Press Release

Release No. 1205-06
December 15, 2005

RAYMOND JAMES RELEASES
2006 ANALYST'S BEST PICKS LIST

ST. PETERSBURG, Fla. – The Raymond James & Associates’ Equity Research Department has released its popular Best Picks list for 2006. The list, according to David Henwood, chief investment officer at Raymond James & Associates, highlights individual stocks that Raymond James’ analysts expect to produce superior overall results during the upcoming year.

This year’s Best Picks list includes 11 stocks that have undergone a rigorous screening process.

 “Although past performance does not guarantee future results, as of December 9, 2005, our Best Picks list for 2005 (priced on December 10, 2004) has returned 22.2%, versus gains in the S&P 500 of 7.7%,” Henwood stated. “The S&P 500 is an unmanaged index of 500 widely held stocks that is generally considered representative of the U.S. stock market. That’s why our Best Picks list generates so much interest; over the last five years, it has returned an average of 19.6 percent annually.”

Since 2000, a total of 60 stocks have been recommended through this list. Of this total, 46 advanced and 14 declined within the recommended holding period. An investor would incur commissions to transact these recommendations.

According to Henwood, list submission is limited to analysts with significant research experience and a minimum of three years following the recommended industry as lead analyst or five years of total sell-side experience. Analysts choose to participate and may submit only one stock for the list, which may only contain one company from any specific industry.

In addition, because this is a static, one-year list, only those companies with a “Strong Buy” rating from a Raymond James analyst qualify.

“Each company must also have a market capitalization of at least $500 million and a stock price greater than $10,” Henwood continued. “If the stock price is under $20, the company is required to show market capitalization of at least $1 billion. Other conditions, such as trading volume per day of at least 300,000 shares based on the last two months of data, are also considered.”

Henwood reminds investors that individual results will vary and transaction costs related to investing in these stocks will affect overall performance. There is no assurance that the Best Picks will achieve the results expected and investors may incur profits or losses.

“The best strategy is to invest for the long term. Although incorporating stocks recommended by our Equity Research Department into an overall portfolio may be a good idea for many investors, investing in individual stocks, particularly small- and mid-cap issues, is not for everyone. It takes a strong risk tolerance, not to mention a good understanding of market cycles, to keep perspective in a down market.”

“For most investors, only a small portion of their portfolios should be invested in more speculative individual issues. A more conservative, professionally managed allocation for the rest of their portfolios should help balance paper or real losses in individual issues,” Henwood concluded.

About Raymond James & Associates

Raymond James & Associates, which has built a national reputation during the past 42 years as a leader in financial planning for individuals, corporations and municipalities, is a wholly owned subsidiary of Raymond James Financial, Inc. (NYSE-RJF), a financial services holding company. Through its three broker/dealer subsidiaries, Raymond James Financial has more than 4,800 financial advisors serving 1.4 million accounts in 2,100 locations throughout the United States, Canada and overseas. In addition, total client assets are approximately $ 150 billion, of which approximately $27.5 billion are managed by the firm’s asset management subsidiaries.

– 30 –

For more information, please contact Steve Valley at 727-567-2824.
Please visit the Raymond James Press Center at raymondjames.com/media.