<SUBMISSION>
<ACCESSION-NUMBER>0001193125-03-037301
<TYPE>10-Q
<PUBLIC-DOCUMENT-COUNT>5
<PERIOD>20030630
<FILING-DATE>20030814
<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>03844398
</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>SEI CORP--FORM 10-Q
<TEXT>
<HTML><HEAD>
<TITLE>SEI Corp--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:8pt;'><font size=2>(Mark One)*</font></p> <br>
<table width="100%" cellspacing=0 cellpadding=0>
<tr>
<td width="0%" ></td>
<td width="5.56%" nowrap valign="top"><b><font size=2><font face=Wingdings>x</font></font></b></td>
<td valign="top"><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 June 30, 2003</font></b></td></tr></table> <p style=' margin-bottom:0pt;text-align:center;
margin-top:12pt;'><b><font SIZE=2>OR</font></b></p> <br>
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<tr>
<td width="0%" ></td>
<td width="5.56%" nowrap valign="top"><b><font size=2><font face=Wingdings>o</font></font></b></td>
<td valign="top"><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 _________ to _________</font></b></td></tr></table> <p style='
margin-bottom:0pt;text-align:center; margin-top:12pt;'><b><font size=2>0-10200</font></b><br><b><font size=1>(Commission File Number)</font></b></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;'><font size=1>&nbsp;</font></p>
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<tr>
<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; margin-top:0pt;'>&nbsp;</p>
<table width="100%" cellspacing=0 cellpadding=0>
<tr>
<td width="50">&nbsp;</td>
<td align=center valign=top width="280"><b><font size=2>1</font></b><font size=2>&nbsp;</font><b><font size=2>Freedom</font></b><font size=2>&nbsp;</font><b><font size=2>Valley</font></b><font size=2>&nbsp;</font><b><font
size=2>Drive,</font></b><font size=2>&nbsp;</font><b><font size=2>Oaks,</font></b><font size=2>&nbsp;</font><b><font size=2>Pennsylvania</font></b><br> <b><font size=1>(Address of principal executive offices)</font></b><br></td>
<td align=center width="280">&nbsp;</td>
<td align=center valign=top width="280"><b><font size=2>19456-1100</font></b><br> <b><font size=1>(Zip Code)</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>(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: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. Yes&nbsp;<font face=Wingdings>x</font> No&nbsp;<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&nbsp;<font face=Wingdings>x</font> No&nbsp;<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&nbsp;<font face=Wingdings>o</font> No&nbsp;<font face=Wingdings>o</font></font></p> <p style=' margin-bottom:0pt; margin-top:8pt;'><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 July 31, 2003: 104,924,412 shares of common stock, par value $.01 per share.</font></p> <br><HR
noshade size="4" color="black" > <p style='margin-bottom:0pt;text-align:center'>&nbsp;</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</font></b><font size=2>&nbsp;</font><b><font SIZE=2>I.</font></b></u><font size=2>&nbsp;&nbsp;&nbsp;</font><u><b><font SIZE=2>FINANCIAL
INFORMATION</font></b></u></p> <p style=' margin-bottom:0pt; margin-top:12pt;'><u><b><font size=2>Item</font></b><font size=2>&nbsp;</font><b><font size=2>1.</font></b></u><font size=2>&nbsp;&nbsp;&nbsp;</font><u><b><font size=2>Consolidated
Financial Statements</font></b></u></p> <p style=' margin-bottom:0pt;text-align:center; margin-top:16pt;'><u><b><font size=2>SEI Investments Company</font></b></u><br><u><b><font size=2>Consolidated Balance Sheets</font></b></u><br><i><font
size=2>(unaudited)</font></i><br><i><font size=2>(In thousands)</font></i></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 align=center ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p align=center ><b><font size=1>June</font></b><font size=1>&nbsp;</font><b><font size=1>30,</font></b><font size=1>&nbsp;</font><b><font size=1>2003</font></b></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p align=center ><b><font size=1>December</font></b><font size=1>&nbsp;</font><b><font size=1>31,</font></b><font size=1>&nbsp;</font><b><font size=1>2002</font></b></p> </td>
<td width="1%" 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="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='margin-left:8.65pt;text-indent:-8.65pt;'><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr >
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:8.65pt;text-indent:-8.65pt;'><u><font size=2>Assets</font></u></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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF;'> <p align=right ><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr >
<td valign=bottom > <p style='margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>Current Assets:</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr >
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>Cash and cash equivalents</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 ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>156,271</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p ><font size=2>&nbsp;&nbsp;&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>165,724</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr >
<td valign=bottom > <p style='margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>Restricted cash</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=2>10,541</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><font size=2>10,000</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr >
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>Receivables from regulated investment companies</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 ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>23,341</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 ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>22,588</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr >
<td valign=bottom > <p style='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="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=2>55,158</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><font size=2>52,054</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr >
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>Deferred 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 ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2> 2,947</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 ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>3,526</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr >
<td valign=bottom > <p style='margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>Prepaid expenses and other current assets</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=2>7,863</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><font size=2>7,543</font></p> </td>
<td width="1%" 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="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:17.3pt;text-indent:-8.65pt;'><font size=2>Total Current Assets</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 ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>256,121</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 ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>261,435</font></p> </td>
<td width="1%" 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="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:8.65pt;text-indent:-8.65pt;'><font size=2>Property and Equipment, net of accumulated depreciation and amortization of $102,536 and $111,210</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 ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2> 106,936</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 ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2> 104,258</font></p> </td>
<td width="1%" 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="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:8.65pt;text-indent:-8.65pt;'><font size=2>Capitalized Software, net of accumulated amortization of $16,071 and $15,204</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 ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2> 14,166</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 ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2> 12,596</font></p> </td>
<td width="1%" 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="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:8.65pt;text-indent:-8.65pt;'><font size=2>Investments Available for Sale</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 ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2> 57,383</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 ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2> 62,433</font></p> </td>
<td width="1%" 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="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:8.65pt;text-indent:-8.65pt;'><font size=2>Other Assets, 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 ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2> 31,057</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 ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2> 23,425</font></p> </td>
<td width="1%" 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="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:17.3pt;text-indent:-8.65pt;'><font size=2>Total Assets</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>465,663</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>464,147</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="3"> </td>
<td valign=top > <hr noshade width="100%" color="black" size="3"> </td>
<td width="1%" 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="1%" 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> <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">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;'><u><b><font size=2>SEI Investments Company</font></b></u><br><u><b><font size=2>Consolidated Balance Sheets</font></b></u><br><i><font
size=2>(unaudited)</font></i><br><i><font size=2>(In thousands, except par value)</font></i></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 align=center ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=center ><font size=1>&nbsp;&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=center ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=center ><b><font size=1>June</font></b><font size=1>&nbsp;</font><b><font size=1>30,</font></b><font size=1>&nbsp;</font><b><font size=1>2003</font></b></p> </td>
<td width="1%" valign=bottom > <p align=center ><font size=1>&nbsp;&nbsp;&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=center ><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom > <p align=center ><b><font size=1>December</font></b><font size=1>&nbsp;</font><b><font size=1>31,</font></b><font size=1>&nbsp;</font><b><font size=1>2002</font></b></p> </td>
<td width="1%" valign=bottom > <p align=center ><font size=1>&nbsp;&nbsp;&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 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> </tr>
<tr >
<td valign=bottom > <p style='margin-left:8.65pt;text-indent:-8.65pt;'>&nbsp;<u></u></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr >
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:8.65pt;text-indent:-8.65pt;'><u><font size=2>Liabilities and Shareholders&#146; Equity</font></u></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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr >
<td valign=bottom > <p style='margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>Current Liabilities:</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr >
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>Current portion of long-term debt</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 ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>14,365</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p ><font size=2>&nbsp;&nbsp;&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p ><font size=2>$</font></p> </td>
<td width="8%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>9,556</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr >
<td valign=bottom > <p style='margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>Accounts payable</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=2>2,808</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom > <p align=right ><font size=2>4,058</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr >
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>Accrued expenses</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 ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>97,604</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 ><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>119,427</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr >
<td valign=bottom > <p style='margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>Deferred revenue</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=2>1,180</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom > <p align=right ><font size=2>1,206</font></p> </td>
<td width="1%" 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="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:17.3pt;text-indent:-8.65pt;'><font size=2>Total Current Liabilities</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 ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>115,957</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 ><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>134,247</font></p> </td>
<td width="1%" 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="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:8.65pt;text-indent:-8.65pt;'><font size=2>Long-term Debt</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 ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2> 29,162</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 ><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2> 33,500</font></p> </td>
<td width="1%" 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="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:8.65pt;text-indent:-8.65pt;'><font size=2>Deferred 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 ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>6,207</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 ><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>6,393</font></p> </td>
<td width="1%" 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="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:8.65pt;text-indent:-8.65pt;'><font size=2>Shareholders&#146; Equity:</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 ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF;'> <p align=right ><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 ><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr >
<td valign=bottom > <p style='margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>Common stock, $.01 par value, 750,000 shares authorized; 104,860 and 106,184 shares issued and outstanding</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=2>1,049</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom > <p align=right ><font size=2>1,062</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr >
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>Capital in excess of par value</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 ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>227,893</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 ><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>216,284</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr >
<td valign=bottom > <p style='margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>Retained earnings</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=2>83,352</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom > <p align=right ><font size=2>74,019</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr >
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>Accumulated other comprehensive gains (losses)</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 ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>2,043</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 ><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2> (1,358</font></p> </td>
<td width="1%" 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="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:17.3pt;text-indent:-8.65pt;'><font size=2>Total Shareholders&#146; Equity</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 ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2> 314,337</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 ><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2> 290,007</font></p> </td>
<td width="1%" 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="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:17.3pt;text-indent:-8.65pt;'><font size=2>Total Liabilities and Shareholders&#146; Equity</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>465,663</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p ><font size=2>$</font></p> </td>
<td width="8%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>464,147</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="3"> </td>
<td valign=top > <hr noshade width="100%" color="black" size="3"> </td>
<td width="1%" 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="1%" 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> <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">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;'><u><b><font size=2>SEI Investments Company</font></b></u><br><u><b><font size=2>Consolidated Statements of Income</font></b></u><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;'>&nbsp;</p>
<table width="100%" border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse; '>
<tr >
<td valign=bottom > <p align=center ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="35%" colspan="9" valign=bottom > <p align=center ><b><font size=1>Three</font></b><font size=1>&nbsp;</font><b><font size=1>Months</font></b><br> <b><font size=1>Ended</font></b><font size=1>&nbsp;</font><b><font
size=1>June</font></b><font size=1>&nbsp;</font><b><font size=1>30,</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="9" 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 align=center ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom > <p align=center ><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 align=center ><b><font size=1>2003</font></b></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=center ><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 align=center ><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 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="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 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: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="4%" valign=bottom style='background:#CCEEFF; '> <p align=right ><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 ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>153,554</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>158,851</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: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="4%" valign=bottom > <p align=right ><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 ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><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 align=right ><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 ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><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-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 align=right ><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 ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>68,204</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 align=right ><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 ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>68,187</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: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 align=right ><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 ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><font size=2>28,256</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><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 ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><font size=2>31,945</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: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 align=right ><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 ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2> 4,835</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 align=right ><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 ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2> 5,972</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 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="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 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:8.65pt;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="4%" valign=bottom style='background:#CCEEFF; '> <p align=right ><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 ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>52,259</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 align=right ><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 ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>52,747</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:8.65pt;text-indent:-8.65pt;'><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 align=right ><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 ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><font size=2>4,861</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><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 ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><font size=2>3,103</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:8.65pt;text-indent:-8.65pt;'><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 align=right ><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 ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>(4,076</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 align=right ><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 ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><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-left:8.65pt;text-indent:-8.65pt;'><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 align=right ><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 ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><font size=2>1,365</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><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 ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><font size=2>1,394</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:8.65pt;text-indent:-8.65pt;'><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 align=right ><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 ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>(519</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 align=right ><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 ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>(484</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-left:8.65pt;text-indent:-8.65pt;'><font size=2>Other income</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom > <p align=right ><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 ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><font size=2> 509</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><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 ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><font size=2> &#151;</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 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="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 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:8.65pt;text-indent:-8.65pt;'><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 align=right ><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 ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>54,399</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 align=right ><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 ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>56,760</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:8.65pt;text-indent:-8.65pt;'><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 align=right ><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 ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><font size=2> 20,128</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><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 ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><font size=2> 21,001</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 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="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 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: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="4%" valign=bottom style='background:#CCEEFF; '> <p align=right ><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 ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2> 34,271</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 align=right ><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 ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2> 35,759</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 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="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 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:8.65pt;text-indent:-8.65pt;'><font size=2>Other comprehensive income (loss), 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 align=right ><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 ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><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="6%" valign=bottom style='background:#CCEEFF;'> <p align=right ><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 ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><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:25.9pt;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 align=right ><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 ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><font size=2>1,115</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><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 ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><font size=2>1,239</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:25.9pt;text-indent:-8.65pt;'><font size=2>Unrealized holding gain (loss) on investments, Unrealized holding gains (losses) during the period net of income tax (expense) benefit of
($1,359) and $916</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 align=right ><font size=2>2,391</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 ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><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="6%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>(1,729</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 ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><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:25.9pt;text-indent:-8.65pt;'><font size=2>Less: reclassification adjustment for losses realized in net income, net of income tax benefit of $149 and $110</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom > <p align=right ><font size=2>254</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><font size=2>2,645</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=2>186</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><font size=2>(1,543</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 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="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr >
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>Other comprehensive income (loss)</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 align=right ><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 ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>3,760</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 align=right ><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 ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>(304</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 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="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 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:8.65pt;text-indent:-8.65pt;'><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 align=right ><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 ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>38,031</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 align=right ><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 ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>35,455</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr >
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size="3"> </td>
<td valign=top > <hr noshade width="100%" color="black" size="3"> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size="3"> </td>
<td valign=top > <hr noshade width="100%" color="black" size="3"> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr >
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>Basic earnings per common share</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><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="6%" valign=bottom style='background:#CCEEFF;'> <p align=right ><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 ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>.33</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr >
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size="3"> </td>
<td valign=top > <hr noshade width="100%" color="black" size="3"> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size="3"> </td>
<td valign=top > <hr noshade width="100%" color="black" size="3"> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr >
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>Diluted earnings per common share</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><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="6%" valign=bottom style='background:#CCEEFF;'> <p align=right ><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 ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>.31</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr >
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size="3"> </td>
<td valign=top > <hr noshade width="100%" color="black" size="3"> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size="3"> </td>
<td valign=top > <hr noshade width="100%" color="black" size="3"> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr >
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>Dividends declared per common share</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>.07</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 align=right ><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 ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>.06</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 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="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 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> <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">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;'><u><b><font size=2>SEI Investments Company</font></b></u><br><u><b><font size=2>Consolidated Statements of Income</font></b></u><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;'>&nbsp;</p>
<table width="100%" border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse; '>
<tr >
<td valign=bottom > <p align=center ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="33%" colspan="9" valign=bottom > <p align=center ><b><font size=1>Six</font></b><font size=1>&nbsp;</font><b><font size=1>Months</font></b><br> <b><font size=1>Ended</font></b><font size=1>&nbsp;</font><b><font size=1>June</font></b><font
size=1>&nbsp;</font><b><font size=1>30,</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="9" 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 align=center ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom > <p align=center ><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 align=center ><b><font size=1>2003</font></b></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom > <p align=center ><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 align=center ><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 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="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> </tr>
<tr >
<td valign=bottom style='background:#CCEEFF; '> <p style='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="4%" valign=bottom style='background:#CCEEFF; '> <p align=right ><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 ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>304,159</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>318,066</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: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="4%" valign=bottom > <p align=right ><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 ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom > <p align=right ><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 ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><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-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 align=right ><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 ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>134,756</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 align=right ><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 ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>136,923</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: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 align=right ><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 ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><font size=2>55,145</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom > <p align=right ><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 ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><font size=2>66,093</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: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 align=right ><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 ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>10,486</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 align=right ><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 ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>11,681</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 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="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> </tr>
