p style=' margin-bottom:0pt; margin-left:0.72in; margin-top:8pt;'><font size=2>Property and equipment are stated at cost. Depreciation and amortization are
computed using the straight-line method over the estimated useful life of each asset. Expenditures for renewals and betterments are capitalized, while maintenance and repairs are charged to expense when incurred.</font></p> <p style='
margin-bottom:0pt; margin-left:0.72in; margin-top:8pt;'><u><font size=2>Capitalized Software</font></u></p> <p style=' margin-bottom:0pt; margin-left:0.72in; margin-top:8pt;'><font size=2>The Company accounts for software development costs in
accordance with Statement of Financial Accounting Standards No. 86, &#147;Accounting for the Costs of Computer Software to Be Sold, Leased, or Otherwise Marketed&#148; (&#147;SFAS 86&#148;). Under SFAS 86, costs incurred to create a computer
software product are charged to research and development expense as incurred until technological feasibility has been established. The Company establishes technological feasibility upon completion of a detail program design. At that point, computer
software costs are capitalized until the product is available for general release to customers. The establishment of technological feasibility and the ongoing assessment of recoverability of capitalized software development costs require
considerable judgment by management with respect to certain external factors, including, but not limited to, anticipated future revenues, estimated economic life, and changes in technology. The Company did not capitalize any software development
costs during the three months ended March 31, 2003 and 2002 in accordance with SFAS 86.</font></p> <p style=' margin-bottom:0pt; margin-left:0.72in; margin-top:8pt;'><font size=2>In 2002, the Company adopted the guidance established in EITF 00-03
&#147;Application of AICPA Statement of Position 97-2 to Arrangements That Include the Right to Use Software Stored on Another Entity&#146;s Hardware&#148;, and applies Statement of Position 98-1 (&#147;SOP 98-1&#148;), &#147;Accounting for the Cost
of Computer Software Developed or Obtained for Internal Use,&#148; for development costs associated with software products to be provided in a hosting environment. SOP 98-1 requires that costs incurred in the preliminary project and post
implementation stages of an internal software project be expensed as incurred and that certain costs incurred in the application development stage of a project be capitalized. The Company capitalized $545 in software development costs in accordance
with SOP 98-1 during the three months ended March 31, 2003. The Company did not capitalize any software development costs in accordance with SOP 98-1 during the three months ended March 31, 2002.</font></p> <p style=' margin-bottom:0pt;
margin-left:0.72in; margin-top:8pt;'><font size=2>Amortization of capitalized software development costs begins when the product is released. Capitalized software development costs are amortized on a product-by-product basis using the straight-line
method over the estimated economic life of the product or enhancement, which is primarily three to ten years, with a weighted average remaining life of approximately 5.4 years. Amortization expense was $433 during the three months ended March 31,
2003 and 2002, respectively, and is included in Operating and development expenses on the accompanying Consolidated Statements of Income.</font></p> <br><p style='margin-bottom:0pt;text-align:center'><font
size=2>7</font></p>
<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
  <p style=' margin-bottom:0pt; margin-left:0.72in; margin-top:8pt;'><u><font size=2>Earnings per Share</font></u></p> <p style=' margin-bottom:0pt; margin-left:0.72in; margin-top:8pt;'><font size=2>The Company computes
earnings per common share in accordance with Statement of Financial Accounting Standards No. 128, &#147;Earnings per Share&#148; (&#147;SFAS 128&#148;). Pursuant to SFAS 128, dual presentation of basic and diluted earnings per common share is
required on the face of the statements of income for companies with complex capital structures. Basic earnings per common share is calculated by dividing net income available to common shareholders by the weighted average number of common shares
outstanding for the period. Diluted earnings per common share reflects the potential dilution from the exercise or conversion of securities into common stock, such as stock options. </font></p> <p style=' margin-bottom:0pt;
margin-top:0pt;'>&nbsp;</p>
<table width="93%" border="0" cellspacing=0 cellpadding=0 style='margin-left:51.85pt; border-collapse:collapse'>
<tr>
<td valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;' ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="38%" colspan="7" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font size=1>For the Three Month Period Ended</font></b><br> <b><font size=1>March 31, 2003</font></b></p> </td>
<td width="2%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td width="2%" valign=top > <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td colspan="7" valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;' ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="10%" colspan="2" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font size=1>Income</font></b><br> <b><font size=1>(Numerator)</font></b></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="13%" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font size=1>Shares</font></b><br> <b><font size=1>(Denominator)</font></b></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font size=1>Per Share</font></b><br> <b><font size=1>Amount</font></b></p> </td>
<td width="2%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td width="2%" valign=top > <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=2>Basic earnings per common share</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="9%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>35,087</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="13%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>105,766</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>.33</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td width="2%" valign=top style='background:#CCEEFF'> <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="9%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="13%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=2>Dilutive effect of stock options</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="9%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2> &#151;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="13%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2> 3,800</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td width="2%" valign=top > <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=2>Diluted earnings per common share</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="9%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>35,087</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="13%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>109,566</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>.32</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td width="2%" valign=top style='background:#CCEEFF'> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr> </table> <p style=' margin-bottom:0pt; margin-top:0pt;'>&nbsp;</p>
<table width="93%" border="0" cellspacing=0 cellpadding=0 style='margin-left:51.85pt; border-collapse:collapse'>
<tr>
<td valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;' ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="39%" colspan="7" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font size=1>For the Three Month Period Ended</font></b><br> <b><font size=1>March 31, 2002</font></b></p> </td>
<td width="2%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td width="2%" valign=top > <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td colspan="7" valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;' ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="10%" colspan="2" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font size=1>Income</font></b><br> <b><font size=1>(Numerator)</font></b></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="14%" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font size=1>Shares</font></b><br> <b><font size=1>(Denominator)</font></b></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font size=1>Per Share</font></b><br> <b><font size=1>Amount</font></b></p> </td>
<td width="2%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td width="2%" valign=top > <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=2>Basic earnings per common share</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="9%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>34,001</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="14%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>109,396</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>.31</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td width="2%" valign=top style='background:#CCEEFF'> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="9%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="14%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=2>Dilutive effect of stock options</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="9%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2> &#151;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="14%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>5,588</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td width="2%" valign=top > <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=2>Diluted earnings per common share</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="9%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>34,001</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="14%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>114,984</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>.30</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td width="2%" valign=top style='background:#CCEEFF'> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr> </table> <br> <p style=' margin-bottom:0pt; margin-left:0.72in; margin-top:8pt;'><font size=2>Options to purchase 5,046 and 2,715 shares of common stock, with an average
exercise price of $38.25 and $46.09, were outstanding during the first quarter of 2003 and 2002, respectively, but were excluded from the diluted earnings per common share calculation because the options&#146; exercise prices were greater than the
average market price of the Company&#146;s common stock. </font></p> <p style=' margin-bottom:0pt; margin-left:0.72in; margin-top:8pt;'><u><font size=2>Stock-Based Compensation</font></u></p> <p style=' margin-bottom:0pt; margin-left:0.72in;
margin-top:8pt;'><font size=2>The Company accounts for stock-based compensation in accordance with Accounting Principles Board Opinion No. 25, &#147;Accounting for Stock Issued to Employees,&#148; and related interpretations and has presented the
required Statement of Financial Accounting Standards No. 123, &#147;Accounting for Stock-Based Compensation&#148; (&#147;SFAS 123&#148;), as amended by Statement of Financial Accounting Standards No. 148, &#147;Accounting for Stock-Based
Compensation-Transition and Disclosure&#148; (&#147;SFAS 148&#148;), pro forma disclosure in the table below.</font></p> <p style=' margin-bottom:0pt; margin-left:0.72in; margin-top:8pt;'><font size=2>The Company applies Accounting Principles Board
Opinion No. 25 and related interpretations in accounting for its plans, and accordingly, no compensation cost has been recognized for the Company&#146;s fixed stock-based compensation. Had compensation cost been determined consistent with SFAS 123,
as amended by SFAS 148, the Company&#146;s net income would have been reduced to the following pro forma amounts:</font></p> <br><p style='margin-bottom:0pt;text-align:center'><font
size=2>8</font></p>
<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
  <p style=' margin-bottom:0pt; margin-top:0pt;'><font size=2>&nbsp;</font></p>
<table width="92%" border="0" cellspacing=0 cellpadding=0 style='margin-left:51.85pt; border-collapse:collapse'>
<tr>
<td valign=bottom width="72%" > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;' ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td colspan="5" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font size=1>For the Three Month Period</font></b><br> <b><font size=1>ended March 31</font></b></p> </td>
<td width="3%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top width="72%" > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td colspan="5" valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="3%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom width="72%" > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;' ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font size=1>2003</font></b></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font size=1>2002</font></b></p> </td>
<td width="3%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top width="72%" > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="3%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; ' width="72%"> <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=2>Net income:</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="9%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="3%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom width="72%" > <p style='margin-top:2pt;margin-bottom:0pt;margin-left:17.3pt;text-indent:-8.65pt;'><font size=2>As reported</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="9%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>35,088</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="8%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>34,001</font></p> </td>
<td width="3%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; ' width="72%"> <p style='margin-top:2pt;margin-bottom:0pt;margin-left:17.3pt;text-indent:-8.65pt;'><font size=2>Deduct: Total stock-based employee compensation expense determined under fair value based
method for all awards, net of related tax effects</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="9%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2> (2,202</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>)</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2> (2,326</font></p> </td>
<td width="3%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>)&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top width="72%" > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top width="2%" > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top width="9%" > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top width="2%" > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top width="8%" > <hr noshade width="100%" color="black" size=1> </td>
<td width="3%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; ' width="72%"> <p style='margin-top:2pt;margin-bottom:0pt;margin-left:17.3pt;text-indent:-8.65pt;'><font size=2>Pro forma</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="9%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>32,886</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="8%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>31,675</font></p> </td>
<td width="3%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom width="72%" > <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=2>Basic earnings per common share:</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="9%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="3%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; ' width="72%"> <p style='margin-top:2pt;margin-bottom:0pt;margin-left:17.3pt;text-indent:-8.65pt;'><font size=2>As reported</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="9%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2> .33</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="8%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2> .31</font></p> </td>
<td width="3%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom width="72%" > <p style='margin-top:2pt;margin-bottom:0pt;margin-left:17.3pt;text-indent:-8.65pt;'><font size=2>Pro forma</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="9%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2> .31</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="8%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2> .29</font></p> </td>
<td width="3%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; ' width="72%"> <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=2>Diluted earnings per common share:</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="9%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="3%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom width="72%" > <p style='margin-top:2pt;margin-bottom:0pt;margin-left:17.3pt;text-indent:-8.65pt;'><font size=2>As reported</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="9%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2> .32</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="8%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2> .30</font></p> </td>
<td width="3%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; ' width="72%"> <p style='margin-top:2pt;margin-bottom:0pt;margin-left:17.3pt;text-indent:-8.65pt;'><font size=2>Pro forma</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="9%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2> .30</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="8%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2> .28</font></p> </td>
<td width="3%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr> </table> <br> <p style=' margin-bottom:0pt; margin-left:0.72in; margin-top:8pt;'><u><font size=2>Statements of Cash Flows</font></u></p>
<p style=' margin-bottom:0pt; margin-left:0.72in; margin-top:8pt;'><font size=2>For purposes of the Consolidated Statements of Cash Flows, the Company considers investment instruments purchased with an original maturity of three months or less to be
cash equivalents.</font></p> <p style=' margin-bottom:0pt; margin-left:0.72in; margin-top:8pt;'><font size=2>Supplemental disclosures of cash paid/received during the three months ended March 31 is as follows:</font></p> <p style='
margin-bottom:0pt; margin-top:0pt;'>&nbsp;</p>
<table width="92%" border="0" cellspacing=0 cellpadding=0 style='margin-left:51.85pt; border-collapse:collapse'>
<tr>
<td valign=bottom width="82%" > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;' ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font size=1>2003</font></b></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font size=1>2002</font></b></p> </td>
<td width="3%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top width="82%" > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="3%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; ' width="82%"> <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=2>Interest paid</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="5%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>1,072</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="4%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2> 989</font></p> </td>
<td width="3%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom width="82%" > <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=2>Interest and dividends received</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="5%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>1,394</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="4%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>1,244</font></p> </td>
<td width="3%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; ' width="82%"> <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=2>Income taxes paid</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="5%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2> &#151;</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="4%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2> 56</font></p> </td>
<td width="3%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr> </table> <br> <p style=' margin-bottom:0pt; margin-left:0.72in; margin-top:8pt;'><u><font size=2>Management&#146;s Use of
Estimates</font></u></p> <p style=' margin-bottom:0pt; margin-left:0.72in; margin-top:8pt;'><font size=2>The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to
make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the
reporting period. Actual results could differ from those estimates.</font></p> <p style=' margin-bottom:0pt; margin-left:0.72in; margin-top:8pt;'><u><font size=2>New Accounting Pronouncements</font></u></p> <p style=' margin-bottom:0pt;
margin-left:0.72in; margin-top:8pt;'><font size=2>In November 2002, the Financial Accounting Standards Board (&#147;FASB&#148;) issued FASB Interpretation No. 45,&#148;Guarantor&#146;s Accounting and Disclosure Requirements for Guarantees, Including
