Exhibit






Exhibit 10.1
EXECUTION COPY
AMENDED AND RESTATED
LIMITED LIABILITY COMPANY OPERATING AGREEMENT*
PHH HOME LOANS, LLC
January 31, 2005






* The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.

























Table of Contents


	
					
	 
	 
	 
	 
	Page

	ARTICLE I Definitions

	 
	 
	 
	 
	 

	Section 1.1
	 
	Definitions
	 
	2

	 
	 
	 
	 
	 

	Section 1.2
	 
	Interpretation
	 
	13

	 
	 
	 
	 
	 

	ARTICLE II General Provisions

	 
	 
	 
	 
	 

	Section 2.1
	 
	Form
	 
	14

	 
	 
	 
	 
	 

	Section 2.2
	 
	Company Name
	 
	14

	 
	 
	 
	 
	 

	Section 2.3
	 
	Registered Office; Registered Agent
	 
	14

	 
	 
	 
	 
	 

	Section 2.4
	 
	Place of Business
	 
	14

	 
	 
	 
	 
	 

	Section 2.5
	 
	Purpose; Nature of Business Permitted; Powers
	 
	14

	 
	 
	 
	 
	 

	Section 2.6
	 
	Business Transactions of a Member with the Company
	 
	16

	 
	 
	 
	 
	 

	Section 2.7
	 
	No State-Law Partnership
	 
	16

	 
	 
	 
	 
	 

	Section 2.8
	 
	Authorized Representatives
	 
	16

	 
	 
	 
	 
	 

	Section 2.9
	 
	Term
	 
	16

	 
	 
	 
	 
	 

	Section 2.10
	 
	D/B/As, Fictitious Names, Licenses and Regulatory Approvals
	 
	16

	 
	 
	 
	 
	 

	Section 2.11
	 
	Subsequent Capital Contributions
	 
	17

	 
	 
	 
	 
	 

	ARTICLE III Members

	 
	 
	 
	 
	 

	Section 3.1
	 
	Members
	 
	21

	 
	 
	 
	 
	 

	Section 3.2
	 
	Admission of New Members
	 
	21

	 
	 
	 
	 
	 

	Section 3.3
	 
	Representations
	 
	21

	 
	 
	 
	 
	 

	Section 3.4
	 
	No Liability of Members
	 
	22

	 
	 
	 
	 
	 

	Section 3.5
	 
	Company Property
	 
	23

	 
	 
	 
	 
	 

	Section 3.6
	 
	Confidentiality
	 
	23

	 
	 
	 
	 
	 

	ARTICLE IV Capital Contributions

	 
	 
	 
	 
	 

	Section 4.1
	 
	Capital Structure
	 
	24

	 
	 
	 
	 
	 

	Section 4.2
	 
	Capital Contributions
	 
	24

	 
	 
	 
	 
	 

	Section 4.3
	 
	Additional Provisions Concerning Capital Contributions
	 
	24

	 
	 
	 
	 
	 

	Section 4.4
	 
	Capital Accounts
	 
	25

	 
	 
	 
	 
	 

	Section 4.5
	 
	Return of Capital Contributions
	 
	26

	 
	 
	 
	 
	 

	Section 4.6
	 
	Loans From Members
	 
	26

	 
	 
	 
	 
	 

	ARTICLE V Allocations and Distributions

	 
	 
	 
	 
	 

	Section 5.1
	 
	Allocations of Net Income and Net Loss
	 
	26

	 
	 
	 
	 
	 

	Section 5.2
	 
	Adjustments and Special Allocations
	 
	27

	 
	 
	 
	 
	 

	Section 5.3
	 
	Net Loss Limitation
	 
	28

	 
	 
	 
	 
	 





i






	
					
	Section 5.4
	 
	Other Allocation Rules
	 
	29

	 
	 
	 
	 
	 

	Section 5.5
	 
	Tax Allocations; Code Section 704(c)
	 
	29

	 
	 
	 
	 
	 

	Section 5.6
	 
	Distributions
	 
	30

	 
	 
	 
	 
	 

	ARTICLE VI Management

	 
	 
	 
	 
	 

	Section 6.1
	 
	Managing Member
	 
	30

	 
	 
	 
	 
	 

	Section 6.2
	 
	Board of Advisors
	 
	32

	 
	 
	 
	 
	 

	Section 6.3
	 
	Actions Requiring Board Approval
	 
	34

	 
	 
	 
	 
	 

	Section 6.4
	 
	Company Resources
	 
	37

	 
	 
	 
	 
	 

	Section 6.5
	 
	Advisors Have No Managerial Authority
	 
	37

	 
	 
	 
	 
	 

	Section 6.6
	 
	Devotion of Time
	 
	37

	 
	 
	 
	 
	 

	Section 6.7
	 
	Officers
	 
	38

	 
	 
	 
	 
	 

	Section 6.8
	 
	Remuneration; Reimbursement
	 
	38

	 
	 
	 
	 
	 

	Section 6.9
	 
	Approval of Annual Business Plan
	 
	38

	 
	 
	 
	 
	 

	Section 6.10
	 
	Reports
	 
	38

	 
	 
	 
	 
	 

	ARTICLE VII Changes in Law; Financial Reporting

	 
	 
	 
	 
	 

	Section 7.1
	 
	Compliance with Law; Changes in Law
	 
	39

	 
	 
	 
	 
	 

	Section 7.2
	 
	Consolidation
	 
	41

	 
	 
	 
	 
	 

	Section 7.3
	 
	Certain Actions
	 
	41

	 
	 
	 
	 
	 

	ARTICLE VIII Termination of Relationship

	 
	 
	 
	 
	 

	Section 8.1
	 
	Cendant Termination Events
	 
	42

	 
	 
	 
	 
	 

	Section 8.2
	 
	Effects of a Cendant Termination Event
	 
	43

	 
	 
	 
	 
	 

	Section 8.3
	 
	PHH Termination Event
	 
	46

	 
	 
	 
	 
	 

	Section 8.4
	 
	Two Year Termination, Special Termination Event and 25-Year Termination
	 
	47

	 
	 
	 
	 
	 

	Section 8.5
	 
	Effect of Termination Events
	 
	51

	 
	 
	 
	 
	 

	ARTICLE IX Dissolution and Winding Up

	 
	 
	 
	 
	 

	Section 9.1
	 
	Events Causing Dissolution
	 
	51

	 
	 
	 
	 
	 

	Section 9.2
	 
	Winding Up
	 
	52

	 
	 
	 
	 
	 

	Section 9.3
	 
	Compensation of Liquidating Trustee
	 
	54

	 
	 
	 
	 
	 

	Section 9.4
	 
	Distribution of Company Property and Proceeds of Sale Thereof
	 
	54

	 
	 
	 
	 
	 

	Section 9.5
	 
	Company Termination
	 
	54

	 
	 
	 
	 
	 

	Section 9.6
	 
	Final Audit
	 
	55

	 
	 
	 
	 
	 

	ARTICLE X Transfers and Assignment of Interests

	 
	 
	 
	 
	 

	Section 10.1
	 
	Consent Required for Transfer
	 
	55

	 
	 
	 
	 
	 

	Section 10.2
	 
	Withdrawal
	 
	56

	 
	 
	 
	 
	 

	ARTICLE XI Fiscal Matters; Books and Records

	 
	 
	 
	 
	 

	Section 11.1
	 
	Bank Accounts; Investments
	 
	56





ii






	
					
	 
	 
	 
	 
	 

	Section 11.2
	 
	Records Required by Act; Right of Inspection
	 
	56

	 
	 
	 
	 
	 

	Section 11.3
	 
	Books and Records of Account
	 
	57

	 
	 
	 
	 
	 

	Section 11.4
	 
	Expenses
	 
	57

	 
	 
	 
	 
	 

	Section 11.5
	 
	Tax Returns and Information
	 
	57

	 
	 
	 
	 
	 

	Section 11.6
	 
	Delivery of Audited Financial Statements to Members
	 
	58

	 
	 
	 
	 
	 

	Section 11.7
	 
	Audits
	 
	58

	 
	 
	 
	 
	 

	Section 11.8
	 
	Fiscal Year
	 
	58

	 
	 
	 
	 
	 

	Section 11.9
	 
	Tax Elections
	 
	58

	 
	 
	 
	 
	 

	Section 11.10
	 
	Tax Matters Member
	 
	59

	 
	 
	 
	 
	 

	ARTICLE XII Indemnification and Insurance

	 
	 
	 
	 
	 

	Section 12.1
	 
	Indemnification and Advancement of Expenses
	 
	59

	 
	 
	 
	 
	 

	Section 12.2
	 
	Insurance
	 
	60

	 
	 
	 
	 
	 

	Section 12.3
	 
	Limit on Liability of Members
	 
	61

	 
	 
	 
	 
	 

	Section 12.4
	 
	Indemnification by Managing Member
	 
	61

	 
	 
	 
	 
	 

	Section 12.5
	 
	No Additional Indemnification Rights
	 
	62

	 
	 
	 
	 
	 

	ARTICLE XIII Miscellaneous Provisions

	 
	 
	 
	 
	 

	Section 13.1
	 
	Counterparts
	 
	62

	 
	 
	 
	 
	 

	Section 13.2
	 
	Entire Agreement
	 
	62

	 
	 
	 
	 
	 

	Section 13.3
	 
	Partial Invalidity
	 
	62

	 
	 
	 
	 
	 

	Section 13.4
	 
	Amendment
	 
	63

	 
	 
	 
	 
	 

	Section 13.5
	 
	Binding Effect
	 
	63

	 
	 
	 
	 
	 

	Section 13.6
	 
	Negotiation and Mediation
	 
	63

	 
	 
	 
	 
	 

	Section 13.7
	 
	Governing Law
	 
	64

	 
	 
	 
	 
	 

	Section 13.8
	 
	Offset
	 
	64

	 
	 
	 
	 
	 

	Section 13.9
	 
	Effect of Waiver or Consent
	 
	64

	 
	 
	 
	 
	 

	Section 13.10
	 
	Notices
	 
	64

	 
	 
	 
	 
	 

	Section 13.11
	 
	No Consequential Damages
	 
	66

	 
	 
	 
	 
	 

	Section 13.12
	 
	Most Favored Nation
	 
	66

	 
	 
	 
	 
	 

	Section 13.13
	 
	Impossibility of Performance
	 
	67









iii






Index of Defined Terms


	
		
	 
	 

	 
	Page

	Act
	1

	Additional Capital Determination
	26

	Adjusted Capital Account
	2

	Advisor
	34

	Affiliate
	2

	Agreement
	1, 2

	Annual Business Plan
	40

	Assignment
	2

	Authorized Representatives
	17

	Bankruptcy
	2

	Bankruptcy Event
	45

	Beneficial Owner
	3

	Board
	34

	Business Day
	3

	Capital Account
	26

	Capital Contribution
	3

	Cendant
	3

	Cendant Advisors
	34

	Cendant Designated Buyer
	45, 50

	Cendant List
	45

	Cendant Member
	1

	Cendant Mobility
	3

	Cendant Mobility Offices
	3

	Cendant Owned Real Estate Offices
	3

	Cendant Put
	45

	Cendant Put Notice
	46

	Cendant Real Estate
	3

	Cendant Termination Event
	44

	Certificate of Formation
	1

	Change of Control
	3

	Closing Date
	4

	Code
	4

	Common Interest Percentage
	25

	Common Interests
	25

	Company
	1

	Company Expenses
	60

	Company Minimum Gain
	4

	Company Property or Properties
	4

	Company Regulatory Event
	5

	Confidential Information
	24

	Contributed Property
	5

	Contribution Agreement
	5





iv






	
		
	Contribution Date
	19

	Contribution Notice
	18

	Control
	5

	Controlling Person
	5

	Customer
	5

	Depreciation
	5

	Dispute
	67

	Disputing Member
	67

	Distributable Net Income
	6

	Event of Dissolution
	54

	Fair Market Value
	6

	FHA
	6

	Fiscal Period
	6

	Fiscal Quarter
	6

	GAAP
	6

	Governmental Entity
	6

	Gross Asset Value
	7

	HUD
	8

	HUD-Manager
	34

	Indemnified Parties
	62

	Initial Capital Contribution
	25

	Initial Officers
	40

	Initial Operating Agreement
	1

	Insolvency
	8

	Interest
	8

	Investor Commitments
	8

	Lease
	8

	License Agreement
	8

	Liquidating Trustee
	55

	Loan Funding Facility
	8

	Losses
	8

	LTM Net Income
	46

	Major Action
	36

	Management Services Agreement
	8

	Managing Member
	9

	Master Sublease Agreement
	9

	Mediation Request
	67

	Member
	1, 9

	Member Nonrecourse Debt
	9

	Member Nonrecourse Debt Minimum Gain
	9

	Member Nonrecourse Deductions
	9

	Members
	1

	Minimum Capital Requirements
	38

	Mobility Interim MSA
	9

	Mortgage Instrument
	10

	Mortgage Loan
	10





v






	
		
	Mortgage Loan Disclosure
	10

	Mortgage Loan Documents
	10

	Mortgage Loan Sale Agreement
	10

	Mortgage Note
	10

	Mortgaged Property
	10

	MSA
	10

	Net Income
	10

	Net Loss
	10

	New Member
	12

	Nonrecourse Deductions
	12

	Nonrecourse Liability
	12

	Non-Renewal Notice
	53

	Non-Renewal PHH Sale
	53

	Non-Renewal Put
	53

	NRT Interim MSA
	12

	Origination Channels
	12

	Other Indemnified Parties
	64

	Person
	12

	PHH
	12

	PHH Advisors
	34

	PHH Change of Control
	13

	PHH Interests
	47

	PHH Material Breach
	44

	PHH Member
	1

	PHH Regulatory Event
	12

	PHH Sale
	45

	PHH Sale Notice
	47

	PHH Termination Event
	48

	PIMI Contributed Assets
	19

	PMC
	12

	Proceeding
	13

	Purchase Notice
	49

	Purchase Price
	48

	Purchase Right
	48

	Put Date
	46

	Put Price
	45

	Regulatory Event Fee
	44

	Regulatory Order
	13

	Related Transaction
	33

	RESPA
	13

	Rules
	67

	Sale Date
	48

	Sale Price
	47

	Securities Act
	13

	Small Corps
	13

	Special Termination Event
	42





vi






	
		
	Special Termination Notice
	42

	Special Termination Put
	53

	SRA
	1

	State Agency
	13

	Subsequent Capital Contributions
	19

	Subsidiary
	13

	Tax Matters Member
	62

	Termination Payment
	46

	Transaction Documents
	13

	Transfer
	14

	Treasury Regulations
	14

	Two Year PHH Sale
	50

	Two Year Put
	50

	Two Year Put Closing Date
	51

	Two Year Put Date
	50

	Two Year Put Price
	50

	Two Year Sale Date
	50

	Two Year Sale Price
	51

	Two-Year Termination Notice
	50

	Venture License Agreement
	14







vii






This AMENDED AND RESTATED LIMITED LIABILITY COMPANY OPERATING AGREEMENT, dated as of January 31, 2005 (this “Agreement”), of PHH Home Loans, LLC (the “Company”), a Delaware limited liability company, is by and between PHH Broker Partner Corporation, a Maryland corporation (the “PHH Member”), and Cendant Real Estate Services Venture Partner, Inc., a Delaware corporation (the “Cendant Member”) and each Person (as hereinafter defined) subsequently admitted as a member of the Company (individually, a “Member” and, collectively, the “Members”).
W I T N E S S E T H:
WHEREAS, the PHH Member and the Cendant Member entered into a Limited Liability Company Operating Agreement, effective as of November 3, 2004 (the “Initial Operating Agreement”) and formed the Company pursuant to and in accordance with the Limited Liability Company Act of the State of Delaware (the “Act”) by filing the Certificate of Formation of the Company (the “Certificate of Formation”) in accordance with the Act;
WHEREAS, the Members desire to amend and restate the Initial Operating Agreement;
WHEREAS, the Members intend that hereafter the principal purpose of the Company shall be to originate and sell mortgage loans sourced through Cendant’s owned residential real estate brokerage and corporate relocations businesses and from all U.S.-based employees of Cendant and its Subsidiaries, in accordance with the terms and provisions of this Agreement;
WHEREAS, this Agreement sets forth, among other things, the agreement among the Members as to the governance of the affairs of the Company and the conduct of its business; and
WHEREAS, concurrently with the execution of this Agreement, Cendant Real Estate, PHH, the Cendant Member, PMC, the PHH Member and the Company have entered into a Strategic Relationship Agreement (as amended from time to time, the “SRA”) which sets forth certain matters related to the business relationship among the parties thereto during the term of this Agreement.
NOW, THEREFORE, in consideration of the mutual representations, warranties, covenants, promises and agreements set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Members agree as follows:
ARTICLE I
Definitions
Section 1.1 Definitions. As used in this Agreement, the following terms shall each have the meaning set forth in this Article (unless the context otherwise requires).
“Adjusted Capital Account” means, with respect to any Member, the balance, if any, in such Member’s Capital Account as of the end of the relevant Fiscal Period, after: (i) crediting to such Capital Account any amounts that such Member is obligated to restore pursuant to Treasury Regulation Section 1.704-1(b)(2)(ii)(c) (or is deemed to be obligated to restore pursuant to the penultimate sentences of Treasury Regulation Sections 1.704-2(g)(1) and 1.704-2(i)(5)) and (ii) debiting to such Capital Account the items described in Treasury Regulation Sections 1.704-1(b)(2)(ii)(d)(4), (5) and (6).
“Affiliate” means, when used with reference to a specific Person, any Person that, directly or indirectly, through one or more intermediaries, controls, is controlled by or is under common control with such specific Person. For the avoidance of doubt, neither the Company nor any of the Brand Franchisees, as defined in the SRA, shall be deemed to be an Affiliate of Cendant or any of Cendant’s Affiliates for any purpose hereunder or under any of the other Transaction Documents.
“Agreement” means this Agreement, including the Schedules and Exhibits hereto, as originally executed and as subsequently amended from time to time in accordance with the provisions hereof.

1






“Assignment” shall mean a document, sufficient under the laws of the jurisdiction where the related Mortgaged Property is located, to reflect all transfers of the applicable Mortgage Instrument and the Mortgage Note.
“Bankruptcy” means, with respect to any Person, the happening of any one or more of the following events: (a) such Person (or, in the case of any Person which is a partnership, any general partner thereof): (i) makes an assignment for the benefit of creditors; (ii) files a voluntary petition in bankruptcy; (iii) is adjudged bankrupt or insolvent, or there has been entered against such Person (or general partner) an order for relief, in any bankruptcy or insolvency proceeding; (iv) files a petition or answer seeking in respect of such Person (or general partner) any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any statute, law or regulation; (v) files an answer or other pleading admitting or failing to contest the material allegations of a petition filed against such Person (or such general partner) in any proceeding of a nature described above; or (vi) seeks, consents or acquiesces in the appointment of a trustee, receiver or liquidator of such Person (or such general partner) or of all or any substantial part of such Person’s (or such general partner’s) properties; or (b) 120 days after the commencement of any proceeding against any such Person (or such general partner) seeking reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any statute, law or regulation, if such proceeding has not been dismissed, or within 90 days after the appointment without such Person’s (or such general partner’s) consent or acquiescence of a trustee, receiver or liquidator of the Person (or such general partner) or of all or any substantial part of such Person’s (or such general partner’s) properties, if such appointment is not vacated or stayed, or within 90 days after the expiration of any such stay, if such appointment is not vacated.
“Beneficial Owner” shall, with respect to any Person, be determined as set forth in Rule 13d-3 of the General Rules and Regulations of the Securities Exchange Act of 1934, as in effect on the date hereof.
“Business Day” means any day other than a Saturday, Sunday or a holiday on which commercial banks in the State of New York are closed.
“Cendant” means Cendant Corporation, a Delaware corporation.
“Capital Contribution” means, with respect to any Member, the amount of cash and the initial Gross Asset Value of any asset (other than cash) contributed to the capital of the Company pursuant to Article IV hereof.
“Cendant Mobility Office” means any office comprising part of Cendant’s corporate relocation business, including, without limitation, any office of Cendant Mobility Services Corporation (“Cendant Mobility”) or any of its Subsidiaries, whether owned as of the date hereof or acquired or opened hereafter by Cendant Mobility or one of its Subsidiaries.
“Cendant Owned Real Estate Office” means any residential real estate brokerage office owned as of the date hereof or acquired or opened hereafter by Cendant Real Estate or one of its Subsidiaries, including NRT Incorporated.
“Cendant Real Estate” means Cendant Real Estate Services Group, LLC, a Delaware limited liability company.
“Change of Control” means, with respect to any Person, the occurrence of any event set forth in one of the following paragraphs:


	
			
	 
	(a)
	any “person” or “group” (as such terms are used in Section 13(d)(3) of the Exchange Act) is or becomes the Beneficial Owner, directly or indirectly, of securities of such Person representing greater than one-third of the combined voting power of such Person’s outstanding securities;






	
			
	 
	(b)
	during any period of two consecutive years, individuals who at the beginning of such period constituted the Board of Directors of such Person (together with any new directors whose election or appointment by such Board or whose nomination for election by the stockholders of such Person was approved by a vote of not less than a majority of the directors then still in office who were either directors at the beginning of such period or whose election or nomination for election was previously so approved) cease for any reason to constitute at least two-thirds of the Board of Directors of such Person;







2






	
			
	 
	(c)
	there is consummated a merger, consolidation or similar transaction (including a recapitalization) of such Person with any other Person, other than a merger or consolidation immediately following which the stockholders of such Person immediately prior thereto own in the aggregate not less than two-thirds of the combined voting power of the entity surviving such merger, consolidation or similar transaction or the Controlling Person thereof; or






	
			
	 
	(d)
	there is consummated a sale or disposition by such Person of all or a substantial portion of such Person’s assets to another Person, other than a sale or disposition immediately following which the stockholders of such Person immediately prior thereto own in the aggregate not less than two-thirds of the combined voting power of such other Person or the Controlling Person thereof.




“Closing Date” means January 31, 2005.
“Code” means the Internal Revenue Code of 1986.
“Company Minimum Gain” means “partnership minimum gain” as set forth in Treasury Regulation Sections 1.704-2(b)(2) and 1.704-2(d).
“Company Property or Properties” means all interests, properties, whether real or personal, and rights of any type owned or held by the Company, whether owned or held by the Company at the date of its formation or thereafter acquired.
“Company Regulatory Event” means a situation in which (i) the Company becomes subject to any Regulatory Order, or any Governmental Entity initiates a Proceeding with respect to the Company, and (ii) such Regulatory Order or Proceeding prevents or materially impairs the Company’s ability to originate loans for any period of time in a manner that adversely affects the value of one or more of the quarterly distributions to be paid by the Company pursuant to Section 5.6 of this Agreement; provided, however, that Company Regulatory Event shall not include (1) any order, directive or interpretation or change in law, rule or regulation, in any such case that is applicable generally to companies engaged in the mortgage lending business such that the Company is unable to cure the resulting circumstances described in (ii) above, or (2) any Regulatory Order or Proceeding that results solely from acts or omissions on the part of the Cendant Entities or their Affiliates.
“Contributed Property” means property or other consideration (other than cash) contributed to the Company in exchange for Interests.
“Contribution Agreement” means the Contribution Agreement to be entered into by and among the Cendant Member, the Company and the PHH Member pursuant to Section 2.11 hereof.
“Control” shall mean, with regard to any Person, the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative with the foregoing.
“Controlling Person” means a Person who controls another Person.
“Customer” means any individual who contacts the Company, whether in person or by mail, phone, via the Internet (including by electronic mail), or otherwise, or who is so contacted by the Company, about the possibility of obtaining a Mortgage Loan through the Company, or who otherwise obtains a Mortgage Loan from or through the Company.
“Depreciation” means, for each Fiscal Period, an amount equal to the depreciation, amortization or other cost recovery deduction allowable with respect to an asset for such Fiscal Period; provided, however, that if the Gross Asset Value of an asset differs from its adjusted basis for federal income tax purposes at the beginning of such Fiscal Period, Depreciation shall be an amount that bears the same ratio to such Gross Asset Value which the asset had when its value was last adjusted, as the federal income tax depreciation, amortization or other cost recovery deduction with respect to such asset for such Fiscal Period bears to the adjusted tax basis which the asset had when its value was last adjusted; and provided, further, that if the federal income tax depreciation, amortization or other cost recovery deduction for such Fiscal Period is zero, then, subject to Section 6.3(a)(xiv), Depreciation shall be 

3






determined with reference to such beginning Gross Asset Value using any reasonable method selected by the Managing Member.
“Distributable Net Income” shall mean, for each Fiscal Quarter, an amount equal to the net income of the Company and its Subsidiaries, on a consolidated basis, determined in accordance with GAAP, less any amounts retained by the Company as shall be necessary to meet the Minimum Capital Requirements (which requirements shall be approved by the Board pursuant to Section 6.3).
“Fair Market Value” means the fair market value of an asset, as determined by the Managing Member using any reasonable method of valuation, except as otherwise provided herein; provided, however, that such fair market value shall be approved by the Board as provided in Section 6.3(a)(xvii).
“FHA” means the Federal Housing Administration of HUD or any successor thereto.
“Fiscal Period” means the period (i) commencing (w) at the beginning of each Fiscal Quarter, (x) the date of any acquisition of Interests by any new or existing Member in exchange for a Capital Contribution, or (y) on each date following the effective date of any distribution to a Member of any property as consideration for an Interest in the Company, and (ii) ending on the date immediately preceding the first day of the next Fiscal Period; provided, that the last Fiscal Period shall end on the date on which all assets of the Company are distributed to the Members pursuant to Section 9.4 hereof.
“Fiscal Quarter” means (i) the period commencing on the date of this Agreement and ending on March 31, 2005, or (ii) any subsequent three (3) month period commencing on January 1, April 1, July 1 and October 1 and ending on March 31, June 30, September 30 and December 31, respectively; provided, that the last Fiscal Quarter shall end on the date on which all assets of the Company are distributed to the Members pursuant to Section 9.4 hereof.
“GAAP” means generally accepted accounting principles in the United States.
“Governmental Entity” means any court, agency or commission or other governmental or regulatory authority.
“Gross Asset Value” means, with respect to any asset, such asset’s adjusted basis for federal income tax purposes, except as follows:
(i) the initial Gross Asset Value of any asset contributed by a Member to the Company shall be the Fair Market Value of such asset;
(ii) the Gross Asset Value of all Company assets shall be adjusted to equal their respective Fair Market Values, as of the following times: (a) the acquisition of an additional interest in the Company by any new or existing Member in exchange for more than a de minimis Capital


Contribution, (b) the distribution by the Company to a Member of more than a de minimis amount of Company assets as consideration for an interest in the Company and (c) the liquidation of the Company, within the meaning of Treasury Regulation Section 1.704-1(b)(2)(ii)(g); provided, however, that, with approval of the Board pursuant to Section 6.3(a)(xiv) hereof, adjustments pursuant to clause (ii)(a) or (ii)(b) of this definition shall be made only if the Managing Member reasonably determines that such adjustments are necessary or appropriate to reflect the relative economic interests of the Members in the Company;
(iii) the Gross Asset Value of any Company asset distributed to any Member shall be adjusted to equal the Fair Market Value of such asset on the date of such distribution, unreduced by any liability secured by such asset; and
(iv) the Gross Asset Value of Company assets will be increased or decreased to reflect any adjustment to the adjusted basis of such assets under Sections 734(b) or 743(b) of the Code, but only to the extent that the adjustment is taken into account in determining Capital Accounts under Treasury Regulation Section 1.704-1(b)(2)(iv)(m) and paragraph (f) of the definition of Net Income and Net Loss or Section 5.2(f), provided, however, that Gross Asset Values shall not be adjusted pursuant to this paragraph (iv) to the extent the Managing Member determines that an adjustment pursuant to paragraph (ii) above is necessary or appropriate in connection with a transaction that would otherwise result in an adjustment pursuant to this paragraph (iv) and the Board authorizes such paragraph (ii) adjustment pursuant to Section 6.3(a)(xiv) hereof.

4






If the Gross Asset Value of an asset has been determined or adjusted pursuant to paragraph (i), paragraph (ii) or paragraph (iv) above, such Gross Asset Value shall thereafter be adjusted by the Depreciation taken into account with respect to such asset for purposes of computing Net Income and Net Loss.
“HUD” means the United States Department of Housing and Urban Development or any successor thereto.
“Interest” means (i) a Member’s share of Net Income (and items of income and gain) and Net Loss (and items of loss and deduction) of the Company and a Member’s right to receive distributions from the Company in accordance with the provisions of this Agreement and the Act and (ii) such Member’s other rights and privileges as herein provided, including, without limitation, voting privileges.


“Insolvency” means, when used with respect to any Person, such Person is unable to pay its debts and obligations as they become due, or has incurred debts beyond its ability to pay such debts as they mature.
“Investor Commitments” means any agreement, contract or arrangement pursuant to which any Person purchases or agrees to purchase Mortgage Loans from the Company or any Subsidiary of the Company.
“Lease” means the Bishop’s Gate Sublease, substantially in the form of Exhibit A hereto, to be entered into between the Company and PMC on the Contribution Date, pursuant to which the Company will lease space from PMC at 3000 Leadenhall Road, Mt. Laurel, NJ 08054.
“License Agreement” means the Trademark License Agreement, dated as of the date of this Agreement, between PMC and TM Acquisition Corp., Coldwell Banker Real Estate Corporation and ERA Franchise Systems, Inc., pursuant to which PMC has been granted a license to use the Cendant Real Estate Franchisee Brands (as defined in the SRA) in connection with its business, on the terms set forth therein.
“Loan Funding Facility” means a credit or loan agreement or other funding arrangement, approved by the Board pursuant to Section 6.3 hereof, pursuant to which the Company and/or its Subsidiaries borrows money for the purpose of funding Mortgage Loan originations.
“Losses” means any and all losses, damages, disbursements, suits, claims, liabilities, obligations, judgments, fines, penalties, charges, amounts paid in settlement, costs and expenses (including, without limitation, reasonable attorneys’ fees and expenses), and shall specifically include, but only for purposes of Section 12.4 hereof, any indirect, special, incidental or consequential damages (including lost profits and lost cash distributions).
“Management Services Agreement” means the Management Services Agreement, substantially in the form attached hereto as Exhibit B, to be entered into by the Company and PMC in accordance with Section 2.11 of this Agreement.
“Managing Member” means the PHH Member, or such other Member as may replace the PHH Member as Managing Member pursuant to Section 8.2 or 8.4 hereof.
“Master Sublease Agreement” means the Master Shared Office Space Agreement, substantially in the form attached hereto as Exhibit C, to be entered into between the Company and NRT on the Contribution Date, pursuant to which the Company will sublease from NRT office space utilized by field personnel of the Company who are co-located in a Cendant Owned Real Estate Office.


“Member” means, at any time, a Person admitted as a member of the Company pursuant to Section 3.2 hereof and listed on Schedule I hereto. If a Member Transfers its Interest or any portion thereof to a Person who is not a Member, reference in this Agreement to a “Member” or such Member’s Capital Account in connection with such Transferred Interest or portion thereof shall be deemed to be a reference to the record holder of such Transferred Interest or portion thereof for the purpose of calculating the economic interest and Capital Account balances and adjustments represented by such Transferred Interest or portion thereof until such record holder of such Transferred Interest or portion thereof is admitted as a Member.
“Member Nonrecourse Debt” means “partner nonrecourse debt” as set forth in Treasury Regulation Section 1.704-2(b)(4).