<tr >
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:8.65pt;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="4%" valign=bottom style='background:#CCEEFF; '> <p align=right ><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 ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>103,772</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 align=right ><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 ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>103,369</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:8.65pt;text-indent:-8.65pt;'><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 align=right ><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 ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><font size=2>8,475</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom > <p align=right ><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 ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><font size=2>5,782</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:8.65pt;text-indent:-8.65pt;'><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 align=right ><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 ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>(4,182</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>)</font></p> </td>
<td width="4%" valign=bottom style='background:#CCEEFF;'> <p align=right ><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 ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><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-left:8.65pt;text-indent:-8.65pt;'><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 align=right ><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 ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><font size=2>2,607</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom > <p align=right ><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 ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><font size=2>2,544</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:8.65pt;text-indent:-8.65pt;'><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 align=right ><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 ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>(1,087</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>)</font></p> </td>
<td width="4%" valign=bottom style='background:#CCEEFF;'> <p align=right ><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 ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>(965</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-left:8.65pt;text-indent:-8.65pt;'><font size=2>Other income</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom > <p align=right ><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 ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><font size=2>509</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom > <p align=right ><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 ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><font size=2>&#151;</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 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="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> </tr>
<tr >
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:8.65pt;text-indent:-8.65pt;'><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 align=right ><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 ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>110,094</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 align=right ><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 ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>110,730</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:8.65pt;text-indent:-8.65pt;'><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 align=right ><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 ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><font size=2>40,735</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom > <p align=right ><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 ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><font size=2>40,970</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 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="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> </tr>
<tr >
<td valign=bottom style='background:#CCEEFF; '> <p style='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="4%" valign=bottom style='background:#CCEEFF; '> <p align=right ><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 ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>69,359</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 align=right ><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 ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>69,760</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 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="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> </tr>
<tr >
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>Other comprehensive income (loss), 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 align=right ><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 ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><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="4%" valign=bottom style='background:#CCEEFF;'> <p align=right ><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 ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><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:25.9pt;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 align=right ><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 ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><font size=2>1,097</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom > <p align=right ><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 ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><font size=2>858</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:25.9pt;text-indent:-8.65pt;'><font size=2>Unrealized holding gain (loss) on investments, Unrealized holding gains (losses) during the period net of income tax (expense) benefit of
($918) and $609</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 align=right ><font size=2>1,584</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 ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><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="4%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>(927</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 ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><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:25.9pt;text-indent:-8.65pt;'><font size=2>Less: reclassification adjustment for losses (gains) realized in net income, net of income tax (benefit) expense of ($423) and $31</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom > <p align=right ><font size=2>720</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><font size=2>2,304</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom > <p align=right ><font size=2>(52</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=2>)</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><font size=2>(979</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 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="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr >
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>Other comprehensive income (loss)</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 align=right ><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 ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>3,401</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 align=right ><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 ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>(121</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 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="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> </tr>
<tr >
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:8.65pt;text-indent:-8.65pt;'><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 align=right ><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 ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>72,760</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 align=right ><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 ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>69,639</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr >
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size="3"> </td>
<td valign=top > <hr noshade width="100%" color="black" size="3"> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size="3"> </td>
<td valign=top > <hr noshade width="100%" color="black" size="3"> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr >
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>Basic earnings per common share</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>.66</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 align=right ><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 ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>.64</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr >
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size="3"> </td>
<td valign=top > <hr noshade width="100%" color="black" size="3"> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size="3"> </td>
<td valign=top > <hr noshade width="100%" color="black" size="3"> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr >
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>Diluted earnings per common share</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>.64</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 align=right ><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 ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>.61</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr >
<td valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size="3"> </td>
<td valign=top > <hr noshade width="100%" color="black" size="3"> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size="3"> </td>
<td valign=top > <hr noshade width="100%" color="black" size="3"> </td>
<td width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr >
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>Dividends declared per common share</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>.07</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 align=right ><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 ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>.06</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 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="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> </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> <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">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;'><u><b><font size=2>SEI Investments Company</font></b></u><br><u><b><font size=2>Consolidated Statements of Cash Flows</font></b></u><br><font
size=2>(unaudited)</font><br><i><font size=2>(In thousands)</font></i></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 width="44%" valign=bottom > <p align=center ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="13%" colspan="5" valign=bottom > <p align=center ><b><font size=1>Six</font></b><font size=1>&nbsp;</font><b><font size=1>Months</font></b><br> <b><font size=1>Ended</font></b><font size=1>&nbsp;</font><b><font size=1>June</font></b><font
size=1>&nbsp;</font><b><font size=1>30,</font></b></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr >
<td width="44%" 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 width="44%" valign=bottom > <p align=center ><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 align=center ><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 align=center ><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 width="44%" 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:8.65pt;text-indent:-8.65pt;'><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom style='background:#CCEEFF;'> <p align=right ><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom style='background:#CCEEFF;'> <p align=right ><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:8.65pt;text-indent:-8.65pt;'><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 ><font size=2>$</font></p> </td>
<td width="5%" valign=bottom > <p align=right ><font size=2>69,359</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>$</font></p> </td>
<td width="5%" valign=bottom > <p align=right ><font size=2>69,760</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:8.65pt;text-indent:-8.65pt;'><font size=2>Adjustments to reconcile net income to net cash provided by operating activities:</font><font
size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom style='background:#CCEEFF;'> <p align=right ><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 ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom style='background:#CCEEFF;'> <p align=right ><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: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 ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom > <p align=right ><font size=2>8,627</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom > <p align=right ><font size=2>9,000</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: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 ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>(2,671</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 ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>(2,116</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-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 ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom > <p align=right ><font size=2>6,064</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom > <p align=right ><font size=2>13,250</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: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 ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>4,026</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 ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>(1,236</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-left:17.3pt;text-indent:-8.65pt;'><font size=2>Change in current assets and liabilities:</font><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom > <p align=right ><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 ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom > <p align=right ><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-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 ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom style='background:#CCEEFF;'> <p align=right ><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 ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom style='background:#CCEEFF;'> <p align=right ><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: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 ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom > <p align=right ><font size=2>(753</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=2>)</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom > <p align=right ><font size=2>3,162</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: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 ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>(3,104</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 ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>(9,039</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-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 ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom > <p align=right ><font size=2>(320</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=2>)</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom > <p align=right ><font size=2>8</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: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 ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom style='background:#CCEEFF;'> <p align=right ><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 ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom style='background:#CCEEFF;'> <p align=right ><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: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 ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom > <p align=right ><font size=2>(1,250</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=2>)</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom > <p align=right ><font size=2>(2,464</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-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 ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>(15,449</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 ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>(7,839</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-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 ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom > <p align=right ><font size=2>(26</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=2>)</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom > <p align=right ><font size=2>(210</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-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 ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>64,503</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 ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>72,276</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:8.65pt;text-indent:-8.65pt;'><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 ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom style='background:#CCEEFF;'> <p align=right ><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 ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom style='background:#CCEEFF;'> <p align=right ><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: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 ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom > <p align=right ><font size=2>(10,336</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=2>)</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom > <p align=right ><font size=2>(16,766</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-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 ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>(2,437</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 ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>(1,230</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-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 ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom > <p align=right ><font size=2>(7,413</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=2>)</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom > <p align=right ><font size=2>(12,110</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-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 ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>14,243</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 ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>13,561</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: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 ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom > <p align=right ><font size=2>(367</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=2>)</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom > <p align=right ><font size=2>738 </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:17.3pt;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 ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>(6,310</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 ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>(15,807</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:8.65pt;text-indent:-8.65pt;'><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 ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom style='background:#CCEEFF;'> <p align=right ><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 ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom style='background:#CCEEFF;'> <p align=right ><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: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 ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom > <p align=right ><font size=2>(6,778</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=2>)</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom > <p align=right ><font size=2>(4,777</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-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 ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>(57,272</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 ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>(44,079</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-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 ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom > <p align=right ><font size=2>10,106</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom > <p align=right ><font size=2>8,545</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: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 ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>(13,702</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 ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>(12,050</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: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 ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>(67,646) </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 ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>(52,361</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:8.65pt;text-indent:-8.65pt;'><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 ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>(9,453</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 ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>4,108</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: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 ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom > <p align=right ><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 ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom > <p align=right ><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: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 ><font size=2>$</font></p> </td>
<td width="5%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>156,271</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p ><font size=2>$</font></p> </td>
<td width="5%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>167,793</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> <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">6</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;'><u><b><font size=2>Notes to Consolidated Financial Statements</font></b></u><br><font size=2>(all figures are in thousands except per share
data)</font></p> <br>
<table width="100%" cellspacing=0 cellpadding=0>
<tr>
<td width="0%" ></td>
<td width="8.33%" nowrap valign="top"><font size=2>Note 1.&nbsp;&nbsp;&nbsp;</font></td>
<td valign="top"><u><font size=2>Summary of Significant Accounting Policies</font></u></td></tr></table> <p style=' margin-bottom:0pt; margin-left:8%; margin-top:8pt;'><u><font size=2>Nature of Operations</font></u></p> <p style=' margin-bottom:0pt;
margin-left:8%; margin-top:8pt;'><font size=2>SEI Investments Company (the &#147;Company&#148;) is organized around its five primary target markets: Private Banking and Trust, Investment Advisors, Enterprises, Money Managers, and Investments in New
Businesses. Private Banking and 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 provides 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:8%; margin-top:8pt;'><u><font size=2>Summary Financial Information and
Results of Operations</font></u></p> <p style=' margin-bottom:0pt; margin-left:8%; 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 June 30, 2003, the results of operations for the three and six months ended June 30, 2003 and 2002, and cash flows for the six month period ended June 30, 2003
and 2002. </font></p> <p style=' margin-bottom:0pt; margin-left:8%; margin-top:8pt;'><u><font size=2>Interim Financial Information</font></u></p> <p style=' margin-bottom:0pt; margin-left:8%; 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:8%; margin-top:8pt;'><u><font size=2>Principles of Consolidation</font></u></p> <p style=' margin-bottom:0pt;
margin-left:8%; 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
(&#147;SIDCO&#148;), SEI Investments Management Corporation (&#147;SIMC&#148;), and SEI Private Trust Company. 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> <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">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:8%; margin-top:8pt;'><u><font size=2>Property and Equipment</font></u></p> <p style=' margin-bottom:0pt; margin-left:8%; 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="100%" border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse; '>
<tr >
<td valign=bottom > <p align=center ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p align=center ><b><font size=1>June</font></b><font size=1>&nbsp;</font><b><font size=1>30,</font></b><font size=1>&nbsp;</font><b><font size=1>2003</font></b></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p align=center ><b><font size=1>December</font></b><font size=1>&nbsp;</font><b><font size=1>31,</font></b><font size=1>&nbsp;</font><b><font size=1>2002</font></b></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=center ><b><font size=1>Estimated</font></b><br> <b><font size=1>Useful </font></b><font size=1>&nbsp;</font><b><font size=1>Lives</font></b><br> <b><font size=1>(In Years)</font></b></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;&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 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:8.65pt;text-indent:-8.65pt;'><font size=2>Buildings</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 align=right ><font size=2>$</font></p> </td>
<td width="5%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>77,240</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>75,825</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>25 to 39</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr >
<td valign=bottom > <p style='margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>Land</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom > <p align=right ><font size=2>9,379</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><font size=2>9,345</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font SIZE=2>N/A</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr >
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>Equipment</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>65,312</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>79,260</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>3 to 5</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr >
<td valign=bottom > <p style='margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>Purchased software</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom > <p align=right ><font size=2>20,687</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><font size=2>21,256</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=2>3</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr >
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>Furniture and fixtures</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>15,728</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>15,523</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>3 to 5</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr >
<td valign=bottom > <p style='margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>Leasehold improvements</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom > <p align=right ><font size=2>7,901</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><font size=2>7,386</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=2>Lease Term</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr >
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>Construction in progress</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>13,225</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>6,873</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font SIZE=2>N/A</font></p> </td>
<td width="1%" 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="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="6%" 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:8.65pt;text-indent:-8.65pt;'><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>209,472</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>215,468</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr >
<td valign=bottom > <p style='margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>Less: Accumulated depreciation and amortization</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom > <p align=right ><font size=2>(102,536</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>)</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><font size=2>(111,210</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>)</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="1%" 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="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="6%" 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:8.65pt;text-indent:-8.65pt;'><font size=2>Property and Equipment, 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 align=right ><font size=2>$</font></p> </td>
<td width="5%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>106,936</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>104,258</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="1%" 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="1%" 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="1%" 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="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> </tr> </table> <br> <p style=' margin-bottom:0pt; margin-left:8%; 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:8%; margin-top:8pt;'><u><font size=2>Capitalized Software</font></u></p> <p style=' margin-bottom:0pt; margin-left:8%; 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 six months ended June 30,
2003 and 2002 in accordance with SFAS 86.</font></p> <p style=' margin-bottom:0pt; margin-left:8%; margin-top:8pt;'><font size=2>In 2002, the Company adopted the guidance established in Emerging Issues Task Force Issue 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 $2,437 and $1,230 in software development costs in accordance with SOP 98-1
during the six months ended June 30, 2003 and 2002, respectively. </font></p> <p style=' margin-bottom:0pt; margin-left:8%; 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 5.2 years. Amortization expense was $867 during the six months ended June 30, 2003 and 2002 and is included in Operating and development expenses on the accompanying Consolidated Statements of Income.</font></p> <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">8</font></p>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
  <p style=' margin-bottom:0pt; margin-left:8%; margin-top:8pt;'><u><font size=2>Earnings per Share</font></u></p> <p style=' margin-bottom:0pt; margin-left:8%; 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;'><font
size=2>&nbsp;</font></p>
<table width="100%" border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse; '>
<tr >
<td valign=bottom > <p align=center ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td>
<td width="25%" colspan="7" valign=bottom > <p align=center ><b><font size=1>For</font></b><font size=1>&nbsp;</font><b><font size=1>the</font></b><font size=1>&nbsp;</font><b><font size=1>Three</font></b><font size=1>&nbsp;</font><b><font
size=1>Month</font></b><font size=1>&nbsp;</font><b><font size=1>Period</font></b><font size=1>&nbsp;</font><b><font size=1>Ended</font></b><font size=1>&nbsp;</font><b><font size=1>June</font></b><font size=1>&nbsp;</font><b><font
size=1>30,</font></b><font size=1>&nbsp;</font><b><font size=1>2003</font></b></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>&nbsp;&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="7" 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 align=center ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p align=center ><b><font size=1>Income</font></b><br> <b><font size=1>(Numerator)</font></b></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td>
<td width="11%" valign=bottom > <p align=center ><b><font size=1>Shares</font></b><br> <b><font size=1>(Denominator)</font></b></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p align=center ><b><font size=1>Per</font></b><font size=1>&nbsp;</font><b><font size=1>Share</font></b><br> <b><font size=1>Amount</font></b></p> </td>
<td width="1%" 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="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 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 style='background:#CCEEFF; '> <p style='margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>Basic earnings per common share</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 align=right ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>34,271</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="11%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>104,828</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>$</font></p> </td>
<td width="4%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>.33</font></p> </td>