Indirect Guarantees of indebtedness of Others,&#148; (&#147;FIN 45&#148;). This interpretation elaborates on the disclosures to be made by a guarantor in its interim and annual financial statements about its obligations under certain guarantees it
has issued. It also clarifies that a guarantor is required to recognize, at the inception of a guarantee, a liability for the fair value of the obligation undertaken in issuing the guarantee. The initial recognition and measurement provisions of FIN
45 are applicable on a prospective basis to guarantees issued or modified on or after January 1, 2003. The recognition and measurement provisions of FIN 45 does not, nor is it expected to, have any material effect on the results of operations,
financial position or liquidity of the Company.</font></p> <p style=' margin-bottom:0pt; margin-left:0.72in; margin-top:8pt;'><font size=2>In January 2003, the FASB issued FASB Interpretation No. 46, &#147;Consolidation of Variable Interest
Entities, an Interpretation of ARB No. 51&#148;, (&#147;FIN 46&#148;). This interpretation provides guidance on the identification of, and financial reporting for, entities over which control is achieved through means other than voting rights. The
consolidation requirements of FIN 46 apply immediately to variable interest entities created after January 31, 2003 and to older entities in interim periods beginning after June 30, 2003. Certain of the disclosure requirements apply to all financial
statements issued after January 31, 2003, regardless of when the variable interest entity was established. The Company does not believe the adoption of FIN 46 has any material effect on the results of operations, financial position, liquidity or
disclosure requirements.</font></p> <br> <p style='margin-bottom:0pt;text-align:center'><font size="2">9</font></p>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
  <p style=' margin-bottom:0pt; margin-left:0.72in; margin-top:8pt;'><font size=2>In February 2003, the Emerging Issues Task Force (&#147;EITF&#148;) ratified Issue No. 00-21,&#148;Revenue Arrangements with Multiple
Deliverables&#148;, (&#147;Issue 00-21&#148;). Issue 00-21 addresses certain aspects of the accounting by a vendor for arrangements under which it will perform multiple revenue-generating activities and addresses how to determine whether an
arrangement involving multiple deliverables contains more than one unit of accounting. The Company provides certain services that involve a series of different product offerings that can be purchased as a complete solution or as individual
components. Consideration for these types of services is usually a combination of fixed and variable payment amounts. Currently, the Company is evaluating the impact Issue 00-21 could have on our results of operations, financial position, liquidity
and disclosure requirements. Issue 00-21 becomes effective for revenue arrangements entered into after June 30, 2003.</font></p> <p style='margin-bottom:0;margin-top:6pt;text-indent:0in;'><font size=2>Note 2.</font></p><p
style='margin-bottom:0pt;margin-top:-11pt;margin-left:0.74in;'><u><font size=2>Comprehensive Income</font></u><font size=2> &#150; The Company computes comprehensive income in accordance with Statement of Financial Accounting Standards No. 130,
&#147;Reporting Comprehensive Income&#148; (&#147;SFAS 130&#148;). SFAS 130 establishes standards for reporting and presentation of comprehensive income and its components (revenues, expenses, gains and losses) in a full set of general-purpose
financial statements that is presented with equal prominence as other financial statements. Comprehensive income includes net income, foreign currency translation adjustments, and unrealized holding gains and losses and is presented on the
accompanying Consolidated Statements of Income. Accumulated other comprehensive losses on the Consolidated Balance Sheets is the change from December 31, 2002 to March 31, 2003 as follows:</font></p> <p style=' margin-bottom:0pt;
margin-top:0pt;'>&nbsp;</p>
<table width="93%" border="0" cellspacing=0 cellpadding=0 style='margin-left:51.85pt; border-collapse:collapse'>
<tr>
<td valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;' ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="10%" colspan="2" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font size=1>Foreign</font></b><br> <b><font size=1>Currency</font></b><br> <b><font size=1>Translation</font></b><br> <b><font
size=1>Adjustments</font></b></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="12%" colspan="2" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font size=1>Unrealized</font></b><br> <b><font size=1>Holding</font></b><br> <b><font size=1>Losses</font></b><br> <b><font size=1>on
Investments</font></b></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="12%" colspan="2" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font size=1>Accumulated</font></b><br> <b><font size=1>Other</font></b><br> <b><font size=1>Comprehensive</font></b><br> <b><font
size=1>Losses</font></b></p> </td>
<td width="2%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td width="2%" valign=top > <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=2>Beginning balance (Dec. 31, 2002)</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="8%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>367</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="10%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>(1,725</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>)</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="11%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>(1,358</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>)&nbsp;&nbsp;</font></p> </td>
<td width="2%" valign=top style='background:#CCEEFF'> <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=2>Current period change</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>(18</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=2>)</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="10%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>(341</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=2>)</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="11%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2> (359</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=2>)&nbsp;&nbsp;</font></p> </td>
<td width="2%" valign=top > <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td width="50%" valign=bottom style='background:#CCEEFF; '> <p style='margin-bottom:0;margin-top:2pt;'><font size=2>Ending Balance (March 31, 2003)</font></p><p style='margin-bottom:0pt;margin-top:0pt;text-indent:2.16in;'></p> <font
size=1>&nbsp;</font><p></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="8%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>349</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="10%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>(2,066</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>)</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="11%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>(1,717</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>)&nbsp;&nbsp;</font></p> </td>
<td width="2%" valign=top style='background:#CCEEFF'> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr> </table> <br> <p style='margin-bottom:0;margin-top:6pt;text-indent:0in;'><font size=2>Note 3.</font></p><p
style='margin-bottom:0pt;margin-top:-11pt;margin-left:0.74in;'><u><font size=2>Receivables</font></u><font size=2> - Receivables on the accompanying Consolidated Balance Sheets consist of the following:</font></p> <p style=' margin-bottom:0pt;
margin-top:0pt;'>&nbsp;</p>
<table width="93%" border="0" cellspacing=0 cellpadding=0 style='margin-left:51.85pt; border-collapse:collapse'>
<tr>
<td valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;' ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font size=1>March 31,</font></b><br> <b><font size=1>2003</font></b></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="12%" colspan="2" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font size=1>December 31,</font></b><br> <b><font size=1>2002 </font></b></p> </td>
<td width="2%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td width="2%" valign=top > <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=2>Trade receivables</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="8%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>27,709</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="10%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>20,326</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td width="2%" valign=top style='background:#CCEEFF'> <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=2>Fees earned, not received</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>1,407</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="10%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>1,452</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td width="2%" valign=top > <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=2>Fees earned, not billed</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>34,793</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="10%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>31,976</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td width="2%" valign=top style='background:#CCEEFF'> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>63,909</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="10%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>53,754</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td width="2%" valign=top style='background:#CCEEFF'> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td width="66%" valign=bottom > <p style='margin-bottom:0;margin-top:2pt;'><font size=2>Less: Allowance for doubtful accounts</font></p><p style='margin-bottom:0pt;margin-top:0pt;text-indent:2.16in;'></p> <font size=1>&nbsp;</font><p></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2> (1,700</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=2>)</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="10%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2> (1,700</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=2>)&nbsp;&nbsp;</font></p> </td>
<td width="2%" valign=top > <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="8%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>62,209</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="10%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>52,054</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td width="2%" valign=top style='background:#CCEEFF'> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr> </table> <br> <p style=' margin-bottom:0pt; margin-left:0.72in; margin-top:8pt;'><font size=2>Fees earned, not received represent brokerage commissions earned but not yet
collected. Fees earned, not billed represent receivables earned but unbilled and result from timing differences between services provided and contractual billing schedules.</font></p> <p style=' margin-bottom:0pt; margin-left:0.72in;
margin-top:8pt;'><font size=2>Receivables from regulated investment companies on the accompanying Consolidated Balance Sheets represent fees collected from the Company&#146;s wholly owned subsidiaries, SIDCO and SIMC, for distribution, investment
advisory, and administration services provided by these subsidiaries to various regulated investment companies sponsored by the Company.</font></p> <br> <p style='margin-bottom:0pt;text-align:center'><font size=2>10</font></p>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
  <p style='margin-bottom:0;margin-top:6pt;text-indent:0in;'><font size=2>Note 4.</font></p><p style='margin-bottom:0pt;margin-top:-11pt;margin-left:0.72in;'><u><font size=2>Investments Available for
Sale</font></u><font size=2> - The Company accounts for investments in marketable securities pursuant to Statement of Financial Accounting Standards No. 115, &#147;Accounting for Certain Investments in Debt and Equity Securities&#148; (&#147;SFAS
115&#148;). SFAS 115 requires that debt and equity securities classified as available for sale be reported at market value. Unrealized holding gains and losses, net of income taxes, are reported as a separate component of comprehensive income.
Realized gains and losses, as determined on a specific identification basis, are reported separately on the accompanying Consolidated Statements of Income.</font></p> <p style=' margin-bottom:0pt; margin-top:0pt;'>&nbsp;</p>
<table width="93%" border="0" cellspacing=0 cellpadding=0 style='margin-left:51.85pt; border-collapse:collapse'>
<tr>
<td valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;' ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="46%" colspan="11" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font size=1>As of March 31, 2003</font></b></p> </td>
<td width="3%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td width="3%" valign=top > <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td colspan="11" valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="3%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="3%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;' ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font size=1>Cost </font></b><br> <b><font size=1>Amount</font></b></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font size=1>Gross</font></b><br> <b><font size=1>Unrealized </font></b><br> <b><font size=1>Gains</font></b></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font size=1>Gross</font></b><br> <b><font size=1>Unrealized </font></b><br> <b><font size=1>(Losses)</font></b></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="11%" colspan="2" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font size=1>Fair </font></b><br> <b><font size=1>Value</font></b></p> </td>
<td width="3%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td width="3%" valign=top > <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="3%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="3%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=2>Company-sponsored mutual funds</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>41,787</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p style='margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>534</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>(472</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>)</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="10%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>41,849</font></p> </td>
<td width="3%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td width="3%" valign=top style='background:#CCEEFF'> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=2>Equity securities</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>22,214</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>&#151;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>(3,322</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=2>)</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="10%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>18,892</font></p> </td>
<td width="3%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td width="3%" valign=top > <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="3%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="3%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>64,001</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p style='margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>534</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>(3,794</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>)</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="10%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>60,741</font></p> </td>
<td width="3%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>&nbsp;</font></p> </td>
<td width="3%" valign=top style='background:#CCEEFF'> <p ><font size=1>&nbsp;</font></p> </td> </tr> </table> <p style=' margin-bottom:0pt; margin-top:0pt;'>&nbsp;&nbsp;</p>
<table width="93%" border="0" cellspacing=0 cellpadding=0 style='margin-left:51.85pt; border-collapse:collapse'>
<tr>
<td valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;' ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="46%" colspan="11" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font size=1>As of December 31, 2002</font></b></p> </td>
<td width="3%" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;&nbsp;</font></p> </td>
<td width="3%" valign=top > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td colspan="11" valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="3%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="3%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=2>Company-sponsored mutual funds</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>45,642</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>860</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>(331</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>)</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="10%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>46,171</font></p> </td>
<td width="3%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td width="3%" valign=top style='background:#CCEEFF'> <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=2>Equity securities</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>19,543</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>&#151;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>(3,281</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=2>)</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="10%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>16,262</font></p> </td>
<td width="3%" valign=bottom > <p ><font size=2>&nbsp;</font></p> </td>
<td width="3%" valign=top > <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="3%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="3%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>65,185</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>860</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2> (3,612</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>)</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="10%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>62,433</font></p> </td>
<td width="3%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td width="3%" valign=top style='background:#CCEEFF'> <p ><font size=1>&nbsp;</font></p> </td> </tr> </table> <p style=' margin-bottom:0pt; margin-left:0.72in; margin-top:8pt;'><font size=2>The net unrealized holding losses at March 31, 2003 were
$2,066 (net of income tax benefit of $1,194) and at December 31, 2002 were $1,725 (net of income tax benefit of $1,027) and are reported as a separate component of Accumulated other comprehensive losses on the accompanying Consolidated Balance
Sheets.</font></p> <p style=' margin-bottom:0pt; margin-left:0.72in; margin-top:8pt;'><font size=2>Management performs a review of all investments in marketable securities on a quarterly basis with regards to impairment. Factors considered in
determining other-than-temporary impairment are significant or prolonged declines in the price of investments based on available market prices. Additional consideration is given to the ability to recover the carrying amount of the investment. During
the first quarter of 2003, management determined that certain investments were impaired. The Company recorded an impairment charge of $595 related to other-than temporary declines in fair value and is included in Net loss from investments on the
accompanying Consolidated Statements of Income.</font></p> <p style=' margin-bottom:0pt; margin-left:0.72in; margin-top:8pt;'><font size=2>During the first quarter 2003, the Company recognized gross realized gains from available-for-sale securities
of $10 and gross realized losses from available-for-sale securities of $155.</font></p> <p style='margin-bottom:0;margin-top:6pt;text-indent:0in;'><font size=2>Note 5. </font></p><p
style='margin-bottom:0pt;margin-top:-11pt;margin-left:0.72in;'><u><font size=2>Derivative Instruments and Hedging Activities</font></u><font size=2> - The Company is exposed to market risk associated with its designated Investments available for
sale. To provide some protection against potential market fluctuations associated with its investments available for sale, the Company has entered into various derivative financial transactions in the form of futures and equity contracts (i.e.
derivatives).</font></p> <p style=' margin-bottom:0pt; margin-left:0.72in; margin-top:8pt;'><font size=2>The Company accounts for its derivatives in accordance with Statement of Financial Accounting Standards No. 133, &#147;Accounting for Derivative
Instruments and Hedging Activities,&#148; (&#147;SFAS 133&#148; ) and SFAS No. 138, &#147;Accounting for Certain Derivative Instruments and Certain Hedging Activities &#150; an amendment of FASB Statement No. 133,&#148; (&#147;SFAS 138&#148;).