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“Member Nonrecourse Debt Minimum Gain” means an amount with respect to each Member Nonrecourse Debt, equal to the Company Minimum Gain that would result if such Member Nonrecourse Debt were treated as a Nonrecourse Liability, determined in accordance with Treasury Regulation Section 1.704-2(i)(3).
“Member Nonrecourse Deductions” means “partner nonrecourse deductions” as set forth in Treasury Regulation Section 1.704-2(i)(2), and the amount of Member Nonrecourse Deductions with respect to a Member Nonrecourse Debt for a Fiscal Period shall be determined in accordance with the rules of Treasury Regulation Section 1.704-2(i)(2).
“Mobility Interim MSA” means the Marketing Agreement, by and between Cendant Mobility and PMC, dated as of January 31, 2005.
“Mortgage Instrument” means any deed of trust, security deed, mortgage, or other instrument which constitutes a first lien or second lien on the Mortgaged Property securing payment by a mortgagor of a Mortgage Note.
“Mortgage Loan” means a mortgage loan (including a home equity line of credit) evidenced by one or more promissory notes and secured by a mortgage or deed of trust on one or more residential real estate properties.
“Mortgage Loan Disclosure” shall mean any disclosure, notice or other document or statement that, pursuant to applicable law, must be provided to a Customer by or on behalf of the Company in connection with the origination, closing and funding of a Mortgage Loan or an application for a Mortgage Loan.


“Mortgage Loan Documents” means the Mortgage Instruments, Mortgage Notes and Assignments.
“Mortgage Loan Sale Agreement” means a Mortgage Loan Sale Agreement to be entered into by and between the Company and PMC in accordance with Section 2.11 hereof.
“Mortgage Note” means the mortgage note, deed of trust note, security deed note or other form of promissory note executed by a mortgagor and secured by a Mortgage Instrument evidencing the indebtedness of the mortgagor under a Mortgage Loan.
“Mortgaged Property” means the interest in real property pledged to secure a Mortgage Note, as evidenced by one or more Mortgage Instruments.
“MSA” means the Marketing Services Agreement, dated as of the date of this Agreement, by and between PMC and certain Subsidiaries of Cendant Real Estate.
“Net Income” and “Net Loss” shall mean, for each Fiscal Period, an amount equal to the Company’s items of taxable income or loss for such Fiscal Period, determined in accordance with Section 703 of the Code (for this purpose all items of income, gain, loss and deduction required to be separately stated pursuant to Section 703(a)(1) of the Code shall be included in taxable income or loss), with the following adjustments (without duplication):
(a) any income that is exempt from federal income tax and not otherwise taken into account in computing Net Income or Net Loss shall be added to taxable income or loss;
(b) any expenditures of the Company described in Section 705(a)(2)(B) or that are treated as Section 705(a)(2)(B) expenditures pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(i), and not otherwise taken into account in computing Net Income or Net Loss, shall be subtracted from such taxable income or loss;
(c) in the event that the Gross Asset Value of any Company asset is adjusted pursuant to the definition of Gross Asset Value, the amount of such adjustment shall be taken into account as an item of gain (if the adjustment increases the Gross Asset Value of the asset) or an item of loss (if the adjustment decreases the Gross Asset Value of the asset) from the disposition of such asset and shall be taken into account for purposes of computing Net Income or Net Loss;


(d) gain or loss resulting from the disposition of property with respect to which gain or loss is recognized for federal income tax purposes shall be computed by reference to the Gross Asset Value of the property disposed of, notwithstanding that the adjusted tax basis of such property differs from its Gross Asset Value;

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(e) in lieu of the depreciation, amortization, and other costs recovery deductions taken into account in computing such taxable income or loss, there shall be taken into account Depreciation with respect to each asset of the Company for such Fiscal Period computed in accordance with the definition of Depreciation;
(f) to the extent an adjustment to the adjusted basis of any Company asset pursuant to Section 734(b) or 743(b) of the Code is required pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(m)(4) to be taken into account in determining Capital Accounts as a result of a distribution other than in complete liquidation of a Member’s Interest, the amount of such adjustment shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases the basis of the asset) from the disposition of the asset and shall be taken into account in computing Net Income or Net Loss; and
(g) notwithstanding any other provision of this definition, any items specially allocated pursuant to Section 5.2 shall not be considered in determining Net Income or Net Loss.
“New Member” means any Person not listed on Schedule I as of the date hereof who has been admitted as a Member to the Company pursuant to Section 3.2 hereof.
“Nonrecourse Deductions” has the meaning set forth in Treasury Regulation Section 1.704-2(b)(1), and the amount of the Nonrecourse Deductions for a Fiscal Period shall be determined in accordance with Treasury Regulation Section 1.704-2(c).
“Nonrecourse Liability” means a liability (or that portion of a liability) with respect to which no Member bears the economic risk of loss as determined under Treasury Regulation Section 1.704-2(b)(3).
“NRT Interim MSA” means the Marketing Agreement, by and between NRT Incorporated and PMC, dated as of January 31, 2005.
“Origination Channels” has the meaning assigned to such term in the SRA.


“Person” means any individual, general partnership, limited partnership, corporation, limited liability company, joint venture, trust, business trust, governmental agency, cooperative, association, or other entity, and the heirs, executors, administrators, legal representatives, successors and assigns of such person, as the context may require.
“PHH” means PHH Corporation, a Maryland corporation.
“PHH Regulatory Event” means a situation in which (i) PMC or any of its Affiliates (other than the Company) becomes subject to any Regulatory Order, or any Governmental Entity initiates a Proceeding with respect to PMC or any of its Affiliates (other than the Company), and (ii) such Regulatory Order or Proceeding prevents or materially impairs the Company’s ability to originate loans for any period of time in a manner that adversely affects the value of one or more quarterly distributions to be paid by the Company pursuant to Section 5.6 of this Agreement; provided, however, that PHH Regulatory Event shall not include (1) any order, directive or interpretation or change in law, rule or regulation, in any such case that is applicable generally to companies engaged in the mortgage lending business such that PMC or such Affiliate or the Company is unable to cure the resulting circumstances described in (ii) above, or (2) any Regulatory Order or Proceeding that results solely from acts or omissions on the part of Cendant or its Affiliates.
“PMC” means PHH Mortgage Corporation, a New Jersey corporation.
“PHH Change of Control” means a Change of Control of PHH, or the Managing Member or any other Affiliate of PHH that beneficially owns, directly or indirectly, any Interest of the Company.
“Proceeding” means any legal, administrative, arbitral or other proceeding, claim, action or governmental or regulatory investigation of any nature.
“Regulatory Order” means any injunction, order, judgment, decree, memorandum of understanding, consent decree, directive or regulatory restriction, or any change in or interpretation of any law, rule or regulation, imposed by a Governmental Entity.

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“RESPA” means the Real Estate Settlement Procedures Act, 12 U.S.C. § 2601 et seq., and the Department of Housing and Urban Development’s implementing regulation, Regulation X, 24 C.F.R. § 3500 et seq.
“Securities Act” means the Securities Act of 1933.
“Small Corps” means, collectively, the companies listed in Exhibit D.


“State Agency” means any agency or other Governmental Entity of any of the fifty states of the United States or of the District of Columbia, in each case having authority to regulate the mortgage-related activities of the Company or any of its Subsidiaries or to determine the investment requirements with regard to mortgage loan originations performed by the Company or any of its Subsidiaries.
“Subsidiary” means, when used with respect to any party, any corporation, partnership, limited liability company or other organization, whether incorporated or unincorporated, which is consolidated with such party for financial reporting purposes under GAAP, and, when used with respect to the Company, shall include, without limitation, those Small Corps that will become Subsidiaries of the Company following the completion of the Subsequent Capital Contributions in accordance with Section 2.11 hereof.
“Transaction Documents” means, collectively, this Agreement, the SRA, the MSA, the NRT Interim MSA, the Mobility Interim MSA, the License Agreement, the Venture License Agreement, the Management Services Agreement, the Lease Agreement, the Master Sublease Agreement, the Contribution Agreement and the Mortgage Loan Sale Agreement.
“Transfer” means any change in the record or beneficial ownership of an Interest, whether made voluntarily or involuntarily by operation of law.
“Treasury Regulations” means the regulations promulgated by the U.S. Treasury Department pursuant to the Code.
“Venture License Agreement” means the Trademark License Agreement, by and among TM Acquisition Corp., Coldwell Banker Real Estate Corporation, ERA Franchise Systems, Inc. and the Company, dated as of January 31, 2005.
Section 1.2 Interpretation. Each definition in this Agreement includes the singular and the plural, and reference to the neuter gender includes the masculine and feminine where appropriate. References to any statute or Treasury Regulations means such statute or regulations as amended at the time and include any successor legislation or regulations. The headings to the Articles and Sections are for convenience of reference and shall not affect the meaning or interpretation of this Agreement. Except as otherwise stated, reference to Articles, Exhibits, Sections and Schedules mean the Articles, Exhibits, Sections and Schedules of this Agreement. The Exhibits and Schedules are hereby incorporated by reference into and shall be deemed a part of this Agreement.


ARTICLE II
General Provisions
Section 2.1 Form. The Members hereby agree to operate the Company as a limited liability company pursuant to the provisions of the Act and upon the terms and conditions set forth in this Agreement. Except as expressly provided herein to the contrary, the rights and obligations of the Members and the administration and termination of the Company shall be governed by the Act.
Section 2.2 Company Name. The name of the Company is “PHH Home Loans, LLC” or such other name or names as may be selected by a unanimous vote of the Members from time to time, and its business shall be carried on in such name and in the other names listed on Schedule 2.2 hereto, with such variations and changes thereto as the Members shall deem necessary to comply with requirements of the jurisdictions in which the Company’s operations are conducted.
Section 2.3 Registered Office; Registered Agent. The Company shall maintain a registered office in the State of Delaware at 2711 Centerville Road, Suite 400, in the City of Wilmington, County of New Castle, and the name of the Company’s registered agent in the State of Delaware is, Corporation Service Company.

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Section 2.4 Place of Business. The business address of the Company is 3000 Leadenhall Road, Mt. Laurel, New Jersey 08054, or such other place as the Members shall designate by unanimous vote.
Section 2.5 Purpose; Nature of Business Permitted; Powers.
(a) The Company is formed for the purposes of (1) originating Mortgage Loans that are sourced through any Cendant Owned Real Estate Office and fulfilled through any of the Origination Channels, (2) originating Mortgage Loans that are sourced through any Cendant Mobility Office and fulfilled through any of the Origination Channels, (3) originating Mortgage Loans for U.S.-based employees of Cendant and its Subsidiaries and fulfilled through any of the Origination Channels, (4) originating Mortgage Loans sourced by any loan officer of the Company, either through any Cendant Owned Real Estate Office or through any Cendant Mobility Office, (5) selling all Mortgage Loans originated by the Company on a servicing-released basis on terms consistent with the provisions of Section 6.1(b) below, and (6) any other purpose agreed to unanimously by the Members in writing. For the avoidance of doubt, the purposes for which the Company is formed shall not include, and without the prior unanimous written consent of all Members the Company shall not engage in, (i) originating, purchasing or otherwise acquiring and holding Mortgage Loans for investment purposes, or (ii) servicing Mortgage Loans or retaining servicing rights with respect to any Mortgage Loans originated and sold by the Company.


(b) Subject to the other provisions of this Agreement, the Company shall possess and may exercise all of the powers and privileges granted by the Act or by any other law or by this Agreement, together with any powers incidental thereto, but only in so far as such powers and privileges are necessary to the conduct, promotion or attainment of the business purposes of the Company specified in Section 2.5(a) hereof, including, without limitation, the power:
(i) to acquire, hold, manage, own, sell, transfer, convey, assign, exchange, license, pledge or otherwise dispose of the Company’s interest in assets or any property held by the Company, including, without limitation, interests in technology, intellectual property rights and other proprietary processes, products or services;
(ii) to establish, have, maintain or close one or more offices within or without the State of Delaware and in connection therewith to rent or acquire office space and to engage personnel;
(iii) to open, maintain and close bank and brokerage accounts, including the power to draw checks or other orders for the payment of moneys, and to invest such funds as are temporarily not otherwise required for Company purposes;
(iv) to bring and defend actions and proceedings at law or in equity or before any Governmental Entity, including any State Agency;
(v) to hire consultants, custodians, attorneys, accountants and such other agents, officers and employees of the Company as it may deem necessary or advisable, and to authorize each such agent and employee to act for and on behalf of the Company;
(vi) to enter into, perform and carry out contracts and agreements of every kind necessary or incidental to the accomplishment of the Company’s business purposes, and to take or omit to take such other action in connection with the business of the Company as may be necessary or desirable to further the business purposes of the Company;
(vii) to obtain and hold any and all permits, licenses, consents, authorizations and approvals as the Managing Member may from time to time deem necessary or appropriate for the conduct of the business of the Company and its Subsidiaries, including, without limitation, any such licenses and authorizations as may be required pursuant to the rules and regulations of any State Agency; and
(viii) to carry on any other activities necessary or incidental to any of the foregoing.


Section 2.6 Business Transactions of a Member with the Company. In accordance with Section 18-107 of the Act and subject to the requirements of Section 6.1(e) and Section 6.3 hereof, a Member may lend money to, borrow money from, act as surety, guarantor or endorser for, guarantee or assume one or more specific obligations of, provide collateral for, and transact other business with, the Company and, subject to applicable law, shall have the same rights and obligations with respect to any such matter as a Person who is not a Member.
Section 2.7 No State-Law Partnership. No provisions of this Agreement shall be deemed or construed to constitute the Company a partnership (including, without limitation, a limited partnership), or any Member a partner of a 

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partnership or a partner with any other Member, for any purpose other than, in each case, federal and state income tax purposes.
Section 2.8 Authorized Representatives. The “Authorized Representatives” of each Member shall be those Persons appointed from time to time as Advisors by such Member in accordance with Section 6.2 hereof. The written statements and representations of an Authorized Representative on behalf of a Member shall be the only authorized statements and representations of such Member with respect to the matters specifically covered by this Agreement. The term “approved by” or “consented to by” or “consent of” or “satisfactory to” with respect to a Member means a decision or action which has been consented to in writing by an Authorized Representative of such Member.
Section 2.9 Term. The existence of the Company commenced on the date of the filing of the Certificate of Formation in the Office of the Secretary of State of the State of Delaware, and shall continue until January 31, 2055, unless earlier dissolved pursuant to the provisions of Article IX hereof. Upon the occurrence of an Event of Dissolution, all FHA-insured loans held by the Company shall be transferred to an approved mortgagee or lender prior to dissolution of the Company.
Section 2.10 D/B/As, Fictitious Names, Licenses and Regulatory Approvals.
(a) The Company and its Subsidiaries shall make all d/b/a, fictitious name and similar filings as are listed on Schedule 2.10(a) hereto and shall obtain all licenses and regulatory approvals in each of the fifty (50) states and in the District of Columbia as shall be necessary to conduct its loan origination, loan sales and related operations as contemplated by this Agreement and the other Transaction Documents in all such jurisdictions. The Cendant Member shall be responsible for making all such d/b/a, fictitious name and similar filings, and the PHH Member shall be responsible for obtaining all such licenses and regulatory approvals. On the fifteenth (15th) of February, 2005 and on the first (1st) and fifteenth (15th) of each month thereafter, the PHH Member shall provide to the Cendant Member a detailed report on the status of all licenses and regulatory approvals necessary to operate the Company and its Subsidiaries.
(b) Not more than forty-five (45) days after the PHH Member receives all of the requisite d/b/a, fictitious name and other similar approvals for filings made by the Cendant Member in accordance with Section 2.10(a) above in any state, the PHH Member shall cause the Company to file with the appropriate regulatory authorities in such state all applications for the requisite licenses and regulatory approvals with respect to the business to be conducted by the Company and any of its Subsidiaries in such state; provided, however, that for purposes of counting the forty-five day period herein, no such approvals shall be deemed received by the PHH Member prior to February 15, 2005. The PHH Member shall pay to the Cendant Member a cash payment of $50,000 per month with respect to each state for which the Company shall not have met such forty-five (45) day deadline, with such payment being due and payable on the day of such deadline and again every thirty (30) days thereafter until such filing has been made.
(c) The PHH Member shall cause the Company to diligently pursue and use its reasonable best efforts to obtain all such licenses and regulatory approvals described above not later than July 31, 2005. Without limiting the foregoing, the PHH Member shall comply in a timely manner with all requests for information received from any State Agency (provided that the PHH Member shall not be responsible for any failure or refusal by Cendant to provide any information so requested) and shall cause representatives of the Company to meet in person with the requisite regulatory authorities in any state where such authorities have so requested or where receipt of approval from such authorities has been delayed and the Cendant Member so reasonably requests.
Section 2.11 Subsequent Capital Contributions.
(a) At any time after the Company shall have obtained all requisite licenses and approvals and made all other filings necessary to enable it to operate its business both (1) in not less than 25 states and (2) in each of those states listed on Schedule 2.11(a) hereto or any subset thereof approved by the Cendant Member in writing, the Cendant Member shall have the right to deliver to the PHH Member a written notice (the “Contribution Notice”) containing the Cendant Member’s election to cause the Subsequent Capital Contributions (as defined below) to occur. The Parties shall consummate the transactions constituting the Subsequent Capital Contributions on the date specified by the Cendant Member in the Contribution Notice, which date (the



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“Contribution Date”) shall be no earlier than the seventh (7th) day following the date of delivery of such notice to the PHH Member. On the Contribution Date, the Parties shall take the following actions:
(i) the PHH Member shall contribute, or cause to be contributed, to the Company, (A) substantially all of the assets constituting the businesses of each of the companies constituting the Small Corps (with the form of the transaction in which such transfer shall occur being determined pursuant to subparagraph (b) below), and (B) those separately identifiable assets that comprise part of PMC’s “phone-in, move-in” origination channel and that will be utilized by the Company and its employees in the operation of its loan origination business (as identified and scheduled by the Parties in accordance with subparagraph (b) below) (the “PIMI Contributed Assets”);
(ii) the Cendant Member shall contribute, or cause to be contributed, to the Company (A) the right to use those tradenames and marks specified in the Venture License Agreement, on a royalty-free basis and otherwise on the terms set forth in such agreement, and (B) an amount of cash determined in accordance with subparagraph (b) below;
(iii) the parties shall execute the Contribution Agreement, the Management Services Agreement, the Mortgage Loan Sale Agreement, the Lease and the Master Sublease Agreement;
(iv) the PHH Member shall cause the Company to offer employment to (A) such employees of PMC as shall be reasonably necessary to enable the Company to perform its obligations pursuant to the terms of the SRA, and (B) all of the employees of the Small Corps (other than those Small Corps that will become Subsidiaries of the Company upon being contributed to the Company); and
(v) the PHH Member shall cause the Company to sponsor and maintain its own employee benefit plans (including, but not limited to welfare benefit plans and tax-qualified pension and retirement plans) for the benefit of the employees of the Company and its Subsidiaries.
The actions contemplated by subparagraphs (i) through (v) above are referred to herein as the “Subsequent Capital Contributions.”


(b) As soon as practicable after the date of this Agreement, in preparation for the Subsequent Capital Contributions, the Parties shall cooperate in good faith to do each of the following as promptly as practicable following the date hereof and in any event within such time as shall be necessary to enable the Subsequent Capital Contributions to occur by mid-year 2005:
(i) Determine the form of the transaction (merger, asset transfer, transfer of equity interests or other) pursuant to which the businesses of the Small Corps will be contributed to the Company (including, among other things, determining the consents and approvals and d/b/a and other filings, qualifications and notices required to be obtained or made in connection with such transaction and the expected timing thereof), it being understood that the final determination regarding the form of such transaction shall be made by the Cendant Member in its sole discretion, and that the Parties will work together with a view toward structuring the contributions so that the loans originated by the Small Corps whose businesses will be combined directly with the Company’s (rather than becoming Subsidiaries of the Company) will constitute not less than 15% of all loans originated directly by the Company;
(ii) Obtain all such consents and approvals and make all such d/b/a and other filings, qualifications and notices as shall be necessary to complete the contribution of the businesses of the Small Corps to the Company pursuant to the form of transaction determined in accordance with subparagraph (b)(i) above;
(iii) Prepare detailed and complete schedules identifying all of the PIMI Contributed Assets, all of the employees of PMC and its Subsidiaries who will be offered employment with the Company on the Contribution Date, and, if the form of transaction determined pursuant to subparagraph (i) above contemplates one or more asset transfer transactions, all of the assets, contracts and other rights constituting the businesses of the applicable Small Corps to be contributed to the Company pursuant to such transactions;
(iv) Obtain valuations (which in the case of subclauses (A) and (C) below shall be performed by an unaffiliated third party selected by the Cendant Member) for (A) the businesses of the Small Corps to be contributed to the Company pursuant to Section 2.11(a)(i)(A) above, (B) the PIMI Contributed Assets to be contributed to the Company pursuant to Section 2.11(a)(i)(B) above, and (C) the Venture Trademark License to be contributed to the Company pursuant to Section 2.11(a)(ii)(A) (it being understood that the amount of cash to be contributed to the Company by the Cendant Member pursuant to Section 2.11(a)(ii)(B) shall equal the difference between the total of the amounts determined 

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pursuant to subclauses (A) and (B) above and the amount determined pursuant to subclause (C) above), and finalize Schedule II to this Agreement to reflect the updated Gross Asset Values for such assets based upon such valuations;


(v) Prepare all agreements, instruments and other documents necessary or appropriate to effect the transactions constituting the Subsequent Capital Contributions (including without limitation a Contribution Agreement), which agreements shall include provisions for, among other things, (A) customary representations from the PHH Member with respect to the assets to be contributed by it to the Company, the consents and approvals necessary to effect such contributions, compliance with law and other regulatory matters with respect to the businesses of the Small Corps and employee matters with respect to the period prior to the Contribution Date, and (B) indemnification of the Company by the PHH Member with respect to Losses arising out of or resulting from any matter, circumstance or event occurring prior to the Contribution Date with respect to or affecting the business, assets or employees of the Small Corps contributed by or on behalf of the PHH Member; and
(vi) Prepare a Mortgage Loan Sale Agreement having terms consistent with Section 6.1(b) of this Agreement.
(c) Prior to making the Subsequent Capital Contributions contemplated by subparagraph (a) above, if the form of transaction involves any of the companies comprising the Small Corps being merged into the Company or being contributed to the Company and becoming a Subsidiary of the Company as a result thereof, the PHH Member shall (i) settle and eliminate all intercompany accounts receivable, accounts payable or other arrangements and obligations between PHH or any of its Subsidiaries, on the one hand, and each such company, on the other, (ii) cause all of the ownership interests in Landover Mortgage LLC held by any such company to be distributed by such company to PMC, and (iii) in the case of any such company that will become a Subsidiary of the Company following the contribution, convert such company to a limited liability company pursuant to a transaction acceptable in form and substance to tax counsel for the Cendant Member prior to the Contribution Date.
(d) The PHH Member and its Affiliates (other than the Company and any of the Small Corps (or any successor thereto) that is merged into the Company or contributed as a Subsidiary of the Company) shall bear and pay all costs and expenses (including Taxes) associated with the contribution of the businesses of the Small Corps contemplated by Section 2.11(a) hereof, all of the transactions contemplated by Section 2.11(c) hereof, and obtaining the consents and approvals required in connection with the contribution of the Small Corps contemplated by Section 2.11(b)(ii) above. Each Member shall bear and pay its own costs in connection with the other transactions contemplated by this Section 2.11.


ARTICLE III
Members
Section 3.1 Members. The Company shall consist of the Members executing this Agreement and any New Members admitted to the Company by the Members in accordance with terms hereof. The Members of the Company, together with the Common Interest Percentages and addresses of such Members, are listed on Schedule I of this Agreement. As of the date hereof, there are no other Members of the Company and no other Person has any right to take part in the ownership or share in the profits of the Company. The Managing Member shall have the authority, without the consent of the Members, but subject to the limitations contained in Article VI hereof and otherwise in accordance with the terms of this Agreement, to amend Schedule I in connection with any Transfer or other change in ownership of Interests permitted hereunder and to reflect (a) the admission of any New Member, (b) the removal, expulsion, retirement or death of any Member, in each case, in accordance with the terms of this Agreement and (c) any change in the Interests of any Member effected in accordance with the terms of this Agreement (including Section 4.3 or 10.1 hereof). No Person shall be deemed to be a Member unless such Person has executed and delivered to the Company a copy of this Agreement. Each New Member shall be deemed to have a fully executed copy of this Agreement if such Member is delivered a copy of this Agreement which (a) has been executed by such Member and (b) is countersigned on the same page by an authorized officer of the Company.
Section 3.2 Admission of New Members. New Members of the Company may only be added if the addition of any such proposed New Member is approved, prior to such admission, by the unanimous consent of all Members and if such proposed New Member executes this Agreement and makes the representations and warranties set forth in Section 3.3 hereof. Notwithstanding the foregoing, a Person that (a) is an Affiliate of a Member and to whom such Member has Transferred all or any portion of its Interest in accordance with Section 10.1 hereof or (b) is a transferee 

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of all or a portion of the Cendant Member’s Interest as permitted by Section 10.1 hereof shall be admitted as a New Member without the consent of the other Members, provided that such New Member executes this Agreement and makes the representations and warranties set forth in Section 3.3 hereof.
Section 3.3 Representations. Each Member hereby represents and warrants to the Company as follows:
(a) Such Member is a corporation, limited liability company, partnership or business trust duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation or organization. Such Member has full right, power and authority to execute and deliver this Agreement and to perform each of its obligations hereunder.


(b) All necessary action, corporate or otherwise, on the part of such Member necessary to authorize the execution and delivery by such Member of this Agreement and the performance by such Member of its obligations hereunder has been taken, and no further action on the part of such Member is necessary for such authorization. This Agreement has been duly authorized, executed and delivered by such Member and (assuming due authorization, execution and delivery by the other Members), constitutes a legal, valid and binding obligation of such Member enforceable against such Member in accordance with its terms.
(c) Except as otherwise set forth in or contemplated by this Agreement with respect to the Company, no consent, approval or authorization of, or filing or registration with, any governmental or regulatory authority or any other Person (other than such as have been obtained or made by such Member) is required to be made or obtained by such Member in connection with the execution, delivery and performance of this Agreement and the consummation of the transactions contemplated by this Agreement.
(d) Neither the execution and delivery of this Agreement by such Member nor the consummation by such Member of the transactions contemplated hereby, nor compliance by such Member with any of the terms or provisions hereof, will (i) conflict with or result in a breach of any provision of the certificate of incorporation, by-laws or similar governing documents of such Member or (ii) assuming the consents, permits, authorizations, approvals, filings and registrations previously disclosed in writing by such Member to the other Members are obtained or made (x) violate any statute, code, ordinance, rule, regulation, judgment, order, write, decree or injunction applicable to such Member or any of its properties or assets or (y) violate, conflict with, result in a breach of any provisions of, constitute a default (or an event which, with notice or lapse of time, or both, would constitute a default) under, result in the termination of, accelerate the performance required by, or result in a right of termination or acceleration or the creation of any encumbrance upon any of the properties or assets of such Member under, any of the terms, conditions or provisions of any note, bond, mortgage, indenture, deed of trust, license, lease, agreement or other instrument or obligation to which such Member is a party, or by which its properties or assets may be bound or affected, except, in the case of clause (ii), for such violations, conflicts, breaches or defaults which, either individually or in the aggregate, would not prevent or materially hinder or delay such Member’s ability to consummate the transactions contemplated hereby or perform its obligations hereunder.
Section 3.4 No Liability of Members. All debts, obligations and liabilities of the Company, whether arising in contract, tort or otherwise, shall be solely the debts, obligations and liabilities of the Company, and no Member shall be obligated personally for any such debt, obligation or liability of the Company solely by reason of being a Member.


Section 3.5 Company Property. No real or other property of the Company shall be deemed to be owned by any Member individually but shall be owned by and title shall be vested solely in the Company. The Interests of the Members in the Company shall constitute personal property.
Section 3.6 Confidentiality.
(a) Each Member agrees not to disclose, communicate, use to the detriment of the Company or for the benefit of any other Person, or misuse in any way, any confidential information or trade secrets of the Company or any Subsidiary or any other Member or its Affiliates, including personnel information, secret processes, know-how, customer lists, formulas or other technical data (“Confidential Information”), except as may be required by law; provided, however, that (i) this prohibition shall not apply to (x) any information which, through no improper action of such Member, is 

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publicly available or generally known in the industry or (y) any information which is disclosed upon the approval of all of the Members and (ii) such information may be disclosed to the extent required by law, legal process or applicable stock exchange rule. Each Member acknowledges and agrees that any information or data such Member has acquired on any of these matters or items were received in confidence and as fiduciary of the Company.
(b) It is agreed between the parties that the Company would be irreparably damaged by reason of any violation of the provisions of this Section 3.6 and that any remedy at law for a breach of such provisions would be inadequate. Therefore, the Company shall be entitled to seek and obtain injunctive or other equitable relief (including, but not limited to, a temporary restraining order, a temporary injunction or a permanent injunction) against any Member, such Member’s agents, assigns or successors for a breach or threatened breach of such provisions and without the necessity of proving actual monetary loss. It is expressly understood among the parties that this injunctive or other equitable relief shall not be the Company’s exclusive remedy for any breach of this Section 3.6 and that the Company shall be entitled to seek any other relief or remedy that it may have by contract, statute, law or otherwise for any breach hereof, and it is agreed that the Company shall also be entitled to recover its attorneys’ fees and expenses in any successful action or suit against any Member relating to any such breach. It is also expressly agreed that any Member shall have the right to enforce this Section 3.6 on behalf of the Company against the other Members.
(c) Notwithstanding the foregoing, the participation or involvement of any Member in the Company shall not confer upon the Company or otherwise entitle the Company or any other Member thereof to use or otherwise disclose in connection with the Company and its business and affairs the name of such Member without such Member’s prior consent.