<td width="1%" 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="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="11%" 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="3"> </td>
<td valign=top > <hr noshade width="100%" color="black" size="3"> </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:8.65pt;text-indent:-8.65pt;'><font size=2>Dilutive effect of stock options</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>&#151;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="11%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>3,173</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="1%" 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="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 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="4%" 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:8.65pt;text-indent:-8.65pt;'><font size=2>Diluted earnings per common share</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 align=right ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>34,271</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="11%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>108,001</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>$</font></p> </td>
<td width="4%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>.32</font></p> </td>
<td width="1%" 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="1%" 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="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size="3"> </td>
<td width="1%" 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="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr> </table> <br> <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 align=center ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td>
<td width="25%" colspan="7" valign=bottom > <p align=center ><b><font size=1>For</font></b><font size=1>&nbsp;</font><b><font size=1>the</font></b><font size=1>&nbsp;</font><b><font size=1>Three</font></b><font size=1>&nbsp;</font><b><font
size=1>Month</font></b><font size=1>&nbsp;</font><b><font size=1>Period</font></b><font size=1>&nbsp;</font><b><font size=1>Ended</font></b><font size=1>&nbsp;</font><b><font size=1>June</font></b><font size=1>&nbsp;</font><b><font
size=1>30,</font></b><font size=1>&nbsp;</font><b><font size=1>2002</font></b></p> </td>
<td width="1%" 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="1%" 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="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr >
<td valign=bottom > <p align=center ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p align=center ><b><font size=1>Income</font></b><br> <b><font size=1>(Numerator)</font></b></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td>
<td width="11%" valign=bottom > <p align=center ><b><font size=1>Shares</font></b><br> <b><font size=1>(Denominator)</font></b></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p align=center ><b><font size=1>Per</font></b><font size=1>&nbsp;</font><b><font size=1>Share</font></b><br> <b><font size=1>Amount</font></b></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;&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 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 style='background:#CCEEFF; '> <p style='margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>Basic earnings per common share</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 align=right ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>35,759</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="11%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>109,632</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>$</font></p> </td>
<td width="4%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>.33</font></p> </td>
<td width="1%" 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="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="11%" 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="3"> </td>
<td valign=top > <hr noshade width="100%" color="black" size="3"> </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:8.65pt;text-indent:-8.65pt;'><font size=2>Dilutive effect of stock options</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>&#151;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="11%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>4,670</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="1%" 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="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 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="4%" 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:8.65pt;text-indent:-8.65pt;'><font size=2>Diluted earnings per common share</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 align=right ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>35,759</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="11%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>114,302</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>$</font></p> </td>
<td width="4%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>.31</font></p> </td>
<td width="1%" 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="1%" 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="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size="3"> </td>
<td width="1%" 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="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr> </table> <br> <p style=' margin-bottom:0pt; margin-left:8%; margin-top:8pt;'><font size=2>Options to purchase 4,998 and 2,851 shares of common stock, with an average exercise
price of $38.21 and $45.56, were outstanding during the second 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-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 align=center ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="24%" colspan="7" valign=bottom > <p align=center ><b><font size=1>For</font></b><font size=1>&nbsp;</font><b><font size=1>the</font></b><font size=1>&nbsp;</font><b><font size=1>Six</font></b><font size=1>&nbsp;</font><b><font
size=1>Month</font></b><font size=1>&nbsp;</font><b><font size=1>Period</font></b><font size=1>&nbsp;</font><b><font size=1>Ended</font></b><font size=1>&nbsp;</font><b><font size=1>June</font></b><font size=1>&nbsp;</font><b><font
size=1>30,</font></b><font size=1>&nbsp;</font><b><font size=1>2003</font></b></p> </td>
<td width="1%" 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="1%" 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="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr >
<td valign=bottom > <p align=center ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p align=center ><b><font size=1>Income</font></b><br> <b><font size=1>(Numerator)</font></b></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="10%" valign=bottom > <p align=center ><b><font size=1>Shares</font></b><br> <b><font size=1>(Denominator)</font></b></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p align=center ><b><font size=1>Per</font></b><font size=1>&nbsp;</font><b><font size=1>Share</font></b><br> <b><font size=1>Amount</font></b></p> </td>
<td width="1%" 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="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 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 style='background:#CCEEFF; '> <p style='margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>Basic earnings per common share</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 align=right ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>69,359</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="10%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>105,297</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 align=right ><font size=2>$</font></p> </td>
<td width="4%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>.66</font></p> </td>
<td width="1%" 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="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="10%" 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="3"> </td>
<td valign=top > <hr noshade width="100%" color="black" size="3"> </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:8.65pt;text-indent:-8.65pt;'><font size=2>Dilutive effect of stock options</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>&#151;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="10%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>3,486</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="1%" 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="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 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="4%" 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:8.65pt;text-indent:-8.65pt;'><font size=2>Diluted earnings per common share</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 align=right ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>69,359</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="10%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>108,783</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 align=right ><font size=2>$</font></p> </td>
<td width="4%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>.64</font></p> </td>
<td width="1%" 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="1%" 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="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size="3"> </td>
<td width="1%" 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="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr> </table> <br> <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 align=center ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="24%" colspan="7" valign=bottom > <p align=center ><b><font size=1>For</font></b><font size=1>&nbsp;</font><b><font size=1>the</font></b><font size=1>&nbsp;</font><b><font size=1>Six</font></b><font size=1>&nbsp;</font><b><font
size=1>Month</font></b><font size=1>&nbsp;</font><b><font size=1>Period</font></b><font size=1>&nbsp;</font><b><font size=1>Ended</font></b><font size=1>&nbsp;</font><b><font size=1>June</font></b><font size=1>&nbsp;</font><b><font
size=1>30,</font></b><font size=1>&nbsp;</font><b><font size=1>2002</font></b></p> </td>
<td width="1%" 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="1%" 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="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr >
<td valign=bottom > <p align=center ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p align=center ><b><font size=1>Income</font></b><br> <b><font size=1>(Numerator)</font></b></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="10%" valign=bottom > <p align=center ><b><font size=1>Shares</font></b><br> <b><font size=1>(Denominator)</font></b></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p align=center ><b><font size=1>Per</font></b><font size=1>&nbsp;</font><b><font size=1>Share</font></b><br> <b><font size=1>Amount</font></b></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr >
<td valign=top > <p><font size=1>&nbsp;</font></p> </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>
<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 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;' ><font size=2>Basic earnings per common share</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 align=right ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>69,760</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="10%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>109,514</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 align=right ><font size=2>$</font></p> </td>
<td width="4%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>.64</font></p> </td>
<td width="1%" 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="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="10%" 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="3"> </td>
<td valign=top > <hr noshade width="100%" color="black" size="3"> </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;' ><font size=2>Dilutive effect of stock options</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>&#151;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="10%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>5,129</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="1%" 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="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 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="4%" 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;' ><font size=2>Diluted earnings per common share</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 align=right ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>69,760</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="10%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>114,643</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 align=right ><font size=2>$</font></p> </td>
<td width="4%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>.61</font></p> </td>
<td width="1%" 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="1%" 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="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td valign=top > <hr noshade width="100%" color="black" size="3"> </td>
<td width="1%" 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="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr> </table> <p style=' margin-bottom:0pt; margin-left:8%; margin-top:8pt;'><font size=2>&nbsp;</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:8%; margin-top:8pt;'><font size=2>Options to purchase 5,003 and 2,751 shares of common stock, with an average exercise price of $38.20 and $45.94 were outstanding during the
first six months 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:8%; margin-top:8pt;'><u><font size=2>Stock-Based Compensation</font></u></p> <p style=' margin-bottom:0pt; margin-left:8%; 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:8%; 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> <p style=' margin-bottom:0pt; margin-top:0pt;'><font size=1>&nbsp;</font></p>
<table width="100%" border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse; '>
<tr >
<td valign=bottom > <p align=center style='margin-left:-2.4pt;text-indent:2.4pt;'><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="24%" colspan="5" valign=bottom > <p align=center ><b><font size=1>For the Three Month</font></b><br> <b><font size=1>Period</font></b><br> <b><font size=1>Ended June 30,</font></b></p> </td>
<td width="2%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td>
<td width="20%" colspan="5" valign=bottom > <p align=center ><b><font size=1>For the Six Month</font></b><br> <b><font size=1>Period</font></b><br> <b><font size=1>Ended June 30,</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>
<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 align=center ><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 align=center ><b><font size=1>2003</font></b></p> </td>
<td width="2%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td>
<td width="11%" colspan="2" valign=bottom > <p align=center ><b><font size=1>2002</font></b></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p align=center ><b><font size=1>2003</font></b></p> </td>
<td width="2%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p align=center ><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>
<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;' ><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom style='background:#CCEEFF; '> <p align=right ><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="9%" valign=bottom style='background:#CCEEFF;'> <p align=right ><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><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='text-indent:-0.12in;margin-left: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="1%" valign=bottom > <p align=right ><font size=2>$</font></p> </td>
<td width="8%" valign=bottom > <p align=right ><font size=2>34,271</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=2>$</font></p> </td>
<td width="9%" valign=bottom > <p align=right ><font size=2>35,759</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><font size=2>69,359</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><font size=2>69,760</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='text-indent:-0.12in;margin-left:17.3pt;'><font size=2>Deduct: Total stock-based employee expense determined under the 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="1%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>(2,711</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="9%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2> (2,325</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2> (4,913</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2> (4,651</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>
<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='text-indent:-0.12in;margin-left: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="1%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>$</font></p> </td>
<td width="8%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>31,560</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 align=right ><font size=2>$</font></p> </td>
<td width="9%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>33,434</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>64,446</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 align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>65,109</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr >
<td valign=bottom > <p style='margin-left:0.12in;text-indent:-0.12in;' ><font size=2>Basic earnings per common share</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="9%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr >
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:17.3pt;text-indent:-8.65pt;'><font size=2>As reported</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>$</font></p> </td>
<td width="8%" valign=bottom style='background:#CCEEFF; '> <p align=right ><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="1%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>$</font></p> </td>
<td width="9%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>.33</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>.66</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 align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>.64</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr >
<td valign=bottom > <p style='margin-left:17.3pt;text-indent:-8.65pt;'><font size=2>Pro forma</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=2>$</font></p> </td>
<td width="8%" valign=bottom > <p align=right ><font size=2>.30</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=2>$</font></p> </td>
<td width="9%" valign=bottom > <p align=right ><font size=2>.30</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><font size=2>.61</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><font size=2>.59</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr >
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:0.12in;text-indent:-0.12in;' ><font size=2>Diluted earnings per common share</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="9%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr >
<td valign=bottom > <p style='margin-left:17.3pt;text-indent:-8.65pt;'><font size=2>As reported</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=2>$</font></p> </td>
<td width="8%" valign=bottom > <p align=right ><font size=2>.32</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=2>$</font></p> </td>
<td width="9%" valign=bottom > <p align=right ><font size=2>.31</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><font size=2>.64</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><font size=2>.61</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr >
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:17.3pt;text-indent:-8.65pt;'><font size=2>Pro forma</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>$</font></p> </td>
<td width="8%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>.29</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 align=right ><font size=2>$</font></p> </td>
<td width="9%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>.29</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>.59</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 align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>.57</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td> </tr> </table> <br> <p style=' margin-bottom:0pt; margin-left:8%; margin-top:8pt;'><u><font size=2>Statements of Cash Flows</font></u></p> <p style='
margin-bottom:0pt; margin-left:8%; 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:8%; margin-top:8pt;'><font size=2>Supplemental disclosures of cash paid/received during the six months ended June 30 is as follows:</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 align=center ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p align=center ><b><font size=1>2003</font></b></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p align=center ><b><font size=1>2002</font></b></p> </td>
<td width="1%" 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="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 style='background:#CCEEFF; '> <p style='margin-left:0.12in;text-indent:-0.12in;' ><font size=2>Interest paid</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p ><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>$</font></p> </td>
<td width="4%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>1,324</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p ><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>$</font></p> </td>
<td width="4%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>1,414</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p ><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> </tr>
<tr >
<td valign=bottom > <p style='margin-left:0.12in;text-indent:-0.12in;' ><font size=2>Interest and dividends received</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom > <p align=right ><font size=2>2,768</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom > <p align=right ><font size=2>2,582</font></p> </td>
<td width="1%" 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;' ><font size=2>Income taxes paid</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>34,961</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>19,072</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td> </tr> </table> <br> <p style=' margin-bottom:0pt; margin-left:8%; margin-top:8pt;'><u><font size=2>Management&#146;s Use of Estimates</font></u></p>
<p style=' margin-bottom:0pt; margin-left:8%; margin-top:8pt;'><font size=2>The preparation of financial statements in conformity with accounting principles generally accepted in the Unites 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-top:0pt;'>&nbsp;</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:0pt; margin-left:8%; margin-top:8pt;'><u><font size=2>New Accounting Pronouncements</font></u></p> <p style=' margin-bottom:0pt; margin-left:8%; 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:8%; 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 have an interest in any entity that require disclosure or consolidation as a result of adopting the provisions of FIN 46.</font></p> <p style=' margin-bottom:0pt; margin-left:8%;
margin-top:8pt;'><font size=2>In February 2003, the Emerging Issues Task Force 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> <br>
<table width="100%" cellspacing=0 cellpadding=0>
<tr>
<td width="0%" ></td>
<td width="8.33%" nowrap valign="top"><font size=2>Note 2.&nbsp;&nbsp;&nbsp;</font></td>
<td valign="top"><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 gains (losses) on the Consolidated Balance Sheets is the change from December 31, 2002 to June 30, 2003 as follows:</font></td></tr></table> <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 align=center ><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 align=center ><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="11%" colspan="2" valign=bottom > <p align=center ><b><font size=1>Unrealized</font></b><br> <b><font size=1>Holding</font></b><br> <b><font size=1>Gains (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="11%" colspan="2" valign=bottom > <p align=center ><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>Gains (Losses)</font></b></p> </td>
<td width="2%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;&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> </tr>
<tr >
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:0.12in;text-indent:-0.12in;' ><font size=2>Beginning balance (Dec. 31, 2002)</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>367</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>$</font></p> </td>
<td width="9%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2> (1,725</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>)&nbsp;&nbsp;&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>$</font></p> </td>
<td width="9%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>(1,358</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-left:0.12in;text-indent:-0.12in;' ><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><font size=2>1,097</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="9%" valign=bottom > <p align=right ><font size=2>2,304</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="9%" valign=bottom > <p align=right ><font size=2>3,401</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>
<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;' ><font size=2>Ending balance (June 30, 2003)</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 align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>1,464</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 align=right ><font size=2>$</font></p> </td>
<td width="9%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>579</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>$</font></p> </td>
<td width="9%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>2,043</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>
<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:0pt;'><font size=2>&nbsp;</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">
  <br>
<table width="100%" cellspacing=0 cellpadding=0>
<tr>
<td width="0%" ></td>
<td width="8.33%" nowrap valign="top"><font size=2>Note 3. &nbsp;&nbsp;&nbsp;</font></td>
<td valign="top"><u><font size=2>Receivables</font></u><font size=2> - Receivables on the accompanying Consolidated Balance Sheets consist of the following:</font></td></tr></table> <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 align=center ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p align=center ><b><font size=1>June</font></b><font size=1>&nbsp;</font><b><font size=1>30,</font></b><font size=1>&nbsp;</font><b><font size=1>2003</font></b></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p align=center ><b><font size=1>December</font></b><font size=1>&nbsp;</font><b><font size=1>31,</font></b><font size=1>&nbsp;</font><b><font size=1>2002</font></b></p> </td>
<td width="1%" 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="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 style='background:#CCEEFF; '> <p style='margin-left:0.12in;text-indent:-0.12in;' ><font size=2>Trade receivables</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 ><font size=2>$</font></p> </td>
<td width="5%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>21,635</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>20,326</font></p> </td>
<td width="1%" 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;' ><font size=2>Fees earned, not received</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom > <p align=right ><font size=2>1,357</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><font size=2>1,452</font></p> </td>
<td width="1%" 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;' ><font size=2>Fees earned, not billed</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 ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>33,866</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 ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>31,976</font></p> </td>
<td width="1%" 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="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;' ><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 ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>56,858</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 ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>53,754</font></p> </td>
<td width="1%" 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;' ><font size=2>Less: Allowance for doubtful accounts</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom > <p align=right ><font size=2> (1,700</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>)</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><font size=2> (1,700</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>)</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> </tr>
<tr >
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:0.12in;text-indent:-0.12in;' ><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 ><font size=2>$</font></p> </td>
<td width="5%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>55,158</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>52,054</font></p> </td>
<td width="1%" 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="1%" 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="1%" 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="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr> </table> <br> <p style=' margin-bottom:0pt; margin-left:8%; 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 not billed and result from timing differences between services provided and contractual billing schedules.</font></p> <p style=' margin-bottom:0pt; margin-left:8%;
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.</font></p> <br>
<table width="100%" cellspacing=0 cellpadding=0>
<tr>
<td width="0%" ></td>
<td width="8.33%" nowrap valign="top"><font size=2>Note 4.&nbsp;&nbsp;&nbsp;</font></td>
<td valign="top"><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></td></tr></table> <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 align=center ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="38%" colspan="11" valign=bottom > <p align=center ><b><font size=1>As of June 30, 2003</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="11" 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 align=center ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p align=center ><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=2>&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p align=center ><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=2>&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p align=center ><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=2>&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p align=center ><b><font size=1>Fair</font></b><br> <b><font size=1>Value</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>
<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;' ><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 ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>47,564</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>1,592</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 ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>(292</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>)</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>48,864</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;' ><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 ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=2> 8,925</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><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 ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=2> (406 </font></p> </td>
<td width="2%" valign=bottom > <p ><font size=2>)</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=2>8,519</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>
<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;' ><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 ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>56,489</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>1,592</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 ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2> (698</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>)</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>57,383</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>
<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:0pt;'>&nbsp;</p>
<table width="100%" border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse; '>
<tr >
<td valign=bottom > <p align=center ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="38%" colspan="11" valign=bottom > <p align=center ><b><font size=1>As of December 31, 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="11" 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 align=center ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p align=center ><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=2>&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p align=center ><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=2>&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p align=center ><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=2>&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p align=center ><b><font size=1>Fair</font></b><br> <b><font size=1>Value</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>
<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;' ><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 ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>45,642</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><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 ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>(331</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>)</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>46,171</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;' ><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 ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><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 ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><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 ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><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 ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=2>16,262</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>