</font></p> <br> <p style='margin-bottom:0pt;text-align:center'><font size=2>11</font></p>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
  <p style=' margin-bottom:0pt; margin-left:0.72in; margin-top:8pt;'><font size=2>The Company recognizes all derivatives on the balance sheet at fair value. On the date the derivative instrument is entered into, the
Company generally designates the derivative as a hedge of the fair value of a recognized asset. Changes in the fair value of a derivative that is designated as, and meets all the required criteria for, a fair value hedge, along with the gain or loss
on the hedged asset that is attributable to the hedged risk, are recorded in current period earnings. The portion of the change in fair value of a derivative associated with hedge ineffectiveness or the component of a derivative instrument excluded
from the assessment of hedge effectiveness is recorded currently in earnings. Also, changes in the entire fair value of a derivative that is not designated as a hedge are recognized immediately in earnings. The Company formally documents all
relationships between hedging instruments and hedged items, as well as its risk-management objective and strategy for undertaking various hedge transactions. This process includes relating all derivatives that are designated as fair value hedges to
specific assets on the balance sheet. </font></p> <p style=' margin-bottom:0pt; margin-left:0.72in; margin-top:8pt;'><font size=2>The Company also formally assesses, both at the inception of the hedge and on an ongoing basis, whether each derivative
is highly effective in offsetting changes in fair values of the hedged item. If it is determined that a derivative is not highly effective as a hedge or if a derivative ceases to be a highly effective hedge, the Company will discontinue hedge
accounting prospectively. </font></p> <p style=' margin-bottom:0pt; margin-left:0.72in; margin-top:8pt;'><font size=2>At March 31, 2003, Net loss from investments on the accompanying Consolidated Statements of Income includes a net gain of $658 from
hedge ineffectiveness. </font></p> <p style=' margin-bottom:0pt; margin-left:0.72in; margin-top:8pt;'><font size=2>The Company currently holds futures contracts with a notional amount of $1,126 with a financial institution for various terms. The
Company also currently holds equity derivatives with a notional amount of $18,892 with a financial institution with various terms. During the three months ended March 31, 2003, the Company did not enter into or hold derivative financial instruments
for trading purposes.</font></p> <p style='margin-bottom:0;margin-top:8pt;text-indent:0in;'><font size=2>Note 6.</font></p><p style='margin-bottom:0pt;margin-top:-11pt;margin-left:0in;text-indent:0.720000028610229in;'><u><font size=2>Other
Assets</font></u><font size=2> - Other assets on the accompanying Consolidated Balance Sheets consist of the following:</font></p> <p style=' margin-bottom:0pt; margin-top:0pt;'>&nbsp;</p>
<table width="93%" border="0" cellspacing=0 cellpadding=0 style='margin-left:51.85pt; border-collapse:collapse'>
<tr>
<td valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;' ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="11%" colspan="2" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font size=1>March 31,</font></b><br> <b><font size=1>2003</font></b></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="13%" colspan="2" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font size=1>December 31,</font></b><br> <b><font size=1>2002</font></b></p> </td>
<td width="3%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="3%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-top:2pt;margin-bottom:0pt;margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>Investment in unconsolidated affiliate</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="10%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>8,829</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="12%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>8,535</font></p> </td>
<td width="3%" valign=bottom style='background:#CCEEFF;'> <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='margin-top:2pt;margin-bottom:0pt;margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>Other, net</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="10%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>13,561</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="12%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>14,890</font></p> </td>
<td width="3%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-top:2pt;margin-bottom:0pt;margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>Other assets</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="10%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>22,390</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="12%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>23,425</font></p> </td>
<td width="3%" valign=bottom style='background:#CCEEFF;'> <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr> </table> <p style=' margin-bottom:0pt; margin-left:0.72in; margin-top:8pt;'><font size=2>Other, net consists of long-term prepaid
expenses, deposits and other investments carried at cost.</font></p> <p style=' margin-bottom:0pt; margin-left:0.72in; margin-top:8pt;'><u><font size=2>Investment in Unconsolidated Affiliate</font></u><b><font size=2> </font></b><font size=2>&#150;
LSV Asset Management (&#147;LSV&#148;) is a partnership formed between the Company and several leading academics in the field of finance. LSV is a registered investment advisor, which provides investment advisory services to institutions, including
pension plans and investment companies. LSV is currently the portfolio manager for a number of Company-sponsored mutual funds. The Company&#146;s interest in LSV was approximately 44 percent for the first quarter of 2003 and 2002. LSV is accounted
for using the equity method of accounting due to the Company&#146;s less than 50 percent ownership. The Company&#146;s portion of LSV&#146;s net earnings is reflected in Equity in the earnings of unconsolidated affiliate on the accompanying
Consolidated Statements of Income.</font></p> <br> <p style='margin-bottom:0pt;text-align:center'><font size=2>12</font></p>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
  <p style=' margin-bottom:0pt; margin-left:0.72in; margin-top:8pt;'><font size=2>The following table contains the condensed statements of income of LSV for the three months ended March 31:</font></p> <p style='
margin-bottom:0pt; margin-top:0pt;'>&nbsp;</p>
<table width="93%" border="0" cellspacing=0 cellpadding=0 style='margin-left:51.85pt; border-collapse:collapse'>
<tr>
<td valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;' ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font size=1>2003</font></b></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font size=1>2002</font></b></p> </td>
<td width="3%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td width="3%" valign=top > <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="3%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="3%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-top:2pt;margin-bottom:0pt;margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>Revenues</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>10,788</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>8,591</font></p> </td>
<td width="3%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td width="3%" valign=top style='background:#CCEEFF'> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td width="3%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="3%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-top:2pt;margin-bottom:0pt;margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>Net income</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>8,243</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>6,111</font></p> </td>
<td width="3%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td width="3%" valign=top style='background:#CCEEFF'> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td width="3%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="3%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr> </table> <p style=' margin-bottom:0pt; margin-left:0.72in; margin-top:8pt;'><font size=2>The following table contains the condensed balance sheets of LSV:</font></p> <p
style=' margin-bottom:0pt; margin-top:0pt;'>&nbsp;</p>
<table width="93%" border="0" cellspacing=0 cellpadding=0 style='margin-left:51.85pt; border-collapse:collapse'>
<tr>
<td valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;' ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font size=1>March 31,</font></b><br> <b><font size=1>2003</font></b></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="12%" colspan="2" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font size=1>December 31,</font></b><br> <b><font size=1>2002</font></b></p> </td>
<td width="3%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td width="3%" valign=top > <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="3%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="3%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-top:2pt;margin-bottom:0pt;margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>Current assets</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="8%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>17,585</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="11%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>18,193</font></p> </td>
<td width="3%" valign=bottom style='background:#CCEEFF;'> <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td width="3%" valign=top style='background:#CCEEFF'> <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='margin-top:2pt;margin-bottom:0pt;margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>Non-current assets</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>424</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="11%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>280</font></p> </td>
<td width="3%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td width="3%" valign=top > <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="3%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="3%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-top:2pt;margin-bottom:0pt;margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>Total assets</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="8%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>18,009</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="11%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>18,473</font></p> </td>
<td width="3%" valign=bottom style='background:#CCEEFF;'> <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td width="3%" valign=top style='background:#CCEEFF'> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td width="3%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="3%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-top:2pt;margin-bottom:0pt;margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>Current liabilities</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="8%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>1,440</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="11%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>2,383</font></p> </td>
<td width="3%" valign=bottom style='background:#CCEEFF;'> <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td width="3%" valign=top style='background:#CCEEFF'> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='margin-top:2pt;margin-bottom:0pt;margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>Partners&#146; capital</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>16,569</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="11%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>16,090</font></p> </td>
<td width="3%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td width="3%" valign=top > <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="3%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="3%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-top:2pt;margin-bottom:0pt;margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>Total liabilities and partners&#146; capital</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="8%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>18,009</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="11%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>18,473</font></p> </td>
<td width="3%" valign=bottom style='background:#CCEEFF;'> <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td width="3%" valign=top style='background:#CCEEFF'> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td width="3%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="3%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr> </table> <p style='margin-bottom:0;margin-top:6pt;text-indent:0in;'><font size=2>Note 7.</font></p><p style='margin-bottom:0pt;margin-top:-11pt;margin-left:0.74in;'><u><font
size=2>Accrued Expenses</font></u><font size=2> &#150; Accrued expenses on the accompanying Consolidated Balance Sheets consist of the following:</font></p> <p style=' margin-bottom:0pt; margin-top:0pt;'>&nbsp;</p>
<table width="93%" border="0" cellspacing=0 cellpadding=0 style='margin-left:51.85pt; border-collapse:collapse'>
<tr>
<td valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;' ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="10%" colspan="2" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font size=1>March 31,</font></b><br> <b><font size=1>2003</font></b></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="13%" colspan="2" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font size=1>December 31,</font></b><br> <b><font size=1>2002</font></b></p> </td>
<td width="3%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td width="3%" valign=top > <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="3%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="3%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-top:2pt;margin-bottom:0pt;margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>Accrued compensation</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="9%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>16,572</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="11%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>33,612</font></p> </td>
<td width="3%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td width="3%" valign=top style='background:#CCEEFF'> <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='margin-top:2pt;margin-bottom:0pt;margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>Accrued income taxes</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="9%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>27,985</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="11%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>9,281</font></p> </td>
<td width="3%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td width="3%" valign=top > <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-top:2pt;margin-bottom:0pt;margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>Accrued proprietary fund services</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="9%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>8,875</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="11%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>8,403</font></p> </td>
<td width="3%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td width="3%" valign=top style='background:#CCEEFF'> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='margin-top:2pt;margin-bottom:0pt;margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>Accrued brokerage services</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="9%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>8,941</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="11%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>9,103</font></p> </td>
<td width="3%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td width="3%" valign=top > <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-top:2pt;margin-bottom:0pt;margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>Other accrued expenses</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="9%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>47,863</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="11%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>59,028</font></p> </td>
<td width="3%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td width="3%" valign=top style='background:#CCEEFF'> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="3%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="3%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-top:2pt;margin-bottom:0pt;margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>Total accrued expenses</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="9%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>110,236</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="11%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>119,427</font></p> </td>
<td width="3%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td width="3%" valign=top style='background:#CCEEFF'> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td width="3%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="3%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr> </table> <p style='margin-bottom:0;margin-top:6pt;text-indent:0in;'><font size=2>Note 8.</font></p> <p style='margin-bottom:0pt;margin-top:-11pt;margin-left:0.72in;'><u><font
size=2>Line of Credit</font></u><font size=2> - The Company has a line of credit agreement (the &#147;Agreement&#148;) with a principle lending institution. The Agreement provides for borrowings of up to $25,000 and expires on June 30, 2003, at
which time the outstanding principal balance, if any, becomes due unless the Agreement is extended. The line of credit, when utilized, accrues interest at the Prime rate or one and one-quarter percent above the London Interbank Offer Rate (LIBOR).
The Company is obligated to pay a commitment fee equal to one-quarter of one percent per annum on the average daily unused portion of the commitment. Certain covenants under the Agreement require the Company to maintain specified levels of net worth
and place certain restrictions on investments.</font></p> <br> <p style='margin-bottom:0pt;text-align:center'><font size=2>13</font></p>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
  <p style='margin-bottom:0;margin-top:6pt;text-indent:0in;'><font size=2>Note 9.</font></p><p style='margin-bottom:0pt;margin-top:-11pt;margin-left:0.72in;'><u><font size=2>Long-term Debt</font></u><font size=2> - On
February 24, 1997, the Company signed a Note Purchase Agreement authorizing the issuance and sale of $20,000 of 7.20% Senior Notes, Series A, and $15,000 of 7.27% Senior Notes, Series B, (collectively, the &#147;Notes&#148;) in a private offering
with certain financial institutions. The Notes are unsecured with final maturities ranging from 10 to 15 years. The proceeds from the Notes were used to repay the outstanding balance on the Company&#146;s line of credit at that date. The Note
Purchase Agreement, as amended, contains various covenants, including limitations on indebtedness, maintenance of minimum net worth levels, and restrictions on certain investments. In addition, the Note Purchase Agreement limits the Company&#146;s
ability to merge or consolidate, and to sell certain assets. The Company was in compliance with all covenants under the Notes during the period ending March 31, 2003.</font></p> <p style=' margin-bottom:0pt; margin-left:0.72in;
margin-top:8pt;'><font size=2>Principal payments on the Notes are made annually from the date of issuance while interest payments are made semi-annually. The Company made its scheduled payment of $4,000 in February 2003. The current portion of the
Notes amounted to $4,000 at March 31, 2003. </font></p> <p style=' margin-bottom:0pt; margin-left:0.72in; margin-top:8pt;'><font size=2>On June 26, 2001 the Company entered into a loan agreement (the &#147;Loan Agreement&#148;) with a separate
lending institution. The Loan Agreement provides for borrowing up to $25,000 in the form of a term loan, and expires on March 31, 2006 and is payable in seventeen equal quarterly installments. The term loan, when utilized, accrues interest at the
Prime rate or one and thirty-five hundredths of one percent above the London Interbank Offer Rate (LIBOR). The Loan Agreement contains various covenants, including limitations on indebtedness and restrictions on certain investments. None of these
covenants negatively affect the Company&#146;s liquidity or capital resources. On August 2, 2001, the Company borrowed $25,000 on this term loan. The proceeds from the Loan Agreement were used to support capital improvement projects for our
corporate campus and other business purposes. The Company made its scheduled payment of $1,389 in March 2003. The current portion of the Loan Agreement amounted to $5,556 at March 31, 2003. The interest rate being applied at March 31, 2003 was
3.19%. The company was in compliance with all covenants under the Loan Agreement during the period ending March 31, 2003. </font></p> <p style='margin-bottom:0;margin-top:6pt;text-indent:0in;'><font size=2>Note 10.</font></p><p
style='margin-bottom:0pt;margin-top:-11pt;margin-left:0.73in;'><u><font size=2>Common Stock Buyback</font></u><font size=2> - The Board of Directors has authorized the purchase of the Company&#146;s common stock on the open market or through private
transactions of up to an aggregate of $703,365. Through March 31, 2003, a total of 108,065,000 shares at an aggregate cost of $645,251 have been purchased and retired. The Company purchased 1,585,000 shares at a total cost of $38,954 during the
three month period ended March 31, 2003.</font></p> <p style=' margin-bottom:0pt; margin-left:0.72in; margin-top:8pt;'><font size=2>The Company immediately retires its common stock when purchased. Upon retirement, the Company reduces Capital in
excess of par value for the average capital per share outstanding and the remainder is charged against Retained earnings. If the Company reduces its Retained earnings to zero, any subsequent purchases of common stock will be charged entirely to
Capital in excess of par value.</font></p> <p style='margin-bottom:0;margin-top:6pt;text-indent:0in;'><font size=2>Note 11.</font></p><p style='margin-bottom:0pt;margin-top:-11pt;margin-left:0.72in;'><u><font size=2>Segment
Information</font></u><font size=2> &#150; The Company defines its business segments in accordance with Statement of Financial Accounting Standards No. 131, &#147;Disclosures about Segments of an Enterprise and Related Information&#148; (&#147;SFAS
131&#148;). SFAS 131 establishes standards for the way public business enterprises report financial information about operating segments in financial statements. SFAS 131 also requires additional disclosures about product and services, geographic
areas, and major customers. </font></p> <p style=' margin-bottom:0pt; margin-left:0.72in; margin-top:8pt;'><font size=2>The Company&#146;s management evaluates financial performance of its operating segments based on Income from operations. Our
operations and organizational structures were realigned in 2001 into separate business units that offer products and services tailored for particular market segments. Our reportable segments are Private Banking and Trust, Investment Advisors,
Enterprises, Money Managers, and Investments in New Businesses. The accounting policies of the reportable segments are the same as those described in Note 1. The information in the following tables is derived from the Company&#146;s internal
financial reporting used for corporate management purposes. There are no inter-segment revenues for the three months ended March 31, 2003 and 2002. Management evaluates Company assets on a consolidated basis during interim periods. </font></p> <br>
<p style='margin-bottom:0pt;text-align:center'><font size=2>14</font></p>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
  <p style=' margin-bottom:0pt; margin-left:0.72in; margin-top:8pt;'><font size=2>The following tables highlight certain unaudited financial information about each of the Company&#146;s segments for the three months
ended March 31, 2003 and 2002. </font></p> <p style=' margin-bottom:0pt; margin-top:0pt;'>&nbsp;</p>
<table width="100%" border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse; '>
<tr>
<td valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;' ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font size=1>Private</font></b><br> <b><font size=1>Banking</font></b><br> <b><font size=1>&amp; Trust</font></b></p> </td>
<td width="1%" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font size=1>Investment</font></b><br> <b><font size=1>Advisors</font></b></p> </td>
<td width="1%" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font size=1>Enterprises</font></b></p> </td>
<td width="1%" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font size=1>Money</font></b><br> <b><font size=1>Managers</font></b></p> </td>
<td width="1%" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font size=1>Investments</font></b><br> <b><font size=1>In New </font></b><br> <b><font size=1>Businesses</font></b></p> </td>
<td width="1%" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="11%" colspan="2" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font size=1>General</font></b><br> <b><font size=1>And</font></b><br> <b><font size=1>Administrative</font></b></p> </td>
<td width="1%" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font size=1>Total</font></b></p> </td>
<td width="1%" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;' ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="38%" colspan="11" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font size=1>For the Three Month Period Ended March 31, 2003</font></b></p> </td>
<td width="1%" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="11%" colspan="2" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td colspan="11" valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td colspan="2" valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td colspan="2" valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=2>Revenues</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>76,895</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>35,913</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>14,024</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>12,332</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>11,441</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>150,605</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=2>Operating income (loss)</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>33,601</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>19,603</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>6,436</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>1,970</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2> (4,446</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>)</font></p> </td>
<td width="4%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2> (5,651</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>)</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>51,513</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=2>Other income,net</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>4,182</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=2>Income before income taxes</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>55,695</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=2>Depreciation and amortization</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>2,590</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>824</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>210</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>312</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>313</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>131</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>4,380</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=2>Capital expenditures</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>2,728</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>823</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>374</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>284</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>655</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>237</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>5,101</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr> </table> <br> <p style=' margin-bottom:0pt; margin-top:0pt;'>&nbsp;</p>