(d) Except as otherwise agreed by the Members, in the event of a PHH Change of Control or anticipated PHH Change of Control, the PHH Member shall implement reasonable internal access controls and other restrictions on the use and disclosure of Confidential Information to prevent any directors, officers, employees, agents, consultants or contractors of a third party from having access to such Confidential Information.
ARTICLE IV
Capital Contributions
Section 4.1 Capital Structure. The capital structure of the Company shall consist of one class of Interests (“Common Interests”). Except as otherwise set forth herein, each of the Common Interests shall be identical.
Section 4.2 Capital Contributions.
(a) Each Member has contributed, as an initial capital contribution (“Initial Capital Contribution”) to the Company, the amount set forth opposite such Member’s name on Schedule I hereto, and hereby agrees to contribute, in accordance with the provisions of Section 2.11 of this Agreement, all of its right, title and interest (whether now held or hereafter acquired) in and to the assets described in Section 2.11(a) hereto having the estimated Gross Asset Values as are reflected on Schedule II hereto (with the final Gross Asset Values for such assets to be determined for purposes of this Agreement in accordance with Section 2.11).
(b) In exchange for the Initial Capital Contributions, each Member has received an Interest in the Company in proportion to the Interest percentage (“Common Interest Percentage”) set forth opposite the name of such Member on Schedule I hereto.
Section 4.3 Additional Provisions Concerning Capital Contributions.
(a) Capital Contributions. Other than as set forth in Section 4.2, no Member shall be permitted to make additional Capital Contributions to the Company except upon the prior written approval of all the other Members; provided, however, that notwithstanding anything to the contrary contained herein, in the event of an Additional Capital Determination (as defined below), then additional Capital Contributions shall be made by each Member in an amount equal to the product of (x) the Additional Capital Amount with respect to such Additional Capital Determination and (y) such Member’s Common Interest Percentage. An “Additional Capital Determination” shall 

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mean a determination made by the Managing Member (which determination, if made, shall be immediately notified in writing to the Board), and approved by the Board pursuant to Section 6.3, that the Company requires additional Capital Contributions from the Members to satisfy the Minimum Capital Requirements, as defined in Section 6.3(a)(xviii) herein. The “Additional Capital Amount” with respect to any Additional Capital Determination shall mean the aggregate additional Capital Contributions required from all Members in connection therewith, as approved by the Board pursuant to Section 6.3.
(b) Interest. Interest, if any, earned on funds contributed or held by the Company shall inure to the benefit of the Company; the Members shall not be entitled to receive interest or any other payments from the Company with respect to their Capital Contributions or Capital Accounts.
Section 4.4 Capital Accounts.
(a) In accordance with Treasury Regulation Section 1.704-1(b)(2)(iv), a capital account (a “Capital Account”) shall be established and maintained for each Member throughout the full term of the Company. A Member’s Capital Account (i) shall be increased by (A) the amount of cash and the Fair Market Value of property (other than cash) contributed by such Member and (B) such Member’s allocable share of the Company’s Net Income (and items of income and gain) for each Fiscal Period; and (ii) shall be decreased by (A) the amount of cash and the Fair Market Value of property (other than cash) distributed to such Member and (B) such Member’s allocable share of the Company’s Net Loss (and items of deduction and loss) for each Fiscal Period.
(b) In addition to the adjustments specified by Section 4.4(a), each Member’s Capital Account shall also be adjusted for any other increases or decreases that are made to Capital Accounts pursuant to Section 704(b) of the Code and Treasury Regulation Section 1.704-1(b)(2)(iv).
(c) In the event any Interest or portion thereof is transferred in accordance with the terms of this Agreement, the transferee shall succeed to the Capital Account or ratable portion thereof of the transferor to the extent such Capital Account relates to the Interest or portion thereof so transferred, except to the extent provided in Treasury Regulation Section 1.704-1(b)(2)(iv)(m).
(d) It is the intention of the Members that Capital Accounts shall be maintained in accordance with Section 704(b) of the Code and with the Treasury Regulations promulgated thereunder so that the allocations of items of income, gain, loss, deduction and credit provided herein have substantial economic effect thereunder.
(e) Except as may be required by the provisions of the Act or to the extent of any withdrawal of capital in contravention of this Agreement or any distribution in contravention of this Agreement, at no time during the term of the Company or upon dissolution and liquidation thereof shall a Member with a negative balance in his Capital Account have any obligation to the Company or the other Members to restore such negative balance, and such negative balance shall not be treated as an asset of the Company. Notwithstanding whether a Member has a positive or a negative balance in its Capital Account, a Member shall be obligated to restore to the Company the amount of any withdrawal of capital in contravention of this Agreement or any distribution in contravention of this Agreement.
Section 4.5 Return of Capital Contributions. Except as otherwise provided herein or in the Act, no Member shall have the right to withdraw, or receive any return of, all or any portion of such Member’s Capital Contribution.
Section 4.6 Loans From Members. Loans by a Member to the Company shall not be considered Capital Contributions. If any Member shall advance funds to the Company in excess of the amounts contributed by such Member to the capital of the Company, the making of such advances shall not result in any increase in the amount of the Capital Account of such Member. The amounts of any such advances shall be a debt of the Company to such Member and shall be payable or collectible only out of the Company assets in accordance with the terms and conditions upon which such advances are made. The repayment of loans from a Member to the Company upon liquidation shall be subject to the order of priority set forth in Section 9.4 hereof. Notwithstanding anything to the contrary in this Agreement, any Loan by a Member to the Company shall be subject to the provisions of Section 6.1(e) and shall be on arm’s-length market terms.

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ARTICLE V
Allocations and Distributions
Section 5.1 Allocations of Net Income and Net Loss. This Section 5.1 sets forth the rules for both the book allocations of Net Income (and items of income and gain) and Net Loss (and items of loss and deduction), to reflect the economic arrangements of the Members and, subject to Section 5.5, for the tax allocations for United States federal income tax purposes, pursuant to Section 704 of the Code and the Treasury Regulations promulgated thereunder.
(a) Except as otherwise provided in this Article V, Net Loss shall be allocated among the Members with respect to each Fiscal Period as of the end of such Fiscal Period pro rata based upon their respective Common Interest Percentages.


(b) Except as otherwise provided in this Article V, Net Income shall be allocated among the Members with respect to each Fiscal Period as of the end of such Fiscal Period pro rata based upon their respective Common Interest Percentages.
Section 5.2 Adjustments and Special Allocations.
The following special allocations shall be made in the following order and prior to any other allocations under this Agreement:
(a) Minimum Gain Chargeback. Notwithstanding any other provision of this Article V and except as otherwise provided in Treasury Regulation Section 1.704-2(f), if there is a net decrease in Company Minimum Gain during any Fiscal Period of the Company, each Member shall be specially allocated items of Company income and gain for such Fiscal Period (and, if necessary, subsequent Fiscal Periods) in an amount equal to such Member’s share of the net decrease in Company Minimum Gain, as determined under Treasury Regulation Section 1.704-2(g). Allocations pursuant to the previous sentence shall be made in proportion to the respective amounts required to be allocated to each Member pursuant thereto. The items to be so allocated shall be determined in accordance with Treasury Regulation Sections 1.704-2(f)(6) and (j)(2). This Section 5.2(a) is intended to comply with the minimum gain chargeback requirement in such Treasury Regulation Section 1.704-2(f) and shall be interpreted consistently therewith.
(b) Member Minimum Gain Chargeback. Notwithstanding any other provision of this Article V, if there is a net decrease in Member Nonrecourse Debt Minimum Gain attributable to a Member Nonrecourse Debt, then, each Member who has a share of the Member Nonrecourse Debt Minimum Gain attributable to such Member Nonrecourse Debt, determined in accordance with Treasury Regulation Section 1.704-2(i), shall be specially allocated items of Company income and gain for such Fiscal Period (and, if necessary, subsequent Fiscal Periods) in an amount equal to such Member’s share of the net decrease in Member Nonrecourse Debt Minimum Gain attributable to such Member Nonrecourse Debt, determined in accordance with Treasury Regulation Section 1.704-2(i)(4). Allocations pursuant to the previous sentence shall be made in proportion to the respective amounts required to be allocated to each Member pursuant thereto. The items to be allocated shall be determined in accordance with Treasury Regulation Sections 1.704-2(i)(4) and (j)(2). This Section 5.2(b) is intended to comply with the minimum gain chargeback requirement in Treasury Regulation Section 1.704-2(i)(4) and shall be interpreted consistently therewith.
(c) Qualified Income Offset. Pursuant to Treasury Regulation Section 1.704-1(b)(2)(ii)(d), in the event any Member unexpectedly receives any adjustments, allocations, or distributions described in Treasury Regulation Section 1.704-1(b)(2)(ii)(d)(4), (5) or (6), items of Company income and gain shall be specially allocated to such Member in an amount and manner sufficient to eliminate, to the extent required by the Treasury Regulations, any Adjusted Capital Account Deficit as quickly as possible, provided that an allocation pursuant to this Section 5.2(c) shall be made only if and to the extent that such Member would have an Adjusted Capital Account Deficit after all other allocations provided for in this Section have been tentatively made as if this Section 5.2(c) were not in the Agreement. This Section 5.2(c) is intended to satisfy the provisions of Treasury Regulation Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistent therewith.

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(d) Nonrecourse Deductions. Nonrecourse Deductions for any Fiscal Period shall be allocated among the Members in accordance with their respective Common Interest Percentage.
(e) Member Nonrecourse Deductions. Any Member Nonrecourse Deductions for any Fiscal Period of the Company or portion thereof shall be allocated to the Member who bears the economic risk of loss with respect to the Member Nonrecourse Debt to which such Member Nonrecourse Deductions are attributable, in accordance with Treasury Regulation Section 1.704-2(i)(1).
(f) Section 754 Adjustments. To the extent an adjustment to the adjusted tax basis of any Company asset is required pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(m) (2) or (4) to be taken into account in determining Capital Accounts, the amount of such adjustment to the Capital Accounts shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis), and such gain or loss shall be allocated to the Members in a manner consistent with the manner in which their Capital Accounts are required to be adjusted pursuant to such sections of the Treasury Regulations.
Section 5.3 Net Loss Limitation.
Notwithstanding the provisions of Section 5.1(a), the Net Losses (or items of deduction or loss) allocated pursuant to Section 5.1(a) hereof shall not exceed the maximum amount of Net Losses (or items of deduction or loss) that can be so allocated without causing any Member to have an Adjusted Capital Account Deficit at the end of any Fiscal Period. In the event that some but not all Members would have Adjusted Capital Account Deficits as a consequence of the allocation of Net Losses (or items of deduction or loss) pursuant to Section 5.1 hereof, the limitation set forth in this Section 5.3 shall be applied on a Member by Member basis and Net Losses (or items of deduction or loss) not allocable to any Member as a result of such limitation shall be allocated to the other Members in accordance with the respective positive balances in such Members’ Capital Accounts so as to allocate the maximum permissible Net Losses (or items of deduction or loss) to each Member under Treasury Regulation Section 1.704-1(b)(2)(ii)(d).


Section 5.4 Other Allocation Rules.
(a) For purposes of determining the Net Income, Net Loss or other items allocable to any Fiscal Period, subject to approval by the Board pursuant to Section 6.3(a)(xiv) hereof, Net Income, Net Losses and such other items shall be determined on a daily, monthly or other basis as determined by the Managing Member using any permissible method under Section 706 of the Code and the Treasury Regulations thereunder. Without limiting the generality of the foregoing, the Managing Member shall, subject to approval by the Board pursuant to Section 6.3(a)(xiv), allocate items of Net Income (and items of income or gain) and Net Loss (and items of deduction or loss) between a Member and any Person who has acquired an Interest in the Company from such Member (including as a result of the provisions of Article VIII) using any permissible method under Section 706 of the Code and the Treasury Regulations there under.
(b) “Excess nonrecourse liabilities” of the Company, within the meaning of Treasury Regulation Section 1.752-3(a)(3), shall, subject to Section 6.3(a)(xiv) hereof, be allocated to the Members in any permissible method as determined by the Managing Member.
Section 5.5 Tax Allocations; Code Section 704(c).
(a) Except as otherwise provided for in this Agreement, each item of income, gain, loss, deduction and credit shall be allocated among the Members in the same manner for U.S. federal income tax purposes as the correlative item of book income, gain, loss, deduction and credit is allocated pursuant to Sections 5.1, 5.2, 5.3 and 5.4. In addition, in accordance with Code Section 704(c) and the Treasury Regulations thereunder, items of income, gain, loss, deduction and credit with respect to any property contributed to the capital of the Company shall, solely for U.S. federal income tax purposes, be allocated among the Members so as to take account of any variation between the adjusted tax basis of such property at the time of contribution to the Company for U.S. federal income tax purposes and its initial Gross Asset Value at the time of contribution using the “traditional method” as set forth in Treasury Regulation Section 1.704-3(b).

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(b) In the event the Gross Asset Value of any Company asset is adjusted in accordance with the definition of Gross Asset Value hereof, subsequent allocations of items of income, gain, loss and deduction with respect to such asset shall take account of any variation between the adjusted tax basis of such asset for U.S. federal income tax purposes and its adjusted Gross Asset Value in a manner consistent with the principles of Code Section 704(c) and the Treasury Regulations promulgated thereunder.


(c) Any elections or other decisions relating to such allocations shall, subject to Section 6.3(a)(xiv) hereof, be made by the Managing Member in any manner that reasonably reflects the purpose and intention of this Agreement. Allocations pursuant to this Section are solely for purposes of U.S. federal, state, and local income taxes and shall not affect, or in any way be taken into account in computing, any Members’ Capital Account or share of Net Income (or items of income or gain) or Net Loss (or items of loss or deduction), other items, or distributions pursuant to any provision of this Agreement.
Section 5.6 Distributions.
Within thirty (30) days following the completion of each Fiscal Quarter, the Managing Member shall cause the Company to distribute to all Members an amount equal to the Distributable Net Income for such Fiscal Quarter pro rata based upon their respective Common Interest Percentages.
ARTICLE VI
Management
Section 6.1 Managing Member.
(a) General. The PHH Member shall be the Managing Member of the Company, and shall manage the Company in accordance with this Agreement. The actions of the Managing Member taken in such capacity and in accordance with this Agreement shall bind the Company.
(b) Powers and Duties. Except for circumstances in which the approval of the Board is required by this Agreement pursuant to Section 6.3, the Managing Member shall have full, exclusive and complete discretion to manage the business and affairs of the Company in the ordinary course. Notwithstanding the foregoing, the Managing Member covenants and agrees to manage the business and affairs of the Company in accordance with the following terms and provisions:
(i) The Managing Member shall manage the business and affairs of the Company only in a manner consistent with and in furtherance of the purposes set forth in Section 2.5(a) of this Agreement. The Managing Member shall not cause or permit the Company or any of its Subsidiaries to engage in any business or activity other than that permitted to be conducted by the Company or any of its Subsidiaries pursuant to Section 2.5(a) of this Agreement, or take or fail to take any action that would prevent or preclude the Company from carrying on its business as contemplated in this Agreement.


(ii) The Managing Member shall cause the Company and its Subsidiaries to sell any and all Mortgage Loans it originates as promptly as practicable, but in no event earlier than three (3) Business Days following the closing and funding of such Mortgage Loan, and at no time shall the Managing Member cause or permit the Company or any of its Subsidiaries to hold any Mortgage Loans for investment purposes (it being the Members’ intent that at least 15% of the total number of all loans originated by the Company be sold to unaffiliated Persons pursuant to Investor Commitments or other sale arrangements entered into on terms consistent with the provisions of Section 6.1(b)(iii) below).
(iii) In connection with any sales of Mortgage Loans by the Company or any Subsidiary of the Company, whether to the Managing Member or any of its Affiliates or to Persons that are not Affiliates of any Member, the Managing Member shall cause the Company or such Subsidiary to sell such Mortgage Loans only on arm’s-length terms pursuant to industry-standard loan sale documentation and on industry-standard terms for best efforts execution inclusive for servicing released sales.
Such duties may be delegated by the Managing Member to such officers, agents or employees of the Company as the Managing Member may deem appropriate from time to time.

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(c) Fiduciary Duties of Managing Member. The Managing Member, in the performance of its duties as such, shall owe to the Members duties of loyalty and due care of the type owed by the general partner of a limited partnership to its limited partners under the laws of the State of Delaware.
(d) Compliance with Transaction Documents. Without limiting the provisions of Section 6.1(b), the Managing Member shall cause the Company to operate its business at all times in a manner consistent with the SRA, this Agreement and all the other Transaction Documents.
(e) Transactions With Affiliates. Any transactions between the Company, on the one hand, and the Managing Member or any Affiliate thereof, on the other hand (any such transaction, a “Related Transaction”), including without limitation any arrangements for sale of Mortgage Loans (including the Mortgage Loan Sale Agreement), shall be approved by the Board in accordance with Section 6.3 prior to the time that the Company engages or agrees or commits to engage in any such Related Transaction. Notwithstanding the fact that the terms of a Related Transaction have been previously approved by the Board, the Managing Member shall not permit the Company to enter into a Related Transaction unless the transaction is entered into on an arm’s length basis on terms no less favorable to the Company than the terms that the Company could obtain from an independent third party.


(f) Status of Managing Member. The Managing Member shall be the sole “manager” (as that term is used in the Act) of the Company. Neither the Advisors nor the officers of the Company, in such capacity, shall be “managers.” No Person who is not also a Member may be appointed or serve as the Managing Member.
(g) Reliance by Third Parties. Third parties dealing with the Company may rely conclusively upon any certificate of the Managing Member to the effect that it (or its designee) is acting on behalf of the Company. Subject to the provisions of this Agreement, the signature of an authorized officer of the Managing Member shall be sufficient to bind the Company in every manner to any agreement or on any document.
(h) HUD Manager. Notwithstanding any other provisions of this Agreement, however, for the purposes of complying with the regulations of the HUD only, a separate person shall be designated by the Managing Member (upon prior written consent of the Cendant Member) as the HUD-Manager, who will have as his/her principal activity the management of the Company as it relates to the origination of FHA-insured mortgages and shall have exclusive authority to deal with HUD/FHA on behalf of the Company (the “HUD-Manager”). If the HUD-Manager withdraws or is removed, a new HUD-Manager shall be designated by the Managing Member, and HUD shall be notified of the change. Upon admission of any new Member, such new Member shall be deemed to agree that the HUD-Manager shall have exclusive authority to deal with HUD/FHA on behalf of the Company.
Section 6.2 Board of Advisors.
(a) Establishment. There is hereby established a committee (the “Board”) comprised of natural persons (the “Advisors”), whose primary purpose shall be to provide a means for the Cendant Member to exercise its approval rights over certain actions of the Company, as set forth in Section 6.3 below.
(b) Number of Advisors. The authorized number of Advisors shall be five (5) and the Board shall be designated as set forth in paragraphs (c) and (d) below. No Member may appoint any Advisor except as expressly set forth in paragraphs (c) and (d) below.
(c) Appointment by the PHH Member. The PHH Member shall have the right to designate (and to remove and/or designate successive replacements for) three (3) Advisors (“PHH Advisors”). Each PHH Advisor shall have one (1) vote with respect to any matter to be voted on by the Board. The initial PHH Advisors shall be Donna Van Osten, Marshall Gayden and Robert Groody.


(d) Appointment by Cendant. The Cendant Member shall have the right to designate (and to remove and/or designate successive replacements for) two (2) Advisors (“Cendant Advisors”). Each Cendant Advisor shall have one (1) vote with respect to any matter to be voted on by the Board. The initial Cendant Advisors shall be Dave Weaving and Judy Reeves.

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(e) Term of Office. Once designated, an Advisor shall continue in office until such Advisor’s removal in accordance with this Agreement or such Advisor’s earlier death or resignation. Any Advisor may resign at any time by giving written notice to that effect to the Board and the Managing Member. Any such resignation shall take effect at the time of the receipt of that notice or any later effective time specified in that notice, and, unless otherwise specified in that notice, the acceptance of the resignation shall not be necessary to make it effective.
(f) Meetings of the Board. The Board shall meet regularly at least once each Fiscal Quarter, at such time and at such place as the Board may designate. Special meetings of the Board shall be held on the call of any Advisor upon at least five (5) Business Days (if the meeting is to be held in person) or two (2) Business Days (if the meeting is held by telephone communications) notice to each of the other Advisors, or upon such shorter notice as may be approved by the Advisors (including at least one PHH Advisor and at least one Cendant Advisor), and such notice may be delivered personally or by telephone, electronic mail, facsimile transmission, United States mail or courier to each Advisor at his or her business or residence address, provided that notice shall be deemed given when actually delivered to the Advisor. Any Advisor may waive such notice as to himself or herself.
(g) Conduct of Meeting. Any meeting of the Advisors may be held in person or telephonically.
(h) Quorum. A majority of the Advisors which have been designated and who are then in office shall constitute a quorum of the Board for purposes of conducting business, provided that such quorum shall include at least one Cendant Advisor, and provided further that proper notice of such meeting was delivered pursuant to paragraph (f) above.
(i) Voting. The effectiveness of any vote, consent or other action of the Board in respect of any matter set forth in Section 6.3 shall require a majority vote of the entire Board (at least three Advisors voting in favor of such consent or other action), provided that such majority must include the affirmative vote of at least one Cendant Advisor. No Advisor shall be disqualified from voting on, or shall be required to recuse himself or herself from the consideration of or voting on, any matter by reason of such Advisor’s or any related Person’s interest in such matter (it being understood that in approving or disapproving any matter an Advisor may act to protect the interests of such Advisor or related Person, as the Managing Member, a Member, or in any other capacity), so long as such Advisor discloses such interest to, or such interest is reasonably apparent to, the other Advisors. Only the Advisors in attendance at (or participating by telephone in) any meeting of the Board may vote on any matter as to which a vote is taken during such meeting, and no Advisor may vote by proxy, absentee ballot or any other means.
(j) Action Without Meeting. Any action required or permitted to be taken at any meeting of the Board may be taken without a meeting if all of the Advisors consent thereto in writing, and such writing is filed with the minutes of proceedings of the Board.
Section 6.3 Actions Requiring Board Approval.
(a) It is hereby understood and agreed by the Members that (x) the Company shall not take, nor shall the Managing Member and/or any officer of the Company cause the Company to take, nor shall the Company authorize or permit any of its Subsidiaries to take, any of the following actions (in each case, the taking of which shall be hereinafter referred to as a “Major Action”) without first obtaining approval thereof by the Board in accordance with Section 6.2, in each case:
(i) Accounting. (a) Except as otherwise may be mandated by GAAP, change any of the accounting principles or practices used by the Company or (b) change the independent auditors of the Company;
(ii) Acquisitions and Dispositions. Other than as specifically contemplated by this Agreement or any other Transaction Document or the then-current Annual Business Plan approved in accordance with Section 6.9 of this Agreement, (a)(1) purchase or acquire any assets or property (including real property or capital stock of a business) or (2) make any capital expenditures in excess of $100,000, or (b) sell, option, convey, exchange, lease (as lessor), license or otherwise dispose of or transfer any portion of or any interest in any property of the Company, other than sales of Mortgage Loans made in accordance with Section 6.1(b)(iii);
(iii) Advisors. Employ accountants, legal counsel, investment bankers or other experts, other than those currently used by PHH or Cendant, to perform services for the Company;

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(iv) Bankruptcy. Make, execute or deliver on behalf of the Company an assignment for the benefit of creditors; or cause the Company, or any part thereof or interest therein to be subject to the authority of any trustee, custodian or receiver or to be subject to any proceeding for bankruptcy, insolvency, reorganization, arrangement, readjustment of debt, relief of debtors, dissolution or liquidation, or similar proceedings with respect to the Company;


(v) Distributions or Capital Returns. Declare, set aside, or pay any dividend or make any distribution of assets (whether in cash, securities, property, or any combination thereof), or return to a Member any amount of its Capital Contribution, except, in each case, as expressly provided herein;
(vi) Indebtedness. Obligate the Company, any Subsidiary of the Company or any Member as a surety, guarantor, or accommodation party to any obligation; incur any indebtedness for borrowed money (other than pursuant to the Loan Funding Facility and trade payables incurred in the ordinary course of business); or impose upon any Member any personal liability in respect of any indebtedness of the Company, except as and to the extent agreed in writing by such Member;
(vii) Issuances or Repurchases of Interests. (a) sell or issue, or enter into any agreement to sell or issue, to any Person any Interest in the Company or option or other right to acquire any Interest or any other equity interest or quasi equity interest in the Company; (b) repurchase any Interest or any other equity interest in the Company, in each case other than as specifically contemplated by this Agreement; or (c) admit any Person as a Member;
(viii) Joint Ventures. Enter into any joint venture, joint operating or similar arrangement;
(ix) Judgments. (1) Confess a judgment against the Company, or settle or adjust any claims against the Company, resulting in either (A) the payment or transfer of consideration of more than $150,000 for a single judgment or claim or more than $500,000 in the aggregate during any 12-month period, (B) any material or significant restriction on the ability of the Company to conduct its business as contemplated by this Agreement and the other Transaction Documents, or (C) that otherwise causes a significant change in the business operations of the Company; or (2) commence any legal action or proceeding involving the Company where the amount exceeds $300,000;
(x) Liens or Encumbrances. Grant any lien or encumbrance on any property of the Company (other than the interest of any lessor in property leased by the Company as lessee under a capitalized lease or operating lease entered into in accordance with this Agreement), other than as specifically contemplated by this Agreement or the Loan Funding Facility;


(xi) Material Contracts. Enter into any new contract, or modify any existing contract, if such contract is a Transaction Document or is otherwise material to the business, results of operations or financial condition of the Company and its Subsidiaries taken as a whole;
(xii) Related Transactions. Enter into, modify or amend the terms of in any material manner, make any material waiver on behalf of the Company under, or terminate any Related Transaction, including any Transaction Document to which the Company, on the one hand, and PHH or any of its Subsidiaries (other than the Company), on the other, are parties;
(xiii) Mergers. Directly or indirectly, by operation of law or otherwise, merge with, consolidate with, acquire all or substantially all of the assets or capital stock of, or otherwise combine with, any Person, other than as specifically contemplated by this Agreement;
(xiv) Tax Matters. Take any action to the extent that this Agreement provides that such action is subject to the provisions of this Section 6.3(a)(xiv), make any election under the Code and other relevant tax laws as to the status of the Company, the treatment of items of income, gain, loss, deduction and expense, and as to all other relevant matters, including, without limitation, elections referred to in Section 754 of the Code, determine which items of cash outlay are to be capitalized or treated as current expenses, or select the method of accounting and bookkeeping procedures to be used by the Company;
(xv) Annual Business Plan. Approve each Annual Business Plan and any material changes thereto or deviations therefrom;
(xvi) Chief Executive Officer. Appointment of the president and/or chief executive officer of the Company;
(xvii) Fair Market Value. Make any determination of Fair Market Value required to be made under this Agreement;

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(xviii) Minimum Capital Requirements. Make any final Additional Capital Determination or any determination regarding the respective Additional Capital Amounts required to be made by Members in connection therewith; or approve the amount of cash or cash equivalents that should be retained by the Company in order to meet minimum regulatory capital and reserve requirements imposed by any Governmental Entity, whether in connection with retaining the licenses and registrations necessary for the Company to originate Mortgage Loans or otherwise, or by any creditor of the Company or any of its Subsidiaries, including any lender under the Loan Funding Facility (the “Minimum Capital Requirements”);


(xix) Liquidating Trustee. The appointment of a Liquidating Trustee that is a Person other than the Managing Member; or
(xx) Agree to do any of the foregoing.
The Managing Member shall cause the governing documents of each of the Company’s Subsidiaries to provide that such Subsidiary must obtain the approval of the Company, as outlined pursuant to this Section 6.3, prior to taking any action set forth in this Section 6.3.
Section 6.4 Company Resources. Except as specifically provided in this Agreement or any other Transaction Document, or with the prior approval of the Board, the Company shall not pay to or use for the benefit of any Member, funds, assets, credit or other resources of any kind or description of the Company. Funds of the Company shall be deposited only in the accounts of the Company in the Company’s name, shall not be commingled with funds of any Member, and shall be withdrawn only upon such signature or signatures as may be designated in writing from time to time by the Managing Member.
Section 6.5 Advisors Have No Managerial Authority.
(a) Neither the Board nor the Advisors (individually or together with one or more other Advisors) shall have power to direct or participate in the management of the Company; provided, however, that nothing contained in this Section 6.5(a) shall adversely affect or impair the authority and obligations of the Board and the Advisors pursuant to Sections 6.2 and 6.3 hereof.
(b) The Advisors (acting in their individual capacity as such) shall owe no fiduciary or other duties to the Company or any Member.
(c) Unless expressly and duly authorized in writing to do so by the Managing Member and the Board, no other Member and no Advisor shall have any power or authority to bind or act on behalf of the Company in any way, to pledge its credit, or to render it liable for any purpose.
Section 6.6 Devotion of Time. The Advisors (in their capacity as Advisors) shall not be obligated to devote all of their time or business efforts to the affairs of the Company, and shall devote such time, effort, and skill as they deem appropriate for the execution of their duties and responsibilities under this Agreement.


Section 6.7 Officers. The initial executive officers of the Company shall be the individuals set forth in Schedule 6.7 hereto (the “Initial Officers”). Successors to the Initial Officers, and such other executive officers as may be necessary to conduct the business of the Company, shall be chosen by the Managing Member, subject to the approval of the Board if required pursuant to Section 6.3 hereof.
Section 6.8 Remuneration; Reimbursement. Neither the Managing Member nor any Advisor or officer shall be entitled to remuneration in its capacity as such.
Section 6.9 Approval of Annual Business Plan. Not less than seventy-five (75) days prior to the end of each fiscal year, the Managing Member shall submit to the Board the business plan of operations for the Company for the upcoming fiscal year, which shall contain detailed budget, planning, projection and profitability information (the “Annual Business Plan”). Each Annual Business Plan shall be subject to approval of the Board in accordance with Section 6.3.
Section 6.10 Reports.

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(a) No later than the sixth (6th) Business Day following the end of each calendar month, the PHH Member shall, in its capacity as Managing Member on an outsourced basis, deliver to the Cendant Member:
(i) those surveys and reports listed and described in Schedule 6.10(a)(i) hereto to verify compliance with the covenant contained in Section 6.1(d); and
(ii) a copy of (a) the balance sheet of the Company as of the end of the month, (b) an income statement of the Company for such month, and (c) reports reflecting other financial and statistical information with respect to the Company, prepared substantially in the form of the report set forth in Schedule 6.10(a)(ii).
(b) No later than the tenth (10th) Business Day following the end of each calendar month, the PHH Member shall, in its capacity as Managing Member on an outsourced basis, deliver to the Cendant Member such forward-looking financial information about the Company and the Company’s operations as the Cendant Member may reasonably request (i.e., that is capable of being obtained, produced, or generated without undue effort by the Company and the Managing Member) from time to time (the “Monthly Forecasts”). The Managing Member shall (i) provide the Monthly Forecasts to the Cendant Member in the format requested by the Cendant Member and on a timely basis and (ii) make members of its management and the Company’s management reasonably available for discussion relating to such Monthly Forecasts. The Managing Member acknowledges that the Cendant Member and any Affiliate thereof may use the Monthly Forecasts for the purpose of developing projections of the Company’s future financial performance and may include such projections in reports and other documents filed with Governmental Entities, and as such, the Managing Member represents and warrants to Cendant that the Managing Member shall prepare the Monthly Forecasts in good faith and shall use its reasonable best efforts to ensure that the Monthly Forecasts provide the most accurate estimate of the Company’s future results.
(c) No later than the tenth (10th) Business Day following the completion of each Fiscal Quarter, the PHH Member shall, in its capacity as Managing Member on an outsourced basis, deliver to the Cendant Member all statements, reports and other documents reasonably requested by the Cendant Member that may be necessary or appropriate for the Cendant Member or any Controlling Person thereof (including, without limitation, Cendant) to satisfy all its reporting requirements pursuant to the Securities Exchange Act of 1934.
(d) The Managing Member shall cause the Company to deliver to the Cendant Member the financial reports and other information described in Sections 11.5 and 11.6 hereof.
ARTICLE VII
Changes in Law; Financial Reporting
Section 7.1 Compliance with Law; Changes in Law.
(a) The Members shall use commercially reasonable efforts to ensure that the Company’s business and operations comply at all times with all applicable laws, including RESPA.
(b) In the event that, as a result of any change in law, rule or regulation or interpretation thereof after the date hereof, as set forth in a written document by a Governmental Entity of competent jurisdiction, (i) any term or provision of this Agreement or any of the other Transaction Documents, in the written opinion of nationally-recognized counsel of either party, is not compliant in any material respect with any applicable law, including RESPA, or (ii) the financial terms of this Agreement and the other Transaction Documents, taken as a whole, become materially inconsistent with the then-current market, the Members shall use commercially reasonable efforts to restructure the business and operations of the Company and amend the relevant provisions of this Agreement and the other Transaction Documents to the extent necessary to achieve as closely as possible the intention of the parties with respect to the economics of the relationships provided for in this Agreement and the other Transaction Documents in a manner that complies with such law, and, in the case of a change in law, rule or regulation described in (ii) above, the Cendant Member shall have the right, by providing written notice to the PHH Member, to cause PMC and the PHH Member to enter into good faith discussions to renegotiate the economic terms provided for in this Agreement and the other Transaction Documents. In the event the Members fail to reach agreement regarding any such restructuring and renegotiation on terms that are reasonably satisfactory to the Cendant Member within thirty (30) days following the date on which written notice is provided by the Cendant Member, the existing financial 

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terms shall remain in full force and effect; provided, however, that in such case the Cendant Member may elect to solicit from the PHH Member and from other Persons a request for proposals for the provision of mortgage services substantially similar to those provided for in this Agreement and the other Transaction Documents. In the event that any proposal received by the Cendant Member contains financial and other terms that, taken as a whole, are reasonably determined by the Cendant Member to be superior to those set forth in the PHH Member’s proposal, and the Cendant Member notifies the PHH Member of its intent to accept such proposal, the PHH Member shall have thirty (30) days from the date of such notification to review and determine whether to accept all of the terms of such proposal, so long as such proposal complies with all applicable laws and regulations (it being understood that the Cendant Member shall have no obligation to accept any proposal at all). In the event that the PHH Member agrees to the terms of such proposal within such thirty (30) day period, such terms shall be incorporated into this Agreement and the other Transaction Documents effective as of a date not later than ten (10) days following such agreement. In the event the PHH Member fails to accept the terms of such proposal, then the Cendant Member, at its option, shall have the right to terminate its relationship as set forth in this Agreement by providing written notice (the “Special Termination Notice”) to the PHH Member and through completion of the transaction contemplated by Section 8.4(b) (a “Special Termination Event”). In the event that the proposal submitted by the PHH Member is selected by the Cendant Member, the terms of such proposal shall be incorporated into this Agreement and the other Transaction Documents effective as of a date not later than 20 days following the Cendant Member’s selection of such proposal.
(c) If any change in law, rule or regulation described in (b) above involves a change in RESPA that would permit Cendant or an Affiliate of Cendant to be paid directly for loan referrals to the Company, then in lieu of the provisions described in (b) above, the Members shall revise the structure and terms of this Agreement and the other Transaction Documents so that, in lieu of the distributions provided for in this Agreement, the Company shall pay a fee to the Cendant Member in respect of each Mortgage Loan referred to the Company by Cendant or an Affiliate of Cendant in an amount not less than, at Cendant’s option, (i) 10 basis points over the average return to the Cendant Member with respect to its interest in the Company, computed as basis points per loan, over the immediately preceding six Quarterly Periods and (ii) the price the Cendant Member could obtain in the then-current market on substantially similar terms, based upon a survey of the market by Cendant and PMC with the highest and lowest bids being discounted.