<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;' ><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 ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>65,185</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><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 ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2> (3,612</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>)</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>62,433</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>
<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-left:8%; margin-top:8pt;'><font size=2>The net unrealized holding gains at June 30, 2003 were $579 (net of income tax
expense of $315) and the net unrealized holding losses 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 gains (losses) on the accompanying Consolidated
Balance Sheets.</font></p> <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>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:8%; 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 six months 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. The Company did not record an impairment charge related to other-than-temporary declines in fair value for any of its securities available-for-sale during the three months ended June 30,
2003.</font></p> <p style=' margin-bottom:0pt; margin-left:8%; margin-top:8pt;'><font size=2>During the three months ended June 30, 2003, the Company recognized gross realized gains from available-for-sale securities of $54 and gross realized losses
from available-for-sale securities of $457. For the six months ended June 30, 2003, the Company recognized gross realized gains from available-for-sale securities of $64 and gross realized losses from available-for-sale securities of
$612.</font></p> <br>
<table width="100%" cellspacing=0 cellpadding=0>
<tr>
<td width="0%" ></td>
<td width="8.33%" nowrap valign="top"><font size=2>Note 5. &nbsp;&nbsp;&nbsp;</font></td>
<td valign="top"><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></td></tr></table> <p
style=' margin-bottom:0pt; margin-left:8%; 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> <p style='
margin-bottom:0pt; margin-left:8%; 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 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:8%; 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. During 2002, the Company discontinued hedge
accounting prospectively for certain derivatives utilized to manage economic exposure because of hedge ineffectiveness. The Company may continue to enter into economic hedges to support certain business strategies but may not designate such
derivatives as accounting hedges. Management&#146;s decision to no longer apply hedge accounting to certain derivatives as well as hedge ineffectiveness may cause volatility in quarterly earnings and equity. Currently, the Company does not apply
hedge accounting to any of its derivative instruments.</font></p> <p style=' margin-bottom:0pt; margin-left:8%; margin-top:8pt;'><font size=2>At June 30, 2003, Net loss from investments on the accompanying Consolidated Statements of Income includes
a net loss of $2,575 and $1,917 from hedge ineffectiveness for the three and six months ended June 30, 2003, respectively.</font></p> <p style=' margin-bottom:0pt; margin-left:8%; margin-top:8pt;'><font size=2>The Company currently holds futures
contracts with a notional amount of $1,285 with a financial institution with various terms. The Company also currently holds equity derivatives with a notional amount of $8,519 with a financial institution with various terms. During the period
ending June 30, 2003, the Company did not enter into or hold derivative financial instruments for trading purposes.</font></p> <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>13</font></p>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
  <br>
<table width="100%" cellspacing=0 cellpadding=0>
<tr>
<td width="0%" ></td>
<td width="8.33%" nowrap valign="top"><font size=2>Note 6. &nbsp;&nbsp;&nbsp;</font></td>
<td valign="top"><u><font size=2>Other Assets</font></u><font size=2> - Other assets on the accompanying Consolidated Balance Sheets consist of the following:</font></td></tr></table> <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 align=center ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p align=center ><b><font size=1>June</font></b><font size=1>&nbsp;</font><b><font size=1>30,</font></b><font size=1>&nbsp;</font><b><font size=1>2003</font></b></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p align=center ><b><font size=1>December</font></b><font size=1>&nbsp;</font><b><font size=1>31,</font></b><font size=1>&nbsp;</font><b><font size=1>2002</font></b></p> </td>
<td width="1%" 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="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 style='background:#CCEEFF; '> <p style='margin-left:0.12in;text-indent:-0.12in;' ><font size=2>Investment in unconsolidated affiliate</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 ><font size=2>$</font></p> </td>
<td width="5%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>18,455</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>8,535</font></p> </td>
<td width="1%" 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;' ><font size=2>Other, net</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom > <p align=right ><font size=2>12,602</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><font size=2> 14,890</font></p> </td>
<td width="1%" 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="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;' ><font size=2>Other assets</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 ><font size=2>$</font></p> </td>
<td width="5%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>31,057</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>23,425</font></p> </td>
<td width="1%" 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="1%" 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="1%" 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="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr> </table> <br> <p style=' margin-bottom:0pt; margin-left:8%; 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:8%; margin-top:8pt;'><font size=2>During the second quarter 2003, the Company recorded an impairment charge for $1,196 related to an equity investment in a private technology
company and is reflected in Net loss from investments on the accompanying Consolidated Statements of Income.</font></p> <p style=' margin-bottom:0pt; margin-left:8%; 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 six months in 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> <p style=' margin-bottom:0pt; margin-left:8%; margin-top:8pt;'><font size=2>On June 30, 2003, the Company entered into
an Assignment and Purchase Agreement (the &#147;Purchase Agreement&#148;) to acquire an additional 2 percent interest in LSV. As a result of the Purchase Agreement, the Company&#146;s total partnership interest in LSV is approximately 46 percent. At
June 30, 2003, the basis of the Company&#146;s investment in LSV exceeded its underlying equity in the net assets of LSV by $8,048. The Company accounts for this amount as goodwill embedded in their investment in LSV. The Company does not record
amortization expense associated with such embedded goodwill but assesses whether such embedded goodwill is impaired on an annual basis. The embedded goodwill in LSV was not deemed impaired during the six month period ended June 30, 2003. In
addition, the Purchase Agreement contains a contingent payment provision and occurs in the event of the sale of a certain percentage of the Partnership&#146;s business and assets. The contingent payment provision expires on January 1,
2006.</font></p> <p style=' margin-bottom:0pt; margin-left:8%; margin-top:8pt;'><font size=2>The following table contains the condensed statements of income of LSV for the three and six months ended June 30:</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 align=center ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="17%" colspan="5" valign=bottom > <p align=center ><b><font size=1>Three</font></b><font size=1>&nbsp;</font><b><font size=1>Month</font></b><font size=1>&nbsp;</font><b><font size=1>Period,</font></b><br> <b><font size=1>Ended June
30,</font></b></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="16%" colspan="5" valign=bottom > <p align=center ><b><font size=1>Six</font></b><font size=1>&nbsp;</font><b><font size=1>Month</font></b><font size=1>&nbsp;</font><b><font size=1>Period</font></b><br> <b><font size=1>Ended June
30,</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>
<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 align=center ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p align=center ><b><font size=1>2003</font></b></p> </td>
<td width="2%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p align=center ><b><font size=1>2002</font></b></p> </td>
<td width="2%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p align=center ><b><font size=1>2003</font></b></p> </td>
<td width="2%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p align=center ><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>
<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;' ><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 ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>13,704</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 ><font size=2>$</font></p> </td>
<td width="5%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>9,276</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>24,492</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 ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>17,867</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr >
<td valign=bottom > <p style='margin-left:0.12in;text-indent:-0.12in;' ><font size=2>Net income</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=2>11,091</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>$</font></p> </td>
<td width="5%" valign=bottom > <p align=right ><font size=2>7,079</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=2>19,334</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=2>13,190</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td> </tr> </table> <br> <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>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:8%; 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="100%" border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse; '>
<tr >
<td valign=bottom > <p align=center ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p align=center ><b><font size=1>June</font></b><font size=1>&nbsp;</font><b><font size=1>30,</font></b><font size=1>&nbsp;</font><b><font size=1>2003</font></b></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p align=center ><b><font size=1>December</font></b><font size=1>&nbsp;</font><b><font size=1>31,</font></b><font size=1>&nbsp;</font><b><font size=1>2002</font></b></p> </td>
<td width="1%" 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="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 style='background:#CCEEFF; '> <p style='margin-left:0.12in;text-indent:-0.12in;'><font size=2>Current assets</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 ><font size=2>$</font></p> </td>
<td width="5%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>23,375</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>18,193</font></p> </td>
<td width="1%" 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;'><font size=2>Non-current assets</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom > <p align=right ><font size=2>405</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><font size=2>280</font></p> </td>
<td width="1%" 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="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;'><font size=2>Total assets</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 ><font size=2>$</font></p> </td>
<td width="5%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>23,780</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>18,473</font></p> </td>
<td width="1%" 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="1%" 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="1%" 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="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;'><font size=2>Current liabilities</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 ><font size=2>$</font></p> </td>
<td width="5%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>2,285</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>2,383</font></p> </td>
<td width="1%" 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;'><font size=2>Partners&#146; capital</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom > <p align=right ><font size=2> 21,495</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><font size=2>16,090</font></p> </td>
<td width="1%" 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="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;'><font size=2>Total liabilities and partners&#146; capital</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 ><font size=2>$</font></p> </td>
<td width="5%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>23,780</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>18,473</font></p> </td>
<td width="1%" 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="1%" 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="1%" 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="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr> </table> <br> <br>
<table width="100%" cellspacing=0 cellpadding=0>
<tr>
<td width="0%" ></td>
<td width="8.33%" nowrap valign="top"><font size=2>Note 7. &nbsp;&nbsp;&nbsp;</font></td>
<td valign="top"><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></td></tr></table> <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 align=center ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p align=center ><b><font size=1>June</font></b><font size=1>&nbsp;</font><b><font size=1>30,</font></b><font size=1>&nbsp;</font><b><font size=1>2003</font></b></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p align=center ><b><font size=1>December</font></b><font size=1>&nbsp;</font><b><font size=1>31,</font></b><font size=1>&nbsp;</font><b><font size=1>2002</font></b></p> </td>
<td width="1%" 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="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 style='background:#CCEEFF; '> <p style='margin-left:0.12in;text-indent:-0.12in;' ><font size=2>Accrued compensation</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 ><font size=2>$</font></p> </td>
<td width="5%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>19,086</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>33,612</font></p> </td>
<td width="1%" 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;' ><font size=2>Accrued brokerage services</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom > <p align=right ><font size=2>9,161</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><font size=2>9,103</font></p> </td>
<td width="1%" 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;' ><font size=2>Accrued 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 ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>8,534</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 ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>9,281</font></p> </td>
<td width="1%" 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;' ><font size=2>Accrued proprietary fund services</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom > <p align=right ><font size=2>6,000</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><font size=2>8,403</font></p> </td>
<td width="1%" 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;' ><font size=2>Other accrued expenses</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 ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>54,823</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 ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2> 59,028</font></p> </td>
<td width="1%" 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="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;' ><font size=2>Total accrued expenses</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 ><font size=2>$</font></p> </td>
<td width="5%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>97,604</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>119,427</font></p> </td>
<td width="1%" 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="1%" 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="1%" 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="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr> </table> <br> <br>
<table width="100%" cellspacing=0 cellpadding=0>
<tr>
<td width="0%" ></td>
<td width="8.33%" nowrap valign="top"><font size=2>Note 8. &nbsp;&nbsp;&nbsp;</font></td>
<td valign="top"><u><font size=2>Short-term Borrowing Arrangements</font></u><font size=2> - The Company had a line of credit agreement (the &#147; Credit Agreement&#148;) with a principle lending institution that provided for borrowings of up to
$25,000. The Credit Agreement expired on June 30, 2003. The Company did not borrow against the Credit Agreement during the first six months of 2003 and 2002.</font></td></tr></table> <br>
<table width="100%" cellspacing=0 cellpadding=0>
<tr>
<td width="0%" ></td>
<td width="8.33%" nowrap valign="top"><font size=2>Note 9. &nbsp;&nbsp;&nbsp;</font></td>
<td valign="top"><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 during the first six months of 2003. 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 principal payment of $4,000 in February 2003. The current portion of the Notes amounted to $4,000 at June 30, 2003.
</font></td></tr></table> <p style=' margin-bottom:0pt; margin-left:8%; margin-top:8pt;'><font size=2>On June 26, 2001, the Company entered into a term 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. On August 2, 2001, the Company borrowed the entire $25,000. The Loan Agreement accrues
interest at the Prime Rate or one and thirty-five hundredths of one percent above 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. The Company was in compliance with all covenants during the first six months of 2003. The Company made its scheduled principal payments of $1,389 in March and June of 2003. The current
portion of the notes amounted to $5,556 at June 30, 2003. The interest rate being applied at June 30, 2003 was 2.45%.</font></p> <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>15</font></p>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
  <p style=' margin-bottom:0pt; margin-left:8%; margin-top:8pt;'><font size=2>At June 30, 2003, the Company had a payable to LSV in relation to the Purchase Agreement (See Note 6) in the amount of $7,250 which bears
interest at the rate of 4 percent per annum and is to be repaid in six quarterly installments beginning July 1, 2003. The current portion of the debt amounted to $4,809 at June 30, 2003.</font></p> <br>
<table width="100%" cellspacing=0 cellpadding=0>
<tr>
<td width="0%" ></td>
<td width="8.33%" nowrap valign="top"><font size=2>Note 10.&nbsp;&nbsp;&nbsp;</font></td>
<td valign="top"><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. Beginning with the inception of the Company&#146;s common stock buyback program and through June 30, 2003, a total of 108,738,000 shares at an aggregate cost of $663,568 have been purchased and retired. The Company purchased 2,257,000
shares at a total cost of $57,272 during the six months ended June 30, 2003.</font></td></tr></table> <p style=' margin-bottom:0pt; margin-left:8%; 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> <br>
<table width="100%" cellspacing=0 cellpadding=0>
<tr>
<td width="0%" ></td>
<td width="8.33%" nowrap valign="top"><font size=2>Note 11.&nbsp;&nbsp;&nbsp;</font></td>
<td valign="top"><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></td></tr></table> <p style=' margin-bottom:0pt; margin-left:8%; margin-top:8pt;'><font size=2>The Company&#146;s management evaluates financial performance of its operating
segments based on Income from operations. The Company&#146;s operations are organized into separate business units that offer products and services tailored for particular market segments. The Company&#146;s 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. </font></p> <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>16</font></p>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
  <p style=' margin-bottom:0pt; margin-left:8%; 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
June 30, 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 align=center ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p align=center ><b><font size=1>Private</font></b><br> <b><font size=1>Banking</font></b><br> <b><font size=1>and</font></b><font size=1>&nbsp;</font><b><font size=1>Trust</font></b></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p align=center ><b><font size=1>Investment</font></b><br> <b><font size=1>Advisors</font></b></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p align=center ><b><font size=1>Enterprises</font></b></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p align=center ><b><font size=1>Money </font></b><br> <b><font size=1>Managers</font></b></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p align=center ><b><font size=1>Investments </font></b><br> <b><font size=1>In</font></b><font size=1>&nbsp;</font><b><font size=1>New</font></b><br> <b><font size=1>Businesses</font></b></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;&nbsp;</font></p> </td>
<td width="11%" colspan="2" valign=bottom > <p align=center ><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 ><font size=2>&nbsp;&nbsp;&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p align=center ><b><font size=1>Total</font></b></p> </td>
<td width="1%" 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="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 align=center ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="71%" colspan="20" valign=bottom > <p align=center ><b><font size=1>For the Three-Month Period Ended June 30, 2003</font></b></p> </td>
<td width="1%" 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="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td colspan="20" 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;' ><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 align=right ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>77,619</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>&nbsp;&nbsp;&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>37,079</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>&nbsp;&nbsp;&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>14,367</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>&nbsp;&nbsp;&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>13,106</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>&nbsp;&nbsp;&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>11,383</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>&nbsp;&nbsp;&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="9%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>&nbsp;&nbsp;&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>153,554</font></p> </td>
<td width="1%" 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="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="9%" 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:8.65pt;text-indent:-8.65pt;'><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 align=right ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>33,436</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>20,182</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 align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>6,317</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>2,309</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 align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2> (5,150</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>)</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>$</font></p> </td>
<td width="9%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2> (4,835</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 align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>52,259</font></p> </td>
<td width="1%" 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="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:8.65pt;text-indent:-8.65pt;'><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="9%" valign=bottom style='background:#CCEEFF; '> <p align=right ><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 align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>2,140</font></p> </td>
<td width="1%" 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="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="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="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:8.65pt;text-indent:-8.65pt;'><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="9%" valign=bottom style='background:#CCEEFF; '> <p align=right ><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 align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>54,399</font></p> </td>
<td width="1%" 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="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="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="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:8.65pt;text-indent:-8.65pt;'><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 align=right ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>2,496</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 align=right ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>805</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>205</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 align=right ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>305</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>301</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 align=right ><font size=2>$</font></p> </td>
<td width="9%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>135</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>4,247</font></p> </td>
<td width="1%" 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="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:8.65pt;text-indent:-8.65pt;'><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 align=right ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>3,900</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>1,362</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 align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>619</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>427</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 align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>974</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>$</font></p> </td>
<td width="9%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>390</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 align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>7,672</font></p> </td>
<td width="1%" 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="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 valign=bottom > <p align=center ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p align=center ><b><font size=1>Private</font></b><br> <b><font size=1>Banking</font></b><br> <b><font size=1>and</font></b><font size=1>&nbsp;</font><b><font size=1>Trust</font></b></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p align=center ><b><font size=1>Investment</font></b><br> <b><font size=1>Advisors</font></b></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p align=center ><b><font size=1>Enterprises</font></b></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p align=center ><b><font size=1>Money </font></b><br> <b><font size=1>Managers</font></b></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p align=center ><b><font size=1>Investments </font></b><br> <b><font size=1>In</font></b><font size=1>&nbsp;</font><b><font size=1>New</font></b><br> <b><font size=1>Businesses</font></b></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;&nbsp;</font></p> </td>
<td width="11%" colspan="2" valign=bottom > <p align=center ><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 ><font size=2>&nbsp;&nbsp;&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p align=center ><b><font size=1>Total</font></b></p> </td>
<td width="1%" 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="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 align=center ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="71%" colspan="20" valign=bottom > <p align=center ><b><font size=1>For the Three-Month Period Ended June 30, 2002</font></b></p> </td>
<td width="1%" 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="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td colspan="20" 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;' ><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 align=right ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>82,878</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>&nbsp;&nbsp;&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>39,229</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>&nbsp;&nbsp;&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>14,295</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>&nbsp;&nbsp;&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>10,804</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>&nbsp;&nbsp;&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>11,645</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>&nbsp;&nbsp;&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="9%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>&nbsp;&nbsp;&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>158,851</font></p> </td>
<td width="1%" 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="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="9%" 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;' ><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 align=right ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>33,652</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 align=right ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>20,457</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>5,792</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 align=right ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>2,151</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2> (3,333</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 align=right ><font size=2>$</font></p> </td>
<td width="9%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2> (5,972</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>)</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>52,747</font></p> </td>
<td width="1%" 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="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;' ><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="9%" valign=bottom style='background:#CCEEFF; '> <p align=right ><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 align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>4,013</font></p> </td>
<td width="1%" 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="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="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="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;' ><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="9%" valign=bottom style='background:#CCEEFF; '> <p align=right ><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 align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>56,760</font></p> </td>
<td width="1%" 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="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="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="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;' ><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 align=right ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>2,854</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>757</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 align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>267</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>251</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 align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>305</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>$</font></p> </td>
<td width="9%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>133</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 align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>4,567</font></p> </td>
<td width="1%" 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="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;' ><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 align=right ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>4,655</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 align=right ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>1,494</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>715</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 align=right ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>441</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>791</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 align=right ><font size=2>$</font></p> </td>
<td width="9%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>299</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>8,395</font></p> </td>