<table width="100%" border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse; '>
<tr>
<td width="24%" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font size=1>Private</font></b><br> <b><font size=1>Banking</font></b><br> <b><font size=1>&amp; Trust</font></b></p> </td>
<td width="1%" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font size=1>Investment</font></b><br> <b><font size=1>Advisors</font></b></p> </td>
<td width="1%" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font size=1>Enterprises</font></b></p> </td>
<td width="1%" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font size=1>Money</font></b><br> <b><font size=1>Managers</font></b></p> </td>
<td width="1%" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font size=1>Investments</font></b><br> <b><font size=1>In New </font></b><br> <b><font size=1>Businesses</font></b></p> </td>
<td width="1%" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="11%" colspan="2" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font size=1>General</font></b><br> <b><font size=1>And</font></b><br> <b><font size=1>Administrative</font></b></p> </td>
<td width="1%" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font size=1>Total</font></b></p> </td>
<td width="1%" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td width="24%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td width="24%" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="38%" colspan="11" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font size=1>For the Three Month Period Ended March 31, 2002</font></b></p> </td>
<td width="1%" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td width="24%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td colspan="11" valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=2>Revenues</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>82,958</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>38,891</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>14,732</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>10,797</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>11,837</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>159,215</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=2>Operating income (loss)</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>33,825</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>17,983</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>5,388</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>2,424</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2> (3,289</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>)</font></p> </td>
<td width="4%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>(5,709</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>)</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>50,622</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=2>Other income, net </font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>3,348</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>&nbsp;&nbsp;</font><b></b></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=2>Income before income taxes</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>53,970</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=2>Depreciation and amortization</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>2,747</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>738</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>261</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>243</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>309</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>135</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>4,433</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=2>Capital expenditures</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>5,055</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>1,802</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>862</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>593</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>642</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>647</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>9,601</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr> </table> <br> <br> <p style='margin-bottom:0pt;text-align:center'><font size=2>15</font></p>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
  <p style='margin-bottom:0;margin-top:12pt;text-indent:0in;'><u><b><font size=2>Item 2.</font></b></u></p><p style='margin-bottom:0pt;margin-top:-11pt;margin-left:0.75in;'><u><b><font size=2>Management&#146;s
Discussion and Analysis of Financial Condition and Results of Operations</font></b></u><b><font size=2>.</font></b></p> <p style=' margin-bottom:0pt;text-align:center; margin-top:16pt;'><font size=2>(In thousands, except asset balances and per share
data)</font></p> <p style=' margin-bottom:0pt; margin-top:8pt;'><font size=2>This discussion reviews and analyzes the consolidated financial condition at March 31, 2003 and 2002, the consolidated results of operations for the three months ended
March 31, 2003 and 2002 and other key factors that may affect future performance. This discussion should be read in conjunction with the Consolidated Financial Statements and the Notes to the Consolidated Financial Statements.</font></p> <p style='
margin-bottom:0pt; margin-top:12pt;'><u><b><font size=2>Results of Operations</font></b></u></p> <p style=' margin-bottom:0pt; margin-top:8pt;'><i><font size=2>Three Months Ended March 31, 2003 compared to Three Months Ended March 31,
2002</font></i></p> <p style=' margin-bottom:0pt; margin-top:12pt;'><u><b><font size=2>Consolidated Overview</font></b></u></p> <p style=' margin-bottom:0pt; margin-top:8pt;'><font size=2>Our operations are organized into five business segments that
offer various products and services tailored to meet the needs of particular markets. Our reportable segments are: Private Banking and Trust, Investment Advisors, Enterprises, Money Managers, and Investments in New Businesses. The accounting
policies of our business segments are the same as those used in preparation of the consolidated financial statements. Management evaluates financial performance of its operating segments based on Income from operations. </font></p> <p style='
margin-bottom:0pt; margin-top:0pt;'>&nbsp;</p>
<table width="93%" border="0" cellspacing=0 cellpadding=0 style='margin-left:51.85pt; border-collapse:collapse'>
<tr>
<td valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;' ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="38%" colspan="7" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font size=1>For the Three Month Period Ended March 31,</font></b></p> </td>
<td width="5%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td width="5%" valign=top > <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td colspan="7" valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="5%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;' ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="12%" colspan="2" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font size=1>2003</font></b></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="12%" colspan="2" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font size=1>2002</font></b></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="9%" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font size=1>Percent</font></b><br> <b><font size=1>Change</font></b></p> </td>
<td width="5%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td width="5%" valign=top > <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="5%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;'><font size=2>Private Banking and Trust:</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="10%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="10%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="9%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td width="5%" valign=top style='background:#CCEEFF'> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='margin-top:2pt;margin-bottom:0pt;margin-left:17.3pt;text-indent:-8.65pt;'><font size=2>Revenues</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="10%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>76,895</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="10%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>82,958</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="9%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>(7</font></p> </td>
<td width="5%" valign=bottom > <p ><font size=2>%)&nbsp;&nbsp;</font></p> </td>
<td width="5%" valign=top > <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-top:2pt;margin-bottom:0pt;margin-left:17.3pt;text-indent:-8.65pt;'><font size=2>Income from operations</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="10%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>33,601</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="10%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>33,825</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="9%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>(1</font></p> </td>
<td width="5%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>%)&nbsp;&nbsp;</font></p> </td>
<td width="5%" valign=top style='background:#CCEEFF'> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;'><font size=2>Investment Advisors:</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="10%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="10%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="9%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td width="5%" valign=top > <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-top:2pt;margin-bottom:0pt;margin-left:17.3pt;text-indent:-8.65pt;'><font size=2>Revenues</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="10%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>35,913</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="10%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>38,891</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="9%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>(8</font></p> </td>
<td width="5%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>%)&nbsp;&nbsp;</font></p> </td>
<td width="5%" valign=top style='background:#CCEEFF'> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='margin-top:2pt;margin-bottom:0pt;margin-left:17.3pt;text-indent:-8.65pt;'><font size=2>Income from operations</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="10%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>19,603</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="10%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>17,983</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="9%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>9</font></p> </td>
<td width="5%" valign=bottom > <p ><font size=2>%&nbsp;&nbsp;</font></p> </td>
<td width="5%" valign=top > <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;'><font size=2>Enterprises:</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="10%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="10%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="9%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td width="5%" valign=top style='background:#CCEEFF'> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='margin-top:2pt;margin-bottom:0pt;margin-left:17.3pt;text-indent:-8.65pt;'><font size=2>Revenues</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="10%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>14,024</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="10%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>14,732</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="9%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>(5</font></p> </td>
<td width="5%" valign=bottom > <p ><font size=2>%)</font></p> </td>
<td width="5%" valign=top > <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-top:2pt;margin-bottom:0pt;margin-left:17.3pt;text-indent:-8.65pt;'><font size=2>Income from operations</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="10%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>6,436</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="10%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>5,388</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="9%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>19</font></p> </td>
<td width="5%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>%&nbsp;&nbsp;</font></p> </td>
<td width="5%" valign=top style='background:#CCEEFF'> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;'><font size=2>Money Managers:</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="10%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="10%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="9%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td width="5%" valign=top > <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-top:2.0pt;margin-right:-1.8pt;margin-left:17.3pt;margin-bottom:.0001pt;text-indent:-8.65pt;'><font size=2>Revenues</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="10%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>12,332</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="10%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>10,797</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="9%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>14</font></p> </td>
<td width="5%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>%&nbsp;&nbsp;</font></p> </td>
<td width="5%" valign=top style='background:#CCEEFF'> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='margin-top:2pt;margin-bottom:0pt;margin-left:17.3pt;text-indent:-8.65pt;'><font size=2>Income from operations</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="10%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>1,970</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="10%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>2,424</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="9%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>(19</font></p> </td>
<td width="5%" valign=bottom > <p ><font size=2>%)&nbsp;&nbsp;</font></p> </td>
<td width="5%" valign=top > <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;'><font size=2>Investments in New Businesses:</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="10%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="10%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="9%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td width="5%" valign=top style='background:#CCEEFF'> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='margin-top:2pt;margin-bottom:0pt;margin-left:17.3pt;text-indent:-8.65pt;'><font size=2>Revenues</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="10%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>11,441</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="10%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>11,837</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="9%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>(3</font></p> </td>
<td width="5%" valign=bottom > <p ><font size=2>%)&nbsp;&nbsp;</font></p> </td>
<td width="5%" valign=top > <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-top:2pt;margin-bottom:0pt;margin-left:17.3pt;text-indent:-8.65pt;'><font size=2>Loss from operations</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="10%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>(4,446</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>)</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="10%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>(3,289</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>)</font></p> </td>
<td width="9%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>(35</font></p> </td>
<td width="5%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>%)&nbsp;&nbsp;</font></p> </td>
<td width="5%" valign=top style='background:#CCEEFF'> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;'><font size=2>General and Administrative:</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="10%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="10%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="9%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td width="5%" valign=top > <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-top:2pt;margin-bottom:0pt;margin-left:17.3pt;text-indent:-8.65pt;'><font size=2>Loss from operations</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="10%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>(5,651</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>)</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="10%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>(5,709</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>)</font></p> </td>
<td width="9%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>1</font></p> </td>
<td width="5%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>%&nbsp;&nbsp;</font></p> </td>
<td width="5%" valign=top style='background:#CCEEFF'> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;'><font size=2>Consolidated Segment Totals:</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="10%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="10%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="9%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td width="5%" valign=top > <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-top:2pt;margin-bottom:0pt;margin-left:17.3pt;text-indent:-8.65pt;'><font size=2>Revenues</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="10%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>150,605</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="10%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>159,215</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="9%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>(5</font></p> </td>
<td width="5%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>%)&nbsp;&nbsp;</font></p> </td>
<td width="5%" valign=top style='background:#CCEEFF'> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='margin-top:2pt;margin-bottom:0pt;margin-left:17.3pt;text-indent:-8.65pt;'><font size=2>Income from operations</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="10%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>51,513</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="10%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>50,622</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="9%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>2</font></p> </td>
<td width="5%" valign=bottom > <p ><font size=2>%&nbsp;&nbsp;</font></p> </td>
<td width="5%" valign=top > <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=2>Other income, net</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="10%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>4,182</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="10%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>3,348</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="9%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>25</font></p> </td>
<td width="5%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>%&nbsp;&nbsp;</font></p> </td>
<td width="5%" valign=top style='background:#CCEEFF'> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="9%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=2>Income before income taxes</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="10%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>55,695</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="10%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>53,970</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="9%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>3</font></p> </td>
<td width="5%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>%&nbsp;&nbsp;</font></p> </td>
<td width="5%" valign=top style='background:#CCEEFF'> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=2>Income taxes</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="10%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>20,607</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="10%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>19,969</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="9%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>3</font></p> </td>
<td width="5%" valign=bottom > <p ><font size=2>%&nbsp;&nbsp;</font></p> </td>
<td width="5%" valign=top > <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="9%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=2>Net income</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="10%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>35,088</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="10%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>34,001</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="9%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>3</font></p> </td>
<td width="5%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>%&nbsp;&nbsp;</font></p> </td>
<td width="5%" valign=top style='background:#CCEEFF'> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="9%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=2>Diluted earnings per common share</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="10%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>.32</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="10%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>.30</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="9%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>7</font></p> </td>
<td width="5%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>%&nbsp;&nbsp;</font></p> </td>
<td width="5%" valign=top style='background:#CCEEFF'> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="9%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr> </table> <br> <br> <p style='margin-bottom:0pt;text-align:center'><font size=2>16</font></p>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
  <p style=' margin-bottom:0pt; margin-top:8pt;'><font size=2>Consolidated revenues decreased $8.6 million, or 5 percent, to $150.6 million for the three months ended March 31, 2003 compared with the three months ended
March 31, 2002. A substantial portion of our revenues are earned as asset based fees tied to the value of the assets we manage and/or administer. The general decline in the capital markets has caused a decline in the value of the assets we manage
and/or administer from existing clients. It has also led to an increase in mutual fund redemptions. We also believe that the difficult capital markets have created some economic uncertainty that has slowed some buying decisions in our target
markets. Despite this, we were able to generate some sales to new clients. However, the decline in the capital markets has reduced our asset-based fee revenues greater than revenue increases from new business activity.</font></p> <p style='
margin-bottom:0pt; margin-top:8pt;'><font size=2>Operating income improved slightly over the corresponding period in 2002 despite the decrease in our revenues. We were able to accomplish this through cost containment efforts and improved
productivity in our operations. Our cost containment efforts were primarily focused at discretionary spending, mainly marketing, consulting and compensation. These efforts were also extended to our investment spending. Investments are aimed at
building outsourced business solutions that are leveragable across multiple target markets. We expect an increased level of spending as we accelerate our efforts to deliver new business solutions to our target markets.</font></p> <p style='
margin-bottom:0pt; margin-top:8pt;'><font size=2>Although we remain optimistic about our long-term prospects, the outlook for the capital markets remains uncertain. This could lead to the continued devaluation in the assets we manage and/or
administer, continued redemption rates, and prolonged buying decisions among our clients.</font></p> <p style=' margin-bottom:0pt; margin-top:0pt;'>&nbsp;&nbsp;</p>
<table width="100%" border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse; '>
<tr>
<td valign=bottom > <p style='margin-top:2pt;margin-bottom:0pt;'><b><font size=1>Asset Balances</font></b><br> <b><font size=1>(In millions)</font></b></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;' ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="19%" colspan="5" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font size=1>As of March 31,</font></b></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'>&nbsp;</p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td colspan="5" valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;' ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font size=1>2003</font></b></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font size=1>2002</font></b></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><font size=1><b><font SIZE=1>PERCENT</font></b><br> <b><font SIZE=1>CHANGE</font></b></font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-top:2pt;margin-bottom:0pt;margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>Assets invested in equity and fixed income programs</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>57,903</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>58,846</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>(2</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=2>%)</font></p> </td>
<td width="2%" valign=top style='background:#CCEEFF'> <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='margin-top:2pt;margin-bottom:0pt;margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>Assets invested in liquidity funds</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2> 20,316</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>20,116</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>1</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=2>%</font></p> </td>
<td width="2%" valign=top > <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-top:2pt;margin-bottom:0pt;margin-left:17.3pt;text-indent:-8.65pt;'><font size=2>Assets under management</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>78,219</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>78,962</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>(1</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=2>%)</font></p> </td>
<td width="2%" valign=top style='background:#CCEEFF'> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='margin-top:2pt;margin-bottom:0pt;margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>Client proprietary assets under administration</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>152,271</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>177,965</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>(14</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=2>%)</font></p> </td>
<td width="2%" valign=top > <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-top:2pt;margin-bottom:0pt;margin-left:17.3pt;text-indent:-8.65pt;'><font size=2>Assets under management and administration</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>230,490</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>256,927</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>(10</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=2>%)</font></p> </td>
<td width="2%" valign=top style='background:#CCEEFF'> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr> </table> <br> <p style=' margin-bottom:0pt; margin-top:8pt;'><font size=2>The asset figures shown above represent assets of our clients or their customers for which we provide
management and/or administrative services and are excluded from the accompanying balance sheets, since we do not own any of these assets. Assets under management consist of our clients or their customers assets invested in our equity and fixed
income investment programs and liquidity funds for which we provide management services. Assets under administration consist of our clients or their customers assets for which we provide administrative services, including client proprietary fund