Section 7.2 Consolidation.
(a) The PHH Member hereby represents and warrants to the Cendant Member that the Company will be consolidated on the books of PHH for financial reporting purposes, and that PHH has undertaken and completed prior to date hereof all analyses and investigations as shall be necessary and appropriate to support such position.
(b) The Members shall use commercially reasonable efforts to take all such actions as shall be necessary to ensure that the Company is consolidated on the books of PHH for financial reporting purposes. Without limiting the foregoing, in the event that, as a result of a change or interpretation in United States generally accepted accounting principles after the date hereof, the Company is required to be consolidated on the balance sheet of Cendant, the Members shall use commercially reasonable efforts to make such changes to the business relationship between the parties and to the provisions of this Agreement as are requested by the Cendant Member to mitigate the effects to Cendant of such change.
Section 7.3 Certain Actions.
The Managing Member shall (i) promptly notify the Cendant Member in writing of any claim or action, or any inquiry or investigation that could result in a claim or action, initiated by any Person (including any Governmental Entity) that, if adversely resolved, would result in a material or significant restriction on the ability of the Company to conduct its business as contemplated by this Agreement and the other Transaction Documents, or that would otherwise cause a significant change in the business operations of the Company, and (ii) keep the Cendant Member actively involved in the settlement or other resolution of any such claim, action, inquiry or investigation; provided, however, that such claim, action, inquiry or investigation shall not be settled or adjusted, and the Company shall not confess a judgment against it in connection therewith, without the approval of the Board pursuant to Section 6.3 hereof.



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ARTICLE VIII
Termination of Relationship
Section 8.1 Cendant Termination Events. For purposes of this Agreement, “Cendant Termination Event” means the occurrence of any of the following events:
(a) A PHH Regulatory Event occurs and is continuing for a period of six consecutive months or more; provided, however, that the PHH Member may elect to defer a termination pursuant to this Section 8.1(a) for up to six (6) additional one-month periods following the time that such termination event shall have first occurred if, no later than the second Business Day prior to the commencement of each such additional one-month period the PHH Member pays the Cendant Member in cash, by wire transfer of immediately available funds to an account designated in writing by the Cendant Member, one million dollars ($1,000,000) (the “Regulatory Event Fee”);
(b) A Company Regulatory Event occurs and is continuing for a period of six consecutive months or more; provided, however, that the PHH Member may elect to defer a termination pursuant to this Section 8.1(b) for up to six (6) additional one-month periods following the time that such termination event shall have first occurred if, no later than the second Business Day prior to the commencement of each such additional one-month period the PHH Member pays the Cendant Member in cash, by wire transfer of immediately available funds to an account designated in writing by the Cendant Member, an amount equal to the Regulatory Event Fee;
(c) There is a material violation or breach by the PHH Member (acting in any capacity whatsoever, including as Managing Member) of any representation, warranty, covenant or other agreement contained in this Agreement or any other Transaction Document (a “PHH Material Breach”), which violation or breach is not cured by the PHH Member or the other relevant PHH party, in a manner reasonably satisfactory to the Cendant Member, within thirty (30) days after written notice relating to such PHH Material Breach has been delivered by the Cendant Member to the PHH Member;
(d) The Company fails to make a distribution for any Fiscal Quarter in accordance with the provisions of Section 5.6 hereof within ten (10) Business Days after the date on which the Cendant Member first provides notice to the Company of such failure; provided, however, that any payment of a distribution to the Cendant Member after the due date provided for under Section 5.6 shall include interest from the due date through the payment date at the prime rate;
(e) (i) The occurrence of a PHH Change of Control involving any entity on the Cendant List attached hereto as Schedule 8.1(e) or any other entity that directly or indirectly conducts or engages in any business covered by the non-competition provisions set forth in Article X of the SRA. The Cendant List shall contain up to ten companies and may be refreshed by the Cendant Member no more frequently than once every two years beginning from the date of this Agreement; provided, however, that if any Person on the Cendant List enters into a merger, consolidation or similar business combination transaction with another Person on the Cendant List, then Cendant may add another Person to the Cendant List to replace such Person within sixty (60) days after the announcement of such transaction, and such addition shall not constitute a refreshing of the Cendant List as discussed above;
(f) The occurrence of any event or circumstance constituting Insolvency or Bankruptcy with respect to PHH or PMC (a “Bankruptcy Event”); or
(g) The occurrence of any act or omission by PHH or any of its Subsidiaries that causes or would reasonably be expected to cause material harm to the reputation of Cendant or any of its Subsidiaries.
Section 8.2 Effects of a Cendant Termination Event. Upon the occurrence of a Cendant Termination Event during the term of the Company, the Cendant Member shall have the right to either (i) cause PMC or the PHH Member to purchase (the “Cendant Put”) all of the Interests then held by the Cendant Member or any of its Affiliates or (ii) cause the PHH Member to sell (the “PHH Sale”) all of the Interests then held by the PHH Member or any of its Affiliates to a Person not affiliated with Cendant (any such Person, for purposes of this Section 8.2, the “Cendant Designated Buyer”).
(a) Cendant Put.

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(i) The exercise price of the Cendant Put (the “Put Price”) shall be an amount equal to the sum of (A) the then-current Capital Account balance of the Cendant Member plus the then-current Capital Account balance of any other Affiliate of Cendant holding an Interest, in each case, as of the Put Date, plus (B) the aggregate amount of all past due quarterly distributions to the Cendant Member and to any other Affiliate of Cendant and any unpaid distribution in respect of the most recently completed Fiscal Quarter pursuant to Section 5.6 hereof, in each case as of the Put Date, plus (C) liquidated damages in an amount equal to the Termination Payment (as defined below), calculated as of the Put Date, plus (D) an amount equal to 49.9% of the Net Income, if any, realized by the Company at any time after the end of the Fiscal Quarter most recently completed as of the Put Date attributable to Mortgage Loans in process at any time prior to the Put Date. In the event that the Cendant Member elects to exercise the Cendant Put, the Cendant Member shall provide written notice (the “Cendant Put Notice”) to the PHH Member. The Cendant Put Notice shall set forth the Cendant Member’s calculation of the Put Price and the basis for such calculation. Any disagreement regarding the Put Price or any other matter related to the exercise of the Cendant Put shall be resolved in accordance with the provisions of Section 13.6 hereof. In the event that the Cendant Member elects to exercise the Cendant Put, the PHH Member and the Cendant Member shall, and shall cause their respective Affiliates to, cooperate as fully as reasonably practicable with one another to consummate the Cendant Put transaction as soon as reasonably practicable following the receipt of the Cendant Put Notice by the PHH Member. Concurrently with the consummation of the Cendant Put transaction, the PHH Member shall pay or cause to be paid the Put Price to the Cendant Member in cash by wire transfer of immediately available funds to an account or accounts designated in writing by the Cendant Member. The “Put Date” shall be the date on which the Cendant Put is consummated.
(ii) Upon the consummation of a Cendant Put, (A) all of the other Transaction Documents shall automatically terminate (except as otherwise provided in any such Transaction Document), (B) neither the Cendant Member nor any Affiliate thereof shall be subject to any restriction under this Agreement or any other Transaction Document to pursue a partnership, joint venture or other arrangement with any third party mortgage operation, and (C) the PHH Member shall, and shall cause the Company to, cause all loan officers employed by PMC or any of its Subsidiaries (including the Company) that are located in any of Cendant’s Owned Real Estate Offices to vacate those offices promptly following the Cendant Member’s request.
(iii) “Termination Payment” means an amount equal to (A) the product of (x) two (2) and (y) the actual Net Income of the Company for the trailing twelve months (“LTM Net Income”), plus (B) all costs reasonably incurred by Cendant in unwinding its relationship with PHH pursuant to this Agreement and the other Transaction Documents and transitioning to a new mortgage venture partner; provided, however, that in the case of a Cendant Termination Event pursuant to a PHH Change in Control, in calculating the Termination Payment, the LTM Net Income shall instead be multiplied by the number of years (including fractions thereof) remaining until the tenth (10th) anniversary of the Closing Date; provided further, however, that if such PHH Change in Control termination occurs on or after the eighth (8th) anniversary of the Closing Date, the LTM Net Income shall be multiplied by two (2).
(b) PHH Sale.
(i) If the Cendant Member elects to cause the PHH Sale, it shall deliver written notice (the “PHH Sale Notice”) to the PHH Member. The Cendant Member shall provide written notice to the PHH Member of the identity of the Cendant Designated Buyer as promptly as reasonably practicable after delivery of the PHH Sale Notice.


(ii) The sale price (the “Sale Price”) of the Interests then held by the PHH Member and any of its Affiliates (the “PHH Interests”) to the Cendant Designated Buyer shall be an amount equal to the sum of (A) the fair value of the Interests of the PHH Member and any Affiliate thereof as of the date that the PHH Sale Notice is delivered, which value shall be determined by multiplying the PHH Member’s then-current proportionate membership interest by the Company’s EBITDA for the trailing twelve months, multiplied by a then-current average market EBITDA multiple for mortgage banking companies, plus (B) the aggregate amount of all past due quarterly distributions to the PHH Member and any Affiliate thereof and any unpaid distribution in respect of the most recently completed Fiscal Quarter pursuant to Section 5.6 hereof, plus (C) an amount equal to 50.1% of the Net Income realized by the Company at any time after the end of the Fiscal Quarter most recently completed as of the Sale Date attributable to Mortgage Loans in process prior to the Sale Date. The PHH Sale Notice shall set forth the Cendant Member’s calculation of the Sale Price and the basis for such calculation. Any disagreement regarding the Sale Price or any other matter related to the PHH Sale shall be resolved in accordance with the provisions of Section 13.6 hereof.

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(iii) If the Cendant Member delivers a PHH Sale Notice, then promptly thereafter the Cendant Member and the PHH Member shall work together to effect the sale by the PHH Member and its Affiliates of the PHH Interests to the Cendant Designated Buyer, and the PHH Member shall use its reasonable best efforts to complete such sale as promptly as practicable thereafter. The PHH Member shall cooperate with and assist the Cendant Member and the Cendant Designated Buyer in obtaining all consents and approvals of, making all filings and registrations with and providing all notices to, such Governmental Entities or third parties as shall be necessary or advisable to consummate such sale. At the time agreed upon for the closing of the PHH Sale (the “Sale Date”), (i) the Cendant Designated Buyer shall pay to the PHH Member (and/or, as directed by the PHH Member, to any of its Affiliates) the Sale Price, by wire transfer of immediately available funds, in consideration for the PHH Interests, and (ii) the PHH Member shall pay to the Cendant Member liquidated damages in an amount equal to the Termination Payment as of the Sale Date.
(iv) Upon consummation of the PHH Sale, (A) the other Transaction Documents (except as otherwise provided in any such Transaction Document) shall automatically terminate, (B) neither Cendant nor any Affiliate thereof shall be subject to any restriction under this Agreement or any other Transaction Document to pursue a partnership, joint venture or another arrangement with any third party mortgage operation, (C) the PHH Member shall cause all loan officers employed by PMC or any of its Subsidiaries that are located in any of Cendant’s Owned Real Estate Offices to vacate those offices promptly following the Cendant Member’s request, and (D) the Cendant Designated Buyer or an Affiliate thereof shall become a Member and the sole Managing Member of the Company. The PHH Member shall, and shall cause its Affiliates to, execute any agreement or document necessary to effectuate the provisions of this paragraph (iv).
Section 8.3 PHH Termination Event.
For purposes of this Agreement, a “PHH Termination Event” means the occurrence of any of the following events: (i) a material violation or breach by Cendant or any Subsidiary thereof of any material covenant, agreement or obligation set forth in this Agreement or any other Transaction Document, which violation or breach is not cured and is continuing within sixty (60) days following written notice to the Cendant Member; provided, however, that the PHH Member shall have no right pursuant to this Section 8.3 or otherwise to terminate this Agreement as a result of a breach by any Affiliate of Cendant of the covenant set forth in Section 3.13(b) of the SRA; or (ii) the Bankruptcy of Cendant.
(a) In the event that a PHH Termination Event shall have occurred, the PHH Member shall have the right to purchase (the “Purchase Right”) all of the Interests then held by the Cendant Member and any of its Affiliates. The exercise price of the Purchase Right (the “Purchase Price”) shall be an amount equal to the sum of (i) the fair value of the Interests then held by the Cendant Member and by any of its Affiliates as of the date that the Purchase Right is exercised, which value shall be determined by multiplying the Cendant Member’s then-current proportionate membership interest by the Company’s EBITDA for the trailing twelve months, multiplied by a then-current average market EBITDA multiple for mortgage banking companies, plus (ii) the aggregate amount of all past due quarterly distributions to the Cendant Member and any Affiliate thereof and any unpaid distribution in respect of the most recently completed Fiscal Quarter pursuant to Section 5.6 hereof, plus (iii) an amount equal to 49.9% of the Net Income realized by the Company at any time after the end of the Fiscal Quarter most recently completed as of the date of purchase attributable to Mortgage Loans in process at any time prior to completion of the Purchase Right transaction. The Purchase Right shall remain exercisable for a period of two (2) months following the occurrence of a PHH Termination Event. In the event that the PHH Member elects to exercise the Purchase Right, the PHH Member shall provide written notice (the “Purchase Notice”) to the Cendant Member prior to the expiration of such two-month period. The Purchase Notice shall set forth the PHH Member’s calculation of the Purchase Price and the basis for such calculation. Any disagreement regarding the Purchase Price or any other matter related to the exercise of the Purchase Right shall be resolved in accordance with the provisions of Section 13.6 hereof. In the event that the PHH Member elects to exercise the Purchase Right, the PHH Member and the Cendant Member shall, and shall cause their respective Affiliates to, cooperate as fully as reasonably practicable with one another to consummate the Purchase Right transaction; provided, however, that the Purchase Right transaction shall not be consummated earlier than the one-year anniversary of delivery of the Purchase Notice. Concurrently with the consummation of the Purchase Right transaction, the PHH Member shall pay or cause to be paid the Purchase Price to the Cendant 

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Member in cash by wire transfer of immediately available funds to an account or accounts designated in writing by the Cendant Member.
(b) Upon consummation of the Purchase Right transaction, (i) all other Transaction Documents shall automatically terminate (except as otherwise provided in any such Transaction Document), (ii) neither the Cendant Member nor any Affiliate thereof shall be subject to any restriction under this Agreement or any other Transaction Document to pursue a partnership, joint venture or another arrangement with any third party mortgage operation and (iii) the PHH Member shall, and shall cause the Company to, cause all loan officers employed by PMC or any of its Subsidiaries (including the Company) that are located in any of Cendant’s Owned Real Estate Offices to vacate those offices promptly following the Cendant Member’s request.
(c) The PHH Member’s sole remedy hereunder or under any other Transaction Document with respect to a breach of the covenant set forth in Section 3.13(b) of the SRA shall be the right to receive from the Cendant Entities liquidated damages in an amount equal to the aggregate amount of all documented out-of-pocket costs actually incurred and paid by the PHH Member or any of its Affiliates to one or more third parties as a direct result of such breach.
Section 8.4 Two Year Termination, Special Termination Event and 25-Year Termination.
(a) Two-Year Termination. At any time after the eighth (8th) anniversary of the Closing Date, the Cendant Member may deliver to the PHH Member a written notice (the “Two-Year Termination Notice”) requesting that the PHH Member either (i) purchase or cause to be purchased (the “Two Year Put”) all of the Interests held by the Cendant Member or any of its Affiliates on a date no earlier than two years after such Two-Year Termination Notice is delivered to the PHH Member (“Two Year Put Date”) or (ii) sell (the “Two Year PHH Sale”) all of the Interests then held by the PHH Member and/or any of its Affiliates to a Person that is not affiliated with Cendant (any such Person, for purposes of this Section 8.4, the “Cendant Designated Buyer”) on a date no earlier than two years after such Two-Year Termination Notice is delivered to the PHH Member (“Two Year Sale Date”).
(i) Two Year Put.
(1) The exercise price of the Two Year Put (the “Two Year Put Price”) shall be an amount equal to the sum of (A) the fair value of the Interests of the Cendant Member and any Affiliate thereof as of the Two Year Put Closing Date, which value shall be determined by multiplying the Cendant Member’s then-current proportionate membership interest by the Company’s EBITDA for the trailing twelve months, multiplied by a then-current average market EBITDA multiple for mortgage banking companies, plus (B) the aggregate amount of all past due quarterly distributions to the Cendant Member and any Affiliate thereof and any unpaid distribution in respect of the most recently completed Fiscal Quarter pursuant to Section 5.6 hereof as of the Two Year Put Closing Date, plus (C) an amount equal to 49.9% of the Net Income realized by the Company at any time after the end of the Fiscal Quarter most recently completed as of the Two Year Put Closing Date attributable to Mortgage Loans in process at any time prior to the Two Year Put Closing Date. No later than sixty (60) days prior to the Two Year Put Date, the Cendant Member shall deliver to the PHH Member a written notice setting forth the Cendant Member’s calculation of the Two Year Put Price and the basis for such calculation. Any disagreement regarding the Two Year Put Price or any other matter related to the exercise of the Two Year Put shall be resolved in accordance with the provisions of Section 13.6 hereof. In the event that the Cendant Member elects to exercise the Two Year Put, the PHH Member and the Cendant Member shall, and shall cause their respective Affiliates to, cooperate as fully as reasonably practicable with one another to consummate the Two Year Put transaction on the Two Year Put Date. Concurrently with the consummation of the Two Year Put transaction, the PHH Member shall pay or cause to be paid the Two Year Put Price to the Cendant Member in cash by wire transfer of immediately available funds to an account or accounts designated in writing by the Cendant Member. The “Two Year Put Closing Date” shall be the date on which the Two Year Cendant Put is consummated.
(2) On the Two Year Put Closing Date, (A) all other Transaction Documents shall automatically terminate (except as otherwise provided in any such Transaction Document), (B) neither Cendant nor any Affiliate thereof shall be subject to any restriction under this Agreement or any other Transaction Document to pursue a partnership, joint venture or another arrangement with any third party mortgage operation, and (C) the PHH Member shall, and shall cause the Company to, cause all loan officers employed by PMC or any of its Subsidiaries (including the Company) 

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that are located in any of Cendant’s Owned Real Estate Offices to vacate those offices promptly following the Cendant Member’s request.


(ii) Two Year PHH Sale.
(1) If the Cendant Member elects to cause the Two Year PHH Sale, it shall provide written notice to the PHH Member of the identity of the Cendant Designated Buyer no later than 180 days before the Two Year Sale Date.
(2) The sale price (the “Two Year Sale Price”) of the PHH Member’s Interest to the Cendant Designated Buyer shall be an amount equal to the sum of (A) the fair value of the PHH Member’s Interest, which value shall be determined by multiplying the PHH Member’s then-current proportionate membership interest by the Company’s EBITDA for the trailing twelve months, multiplied by a then-current average market EBITDA multiple for mortgage banking companies, plus (B) the aggregate amount of all past due quarterly distributions to the PHH Member and any Affiliate thereof and any unpaid distribution in respect of the most recently completed Fiscal Quarter pursuant to Section 5.6 hereof as of such date, plus (C) an amount equal to 50.1% of the Net Income realized by the Company at any time after the end of the Fiscal Quarter most recently completed on or after the Two Year Sale Date attributable to Mortgage Loans in process at any time prior to the Two Year Sale Date. No later than sixty (60) days prior to the Two Year Sale Date, the Cendant Member shall deliver to PMC or the PHH Member a notice that sets forth the Cendant Member’s calculation of the Two Year Sale Price and the basis for such calculation. Any disagreement regarding the Two Year Sale Price or any other matter related to the Two Year PHH Sale shall be resolved in accordance with the provisions of Section 13.6 hereof.
(3) The Cendant Member, PMC and the PHH Member shall work together to effect the sale by the PHH Member or its Affiliates of the PHH Interests to the Cendant Designated Buyer, and the PHH Member shall use its reasonable best efforts to complete such sale on the Two Year Sale Date. PMC and the PHH Member shall cooperate with and assist the Cendant Member and the Cendant Designated Buyer in obtaining all consents and approvals of, making all filings and registrations with and providing all notices to, such Governmental Entities or third parties as shall be necessary or advisable to consummate such sale. At the time agreed upon for the closing of the Two Year PHH Sale, the Cendant Designated Buyer shall pay to the PHH Member (or, as directed by the PHH Member, any of its Affiliates) the Two Year Sale Price, by wire transfer of immediately available funds, in consideration for the PHH Interests.


(4) Upon consummation of the Two Year PHH Sale, (A) the other Transaction Documents shall automatically terminate (other than as set forth in any such Transaction Document), (B) neither Cendant nor any Affiliate thereof shall be subject to any restriction under this Agreement or any other Transaction Document to pursue a partnership, joint venture or another arrangement with any third party mortgage operation, (C) the PHH Member shall, and shall cause the Company to, cause all loan officers employed by PMC or any of its Subsidiaries (including the Company) that are located in any of Cendant’s Owned Real Estate Offices to vacate those offices promptly following the Cendant Member’s request, and (D) the Cendant Designated Buyer or an Affiliate thereof shall become a Member and the sole Managing Member of the Company. The PHH Member shall, and shall cause its Affiliates, to execute any agreement or document necessary to effectuate the provisions of this paragraph (iv).
(b) Special Termination Event. Upon the occurrence of a Special Termination Event, the Members shall as promptly as practicable take all such actions necessary to consummate a transaction identical in all material respects to a Two Year Put (a “Special Termination Put”), except that (1) the purchase price shall be calculated as of the date the Special Termination Put is completed, and (2) such transaction shall be completed not later than ninety (90) days following the delivery by the Cendant Member of the Special Termination Notice pursuant to Section 7.1(b). On the date of completion of the Special Termination Put, (A) all other Transaction Documents shall automatically terminate (except as otherwise provided in any such Transaction Document), (B) neither Cendant nor any Affiliate thereof shall be subject to any restriction under this Agreement or any other Transaction Document to pursue a partnership, joint venture or another arrangement with any third party mortgage operation, and (C) the PHH Member shall, and shall cause the Company to, cause all loan officers employed by PMC or any of its Subsidiaries (including the Company) that are located in any of Cendant’s Owned Real Estate Offices to vacate those offices promptly following the Cendant Member’s request.
(c) PHH 25-Year Termination. The PHH Member may terminate the relationship between the Parties to this Agreement, effective as of January 31, 2030, by delivering written notice thereof to the Cendant Member (a “Non-

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Renewal Notice”), which notice shall be delivered no earlier than January 31, 2027 and not later than January 31, 2028. Upon delivery of a Non-Renewal Notice, PMC and the PHH Member shall work together with the Cendant Member to consummate a transaction identical in all material respects to, at the election of the PHH Member, either the Two Year Put (a “Non-Renewal Put”) or Two Year PHH Sale (a “Non-Renewal PHH Sale”), except that (1) the purchase price for such transaction shall be calculated as of the date of completion of such transaction, and (2) such transaction shall be completed no earlier than January 31, 2030. Upon consummation of the Non-Renewal Put or the Non-Renewal PHH Sale, (A) the other Transaction Documents shall automatically terminate (other than as set forth in any such Transaction Document), (B) neither Cendant nor any Affiliate thereof shall be subject to any restriction under this Agreement or any other Transaction Document to pursue a partnership, joint venture or another arrangement with any third party mortgage operation, (C) the PHH Member shall, and shall cause the Company to, cause all loan officers employed by PMC or any of its Subsidiaries (including the Company) that are located in any of Cendant’s Owned Real Estate Offices to vacate those offices promptly following the Cendant Member’s request, and (D) in the case of a Non-Renewal PHH Sale, the Cendant Designated Buyer or an Affiliate thereof shall become a Member and the sole Managing Member of the Company. The PHH Member shall, and shall cause its Affiliates, to execute any agreement or document necessary to effectuate the provisions of this paragraph (c).
Section 8.5 Effect of Termination Events.
(a) Notwithstanding anything to the contrary set forth in this Agreement, upon the consummation of a Cendant Put, a Two Year Put, a Purchase Right, a Special Termination Event Put or a Non-Renewal Put, the Cendant Member and each of its Affiliates that is a Member shall cease to be a Member and to have any obligations pursuant to this Agreement.
(b) Notwithstanding anything to the contrary set forth in this Agreement, upon the consummation of a PHH Sale, a Two Year PHH Sale or a Non-Renewal PHH Sale, the PHH Member and each of its Affiliates that is a Member shall cease to be a Member and to have any obligations pursuant to this Agreement.
ARTICLE IX
Dissolution and Winding Up
Section 9.1 Events Causing Dissolution.
(a) The Company shall be dissolved upon the first of the following events to occur (an “Event of Dissolution”):
(i) The written consent all Members at any time to dissolve and wind up the affairs of the Company; or
(ii) The entry of a decree of judicial dissolution under Section 18-802 of the Act.


No other event, including the retirement, insolvency, liquidation, dissolution, expulsion, bankruptcy, death, incapacity or adjudication of incompetence of a Member, shall cause the existence of the Company to terminate.
(b) Except as otherwise set forth in this Section 9.1, dissolution shall be effective on the effective date of the Event of Dissolution, but the Company shall not terminate until the assets thereof have been distributed in accordance with the provisions of Section 9.4 hereof and all other provisions of the Act with respect to the dissolution of a limited liability company have been complied with. Notwithstanding the dissolution of the Company, prior to the termination of the Company, the business, assets and affairs of the Company shall continue to be governed by this Agreement.
Section 9.2 Winding Up. If the Company is dissolved pursuant to Section 9.1, the Company’s affairs shall be wound up as soon as reasonably practicable in the manner set forth below.
(a) Upon the occurrence of an Event of Dissolution, sole and plenary authority to effectuate the liquidation of the Company shall be vested in the Managing Member or a Person designated by the Managing Member (subject to the approval of the Board pursuant to Section 6.3 hereof) to effectuate the liquidation of the Company or if the Managing Member elects not to effectuate such liquidation and fails to designate a liquidator, such Person as is selected by the Members (the Managing Member or any such liquidating trustee who assumes such responsibility being referred to herein as the “Liquidating Trustee”). The Liquidating Trustee shall proceed diligently to wind up 

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the affairs of the Company, liquidate the assets of the Company in an orderly and businesslike manner consistent with obtaining the fair value thereof and distribute the assets of the Company in accordance with the provisions of Section 9.4 hereof. A reasonable amount of time shall be allowed for the orderly liquidation of the assets of the Company and the discharge of liabilities to creditors so as to enable the Liquidating Trustee to minimize the losses attendant upon such liquidation. All FHA-insured loans held by the Company shall be transferred to an approved mortgagee or lender prior to dissolution of the Company. Prior to such distribution of the Company’s assets, the Liquidating Trustee shall continue to exploit the rights, activities and properties of the Company consistent with the sale or liquidation thereof, exercising in connection therewith all of the power and authority of the Managing Member as herein set forth.
(b) In winding up the affairs of the Company, the Liquidator shall have full right and unlimited discretion, in the name of and for and on behalf of the Company to:
(i) Prosecute and defend civil, criminal or administrative suits;


(ii) Collect Company assets, including obligations owed to the Company;
(iii) Settle and close the Company’s business;
(iv) Dispose of and convey all Company Property for cash, and in connection therewith to determine the time, manner and terms of any sale or sales of Company Property, having due regard for the activity and condition of the relevant market and general financial and economic conditions;
(v) Pay all reasonable selling costs and other expenses incurred in connection with the winding up out of the proceeds of the disposition of Company Property;
(vi) Discharge the Company’s known liabilities and, if necessary, to set up, for a period not to exceed five (5) years after the date of dissolution, such cash reserves as the Liquidator may deem reasonably necessary for any contingent or unforeseen liabilities or obligations of the Company;
(vii) Distribute any remaining proceeds from the sale of Company Property to the Members;
(viii) Prepare, execute, acknowledge and file articles of dissolution under the Act and any other certificates, tax returns or instruments necessary or advisable under any applicable law to effect the winding up and termination of the Company;
(ix) Upon the distribution of the assets of the Company in accordance with the provisions of Section 9.4 hereof, the Liquidating Trustee shall cause the Company’s accountants to make a full and proper accounting of the assets, liabilities and operations of the Company, as of and through the date on which such distribution occurs; and
(x) Exercise, without further authorization or consent of any of the parties hereto or their legal representatives or successors in interest, all of the powers conferred upon the Members under the terms of this Agreement to the extent necessary or desirable in the good faith judgment of the Liquidating Trustee to perform its duties and functions. The Liquidating Trustee (unless such Liquidating Trustee is the Managing Member or an Affiliate thereof) shall, while acting in such capacity on behalf of the Company, be entitled to the indemnification rights set forth in Section 12.1 hereof.