<td width="1%" 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="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;'><font size=2>&nbsp;</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-left:8%; margin-top:8pt;'><font size=2>The following tables highlight certain unaudited financial information about each of the Company&#146;s segments for the six months ended
June 30, 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 align=center ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p align=center ><b><font size=1>Private</font></b><br> <b><font size=1>Banking</font></b><br> <b><font size=1>and</font></b><font size=1>&nbsp;</font><b><font size=1>Trust</font></b></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p align=center ><b><font size=1>Investment</font></b><br> <b><font size=1>Advisors</font></b></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p align=center ><b><font size=1>Enterprises</font></b></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p align=center ><b><font size=1>Money </font></b><br> <b><font size=1>Managers</font></b></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p align=center ><b><font size=1>Investments</font></b><br> <b><font size=1>In</font></b><font size=1>&nbsp;</font><b><font size=1>New</font></b><br> <b><font size=1>Businesses</font></b></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;&nbsp;</font></p> </td>
<td width="11%" colspan="2" valign=bottom > <p align=center ><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 ><font size=2>&nbsp;&nbsp;&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p align=center ><b><font size=1>Total</font></b></p> </td>
<td width="1%" 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="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 align=center ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="72%" colspan="20" valign=bottom > <p align=center ><b><font size=1>For the Six-Month Period Ended June 30, 2003</font></b></p> </td>
<td width="1%" 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="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td colspan="20" 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;' ><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 align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>154,514</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>&nbsp;&nbsp;&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>72,992</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>&nbsp;&nbsp;&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>28,391</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>&nbsp;&nbsp;&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>25,438</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>&nbsp;&nbsp;&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>22,824</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>&nbsp;&nbsp;&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="9%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>&nbsp;&nbsp;&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>304,159</font></p> </td>
<td width="1%" 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="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="9%" 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;' ><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 align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>67,037</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>39,785</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 align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>12,753</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>4,279</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 align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>(9,596</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>)</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>$</font></p> </td>
<td width="9%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2> (10,486</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 align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>103,772</font></p> </td>
<td width="1%" 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="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;' ><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="9%" valign=bottom style='background:#CCEEFF; '> <p align=right ><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 align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>6,322</font></p> </td>
<td width="1%" 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="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="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="9%" 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:8.65pt;text-indent:-8.65pt;'><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="9%" valign=bottom style='background:#CCEEFF; '> <p align=right ><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 align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>110,094</font></p> </td>
<td width="1%" 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="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="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="9%" 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:8.65pt;text-indent:-8.65pt;'><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 align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>5,086</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 align=right ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>1,629</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>415</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 align=right ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>617</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>614</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 align=right ><font size=2>$</font></p> </td>
<td width="9%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>266</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>8,627</font></p> </td>
<td width="1%" 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="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;' ><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 align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>6,628</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>2,185</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 align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>993</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>711</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 align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>1,629</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>$</font></p> </td>
<td width="9%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>627</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 align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>12,773</font></p> </td>
<td width="1%" 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="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 valign=bottom > <p align=center ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p align=center ><b><font size=1>Private </font></b><br> <b><font size=1>Banking</font></b><br> <b><font size=1>and</font></b><font size=1>&nbsp;</font><b><font size=1>Trust</font></b></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p align=center ><b><font size=1>Investment </font></b><br> <b><font size=1>Advisors</font></b></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p align=center ><b><font size=1>Enterprises</font></b></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p align=center ><b><font size=1>Money </font></b><br> <b><font size=1>Managers</font></b></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p align=center ><b><font size=1>Investments </font></b><br> <b><font size=1>In</font></b><font size=1>&nbsp;</font><b><font size=1>New </font></b><br> <b><font size=1>Businesses</font></b></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;&nbsp;</font></p> </td>
<td width="11%" colspan="2" valign=bottom > <p align=center ><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 ><font size=2>&nbsp;&nbsp;&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p align=center ><b><font size=1>Total</font></b></p> </td>
<td width="1%" 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="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 align=center ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="72%" colspan="20" valign=bottom > <p align=center ><b><font size=1>For the Six-Month Period Ended June 30, 2002</font></b></p> </td>
<td width="1%" 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="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td colspan="20" 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;' ><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 align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>165,836</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>&nbsp;&nbsp;&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>78,120</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>&nbsp;&nbsp;&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>29,027</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>&nbsp;&nbsp;&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>21,601</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>&nbsp;&nbsp;&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>23,482</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>&nbsp;&nbsp;&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="9%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>&nbsp;&nbsp;&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>318,066</font></p> </td>
<td width="1%" 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="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="9%" 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;' ><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 align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>67,477</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 align=right ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>38,440</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>11,180</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 align=right ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>4,575</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>(6,622</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 align=right ><font size=2>$</font></p> </td>
<td width="9%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2> (11,681</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>)</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>103,369</font></p> </td>
<td width="1%" 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="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;' ><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="9%" valign=bottom style='background:#CCEEFF; '> <p align=right ><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 align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>7,361</font></p> </td>
<td width="1%" 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="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="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="9%" 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:8.65pt;text-indent:-8.65pt;'><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="9%" valign=bottom style='background:#CCEEFF; '> <p align=right ><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 align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>110,730</font></p> </td>
<td width="1%" 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="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="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="9%" 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:8.65pt;text-indent:-8.65pt;'><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 align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>5,601</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>1,495</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 align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>528</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>494</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 align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>614</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>$</font></p> </td>
<td width="9%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>268</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 align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>9,000</font></p> </td>
<td width="1%" 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="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;' ><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 align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>9,710</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 align=right ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>3,296</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>1,577</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 align=right ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>1,034</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>1,433</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 align=right ><font size=2>$</font></p> </td>
<td width="9%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>946</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>17,996</font></p> </td>
<td width="1%" 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="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;'><font size=2>&nbsp;</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-left:8.33%; text-indent:-8.33%; margin-top:12pt;'><u><b><font size=2>Item</font></b><font size=2>&nbsp;</font><b><font size=2>2.</font></b></u><font
size=2>&nbsp;&nbsp;&nbsp;</font><u><b><font size=2>Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations.</font></b></u></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 June 30, 2003 and 2002, the consolidated results
of operations for the three and six months ended June 30, 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:12pt;'><i><font size=2>Three and Six Months Ended June
30, 2003 compared to Three and Six Months Ended June 30, 2002</font></i></p> <p style=' margin-bottom:0pt; margin-top:12pt;'><b><font size=2>Consolidated Overview</font></b></p> <p style=' margin-bottom:0pt; margin-top:8pt;'><font size=2>Our
operations are organized into business units that offer various 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 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="100%" border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse; '>
<tr >
<td valign=bottom > <p align=center ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="28%" colspan="7" valign=bottom > <p align=center ><b><font size=1>Three Months ended June 30,</font></b></p> </td>
<td width="3%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="29%" colspan="7" valign=bottom > <p align=center ><b><font size=1>Six Months ended June 30,</font></b></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="1%" 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 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> </tr>
<tr >
<td valign=bottom > <p align=center ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p align=center ><b><font size=1>2003</font></b></p> </td>
<td width="2%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p align=center ><b><font size=1>2002</font></b></p> </td>
<td width="3%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=center ><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=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p align=center ><b><font size=1>2003</font></b></p> </td>
<td width="2%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p align=center ><b><font size=1>2002</font></b></p> </td>
<td width="2%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=center ><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> </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="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 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 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> </tr>
<tr >
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>Private Banking and Trust:</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=1>&nbsp;</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 align=right ><font size=1>&nbsp;</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><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="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><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-left:17.3pt;text-indent:-8.65pt;'><font size=2>Revenues</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><font size=2>77,619</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><font size=2>82,878</font></p> </td>
<td width="3%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=2>(6</font></p> </td>
<td width="3%" valign=bottom > <p ><font size=2>%)</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><font size=2>154,514</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><font size=2>165,836</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=2>(7</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-left:17.3pt;text-indent:-8.65pt;'><font size=2>Income from operations</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>33,436</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>33,652</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 align=right ><font size=2>(1</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>67,037</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>67,477</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 align=right ><font size=2>(1</font></p> </td>
<td width="3%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>%)</font></p> </td> </tr>
<tr >
<td valign=bottom > <p style='margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>Investment Advisors:</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><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 align=right ><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><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 align=right ><font size=1>&nbsp;</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:17.3pt;text-indent:-8.65pt;'><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>37,079</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>39,229</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 align=right ><font size=2>(5</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>72,992</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>78,120</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 align=right ><font size=2>(7</font></p> </td>
<td width="3%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>%)</font></p> </td> </tr>
<tr >
<td valign=bottom > <p style='margin-left:17.3pt;text-indent:-8.65pt;'><font size=2>Income from operations</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><font size=2>20,182</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><font size=2>20,457</font></p> </td>
<td width="3%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=2>(1</font></p> </td>
<td width="3%" valign=bottom > <p ><font size=2>%)</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><font size=2>39,785</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><font size=2>38,440</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=2>3</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-left:8.65pt;text-indent:-8.65pt;'><font size=2>Enterprises:</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=1>&nbsp;</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 align=right ><font size=1>&nbsp;</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><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="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><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-left:17.3pt;text-indent:-8.65pt;'><font size=2>Revenues</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><font size=2>14,367</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><font size=2>14,295</font></p> </td>
<td width="3%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=2>1</font></p> </td>
<td width="3%" valign=bottom > <p ><font size=2>%</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><font size=2>28,391</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><font size=2>29,027</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=2>(2</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-left:17.3pt;text-indent:-8.65pt;'><font size=2>Income from operations</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>6,317</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>5,792</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 align=right ><font size=2>9</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>12,753</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>11,180</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 align=right ><font size=2>14</font></p> </td>
<td width="3%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>%</font></p> </td> </tr>
<tr >
<td valign=bottom > <p style='margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>Money Managers:</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><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 align=right ><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><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 align=right ><font size=1>&nbsp;</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:17.3pt;text-indent:-8.65pt;'><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>13,106</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>10,804</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 align=right ><font size=2>21</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>25,438</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>21,601</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 align=right ><font size=2>18</font></p> </td>
<td width="3%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>%</font></p> </td> </tr>
<tr >
<td valign=bottom > <p style='margin-left:17.3pt;text-indent:-8.65pt;'><font size=2>Income from operations</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><font size=2>2,309</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><font size=2>2,151</font></p> </td>
<td width="3%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=2>7</font></p> </td>
<td width="3%" valign=bottom > <p ><font size=2>%</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><font size=2>4,279</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><font size=2>4,575</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=2>(6</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-left:8.65pt;text-indent:-8.65pt;'><font size=2>Investments in New Businesses:</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=1>&nbsp;</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 align=right ><font size=1>&nbsp;</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><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="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><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-left:17.3pt;text-indent:-8.65pt;'><font size=2>Revenues</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><font size=2>11,383</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><font size=2>11,645</font></p> </td>
<td width="3%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=2>(2</font></p> </td>
<td width="3%" valign=bottom > <p ><font size=2>%)</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><font size=2>22,824</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><font size=2>23,482</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=2>(3</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-left:17.3pt;text-indent:-8.65pt;'><font size=2>Loss from operations</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>(5,150</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>(3,333</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 align=right ><font size=2>(55</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>(9,596</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>(6,622</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 align=right ><font size=2>(45</font></p> </td>
<td width="3%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>%)</font></p> </td> </tr>
<tr >
<td valign=bottom > <p style='margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>General and Administrative:</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><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 align=right ><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><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 align=right ><font size=1>&nbsp;</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:17.3pt;text-indent:-8.65pt;'><font size=2>Loss from operations</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>(4,835</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>(5,972</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 align=right ><font size=2>19</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>(10,486</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>(11,681</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 align=right ><font size=2>10</font></p> </td>
<td width="3%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>%</font></p> </td> </tr>
<tr >
<td valign=bottom > <p style='margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>Consolidated Segment Totals:</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><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 align=right ><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><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 align=right ><font size=1>&nbsp;</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:17.3pt;text-indent:-8.65pt;'><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 align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>153,554</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>158,851</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 align=right ><font size=2>(3</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 align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>304,159</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>318,066</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 align=right ><font size=2>(4</font></p> </td>
<td width="3%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>%) </font></p> </td> </tr>
<tr >
<td valign=bottom > <p style='margin-left:17.3pt;text-indent:-8.65pt;'><font size=2>Income from operations</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><font size=2>52,259</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><font size=2>52,747</font></p> </td>
<td width="3%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=2>(1</font></p> </td>
<td width="3%" valign=bottom > <p ><font size=2>%)</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><font size=2>103,772</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><font size=2>103,369</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=2>&#151;</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:8.65pt;text-indent:-8.65pt;'><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>2,140</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>4,013</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 align=right ><font size=2>(47</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>6,322</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>7,361</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 align=right ><font size=2>(14</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="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="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="6%" valign=top > <p><font size=1>&nbsp;</font></p> </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="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="3%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr >
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:8.65pt;text-indent:-8.65pt;'><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>54,399</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>56,760</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 align=right ><font size=2>(4</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>110,094</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>110,730</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 align=right ><font size=2>(1</font></p> </td>
<td width="3%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>%)</font></p> </td> </tr>
<tr >
<td valign=bottom > <p style='margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>Income taxes</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><font size=2> 20,128</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><font size=2> 21,001</font></p> </td>
<td width="3%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=2>(4</font></p> </td>
<td width="3%" valign=bottom > <p ><font size=2>%)</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><font size=2> 40,735</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><font size=2> 40,970</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=2>(1</font></p> </td>
<td width="3%" valign=bottom > <p ><font size=2>%) </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="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="6%" valign=top > <p><font size=1>&nbsp;</font></p> </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="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="3%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr >
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>Net income</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 align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>34,271</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>35,759</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 align=right ><font size=2>(4</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 align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>69,359</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>69,760</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 align=right ><font size=2>(1</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="1%" 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="6%" valign=top > <p><font size=1>&nbsp;</font></p> </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="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="3%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr >
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:8.65pt;text-indent:-8.65pt;'><font size=2>Diluted earnings per share</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 align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>.32</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>.31</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 align=right ><font size=2>3</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 align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>.64</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>.61</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 align=right ><font size=2>5</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="1%" 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="6%" valign=top > <p><font size=1>&nbsp;</font></p> </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="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="3%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr> </table> <br> <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">19</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 $5.3 million, or 3 percent, to $153.6 million for the three months ended June 30, 2003 compared with the three months ended
June 30, 2002. For the six months ended June 30, 2003, consolidated revenues decreased $13.9 million, or 4 percent, to $304.2 million as compared to the prior year comparable period. The decrease in our revenues for both comparable periods was
primarily due to lower asset-based fees. Asset-based fees are earned as a percentage of the average value of assets we manage and administer. The primary reason for the decrease in our asset-based fees was due to the significant decrease in our
average client proprietary assets under administration. This decrease resulted from client losses in our fund processing business. Improved capital market conditions and new business activity has contributed to the growth in our average asset
balances under management. However, our percentage earned from average assets under management decreased in both comparable periods. This was primarily due to a shift in some assets from higher-fee products into lower-fee products. Also, our
revenues were adversely affected by a reduction in transaction-based fees from our brokerage services.</font></p> <p style=' margin-bottom:0pt; margin-top:8pt;'><font size=2>Operating margins improved in both comparable periods to 34 percent for the
three and six months ended June 30, 2003, as compared to 33 percent for the three and six months ended June 30, 2002. Operating margin improvement was accomplished through our cost containment efforts, improved productivity in our operations and
lower direct expenses associated with reduced revenues in our fund processing and brokerage services businesses. Our cost containment efforts were primarily focused at discretionary spending, mainly marketing, consulting and compensation. Our
investment spending increased during the second quarter 2003 for the development of new products and services but a large portion of this increased spending was capitalized and margins were unaffected. Our investments in new products and services
are aimed at building outsourced business solutions that can be leveraged across most of our businesses.</font></p> <p style=' margin-bottom:0pt; margin-top:8pt;'><font size=2>Other income primarily includes the earnings from unconsolidated
affiliate, interest income, interest expense and realized gains and losses from available-for-sale securities. The decrease in other income was primarily due to hedge ineffectiveness, realized losses from the sale of available-for-sale securities