balances for which we provide administration and/or distribution services.</font></p> <br> <p style='margin-bottom:0pt;text-align:center'><font size=2>17</font></p>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
  <p style=' margin-bottom:0pt; margin-top:12pt;'><u><i><b><font size=2>Private Banking and Trust</font></b></i></u></p> <p style=' margin-bottom:0pt; margin-top:8pt;'><font size=2>Private Banking and Trust provides
investment processing solutions, fund processing solutions, and investment management programs to banks and other trust institutions. Investment processing solutions primarily include outsourcing services as an application service provider, or ASP,
through our TRUST 3000 product line and as a business service provider, or BSP, through our trust company. TRUST 3000 includes integrated systems that provide a complete investment accounting and management information system for private banks and
trust institutions. Revenues are primarily earned from monthly processing, software servicing and non-recurring project fees.</font></p> <p style=' margin-bottom:0pt; margin-top:8pt;'><font size=2>Fund processing solutions include administration and
distribution services provided to bank proprietary mutual funds. These services primarily include fund administration and accounting, regulatory and compliance services, shareholder recordkeeping, and marketing. Revenues are earned primarily as a
percentage of the average asset values of the proprietary funds.</font></p> <p style=' margin-bottom:0pt; margin-top:8pt;'><font size=2>Investment management fees earned are primarily from management fees based upon a percentage of the average daily
net asset value of assets under management.</font></p> <p style=' margin-bottom:0pt; margin-top:0pt;'>&nbsp;</p>
<table width="100%" border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse; '>
<tr>
<td valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;' ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="25%" colspan="7" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font size=1>Three Months Ended</font></b></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td colspan="7" valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;' ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font size=1>March 31,</font></b><br> <b><font size=1>2003</font></b></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font size=1>March 31,</font></b><br> <b><font size=1>2002</font></b></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font size=1>Percent</font></b><br> <b><font size=1>change</font></b></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-top:2pt;margin-bottom:0pt;margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>Revenues:</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top style='background:#CCEEFF'> <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='margin-top:2pt;margin-bottom:0pt;margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>Investment processing fees</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="6%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>54,513</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="6%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>56,399</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>(3</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=2>%)</font></p> </td>
<td width="2%" valign=top > <p ><font size=2>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-top:2pt;margin-bottom:0pt;margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>Fund processing fees</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>12,335</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>15,593</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>(21</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=2>%)</font></p> </td>
<td width="2%" valign=top style='background:#CCEEFF'> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='margin-top:2pt;margin-bottom:0pt;margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>Investment management fees</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>10,047</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>10,966</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>(8</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=2>%)</font></p> </td>
<td width="2%" valign=top > <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-top:2pt;margin-bottom:0pt;margin-left:17.3pt;text-indent:-8.65pt;'><font size=2>Total revenues</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>76,895</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>82,958</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>(7</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=2>%)</font></p> </td>
<td width="2%" valign=top style='background:#CCEEFF'> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='margin-top:2pt;margin-bottom:0pt;margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>Expenses:</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-top:2pt;margin-bottom:0pt;margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>Operating and development</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>35,141</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>38,424</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>(9</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=2>%)</font></p> </td>
<td width="2%" valign=top style='background:#CCEEFF'> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='margin-top:2pt;margin-bottom:0pt;margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>Sales and marketing</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2> 8,153</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2> 10,709</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>(24</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=2>%)</font></p> </td>
<td width="2%" valign=top > <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-top:2pt;margin-bottom:0pt;margin-left:17.3pt;text-indent:-8.65pt;'><font size=2>Income from operations</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>33,601</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>33,825</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>(1</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=2>%)</font></p> </td>
<td width="2%" valign=top style='background:#CCEEFF'> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-top:2pt;margin-bottom:0pt;margin-left:17.3pt;text-indent:-8.65pt;'><font size=2>Operating margin</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>44</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=2>%</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>41</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=2>%</font></p> </td>
<td width="5%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top style='background:#CCEEFF'> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='margin-top:2pt;margin-bottom:0pt;margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>Percent of Revenue:</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-top:2pt;margin-bottom:0pt;margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>Operating and development expenses</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>45</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=2>%</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>46</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=2>%</font></p> </td>
<td width="5%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top style='background:#CCEEFF'> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='margin-top:2pt;margin-bottom:0pt;margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>Sales and marketing expenses</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>11</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=2>%</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>13</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=2>%</font></p> </td>
<td width="5%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p ><font size=1>&nbsp;</font></p> </td> </tr> </table> <br> <p style=' margin-bottom:0pt; margin-top:8pt;'><font size=2>Investment processing fees decreased $1.9 million, or 3 percent, to $54.5 million for the three
months ended March 31, 2003, as compared to the corresponding prior year period. This decrease was primarily due to a decrease in transaction-based fees from our brokerage services. Our recurring revenue base and non-recurring project fees from our
ASP solution and our total outsourcing solution remained flat.</font></p> <p style=' margin-bottom:0pt; margin-top:8pt;'><font size=2>Fund processing fees decreased $3.3 million, or 21 percent, in the first quarter 2003, as compared to the first
quarter 2002, mainly due to client losses as a result of bank mergers. Also, adverse capital market conditions continued to reduce asset values under administration resulting in lower fees from existing clients.</font></p> <p style='
margin-bottom:0pt; margin-top:8pt;'><font size=2>Income from operations decreased slightly while operating margin improved. Total revenues decreased about $6.1 million. However, there was a corresponding decrease in direct expenses associated with
the decline in transaction-based fees and fund processing fees. In addition, our cost containment efforts reduced certain other expenses, mainly compensation and consulting, which helped our operating margin improve.</font></p> <br> <p
style='margin-bottom:0pt;text-align:center'><font size=2>18</font></p>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
  <p style=' margin-bottom:0pt; margin-top:12pt;'><u><i><b><font size=2>Investment Advisors</font></b></i></u></p> <p style=' margin-bottom:0pt; margin-top:8pt;'><font size=2>Investment Advisors provides investment
management programs and investment processing solutions to affluent investors distributed through a network of independent registered investment advisors, financial planners and other investment professionals. Revenues are primarily earned as a
percentage of the average asset values under management.</font></p> <p style=' margin-bottom:0pt; margin-top:0pt;'>&nbsp;&nbsp;</p>
<table width="100%" border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse; '>
<tr>
<td valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;' ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="26%" colspan="7" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font size=1>Three Months Ended</font></b></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td colspan="7" valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;' ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font size=1>March 31,</font></b><br> <b><font size=1>2003</font></b></p> </td>
<td width="2%" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font size=1>March 31,</font></b><br> <b><font size=1>2002</font></b></p> </td>
<td width="2%" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font size=1>Percent</font></b><br> <b><font size=1>Change</font></b></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-top:2pt;margin-bottom:0pt;margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>Total Revenues</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>35,913</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>38,891</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>(8</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=2>%)</font></p> </td>
<td width="2%" valign=top style='background:#CCEEFF'> <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='margin-top:2pt;margin-bottom:0pt;margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>Expenses:</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-top:2pt;margin-bottom:0pt;margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>Operating and development</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>10,028</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>10,275</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>(2</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=2>%)</font></p> </td>
<td width="2%" valign=top style='background:#CCEEFF'> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='margin-top:2pt;margin-bottom:0pt;margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>Sales and marketing</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2> 6,282</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2> 10,633</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>(41</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=2>%)</font></p> </td>
<td width="2%" valign=top > <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-top:2pt;margin-bottom:0pt;margin-left:17.3pt;text-indent:-8.65pt;'><font size=2>Income from operations</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>19,603</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>17,983</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>9</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=2>%</font></p> </td>
<td width="2%" valign=top style='background:#CCEEFF'> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-top:2pt;margin-bottom:0pt;margin-left:17.3pt;text-indent:-8.65pt;'><font size=2>Operating margin</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>55</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=2>%</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>46</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=2>%</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top style='background:#CCEEFF'> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='margin-top:2pt;margin-bottom:0pt;margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>Percent of Revenue:</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-top:2pt;margin-bottom:0pt;margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>Operating and development expenses</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>28</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=2>%</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>27</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=2>%</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top style='background:#CCEEFF'> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='margin-top:2pt;margin-bottom:0pt;margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>Sales and marketing expenses</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>17</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=2>%</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>27</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=2>%</font></p> </td>
<td width="6%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p ><font size=1>&nbsp;</font></p> </td> </tr> </table> <br> <p style=' margin-bottom:0pt; margin-top:8pt;'><font size=2>Revenues decreased $3.0 million, or 8 percent, to $35.9 million for the three months ended March 31,
2003, as compared to the corresponding prior year period. Poor capital markets during the past few years continue to cause a decline in the value of the assets we manage from existing clients as well as prompting investors to redeem shares of our
mutual funds. Our sales efforts helped mitigate some of the negative impact associated with the unstable capital markets.</font></p> <p style=' margin-bottom:0pt; margin-top:8pt;'><font size=2>Operating profits and operating margin improvement was
primarily due to the management of discretionary expenses, mainly marketing and compensation.</font></p> <p style=' margin-bottom:0pt; margin-top:12pt;'><u><i><b><font size=2>Enterprises</font></b></i></u></p> <p style=' margin-bottom:0pt;
margin-top:8pt;'><font size=2>Enterprises provides business solutions to pension plan sponsors, hospitals, foundations, unions, endowment funds and other institutional investors. We also provide treasury business solutions to corporations. Revenues
are earned primarily as a percentage of average asset values under management.</font></p> <p style=' margin-bottom:0pt; margin-top:0pt;'><font size=2>&nbsp;&nbsp;</font></p> <p style=' margin-bottom:0pt; margin-top:0pt;'>&nbsp;</p>
<table width="100%" border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse; '>
<tr>
<td valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;' ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="26%" colspan="7" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font size=1>Three Months Ended</font></b></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td colspan="7" valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;' ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font size=1>March 31,</font></b><br> <b><font size=1>2003</font></b></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font size=1>March 31,</font></b><br> <b><font size=1>2002</font></b></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font size=1>Percent</font></b><br> <b><font size=1>Change</font></b></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-top:2pt;margin-bottom:0pt;margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>Total Revenues</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>14,024</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>14,732</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>(5</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=2>%)</font></p> </td>
<td width="2%" valign=top style='background:#CCEEFF'> <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='margin-top:2pt;margin-bottom:0pt;margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>Expenses:</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-top:2pt;margin-bottom:0pt;margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>Operating and development</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>3,562</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>4,618</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>(23</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=2>%)</font></p> </td>
<td width="2%" valign=top style='background:#CCEEFF'> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='margin-top:2pt;margin-bottom:0pt;margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>Sales and marketing</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2> 4,026</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2> 4,726</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>(15</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=2>%)</font></p> </td>
<td width="2%" valign=top > <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-top:2pt;margin-bottom:0pt;margin-left:17.3pt;text-indent:-8.65pt;'><font size=2>Income from operations</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>6,436</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>5,388</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>19</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=2>%</font></p> </td>
<td width="2%" valign=top style='background:#CCEEFF'> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-top:2pt;margin-bottom:0pt;margin-left:17.3pt;text-indent:-8.65pt;'><font size=2>Operating margin</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>46</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=2>%</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>37</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=2>%</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top style='background:#CCEEFF'> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='margin-top:2pt;margin-bottom:0pt;margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>Percent of Revenue:</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-top:2pt;margin-bottom:0pt;margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>Operating and development expenses</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>25</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=2>%</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>31</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=2>%</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top style='background:#CCEEFF'> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='margin-top:2pt;margin-bottom:0pt;margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>Sales and marketing expenses</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>29</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=2>%</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>32</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=2>%</font></p> </td>
<td width="6%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p ><font size=1>&nbsp;</font></p> </td> </tr> </table> <br> <p style='margin-bottom:0pt;text-align:center'><font size="2">19</font></p>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
  <p style=' margin-bottom:0pt; margin-left:0.72in; margin-top:8pt;'><font size=2>Revenues decreased $0.7 million, or 5 percent, to $14.0 million for the three months ended March 31, 2003, as compared to the
corresponding prior year period. The decline in our revenues was partially due to an increased seasonality effect of cash flows on our assets under management. However, new business activity and increased transaction-based fees partially offset the
decline in revenues.</font></p> <p style=' margin-bottom:0pt; margin-left:0.72in; margin-top:8pt;'><font size=2>Although our revenues decreased, income from operations and operating margin increased. This improvement was due to management of
discretionary spending, primarily in marketing and personnel expenses and technology costs.</font></p> <p style=' margin-bottom:0pt; margin-left:0.72in; margin-top:12pt;'><u><i><b><font size=2>Money Managers</font></b></i></u></p> <p style='
margin-bottom:0pt; margin-left:0.72in; margin-top:8pt;'><font size=2>Money Managers provides investment solutions to U.S.-based investment managers, U.S.-based mutual fund companies and to investment managers worldwide of alternative asset classes
(e.g., hedge funds and private equity funds). Revenues are earned primarily as a percentage of the average asset values under management and administration.</font></p> <p style=' margin-bottom:0pt; margin-top:0pt;'>&nbsp;</p>
<table width="93%" border="0" cellspacing=0 cellpadding=0 style='margin-left:51.85pt; border-collapse:collapse'>
<tr>
<td width="51%" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="41%" colspan="8" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font size=1>Three Months Ended</font></b></p> </td>
<td width="3%" valign=top > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td width="51%" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="9%" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font size=1>March 31,</font></b><br> <b><font size=1>2003</font></b></p> </td>
<td width="3%" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="10%" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font size=1>March 31,</font></b><br> <b><font size=1>2002</font></b></p> </td>
<td width="3%" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font size=1>Percent</font></b><br> <b><font size=1>Change</font></b></p> </td>
<td width="4%" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="3%" valign=top > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td width="51%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="3%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="3%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="4%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="3%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=2>Total Revenues</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="9%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>12,332</font></p> </td>
<td width="3%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="10%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>10,797</font></p> </td>
<td width="3%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>14</font></p> </td>
<td width="4%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>%</font></p> </td>
<td width="3%" valign=top style='background:#CCEEFF'> <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;'><font size=2>Expenses:</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="9%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="3%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="10%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="3%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td width="3%" valign=top > <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=2>Operating and development</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="9%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>7,314</font></p> </td>
<td width="3%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="10%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>5,467</font></p> </td>
<td width="3%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>34</font></p> </td>
<td width="4%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>%</font></p> </td>
<td width="3%" valign=top style='background:#CCEEFF'> <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=2>Sales and marketing</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="9%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>3,048</font></p> </td>
<td width="3%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="10%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>2,906</font></p> </td>
<td width="3%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>5</font></p> </td>
<td width="4%" valign=bottom > <p ><font size=2>%</font></p> </td>
<td width="3%" valign=top > <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="3%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="3%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="3%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-top:2pt;margin-bottom:0pt;margin-left:17.3pt;text-indent:-8.65pt;'><font size=2>Income from operations</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="9%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>1,970</font></p> </td>
<td width="3%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="10%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>2,424</font></p> </td>
<td width="3%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>(19</font></p> </td>
<td width="4%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>%)</font></p> </td>
<td width="3%" valign=top style='background:#CCEEFF'> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td width="3%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td width="3%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="3%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-top:2pt;margin-bottom:0pt;margin-left:17.3pt;text-indent:-8.65pt;'><font size=2>Operating margin</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="9%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>16</font></p> </td>
<td width="3%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>%</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="10%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>22</font></p> </td>
<td width="3%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>%</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="3%" valign=top style='background:#CCEEFF'> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;'><font size=2>Percent of Revenue:</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="9%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="3%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="10%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="3%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="3%" valign=top > <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=2>Operating and development expenses</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="9%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>59</font></p> </td>
<td width="3%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>%</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="10%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>51</font></p> </td>
<td width="3%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>%</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="3%" valign=top style='background:#CCEEFF'> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=2>Sales and marketing expenses</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="9%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>25</font></p> </td>
<td width="3%" valign=bottom > <p ><font size=2>%</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="10%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>27</font></p> </td>
<td width="3%" valign=bottom > <p ><font size=2>%</font></p> </td>
<td width="6%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="3%" valign=top > <p ><font size=1>&nbsp;</font></p> </td> </tr> </table> <br> <p style=' margin-bottom:0pt; margin-left:0.72in; margin-top:8pt;'><font size=2>Revenues increased $1.5 million, or 14 percent, to $12.3 million for the three