Section 9.3 Compensation of Liquidating Trustee. The Liquidating Trustee appointed as provided herein shall be entitled to receive such reasonable compensation for its services as shall be agreed upon by the Liquidating Trustee and the Managing Member.
Section 9.4 Distribution of Company Property and Proceeds of Sale Thereof.
(a) Upon completion of all desired sales of Company Property, and after payment of all selling costs and expenses, the Liquidating Trustee shall distribute the proceeds of such sales, and any Company Property that is to be distributed in kind, to the following groups in the following order of priority:
(i) to satisfy Company liabilities to creditors, including Members who are creditors, to the extent otherwise permitted by law (other than for past due Company distributions), whether by payment or establishment of reserves;
(ii) to satisfy Company obligations to Members and former Members to pay past due Company distributions;

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(iii) pro rata among the Members who have made Capital Contributions to the extent of their Capital Contributions; and
(iv) to the Members pro rata in accordance with their positive Capital Account balances, taking into account all Capital Account adjustments for the Fiscal Period in which the liquidation occurs and any distributions to such Member pursuant to Section 9.4(a)(iii).
All distributions required under this Section 9.4 shall be made to the Members by the end of the taxable year in which the liquidation occurs or, if later, within 90 days after the date of such liquidation.
(b) The claims of each priority group specified above shall be satisfied in full before satisfying any claims of a lower priority group. If the assets available for disposition are insufficient to dispose of all of the claims of a priority group, the available assets shall be distributed in proportion to the amounts owed to each creditor or the respective Capital Account balances or Interests of each Member in such group.
Section 9.5 Company Termination. Upon compliance with the foregoing distribution plan, the Company shall cease to be such, and the Liquidating Trustee shall execute, acknowledge and cause to be filed with the Secretary of State of the State of Delaware articles of dissolution of the Company.


Section 9.6 Final Audit. Within a reasonable time following the completion of the liquidation, the Liquidating Trustee shall supply to each of the Members a statement that shall set forth the assets and the liabilities of the Company as of the date of complete liquidation and each Member’s pro rata portion of distributions pursuant to Section 9.4.
ARTICLE X
Transfers and Assignment of Interests
Section 10.1 Consent Required for Transfer.
(a) No Member shall be entitled to directly or indirectly sell, assign, Transfer or otherwise dispose of all or any portion of his Interest, involuntarily or voluntarily, without the written consent of all the other Members, which consent may be given or withheld in each such other Member’s sole and absolute discretion; provided, however, that notwithstanding the foregoing any Member may sell, assign, Transfer or otherwise dispose of all or any portion of such Member’s Interest to an Affiliate of such Member without the written consent of the other Members; provided further, however, that the Cendant Member may at its election Transfer a portion of its Interest to any Person that acquires or otherwise succeeds to a portion of the business of Cendant Real Estate, and shall transfer (i) its entire Interest to any Person that acquires or otherwise succeeds to substantially all of the business of Cendant Real Estate, or (ii) an appropriate portion of its Interest to any Person that acquires or otherwise succeeds to substantially all of the business of NRT, in each case, whether by merger, asset sale, stock sale, or otherwise (it being understood that in the case of any transfer of a portion of the Cendant Member’s Interest contemplated by this second proviso, the percentage represented by the portion of the Interest so transferred shall be determined based upon the percentage of the Company’s revenue for the then-current trailing twelve months represented by the portion of the business of Cendant Real Estate so transferred in the transaction).
(b) It shall be a condition to any Transfer of all or a portion of the Cendant Member’s Interest permitted by Section 10.1(a) that any Person acquiring such Interest or portion thereof shall agree in writing to be bound by this Agreement and all of the other Transaction Documents with respect to the portion of the business of Cendant Real Estate acquired by such Person, to the same extent that Cendant Real Estate and the Cendant Member were so bound prior to such transfer (other than as set forth in any such other Transaction Document). In the event of consummation of any such Transfer in accordance with Section 10.1(a), the Managing Member shall amend Schedule I to reflect such Transfer.


(c) It shall be a condition to any Transfer by a Member which may be permitted under Section 10.1(a) that the transferee assume by written agreement all of the obligations of the transferor under this Agreement with respect to such transferred Interests and make the representations in Section 3.3 hereof. Any attempted or purported Transfer in violation of this Article X shall be null and void ab initio.

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Section 10.2 Withdrawal. No Member may withdraw from the Company without the prior written consent of all Members, which consent may be given or withheld for any reason.
ARTICLE XI
Fiscal Matters; Books and Records
Section 11.1 Bank Accounts; Investments. Capital Contributions, revenues and any other Company funds shall be deposited by the Company in a bank account established in the name of the Company, or shall be invested by the Company, at the direction of the Managing Member, in time deposits, short-term governmental obligations, commercial paper or other short-term money market instruments in furtherance of the purposes of the Company. No other funds shall be deposited into Company bank accounts or commingled with Company investments. Funds deposited in the Company’s bank accounts may be withdrawn only to be invested in time deposits, short-term governmental obligations, commercial paper or other short-term money market instruments in furtherance of the Company’s purposes, to pay Company debts or obligations or to be distributed to the Members pursuant to this Agreement.
Section 11.2 Records Required by Act; Right of Inspection.
(a) During the term of the Company’s existence and for a period of four (4) years thereafter, there shall be maintained in the Company’s principal office specified pursuant to Section 2.4 all records required to be kept pursuant to Section 18-305(a) of the Act, including, without limitation, a current list of the names, addresses and Common Interest Percentage held by each of the Members (including the dates on which each of the Members became a Member), copies of federal, state and local information or income tax returns for each of the Company’s tax years, copies of this Agreement and the Certificate of Formation, including all amendments or restatements, and correct and complete books and records of account of the Company for all periods of operations.
(b) Each of the Company and the Managing Member shall, at their sole cost and expense, make available, or cause to be made available, to the Cendant Member or any person designated by the Cendant Member, in a timely manner, all documents or materials in the possession of, or available to, the Company or the Managing Member that the Cendant Member may reasonably request for any business purpose (including, without limitation, any such documents and materials the Cendant Member may request to verify the accuracy of the calculation of Distributable Net Income for any Fiscal Quarter). In furtherance of the foregoing, each of the Company and the Managing Member shall, at its sole cost and expense, make available, or cause to be made available, during normal business hours and with reasonable advance notice, to the Cendant Member or any Person designated by the Cendant Member, resources, including, but not limited to, access to employees, sufficient to respond adequately to any issue or concern raised by the Cendant Member.
Section 11.3 Books and Records of Account. The Company shall maintain books and records in such a manner as to enable the preparation of the Company’s U.S. federal information tax return in compliance with Section 6031 of the Code, and such other records as may be required in connection with the preparation and filing of the Company’s required U.S. federal, state and local income tax returns or other tax returns or reports of foreign jurisdictions, including, without limitation, the records reflecting the Capital Accounts and adjustments thereto specified in Article V hereof. Subject to Section 3.6, all such books and records shall at all times be made available at the principal office of the Company and shall be open to the reasonable inspection and examination by the Members or their duly authorized representatives during normal business hours. Notwithstanding the definition of “Members” herein, only Members admitted as such to the Company shall have the inspection rights provided in the preceding sentence.
Section 11.4 Expenses. The Company will be responsible for all expenses (“Company Expenses”), including, without limitation, (i) all reasonable accounting and legal expenses incurred in connection with Company operations, (ii) all reasonable costs incurred in connection with the preparation of or relating to reports made to the Members, (iii) all reasonable costs related to litigation involving the Company, directly or indirectly, including, without limitation, attorneys’ fees incurred in connection therewith and (iv) all reasonable costs related to the Company’s obligations set forth in Sections 11.10 and 12.1; provided, however, that any Company Expenses must be attributable solely to the operations of the Company, and that any expenses relating to, resulting from or in 

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connection with any other Person, including without limitation any other Person who is an Affiliate of the Managing Member, shall not be Company Expenses.
Section 11.5 Tax Returns and Information. The Members intend for the Company to be treated as a partnership for tax purposes. The Company shall prepare or cause to be prepared all federal, state and local income and other tax returns that the Company is required to file. After the end of each fiscal year of the Company, the Company shall prepare and transmit to each Member a report (i.e., Schedule K-1) that shall include all necessary tax reporting information required by Members for preparation of their federal, state and local income or franchise tax returns, including the amount of income, gain, loss, deduction and credit allocated to each Member for such fiscal year.


Section 11.6 Delivery of Audited Financial Statements to Members. As to each fiscal year of the Company, the Company shall send to each Member a copy of (a) the balance sheet of the Company as of the end of the fiscal year, (b) an income statement of the Company for such year, and (c) a statement showing the Net Income distributed by the Company to Members in respect of such year. Such financial statements shall be delivered sixty (60) days following the end of such fiscal year. The Company shall send to each Member all other reports or statements prepared by the Company’s accountants promptly after receipt thereof.
Section 11.7 Audits. The fiscal year-end financial statements to be delivered pursuant to Section 11.6 shall be audited and prepared in accordance with GAAP. The audit shall be performed by an accounting firm selected pursuant to Section 6.3(a)(iii).
Section 11.8 Fiscal Year. The Company’s fiscal year shall end on December 31 of each calendar year.
Section 11.9 Tax Elections. The Company shall, subject to approval of the Board pursuant to Section 6.3(a)(xiv) hereof, make the following elections on the appropriate tax returns:
(a) to adopt the calendar year as the Company’s fiscal year, if permitted by the Code;
(b) to elect to amortize the organizational expenses of the Company ratably over a period of sixty (60) months as permitted by Section 709(b) of the Code; and
(c) any other election the Managing Member determines is in the best interests of the Members, including an election pursuant to Section 754 of the Code to adjust Company Properties upon a distribution of Company Property as described in Section 734 of the Code or a transfer of any Interests as described in Section 743 of the Code.
Neither the Company nor any Member may make an election for the Company to be (i) excluded from the application of the provisions of subchapter K of chapter 1 of subtitle A of the Code or any similar provisions of applicable state law or (ii) classified as a corporation for income tax purposes.


Section 11.10 Tax Matters Member. The PHH Member shall be designated as the “tax matters partner” (the “Tax Matters Member”) of the Company pursuant to Section 6231(a)(7) of the Code or corresponding provisions of state or local law, to manage administrative tax proceedings conducted at the Company level by the Internal Revenue Service or the state or local taxing authority with respect to Company matters. The Tax Matters Member is, subject to Section 6.3(a)(xiv) directed and authorized to take whatever steps it, in its reasonable judgment, determines is necessary or desirable to perfect such designation, including, without limitation, filing any forms or documents with the Internal Revenue Service or any state or local taxing authority and taking such other action as may from time to time be required under Treasury Regulations and corresponding provisions of state or local law. Expenses of administrative proceedings relating to the determination of Company items at the Company level undertaken by the Tax Matters Member shall be expenses of the Company. The Tax Matters Member shall inform each Member of the commencement of any audit of the Company by the Internal Revenue Service or any other taxing authority.
ARTICLE XII
Indemnification and Insurance
Section 12.1 Indemnification and Advancement of Expenses.

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(a) In General. The Company shall, to the maximum extent permitted by applicable law, indemnify and hold harmless all Advisors and officers of the Company (“Indemnified Parties”), to the fullest extent permitted by law, from and against any and all Losses, including, without limitation, Losses incurred in investigating, preparing or defending any action, claim, suit, inquiry, proceeding, investigation or appeal taken from any of the foregoing by or before any court or governmental, administrative or other regulatory agency, body or commission, whether pending or threatened, whether or not an Indemnified Party is or may be a party thereto, which arises out of, relates to or is in connection with this Agreement or the management or conduct of the business or affairs of the Company, except for any such Losses that are found, pursuant to a final and nonappealable judgment of a court of competent jurisdiction, to have resulted from the gross negligence, bad faith, fraud or willful misconduct of, or breach of this Agreement or knowing violation of law by, the Indemnified Party seeking indemnification. The termination of any proceeding by settlement shall not be deemed to create a presumption that the Indemnified Party involved in such settlement acted in a manner which constituted gross negligence, bad faith, fraud or willful misconduct or a knowing violation of law. All judgments against an Indemnified Party wherein such Indemnified Party is entitled to indemnification shall, to the extent available, be satisfied from Company assets. The provisions of this Section 12.1 shall survive any termination or expiration of this Agreement. Expenses incurred by an Indemnified Party in defense or settlement of any claim that may be subject to a right of indemnification hereunder may be advanced (and must be advanced to Advisors) by the Company prior to the final disposition thereof upon receipt of an undertaking by or on behalf of the Indemnified Party to repay such amount if it shall ultimately be determined that the Indemnified Party is not entitled to be indemnified by the Company. The right of any Indemnified Party to the indemnification and advancement of expenses provided herein shall be cumulative of and in addition to any and all rights to which such Indemnified Party may otherwise be entitled by contract or as a matter of law or equity and shall extend to such Indemnified Party’s successors, assigns and legal representatives.
(b) Any indemnification under paragraph (a) of this Section 12.1 (unless ordered by a court of competent jurisdiction) shall be made by the Company only as authorized in the specific case upon a determination that indemnification of the Indemnified Party is proper in the circumstances because he or she has met the applicable standard of conduct set forth in paragraph (a) of this Section 12.1. Such determination shall be made (i) by a four-fifths vote of the Board, or (ii) if a four-fifths vote of the Board so directs, by independent legal counsel in a written opinion.
(c) For purposes of this Section 12.1, any reference to the “Company” shall include, in addition to the resulting or surviving entity, any constituent entity (including any constituent of a constituent) absorbed in a consolidation or merger which, if its separate existence had continued, would have had power and authority to indemnify its directors or officers, so that any Person who is or was a director or officer of such constituent entity, or is or was serving at the request of such constituent entity as a director, officer or manager of another corporation, limited liability company, partnership, joint venture, trust or other enterprise, shall stand in the same position under the provisions of this Section 12.1 with respect to the resulting or surviving entity as he or she would have with respect to such constituent entity if its separate existence had continued.
(d) Notwithstanding anything in this Article XII to the contrary, the Company will not have the obligation of indemnifying any Person with respect to proceedings, claims or actions initiated or brought voluntarily by such Person and not by way of defense.
(e) Any indemnification or advancement of expenses provided by, or granted pursuant to, this Section 12.1 shall be considered retroactive to the date upon which the Certificate of Formation was filed with the State of Delaware.
Section 12.2 Insurance. The Company may purchase and maintain insurance or another arrangement on behalf of any Person who is or was an Advisor or officer identified in Section 12.1 against any liability asserted against such Person or incurred by such Person in such a capacity or arising out of the status of such a Person, whether or not the Company would have the power to indemnify such Person against that liability under Section 12.1 or otherwise.


Section 12.3 Limit on Liability of Members. The indemnification set forth in this Article XII shall in no event cause the Members to incur any personal liability beyond their total Capital Contributions, nor shall it result in any liability of the Members to any third party.

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Section 12.4 Indemnification by Managing Member.
(a) The Managing Member shall indemnify and hold harmless the Company and all other Members and their respective Affiliates (“Other Indemnified Parties”), to the fullest extent permitted by law, from and against any and all Losses, including, without limitation, Losses incurred in investigating, preparing or defending any action, claim, suit, inquiry, proceeding, investigation or appeal taken from any of the foregoing by or before any court or governmental, administrative or other regulatory agency, body or commission, whether pending or threatened, whether or not an Other Indemnified Party is or may be a party thereto, arising out of or resulting from (i) the negligence, willful misconduct or violation of law or erroneous acts of or by the Managing Member or any of its officers or employees in connection with the management of the business and affairs of the Company, and (ii) any breach or violation by PMC or any of its Affiliates of any representation, warranty, covenant or other agreement contained in this Agreement or any other Transaction Document (including, without limitation, any indemnification payment made to an Advisor or officer under this Article XII hereof as a result of such breach or violation), it being understood that the Company shall retain all risk with respect to, and the Managing Member shall have no indemnification obligations hereunder with respect to, loan level origination defects not otherwise resulting from any of the circumstances described in clause (i) or (ii) of this Section 12.4(a). The provisions of this Section 12.4 shall survive any termination or expiration of this Agreement or any other Transaction Document. The right of any Other Indemnified Party to the indemnification and advancement of expenses provided herein shall be cumulative of and in addition to any and all rights to which such Other Indemnified Party may otherwise be entitled by contract or as a matter of law or equity and shall extend to such Other Indemnified Party’s successors, assigns and legal representatives.
(b) In the case of a PHH Regulatory Event, the PHH Member shall indemnify and hold harmless the Company from and against all Losses incurred by it arising out of or resulting from such PHH Regulatory Event, except, in any such case, to the extent that the Regulatory Order or Proceeding or Losses leading to such PHH Regulatory Event are caused solely by Cendant or any of its Affiliates or any of their respective directors, officers, advisors or employees.


(c) In the case of a Company Regulatory Event, the PHH Member shall indemnify and hold harmless the Company from and against all Losses incurred or sustained by it arising out of or resulting from such Company Regulatory Event, except, in any case, to the extent that the Regulatory Order or Proceeding or Losses leading to such Company Regulatory Event are caused solely by Cendant or any of its Affiliates or any of their respective directors, officers, advisors or employees.
(d) In the event there is a breach or violation by PMC or its Affiliates (excluding the Company), on the one hand, or by Cendant or its Affiliates, on the other hand, of any representation, warranty, covenant or other agreement contained in this Agreement or any other Transaction Document, then the breaching Party shall give prompt written notice thereof to the other Party and each Advisor.
Section 12.5 No Additional Indemnification Rights.
Except as set forth herein, no Person (including, without limitation, any Member and any officer, director or agent of any Member) shall have indemnification rights against the Company.
ARTICLE XIII
Miscellaneous Provisions
Section 13.1 Counterparts. This Agreement may be executed in several counterparts, each of which will be deemed an original but all of which will constitute one and the same.
Section 13.2 Entire Agreement. This Agreement and the other Transaction Documents constitute the entire agreement among the parties hereto and contains all of the agreements among such parties with respect to the subject matter hereof and thereof. This Agreement and the other Transaction Documents supersede any and all other agreements, either oral or written, between such parties with respect to the subject matter hereof and thereof.
Section 13.3 Partial Invalidity. Wherever possible, each provision hereof shall be interpreted in such manner as to be effective and valid under applicable law, but in case any one or more of the provisions contained herein shall, for 

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any reason, be held to be invalid, illegal or unenforceable in any respect, such provision shall be ineffective to the extent, but only to the extent, of such invalidity, illegality or unenforceability without invalidating the remainder of such invalid, illegal or unenforceable provision or provisions or any other provisions hereof, unless such a construction would be unreasonable.


Section 13.4 Amendment. Except as expressly provided herein (including Section 10.1 hereof), this Agreement may be amended only by a written agreement executed by all the Members. Following such amendment, the Agreement, as amended, shall be binding upon all Members. The Company shall notify the Secretary of HUD of any amendments to this Agreement which would affect the Company’s action under any HUD/FHA administered mortgage insurance program.
Section 13.5 Binding Effect. Subject to the provisions of this Agreement relating to transferability, this Agreement will be binding upon and shall inure to the benefit of the parties, and their respective distributees, heirs, successors and assigns.
Section 13.6 Negotiation and Mediation.
(a) Negotiation. In the event of any dispute, controversy or claim arising out of or relating to this Agreement or the breach, termination or validity thereof, or the transactions contemplated hereby (a “Dispute”), upon the written notice of any Member hereto, the Members shall attempt in good faith to negotiate a resolution of the Dispute. If the Members are unable for any reason to resolve a Dispute within 30 days after the receipt of such notice, the Dispute shall be submitted to mediation in accordance with Section 13.6(b) hereof.
(b) Mediation. Any Dispute not resolved pursuant to Section 13.6(a) hereof shall, at the request (the “Mediation Request”) of any Member (the “Disputing Member”), be submitted to mediation in accordance with the then-prevailing Commercial Mediation Rules of the American Arbitration Association, as modified herein (the “Rules”). The mediation shall be held in New York, New York. The Members shall have twenty (20) days from receipt by a party of a Mediation Request to agree on a mediator. If no mediator has been agreed upon by the Members within twenty (20) days of receipt by a Member (or Members) of a Mediation Request, then any Member may request (on written notice to the other Member or Members), that the American Arbitration Association appoint a mediator in accordance with the Rules. All mediation pursuant to this Section 13.6(b) shall be confidential and shall be treated as compromise and settlement negotiations, and no oral or documentary representations made by the Members during such mediation shall be admissible for any purpose in any subsequent proceedings. No Member shall disclose or permit the disclosure of any information about the evidence adduced or the documents produced by another Member in the mediation proceedings or about the existence, contents or results of the mediation award without the prior written consent of such other Member except in the course of a judicial or regulatory proceeding or as may be required by law, rule or regulation or requested by a governmental authority or securities exchange. Before making any disclosure permitted by the preceding sentence, the Member intending to make such disclosure shall give the other Member a reasonable opportunity to protect its interests. If the Dispute has not been resolved within sixty (60) days of the appointment of a Mediator, or within ninety (90) days of delivery by a Disputing Member of notice in accordance with Section 13.10 (whichever occurs sooner) or within such longer period as the Members may agree to in writing, then any Member may file an action on the Dispute in any court having jurisdiction in accordance with Section 13.7 herein.
Section 13.7 Governing Law. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD TO THE CHOICE OF LAWS RULES THEREOF, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE MEMBERS HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. Any legal suit, action or proceeding against any of the Parties hereto arising out of or relating to this Agreement shall only be instituted in any federal or state court in New York, New York, pursuant to Section 5-1402 of the New York General Obligations Law, and each of the Parties hereby irrevocably submits to the exclusive jurisdiction of any such court in any such suit, action or proceeding. The Parties hereby agree to venue in such courts and hereby waive, to the fullest extent permitted by law, any claim that any such action or proceeding was brought in an inconvenient forum. Each of the Parties hereby irrevocably waives all right to trial by jury in any action, proceeding or counterclaim arising out of or relating to this Agreement.

37






Section 13.8 Offset. Whenever the Company is to pay any sum to any Member, any amounts that Member owes the Company may be deducted from that sum before payment.
Section 13.9 Effect of Waiver or Consent. No provision of this Agreement shall be deemed to have been waived unless such waiver is contained in a written notice given to the party claiming such waiver has occurred. A waiver or consent, express or implied, to or of any breach or default by any Person in the performance by that Person of its obligations with respect to the Company is not a consent or waiver to or of any other breach or default in the performance by that Person of the same or any other obligations of that Person with respect to the Company. Failure on the part of a Person to complain of any act of any Person or to declare any Person in default with respect to the Company, irrespective of how long that failure continues, does not constitute a waiver by that Person of its rights with respect to that default until the applicable statute-of-limitations period has run.
Section 13.10 Notices. To be effective, unless otherwise specified in this Agreement, all notices and demands, consents and other communications under this Agreement must be in writing and must be given (a) by depositing the same in the United States mail, postage prepaid, certified or registered, return receipt requested, (b) by delivering the same in person and receiving a signed receipt therefore, (c) by sending the same by a nationally recognized overnight delivery service or (d) by telecopy (promptly confirmed by telephone and followed by personal or nationally recognized overnight delivery). For purposes of notices, demands, consents and other communications under this Agreement, the addresses of the Members (and their respective counsel, if applicable) shall be as follows:
If to the PHH Member, addressed to:
PHH Broker Partner Corporation
3000 Leadenhall Road
Mt. Laurel, NJ 08054
Attn: William F. Brown
With a copy to:
PHH Mortgage Corporation
3000 Leadenhall Road
Mt. Laurel, NJ 08054
Attn: William F. Brown
If to the Cendant Member, addressed to:
Cendant Real Estate Services Venture Partner, Inc.
1 Campus Drive
Parsippany, NJ 07054
Attn: Eric Bock
With a copy to:
Cendant Corporation
9 West 57th Street, 37th Floor
New York, NY 10019
Attn: Eric Bock
Notices, demands, consents and other communications mailed in accordance with the foregoing clause (a) shall be deemed to have been given, made and received three (3) Business Days following the date so mailed. Notices, demands, consents and other communications given in accordance with the foregoing clauses (b) and (d) shall be deemed to have been given, made and received when sent on a Business Day or, if not sent on a Business Day, then the next succeeding Business Day. Notices, demands, consents and other communications given in accordance with the foregoing clause (c) shall be deemed to have been given, made and received when delivered or refused on a Business Day or, if not delivered or refused on a Business Day, then the next succeeding Business Day. Any Member or its assignee may designate a different address to which notices or demands shall thereafter be directed and such designation shall be made by written notice given in the manner hereinabove required, provided, that at all times each Member shall be required to maintain a notice address in the continental United States.

38






Section 13.11 No Consequential Damages.
In no event shall the Cendant Member or any of its Affiliates have any liability to the PHH Member or any of its Affiliates for any indirect, consequential, incidental, collateral, exemplary, punitive, enhanced, special or other similar damages of any kind or nature whatsoever, including, without limitation, lost profits to the PHH Member or any of its Affiliates from past, present or future business opportunities, loss of use or revenue, loss of savings or losses by reason of cost of capital, arising out of or in any manner relating to this Agreement or any other Transaction Document, the performance or breach thereof or the subject matter thereof, whether or not the Cendant Member or any of its Affiliates have been advised of, or otherwise might or should have anticipated, the possibility or likelihood of such damages. The limitations of liability set forth in this Section 13.11 shall apply regardless of the form of action in which a claim is brought, whether in contract, tort (including negligence of any kind, whether active or passive), warranty, strict liability or any other legal or equitable grounds, and shall survive failure of an exclusive remedy.
Section 13.12 Most Favored Nation.
If during the term of this Agreement PMC or any of its Affiliates enters into any agreement, arrangement or understanding with a third party whereby PMC or such Affiliate (or any other entity formed in connection with such agreement, arrangement or understanding) agrees to provide substantially the same Mortgage Loan origination services to such third party, and such agreement, arrangement or understanding contains pricing (other than the pricing of loans) or servicing terms or conditions that, taken as a whole, are more favorable to such third party than the comparable terms of this Agreement and the related Transaction Documents, taken as a whole, are to Cendant, then the Company shall offer such favorable terms and conditions to the Cendant Member with respect to Mortgage Loans originated by the Company pursuant to this Agreement and amend this Agreement and any other Transaction Documents, as applicable, to the extent necessary so that such terms and conditions are incorporated in a manner reasonably acceptable to the Cendant Member.


Section 13.13 Impossibility of Performance.
If during the term of this Agreement, without any change in applicable law, rule or regulation and through no fault or breach of any Party hereto, it shall have become impossible for the Parties to fulfill the objectives of the Company and to perform their obligations hereunder, then the Parties shall proceed with an orderly liquidation and dissolution of the Company in accordance with Article IX hereof.



39






IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their respective officers thereunto duly authorized, as of the day and year first above written.


	
			
	 
	 
	 

	CENDANT REAL ESTATE SERVICES 
VENTURE PARTNER, INC.

	 
	 

	By:
	 
	/s/    Eric J. Bock

	Name:
	 
	Eric J. Bock

	Title:
	 
	Executive Vice President and Secretary

	 

	PHH BROKER PARTNER CORPORATION

	 
	 

	By:
	 
	/s/    Terence W. Edwards

	Name:
	 
	Terence W. Edwards

	Title:
	 
	President









40








Exhibit A
SUBLEASE
THIS SUBLEASE is made as of January 31, 2005, by and between Cendant Mortgage Corporation, a New Jersey corporation (“Sublessor”), and PHH Home Loans, LLC, a Delaware limited liability company (“Sublessee”).
R E C I T A L S
A. iStar Bishops Gate LLC (“Landlord”), and Sublessor are the landlord and tenant, respectively, under that certain lease (attached hereto as Exhibit “A” and incorporated herein by reference) dated as of December 9, 2002 (the lease, as same may have been or may hereafter be modified, is herein referred to as the “Master Lease”) for certain premises described in the Master Lease (the “Master Lease Premises”). The common address of the building in which the Master Lease Premises are located is 3000-5000 Leadenhall Road, Mount Laurel, New Jersey;
B. Sublessor has agreed to sublet to Sublessee a portion of the Master Lease Premises (the “Premises”) consisting of approximately             rentable square feet as set forth in Exhibit “B” attached hereto, and Sublessee has agreed to hire and take the Premises from Sublessor, on the terms and conditions set forth herein.
NOW, THEREFORE, Sublessor and Sublessee agree as follows:
1. Term.
Subject to the Contingencies, as defined in Section 31 hereof, including receipt of Landlord’s Consent to this Sublease, Sublessor sublets the Premises to Sublessee and Sublessee hires and takes the Premises from Sublessor for a term commencing on             (the “Sublease Commencement Date”) and ending on             (the “Expiration Date”), unless terminated earlier in accordance with the provisions hereinafter set forth (the period commencing on the Sublease Commencement Date and ending on the Expiration Date is herein referred to as the “Term”). The date upon which Sublessee shall commence paying rent hereunder is the Sublease Commencement Date. Such subletting shall be in all respects subject and subordinate to the terms, covenants and conditions of the Master Lease. Sublessor and Sublessee acknowledge and agree that Sublessor’s right, if any, to extend the term of the Master Lease, or to exercise any other options contained in the Master Lease, including any option to purchase, shall not be exercisable by Sublessee and, on the Expiration Date, Sublessee’s right to possess the Premises under this Sublease shall terminate and no longer be of any force or effect.
2. Possession.
a) Delivery of Possession. Sublessor agrees to deliver possession of the Premises to Sublessee upon the Sublease Commencement Date.
b) Condition of Premises. Sublessee’s taking possession of the Premises shall be conclusive evidence that the Premises were in good order and satisfactory condition when Sublessee took possession. No promise of Sublessor to alter, remodel, repair or improve the Premises or the Building in which the Premises may be situated have been made by Sublessor to Sublessee. Sublessee, at its cost and expense, shall perform all work necessary to prepare the Premises for Sublessee’s occupancy thereof. At the termination of this Sublease, Sublessee shall return the Premises broom-clean and in as good condition as when Sublessee took possession, ordinary wear and tear excepted. Sublessee shall remove any improvements or alterations made to the Premises by or on Sublessee’s behalf and restore the Premises to the original condition prior to installation of such improvements or alterations; provided, however that Sublessee shall only be required to remove such improvements or alterations and restore the Premises to the extent that Sublessor is required to remove and restore the same under the Master Lease, failing which Sublessor may restore the Premises to such condition and Sublessee shall pay the cost thereof on demand.


