COMBINED GROUP REPORT
Brian Atlas & Forrest Jenkins, Managers

IMPORTANT NOTICE ON TORT LITIGATION

DEADLINE TO JOIN THIS GROUP IS DECEMBER 10, 2002.

June 9, 2002

Dear Investor:

The Combined Group's committee has selected a tort litigation firm that we feel is best suited to handle the various tort claims the investors have against Raymond-James, and several other defendants.

The firm that we have selected is Franklin, Cardwell & Jones. Mr. Ron Franklin, partner, is our lead attorney. Partners Greg Jones and Cindy Moulton will also work extensively on the case. The case is complex, and they are prepared to represent hundreds of investors, and spend the time to investigate and research the claims of fraud, misrepresentation, mismanagement, securities fraud and other matters. Several investors have already engaged the firm to represent their interests, and the initial suit will be filed Monday, June 10th. These investors include Brian Atlas, Rick Kaminsky, Kevin Burke, David and Clive Fleishman, Cathy Mincberg, Russell Vail, Don Sawtelle, Bill Powell, Sidney Wallace, Forrest Jenkins, and many others.

You are under no obligation to use the Combined Group's choice of legal firms. We invite you to call and ask questions of Franklin, Cardwell & Jones. Investors who become clients of the firm will not be charged a fee unless a recovery is made. The contingency fee is 37.5% of the recovery.

Franklin, Cardwell & Jones is located at 1001 McKinney @ Main, 18th floor, Houston, TX 77002. They can be contacted at: 713-222-6025. Please ask for Sarah Powell, Kelley Burns, Lisha Hendrix or Jaye Wright, paralegals. Their website is: http://www.fcj.com

For more information, click on our Frequently Asked Questions.

Attorneys: (click on photo for attorney profile)

Ron Franklin

Greg Jones

Cindy Moulton