and the write-down in the value of investments considered other than temporary. However, these losses were partially mitigated by the significant increase in earnings from our unconsolidated affiliate as a result of a substantial increase in average
assets under management by our unconsolidated affiliate. All revenues and expenses of our unconsolidated affiliate are reflected as one net amount in other income and as such are excluded from our revenues and expenses.</font></p> <p style='
margin-bottom:0pt; margin-top:8pt;'><font size=2>Diluted earnings per share increased 3 percent during the three months ended June 30, 2003 compared with the three months ended June 30, 2002 and increased 5 percent during the six months ended June
30, 2003, as compared to the prior year comparable period despite the decrease in net income. This increase was due to a decrease in the number of shares used to calculate diluted earnings per share as a result of our stock repurchase
program.</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:12pt;'><b><font size=2>Asset Balances</font></b><br><font size=2>(In
millions)</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 align=center ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="12%" colspan="5" valign=bottom > <p align=center ><b><font size=1>As of June 30,</font></b></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom > <p align=center ><font size=1>&nbsp;</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="1%" 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="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="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr >
<td valign=bottom > <p align=center ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p align=center ><b><font size=1>2003</font></b></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p align=center ><b><font size=1>2002</font></b></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td>
<td width="4%" valign=bottom > <p align=center ><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> </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 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;' ><font size=2>Assets invested in equity and fixed income programs</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 align=right ><font size=2>$</font></p> </td>
<td width="4%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>54,782</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 align=right ><font size=2>$</font></p> </td>
<td width="4%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>49,263</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 align=right ><font size=2>11</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-left:8.65pt;text-indent:-8.65pt;'><font size=2>Assets of unconsolidated affiliate invested in equity and fixed income programs</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom > <p align=right ><font size=2>10,755</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom > <p align=right ><font size=2>7,099</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom > <p align=right ><font size=2>52</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-left:0.12in;text-indent:-0.12in;' ><font size=2>Assets invested in liquidity funds</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>20,156</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>20,420</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 align=right ><font size=2>(1</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="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 width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr >
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:17.3pt;text-indent:-8.65pt;'><font size=2>Assets under management</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>85,693</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>76,782</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 align=right ><font size=2>12</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-left:0.12in;text-indent:-0.12in;' ><font size=2>Client proprietary assets under administration</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom > <p align=right ><font size=2>149,484</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom > <p align=right ><font size=2>172,763</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom > <p align=right ><font size=2>(13</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="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 width="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr >
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:17.3pt;text-indent:-8.65pt;'><font size=2>Assets under management and administration</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 align=right ><font size=2>$</font></p> </td>
<td width="4%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>235,177</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 align=right ><font size=2>$</font></p> </td>
<td width="4%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>249,545</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 align=right ><font size=2>(6</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="1%" 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="1%" 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="1%" 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> </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 these assets. Assets of unconsolidated affiliate represent assets of their clients or their customers for which they provide
management services. Assets under management consist of our clients or their customers</font></p> <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>20</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>assets invested in our equity and fixed income investment programs and liquidity funds for which we provide management services. Assets under management and
administration consist of our clients or their customers assets for which we provide management and administrative services, including client proprietary fund balances for which we provide administration and/or distribution services.</font></p> <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 private trust companies. 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 and software servicing fees 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 are earned primarily as a percentage of the average 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 align=center ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="26%" colspan="7" valign=bottom > <p align=center ><b><font size=1>Three Months Ended</font></b></p> </td>
<td width="3%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="28%" colspan="7" valign=bottom > <p align=center ><b><font size=1>Six Months Ended</font></b></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="1%" 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 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> </tr>
<tr >
<td valign=bottom > <p align=center ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p align=center ><b><font size=1>June 30,</font></b><br> <b><font size=1>2003</font></b></p> </td>
<td width="2%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p align=center ><b><font size=1>June 30,</font></b><br> <b><font size=1>2002</font></b></p> </td>
<td width="2%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td>
<td width="5%" valign=bottom > <p align=center ><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=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p align=center ><b><font size=1>June 30,</font></b><br> <b><font size=1>2003</font></b></p> </td>
<td width="2%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p align=center ><b><font size=1>June 30,</font></b><br> <b><font size=1>2002</font></b></p> </td>
<td width="2%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=center ><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> </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="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 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> </tr>
<tr >
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:0.12in;text-indent:-0.12in;' ><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><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 align=right ><font size=1>&nbsp;</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><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="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><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-left:0.12in;text-indent:-0.12in;' ><font size=2>Investment processing fees</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=2>56,554</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=2>57,930</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom > <p align=right ><font size=2>(2</font></p> </td>
<td width="3%" valign=bottom > <p ><font size=2>%)</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><font size=2>111,067</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><font size=2>114,329</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=2>(3</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-left:0.12in;text-indent:-0.12in;' ><font size=2>Fund processing fees</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>11,236</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>14,743</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 align=right ><font size=2>(24</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>23,571</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>30,336</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 align=right ><font size=2>(22</font></p> </td>
<td width="3%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>%)</font></p> </td> </tr>
<tr >
<td valign=bottom > <p style='margin-left:0.12in;text-indent:-0.12in;' ><font size=2>Investment management fees</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=2> 9,829</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=2> 10,205</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom > <p align=right ><font size=2>(4</font></p> </td>
<td width="3%" valign=bottom > <p ><font size=2>%)</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><font size=2> 19,876 </font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><font size=2> 21,171 </font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=2>(6</font></p> </td>
<td width="3%" valign=bottom > <p ><font size=2>%)</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="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="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="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="3%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr >
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:17.3pt;text-indent:-8.65pt;'><font size=2>Total 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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>77,619</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>82,878</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 align=right ><font size=2>(6</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>154,514</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>165,836</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 align=right ><font size=2>(7</font></p> </td>
<td width="3%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>%)</font></p> </td> </tr>
<tr >
<td valign=bottom > <p style='margin-left:0.12in;text-indent:-0.12in;' ><font size=2>Expenses:</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><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 align=right ><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><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 align=right ><font size=1>&nbsp;</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;' ><font size=2>Operating and development</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>35,251</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>38,839</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 align=right ><font size=2>(9</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>70,392</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>77,263</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 align=right ><font size=2>(9</font></p> </td>
<td width="3%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>%)</font></p> </td> </tr>
<tr >
<td valign=bottom > <p style='margin-left:0.12in;text-indent:-0.12in;' ><font size=2>Sales and marketing</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=2>8,932</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=2>10,387</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom > <p align=right ><font size=2>(14</font></p> </td>
<td width="3%" valign=bottom > <p ><font size=2>%)</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><font size=2>17,085</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><font size=2>21,096</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=2>(19</font></p> </td>
<td width="3%" valign=bottom > <p ><font size=2>%)</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="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="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="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="3%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr >
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:17.3pt;text-indent:-8.65pt;'><font size=2>Income from operations</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 align=right ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>33,436</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>33,652</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 align=right ><font size=2>(1</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 align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>67,037</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>$</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>67,477</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 align=right ><font size=2>(1</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="1%" 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="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="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="3%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr >
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:17.3pt;text-indent:-8.65pt;'><font size=2>Operating margin</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>43</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><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 align=right ><font size=1>&nbsp;</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>43</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>41</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 align=right ><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-left:0.12in;text-indent:-0.12in;' ><font size=2>Percent of Revenue:</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><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 align=right ><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><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 align=right ><font size=1>&nbsp;</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;' ><font size=2>Operating and development</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>47</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 align=right ><font size=1>&nbsp;</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom style='background:#CCEEFF; '> <p align=right ><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 align=right ><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-left:0.12in;text-indent:-0.12in;' ><font size=2>Sales and marketing</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=2>12</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=2>%</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=2>12</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=2>%</font></p> </td>
<td width="5%" valign=bottom > <p align=right ><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="7%" valign=bottom > <p align=right ><font size=2>13</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=2>%</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="3%" valign=bottom > <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 $1.4 million, or 2 percent, during the three months ended
June 30, 2003, as compared to the corresponding prior year period. For the six months ended June 30, 2003, investment processing fees decreased $3.3 million, or 3 percent, as compared to the prior year comparable period. This decrease was primarily
due to a decrease in transaction-based fees from our brokerage services. Our recurring revenue base and our non-recurring project fees remained relatively flat in both comparable periods.</font></p> <p style=' margin-bottom:0pt;
margin-top:8pt;'><font size=2>Fund processing fees decreased $3.5 million, or 24 percent, during the three months ended June 30, 2003, as compared to the corresponding prior year period. For the six months ended June 30, 2003, fund processing fees
decreased $6.8 million, or 22 percent. The decline in our fund processing fees was mainly due to client losses.</font></p> <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>21</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>Operating margins improved in both comparable periods despite total revenues decreasing in both comparable periods, about $5.3 million during the three
months ended June 30, 2003 and about $11.3 million during the six months ended June 30, 2003. Along with the decrease in revenues, 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. These factors contributed to maintaining profit levels and improving operating margin.</font></p> <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 align=center ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="25%" colspan="7" valign=bottom > <p align=center ><b><font size=1>Three</font></b><font size=1>&nbsp;</font><b><font size=1>Months</font></b><font size=1>&nbsp;</font><b><font size=1>Ended</font></b></p> </td>
<td width="3%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="25%" colspan="7" valign=bottom > <p align=center ><b><font size=1>Six</font></b><font size=1>&nbsp;</font><b><font size=1>Months</font></b><font size=1>&nbsp;</font><b><font size=1>Ended</font></b></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="1%" 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 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> </tr>
<tr >
<td valign=bottom > <p align=center ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p align=center ><b><font size=1>June</font></b><font size=1>&nbsp;</font><b><font size=1>30,</font></b><br> <b><font size=1>2003</font></b></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p align=center ><b><font size=1>June</font></b><font size=1>&nbsp;</font><b><font size=1>30,</font></b><br> <b><font size=1>2002</font></b></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=center ><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=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p align=center ><b><font size=1>June</font></b><font size=1>&nbsp;</font><b><font size=1>30,</font></b><br> <b><font size=1>2003</font></b></p> </td>
<td width="1%" valign=bottom > <p ><font size=2> </font></p> </td>
<td colspan="2" valign=bottom > <p align=center ><b><font size=1>June</font></b><font size=1>&nbsp;</font><b><font size=1>30,</font></b><br> <b><font size=1>2002</font></b></p> </td>
<td width="1%" valign=bottom > <p ><font size=2> </font></p> </td>
<td width="6%" valign=bottom > <p align=center ><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=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 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 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 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 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;' ><font size=2>Total 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 align=right ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>37,079</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 align=right ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>39,229</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>(5</font></p> </td>
<td width="3%" valign=bottom style='background:#CCEEFF;'> <p ><font size=2>%)</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>72,992</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 align=right ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>78,120</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>(7</font></p> </td>
<td width="3%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>%)</font></p> </td> </tr>
<tr >
<td valign=bottom > <p style='margin-left:0.12in;text-indent:-0.12in;' ><font size=2>Expenses:</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=1>&nbsp;</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;' ><font size=2>Operating and development</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>10,355</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>9,635</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>7</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>20,383</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>19,910</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>2</font></p> </td>
<td width="3%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>%</font></p> </td> </tr>
<tr >
<td valign=bottom > <p style='margin-left:0.12in;text-indent:-0.12in;' ><font size=2>Sales and marketing</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=2>6,542</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=2>9,137</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=2>(28</font></p> </td>
<td width="3%" valign=bottom > <p ><font size=2>%)</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=2>12,824</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=2>19,770</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=2>(35</font></p> </td>
<td width="3%" valign=bottom > <p ><font size=2>%)</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 width="6%" valign=top > <p><font size=1>&nbsp;</font></p> </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="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="6%" 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:17.3pt;text-indent:-8.65pt;'><font size=2>Income from operations</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 align=right ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>20,182</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 align=right ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>20,457</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>(1</font></p> </td>
<td width="3%" valign=bottom style='background:#CCEEFF;'> <p ><font size=2>%)</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>39,785</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 align=right ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>38,440</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>3</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="1%" 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="1%" 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="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="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="1%" 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="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="3%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr >
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:17.3pt;text-indent:-8.65pt;'><font size=2>Operating margin</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>54</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>52</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>%</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=1>&nbsp;</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>55</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>49</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>%</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><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-left:0.12in;text-indent:-0.12in;' ><font size=2>Percent of Revenue:</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=1>&nbsp;</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;' ><font size=2>Operating and development</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>28</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>25</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>%</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=1>&nbsp;</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>27</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>26</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>%</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><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-left:0.12in;text-indent:-0.12in;' ><font size=2>Sales and marketing</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=2>18</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>%</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=2>23</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>%</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=2>18</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>%</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=2>25</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>%</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="3%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td> </tr> </table> <br> <p style=' margin-bottom:0pt; margin-top:8pt;'><font size=2>Revenues decreased $2.2 million, or 5 percent, for the three months ended June 30, 2003 compared
with the three months ended June 30, 2002. For the six months ended June 30, 2003, revenues decreased $5.1 million, or 7 percent, as compared with the corresponding prior year period. The decline in our revenues in both comparable periods was
primarily due to lower average asset balances relative to prior year average asset balances for the same time periods. Even though the capital markets have improved in the second quarter 2003, this has not yet resulted in a positive net inflow of
assets into our mutual funds because of increased redemptions. The increase in redemptions was partially due to our decision to eliminate a variable-annuity product as well as the normal tendency for investors to redeem shares during the second
quarter to pay taxes.</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:0pt;'><font size=2>&nbsp;</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><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 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 align=center ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td width="24%" colspan="7" valign=bottom > <p align=center ><b><font size=1>Three</font></b><font size=1>&nbsp;</font><b><font size=1>Months</font></b><font size=1>&nbsp;</font><b><font size=1>Ended</font></b></p> </td>
<td width="3%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td width="24%" colspan="7" valign=bottom > <p align=center ><b><font size=1>Six</font></b><font size=1>&nbsp;</font><b><font size=1>Months</font></b><font size=1>&nbsp;</font><b><font size=1>Ended</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="1%" 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 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> </tr>
<tr >
<td valign=bottom > <p align=center ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p align=center ><b><font size=1>June</font></b><font size=1>&nbsp;</font><b><font size=1>30,</font></b><br> <b><font size=1>2003</font></b></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p align=center ><b><font size=1>June</font></b><font size=1>&nbsp;</font><b><font size=1>30,</font></b><br> <b><font size=1>2002</font></b></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=center ><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=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p align=center ><b><font size=1>June</font></b><font size=1>&nbsp;</font><b><font size=1>30,</font></b><br> <b><font size=1>2003</font></b></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p align=center ><b><font size=1>June</font></b><font size=1>&nbsp;</font><b><font size=1>30,</font></b><br> <b><font size=1>2002</font></b></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=center ><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=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 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 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 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 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;' ><font size=2>Total 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 align=right ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>14,367</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>14,295</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>1</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 align=right ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>28,391</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>29,027</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>(2</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-left:0.12in;text-indent:-0.12in;' ><font size=2>Expenses:</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><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-left:0.12in;text-indent:-0.12in;' ><font size=2>Operating and development</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>3,503</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>4,252</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>(18</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>7,065</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>8,870</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>(20</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-left:0.12in;text-indent:-0.12in;' ><font size=2>Sales and marketing</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=2>4,547</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=2>4,251</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=2>7</font></p> </td>
<td width="3%" valign=bottom > <p ><font size=2>%</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=2>8,573</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=2>8,977</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=2>(5</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="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="6%" valign=top > <p><font size=1>&nbsp;</font></p> </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="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="6%" 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:17.3pt;text-indent:-8.65pt;'><font size=2>Income from operations</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 align=right ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>6,317</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>5,792</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>9</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 align=right ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>12,753</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>11,180</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>14</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="1%" 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="1%" 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="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="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="1%" 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="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="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr >
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:17.3pt;text-indent:-8.65pt;'><font size=2>Operating margin</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>44</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>41</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>%</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=1>&nbsp;</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>45</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>39</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>%</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF;'> <p align=right ><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;' ><font size=2>Percent of Revenue:</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><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-left:0.12in;text-indent:-0.12in;' ><font size=2>Operating and development</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>24</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>30</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>%</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=1>&nbsp;</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>25</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>30</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>%</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF;'> <p align=right ><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;' ><font size=2>Sales and marketing</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=2>32</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>%</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=2>29</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>%</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=2>30</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>%</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=2>31</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>%</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td> </tr> </table> <br> <p style=' margin-bottom:0pt; margin-top:8pt;'><font size=2>Revenues during the three months ended June 30, 2003, as compared to the prior year quarter,
remained relatively flat but were down about 2 percent for the six months ended June 30, 2003 relative to the same period a year ago. Average asset balances for the second quarter and year-to-date increased slightly over prior year comparable
balances. New business activity and improved capital markets helped boost average assets levels. Even though average asset balances have increased, revenues were affected by a slight change in the mix between treasury and retirement revenues.