3. Incorporation of Master Lease.
The terms, covenants, conditions and respective obligations of Sublessor and Sublessee to each other under this Sublease shall be the terms and conditions of the Master Lease (which terms and conditions are incorporated herein 

1






by reference as though fully set forth), except as otherwise expressly provided in this Sublease. To the extent any terms or provisions of this Sublease contradict or conflict with any of the terms or provisions of the Master Lease, the terms and provisions of this Sublease shall control as between Sublessor and Sublesee only. Sublessor and Sublessee expressly agree, however, that Sublessor assumes none of the Landlord’s obligations as set forth in the Master Lease. Sublessee agrees to look solely to Landlord for performance of those obligations and to forever hold Sublessor harmless from any claim arising from Landlord’s failure to perform its obligations, unless such failure is due to Sublessor’s breach of the Master Lease.
4. Sublessee’s Assumption of Master Lease Obligations and Benefits.
Except as otherwise expressly provided in this Sublease, (a) Sublessee expressly assumes and agrees to perform and comply with all of the terms, covenants and conditions of the Master Lease that are to be observed and performed thereunder by Sublessor for the benefit of Landlord with respect to the Premises, and (b) Sublessee shall indemnify, defend and save Sublessor harmless from and against any loss, damage, cost or expense which Sublessor may sustain or incur by reason of any failure on the part of Sublessee so to observe and perform the same.
5. Rental.
As base rental (“Base Rent”) for the Premises during the Term, Sublessee covenants and agrees to pay to Sublessor $            , in advance by the first day of each month, without demand, deduction, offset or notice, at the address of Sublessor identified in the “Notices” section of this Sublease (or some other place as Sublessor shall have designated in writing). It is understood that Base Rent shall be net to Sublessor, and any other charges that Sublessor may incur on account of the Premises on account of services to Sublessee in excess of the services provided to Sublessor under the Master Lease or on account of the negligence or willful misconduct of Sublessee shall be the sole responsibility of Sublessee, and such other charges shall be in addition to the Base Rent due hereunder (such other charges are herein referred to as “Additional Rent”). The Base Rent shall be subject to any Base Rent increases set forth in the Master Lease.
If Sublessee fails to pay when due any Base Rent or Additional Rent that Sublessee is obligated to pay under the terms of this Sublease, the unpaid amounts shall bear interest at the maximum rate then allowed by law. Sublessee acknowledges that the late payment of all or any portion of Base Rent or Additional Rent will cause Sublessor to lose the use of that money and incur costs and expenses not contemplated under this Sublease, including without limitation, administrative and collection costs and processing and accounting expenses, the exact amount of which is extremely difficult to ascertain. Therefore, in addition to interest, if Sublessor does not receive the entire amount payable within ten (10) days from the date it is due, Sublessee shall pay Sublessor a late charge equal to ten percent (10%) of outstanding amount. Sublessor and Sublessee agree that this late charge represents a reasonable estimate of such costs and expenses and is fair compensation to Sublessor for the loss suffered from such nonpayment by Sublessee. Acceptance of any interest or late charge shall not constitute a waiver of Sublessee’s default with respect to such nonpayment by Sublessee nor prevent Sublessor from exercising any other rights or remedies available to Sublessor under this Sublease. Any payment of any kind returned for insufficient funds will be subject to an additional handling charge of $25.00.
6. Expense Pass-throughs.
It is understood that Base Rent shall be net to Sublessor, and any other charges that Sublessor may incur per the Master Lease shall be the sole responsibility of Sublessee, and shall be in addition to the Base Rent due. Sublessee shall pay monthly installments to Sublessor which shall be an estimate of charges due under the Master Lease. Upon final billing for each calendar year from the Landlord, Sublessor shall submit the same billing to Sublessee, and any overpayments or underpayments shall be ameliorated at that time.
7. Utilities.
Sublessee shall pay for all water, gas, heat, power, and other utilities and services supplied to the Premises.
8. Use of the Premises.
Sublessee, along with its successors or assigns, shall be limited in use of the Premises to that use specified in the Master Lease. Sublessee shall not conduct any activity or perform any act prohibited by the laws of the United 

2






States of America or the state in which the building and property are located or the ordinances of the city or county in which the Premises is situated and shall not commit waste nor suffer waste to be committed, nor permit any nuisance on or in the Premises. Sublessee shall not utilize any unethical method of business operation, nor shall any space in the Premises be used for living quarters, whether temporary or permanent. Sublessee shall not do anything, or permit anything to be done, in or about the Premises, or bring or keep anything therein, that will in any way increase the possibility of fire or other casualty or do anything in conflict with the pertinent laws, rules or regulations of any governmental authority. Sublessee shall not use or keep in, on or about the Premises or the property upon which the Premises may be situated, any hazardous, flammable or explosive fluid or substance or any illuminating material, unless it is battery powered or UL approved. Sublessee shall at all times maintain an adequate number of suitable fire extinguishers on the Premises for use in case of local fires, including electrical or chemical fires.
9. Hazardous Materials.
Sublessee, including its agents, employees, contractors and invitees, shall not cause nor permit the presence, release, storage, use or handling of any toxic substances or hazardous materials in, about or under the Premises, nor the Building nor the real property of which the Premises may be a part. If Sublessee breaches the obligations stated in the preceding sentence, or if the presence of any such toxic substances or hazardous materials on or about the Premises caused or permitted by Sublessee results in contamination of the Premises, the real property of which the Premises may be a part, or any adjacent property, then Sublessee shall indemnify, defend and hold Sublessor and Landlord harmless from any and all claims, judgments, damages, penalties, fines, costs, liabilities or losses (including, without limitation, diminution in value of the Premises and/or adjacent property, damages for the loss or restriction on use of rentable or usable space or of any amenity of the Premises and/or adjacent property, damages arising from any adverse impact on marketing of the Premises and/or adjacent property, costs incurred in connection with any cleanup, remedial, removal or restoration work, and sums paid in settlement of claims, attorney’s fees, consultant fees and expert fees) which arise during or after the Term hereof, as a result of such contamination. Nothing contained herein shall be deemed or construed to limit the liability of Sublessee to Sublessor or Landlord hereunder for the breach of any covenant of Sublessee under this Section. The provisions of this Section shall survive the expiration or earlier termination of this Sublease and Sublessee’s surrender of the Premises to Sublessor.
10. Intentionally Omitted.
11. Insurance.
At all times while this Sublease is in effect, Sublessee agrees to maintain at its expense, with an insurance carrier satisfactory to Sublessor the insurance required to be maintained by Sublessor under the Master Lease.


12. Waiver of Subrogation.
Sublessee hereby waives any and all rights of recovery against Sublessor and Landlord and their respective subsidiaries and affiliates, and their respective officers, directors, stockholders, agents and employees relating to the Premises or property damage and any resulting business interruption losses, occurring on or arising out of the use, maintenance or occupancy of the Premises, the Master Lease Premises or the building whether or not such loss or damage is insured.
13. Termination of Master Lease.
In the event that during the Term of this Sublease the Master Lease is terminated or comes to an end for any reason, then this Sublease and any assignments of this Sublease shall terminate on the effective date of such termination of the Master Lease. Notwithstanding the foregoing provisions of this Section, if the reason for such termination of the Master Lease shall be a default on the part of Sublessee with respect to any of the terms or conditions of this Sublease or of the Master Lease, Sublessor shall be entitled to recover from Sublessee as liquidated damages at least an amount equal to the damages which Landlord shall be entitled to recover from Sublessor in connection with such termination of the Master Lease.
14. Repairs and Alterations.

3






There shall be no obligation on the part of Landlord or Sublessor to make any repairs, alterations or improvements in order to make the Premises ready for occupancy by Sublessee. Prior to making any repairs, alterations or improvements on the Premises, Sublessee shall obtain the prior written consent thereto of both Landlord and Sublessor. Any alterations, additions, or improvements made to the Premises, or Sublessee’s behalf, whether at the expense of Sublessee or Sublessor, including but not limited to, wall covering, carpeting, or other floor covering, paneling and built-in cabinets shall be deemed a part of the real estate and the property of Sublessor and shall be surrendered with the Premises unless Landlord or Sublessor, by notice given to Sublessee no later than thirty (30) days prior to the end of the Term, shall elect to have Sublessee remove such alterations, additions, or improvements. Sublessee shall thereupon accomplish such removal at its sole cost and repair any damage to the Premises caused by such removal. In the event that Sublessor consents in writing to any alterations, additions, or improvements to the Premises by Sublessee, they shall be made at the sole cost of Sublessee by licensed contractors or workmen approved by Sublessor. Sublessee shall secure all appropriate governmental approvals and permits and shall complete such alterations with due diligence. Any consent or approval given by Landlord or Sublessor hereunder shall not give rise to rights to third parties to file mechanic’s or materialman’s liens, nor waive Sublessor’s prohibition against such liens, nor in any manner abrogate that Section of this Sublease requiring Sublessee to keep Premises free of liens.
15. Sublessee to Keep Premises Free of Liens.
Sublessee shall keep the Premises and the property on which the Premises is situated free from any liens arising out of any work performed, materials furnished, or obligations incurred by Sublessee. Sublessee shall indemnify, hold harmless, and defend Landlord and Sublessor from any liens and encumbrances arising out of any work performed or materials furnished by or at the direction of Sublessee. Such indemnity shall include, without limitation, all attorneys’ fees and costs incurred by Landlord or Sublessor due to the filing of such mechanic’s or materialman’s lien or notice thereof. In the event that Sublessee, within twenty (20) days following the imposition of any such lien, shall not cause such lien to be released of record by payment or posting of a proper bond, in addition to all other remedies provided herein and by law, Landlord or Sublessor shall have the right (but not the obligation) to cause the same to be released by such means as it shall deem proper, including bonding or payment of the claim giving rise to such lien. All such sums paid by Landlord or Sublessor and all expenses incurred by it in connection therewith, including attorneys’ fees and costs, shall be payable to Landlord or Sublessor by Sublessee on demand with the highest legal interest rate. Landlord or Sublessor shall have the right at all times to give notice or to post and keep posted on Premises any notice permitted or required by law which Landlord or Sublessor shall deem proper for the protection of Sublessor, Landlord and the Premises or any other party having an interest therein from mechanic’s and materialman’s liens.
Sublessee shall give written notice to Landlord and Sublessor at least ten (10) business days prior to the commencement of any work relating to the alterations or additions to the Premises and shall post the Premises giving all such persons notice of Sublessor’s and Landlord’s non-liability for work performed or materials supplied. Failure to provide Landlord and Sublessor such notice or post the Premises shall be deemed a material breach of this Sublease.
16. Assignment and Subletting.
Sublessee may not assign, sublease, transfer, sell, encumber or otherwise convey its interest in this Sublease, or any portion thereof, or its interest in the Premises, or any portion thereof, without the prior written consent of Sublessor, which consent may be granted or withheld in the sole discretion of Sublessor and the prior written consent of Landlord to the degree that such consent is required under the terms of the Master Lease. Any such attempted purported assignment, subletting, transfer, sale, encumbrance or other conveyance obtained without first obtaining such prior written consent shall be void and of no force or effect, and shall not confer any interest or estate in the purported transferee and shall, at Sublessor’s option, constitute an incurable default under this Sublease.
17. Continuing Liability of Sublessor.
Notwithstanding anything to the contrary contained elsewhere in this Sublease, nothing contained in this Sublease shall be deemed or construed as relieving Sublessor from any of its duties, responsibilities or obligations under the Master Lease, and Sublessor shall in all events be and remain primarily liable under the Master Lease as a principal, 

4






and not as a guarantor or surety, for all duties, responsibilities and obligations (monetary or otherwise) contained in the Master Lease, to the same extent as though no subletting by Sublessor had been made.
18. Notices.
Any notice, demand, consent, payment or communication given hereunder shall be in writing and shall be given by personal delivery, by commercial overnight delivery service or by certified mail, postage prepaid, return receipt requested, at the following addresses:


	
							
	 
	 
	 
	 
	 
	 
	 

	If to Sublessor:
	 
	Cendant Mortgage Corporation

	 
	 
	3000 Leadenhall Road

	 
	 
	Mt Laurel, New Jersey 08054

	 
	 
	Attention: General Counsel

	 
	 

	If to Sublessee:
	 
	PHH Home Loans, LLC

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	Attn:
	 
	 
	 
	 

	 
	 

	If to Landlord:
	 
	iStar Bishops Gate LLC

	 
	 
	c/o iStar Financial Inc.

	 
	 
	114 Avenue of the Americas

	 
	 
	27th Floor

	 
	 
	New York, New York 10036

	 
	 
	Attn: Chief Financial Officer

	 
	 

	with a copy to:
	 
	iStar Financial Inc.

	 
	 
	114 Avenue of the Americas

	 
	 
	27th Floor

	 
	 
	New York, New York 10036

	 
	 
	Attn: General Counsel






	
							
	 
	 
	 
	 
	 
	 
	 

	 
	 
	and

	 
	 

	 
	 
	Katten Muchin Zavis Rosenman

	 
	 
	525 West Monroe Street

	 
	 
	16th Floor

	 
	 
	Chicago, Illinois 60661-3693

	 
	 
	Attn: Gregory P.L. Pierce, Esq.




Any of the above Parties may, by like notice at any time and from time to time, designate a different address to which such notice shall be sent. Such notices, requests, consents, payments or communications shall be deemed sufficiently given (a) if personally served, upon such service (b) if sent by commercial overnight delivery service, upon the next business day following such sending, or (c) if mailed, forty-eight (48) hours following the first attempt of the postal service to deliver same.

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19. Notice of Default.
Sublessor and Sublessee each agree to give to the other, forthwith upon receipt thereof, a copy of any notice (including notice of default) under the Master Lease.
20. Sublessee Defaults and Remedies.
Defaults. The occurrence of any one or more of the following events shall constitute a default and breach of this Sublease by Sublessee:
a) If Sublessee shall fail to make any payment of any Rent or Additional Rent when due and payable, and such default shall continue for a period of three (3) days; or
b) If Sublessee shall be in default in the performance of any of the other terms, covenants and conditions of this Sublease and (i) such default shall not have been remedied within ten (10) days after written notice by Sublessor to Sublessee specifying such default and requiring it to be remedied; or (ii) where such default reasonably cannot be remedied within such period of ten (10) days, if Sublessee shall not have commenced the remedying thereof within such period of time and shall not be proceeding with due diligence to remedy it; or
c) If Sublessee shall desert or abandon the Premises and such desertion or abandonment shall continue for a period of ten (10) days; or
d) The making by Sublessee of any general assignment or general arrangement for the benefit of creditors; or the filing by or against Sublessee of a petition to have Sublessee adjudged a bankrupt, or a petition of reorganization or arrangement under any law relating to bankruptcy unless, in the case of a petition filed against Sublessee, the same is dismissed within sixty (60) days; or the appointment of a trustee or a receiver to take possession of substantially all of Sublessee’s assets located at the Premises or of Sublessee’s interest in this Sublease where possession is not restored to Sublessee within thirty (30) days; or the attachment, execution, or judicial seizure of substantially all of Sublessee’s assets located at the Premises or of Sublessee’s interest in this Sublease, where such seizure is not discharged within thirty (30) days after the levy thereof.
Remedies. In the event of any default or breach of Sublessee, Sublessor may at any time thereafter, with or without notice or demand and without limiting Sublessor in the exercise of a right which Sublessor may have by reason of such default or breach, proceed as follows:
a) Without terminating this Sublease, re-enter and take possession of the Premises or any part thereof and repossess same as Sublessor’s former estate and expel Sublessee and those claiming through or under Sublessee, and remove the effects of both or either with force, if necessary, without being deemed guilty in trespass or of a forcible entry or detainer and without prejudice to any remedies for arrears of rent or preceding breach of covenants. In such event, Sublessor shall be entitled to recover from Sublessee all damages incurred by Sublessor by reason of Sublessee’s default, including but not limited to the cost of recovering possession of the Premises, expenses of reletting, including necessary renovation and alteration of the Premises, reasonable attorneys’ fees, any real estate commission actually paid, the worth at the time of the unpaid rent for the balance of the Term, and that portion of the leasing sums payable. Such damages shall bear interest from the date due at the highest legal interest rate.
b) Terminate this Sublease by express notice to that effect.
c) Pursue any other remedy now or hereafter available to Sublessor under the laws or judicial decisions of the state where the Premises is located.
d) Should Sublessor elect to re-enter as above provided, or should Sublessor take possession pursuant to legal proceedings or pursuant to any notice provided by law or otherwise, Sublessor may from time to time, without terminating this Sublease or Sublessee’s obligations to pay rent hereunder, relet the Premises or any part thereof for such terms, at such rentals, and upon such other terms and conditions as Sublessor in its sole discretion may deem advisable, with the right to make alterations and repairs to the Premises, all at Sublessee’s expense. No such re-entry or taking of possession shall be construed as an election on Sublessor’s part to terminate this Sublease unless a written notice of such express intention is given to Sublessee.

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If this Sublease shall be terminated as provided in this Section, Sublessor may:
a) Re-enter and resume possession of the Premises and remove all persons and property therefrom, either by summary dispossess proceedings or by a suitable action or proceeding, at law or in equity, or otherwise, without being liable for any damages therefor; and
b) Relet the whole or any part of the Premises for a period equal to, greater, or less than the remainder of the then-Term of this Sublease, at such rental and upon such terms and conditions as are acceptable to Sublessor, to any sublessee it may deem suitable and for any use and purpose it may deem appropriate. Sublessor shall not be liable in any respect for failure to relet the Premises, or in any event of such reletting, for failure to collect the rent thereunder, and any sums received by Sublessor on a reletting in excess of the Rent reserved in this Sublease shall belong to Sublessor.
Sublessee shall pay to Sublessor, upon default of this Sublease, in accordance with the provisions hereof, or upon the abandonment of said Premises by Sublessee, a sum of money equal to the entire amount of Rent by this Sublease provided to be paid and at that time remaining unpaid, whether or not presently due, and upon making such payment, Sublessee shall be entitled to receive from Sublessor all rents received by Sublessor from other tenants on account of said Premises during the Term originally demised by this Sublease, less the expenses which Sublessor may have incurred in connection with said resumption of possession and reletting, including (without limitation) attorneys’ fees, brokerage, cleaning, repairs, and decoration, provided, however, that the moneys to which Sublessee shall so become entitled shall in no event exceed the amount so paid by Sublessee to Sublessor.
Sublessee agrees to pay the costs and expenses, including reasonable attorneys’ fees, incurred by Sublessor in the enforcement of any of the terms of this Sublease as a result of default by Sublessee.
The words “re-enter” and “re-entry,” as used in this Section are not restricted to their technical legal meaning.
Sublessee hereby waives the service of any notice in writing by Sublessor of its intention to re-enter.


If this Sublease shall be terminated as provided in this Section or by summary proceedings or otherwise, Sublessor, in addition to any other rights under this Section, shall be entitled to recover as damages (a) the cost of performing any work required to be done by Sublessee under this Sublease, and all damages resulting from Sublessee’s default in performing such work; and (b) the cost of placing the Premises in the same condition as that in which Sublessee is required to surrender them to Sublessor under this Sublease.
21. Counterparts.
This Sublease may be executed in counterparts, each of which shall be deemed to be an original hereof.
22. Brokers and Commissions.
The parties acknowledge that no broker or agent was involved in the negotiations related to, or consummation of, this Sublease. If Sublessee has dealt with any other person or real estate broker with respect to subleasing or renting space in the Building of which the Premises may be a part, Sublessee shall be solely responsible for the payment of any fee due said person or firm and Sublessee shall hold Sublessor free and harmless against any liability in respect thereto, including attorneys’ fees and costs.
23. Choice of Law.
This Sublease and the transaction contemplated hereunder shall be governed by and construed in accordance with the laws of the state where the property is located.
24. Observance of Law.
Sublessee shall not use the Premises or permit anything to be done in or about the Premises which will in any way conflict with any law, statute, ordinance or governmental or environmental rule or regulation now in force or which may hereafter be enacted or promulgated. Sublessee shall, as its sole cost and expense, promptly comply with all laws, statutes, ordinances and governmental or environmental rules, regulations or requirements now in force or which may hereafter be in force, and with the requirements of any board of fire insurance underwriters or other 

7






similar bodies now or hereafter constituted, relating to, or affecting the condition, use or occupancy of the Premises. The judgment of any tribunal of competent jurisdiction or the admission of Sublessee in any action against Sublessee, whether Sublessor is a party thereto or not, that Sublessee has violated any law, ordinance or governmental rule, regulation or requirement, shall be conclusive of that fact as between Sublessor and Sublessee.
25. Attorney’s Fees.
If either party brings an action to enforce the terms hereof, the prevailing party shall be entitled to receive reasonable attorney’s fees and court costs from the other party.
26. Consents.
Notwithstanding anything contained in this Sublease to the contrary, Sublessee shall have no claim, and hereby waives the right to any claim against Sublessor for money damages by reason of any refusal, withholding or delaying by Sublessor of any consent, approval or statement of satisfaction, and in such event, Sublessee’s only remedies therefor shall be an action for specific performance, injunction or declaratory judgment to enforce any right to such consent, etc.
27. Force Majeure.
Sublessor shall have no liability whatsoever to Sublessee on account of (a) the inability or delay of Sublessor in fulfilling any of Sublessor’s obligations under this Sublease by reason of war, strike, other labor trouble, riots, civil unrest, governmental controls in connection with a national or other public emergency, or shortages of fuel, supplies or labor resulting therefrom or any other cause, whether similar or dissimilar to the above, beyond Sublessor’s reasonable control; or (b) any failure or defect in the supply, quantity or character of electricity or water furnished to the Premises, by reason of any requirement, act or omission of the public utility or others furnishing the Premises with electricity or water, or for any reason, whether similar or dissimilar to the above, beyond Sublessor’s reasonable control. If this Sublease specifies a time period for performance of an obligation of Sublessor, that time period shall be extended by the period of any delay in Sublessor’s performance caused by any of the events of force majeure described above.
28. Severability.
If any clause or provision of this Sublease is or becomes illegal, invalid, or unenforceable because of present or future laws or any rule or regulation or any governmental body or entity, effective during its Term, the intention of the parties hereto is that the remaining parts of this Sublease shall not be affected thereby unless such invalidity is, in the sole determination of Sublessor, essential to the rights of both parties in which event Sublessor has the right to terminate this Sublease on written notice to Sublessee.
29. Titles and Headings.
The titles and headings of sections of this Sublease are intended for convenience only and shall not in any way affect the meaning or construction of any provision of this Sublease.
30. Changes, Waivers, Discharge and Modifications in Writing.
No provision of this Sublease may be changed, waived, discharged or terminated except by an instrument in writing signed by the party against whom enforcement of the change, waiver, discharge or termination is sought.
31. Contingencies.
Sublessee hereby acknowledges that this Sublease is contingent upon receipt by Sublessor and Sublessee of all necessary consents or approvals, including, without limitation, Landlord’s Consent to this Sublease.
IN WITNESS WHEREOF, the Sublessor and Sublessee have executed, and Sublessor has consented to, this Sublease as of the day and year first above written.



8






	
			
	 
	 
	 

	SUBLESSOR:

	 

	Cendant Mortgage Corporation

	 
	 

	By:
	 
	 

	Name:
	 
	Terence W. Edwards

	Title:
	 
	President and Chief Executive Officer

	 

	SUBLESSEE:

	 

	PHH Home Loans, LLC

	 
	 

	By:
	 
	 

	Name:
	 
	Terence W. Edwards

	Title:
	 
	President and Chief Executive Officer







9






CONSENT TO SUBLEASE
The undersigned is the Landlord in the Master Lease described in the Sublease to which this Consent is appended, and Landlord consents to the said Sublease without waiver of restrictions, if any, against further assignments and subletting.


	
			
	 
	 
	 

	iStar Bishops Gate LLC

	 
	 

	By:
	 
	 

	Name:
	 
	 

	Title:
	 
	 









10








Exhibit B
MANAGEMENT SERVICES AGREEMENT
THIS MANAGEMENT SERVICES AGREEMENT (“Services Agreement”) effective as of             , 2005 (“Effective Date”), is entered into by and between PHH HOME LOANS, LLC, a limited liability company formed under Delaware law (the “Company”), and PHH MORTGAGE CORPORATION (“PMC”), a corporation organized under the laws of the State of New Jersey (collectively, the “Parties”).
The Parties hereto agree as follows:
1. Capitalized Terms. Capitalized terms not otherwise defined in this Services Agreement shall have the meaning described in the Strategic Relationship Agreement, dated as of January 31, 2005 (the “SRA”).
2. Representations and Warranties of Company. The Company represents and warrants to PMC that:
(a) It is duly organized and existing, and in good standing, pursuant to the laws of the State of Delaware;
(b) It has the requisite limited liability company authority to enter into this Services Agreement and to perform its obligations hereunder; and


(c) The terms and conditions of this Services Agreement do not violate any provision of its Certificate of Formation, Operating Agreement or any other agreement to which it is a party.
3. Representations and Warranties of PMC. PMC represents and warrants to the Company that:
(a) It is duly organized and existing, and in good standing, pursuant to the laws of the State of New Jersey;
(b) It has the requisite corporate authority to enter into this Services Agreement and to perform its obligations hereunder; and
(c) The terms and conditions of this Services Agreement do not violate any provision of its Articles of Incorporation, Bylaws or any other agreement to which it is a party.
4. Seasonal Staffing Services. PMC shall provide to the Company the seasonal staffing services described in Exhibit 4.1 attached hereto, on and pursuant to the terms set forth therein. In consideration for performing the services described in Exhibit 4.1 hereto, the Company shall pay to PMC a cash fee calculated and payable in the manner set forth in Exhibit 4.1.
5. Product Support Services. PMC shall provide to the Company the product support services described in Exhibit 5.1 attached hereto, on and pursuant to the terms set forth therein. In consideration for performing the services described in Exhibit 5.1 hereto, the Company shall pay to PMC monthly, in advance, a cash fee calculated as set forth in Exhibit 5.1.


6. General Administrative Services. PMC shall provide to the Company the general administrative services described in Exhibit 6.1 attached hereto, on and pursuant to the terms set forth therein. In consideration for performing the services described in Exhibit 6.1 hereto, the Company shall pay to PMC the cash fee or cash fees calculated and payable in the manner set forth in Exhibit 6.1.
7. IT Administrative Services. PMC shall provide to the Company the IT administrative services described in Exhibit 7.1 attached hereto, on and pursuant to the terms set forth therein. In consideration for performing the services described in Exhibit 7.1 hereto, the Company shall pay to PMC monthly, in advance, a cash fee calculated as set forth in Exhibit 7.1.
8. Required Disclosures. The amount, payor and payee of the fees incurred in connection with the product support services pursuant to Exhibit 5.1 shall be described in the Mortgage Loan Disclosures, to the extent required by law.

1






9. Standard of Care. PMC shall perform the services provided pursuant to this Services Agreement with no less degree of care than PMC or any of its Affiliates exercises in providing such services for its own account or the account of any third party with a similar regulatory profile, provided, that in no event shall PMC exercise a lesser degree of care than that exercised by PMC prior to the date of the SRA.
10. Compliance with Laws. Actions taken or not taken by PMC and its Affiliates, and all communications made when performing its obligations under this Services Agreement shall comply in all material respects with the requirements of all applicable laws. PMC shall promptly inform the Company in writing of any notices, inquiries or other communications, written or oral, received by PMC or any Affiliate thereof with respect to any material legal, administrative, arbitral or other proceedings, claims, actions or governmental or regulatory investigations or findings with respect to any of the services provided pursuant to this Services Agreement.
11. Records Preservation and Retention.
(a) PMC acknowledges that all Mortgage Loan Documents are the property of the Company. PMC shall use its reasonable best efforts to safeguard the Mortgage Loan Documents that it may hold or retain. PMC may enter into an arrangement with a third party agent to maintain the Mortgage Loan Documents with the reasonable consent of the Company.
(b) PMC agrees that it or its agent will hold and be responsible for such Mortgage Loan Documents within a secure and controlled environment to include, but not be limited to, fireproof vaults. PMC agrees that it or its agent will use its reasonable best efforts to protect such Mortgage Loan Documents from destruction or loss and from the unauthorized divulgence of confidential information. PMC shall, if such Mortgage Loan Documents are lost or destroyed, replace such Mortgage Loan Documents in all necessary respects. Further, such Mortgage Loan Documents will be maintained under such conditions as to have them readily available for use and examination by the Company, upon its reasonable request therefor.


(c) Upon request by the Company, PMC will forward any and all of the Company’s records and the Company Mortgage Loan Documents in its possession that the Company reasonably may seek.
(d) PMC shall maintain all such Mortgage Loan Documents and other records relating to the services provided by it hereunder in accordance with all applicable federal, state and local laws and regulations, as well as Mortgage Loan investor and insurer requirements and reasonable Company requirements, as provided to PMC.
12. Right to Audit. The Company and its officers, employees and agents, including third party attorneys and accountants and auditors shall have full and complete access to PMC’s records and operations at reasonable times to monitor PMC’s performance on behalf of the Company pursuant to this Services Agreement, and all audit, inspection and review rights that the Cendant Member has with respect to the Company as provided in the Operating Agreement.
13. Termination. This Services Agreement shall terminate automatically upon the effective date of any termination of the SRA in accordance with its terms; provided that such termination shall have no effect on the Parties’ obligations with respect to Mortgage Loans in the process of origination at the time of such termination; and further provided that the representations, warranties and covenants of the Parties contained herein and the respective obligations of each Party hereunder to indemnify and hold harmless the other Party set forth in Section 14 below shall survive the termination of this Services Agreement (i) for a period of one (1) year thereafter, in the event of a Cendant Put, a Two Year Put, a Purchase Right transaction, a Special Termination Put or a Non-Renewal Put, or (ii) for a period of five (5) years thereafter, in the event of a PHH Sale, a Two Year PHH Sale or a Non-Renewal PHH Sale. In connection with any termination contemplated by clause (ii) above, PMC shall deliver to the Company, at the effective time of such termination, any records in its possession as contemplated by Section 11 hereof.
14. Indemnification.
(a) PMC shall indemnify, hold harmless and defend the Company, its members, directors, officers and employees and its successors and assigns and their members, directors, officers and employees, with counsel approved by the Company, from and against any and all Losses which the Company or any such parties may incur or be subject to 

2






arising out of, relating to, or in connection with (i) any representation of PMC that was not true when made, (ii) any breach by PMC of its warranties or covenants or the terms and conditions of this Services Agreement, or (iii) any actions or failures to act by PMC or any of its Affiliates in connection with the services provided pursuant to this Services Agreement that constitute negligence, bad faith or willful misconduct. PMC’s obligation to so indemnify, hold harmless and defend the Company and any such parties shall survive termination of this Services Agreement in accordance with Section 14. The Company’s right to indemnification, as provided herein, shall be in addition to, and not in lieu of all other rights and remedies it may have under law.
(b) The Company shall indemnify, hold harmless and defend PMC, its directors, officers and employees and its successors and assigns and their directors, officers and employees, with counsel approved by PMC, from and against any and all Losses which PMC or any such parties may incur or be subject to arising out of, relating to or in connection with any representation made by the Company that was not true when made or any breach by the Company of its warranties or covenants or the terms and conditions of this Services Agreement. The Company’s obligation to so indemnify, hold harmless and defend PMC and any such parties shall survive termination of this Services Agreement in accordance with Section 14. PMC’s right to indemnification, as provided herein, shall be in addition to, and not in lieu of, all other rights and remedies it may have under law.
15. Cooperation. The Parties acknowledge that the success of their efforts under this Services Agreement depends on the cooperation of each of them. Accordingly, each of the Parties shall use its best efforts and confer in good faith in an attempt to agree upon any matter hereunder which requires such agreement.
16. No Partnership. This Services Agreement is not intended to be, nor shall it be construed to be, the formation of a partnership or joint venture between the Parties.


17. Notices. All notices and statements to be given under this Services Agreement are to be in writing, delivered by hand, facsimile, overnight mail or similar service, or first class United States mail, postage prepaid and registered or certified with return receipt requested, to the following addresses or facsimile numbers, as applicable (which addresses and facsimile numbers may be revised by written notice):

3






The Company:


	
					
	 
	 
	PHH Home Loans, LLC

	 
	 
	3000 Leadenhall Road

	 
	 
	Mt. Laurel, NJ 08054

	 
	 
	 

	 
	 
	Attention:
	 
	President

	 
	 
	Facsimile:
	 
	 

	 
	 

	 
	 
	With a copy to:

	 
	 

	 
	 
	Cendant Real Estate Services Venture Partner, Inc.

	 
	 
	1 Campus Drive

	 
	 
	Parsippany, NJ 07054

	 
	 
	Attention:
	 
	Eric Bock

	 
	 
	Facsimile:
	 
	 

	 
	 
	 

	PMC:
	 
	 
	 
	 

	 
	 

	 
	 
	PHH Mortgage Corporation

	 
	 
	3000 Leadenhall Road

	 
	 
	Mt. Laurel, NJ 08054

	 
	 
	 

	 
	 
	Attention:
	 
	President

	 
	 
	Facsimile:
	 
	856-917-6016




All written notices and statements shall be deemed given, delivered, received and effective upon personal delivery or receipt of facsimile or telegram, one (1) calendar day after sending by overnight mail or any similar service or five (5) calendar days after mailing by first class United States mail in the manner set forth above.
18. Expenses. PMC shall receive no compensation under the terms of this Services Agreement except as expressly provided herein. The Company shall, at its sole cost and expense, employ all persons necessary for it to carry out its duties and responsibilities hereunder. All costs and expenses incurred by either Party in connection herewith (including salaries for their respective personnel and their respective legal fees and expenses) shall be solely the expenses of the Party incurring them. Neither Party shall be obligated to contribute any amount as capital or otherwise to the other.


