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CONSOLIDATED STATEMENT OF INCOME 
UNITED ASSET MANAGEMENT CORPORATION 

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 YEAR ENDED DECEMBER 31,                                         1995            1994            1993 
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<S>                                                     <C>             <C>              <C> 
                                                                                
REVENUES                                                 $698,462,000    $492,288,000    $449,858,000 
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OPERATING EXPENSES: 
 Compensation and related expenses                        336,787,000     240,611,000     218,617,000 
 Amortization of cost assigned to contracts acquired       93,192,000      55,121,000      48,493,000 
 Other operating expenses                                 106,773,000      80,577,000      73,043,000 
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                                                          536,752,000     376,309,000     340,153,000 
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Operating income                                          161,710,000     115,979,000     109,705,000 
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NON-OPERATING EXPENSES: 
 Interest expense, net                                     42,325,000      11,512,000      13,790,000 
 Other amortization                                         1,695,000       1,261,000       1,445,000 
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                                                           44,020,000      12,773,000      15,235,000 
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Income before income tax expense                          117,690,000     103,206,000      94,470,000 
Income tax expense                                         50,373,000      44,194,000      41,183,000 
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NET INCOME                                               $ 67,317,000    $ 59,012,000    $ 53,287,000 
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Primary earnings per share                                      $2.17           $2.00           $1.85 
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Fully diluted earnings per share                                $2.16           $2.00           $1.83 
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See Notes to Consolidated Financial Statements.