</font></p> <p style=' margin-bottom:0pt; margin-top:8pt;'><font size=2>Income from operations and operating margin in both comparable periods increased due to management of discretionary spending, primarily for technology, marketing and personnel
expenses.</font></p> <p style=' margin-bottom:0pt; margin-top:12pt;'><u><i><b><font size=2>Money Managers</font></b></i></u></p> <p style=' margin-bottom:0pt; margin-top:8pt;'><font size=2>Money Managers provides investment solutions to U.S
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;&nbsp;</p>
<table width="100%" border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse; '>
<tr >
<td valign=bottom > <p align=center ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td width="25%" colspan="7" valign=bottom > <p align=center ><b><font size=1>Three</font></b><font size=1>&nbsp;</font><b><font size=1>Months</font></b><font size=1>&nbsp;</font><b><font size=1>Ended</font></b></p> </td>
<td width="3%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td width="25%" colspan="7" valign=bottom > <p align=center ><b><font size=1>Six</font></b><font size=1>&nbsp;</font><b><font size=1>Months</font></b><font size=1>&nbsp;</font><b><font size=1>Ended</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="1%" 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 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> </tr>
<tr >
<td valign=bottom > <p align=center ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p align=center ><b><font size=1>June</font></b><font size=1>&nbsp;</font><b><font size=1>30,</font></b><br> <b><font size=1>2003</font></b></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p align=center ><b><font size=1>June</font></b><font size=1>&nbsp;</font><b><font size=1>30,</font></b><br> <b><font size=1>2002</font></b></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=center ><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=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p align=center ><b><font size=1>June</font></b><font size=1>&nbsp;</font><b><font size=1>30,</font></b><br> <b><font size=1>2003</font></b></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p align=center ><b><font size=1>June</font></b><font size=1>&nbsp;</font><b><font size=1>30,</font></b><br> <b><font size=1>2002</font></b></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=center ><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=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 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 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 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 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;' ><font size=2>Total 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 align=right ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>13,106</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>10,804</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>21</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 align=right ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>25,438</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>21,601</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>18</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-left:0.12in;text-indent:-0.12in;' ><font size=2>Expenses:</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><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-left:0.12in;text-indent:-0.12in;' ><font size=2>Operating and development</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>7,827</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>5,619</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>39</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>15,141</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>11,086</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>37</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-left:0.12in;text-indent:-0.12in;' ><font size=2>Sales and marketing</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=2>2,970</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=2>3,034</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=2>(2</font></p> </td>
<td width="3%" valign=bottom > <p ><font size=2>%)</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=2>6,018</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=2>5,940</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=2>1</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="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="6%" valign=top > <p><font size=1>&nbsp;</font></p> </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="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="6%" 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:17.3pt;text-indent:-8.65pt;'><font size=2>Income from operations</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 align=right ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>2,309</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>2,151</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>7</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 align=right ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>4,279</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>4,575</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>(6</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="1%" 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="1%" 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="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="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="1%" 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="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="2%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr >
<td valign=bottom > <p style='margin-left:17.3pt;text-indent:-8.65pt;'><font size=2>Operating margin</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=2>18</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>%</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=2>20</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>%</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=2>17</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>%</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=2>21</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>%</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><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-left:0.12in;text-indent:-0.12in;' ><font size=2>Percent of Revenue:</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><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="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=1>&nbsp;</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><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="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><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;' ><font size=2>Operating and development</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=2>59</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>%</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=2>52</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>%</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=2>59</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>%</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=2>51</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>%</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><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-left:0.12in;text-indent:-0.12in;' ><font size=2>Sales and marketing</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>23</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>28</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p ><font size=2>%</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=1>&nbsp;</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>24</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>28</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p ><font size=2>%</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td> </tr> </table> <br> <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>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>Revenues increased $2.3 million, or 21 percent, for the three months ended June 30, 2003 compared with the three months ended June 30, 2002. For the six
months ended June 30, 2003, revenues increased $3.8 million, or 18 percent, as compared to the prior year comparable period. Our average asset balances increased in both comparable periods contributing to the increase in revenues. The increase in
average asset balances and revenues was mainly due to new business activity. Also, second quarter 2003 average asset balances were impacted by improved capital markets.</font></p> <p style=' margin-bottom:0pt; margin-top:8pt;'><font size=2>Income
from operations and profit margin in both comparable periods were negatively affected by increased levels of spending associated with building the necessary infrastructure to provide a complete business solution for this market. A substantial
portion of this spending was for increased personnel and other operating costs.</font></p> <p style=' margin-bottom:0pt; margin-top:12pt;'><u><i><b><font size=2>Investments in New Businesses</font></b></i></u></p> <p style=' margin-bottom:0pt;
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="100%" border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse; '>
<tr >
<td valign=bottom > <p align=center ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td width="27%" colspan="7" valign=bottom > <p align=center ><b><font size=1>Three</font></b><font size=1>&nbsp;</font><b><font size=1>Months</font></b><font size=1>&nbsp;</font><b><font size=1>Ended</font></b></p> </td>
<td width="3%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td width="27%" colspan="7" valign=bottom > <p align=center ><b><font size=1>Six</font></b><font size=1>&nbsp;</font><b><font size=1>Months</font></b><font size=1>&nbsp;</font><b><font size=1>Ended</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="1%" 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 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> </tr>
<tr >
<td valign=bottom > <p align=center ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p align=center ><b><font size=1>June</font></b><font size=1>&nbsp;</font><b><font size=1>30,</font></b><br> <b><font size=1>2003</font></b></p> </td>
<td width="2%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p align=center ><b><font size=1>June</font></b><font size=1>&nbsp;</font><b><font size=1>30,</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="6%" valign=bottom > <p align=center ><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=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p align=center ><b><font size=1>June</font></b><font size=1>&nbsp;</font><b><font size=1>30,</font></b><br> <b><font size=1>2003</font></b></p> </td>
<td width="2%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p align=center ><b><font size=1>June</font></b><font size=1>&nbsp;</font><b><font size=1>30,</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="6%" valign=bottom > <p align=center ><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=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 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 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> </tr>
<tr >
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:0.12in;text-indent:-0.12in;' ><font size=2>Total 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 align=right ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>11,383</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 align=right ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>11,645</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>(2</font></p> </td>
<td width="3%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>%)</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>22,824</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 align=right ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>23,482</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 align=right ><font size=2>(3</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-left:0.12in;text-indent:-0.12in;' ><font size=2>Expenses:</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><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 align=right ><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><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 align=right ><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-left:0.12in;text-indent:-0.12in;' ><font size=2>Operating and development</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>11,268</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>9,842</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 align=right ><font size=2>14</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>21,775</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>19,794</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 align=right ><font size=2>10</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-left:0.12in;text-indent:-0.12in;' ><font size=2>Sales and marketing</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=2>5,265</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=2>5,136</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=2>3</font></p> </td>
<td width="3%" valign=bottom > <p ><font size=2>%</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=2>10,645</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=2>10,310</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=2>3</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="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="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="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="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> </tr>
<tr >
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:17.3pt;text-indent:-8.65pt;'><font size=2>Loss from operations</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 align=right ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2> (5,150</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 align=right ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2> (3,333</font></p> </td>
<td width="2%" valign=bottom style='background:#CCEEFF;'> <p ><font size=2>)</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>(55</font></p> </td>
<td width="3%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>%)</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2> (9,596</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 align=right ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2> (6,622</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 align=right ><font size=2>(45</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="1%" 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="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="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> </tr>
<tr >
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:17.3pt;text-indent:-8.65pt;'><font size=2>Operating margin</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>(29</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 align=right ><font size=1>&nbsp;</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>(42</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>(28</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 align=right ><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;' ><font size=2>Percent of Revenue:</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><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 align=right ><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><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 align=right ><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-left:0.12in;text-indent:-0.12in;' ><font size=2>Operating and development</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>99</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>85</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 align=right ><font size=1>&nbsp;</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>95</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>84</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 align=right ><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;' ><font size=2>Sales and marketing</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=2>46</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=2>%</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=2>44</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=2>%</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=2>47</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=2>%</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=2>44</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=2>%</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td> </tr> </table> <br> <p style=' margin-bottom:0pt; margin-top:8pt;'><font size=2>Revenues decreased in both comparable periods because of some non-recurring revenue events
recognized in prior year periods. We continue to experience positive market acceptance of our investment solution offerings in Canada and Europe. New business activity in these regions has increased during the past year.</font></p> <p style='
margin-bottom:0pt; margin-top:8pt;'><font size=2>Operating losses in each period include significant investments in technology, our Dublin-based operations, and other operating costs to further enhance our product offerings. We also continue to
invest in expanding our distribution channels in our target markets and other U.S. based initiatives. We expect continued investment in these regions to build our distribution network and enhance our product offerings throughout the remainder of
2003 and into 2004 and should continue to incur losses.</font></p> <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>24</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>General &amp; Administrative</font></b></i></u></p> <p style=' margin-bottom:0pt; margin-top:8pt;'><font size=2>General and administrative expense
primarily consists of corporate overhead costs and other costs not directly attributable to a reportable business segment. </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 align=center ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td width="22%" colspan="7" valign=bottom > <p align=center ><b><font size=1>Three</font></b><font size=1>&nbsp;</font><b><font size=1>Months</font></b><font size=1>&nbsp;</font><b><font size=1>Ended</font></b></p> </td>
<td width="3%" valign=bottom > <p ><font size=2>&nbsp; </font></p> </td>
<td width="24%" colspan="7" valign=bottom > <p align=center ><b><font size=1>Six</font></b><font size=1>&nbsp;</font><b><font size=1>Months</font></b><font size=1>&nbsp;</font><b><font size=1>Ended</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="1%" 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 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> </tr>
<tr >
<td valign=bottom > <p align=center ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p align=center ><b><font size=1>June</font></b><font size=1>&nbsp;</font><b><font size=1>30,</font></b><br> <b><font size=1>2003</font></b></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p align=center ><b><font size=1>June</font></b><font size=1>&nbsp;</font><b><font size=1>30,</font></b><br> <b><font size=1>2002</font></b></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=center ><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=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p align=center ><b><font size=1>June</font></b><font size=1>&nbsp;</font><b><font size=1>30,</font></b><br> <b><font size=1>2003</font></b></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p align=center ><b><font size=1>June</font></b><font size=1>&nbsp;</font><b><font size=1>30,</font></b><br> <b><font size=1>2002</font></b></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=center ><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=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 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 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 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 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;' ><font size=2>General and Administrative</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 align=right ><font size=2>$</font></p> </td>
<td width="5%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>4,835</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>$</font></p> </td>
<td width="5%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>5,972</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>(19</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 align=right ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>10,486</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>11,681</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>(10</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-left:0.12in;text-indent:-0.12in;' ><font size=2>Percent of Consolidated Revenue</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom > <p align=right ><font size=2>3</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>%</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom > <p align=right ><font size=2>4</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>%</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="3%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=2>3</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>%</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=2>3</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>%</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td> </tr> </table> <br> <p style=' margin-bottom:0pt; margin-top:12pt;'><u><i><b><font size=2>Other Income</font></b></i></u></p> <p style=' margin-bottom:0pt;
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;'>&nbsp;</p>
<table width="100%" border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse; '>
<tr >
<td valign=bottom > <p align=center ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td width="24%" colspan="7" valign=bottom > <p align=center ><b><font size=1>Three</font></b><font size=1>&nbsp;</font><b><font size=1>Months</font></b><font size=1>&nbsp;</font><b><font size=1>ended</font></b></p> </td>
<td width="3%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td width="24%" colspan="7" valign=bottom > <p align=center ><b><font size=1>Six</font></b><font size=1>&nbsp;</font><b><font size=1>Months</font></b><font size=1>&nbsp;</font><b><font size=1>ended</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="1%" 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 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> </tr>
<tr >
<td valign=bottom > <p align=center ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p align=center ><b><font size=1>June</font></b><font size=1>&nbsp;</font><b><font size=1>30,</font></b><br> <b><font size=1>2003</font></b></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p align=center ><b><font size=1>June</font></b><font size=1>&nbsp;</font><b><font size=1>30,</font></b><br> <b><font size=1>2002</font></b></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=center ><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=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p align=center ><b><font size=1>June</font></b><font size=1>&nbsp;</font><b><font size=1>30,</font></b><br> <b><font size=1>2003</font></b></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p align=center ><b><font size=1>June</font></b><font size=1>&nbsp;</font><b><font size=1>30,</font></b><br> <b><font size=1>2002</font></b></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=center ><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=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 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 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 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 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;' ><font size=2>Equity in the earnings of unconsolidated affiliate</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 align=right ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>4,861</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>$</font></p> </td>
<td width="5%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>3,103</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>57</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 align=right ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>8,475</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>$</font></p> </td>
<td width="5%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>5,782</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>47</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-left:0.12in;text-indent:-0.12in;' ><font size=2>Net gain (loss) on investments</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=2>(4,076</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>)</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom > <p align=right ><font size=2>&#151;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=2>(100</font></p> </td>
<td width="3%" valign=bottom > <p ><font size=2>%)</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=2>(4,182</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>)</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom > <p align=right ><font size=2>&#151;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=2>(100</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-left:0.12in;text-indent:-0.12in;' ><font size=2>Interest income</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>1,365</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>1,394</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>(2</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>2,607</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>2,544</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>2</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-left:0.12in;text-indent:-0.12in;' ><font size=2>Interest expense</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=2>(519</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>)</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom > <p align=right ><font size=2>(484</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>)</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=2>(7</font></p> </td>
<td width="3%" valign=bottom > <p ><font size=2>%)</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=2>(1,087</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>)</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom > <p align=right ><font size=2>(965</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>)</font></p> </td>
<td width="6%" valign=bottom > <p align=right ><font size=2>(13</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-left:0.12in;text-indent:-0.12in;' ><font size=2>Other</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>509</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>&#151;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>100</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>509</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="5%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>&#151;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>100</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="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 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="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 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;' ><font size=2>Total 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 align=right ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>2,140</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>$</font></p> </td>
<td width="5%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>4,013</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=2>&nbsp;&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>(47</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 align=right ><font size=2>$</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>6,322</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>$</font></p> </td>
<td width="5%" valign=bottom style='background:#CCEEFF; '> <p align=right ><font size=2>7,361</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF; '> <p ><font size=1>&nbsp;</font></p> </td>
<td width="6%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>14</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="1%" 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="1%" 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="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="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="1%" 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="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="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>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 to the 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-top:8pt;'><font size=2>Net loss from investments for the six months ended June 30, 2003 includes a loss of $1.9 million from hedge ineffectiveness, a charge for $.6 million for
other-than-temporary declines in market value, $1.2 million for the write-down of an equity investment in a private technology firm and $0.5 million in realized losses from sales of marketable securities.</font></p> <p style=' margin-bottom:0pt;
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-top:8pt;'><font size=2>Interest expense is directly attributable to our long-term debt and other borrowings. Interest expense for the three and six
months ended June 30, 2003 increased over both comparable periods due to the capitalization of interest costs in 2002 associated with the term loan agreement that was attributable to borrowings used in the expansion of our corporate
headquarters.</font></p> <p style=' margin-bottom:0pt; margin-top:12pt;'><u><i><b><font size=2>Income Taxes</font></b></i></u></p> <p style=' margin-bottom:0pt; margin-top:8pt;'><font size=2>Our effective tax rate was 37.0 percent for the periods
ending June 30, 2003 and 2002.</font></p> <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>25</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 align=center ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="12%" colspan="5" valign=bottom > <p align=center ><b><font size=1>Six Months</font></b></p> </td>
<td width="1%" 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="1%" 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="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr >
<td valign=bottom > <p align=center ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="12%" colspan="5" valign=bottom > <p align=center ><b><font size=1>Ended June 30,</font></b></p> </td>
<td width="1%" 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="1%" 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="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr >
<td valign=bottom > <p align=center ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p align=center ><b><font size=1>2003</font></b></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td>
<td colspan="2" valign=bottom > <p align=center ><b><font size=1>2002</font></b></p> </td>
<td width="1%" 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="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 style='background:#CCEEFF; '> <p style='margin-left:0.12in;text-indent:-0.12in;' ><font size=2>Net cash provided by operating activities</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 align=right ><font size=2>$</font></p> </td>
<td width="4%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>64,503 </font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>$</font></p> </td>
<td width="4%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>72,276 </font></p> </td>
<td width="1%" 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;' ><font size=2>Net cash used in investing activities</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom > <p align=right ><font size=2>(6,310</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>)</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom > <p align=right ><font size=2>(15,807</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>)</font></p> </td> </tr>
<tr >
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:0.12in;text-indent:-0.12in;' ><font size=2>Net cash used in financing activities</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>(67,646</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p ><font size=2>)&nbsp;&nbsp;&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>(52,361</font></p> </td>
<td width="1%" 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="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;' ><font size=2>Net increase (decrease) in cash and cash equivalents</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>(9,453</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 align=right ><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>4,108</font></p> </td>
<td width="1%" 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;' ><font size=2>Cash and cash equivalents, beginning of period</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom > <p align=right ><font size=2>165,724</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom > <p align=right ><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom > <p align=right ><font size=2>163,685</font></p> </td>
<td width="1%" 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="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;' ><font size=2>Cash and cash equivalents, end of period</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 align=right ><font size=2>$</font></p> </td>
<td width="4%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>156,271</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>$</font></p> </td>
<td width="4%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>167,793</font></p> </td>
<td width="1%" 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="1%" 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="1%" 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="1%" 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. At June 30, 2003, our unused sources of liquidity consisted of unrestricted cash and cash equivalents of $156.3 million. We are currently in the process of generating a credit facility through a syndicate of
lenders to provide for borrowings of up to $200.0 million. We expect the credit facility will be available by September 30, 2003. The credit facility will be used for general corporate purposes, including the repurchase of our common
stock.</font></p> <p style=' margin-bottom:0pt; margin-top:8pt;'><font size=2>Net cash provided by operating activities decreased during 2003 relative to 2002. The decrease in cash flow from operations was primarily due to a reduction in the tax
benefit received from stock options exercised and 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. Net cash used in investing activities decreased about $9.5 million during the first six months in 2003 as compared to the prior year period. This decrease was due to lower capital expenditures for property, plant
and equipment and fewer purchases of available-for-sale securities during 2003 relative to 2002. Capital expenditures for property, plant and equipment, including capitalized software development costs, were $12.8 million for the first six months in
2003 verses $18.0 million for the first six months in 2002. Capital expenditures in the first six months of 2003 included $7.8 million related to the expansion of our corporate headquarters. This expansion is being done to relocate our data center
from a facility that we are currently leasing. We expect this project to be completed by the beginning of 2004. Purchases of available-for-sale securities in the first six months of 2003 were approximately $7.4 million, as compared to $12.1 million
in the first six months of 2002, whereas sales of available-for-sale securities totaled $14.2 million in the first six months of 2003, as compared to $13.6 million in the first six months of 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. Net cash used in financing activities increased approximately $15.3
million during the first six months in 2003 relative to the same period in 2002. This increase was primarily due to an increase in stock repurchases. Our board of directors had authorized the repurchase of our common stock up to $703.4 million.