months ended March 31, 2003, as compared to the corresponding prior year period. The increase in revenues was due to new business activity mainly from the alternative investment market. However, the volatile capital markets offset some of this
growth.</font></p> <p style=' margin-bottom:0pt; margin-left:0.72in; margin-top:8pt;'><font size=2>Although revenues increased, income from operations and profit margin decreased when compared with the prior year period. This was due to an increased
level of spending associated with building the necessary infrastructure to provide a complete business solution for this market. A substantial portion of this spending was from increased personnel, consulting and other operating costs.</font></p>
<br> <p style='margin-bottom:0pt;text-align:center'><font size=2>20</font></p>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
  <p style=' margin-bottom:0pt; margin-left:0.72in; margin-top:12pt;'><u><i><b><font size=2>Investments in New Businesses</font></b></i></u></p> <p style=' margin-bottom:0pt; margin-left:0.72in; margin-top:8pt;'><font
size=2>Investments in New Businesses provides investment management, fund processing, and investment processing solutions to non-U.S. banks, investment advisors, enterprises and money managers located outside the United States. This segment also
includes other initiatives in new U.S. markets. Revenues are earned primarily as a percentage of the average asset values under management.</font></p> <p style=' margin-bottom:0pt; margin-top:0pt;'>&nbsp;</p>
<table width="93%" border="0" cellspacing=0 cellpadding=0 style='margin-left:51.85pt; border-collapse:collapse'>
<tr>
<td valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;' ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="34%" colspan="7" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font size=1>Three Months Ended</font></b></p> </td>
<td width="4%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td width="4%" valign=top > <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td colspan="7" valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="4%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;' ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="10%" colspan="2" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font size=1>March 31,</font></b><br> <b><font size=1>2003</font></b></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="10%" colspan="2" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font size=1>March 31,</font></b><br> <b><font size=1>2002</font></b></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font size=1>Percent</font></b><br> <b><font size=1>Change</font></b></p> </td>
<td width="4%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td width="4%" valign=top > <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="4%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="9%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td width="4%" valign=top > <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=2>Total Revenues</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="9%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>11,441</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="8%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>11,837</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>(3</font></p> </td>
<td width="4%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>%)&nbsp;&nbsp;</font></p> </td>
<td width="4%" valign=top style='background:#CCEEFF'> <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;'><font size=2>Expenses:</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="9%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td width="4%" valign=top > <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=2>Operating and development</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="9%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>10,507</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>9,952</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>6</font></p> </td>
<td width="4%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>%&nbsp;&nbsp;</font></p> </td>
<td width="4%" valign=top style='background:#CCEEFF'> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=2>Sales and marketing</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="9%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>5,380</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>5,174</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>4</font></p> </td>
<td width="4%" valign=bottom > <p ><font size=2>%&nbsp;&nbsp;</font></p> </td>
<td width="4%" valign=top > <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=2> Total operating losses</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="9%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>(4,446</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>)</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="8%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>(3,289</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>)</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>35</font></p> </td>
<td width="4%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>%&nbsp;&nbsp;</font></p> </td>
<td width="4%" valign=top style='background:#CCEEFF'> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=2> Operating margin</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="9%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>(39</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=2>%)</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>(28</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=2>%)</font></p> </td>
<td width="7%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td width="4%" valign=top > <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;'><font size=2>Percent of Revenue:</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="9%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td width="4%" valign=top style='background:#CCEEFF'> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=2>Operating and development expenses</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="9%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>92</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=2>%</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>84</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=2>%</font></p> </td>
<td width="7%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td width="4%" valign=top > <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=2>Sales and marketing expenses</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="9%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>47</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>%</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>44</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>%</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td width="4%" valign=top style='background:#CCEEFF'> <p ><font size=1>&nbsp;</font></p> </td> </tr> </table> <br> <p style=' margin-bottom:0pt; margin-left:0.72in; margin-top:8pt;'><font size=2>Revenues decreased $0.4 million, or 3 percent, to
$11.4 million for the three months ended March 31, 2003, as compared to the corresponding prior year period. Our revenues continue to be negatively impacted by the weak capital markets globally. We continue to experience positive market acceptance
of our investment solution offerings in Canada and Europe. New business activity in these regions has increased and has helped mitigate some of the reduction in revenues associated with declining asset values.</font></p> <p style='
margin-bottom:0pt; margin-left:0.72in; margin-top:8pt;'><font size=2>Operating losses in each period include significant investments in technology, our Dublin-based operations, and sales and marketing in Europe. We will continue to build our
distribution network and enhance our product offerings in these regions throughout 2003. We expect to incur losses throughout the remainder of 2003.</font></p> <p style=' margin-bottom:0pt; margin-left:0.72in; margin-top:12pt;'><u><i><b><font
size=2>General &amp; Administrative</font></b></i></u></p> <p style=' margin-bottom:0pt; margin-top:0pt;'>&nbsp;</p>
<table width="93%" border="0" cellspacing=0 cellpadding=0 style='margin-left:51.85pt; border-collapse:collapse'>
<tr>
<td valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;' ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="29%" colspan="7" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font size=1>Three Months Ended</font></b></p> </td>
<td width="3%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td width="3%" valign=top > <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td colspan="7" valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="3%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="3%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;' ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font size=1>Mar. 31,</font></b><br> <b><font size=1>2003</font></b></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font size=1>Mar. 31,</font></b><br> <b><font size=1>2002</font></b></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font size=1>Percent</font></b><br> <b><font size=1>Change</font></b></p> </td>
<td width="3%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="3%" valign=top > <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="3%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="3%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=2>General and Administrative</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>5,651</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>5,709</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>(1</font></p> </td>
<td width="3%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>%)</font></p> </td>
<td width="3%" valign=top style='background:#CCEEFF'> <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=2>Percent of Revenue</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>4</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=2>%</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>4</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=2>%</font></p> </td>
<td width="7%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="3%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td width="3%" valign=top > <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr> </table> <br> <p style=' margin-bottom:0pt; margin-left:0.72in; margin-top:8pt;'><font size=2>General and administrative expenses primarily consist of corporate
overhead costs and other costs not directly attributable to a reportable business segment. </font></p> <br> <p style='margin-bottom:0pt;text-align:center'><font size=2>21</font></p>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
  <p style=' margin-bottom:0pt; margin-left:0.72in; margin-top:12pt;'><u><i><b><font size=2>Other Income</font></b></i></u></p> <p style=' margin-bottom:0pt; margin-left:0.72in; margin-top:8pt;'><font size=2>Other
income on the accompanying Consolidated Statements of Income consist of the following:</font></p> <p style=' margin-bottom:0pt; margin-top:0pt;'><font size=2>&nbsp;</font></p>
<table width="93%" border="0" cellspacing=0 cellpadding=0 style='margin-left:51.85pt; border-collapse:collapse'>
<tr>
<td valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;' ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="29%" colspan="7" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font size=1>Three Months Ended</font></b></p> </td>
<td width="4%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td width="4%" valign=top > <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td colspan="7" valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="4%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;' ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font size=1>Mar. 31,</font></b><br> <b><font size=1>2003</font></b></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font size=1>Mar. 31,</font></b><br> <b><font size=1>2002</font></b></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font size=1>Percent</font></b><br> <b><font size=1>Change</font></b></p> </td>
<td width="4%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td width="4%" valign=top > <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="4%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=2>Equity in the earnings of unconsolidated affiliate</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>3,614</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>2,679</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>35</font></p> </td>
<td width="4%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>%&nbsp;&nbsp;</font></p> </td>
<td width="4%" valign=top style='background:#CCEEFF'> <p ><font size=2>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=2>Net loss from investments</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>(106</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=2>)</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>&#151;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>&#151;</font></p> </td>
<td width="4%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td width="4%" valign=top > <p ><font size=2>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=2>Interest income</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>1,242</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>1,150</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>8</font></p> </td>
<td width="4%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>%&nbsp;&nbsp;</font></p> </td>
<td width="4%" valign=top style='background:#CCEEFF'> <p ><font size=2>&nbsp;&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=2>Interest expense</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>(568</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=2>)</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>(481</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=2>)</font></p> </td>
<td width="8%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>(18</font></p> </td>
<td width="4%" valign=bottom > <p ><font size=2>%)&nbsp;&nbsp;</font></p> </td>
<td width="4%" valign=top > <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:0.12in;text-indent:-0.12in;margin-top:2pt;margin-bottom:0pt;' ><font size=2>Total other income, net</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>4,182</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>3,348</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>25</font></p> </td>
<td width="4%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>%&nbsp;&nbsp;</font></p> </td>
<td width="4%" valign=top style='background:#CCEEFF'> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr> </table> <br> <p style=' margin-bottom:0pt; margin-left:0.72in; margin-top:8pt;'><font size=2>Equity in the earnings of unconsolidated affiliate on the accompanying
Consolidated Statements of Income includes our less than 50 percent ownership in the general partnership of LSV Asset Management (&#147;LSV&#148;) (See Note 6 of the Notes to Consolidated Financial Statements). The increase in LSV&#146;s net
earnings is due to an increase in assets under management. </font></p> <p style=' margin-bottom:0pt; margin-left:0.72in; margin-top:8pt;'><font size=2>Net loss from investments includes a gain of $0.6 million from hedge ineffectiveness, a charge for
$0.6 million for other-than-temporary declines in market value, and $0.1 million in realized losses from sales of marketable securities.</font></p> <p style=' margin-bottom:0pt; margin-left:0.72in; margin-top:8pt;'><font size=2>Interest income is
earned based upon the amount of cash that is invested daily and fluctuations in interest income recognized for one period in relation to another is due to changes in the average cash balance invested for the period and/or changes in interest
rates.</font></p> <p style=' margin-bottom:0pt; margin-left:0.72in; margin-top:8pt;'><font size=2>Interest expense is directly attributable to our long-term debt and other borrowings. Interest expense in the first quarter 2003 as compared to the
first quarter 2002 increased due to the capitalization of interest costs associated with the term loan agreement in the first quarter 2002 that was attributable to borrowings used in the expansion of our corporate headquarters.</font></p> <p style='
margin-bottom:0pt; margin-left:0.72in; margin-top:12pt;'><u><i><b><font size=2>Income Taxes</font></b></i></u></p> <p style=' margin-bottom:0pt; margin-left:0.72in; margin-top:8pt;'><font size=2>Our effective tax rate was 37.0 percent for the
periods ending March 31, 2003 and 2002.</font></p> <br> <p style='margin-bottom:0pt;text-align:center'><font size=2>22</font></p>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
  <p style=' margin-bottom:0pt; margin-top:12pt;'><u><b><font size=2>Liquidity and Capital Resources</font></b></u></p> <p style=' margin-bottom:0pt; margin-top:0pt;'>&nbsp;</p>
<table width="100%" border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse; '>
<tr>
<td valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;' ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="19%" colspan="5" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font size=1>Three Months</font></b><br> <b><font size=1>Ended March 31,</font></b></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td colspan="5" valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;' ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font size=1>2003</font></b></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p style='text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font size=1>2002</font></b></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-top:2pt;margin-bottom:0pt;margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>Net cash provided by operating activities</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>28,442 </font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>27,680 </font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='margin-top:2pt;margin-bottom:0pt;margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>Net cash used in investing activities</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>(3,407</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=2>)</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>(9,968</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=2>)</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-top:2pt;margin-bottom:0pt;margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>Net cash used in financing activities</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>(45,923</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>)</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>(4,893</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>)</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-top:2pt;margin-bottom:0pt;margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>Net increase (decrease) in cash and cash equivalents</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>(20,888</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>)</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>12,819</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom > <p style='margin-top:2pt;margin-bottom:0pt;margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>Cash and cash equivalents, beginning of period</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>165,724</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>163,685</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-top:2pt;margin-bottom:0pt;margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>Cash and cash equivalents, end of period</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>144,836</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p style='text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=2>176,504</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td valign=top > <hr noshade width="100%" color="black" size=3> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr> </table> <br> <p style=' margin-bottom:0pt; margin-top:8pt;'><font size=2>Cash requirements and liquidity needs are primarily funded through our cash flow from operations and
our capacity for additional borrowing. We currently have a line of credit that provides for borrowings of up to $25.0 million. The availability of the line of credit is subject to compliance with certain covenants set forth in the agreement (See
Note 8 of the Notes to Consolidated Financial Statements). At March 31, 2003, our unused sources of liquidity consisted of unrestricted cash and cash equivalents of $144.8 million and the unused portion of the line of credit of $25.0
million.</font></p> <p style=' margin-bottom:0pt; margin-top:8pt;'><font size=2>Net cash provided by operating activities increased slightly over 2002. Cash flows from operations are primarily affected by net income. In addition, Cash flows from
operations in both comparable periods were affected by the tax benefit received from stock options exercised, an increase in trade receivables and a decrease in various accrued expenses.</font></p> <p style=' margin-bottom:0pt;
margin-top:8pt;'><font size=2>Net cash used in investing activities primarily includes capital expenditures and purchases and sales of available-for-sale securities. Capital expenditures for property, plant and equipment, including capitalized
software development costs, were $5.1 million for the first three months in 2003 verses $9.6 million for the first three months in 2002. Capital expenditures in the first three months of 2003 included $3.3 million related to the expansion of our
corporate headquarters. This expansion is being done to relocate the operations of another facility that we are currently leasing. We expect this project will be completed by mid-2004. </font></p> <p style=' margin-bottom:0pt; margin-top:8pt;'><font
size=2>Purchases of available-for-sale securities in the first quarter 2003 were approximately $0.6 million, as compared to $6.6 million in the first quarter 2002, whereas sales of available-for-sale securities totaled $2.2 million in the first
quarter 2003, as compared to $6.1 million in the first quarter 2002.</font></p> <p style=' margin-bottom:0pt; margin-top:8pt;'><font size=2>Net cash used in financing activities primarily includes principal payments on our debt, the repurchase of
our common stock and dividend payments. We made principal payments of $4.0 million for the Senior Notes and $1.4 million for the term loan during the first quarter 2003. We made principal payments of $2.0 million for the Senior Notes and $1.4
million for the term loan during the first quarter 2002 (see Note 9 of the Notes to Consolidated Financial Statements).</font></p> <p style=' margin-bottom:0pt; margin-top:8pt;'><font size=2>Our board of directors had authorized the repurchase of
our common stock up to $703.4 million. During the first quarter 2003, the Company purchased 1.6 million shares at a cost of $39.0 million, as compared to purchases of 4 thousand shares at a cost of $0.2 million during the first quarter 2002. As of
April 30, 2003, we still had $50.8 million of authorization remaining for the purchase of our common stock under this program.</font></p> <p style=' margin-bottom:0pt; margin-top:8pt;'><font size=2>Cash dividends paid were $6.4 million or $.06 per
share in the first quarter 2003 and $5.5 million or $.05 per share was paid in the first quarter of 2002. Our Board of Directors has indicated its intention to continue making cash dividend payments.</font></p> <p style=' margin-bottom:0pt;
margin-top:8pt;'><font size=2>We have engaged a separate lending institution to act as the lead arranger to form a syndicate of lenders for a credit facility of up to $150 million. The credit facility is expected to close by the end of June. The
proceeds of all loans under the facility will be used for general corporate purposes, including the repurchase of our common stock.</font></p> <br> <p style='margin-bottom:0pt;text-align:center'><font size=2>23</font></p>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
  <p style=' margin-bottom:0pt; margin-top:8pt;'><font size=2>We have no off-balance sheet financing arrangements or transactions with structured finance and special purpose entities. Our off-balance sheet commitments
are generally limited to future payments under non-cancelable operating leases for facilities, data processing equipment, and software and other maintenance agreements.</font></p> <p style=' margin-bottom:0pt; margin-top:8pt;'><font size=2>We
believe our operating cash flow, available borrowing capacity, and existing cash and cash equivalents should provide adequate funds for continuing operations; continued investment in new products and equipment; our common stock repurchase program;
expansion of our corporate campus; future dividend payments; and principal and interest payments on our long-term debt.</font></p> <p style=' margin-bottom:0pt; margin-top:12pt;'><u><b><font size=2>Forward-Looking Information</font></b></u></p> <p
style=' margin-bottom:0pt; margin-top:8pt;'><font size=2>The Private Securities Litigation Reform Act of 1995 provides a &#147;safe harbor&#148; for forward-looking statements. Certain information contained in this discussion is or may be considered
forward-looking. Forward-looking statements relate to future operations, strategies, financial results or other developments. Forward-looking statements are based upon estimates and assumptions that involve certain risks and uncertainties, many of
which are beyond our control or are subject to change. Although we believe our assumptions are reasonable, they could be inaccurate. Our actual future revenues and income could differ materially from our expected results. We have no obligation to
publicly update or revise any forward-looking statements.</font></p> <br> <p style='margin-bottom:0pt;text-align:center'><font size=2>24</font></p>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
  <p style='margin-bottom:0;margin-top:12pt;text-indent:0in;'><u><b><font size=2>Item 3</font></b></u><b><font size=2>.</font></b></p><p style='margin-bottom:0pt;margin-top:-11pt;margin-left:0.75in;'><u><b><font
size=2>Quantitative and Qualitative Disclosures About Market Risk</font></b></u></p> <p style=' margin-bottom:0pt; margin-top:8pt;'><font size=2>Interest Rate Risk - Our exposure to changes in interest rates primarily relates to our investment
portfolio and long-term debt obligations. Our excess cash is principally invested in short-term, highly liquid financial instruments, mainly money market funds, with initial maturities of three months or less. Our investment portfolio also includes
some long-term fixed income mutual funds, principally invested in federal government agency securities. We place our investments in financial instruments that meet high credit quality standards. A portion of our long-term debt is based upon a
variable rate which renews every three months. While changes in interest rates could decrease interest income or increase interest expense, we do not believe that we have a material exposure to changes in interest rates. We do not undertake any
specific actions to cover our exposure to interest rate risk and are not a party to any interest rate risk management transactions.</font></p> <p style=' margin-bottom:0pt; margin-top:8pt;'><font size=2>Concentration of Credit Risk &#150; Financial
instruments which potentially expose us to concentrations of credit risk consist primarily of cash equivalents, marketable securities and trade receivables. Cash equivalents are principally invested in short-term money market funds or placed with
major banks and high credit qualified financial institutions. Concentrations of credit risk with respect to our receivables are limited due to the large number of clients and their dispersion across geographic areas. No single group or customer
represents greater than 10 percent of total accounts receivable.</font></p> <p style=' margin-bottom:0pt; margin-top:8pt;'><font size=2>Foreign Currency Risk &#150; We transact business in the local currencies of various foreign countries,
principally Canada, Europe and Asia. The total of all of our foreign operations only accounts for approximately 7 percent of total consolidated revenues. Also, most of our foreign operations match local currency revenues with local currency costs.
