FALCONS SECURITIES LIMITED

	2003 N	2002 N	2001 N	2000 N	1999 N
Assets Employed
Cash and short term funds Mandatory deposit Investments Other assets Fixed assets Total assets	10,437,341 1,050,000 1,702,713,327 34,875,614 2,095,048 ____________ 1,751,171,330 ============	80,510,764 1,050,000 3,184,203,757 28,731,352 3,244,135 ____________ 3,297,740,008 ============	83,748,590 1,050,000 262,267,484 25,049,644 360,935 ____________ 372,476,653 ============	3,479,507 1,330,000 69,981,699 68,536,676 417,937 ____________ 143,745,819 ============	2,771,601 1,280,000 57,200,698 632,244 600,445 ____________ 62,484,988 ============

Clients' Funds Bank Loan Other liabilities Provision for tax Liabilities Shareholders' Funds	264,371,851 1,000,000,000 322,673,017 31,523,987 ____________ 1,618,568,,855 132,602,475 ____________ 1,751,171,330 ============	80,912,844 2,700,000,000 400,682,576 17,623,387 ____________ 3,199,218,807 98,521,201 ____________ 3,297,740,008 ============	3,399,083 - 270,163,061 10,521,036 ____________ 284,083,174 88,393,479 ____________ 372,476,653 ============	44,076,138 - 10,326,054 6,286,930 ____________ 60,689,122 83,056,697 ____________ 143,745,819 ============	11,825,572 - 5,716,704 1,486,930 ____________ 19,029,206 43,455,782 ____________ 62,484,988 ============

Profit and Loss Accounts
Gross earnings Depreciation Provisions Overhead expenses Profit before tax Taxation Dividend Retained Profit	376,281,922 1,149,078 - 46,849,347 43,439,374 13,900,600 151,000,000 14,538,774 ============	226,871,231 1,348,108 1,000,000 26,649,887 22,194,846 7,102,351 10,000,000 5,092,495 ============	120,564,140 554,708 1,500,000 27,625,608 19,570,888 4,234,106 10,000,000 5,336,782 ===========	30,884,517 416,058 1,100,000 15,236,102 - 4,800,000 - - ============	12,445,035 298,574 2,000,000 6,206,055 - 3,940,406 - - ===========