19. Amendment. This Services Agreement may be amended and any provision hereof waived, but only in writing signed by the Party against whom such amendment or waiver is sought to be enforced; provided, however, that any action taken by the Company pursuant to this Section 19 shall be valid only if taken following receipt of the prior approval of the Company’s Board of Advisors (as defined in the Operating Agreement) in accordance with Section 6.3 of the Operating Agreement.
20. Governing Law. THIS SERVICES AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE CHOICE OF LAWS RULES THEREOF, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. Any legal suit, action or proceeding against any of the Parties hereto arising out of or relating to this Services Agreement shall only be instituted in any federal or state court in New York, New York, pursuant to Section 5-1402 of the New York General Obligations Law, and each Party hereby irrevocably submits to the exclusive jurisdiction of any such court in any such suit, action or proceeding. The Parties hereby agree to venue in such courts and hereby waive, to the fullest extent permitted by law, any claim that any such action or proceeding was brought in an inconvenient forum. Each of the 

4






Parties hereby irrevocably waives all right to trial by jury in any action, proceeding or counterclaim arising out of or relating to this Services Agreement.


21. Dispute Resolution. In the event of any disputes under this Services Agreement, resolution shall occur pursuant to the dispute resolution procedures contained in Section 13.11 of the SRA as if such provision applied to the Parties hereto.
22. Severability; Release. The Parties hereto shall not perform, or be expected to perform, any act hereunder that is, or is reasonably believed to be, in violation of any applicable state or federal rule or regulation. If any provision of this Services Agreement is now or later in violation of any local, state or federal law, then such provision shall be considered null and void for purposes of this Services Agreement with all other provisions remaining in full force and effect. Each Party expressly releases the other from any liability in the event either of said Parties cannot fulfill any obligation hereunder due to any prohibition under local, state or federal laws pertaining to such obligation; provided, that the Parties agree to work together to structure an alternative solution for addressing the provisions so found to be in violation.
23. Further Assurances. The Parties agree that each will, from time to time, execute, acknowledge and deliver, or cause to be executed, acknowledged and delivered, such amendments and supplements hereto and such further instruments as may be reasonably required or appropriate to further express the intention of the Parties, or to facilitate the performance of this Services Agreement.
24. Section Headings. The headings of the various sections of this Services Agreement have been inserted for convenience of reference only and shall not be deemed to be a part of this Services Agreement.


25. Assignment. PMC may not assign this Services Agreement or any of its rights or obligations hereunder without the prior express written consent of the Company. The Company may not assign this Services Agreement or any of its rights or obligations hereunder without the prior approval of the Company’s Board of Advisors (as defined in the Operating Agreement) in accordance with Section 6.3 of the Operating Agreement.



5






IN WITNESS WHEREOF, each of the undersigned Parties has caused this Services Agreement to be duly executed and delivered by one of its duly authorized officers, all as of the Effective Date.


	
							
	 
	 
	 
	 
	 
	 
	 

	PHH HOME LOANS, LLC
	 
	PHH MORTGAGE CORPORATION

	 
	 
	 
	 

	By:
	 
	 
	 
	By:
	 
	 

	Name:
	 
	Terence W. Edwards
	 
	Name:
	 
	Terence W. Edwards

	Title:
	 
	President and Chief Executive Officer
	 
	Title:
	 
	President and Chief Executive Officer







6






EXHIBIT 4.1
Seasonal Staffing
Services:
Seasonal Staffing services includes the following services provided by PMC to the Company:


	
				
	 
	•
	 
	Seasonal Staffing for Net One Tele-services – includes phone consultants and additional staff for Loan Processing Center and Document Review Center – additional staffing will be through PMC employees. 






	
				
	 
	•
	 
	As needed and staffing availability permitting, the Company will provide reverse staffing to PMC.




Fees:


	
				
	 
	•
	 
	The Company shall pay all *CONFIDENTIAL; plus






	
				
	 
	•
	 
	A fixed fee per week for actual compensation, plus *CONFIDENTIAL.








	
		
	*
	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.







7






EXHIBIT 5.1
Product Support Services
Services:
Product Support consists of the following services provided by PMC to the Company (whether or not the Company incurs these costs or similar costs directly):


	
				
	 
	•
	 
	Loan control and completion (LCC) – post-closing functions here include reconciling the HUD1 received from closing agents to the cash dispersed on the loan reconciling the tax and insurance escrows if appropriate, the submissions for insurance with HUD for GNMA insured loans and loan pools, certain compliance monitoring activities, verification of recorded deeds and title insurance policies etc. 






	
				
	 
	•
	 
	Pricing – functions here include establishing the rate and fees for the borrowers established at the time of the rate lock commitment based on then current market conditions and profit expectations, performance of competitive surveys and market data gathering efforts to verify the competitiveness of pricing, determination of price concessions and implementation of concession policies etc. 






	
				
	 
	•
	 
	Loan sales – functions here include the aggregation of loans into pools based on appropriate characteristics, determination of best execution decisions, gathering loans files, performance of due diligences, and shipping of files, management of GSE agency and mortgage loan investor relationships etc. 






	
				
	 
	•
	 
	Product development – functions include development of loan program parameters, program design to comply with investor requirements, design integration of new programs to company processes, communication of new programs and related requirements etc. 






	
				
	 
	•
	 
	Credit risk management – includes providing access to PMC’s automated underwriting systems, monitoring of loan quality, monitoring of compliance with documentation standards, monitoring performance of loans to assess underwriting and pricing effectiveness etc. 






	
				
	 
	•
	 
	Mail print center – includes collection and copying of documents in connection with processing of the Company’s loan applications and loan closing packages. 






	
				
	 
	•
	 
	Operational strategy department – includes development, processing and reporting on client survey results, office of the president for customer satisfaction and recovery, etc. 






	
				
	 
	•
	 
	Mail away program – includes the cost of program to allow borrowers to sign loan documents in the presence of a notary rather than a closing agent etc. 






Fees:
Fees will be based on the fair value of services provided, based on actual costs incurred by PMC plus a profit margin of *CONFIDENTIAL.




	
		
	*
	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.







8






EXHIBIT 6.1
General Administrative Services
Services:
General Administrative (non-IT) services includes the following services provided by PMC to the Company (whether or not the Company incurs these costs or similar costs directly):


	
				
	 
	•
	 
	Accounting and Finance – includes maintenance of the general ledger and related sub ledgers, preparation of financial reports and management reports, preparation of financial forecasts, staffing models, profitability models, payment of bills, funding of loans, establishment of controls, controls monitoring, determination of sales proceeds, etc. 






	
				
	 
	•
	 
	Telecom – includes the cost of telephone systems, staffing for maintenance and call prioritization systems, etc (including the PIMI systems) 






	
				
	 
	•
	 
	Business intelligence – includes development and scheduling of management reporting and client reporting systems, reporting data management etc. 






	
				
	 
	•
	 
	Legal – includes consulting on legal matters etc. 






	
				
	 
	•
	 
	Human resources – includes payroll processing or related management, benefits management and participation in benefit plans, hiring-related matters, training-related matters, etc 






	
				
	 
	•
	 
	Public relations – includes event management services, press related matters, etc. 






	
				
	 
	•
	 
	Administration – Vendor management, etc 






	
				
	 
	•
	 
	Facilities – includes building management, landscaping management, heating, air conditioning, power, growth management, etc. 






	
				
	 
	•
	 
	Training – development and delivery of training materials etc. 






	
				
	 
	•
	 
	Executive – includes an allocation of PHH Corporation executive management and corporate structure, PHH Mortgage executive management and structure, a portion of Management incentive programs to the extent not allocated to specific functions, etc 




Fees:
Fees will be charged based on either (a) a per loan basis or (b) subject to a fixed minimum with a variable component, in the Cendant Member’s sole discretion. The fees will index annually at a maximum of 3%.



9






EXHIBIT 7.1
IT Administrative Services
Services:
 
	
				
	 
	•
	 
	IT Administrative Services include the following:




 
	
				
	 
	•
	 
	systems operations




 
	
				
	 
	•
	 
	maintenance of production systems




 
	
				
	 
	•
	 
	help desk support




 
	
				
	 
	•
	 
	network support




 
	
				
	 
	•
	 
	development of enhancements




 
	
				
	 
	•
	 
	systems interoperability




 
	
				
	 
	•
	 
	maintenance of websites




 
	
				
	 
	•
	 
	systems security




 
	
				
	 
	•
	 
	systems management reporting




 
	
				
	 
	•
	 
	data management




 
	
				
	 
	•
	 
	IT vendor management




 
	
				
	 
	•
	 
	project evaluation and management




 
	
				
	 
	•
	 
	resource allocations




 
	
				
	 
	•
	 
	telecom systems and support




 
	
				
	 
	•
	 
	new systems integration




 
	
				
	 
	•
	 
	major systems development




 
	
				
	 
	•
	 
	systems controls




Fees:
Fees will be a per loan charge based on the fair value of services provided, based on actual costs incurred by PMC plus a profit margin of *CONFIDENTIAL. The annual growth factor will be the lesser of (i) 3% or (ii) the Consumer Price Index rate at the time of reset.

10






 


	
		
	*
	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.









11








Exhibit C
Master Shared Office Space Agreement
This Master Shared Office Space Agreement (“Agreement”) is made as of this      day of             , 2005, by and between NRT Inc., on behalf of its subsidiary listed on the attached Exhibit “A” (such subsidiary is herein referred to as “NRT”), and PHH Home Loans, LLC (“PHH”).
NRT currently occupies numerous locations identified as the “Master Premises” on Exhibit A pursuant to the certain master leases (“Master Leases”) identified on Exhibit A.
NRT has agreed to lease a portion (the “Premises”) of the Master Premises to PHH, and PHH has agreed to hire and take said Premises from NRT, pursuant to the terms and conditions set forth on Exhibit A and further pursuant to the following terms and conditions:
 
	
		
	1.
	Commencement Date: As set forth on Exhibit A. 




 
	
		
	2.
	Expiration Date: As set forth on Exhibit A. 




 
	
		
	3.
	Proportionate Share: As set forth on Exhibit A. 




 
	
		
	4.
	Base Rent and Additional Rent: As set forth on Exhibit A. 




 
	
		
	5.
	Utilities: The costs associated with utilities are included in the base rent. PHH shall pay all costs associated with PHH’s telephone usage and information technology services within thirty (30) days after receipt of invoices for such services. 




 
	
		
	6.
	Common Areas: During the term of this Agreement, PHH shall have the right to use the Common Areas, which shall be deemed to include, but not be limited to, the conference room(s), kitchen, bathroom(s), reception area, receptionist’s services and other similar facilities at the Premises. 




 
	
		
	7.
	Parking: PHH shall have the right to purchase parking spaces at prevailing rates in the parking area available to the Premises, on an as needed basis and as agreed upon with NRT’s branch manager; provided, however that if NRT has a right to park free of charge, NRT shall provide PHH with 1 parking space free of charge or such greater number of parking spaces as the parties reasonably determine that PHH would have if PHH leased similar space in the same market from a third party landlord. 




 
	
		
	8.
	Maintenance, Repairs and Alterations: NRT shall, or shall cause NRT’s landlord to, clean and maintain the Premises and Common Areas in good order and condition. PHH will be responsible for any and all alterations and for repairs to the Premises resulting from PHH’s negligent or intentional act. All alterations shall be subject to the consent of NRT (which consent shall not be unreasonably withheld, conditioned or delayed) and to the conditions of the Master Lease. 




 
	
		
	9.
	Signage: PHH shall have the right to display signs bearing its name and/or the name of its division provided said signs do not conflict with NRT’s signage. PHH also shall have the right to display a sign within the interior of the Premises that can be seen prominently by persons entering the Premises. All signage must be approved by NRT’s landlord as required by the Master Lease. 

	10.
	Personal Property and Equipment: PHH may supply any and all of its own personal property reasonably necessary to its business. Further, PHH will install telephone lines for its telephones, computers and facsimile machines and be responsible for the payment thereof. 




 

1






	
		
	11.
	Master Lease Obligations: PHH shall be bound to all covenants, terms and conditions contained in the Master Lease as the same relates to PHH’s occupancy of the Premises. 




 
	
		
	12.
	Termination of Master Lease: In the event that during the Term of this Agreement the Master Lease is terminated or comes to an end for any reason, then this Agreement and any assignments of this Agreement shall terminate on the effective date of such termination of the Master Lease. Notwithstanding the foregoing provisions of this section, if the reason for such termination of the Master Lease shall be a default on the part of PHH with respect to any of the terms or conditions of this Agreement or of the Master Lease, NRT shall be entitled to recover from PHH as liquidated damages at least an amount equal to the damages which Landlord shall be entitled to recover from NRT in connection with such termination of the Master Lease. 




 
	
		
	13.
	Indemnification: Except for the negligent acts, omissions or willful misconduct of NRT (for which NRT shall defend and indemnify PHH), PHH shall defend, indemnify and hold NRT harmless from and against all costs, expenses, attorneys’ fees, liabilities and damages arising out of (a) any breach or default on the part of PHH in the observance or performance of any of its agreements or obligations under this Agreement, and (b) any injury or damage to any person or property occurring in or on the Premises caused by the acts or omissions of PHH, its agents, employees or contractors. NRT shall defend, indemnify and hold PHH harmless from and against all costs, expenses, attorneys’ fees, liabilities and damages arising out of (a) any breach or default on the part of NRT in the observance or performance of any of its agreements or obligations under this Agreement, and (b) any injury or damage to any person or property occurring in the Premises which are caused by the negligent acts, omissions or willful misconduct of NRT. 




 
	
		
	14.
	Entire Agreement: This Agreement constitutes the entire agreement between the parties pertaining to the subject matter hereof and supersedes all prior and contemporaneous agreements. No modification of this Agreement shall be binding unless executed in writing by the party to be bound thereby. 




 
	
		
	15.
	Counterparts: This Agreement may be executed in counterparts and, as so executed, shall constitute one agreement binding upon all parties. This Agreement shall inure to the benefit of and shall be binding upon the respective successors and assigns of each of the parties. 




 
	
		
	16.
	Mutual Termination Option: Either PHH or NRT may terminate this Agreement at anytime by providing the other party with ninety (90) days’ advanced written notice of its intent to so terminate. 







2






IN WITNESS WHEREOF, NRT and PHH have executed this Agreement as of the dates set forth below.
 
	
					
	 
	 
	 
	 
	 

	NRT:

	 

	NRT, Inc., on behalf of its subsidiary

	 
	 

	By:
	 
	 

	Name:
	 
	Eric J. Bock
	 
	Date

	Title:
	 
	Executive Vice President and Secretary

	 

	PHH:

	 

	PHH Home Loans, LLC

	 
	 

	By:
	 
	 

	Name:
	 
	Terence W. Edwards
	 
	Date

	Title:
	 
	President and Chief Executive Officer









3








Exhibit D
Small Corps
1. Axiom Financial, Inc., a Utah corporation
2. Hamera Corp. d/b/a First Capital, a California corporation
3. LongIsland Mortgage Group, Inc., a New York corporation
4. NE Moves Mortgage Corporation, a Massachusetts corporation
5. Preferred Mortgage Group, Inc., a Virginia corporation
6. RMR Financial, a California corporation
7. Sunbelt Lending Services, Inc., a Florida corporation
8. Burnet Home Loans (a division of PHH Mortgage)














































    









1








Schedule I
Initial Capital Contributions
 
	
							
	 
	 
	 
	 
	 
	 
	 

	Member
	 
	Initial Capital Contribution
	 
	Common Interest Percentage
	 

	PHH Broker Partner Corporation
	 
	$
	250,500
	 
	50.1
	%

	 
	 
	 

	Cendant Real Estate Services Venture Partner, Inc.
	 
	$
	249,500
	 
	49.9
	%







1








Schedule II
Subsequent Capital Contributions
 
	
							
	 
	 
	 
	 
	 
	 
	 

	Member
	 
	 
	 
	Estimated Value
	 

	PHH Broker Partner Corporation
	 
	1) Businesses of Small Corps (Exhibit D)
	 
	$
	*CONFIDENTIAL
	(a) 

	 
	 
	 

	 
	 
	2) Direct assets of Phone-In Move-In channel
	 
	 
	TBA
	 

	 
	 
	 
	 
	 
	 
	 

	 
	 
	Total
	 
	$
	*CONFIDENTIAL
	 

	 
	 
	 

	Cendant Real Estate Services Venture Partner Inc.
	 
	1) Exclusive royalty-free license for Coldwell Banker Home Loans and ERA Home Loans
	 
	$
	*CONFIDENTIAL
	(a) 

	 
	 
	 

	 
	 
	2) Cash
	 
	$
	*CONFIDENTIAL
	(b) 

	 
	 
	 
	 
	 
	 
	 

	 
	 
	Total
	 
	$
	*CONFIDENTIAL
	 




 


	
		
	(a)
	Based upon preliminary valuations prepared by external valuation firm. These valuations will be updated at the time of the Subsequent Capital Contributions.




 
	
		
	(b)
	Actual amount of cash contribution by Cendant Member will be determined based upon the final valuations referenced in (a) above. Common Interest Percentage will be consistent with Schedule I.




	
		
	*
	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.







2








Schedule 2.2
Other Company Names
1. ERA Home Loans
2. Coldwell Banker Home Loans
3. Burnet Home Loans

3








Schedule 2.10(a)
D/B/A, Fictitious Name and Similar Filings
to be made by the Company and its Subsidiaries
 
	
							
	 
	 
	 
	 
	 
	 
	 

	 
	 
	Coldwell Banker
Home Loans
	 
	ERA Home Loans
	 
	Burnet Home Loans

	Alabama
	 
	 
	 
	 
	 
	 

	Alaska
	 
	 
	 
	 
	 
	 

	Arizona
	 
	X
	 
	 
	 
	 

	Arkansas
	 
	 
	 
	 
	 
	 

	California- Sacramento County
	 
	X
	 
	 
	 
	 

	Colorado
	 
	X
	 
	 
	 
	 

	Connecticut
	 
	X
	 
	 
	 
	 

	Delaware-New Castle County
	 
	X
	 
	X
	 
	 

	DC
	 
	X
	 
	 
	 
	 

	Florida
	 
	X
	 
	 
	 
	 

	Georgia-Gwinnet County
	 
	X
	 
	 
	 
	 

	Hawaii
	 
	 
	 
	 
	 
	 

	Idaho
	 
	 
	 
	 
	 
	 

	Illinois
	 
	X
	 
	 
	 
	 

	Indiana
	 
	X
	 
	 
	 
	X

	Iowa
	 
	 
	 
	 
	 
	 

	Kansas
	 
	 
	 
	 
	 
	 

	Kentucky
	 
	X
	 
	 
	 
	 

	Louisiana
	 
	X
	 
	 
	 
	 

	Maine
	 
	X
	 
	 
	 
	 

	Maryland
	 
	X
	 
	X
	 
	 

	Massachusetts-Boston City Clerk
	 
	X
	 
	 
	 
	 

	Michigan
	 
	X
	 
	 
	 
	 

	Minnesota
	 
	X
	 
	 
	 
	X

	Mississippi
	 
	 
	 
	 
	 
	 

	Missouri
	 
	X
	 
	 
	 
	 

	Montana
	 
	X
	 
	 
	 
	 

	Nebraska
	 
	 
	 
	 
	 
	 

	Nevada-Carson City Clerk
	 
	X
	 
	 
	 
	 

	New Hampshire
	 
	X
	 
	 
	 
	 

	New Jersey
	 
	X
	 
	X
	 
	 

	New Mexico
	 
	X
	 
	 
	 
	 

	New York
	 
	X
	 
	X
	 
	 

	North Carolina
	 
	 
	 
	 
	 
	 

	North Dakota
	 
	 
	 
	 
	 
	 

	Ohio
	 
	X
	 
	 
	 
	 

	Oklahoma
	 
	 
	 
	 
	 
	 

	Oregon
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 

	Pennsylvania
	 
	X
	 
	X
	 
	 

	Rhode Island
	 
	X
	 
	 
	 
	 





4






	
							
	South Carolina
	 
	 
	 
	 
	 
	 

	South Dakota
	 
	 
	 
	 
	 
	 

	Tennessee
	 
	 
	 
	 
	 
	 

	Texas
	 
	X
	 
	 
	 
	 

	Utah
	 
	X
	 
	 
	 
	 

	Vermont
	 
	 
	 
	 
	 
	 

	Virginia-Alexandria City
	 
	X
	 
	X
	 
	 

	Virginia
	 
	X
	 
	X
	 
	 

	Washington
	 
	 
	 
	 
	 
	 

	West Virginia
	 
	X
	 
	 
	 
	 

	Wisconsin
	 
	 
	 
	 
	 
	X

	Wyoming
	 
	X
	 
	 
	 
	 







5








Schedule 2.11(a)
NRT Operating States
Georgia
Maryland
California
Illinois
Ohio
Colorado
Connecticut
Texas
Florida
Minnesota
Wisconsin
New Jersey
Pennsylvania
Missouri
Utah
Virginia
Maine
New Hampshire
Massachusetts
Rhode Island
Delaware

6








Schedule 6.7
Initial Officers
1. President – Terry Edwards
2. Secretary – William F. Brown

7








Schedule 6.10(a)(i)
Sample Pricing Survey
PHH Analysis - PHH vs. National Lenders
Assume: *CONFIDENTIAL
*CONFIDENTIAL
PHH is Better/Lower than the Competition when > *CONFIDENTIAL (+)
PHH is Worse/Higher than the Competition when < *CONFIDENTIAL (-)
 
	
																							
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	Program L30 – 30-Year Conforming Fixed
	 
	 
	 
	Program L15 – 15-Year Conforming Fixed
	 
	 
	 
	Combined 
Running Win

	Date
	 
	Wins
	 
	Out of
	 
	Weekly Win %
	 
	Running Win %
	 
	 
	 
	Wins
	 
	Out of
	 
	Weekly Win %
	 
	Running Win %
	 
	 
	 
	%

	12/08/04
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	 
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	 
	 
	*CONFIDENTIAL

	12/15/04
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	 
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	 
	 
	*CONFIDENTIAL

	12/22/04
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	 
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	 
	 
	*CONFIDENTIAL

	12/29/04
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	 
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	 
	 
	*CONFIDENTIAL

	01/05/05
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	 
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	 
	 
	*CONFIDENTIAL

	01/12/05
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	 
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	 
	 
	*CONFIDENTIAL

	01/19/05
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	 
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	 
	 
	*CONFIDENTIAL

	01/26/05
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	 
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	 
	 
	*CONFIDENTIAL






 


	
		
	*
	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.







8








Schedule 6.10(a)(ii)
Reports




 


	
		
	*
	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.









9






The following is a representative sample. Only portions applicable to JV should be prepared.

1








Senior Leadership Team
Monthly Management Report
December 2004

Entire Document For Internal Use Only

2







Monthly Management Report
Index
 
	
			
	Section
	 
	Page

	 
	 

	EXECUTIVE SUMMARY
	 
	4

	TOTAL MORTGAGE
	 
	28

	BRANDS
	 
	77

	CORPORATE CLIENT
	 
	98

	LOGOS
	 
	113

	DOCUMENT REVIEW CENTER
	 
	127

	TRAINEES
	 
	135

	JACKSONVILLE
	 
	137

	CORPORATE SALES
	 
	150

	REAL ESTATE FIELD SALES
	 
	155

	WHOLESALE SALES
	 
	172

	E. PROVIDENCE
	 
	177

	SERVICING
	 
	179

	LOAN CONTROL AND COMPLETION
	 
	199

	SECONDARY MARKETING
	 
	204

	CREDIT RISK MANAGEMENT
	 
	214

	CORRESPONDENT LENDING
	 
	219

	ACCOUNTING/FINANCE
	 
	224

	INFORMATION TECHNOLOGY
	 
	227

	TELECOM
	 
	233

	BUSINESS INTELLIGENCE
	 
	235

	LEGAL
	 
	237

	HUMAN RESOURCES
	 
	240

	TRAINING
	 
	254

	PUBLIC RELATIONS
	 
	257

	ADMINISTRATION
	 
	260

	MAIL/RRC/Print
	 
	263

	FACILITIES
	 
	275

	MARKETING
	 
	278

	E-COMMERCE
	 
	281

	OPERATIONAL STRATEGY
	 
	283

	MAIL AWAY (CSSG)
	 
	285

	SUBSIDIARIES
	 
	287




Entire Document For Internal Use Only 

3






Glossary of Terms:
Actuals are the results booked in the General Ledgers and statistical databases for the reported period.
Budget equals the estimates for the reporting period; In this report, budgeted numbers are equal to those which were submitted in the 2&10 Forecast. The difference between Actual results and Budgeted results can be divided into two components as described below: Volume Variance and Productivity Variance.
Budget Volume Actualsare generated by replacing budgeted volumes in the original budget model with actual volumes. The resulting numbers represent a “volume actual Budget” for the period, which assumes that actual volumes were known at the time of Budget creation.
Forecast Volume Actuals are generated by replacing forecast volumes in the previous forecast model with actual volumes. The resulting numbers represent a “volume actual Forecast” for the period, which assumes that actual volumes were known at the time of Forecast creation during the prior month.
Productivity Variance is the difference between Volume Actual results and Actual results. It represents that portion of the difference between Actual results and Budgeted or Forecast results that is attributable solely to changes in drivers and methodology since the Budget or Forecast was developed.
Entire Document For Internal Use Only



4






Confidential Treatment



EXECUTIVE SUMMARY
Commentary – DECEMBER 2004
First mortgage leads for the month were under forecast by 12%. Application dollars were below forecast for prime product by 2%, HELOCs were below forecast by 3%. First mortgage closing dollars were above forecast by 9% and HELOCS were higher by 15%.
EBITDA for December was $*CONFIDENTIAL million below forecast. Production revenue was over by $.9MM due to better than forecast loan sales (10%) and note margins (24%), partially offset by MSR additions which were capitalized at a rate 14% lower than forecast. Loan sales are forecast to decrease 28% in January accompanied by a 25% decrease in realized note margins. Net Servicing revenue was off forecast by $21 million due to net MSR valuation.
EBITDA for the full year is below budget by $*CONFIDENTIAL MM. The current shortfall is the result of lower Production EBITDA (-$*CONFIDENTIAL MM) due to lower closing volume (-9%) and lower Servicing EBITDA (-$*CONFIDENTIAL MM) resulting from a higher than anticipated net decline in MSR Valuation, lower closing volume and higher payoff volume; offset by improved capture and retention in mortgage insurance, and lower foreclosure expense. Several unplanned sales of investment securities, HELOCs, and servicing rights on delinquent GNMA loans helped narrow the shortfall to budget.
Headcount for December is 6,016.
Net delinquencies for December are *CONFIDENTIAL% of the servicing portfolio, which is down from *CONFIDENTIAL% in December 2003 and *CONFIDENTIAL% in January 2004.




	
		
	*
	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.






Overall Market Statistics – December 2004
Treasury rates were lower. The three-month Treasury bill rate fell 1 basis point from prior month end. The 10-year note fell 13 basis points. Through mid-January, Treasury rates have risen an average of 5 bps.
 
	
							
	 
	 
	 
	 
	 
	 
	 

	Treasury Rates
	 
	Current Month
	 
	Prior Month
	 
	Prior Year

	 
	 
	 
	 

	3 Mo T-Bill
	 
	2.212
	 
	2.223
	 
	0.917

	10 Yr T-Note
	 
	4.218
	 
	4.349
	 
	4.246




Mortgage rates are essentially flat to prior month, but above last year. Through mid-January, mortgage rates have experienced little change.
 

5






	
							
	 
	 
	 
	 
	 
	 
	 

	Mortgage Rates
	 
	Current Month
	 
	Prior Month
	 
	Prior Year

	 
	 
	 
	 

	30 Yr FRM
	 
	5.682
	 
	5.703
	 
	5.705

	15 Yr FRM
	 
	5.096
	 
	5.103
	 
	5.028

	1 Yr ARM
	 
	4.110
	 
	4.043
	 
	3.445






Application levels for the industry are below prior month, but above prior year. Through mid-January, refinance is increasing, but purchase activity is decreasing. June 2003 was the highest refinance application month on record with a refinance index reading of 8,100.
 
	
							
	 
	 
	 
	 
	 
	 
	 

	Application Index
	 
	Current Month
	 
	Prior Month
	 
	Prior Year

	 
	 
	 
	 

	Total
	 
	671.52
	 
	718.48
	 
	621.03

	Purchase
	 
	470.40
	 
	471.73
	 
	409.68

	Refi
	 
	1841.28
	 
	2153.93
	 
	1850.25




Refinance applications for the industry as a percent of total applications are above prior month and prior year.
 
	
							
	 
	 
	 
	 
	 
	 
	 

	Purch/Refi App Mix
	 
	Current Month
	 
	Prior Month
	 
	Prior Year

	 
	 
	 
	 

	Purchase %
	 
	46.62
	 
	53.02
	 
	50.44

	Refi %
	 
	53.38
	 
	46.98
	 
	49.56

	 
	 
	 
	 

	Cendant Refi Closing %
	 
	37.00
	 
	37.00
	 
	41.00






Annual closing forecast from FNMA (prime mortgages) is above the prior month’s forecast for the full year, but below prior year actual. Cendant’s full year projection increased slightly from the prior forecast.
 
	
							
	 
	 
	 
	 
	 
	 
	 

	FY 2004 Closing Dollar Forecast ($B)
	 
	Current Month
	 
	Prior Month
	 
	2003 Actual

	 
	 
	 
	 

	FNMA
	 
	2,799
	 
	2,736
	 
	3,832

	Cendant
	 
	48.60
	 
	48.30
	 
	80.61




Pipeline – December 2004
Leads (prime mortgage) are below prior month, forecast, budget and prior year.
 
	
											
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Lead Units
	 
	Current
Month
	 
	Prior
Month
	 
	Prior Year
Month
	 
	Forecast
Month
	 
	Budget
Month

	 
	 
	 
	 
	 
	 

	1st Mtg
	 
	32,308
	 
	40,595
	 
	43,512
	 
	36,584
	 
	43,980

	HELOCs
	 
	3,975
	 
	5,236
	 
	3,774
	 
	4,900
	 
	3,437









6






Confidential Treatment


Applications are below prior month, forecast, prior year and budget.
 
	
											
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	App Units
	 
	Current
Month
	 
	Prior
Month
	 
	Prior Year
Month
	 
	Forecast
Month
	 
	Budget
Month

	 
	 
	 
	 
	 
	 

	1st Mtg
	 
	15,757
	 
	19,903
	 
	20,032
	 
	17,092
	 
	19,642

	HELOCs
	 
	2,830
	 
	3,443
	 
	2,495
	 
	3,226
	 
	1,967




Closings are below prior month, prior year and budget, but above forecast.
 
	
											
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Closing Units
	 
	Current
Month
	 
	Prior
Month
	 
	Prior Year
Month
	 
	Forecast
Month
	 
	Budget
Month

	 
	 
	 
	 
	 
	 

	1st Mtg
	 
	15,529
	 
	16,296
	 
	20,906
	 
	14,229
	 
	18,656

	HELOCs
	 
	3,094
	 
	3,168
	 
	2,586
	 
	2,831
	 
	2,228




*CONFIDENTIAL are above prior month, prior year, forecast and budget.
 