Due to these reasons, we do not hedge against foreign operations nor do we expect any material loss with respect to foreign currency risk.</font></p> <p style=' margin-bottom:0pt; margin-top:8pt;'><font size=2>Price Risk - We are exposed to price
risk associated with changes in the fair value of our investment portfolio. To provide some protection against potential fair value changes for some of these investments, we have entered into various derivative financial instruments. We currently
hold derivative financial instruments with a notional amount of $18.9 million with various terms, generally less than one year. The effectiveness of these hedging relationships is evaluated on a retrospective and prospective basis using quantitative
measures of correlation. If a hedge is ineffective, any excess gains or losses attributable to such ineffectiveness are recognized in current period earnings. During the first quarter 2003, we did not enter into or hold any derivative financial
instruments for trading purposes.</font></p> <p style=' margin-bottom:0pt; margin-top:8pt;'><font size=2>During the first quarter 2003, we recorded a $0.6 million impairment charge related to other-than-temporary declines in the fair value of
certain securities held within our investment portfolio. Also, the amount of hedge ineffectiveness that was charged to current period earnings was a gain of $0.6 million. The aggregate effect of a hypothetical 10 percent change in the fair value of
these derivative financial instruments would not be material to our results of operations, financial position, or liquidity.</font></p> <p style=' margin-bottom:0pt; margin-top:8pt;'><font size=2>A significant portion of our revenues are based upon
the market value of assets we manage or administer. A decline in the market value of these assets as a result of changes in market conditions, the general economy or other factors will negatively impact our revenues and earnings.</font></p> <br> <p
style='margin-bottom:0pt;text-align:center'><font size=2>25</font></p>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
  <p style='margin-bottom:0;margin-top:12pt;text-indent:0in;'><u><b><font size=2>Item 4</font></b></u><b><font size=2>.</font></b></p><p style='margin-bottom:0pt;margin-top:-11pt;margin-left:0.75in;'><u><b><font
size=2>Controls and Procedures</font></b></u></p> <p style=' margin-bottom:0pt; margin-top:8pt;'><font size=2>Within 90 days prior to the date of filing this report, we carried out an evaluation, under the supervision and with the participation of
our management, including our Chief Executive Officer and our Chief Financial Officer, of the design and operation of our disclosure controls and procedures. Based on that evaluation, our Chief Executive Officer and our Chief Financial officer
concluded that our disclosure controls and procedures have been designed and are functioning effectively to provide reasonable assurance that the information required to be disclosed by us in reports filed under the Securities Exchange Act of 1934
is recorded, processed, summarized and reported within the time periods specified in the SEC&#146;s rules and forms. A controls system, no matter how well designed and operated, cannot provide absolute assurance that the objectives of the controls
systems are met, and no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within a company have been detected. Subsequent to the date of the most recent evaluation of our internal controls,
there were no significant changes in our internal controls, including any corrective actions with regard to significant deficiencies and material weaknesses.</font></p> <br> <p style='margin-bottom:0pt;text-align:center'><font size=2>26</font></p>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
  <p style='margin-bottom:0;margin-top:12pt;text-indent:0in;'><u><b><font SIZE=2>PART II</font></b></u><b><font size=2>.</font></b></p><p
style='margin-bottom:0pt;margin-top:-11pt;margin-left:0in;text-indent:0.720000028610229in;'><u><b><font SIZE=2>OTHER INFORMATION</font></b></u></p> <p style='margin-bottom:0;margin-top:12pt;text-indent:0in;'><u><b><font size=2>Item
6</font></b></u><b><font size=2>.</font></b></p><p style='margin-bottom:0pt;margin-top:-11pt;margin-left:0.75in;'><u><b><font size=2>Exhibits and Reports on Form 8-K</font></b></u></p> <p
style='margin-bottom:0;margin-top:6pt;text-indent:0.72in;'><font size=2>(a)</font></p><p style='margin-bottom:0pt;margin-top:-11pt;margin-left:1.08in;'><font size=2>The following is a list of exhibits filed as part of the Form 10-Q.</font></p> <p
style='margin-bottom:0;margin-top:6pt;text-indent:1.08in;'><font size=2>99.1</font></p><p style='margin-bottom:0pt;margin-top:-11pt;margin-left:1.44in;'><font size=2>Certification required by Section 906 of the Sarbanes-Oxley Act of 2002. (Page
31)</font></p> <p style='margin-bottom:0;margin-top:6pt;text-indent:0.72in;'><font size=2>(b)</font></p><p style='margin-bottom:0pt;margin-top:-11pt;margin-left:1.08in;'><font size=2>Reports on Form 8-K</font></p> <p style=' margin-bottom:0pt;
margin-left:1.08in; margin-top:8pt;'><font size=2>The Company filed a report on Form 8-K on April 22, 2003 for its First Quarter 2003 earnings announcement.</font></p> <br> <p style='margin-bottom:0pt;text-align:center'><font size=2>27</font></p>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
  <p style=' margin-bottom:0pt;text-align:center; margin-top:16pt;'><b><font SIZE=2>SIGNATURES</font></b></p> <p style=' margin-bottom:0pt; margin-top:8pt;'><font size=2>Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.</font></p> <p style=' margin-bottom:0pt; margin-top:0pt;'>&nbsp;</p>
<table align=center width="65%" border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse; '>
<tr>
<td width="4%" valign=bottom > <p style='margin-bottom:0pt;margin-top:0in;'><font size=1>&nbsp;</font></p> </td>
<td width="44%" colspan="2" valign=bottom > <p style='margin-bottom:0pt;margin-top:0in;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p style='margin-bottom:0pt;margin-top:0in;'><font size=1>&nbsp;</font></p> </td>
<td width="43%" colspan="2" valign=bottom > <p style='margin-bottom:0pt;margin-top:0in;'><font SIZE=2>SEI INVESTMENTS COMPANY</font></p> </td> </tr>
<tr>
<td width="4%" valign=bottom > <p style='margin-bottom:0pt;margin-top:0in;'><font size=2>Date&nbsp; </font></p> </td>
<td width="44%" colspan="2" valign=bottom > <p style='margin-bottom:0pt;margin-top:0in;'><br> <font size=2>May 14, 2003</font></p> </td>
<td width="7%" valign=bottom > <p style='margin-bottom:0pt;margin-top:0in;'><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom > <p style='margin-bottom:0pt;margin-top:0in;'><font size=2>By:&nbsp;</font></p> </td>
<td width="39%" valign=bottom > <p style='margin-bottom:0pt;margin-top:0in;'><br> <font size=2>/s/ D</font><font SIZE=1>ENNIS </font><font SIZE=2>J</font><font size=1>. </font><font SIZE=2>M</font><font SIZE=1>C</font><font SIZE=2>G</font><font
SIZE=1>ONIGLE</font></p> </td> </tr>
<tr>
<td width="4%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="44%" colspan="2" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td> </tr>
<tr>
<td width="4%" valign=top > <p style='margin-bottom:0pt;margin-top:0in;'><font size=1>&nbsp;</font></p> </td>
<td width="0%" valign=bottom > <p style='margin-bottom:0pt;margin-top:0in;'><font size=1>&nbsp;</font></p> </td>
<td width="44%" valign=bottom > <p style='margin-bottom:0pt;margin-top:0in;'><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p style='margin-bottom:0pt;margin-top:0in;'><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom > <p style='margin-bottom:0pt;margin-top:0in;'><font size=1>&nbsp;</font></p> </td>
<td width="39%" valign=bottom > <p style='margin-bottom:0pt;margin-top:0in;'><b><font size=1>Dennis J. McGonigle</font></b><br> <b><font size=1>Chief Financial Officer</font></b></p> </td> </tr>
<tr>
<td width="25" ></td>
<td width="2" ></td>
<td width="256" ></td>
<td width="40" ></td>
<td width="23" ></td>
<td width="231" ></td> </tr> </table> <p style=' margin-bottom:0pt; margin-top:0pt;'><font size=2>&nbsp;</font></p> <br> <p style='margin-bottom:0pt;text-align:center'><font size=2>28</font></p>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
  <p style=' margin-bottom:0pt; margin-top:8pt;'><font size=2>I, Alfred P. West, Jr., certify that:</font></p> <p style='margin-bottom:0;margin-top:6pt;text-indent:0in;'><font size=2>1.</font></p><p
style='margin-bottom:0pt;margin-top:-11pt;margin-left:0in;text-indent:0.360000014305115in;'><font size=2>I have reviewed this quarterly report on Form 10-Q of SEI Investments Company;</font></p> <p
style='margin-bottom:0;margin-top:6pt;text-indent:0in;'><font size=2>2.</font></p><p style='margin-bottom:0pt;margin-top:-11pt;margin-left:0in;text-indent:0.360000014305115in;'><font size=2>Based on my knowledge, this quarterly report does not
contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this
quarterly report; </font></p> <p style='margin-bottom:0;margin-top:6pt;text-indent:0in;'><font size=2>3.</font></p><p style='margin-bottom:0pt;margin-top:-11pt;margin-left:0in;text-indent:0.360000014305115in;'><font size=2>Based on my knowledge, the
financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in
this quarterly report; </font></p> <p style='margin-bottom:0;margin-top:6pt;text-indent:0in;'><font size=2>4.</font></p><p style='margin-bottom:0pt;margin-top:-11pt;margin-left:0in;text-indent:0.360000014305115in;'><font size=2>The registrant&#146;s
other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:</font></p> <p
style='margin-bottom:0;margin-top:6pt;text-indent:0in;'><font size=2>a)</font></p><p style='margin-bottom:0pt;margin-top:-11pt;margin-left:0in;text-indent:0.360000014305115in;'><font size=2>designed such disclosure controls and procedures to ensure
that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;</font></p> <p
style='margin-bottom:0;margin-top:6pt;text-indent:0in;'><font size=2>b)</font></p><p style='margin-bottom:0pt;margin-top:-11pt;margin-left:0in;text-indent:0.360000014305115in;'><font size=2>evaluated the effectiveness of the registrant&#146;s
disclosure controls and procedures as of a date within 90 days prior to the filing date of this quarterly report (the &#147;Evaluation Date&#148;); and</font></p> <p style='margin-bottom:0;margin-top:6pt;text-indent:0in;'><font
size=2>c)</font></p><p style='margin-bottom:0pt;margin-top:-11pt;margin-left:0in;text-indent:0.360000014305115in;'><font size=2>presented in this quarterly report our conclusions about the effectiveness of the disclosure controls and procedures
based on our evaluation as of the Evaluation Date;</font></p> <p style='margin-bottom:0;margin-top:6pt;text-indent:0in;'><font size=2>5.</font></p><p style='margin-bottom:0pt;margin-top:-11pt;margin-left:0in;text-indent:0.360000014305115in;'><font
size=2>The registrant&#146;s other certifying officer and I have disclosed, based on our most recent evaluation, to the registrant&#146;s auditors and the audit committee of registrant&#146;s board of directors (or persons performing the equivalent
function):</font></p> <p style='margin-bottom:0;margin-top:6pt;text-indent:0in;'><font size=2>a)</font></p><p style='margin-bottom:0pt;margin-top:-11pt;margin-left:0in;text-indent:0.360000014305115in;'><font size=2>all significant deficiencies in
the design or operation of internal controls which could adversely affect the registrant&#146;s ability to record, process, summarize and report financial data and have identified for the registrant&#146;s auditors any material weaknesses in
internal controls; and</font></p> <p style='margin-bottom:0;margin-top:6pt;text-indent:0in;'><font size=2>b)</font></p><p style='margin-bottom:0pt;margin-top:-11pt;margin-left:0in;text-indent:0.360000014305115in;'><font size=2>any fraud, whether or
not material, that involves management or other employees who have a significant role in the registrant&#146;s internal controls; and</font></p> <p style='margin-bottom:0;margin-top:6pt;text-indent:0in;'><font size=2>6.</font></p><p
style='margin-bottom:0pt;margin-top:-11pt;margin-left:0in;text-indent:0.360000014305115in;'><font size=2>The registrant&#146;s other certifying officer and I have indicated in this quarterly report whether or not there were significant changes in
internal controls or in other factors that could significantly affect internal controls subsequent to the date of our most recent evaluation, including any corrective actions with regard to significant deficiencies and material
weaknesses.</font></p> <p style=' margin-bottom:0pt; margin-top:0pt;'>&nbsp;</p>
<table border="0" cellspacing=0 cellpadding=0 style='margin-left:.4pt;border-collapse: collapse'>
<tr>
<td width="49%" valign=bottom > <p style='margin-bottom:0pt;margin-top:0in;'><font size=2>Date:&nbsp;May 14, 2003</font></p> </td>
<td width="2%" valign=bottom > <p style='margin-bottom:0pt;margin-top:0in;'><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom > <p style='margin-bottom:0pt;margin-top:0in;'><font size=1>&nbsp;</font></p> </td>
<td width="44%" valign=bottom > <p style='margin-bottom:0pt;margin-top:0in;'><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td width="49%" valign=bottom > <p style='margin-bottom:0pt;margin-top:0in;'><br> <font size=2>/s/</font><font size=1> </font><font SIZE=2>A</font><font SIZE=1>LFRED </font><font SIZE=2>P</font><font size=1>. </font><font SIZE=2>W</font><font