During the first six months of 2003, the Company purchased 2.3 million shares at a cost of $57.3 million, as compared to purchases of 1.4 million shares at a cost of $44.1 million during the first six months of 2002. As of July 31, 2003, we still
had $39.8 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>We made principal payments of $4.0 million for the Senior Notes and $2.8
million for the term loan during the first six months of 2003. We made principal payments of $2.0 million for the Senior Notes and $2.8 million for the term loan during the first six months of 2002 (See Note 9 to the Consolidated Financial
Statements).</font></p> <p style=' margin-bottom:0pt; margin-top:8pt;'><font size=2>Cash dividends paid were $13.7 million or $.13 per share in the first six months of 2003 and $12.1 million or $.11 per share in the first six months 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:0pt;'><font size=2>&nbsp;</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: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> <p style='
margin-bottom:0pt; margin-top:12pt;'><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 $9.8 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 six months of
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 six months of 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 loss of $1.9 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> <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>27</font></p>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
  <p style=' margin-bottom:0pt; margin-left:8.33%; text-indent:-8.33%; margin-top:12pt;'><u><b><font size=2>Item</font></b><font size=2>&nbsp;</font><b><font size=2>4.</font></b></u><font
size=2>&nbsp;&nbsp;&nbsp;</font><u><b><font size=2>Controls and Procedures</font></b></u></p> <p style=' margin-bottom:0pt; margin-top:6pt;'><font size=2>(a)</font><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font
size=2>Evaluation of Disclosure Controls and Procedures</font></p> <p style=' margin-bottom:0pt; text-indent:4%; margin-top:8pt;'><font size=2>Our management, with the participation of our Chief Executive Officer and Chief Financial Officer,
evaluated the effectiveness of our disclosure controls and procedures as of the end of the period covered by this report. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and
procedures as of the end of the period covered by this report 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 system 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. </font></p> <p style=' margin-bottom:0pt; margin-top:6pt;'><font size=2>(b)</font><font
size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size=2>Change in Internal Control over Financial Reporting</font></p> <p style=' margin-bottom:0pt; text-indent:4%; margin-top:8pt;'><font size=2>No change in our internal control
over financial reporting occurred during our most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.</font></p> <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:12pt;'><u><b><font SIZE=2>PART II.</font></b></u><b><font size=2> </font></b><u><b><font SIZE=2>OTHER INFORMATION</font></b></u></p> <p style=' margin-bottom:0pt;
margin-left:8.33%; text-indent:-8.33%; margin-top:12pt;'><u><b><font size=2>Item</font></b><font size=2>&nbsp;</font><b><font size=2>4.</font></b></u><font size=2>&nbsp;&nbsp;&nbsp;</font><u><b><font size=2>Submission of Matters to a Vote of
Security Holders</font></b></u></p> <p style=' margin-bottom:0pt; margin-top:8pt;'><font size=2>On May 28, 2003, we held our annual meeting of shareholders (the &#147;2003 Annual Meeting&#148;) at our corporate headquarters in Oaks, Pennsylvania. At
our 2003 Annual Meeting, the shareholders voted on the following matters:</font></p> <p style=' margin-bottom:0pt; margin-top:6pt;'><font size=2>1. The election of two directors for a term expiring at our 2006 Annual Meeting: </font></p> <p style='
margin-bottom:0pt; margin-top:0pt;'>&nbsp;</p>
<table align=center width="100%" border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse; '>
<tr >
<td valign=bottom > <p ><b><font size=1>Name of Director</font></b></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td>
<td width="8%" valign=bottom > <p align=center ><b><font size=1>Number of Votes</font></b><br> <b><font size=1>For</font></b></p> </td>
<td width="1%" valign=bottom > <p ><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td>
<td width="8%" valign=bottom > <p align=center ><b><font size=1>Number of Votes</font></b><br> <b><font size=1>Withheld</font></b></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr >
<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 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> </tr>
<tr >
<td valign=bottom style='background:#CCEEFF; '> <p style='margin-left:0.12in;text-indent:-0.12in;' ><font size=2>Richard B. Lieb</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>79,461,040</font></p> </td>
<td width="1%" valign=bottom style='background:#CCEEFF;'> <p ><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom style='background:#CCEEFF;'> <p align=right ><font size=2>17,251,208</font></p> </td>
<td width="1%" 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;' ><font size=2>Carmen V. Romeo</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom > <p align=right ><font size=2>79,059,861</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="8%" valign=bottom > <p align=right ><font size=2>17,652,387</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td> </tr> </table> <br> <p style=' margin-bottom:0pt; margin-top:8pt;'><font size=2>The terms of office of each of the following directors continued after the meeting:</font></p> <p
style=' margin-bottom:0pt; margin-left:8%; margin-top:8pt;'><font size=2>Alfred P. West, Jr.</font><br><font size=2>William M. Doran</font><br><font size=2>Henry H. Porter, Jr.</font><br><font size=2>Kathryn M. McCarthy</font><br><font size=2>Sarah
W. Blumenstein</font></p> <p style=' margin-bottom:0pt; margin-top:6pt;'><font size=2>2. Approval of a 10,000,000 share increase in the number of shares of Common Stock authorized for issuance under the SEI Investments Company 1998 Equity
Compensation Plan, and of the amendment and restatement thereof:</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="17%" valign=bottom > <p align=center ><b><font size=1>Number of Votes</font></b><br> <b><font size=1>For</font></b></p> </td>
<td width="3%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="17%" valign=bottom > <p align=center ><b><font size=1>Number of Votes</font></b><br> <b><font size=1>Against</font></b></p> </td>
<td width="3%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="17%" valign=bottom > <p align=center ><b><font size=1>Number of Votes</font></b><br> <b><font size=1>Withheld</font></b></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr >
<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="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="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr >
<td width="17%" valign=bottom > <p align=center ><font size=2>55,680,515</font></p> </td>
<td width="3%" valign=bottom > <p align=center ><font size=1>&nbsp;</font></p> </td>
<td width="17%" valign=bottom > <p align=center ><font size=2>28,246,318</font></p> </td>
<td width="3%" valign=bottom > <p align=center ><font size=1>&nbsp;</font></p> </td>
<td width="17%" valign=bottom > <p align=center ><font size=2>621,973</font></p> </td>
<td width="1%" valign=bottom > <p align=center ><font size=1>&nbsp;</font></p> </td> </tr> </table> <br> <p style=' margin-bottom:0pt; margin-top:6pt;'><font size=2>3. Ratification of the appointment of PricewaterhouseCoopers LLP as independent
public accountants to examine SEI&#146;s consolidated financial statements for 2003:</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="17%" valign=bottom > <p align=center ><b><font size=1>Number of Votes</font></b><br> <b><font size=1>For</font></b></p> </td>
<td width="3%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="17%" valign=bottom > <p align=center ><b><font size=1>Number of Votes</font></b><br> <b><font size=1>Against</font></b></p> </td>
<td width="3%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="17%" valign=bottom > <p align=center ><b><font size=1>Number of Votes</font></b><br> <b><font size=1>Withheld</font></b></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr >
<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="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="1%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr >
<td width="17%" valign=bottom > <p align=center ><font size=2>94,322,715</font></p> </td>
<td width="3%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="17%" valign=bottom > <p align=center ><font size=2>2,268,549</font></p> </td>
<td width="3%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="17%" valign=bottom > <p align=center ><font size=2>120,954</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td> </tr> </table> <br> <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">29</font></p>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
  <p style=' margin-bottom:0pt; margin-left:8.33%; text-indent:-8.33%; margin-top:12pt;'><u><b><font size=2>Item</font></b><font size=2>&nbsp;</font><b><font size=2>6.</font></b><font size=2>&nbsp;</font></u><font
size=2>&nbsp;&nbsp;</font><u><b><font size=2>Exhibits and Reports on Form 8-K</font></b></u></p> <br>
<table width="100%" cellspacing=0 cellpadding=0>
<tr>
<td width="8%" ></td>
<td width="4%" nowrap valign="top"><font size=2>(a)</font></td>
<td valign="top"><font size=2>The following is a list of exhibits filed as part of the Form 10-Q.</font></td></tr></table> <p style=' margin-bottom:0pt; margin-left:12%; margin-top:8pt;'><font size=2>31.1 Certification of Alfred P. West, Jr,
Chairman and Chief Executive Officer, as required pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. (Page 32)</font></p> <p style=' margin-bottom:0pt; margin-left:12%; margin-top:8pt;'><font size=2>31.2 Certification of Dennis J. McGonigle,
Chief Financial Officer, as required pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. (Page 33)</font></p> <p style=' margin-bottom:0pt; margin-left:12%; margin-top:8pt;'><font size=2>32.1 Certification of Alfred P. West, Jr., Chairman and
Chief Executive Officer, as required pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (Page 34)</font></p> <p style=' margin-bottom:0pt; margin-left:12%; margin-top:8pt;'><font size=2>32.2 Certification of Dennis J. McGongile, Chief
Financial Officer, as required pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (Page 35)</font></p> <br>
<table width="100%" cellspacing=0 cellpadding=0>
<tr>
<td width="8%" ></td>
<td width="4%" nowrap valign="top"><font size=2>(b)</font></td>
<td valign="top"><font size=2>Reports on Form 8-K</font></td></tr></table> <p style=' margin-bottom:0pt; margin-left:12%; margin-top:8pt;'><font size=2>On April 21, 2003, we furnished a report on Form 8-K for our First Quarter 2003 earnings
announcement.</font></p> <p style=' margin-bottom:0pt; margin-left:12%; margin-top:8pt;'><font size=2>On June 13, 2003, our Capital Accumulation Plan filed a report on Form 8-K reporting under Item 4 a change in Registrant&#146;s certifying
accountant.</font></p> <p style=' margin-bottom:0pt; margin-left:12%; margin-top:8pt;'><font size=2>On July 3, 2003, our Capital Accumulation Plan filed an amended report on Form 8-K reporting under Item 4 a change in Registrant&#146;s certifying
accountant.</font></p> <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>30</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="29%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="4%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="26%" colspan="2" valign=bottom > <p ><font SIZE=2>SEI INVESTMENTS COMPANY</font></p> </td> </tr>
<tr >
<td width="29%" valign=bottom > <p ><br> <font size=2>Date August 14, 2003</font></p> </td>
<td width="4%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=2>By:&nbsp;</font></p> </td>
<td width="24%" valign=bottom > <p ><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="29%" 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> </tr>
<tr >
<td width="29%" 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 width="24%" valign=top > <p ><b><font size=1>Dennis J. McGonigle</font></b><br> <b><font size=1>Chief Financial Officer</font></b></p> </td> </tr> </table> <p style='margin-bottom:0pt;text-align:center'><font size=2>31</font></p>
</BODY></HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>3
<FILENAME>dex311.htm
<DESCRIPTION>CEO CERTIFICATION
<TEXT>
<HTML><HEAD>
<TITLE>CEO Certification</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
  <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=top style='padding:0in 5.4pt 0in 5.4pt'> <p align=right style='margin-left:0; '><font SIZE=2>CERTIFICATIONS</font></p> </td>
<td valign=top style='padding:0in 5.4pt 0in 5.4pt'> <p align=right style='margin-left:0; '><font size=2>Exhibit 31.1</font></p> </td> </tr> </table> <br> <p style=' margin-bottom:0pt; margin-top:8pt;'><font size=2>I, Alfred P. West, Jr., Chairman
and Chief Executive Officer of SEI Investments Company, certify that:</font></p> <p style=' margin-bottom:0pt; margin-top:8pt;'><font size=2>1. I have reviewed this quarterly report on Form 10-Q of SEI Investments Company;</font></p> <p style='
margin-bottom:0pt; margin-top:8pt;'><font size=2>2. Based on my knowledge, this 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 report; </font></p> <p style=' margin-bottom:0pt; margin-top:8pt;'><font size=2>3. Based on my knowledge, the financial statements and other financial
information included in this 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 report; </font></p> <p style='
margin-bottom:0pt; margin-top:8pt;'><font size=2>4. 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 have:</font></p> <p style=' margin-bottom:0pt; margin-left:4%; margin-top:8pt;'><font size=2>a) Designed such disclosure controls, and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
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 report is being prepared;</font></p> <p
style=' margin-bottom:0pt; margin-left:4%; margin-top:8pt;'><font size=2>b) Evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the
disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and</font></p> <p style=' margin-bottom:0pt; margin-left:4%; margin-top:8pt;'><font size=2>c) Disclosed in this report any change in the
registrant&#146;s internal control over financial reporting that occurred during the registrant&#146;s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control over
financial reporting; and</font></p> <p style=' margin-bottom:0pt; margin-top:8pt;'><font size=2>5. The registrant&#146;s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting,
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:0pt; margin-left:4%; margin-top:8pt;'><font size=2>a) All
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant&#146;s ability to record, process, summarize and report financial
data and report financial information; and</font></p> <p style=' margin-bottom:0pt; margin-left:4%; margin-top:8pt;'><font size=2>b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the
registrant&#146;s internal controls over financial reporting;.</font></p> <p style=' margin-bottom:0pt; margin-top:0pt;'><font size=2>&nbsp;</font></p>
<table align=center width="65%" border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse; '>
<tr >
<td width="29%" valign=bottom > <p ><font size=2>Date: August 14, 2003</font></p> </td>
<td width="4%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="26%" colspan="2" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr >
<td width="29%" valign=bottom > <p ><br > <br > </p> </td>
<td width="4%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="24%" valign=bottom > <p ><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>J</font><font
SIZE=1>R.</font></p> </td> </tr>
<tr >
<td width="29%" 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> </tr>
<tr >
<td width="29%" valign=top > <p >&nbsp;</p> </td>
<td width="4%" valign=top > <p >&nbsp;</p> </td>
<td width="2%" valign=top > <p >&nbsp;</p> </td>
<td width="24%" valign=top > <p ><b><font size=1>Alfred P. West, Jr.</font></b><br> <b><font size=1>Chairman and Chief Executive Officer</font></b></p> </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>32</font></p>
</BODY></HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.2
<SEQUENCE>4
<FILENAME>dex312.htm
<DESCRIPTION>CFO CERTIFICATION
<TEXT>
<HTML><HEAD>
<TITLE>CFO Certification</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
  <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=top style='padding:0in 5.4pt 0in 5.4pt'> <p align=right style='margin-left:0; '><font SIZE=2>CERTIFICATIONS</font></p> </td>
<td valign=top style='padding:0in 5.4pt 0in 5.4pt'> <p align=right style='margin-left:0; '><font size=2>Exhibit 31.2</font></p> </td> </tr> </table> <br> <p style=' margin-bottom:0pt; margin-top:8pt;'><font size=2>I, Dennis J. McGonigle, Chief
Financial Officer of SEI Investments Company, certify that:</font></p> <p style=' margin-bottom:0pt; margin-top:8pt;'><font size=2>1. I have reviewed this quarterly report on Form 10-Q of SEI Investments Company;</font></p> <p style='
margin-bottom:0pt; margin-top:8pt;'><font size=2>2. Based on my knowledge, this 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 report; </font></p> <p style=' margin-bottom:0pt; margin-top:8pt;'><font size=2>3. Based on my knowledge, the financial statements, and other financial
information included in this 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 report; </font></p> <p style='
margin-bottom:0pt; margin-top:8pt;'><font size=2>4. 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 have:</font></p> <p style=' margin-bottom:0pt; margin-left:4%; margin-top:8pt;'><font size=2>a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
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 report is being prepared;</font></p> <p
style=' margin-bottom:0pt; margin-left:4%; margin-top:8pt;'><font size=2>b) Evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the
disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and</font></p> <p style=' margin-bottom:0pt; margin-left:4%; margin-top:8pt;'><font size=2>c) Disclosed in this report any change in the
registrant&#146;s internal control over financial reporting that occurred during the registrant&#146;s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control over
financial reporting; and</font></p> <p style=' margin-bottom:0pt; margin-top:8pt;'><font size=2>5. The registrant&#146;s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting,
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:0pt; margin-left:4%; margin-top:8pt;'><font size=2>a) All
significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant&#146;s ability to record, process, summarize and report
financial data and report financial information; and</font></p> <p style=' margin-bottom:0pt; margin-left:4%; margin-top:8pt;'><font size=2>b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant&#146;s internal controls over financial reporting.</font></p> <p style=' margin-bottom:0pt; margin-top:0pt;'><font size=2>&nbsp;</font></p>
<table width="65%" border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse; '>
<tr >
<td width="29%" valign=bottom > <p ><font size=2>Date: August 14, 2003</font></p> </td>
<td width="4%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="26%" colspan="2" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr >
<td width="29%" valign=bottom > <p ><br > <br > </p> </td>
<td width="4%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="2%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="24%" valign=bottom > <p ><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="29%" 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> </tr>
<tr >
<td width="29%" valign=top > <p >&nbsp;</p> </td>
<td width="4%" valign=top > <p >&nbsp;</p> </td>
<td width="2%" valign=top > <p >&nbsp;</p> </td>
<td width="24%" valign=top > <p ><b><font size=1>Dennis J. McGonigle</font></b><br> <b><font size=1>Chief Financial Officer</font></b></p> </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>33</font></p>
</BODY></HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.1
<SEQUENCE>5
<FILENAME>dex321.htm
<DESCRIPTION>CERTIFICATION
<TEXT>
<HTML><HEAD>
<TITLE>Certification</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
  <p style=' margin-bottom:0pt;text-align:right; margin-top:8pt;'><b><font size=2>Exhibit 32.1</font></b></p> <p style=' margin-bottom:0pt;text-align:center; margin-top:16pt;'><b><font SIZE=2>CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</font></b></p> <p style=' margin-bottom:0pt; text-indent:4%; margin-top:8pt;'><font size=2>I, Alfred P. West, Chairman and Chief Executive Officer of SEI
Investments Company, a Pennsylvania corporation (the &#147;Company&#148;), hereby certify that, based on my knowledge:</font></p> <p style=' margin-bottom:0pt; text-indent:4%; margin-top:8pt;'><font size=2>(1) The Company&#146;s Quarterly Report on
Form 10-Q for the quarterly period ended June 30, 2003 (the &#147;Form 10-Q&#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:0pt; text-indent:4%;
margin-top:8pt;'><font size=2>(2) The information contained in the Form 10-Q 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 width="65%" border="0" cellspacing=0 cellpadding=0 style='margin-left:.4pt;border-collapse: collapse'>
<tr >
<td width="29%" valign=bottom > <p ><font size=2>Date: August 14, 2003</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="3%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="26%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr >
<td width="29%" valign=bottom > <p ><br> <font size=1>/</font><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>,</font><font size=1> </font><font SIZE=2>J</font><font SIZE=1>R.</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="3%" valign=bottom > <p ><font size=2>&nbsp;</font></p> </td>
<td width="26%" valign=bottom > <p ><br > <br > </p> </td> </tr>
<tr >
<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="3%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="26%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr >
<td width="29%" valign=top > <p ><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="1%" valign=top > <p >&nbsp;</p> </td>
<td width="3%" valign=top > <p >&nbsp;</p> </td>
<td width="26%" valign=top > <p >&nbsp;</p> </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>34</font></p>
</BODY></HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.2
<SEQUENCE>6
<FILENAME>dex322.htm
<DESCRIPTION>CERTIFICATION
<TEXT>
<HTML><HEAD>
<TITLE>Certification</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
  <p style=' margin-bottom:0pt;text-align:right; margin-top:8pt;'><b><font size=2>Exhibit 32.2</font></b></p> <p style=' margin-bottom:0pt;text-align:center; margin-top:16pt;'><b><font SIZE=2>CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 </font></b></p> <p style=' margin-bottom:0pt; text-indent:4%; margin-top:8pt;'><font size=2>I, Dennis J. McGonigle, Chief Financial Officer of SEI
Investments Company, a Pennsylvania corporation (the &#147;Company&#148;), hereby certify that, based on my knowledge:</font></p> <p style=' margin-bottom:0pt; text-indent:4%; margin-top:8pt;'><font size=2>(1) The Company&#146;s Quarterly Report on
Form 10-Q for the quarterly period ended June 30, 2003 (the &#147;Form 10-Q&#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:0pt; text-indent:4%;
margin-top:8pt;'><font size=2>(2) The information contained in the Form 10-Q 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 width="65%" border="0" cellspacing=0 cellpadding=0 style='margin-left:.4pt;border-collapse: collapse'>
<tr >
<td width="29%" valign=bottom > <p ><font size=2>Date: August 14, 2003</font></p> </td>
<td width="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="3%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="26%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td> </tr>
<tr >
<td width="29%" valign=bottom > <p ><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="1%" valign=bottom > <p ><font size=1>&nbsp;</font></p> </td>
<td width="3%" valign=bottom > <p ><font size=2>&nbsp;</font></p> </td>
<td width="26%" valign=bottom > <p ><br > <br > </p> </td> </tr>
<tr >
<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="3%" valign=top > <p><font size=1>&nbsp;</font></p> </td>
<td width="26%" valign=top > <p><font size=1>&nbsp;</font></p> </td> </tr>
<tr >
<td width="29%" valign=top > <p ><b><font size=1>Dennis J. McGonigle</font></b><br> <b><font size=1>Chief Financial Officer</font></b></p> </td>
<td width="1%" valign=top > <p >&nbsp;</p> </td>
<td width="3%" valign=top > <p >&nbsp;</p> </td>
<td width="26%" valign=top > <p >&nbsp;</p> </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>35</font></p>
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</TEXT>
</DOCUMENT>
</SUBMISSION>