SIZE=1>EST, </font><font SIZE=2>JR.</font></p> </td>
<td width="2%" valign=bottom > <p style='margin-bottom:0pt;margin-top:0in;'><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom > <p style='margin-bottom:0pt;margin-top:0in;'><font size=2>&nbsp;</font></p> </td>
<td width="44%" valign=bottom > <p style='margin-bottom:0pt;margin-top:0in;'><br > <br > </p> </td> </tr>
<tr>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="44%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td width="49%" valign=top > <p style='margin-bottom:0pt;margin-top:0in;'><b><font size=1>Alfred P. West, Jr.</font></b><br> <b><font size=1>Chairman and Chief Executive Officer</font></b></p> </td>
<td width="2%" valign=top > <p style='margin-bottom:0pt;margin-top:0in;'><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=top > <p style='margin-bottom:0pt;margin-top:0in;'><font size=1>&nbsp;</font></p> </td>
<td width="44%" valign=top > <p style='margin-bottom:0pt;margin-top:0in;'><font size=1>&nbsp;</font></p> </td> </tr> </table> <br> <p style='margin-bottom:0pt;text-align:center'><font size=2>29</font></p>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
  <p style=' margin-bottom:0pt; margin-top:8pt;'><font size=2>I, Dennis J. McGonigle, certify that:</font></p> <p style='margin-bottom:0;margin-top:6pt;text-indent:0in;'><font size=2>1.</font></p><p
style='margin-bottom:0pt;margin-top:-11pt;margin-left:0in;text-indent:0.360000014305115in;'><font size=2>I have reviewed this quarterly report on Form 10-Q of SEI Investments Company;</font></p> <p
style='margin-bottom:0;margin-top:6pt;text-indent:0in;'><font size=2>2.</font></p><p style='margin-bottom:0pt;margin-top:-11pt;margin-left:0in;text-indent:0.360000014305115in;'><font size=2>Based on my knowledge, this quarterly report does not
contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this
quarterly report; </font></p> <p style='margin-bottom:0;margin-top:6pt;text-indent:0in;'><font size=2>3.</font></p><p style='margin-bottom:0pt;margin-top:-11pt;margin-left:0in;text-indent:0.360000014305115in;'><font size=2>Based on my knowledge, the
financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in
this quarterly report; </font></p> <p style='margin-bottom:0;margin-top:6pt;text-indent:0in;'><font size=2>4.</font></p><p style='margin-bottom:0pt;margin-top:-11pt;margin-left:0in;text-indent:0.360000014305115in;'><font size=2>The registrant&#146;s
other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:</font></p> <p
style='margin-bottom:0;margin-top:6pt;text-indent:0in;'><font size=2>a)</font></p><p style='margin-bottom:0pt;margin-top:-11pt;margin-left:0in;text-indent:0.360000014305115in;'><font size=2>designed such disclosure controls and procedures to ensure
that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;</font></p> <p
style='margin-bottom:0;margin-top:6pt;text-indent:0in;'><font size=2>b)</font></p><p style='margin-bottom:0pt;margin-top:-11pt;margin-left:0in;text-indent:0.360000014305115in;'><font size=2>evaluated the effectiveness of the registrant&#146;s
disclosure controls and procedures as of a date within 90 days prior to the filing date of this quarterly report (the &#147;Evaluation Date&#148;); and</font></p> <p style='margin-bottom:0;margin-top:6pt;text-indent:0in;'><font
size=2>c)</font></p><p style='margin-bottom:0pt;margin-top:-11pt;margin-left:0in;text-indent:0.360000014305115in;'><font size=2>presented in this quarterly report our conclusions about the effectiveness of the disclosure controls and procedures
based on our evaluation as of the Evaluation Date;</font></p> <p style='margin-bottom:0;margin-top:6pt;text-indent:0in;'><font size=2>5.</font></p><p style='margin-bottom:0pt;margin-top:-11pt;margin-left:0in;text-indent:0.360000014305115in;'><font
size=2>The registrant&#146;s other certifying officer and I have disclosed, based on our most recent evaluation, to the registrant&#146;s auditors and the audit committee of registrant&#146;s board of directors (or persons performing the equivalent
function):</font></p> <p style='margin-bottom:0;margin-top:6pt;text-indent:0in;'><font size=2>a)</font></p><p style='margin-bottom:0pt;margin-top:-11pt;margin-left:0in;text-indent:0.360000014305115in;'><font size=2>all significant deficiencies in
the design or operation of internal controls which could adversely affect the registrant&#146;s ability to record, process, summarize and report financial data and have identified for the registrant&#146;s auditors any material weaknesses in
internal controls; and</font></p> <p style='margin-bottom:0;margin-top:6pt;text-indent:0in;'><font size=2>b)</font></p><p style='margin-bottom:0pt;margin-top:-11pt;margin-left:0in;text-indent:0.360000014305115in;'><font size=2>any fraud, whether or
not material, that involves management or other employees who have a significant role in the registrant&#146;s internal controls; and</font></p> <p style='margin-bottom:0;margin-top:6pt;text-indent:0in;'><font size=2>6.</font></p><p
style='margin-bottom:0pt;margin-top:-11pt;margin-left:0in;text-indent:0.360000014305115in;'><font size=2>The registrant&#146;s other certifying officer and I have indicated in this quarterly report whether or not there were significant changes in
internal controls or in other factors that could significantly affect internal controls subsequent to the date of our most recent evaluation, including any corrective actions with regard to significant deficiencies and material
weaknesses.</font></p> <p style=' margin-bottom:0pt; margin-top:0pt;'>&nbsp;</p>
<table border="0" cellspacing=0 cellpadding=0 style='margin-left:.4pt;border-collapse: collapse'>
<tr>
<td width="49%" valign=bottom > <p style='margin-bottom:0pt;margin-top:0in;'><font size=2>Date: May 14, 2003</font></p> </td>
<td width="2%" valign=bottom > <p style='margin-bottom:0pt;margin-top:0in;'><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom > <p style='margin-bottom:0pt;margin-top:0in;'><font size=1>&nbsp;</font></p> </td>
<td width="44%" valign=bottom > <p style='margin-bottom:0pt;margin-top:0in;'><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td width="49%" valign=bottom > <p style='margin-bottom:0pt;margin-top:0in;'><br> <font size=2>/s/ D</font><font SIZE=1>ENNIS </font><font SIZE=2>J</font><font size=1>. </font><font SIZE=2>M</font><font SIZE=1>C</font><font SIZE=2>G</font><font
SIZE=1>ONIGLE</font></p> </td>
<td width="2%" valign=bottom > <p style='margin-bottom:0pt;margin-top:0in;'><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom > <p style='margin-bottom:0pt;margin-top:0in;'><font size=2>&nbsp;</font></p> </td>
<td width="44%" valign=bottom > <p style='margin-bottom:0pt;margin-top:0in;'><br > <br > </p> </td> </tr>
<tr>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="44%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td width="49%" valign=top > <p style='margin-bottom:0pt;margin-top:0in;'><b><font size=1>Dennis J. McGonigle</font></b><br> <b><font size=1>Chief Financial Officer</font></b></p> </td>
<td width="2%" valign=top > <p style='margin-bottom:0pt;margin-top:0in;'><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=top > <p style='margin-bottom:0pt;margin-top:0in;'><font size=1>&nbsp;</font></p> </td>
<td width="44%" valign=top > <p style='margin-bottom:0pt;margin-top:0in;'><font size=1>&nbsp;</font></p> </td> </tr> </table> <br> <p style='margin-bottom:0pt;text-align:center'><font size=2>30</font></p>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>dex991.htm
<DESCRIPTION>OFFICER CERTIFICATIONS
<TEXT>
<HTML><HEAD>
<TITLE>Officer Certifications</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
  <p style=' margin-bottom:0pt;text-align:center; margin-top:16pt;' align="left">&nbsp;</p> <p style=' margin-bottom:0pt;text-align:center; margin-top:16pt;'><font size=2>Exhibit 99.1</font></p> <p style='
margin-bottom:0pt;text-align:center; margin-top:16pt;'><font size=2>Certification Required by Section 906 of the Sarbanes-Oxley Act of 2002.</font></p> <br><p style='margin-bottom:0pt;text-align:left'><font size=2>
</font></p>
<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
  <p style=' margin-bottom:0pt; margin-top:12pt;'><b><font size=2>Written Statement of Chairman and Chief Executive Officer and Principal Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of
2002</font></b></p> <p style=' margin-bottom:0pt; margin-top:8pt;'><font size=2>I, Alfred P. West, Jr., Chairman and Chief Executive Officer, and Dennis J McGonigle, Chief Financial Officer of SEI Investments Company; a Pennsylvania corporation (the
&#147;Company&#148;), hereby certify that, based on our knowledge:</font></p> <p style='margin-bottom:0;margin-top:6pt;text-indent:0.36in;'><font size=2>(a)</font></p><p style='margin-bottom:0pt;margin-top:-11pt;margin-left:0.72in;'><font size=2>The
Quarterly Report on Form 10-Q of the Company for the three months ended March 31, 2003 filed on the date hereof with the Securities and Exchange Commission (the &#147;Report&#148;) fully complies with the requirements of Section 13(a) or 15(d) of
the Securities Exchange Act of 1934; and</font></p> <p style='margin-bottom:0;margin-top:6pt;text-indent:0.36in;'><font size=2>(b)</font></p><p style='margin-bottom:0pt;margin-top:-11pt;margin-left:0.72in;'><font size=2>The information contained in
the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</font></p> <p style=' margin-bottom:0pt; margin-top:0pt;'><font size=2>&nbsp;</font></p>
<table align=center border="0" cellspacing=0 cellpadding=0 style='margin-left:.4pt;border-collapse: collapse'>
<tr>
<td width="49%" valign=bottom > <p style='margin-bottom:0pt;margin-top:0in;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p style='margin-bottom:0pt;margin-top:0in;'><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom > <p style='margin-bottom:0pt;margin-top:0in;'><font size=1>&nbsp;</font></p> </td>
<td width="44%" valign=bottom > <p style='margin-bottom:0pt;margin-top:0in;'><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td width="49%" valign=bottom > <p style='margin-bottom:0pt;margin-top:0in;'><br > <br > </p> </td>
<td width="2%" valign=bottom > <p style='margin-bottom:0pt;margin-top:0in;'><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom > <p style='margin-bottom:0pt;margin-top:0in;'><font size=2>&nbsp;</font></p> </td>
<td width="44%" valign=bottom > <p style='margin-bottom:0pt;margin-top:0in;'><br> <font size=2>/s/</font><font size=1> </font><font SIZE=2>A</font><font SIZE=1>LFRED </font><font SIZE=2>P</font><font size=1>. </font><font SIZE=2>W</font><font
SIZE=1>EST, </font><font SIZE=2>JR</font><font size=1>.</font></p> </td> </tr>
<tr>
<td width="49%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td> </tr>
<tr>
<td width="49%" valign=top > <p style='margin-bottom:0pt;margin-top:0in;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p style='margin-bottom:0pt;margin-top:0in;'><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=top > <p style='margin-bottom:0pt;margin-top:0in;'><font size=1>&nbsp;</font></p> </td>
<td width="44%" valign=top > <p style='margin-bottom:0pt;margin-top:0in;'><b><font size=1>Alfred P. West, Jr.</font></b><br> <b><font size=1>Chairman and Chief Executive Officer</font></b><br> <font size=2>May 14, 2003</font></p> </td> </tr>
</table> <p style=' margin-bottom:0pt; margin-top:0pt;'><font size=2>&nbsp;</font></p>
<table align=center border="0" cellspacing=0 cellpadding=0 style='margin-left:.4pt;border-collapse: collapse'>
<tr>
<td width="49%" valign=bottom > <p style='margin-bottom:0pt;margin-top:0in;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p style='margin-bottom:0pt;margin-top:0in;'><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom > <p style='margin-bottom:0pt;margin-top:0in;'><font size=1>&nbsp;</font></p> </td>
<td width="44%" valign=bottom > <p style='margin-bottom:0pt;margin-top:0in;'><font size=1>&nbsp;</font></p> </td> </tr>
<tr>
<td width="49%" valign=bottom > <p style='margin-bottom:0pt;margin-top:0in;'><br > <br > </p> </td>
<td width="2%" valign=bottom > <p style='margin-bottom:0pt;margin-top:0in;'><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom > <p style='margin-bottom:0pt;margin-top:0in;'><font size=2>&nbsp;</font></p> </td>
<td width="44%" valign=bottom > <p style='margin-bottom:0pt;margin-top:0in;'><font size=2>/s/ D</font><font SIZE=1>ENNIS </font><font SIZE=2>J</font><font size=1>. </font><font SIZE=2>M</font><font SIZE=1>C</font><font SIZE=2>G</font><font
SIZE=1>ONIGLE</font></p> </td> </tr>
<tr>
<td width="49%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size=1> </td> </tr>
<tr>
<td width="49%" valign=top > <p style='margin-bottom:0pt;margin-top:0in;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p style='margin-bottom:0pt;margin-top:0in;'><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=top > <p style='margin-bottom:0pt;margin-top:0in;'><font size=1>&nbsp;</font></p> </td>
<td width="44%" valign=top > <p style='margin-bottom:0pt;margin-top:0in;'><b><font size=1>Dennis J. McGonigle</font></b><br> <b><font size=1>Chief Financial Officer</font></b><br> <font size=2>May 14, 2003</font></p> </td> </tr> </table> <br> <p
style='margin-bottom:0pt;text-align:left'>&nbsp;</p> <br>
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