	
											
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	Current
Month
	 
	Prior
Month
	 
	Prior Year
Month
	 
	Forecast
Month
	 
	Budget
Month

	 
	 
	 
	 
	 
	 

	Brands
	 
	18.1
	 
	16.2
	 
	15.8
	 
	16.2
	 
	17.6

	LOGOS
	 
	15.6
	 
	15.1
	 
	16.2
	 
	19.0
	 
	18.3




 


	
		
	*
	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.






Confidential Treatment


Brands penetration rates are as follow (one month lag):
 
	
							
	 
	 
	 
	 
	 
	 
	 

	Brands % Penetration
	 
	November
Month
	 
	October
Month
	 
	Prior Year
November

	 
	 
	 
	 

	NRT
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL

	Brands
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL

	Total
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL











7






Service levels (“I would recommend”) are flat to last month at a four-year high!
 
	
							
	 
	 
	 
	 
	 
	 
	 

	IWR %
	 
	Current
Month
	 
	Prior
Month
	 
	Prior Year
Month

	 
	 
	 
	 

	Company
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL

	HELOCS
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL




 


	
		
	*
	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.







8







 



9






	
		
	*
	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.







10









 



11






	
		
	*
	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.







12






Confidential Treatment


KEY STATISTICS
FORECAST 2003/2004
 
	
																																																										
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	Dec-04 
Actual
	 
	 
	Dec-04 
Forecast
	 
	 
	Variance 
$
	 
	 
	Variance 
%
	 
	 
	Full Year 
2004
	 
	 
	Full Year 
2003
	 
	 
	Full Year 
2002
	 
	 
	Variance 
$
	 
	Variance 
%
	 
	 
	 
	FY Budget 
2004
	 
	 
	Variance 
$
	 
	Variance 
%
	 

	Leads (units):
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	16,235
	

	 
	 
	 
	18,632
	

	 
	 
	 
	(2,397
	

	)
	 
	-12.9
	%
	 
	 
	324,947
	

	 
	 
	 
	381,586
	

	 
	 
	 
	405,284
	

	 
	 
	 
	(23,698
	

	)
	 
	-5.8
	%
	 
	 
	382,129
	

	 
	 
	 
	(57,182
	

	)
	 
	-17.6
	%

	*CONFIDENTIAL
	 
	 
	12,867
	

	 
	 
	 
	14,227
	

	 
	 
	 
	(1,360
	

	)
	 
	-9.6
	%
	 
	 
	288,964
	

	 
	 
	 
	541,787
	

	 
	 
	 
	492,573
	

	 
	 
	 
	49,214
	

	 
	 
	10.0
	%
	 
	 
	366,308
	

	 
	 
	 
	(77,344
	

	)
	 
	-26.8
	%

	*CONFIDENTIAL
	 
	 
	3,206
	

	 
	 
	 
	3,725
	

	 
	 
	 
	(519
	

	)
	 
	-13.9
	%
	 
	 
	70,032
	

	 
	 
	 
	125,267
	

	 
	 
	 
	119,307
	

	 
	 
	 
	5,960
	

	 
	 
	5.0
	%
	 
	 
	106,787
	

	 
	 
	 
	(36,755
	

	)
	 
	-52.5
	%

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	32,308
	

	 
	 
	 
	36,584
	

	 
	 
	 
	(4,276
	

	)
	 
	-11.7
	%
	 
	 
	683,943
	

	 
	 
	 
	1,048,640
	

	 
	 
	 
	1,017,164
	

	 
	 
	 
	31,476
	

	 
	 
	3.1
	%
	 
	 
	855,224
	

	 
	 
	 
	(171,281
	

	)
	 
	-25.0
	%

	*CONFIDENTIAL
	 
	 
	3,975
	

	 
	 
	 
	4,900
	

	 
	 
	 
	(925
	

	)
	 
	-18.9
	%
	 
	 
	78,444
	

	 
	 
	 
	49,034
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	0.0
	%
	 
	 
	89,394
	

	 
	 
	 
	(10,950
	

	)
	 
	-14.0
	%

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Leads
	 
	 
	36,283
	

	 
	 
	 
	41,484
	

	 
	 
	 
	(5,201
	

	)
	 
	-12.5
	%
	 
	 
	762,387
	

	 
	 
	 
	1,097,674
	

	 
	 
	 
	1,017,164
	

	 
	 
	 
	31,476
	

	 
	 
	3.1
	%
	 
	 
	944,618
	

	 
	 
	 
	(182,231
	

	)
	 
	-23.9
	%

	Applications (units):
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	7,942
	

	 
	 
	 
	8,567
	

	 
	 
	 
	(625
	

	)
	 
	-7.3
	%
	 
	 
	176,188
	

	 
	 
	 
	288,997
	

	 
	 
	 
	271,033
	

	 
	 
	 
	17,964
	

	 
	 
	6.6
	%
	 
	 
	221,124
	

	 
	 
	 
	(44,936
	

	)
	 
	-25.5
	%

	*CONFIDENTIAL
	 
	 
	637
	

	 
	 
	 
	742
	

	 
	 
	 
	(105
	

	)
	 
	-14.2
	%
	 
	 
	28,150
	

	 
	 
	 
	54,678
	

	 
	 
	 
	22,336
	

	 
	 
	 
	32,342
	

	 
	 
	144.8
	%
	 
	 
	30,012
	

	 
	 
	 
	(1,862
	

	)
	 
	-6.6
	%

	*CONFIDENTIAL
	 
	 
	2,971
	

	 
	 
	 
	3,139
	

	 
	 
	 
	(168
	

	)
	 
	-5.4
	%
	 
	 
	55,030
	

	 
	 
	 
	74,896
	

	 
	 
	 
	65,818
	

	 
	 
	 
	9,078
	

	 
	 
	13.8
	%
	 
	 
	42,778
	

	 
	 
	 
	12,252
	

	 
	 
	22.3
	%

	*CONFIDENTIAL
	 
	 
	2,411
	

	 
	 
	 
	2,677
	

	 
	 
	 
	(266
	

	)
	 
	-9.9
	%
	 
	 
	43,624
	

	 
	 
	 
	47,254
	

	 
	 
	 
	39,621
	

	 
	 
	 
	7,633
	

	 
	 
	19.3
	%
	 
	 
	46,384
	

	 
	 
	 
	(2,760
	

	)
	 
	-6.3
	%

	*CONFIDENTIAL
	 
	 
	1,796
	

	 
	 
	 
	1,967
	

	 
	 
	 
	(171
	

	)
	 
	-8.7
	%
	 
	 
	40,021
	

	 
	 
	 
	73,413
	

	 
	 
	 
	73,388
	

	 
	 
	 
	25
	

	 
	 
	0.0
	%
	 
	 
	60,492
	

	 
	 
	 
	(20,471
	

	)
	 
	-51.1
	%

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	15,757
	

	 
	 
	 
	17,092
	

	 
	 
	 
	(1,335
	

	)
	 
	-7.8
	%
	 
	 
	343,013
	

	 
	 
	 
	539,238
	

	 
	 
	 
	472,196
	

	 
	 
	 
	67,042
	

	 
	 
	14.2
	%
	 
	 
	400,790
	

	 
	 
	 
	(57,777
	

	)
	 
	-16.8
	%

	*CONFIDENTIAL
	 
	 
	2,830
	

	 
	 
	 
	3,226
	

	 
	 
	 
	(396
	

	)
	 
	-12.3
	%
	 
	 
	53,413
	

	 
	 
	 
	41,241
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	0.0
	%
	 
	 
	53,760
	

	 
	 
	 
	(347
	

	)
	 
	-0.6
	%

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Apps (units)
	 
	 
	18,587
	

	 
	 
	 
	20,318
	

	 
	 
	 
	(1,731
	

	)
	 
	-8.5
	%
	 
	 
	396,426
	

	 
	 
	 
	580,479
	

	 
	 
	 
	472,196
	

	 
	 
	 
	67,042
	

	 
	 
	14.2
	%
	 
	 
	454,550
	

	 
	 
	 
	(58,124
	

	)
	 
	-14.7
	%

	Applications ($):
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 





13






	
																																																										
	*CONFIDENTIAL
	 
	 
	1,347,556
	

	 
	 
	 
	1,373,007
	

	 
	 
	$
	(25,451
	

	)
	 
	-1.9
	%
	 
	$
	29,092,405
	

	 
	 
	 
	44,652,399
	

	 
	 
	 
	40,857,344
	

	 
	 
	$
	3,795,055
	

	 
	 
	9.3
	%
	 
	 
	33,514,395
	

	 
	 
	 
	(4,421,990
	

	)
	 
	-15.2
	%

	*CONFIDENTIAL
	 
	 
	125,840
	

	 
	 
	 
	152,341
	

	 
	 
	 
	(26,501
	

	)
	 
	-17.4
	%
	 
	 
	5,457,929
	

	 
	 
	 
	9,725,976
	

	 
	 
	 
	3,221,124
	

	 
	 
	 
	6,504,852
	

	 
	 
	201.9
	%
	 
	 
	5,577,187
	

	 
	 
	 
	(119,258
	

	)
	 
	-2.2
	%

	*CONFIDENTIAL
	 
	 
	575,736
	

	 
	 
	 
	541,227
	

	 
	 
	 
	34,509
	

	 
	 
	6.4
	%
	 
	 
	9,309,344
	

	 
	 
	 
	11,064,599
	

	 
	 
	 
	9,424,510
	

	 
	 
	 
	1,640,089
	

	 
	 
	17.4
	%
	 
	 
	6,310,510
	

	 
	 
	 
	2,998,834
	

	 
	 
	32.2
	%

	*CONFIDENTIAL
	 
	 
	669,912
	

	 
	 
	 
	720,789
	

	 
	 
	 
	(50,877
	

	)
	 
	-7.1
	%
	 
	 
	11,467,264
	

	 
	 
	 
	11,377,930
	

	 
	 
	 
	9,440,445
	

	 
	 
	 
	1,937,486
	

	 
	 
	20.5
	%
	 
	 
	10,928,862
	

	 
	 
	 
	538,402
	

	 
	 
	4.7
	%

	*CONFIDENTIAL
	 
	 
	675,555
	

	 
	 
	 
	688,380
	

	 
	 
	 
	(12,826
	

	)
	 
	-1.9
	%
	 
	 
	14,698,781
	

	 
	 
	 
	22,952,098
	

	 
	 
	 
	24,968,856
	

	 
	 
	 
	(2,016,758
	

	)
	 
	-8.1
	%
	 
	 
	20,469,578
	

	 
	 
	 
	(5,772,797
	

	)
	 
	-39.3
	%

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	$
	3,394,599
	

	 
	 
	$
	3,475,745
	

	 
	 
	$
	(81,146
	

	)
	 
	-2.3
	%
	 
	$
	70,023,723
	

	 
	 
	$
	99,773,002
	

	 
	 
	$
	87,912,279
	

	 
	 
	$
	11,860,723
	

	 
	 
	13.5
	%
	 
	$
	76,800,532
	

	 
	 
	$
	(6,776,809
	

	)
	 
	-9.7
	%

	*CONFIDENTIAL
	 
	 
	334,504
	

	 
	 
	 
	345,583
	

	 
	 
	$
	(11,078
	

	)
	 
	-3.2
	%
	 
	 
	5,480,346
	

	 
	 
	 
	4,356,141
	

	 
	 
	$
	0
	

	 
	 
	$
	0
	

	 
	 
	0.0
	%
	 
	$
	5,271,039
	

	 
	 
	$
	209,307
	

	 
	 
	3.8
	%

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Apps
	 
	$
	3,729,103
	

	 
	 
	$
	3,821,328
	

	 
	 
	$
	(92,225
	

	)
	 
	-2.4
	%
	 
	$
	75,504,069
	

	 
	 
	$
	104,129,143
	

	 
	 
	$
	87,912,279
	

	 
	 
	$
	11,860,723
	

	 
	 
	13.5
	%
	 
	$
	82,071,571
	

	 
	 
	$
	(6,567,502
	

	)
	 
	-8.7
	%

	Closings (units):
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	7,603
	

	 
	 
	 
	7,037
	

	 
	 
	 
	566
	

	 
	 
	8.0
	%
	 
	 
	116,755
	

	 
	 
	 
	227,024
	

	 
	 
	 
	173,347
	

	 
	 
	 
	53,677
	

	 
	 
	31.0
	%
	 
	 
	145,554
	

	 
	 
	 
	(28,799
	

	)
	 
	-24.7
	%

	*CONFIDENTIAL
	 
	 
	610
	

	 
	 
	 
	603
	

	 
	 
	 
	7
	

	 
	 
	1.1
	%
	 
	 
	16,847
	

	 
	 
	 
	35,324
	

	 
	 
	 
	10,368
	

	 
	 
	 
	24,956
	

	 
	 
	240.7
	%
	 
	 
	21,475
	

	 
	 
	 
	(4,628
	

	)
	 
	-27.5
	%

	*CONFIDENTIAL
	 
	 
	2,755
	

	 
	 
	 
	2,518
	

	 
	 
	 
	237
	

	 
	 
	9.4
	%
	 
	 
	38,118
	

	 
	 
	 
	60,405
	

	 
	 
	 
	42,043
	

	 
	 
	 
	18,362
	

	 
	 
	43.7
	%
	 
	 
	28,096
	

	 
	 
	 
	10,022
	

	 
	 
	26.3
	%

	*CONFIDENTIAL
	 
	 
	2,553
	

	 
	 
	 
	2,435
	

	 
	 
	 
	118
	

	 
	 
	4.8
	%
	 
	 
	35,073
	

	 
	 
	 
	42,001
	

	 
	 
	 
	32,199
	

	 
	 
	 
	9,802
	

	 
	 
	30.4
	%
	 
	 
	34,982
	

	 
	 
	 
	91
	

	 
	 
	0.3
	%

	*CONFIDENTIAL
	 
	 
	2,008
	

	 
	 
	 
	1,635
	

	 
	 
	 
	373
	

	 
	 
	22.8
	%
	 
	 
	31,734
	

	 
	 
	 
	71,141
	

	 
	 
	 
	55,044
	

	 
	 
	 
	16,097
	

	 
	 
	29.2
	%
	 
	 
	46,339
	

	 
	 
	 
	(14,605
	

	)
	 
	-46.0
	%

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	15,529
	

	 
	 
	 
	14,229
	

	 
	 
	 
	1,300
	

	 
	 
	9.1
	%
	 
	 
	238,527
	

	 
	 
	 
	435,895
	

	 
	 
	 
	313,001
	

	 
	 
	 
	122,894
	

	 
	 
	39.3
	%
	 
	 
	276,447
	

	 
	 
	 
	(37,920
	

	)
	 
	-15.9
	%

	*CONFIDENTIAL
	 
	 
	3,094
	

	 
	 
	 
	2,831
	

	 
	 
	 
	263
	

	 
	 
	9.3
	%
	 
	 
	39,375
	

	 
	 
	 
	31,692
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	0.0
	%
	 
	 
	43,202
	

	 
	 
	 
	(3,827
	

	)
	 
	-9.7
	%

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Closings (units)
	 
	 
	18,623
	

	 
	 
	 
	17,060
	

	 
	 
	 
	1,563
	

	 
	 
	9.2
	%
	 
	 
	277,902
	

	 
	 
	 
	467,587
	

	 
	 
	 
	313,001
	

	 
	 
	 
	122,894
	

	 
	 
	39.3
	%
	 
	 
	319,649
	

	 
	 
	 
	(41,747
	

	)
	 
	-15.0
	%

	Closings ($):
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	1,277,465
	

	 
	 
	 
	1,152,048
	

	 
	 
	$
	125,417
	

	 
	 
	10.9
	%
	 
	$
	18,937,331
	

	 
	 
	 
	35,125,673
	

	 
	 
	 
	25,738,538
	

	 
	 
	$
	9,387,134
	

	 
	 
	36.5
	%
	 
	 
	21,934,612
	

	 
	 
	 
	(2,997,281
	

	)
	 
	-15.8
	%

	*CONFIDENTIAL
	 
	 
	130,953
	

	 
	 
	 
	117,977
	

	 
	 
	 
	12,976
	

	 
	 
	11.0
	%
	 
	 
	3,341,295
	

	 
	 
	 
	6,120,948
	

	 
	 
	 
	1,449,329
	

	 
	 
	 
	4,671,620
	

	 
	 
	322.3
	%
	 
	 
	4,040,864
	

	 
	 
	 
	(699,570
	

	)
	 
	-20.9
	%

	*CONFIDENTIAL
	 
	 
	494,501
	

	 
	 
	 
	498,967
	

	 
	 
	 
	(4,466
	

	)
	 
	-0.9
	%
	 
	 
	6,253,287
	

	 
	 
	 
	8,700,730
	

	 
	 
	 
	5,935,380
	

	 
	 
	 
	2,765,349
	

	 
	 
	46.6
	%
	 
	 
	4,183,061
	

	 
	 
	 
	2,070,226
	

	 
	 
	33.1
	%

	*CONFIDENTIAL
	 
	 
	663,775
	

	 
	 
	 
	640,968
	

	 
	 
	 
	22,807
	

	 
	 
	3.6
	%
	 
	 
	8,942,545
	

	 
	 
	 
	9,799,654
	

	 
	 
	 
	7,425,673
	

	 
	 
	 
	2,373,981
	

	 
	 
	32.0
	%
	 
	 
	8,181,141
	

	 
	 
	 
	761,404
	

	 
	 
	8.5
	%

	*CONFIDENTIAL
	 
	 
	743,713
	

	 
	 
	 
	622,669
	

	 
	 
	 
	121,044
	

	 
	 
	19.4
	%
	 
	 
	11,100,459
	

	 
	 
	 
	20,861,549
	

	 
	 
	 
	18,731,395
	

	 
	 
	 
	2,130,154
	

	 
	 
	11.4
	%
	 
	 
	15,556,595
	

	 
	 
	 
	(4,456,136
	

	)
	 
	-40.1
	%

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	$
	3,310,407
	

	 
	 
	$
	3,032,629
	

	 
	 
	$
	277,779
	

	 
	 
	9.2
	%
	 
	$
	48,574,917
	

	 
	 
	 
	80,608,554
	

	 
	 
	$
	59,280,315
	

	 
	 
	$
	21,328,239
	

	 
	 
	36.0
	%
	 
	 
	53,896,273
	

	 
	 
	$
	(5,321,357
	

	)
	 
	-11.0
	%

	*CONFIDENTIAL
	 
	 
	346,054
	

	 
	 
	 
	301,017
	

	 
	 
	$
	45,036
	

	 
	 
	15.0
	%
	 
	 
	3,977,526
	

	 
	 
	 
	3,092,747
	

	 
	 
	$
	0
	

	 
	 
	$
	0
	

	 
	 
	0.0
	%
	 
	$
	4,126,391
	

	 
	 
	$
	(148,865
	

	)
	 
	-3.7
	%

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Closings
	 
	$
	3,656,461
	

	 
	 
	$
	3,333,646
	

	 
	 
	$
	322,815
	

	 
	 
	9.7
	%
	 
	$
	52,552,443
	

	 
	 
	 
	83,701,301
	

	 
	 
	$
	59,280,315
	

	 
	 
	$
	21,328,239
	

	 
	 
	36.0
	%
	 
	$
	58,022,664
	

	 
	 
	$
	(5,470,222
	

	)
	 
	-10.4
	%

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Saleable
	 
	$
	2,247,168
	

	 
	 
	 
	2,058,402
	

	 
	 
	$
	188,766
	

	 
	 
	9.2
	%
	 
	$
	32,247,680
	

	 
	 
	$
	60,191,252
	

	 
	 
	$
	38,457,537
	

	 
	 
	$
	21,733,715
	

	 
	 
	56.5
	%
	 
	$
	34,199,285
	

	 
	 
	$
	(1,951,604
	

	)
	 
	-6.1
	%

	Non-Saleable
	 
	 
	1,409,293
	

	 
	 
	 
	1,275,244
	

	 
	 
	 
	134,049
	

	 
	 
	10.5
	%
	 
	 
	20,304,762
	

	 
	 
	 
	23,510,049
	

	 
	 
	 
	20,822,778
	

	 
	 
	 
	2,687,271
	

	 
	 
	12.9
	%
	 
	 
	23,823,380
	

	 
	 
	 
	(3,518,617
	

	)
	 
	-17.3
	%

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	$
	3,656,461
	

	 
	 
	$
	3,333,646
	

	 
	 
	$
	322,815
	

	 
	 
	9.7
	%
	 
	$
	52,552,443
	

	 
	 
	$
	83,701,301
	

	 
	 
	$
	59,280,315
	

	 
	 
	$
	24,420,986
	

	 
	 
	41.2
	%
	 
	$
	58,022,664
	

	 
	 
	$
	(5,470,222
	

	)
	 
	-10.4
	%





14






	
																																																										
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Closings Refi %
	 
	 
	37
	

	%
	 
	 
	19
	

	%
	 
	 
	17
	

	%
	 
	89.5
	%
	 
	 
	37
	

	%
	 
	 
	60
	

	%
	 
	 
	52
	

	%
	 
	 
	9
	

	%
	 
	17.0
	%
	 
	 
	24
	

	%
	 
	 
	13
	

	%
	 
	35.1
	%

	*CONFIDENTIAL
	 
	 
	18.10
	

	%
	 
	 
	18.98
	

	%
	 
	 
	0.88
	

	%
	 
	-4.64
	%
	 
	 
	15.45
	

	%
	 
	 
	16.19
	

	%
	 
	 
	18.10
	

	%
	 
	 
	-1.92
	

	%
	 
	-10.59
	%
	 
	 
	17.94
	

	%
	 
	 
	-2.49
	

	%
	 
	-16.13
	%

	*CONFIDENTIAL
	 
	 
	15.63
	

	%
	 
	 
	16.21
	

	%
	 
	 
	-0.58
	

	%
	 
	-3.55
	%
	 
	 
	14.75
	

	%
	 
	 
	15.18
	

	%
	 
	 
	15.22
	

	%
	 
	 
	-0.04
	

	%
	 
	-0.26
	%
	 
	 
	16.51
	

	%
	 
	 
	-1.76
	

	%
	 
	-11.95
	%

	Servicing Portfolio
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	$
	142,888,284
	

	 
	 
	$
	142,530,435
	

	 
	 
	$
	357,849
	

	 
	 
	0.3
	%
	 
	$
	142,888,284
	

	 
	 
	$
	131,965,265
	

	 
	 
	$
	114,073,931
	

	 
	 
	$
	17,891,334
	

	 
	 
	15.7
	%
	 
	$
	153,922,171
	

	 
	 
	$
	(11,033,887
	

	)
	 
	-7.7
	%

	*CONFIDENTIAL
	 
	 
	142,755,821
	

	 
	 
	 
	141,585,314
	

	 
	 
	 
	1,170,507
	

	 
	 
	0.8
	%
	 
	 
	137,880,566
	

	 
	 
	 
	122,828,284
	

	 
	 
	 
	105,781,000
	

	 
	 
	 
	17,047,284
	

	 
	 
	16.1
	%
	 
	 
	141,092,316
	

	 
	 
	 
	(3,211,749
	

	)
	 
	-2.3
	%

	*CONFIDENTIAL
	 
	 
	1,607,838
	

	 
	 
	 
	1,713,731
	

	 
	 
	 
	(105,894
	

	)
	 
	-6.2
	%
	 
	 
	1,607,838
	

	 
	 
	 
	1,640,589
	

	 
	 
	 
	1,380,004
	

	 
	 
	 
	260,585
	

	 
	 
	18.9
	%
	 
	 
	1,730,326
	

	 
	 
	 
	(122,487
	

	)
	 
	-7.6
	%

	*CONFIDENTIAL
	 
	 
	113
	

	 
	 
	 
	120
	

	 
	 
	 
	(8
	

	)
	 
	-6.4
	%
	 
	 
	113
	

	 
	 
	 
	124
	

	 
	 
	 
	121
	

	 
	 
	 
	3
	

	 
	 
	2.8
	%
	 
	 
	112
	

	 
	 
	 
	0
	

	 
	 
	0.1
	%

	*CONFIDENTIAL
	 
	 
	(14,042
	

	)
	 
	 
	(14,500
	

	)
	 
	 
	458
	

	 
	 
	-3.2
	%
	 
	 
	(182,781
	

	)
	 
	 
	(342,300
	

	)
	 
	 
	(215,769
	

	)
	 
	 
	(126,531
	

	)
	 
	58.6
	%
	 
	 
	(147,021
	

	)
	 
	 
	(35,760
	

	)
	 
	19.6
	%

	EBITDA:
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	$
	5,701,480
	

	 
	 
	$
	4,032,657
	

	 
	 
	$
	1,668,824
	

	 
	 
	41.4
	%
	 
	$
	83,730,405
	

	 
	 
	$
	687,354,619
	

	 
	 
	$
	430,576,491
	

	 
	 
	$
	258,778,128
	

	 
	 
	59.6
	%
	 
	$
	145,980,402
	

	 
	 
	$
	(62,249,997
	

	)
	 
	-74.3
	%

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	(11,294,216
	

	)
	 
	 
	9,901,499
	

	 
	 
	 
	(21,195,714
	

	)
	 
	-214.1
	%
	 
	 
	16,148,434
	

	 
	 
	 
	(385,458,049
	

	)
	 
	 
	(463,167,106
	

	)
	 
	 
	77,709,057
	

	 
	 
	16.8
	%
	 
	 
	54,077,801
	

	 
	 
	 
	(37,929,367
	

	)
	 
	-234.9
	%

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total
	 
	$
	(5,592,735
	

	)
	 
	$
	13,934,155
	

	 
	 
	$
	(19,526,891
	

	)
	 
	-140.1
	%
	 
	$
	99,878,839
	

	 
	 
	$
	301,896,570
	

	 
	 
	$
	(32,590,615
	

	)
	 
	$
	334,487,185
	

	 
	 
	1026.3
	%
	 
	$
	200,058,203
	

	 
	 
	$
	(100,179,364
	

	)
	 
	-100.3
	%

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	$
	2,204,779
	

	 
	 
	$
	2,119,977
	

	 
	 
	$
	84,802
	

	 
	 
	4.0
	%
	 
	$
	29,404,353
	

	 
	 
	$
	51,860,853
	

	 
	 
	$
	34,231,032
	

	 
	 
	$
	17,629,821
	

	 
	 
	51.5
	%
	 
	$
	31,421,834
	

	 
	 
	$
	(2,017,481
	

	)
	 
	-6.9
	%

	*CONFIDENTIAL
	 
	 
	227,256
	

	 
	 
	 
	185,695
	

	 
	 
	 
	41,561
	

	 
	 
	22.4
	%
	 
	 
	2,838,757
	

	 
	 
	 
	7,554,277
	

	 
	 
	 
	3,823,737
	

	 
	 
	 
	3,730,539
	

	 
	 
	97.6
	%
	 
	 
	3,009,510
	

	 
	 
	 
	(170,753
	

	)
	 
	-8.0
	%

	*CONFIDENTIAL
	 
	 
	100,757
	

	 
	 
	 
	—
	

	 
	 
	 
	100,757
	

	 
	 
	 
	 
	 
	 
	222,315
	

	 
	 
	 
	105,968
	

	 
	 
	 
	—
	

	 
	 
	 
	105,968
	

	 
	 
	 
	 
	 
	 
	—
	

	 
	 
	 
	222,315
	

	 
	 
	100.0
	%

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Loans Sold (UPB) - Total
	 
	$
	2,532,791
	

	 
	 
	$
	2,305,672
	

	 
	 
	$
	227,120
	

	 
	 
	9.9
	%
	 
	$
	32,465,425
	

	 
	 
	$
	59,521,099
	

	 
	 
	$
	38,054,770
	

	 
	 
	$
	21,466,329
	

	 
	 
	56.4
	%
	 
	$
	34,431,344
	

	 
	 
	$
	(1,965,919
	

	)
	 
	-6.1
	%

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	114
	

	 
	 
	 
	132
	

	 
	 
	 
	(18
	

	)
	 
	-13.4
	%
	 
	 
	125
	

	 
	 
	 
	140
	

	 
	 
	 
	182
	

	 
	 
	 
	(42
	

	)
	 
	-23.2
	%
	 
	 
	143
	

	 
	 
	 
	(19
	

	)
	 
	-14.8
	%

	*CONFIDENTIAL
	 
	 
	11
	

	 
	 
	 
	19
	

	 
	 
	 
	(8
	

	)
	 
	-40.0
	%
	 
	 
	13
	

	 
	 
	 
	21
	

	 
	 
	 
	39
	

	 
	 
	 
	(18
	

	)
	 
	-45.1
	%
	 
	 
	26
	

	 
	 
	 
	(13
	

	)
	 
	-102.7
	%

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	126
	

	 
	 
	 
	151
	

	 
	 
	 
	(25
	

	)
	 
	-16.8
	%
	 
	 
	138
	

	 
	 
	 
	161
	

	 
	 
	 
	221
	

	 
	 
	 
	(60
	

	)
	 
	-27.0
	%
	 
	 
	170
	

	 
	 
	 
	(32
	

	)
	 
	-23.1
	%

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Margin (BP)
	 
	 
	*CONFIDENTIAL
	 
	 
	 
	*CONFIDENTIAL
	 
	 
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	 
	 
	*CONFIDENTIAL
	 
	 
	 
	*CONFIDENTIAL
	 
	 
	 
	*CONFIDENTIAL
	 
	 
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	 
	 
	*CONFIDENTIAL
	 
	 
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 

	Fee Income (BP)
	 
	 
	*CONFIDENTIAL
	 
	 
	 
	*CONFIDENTIAL
	 
	 
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	 
	 
	*CONFIDENTIAL
	 
	 
	 
	*CONFIDENTIAL
	 
	 
	 
	*CONFIDENTIAL
	 
	 
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	 
	 
	*CONFIDENTIAL
	 
	 
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 





15






	
																																																										
	Capitalized Servicing (BP)
	 
	 
	*CONFIDENTIAL
	 
	 
	 
	*CONFIDENTIAL
	 
	 
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	 
	 
	*CONFIDENTIAL
	 
	 
	 
	*CONFIDENTIAL
	 
	 
	 
	*CONFIDENTIAL
	 
	 
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	 
	 
	*CONFIDENTIAL
	 
	 
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 

	Gross Prod. Rev. (BP)
	 
	 
	*CONFIDENTIAL
	 
	 
	 
	*CONFIDENTIAL
	 
	 
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	 
	 
	*CONFIDENTIAL
	 
	 
	 
	*CONFIDENTIAL
	 
	 
	 
	*CONFIDENTIAL
	 
	 
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	 
	 
	*CONFIDENTIAL
	 
	 
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 




 


	
		
	*
	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.







16








Confidential Treatment


CENDANT MORTGAGE
KEY STATISTICS
FORECAST 2004
 
	
																																																					
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	Jan-04
	 
	Feb-04
	 
	Mar-04
	 
	Apr-04
	 
	May-04
	 
	Jun-04
	 
	Jul-04
	 
	Aug-04
	 
	Sep-04
	 
	Oct-04
	 
	Nov-04
	 
	Dec-04
	 
	Total 2004
	 

	Leads (units):
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	26,957
	

	 
	 
	29,031
	

	 
	 
	36,054
	

	 
	 
	33,470
	

	 
	 
	29,107
	

	 
	 
	29,707
	

	 
	 
	27,745
	

	 
	 
	27,543
	

	 
	 
	24,446
	

	 
	 
	24,060
	

	 
	 
	20,592
	

	 
	 
	16,235
	

	 
	 
	324,947
	

	 

	*CONFIDENTIAL
	 
	30,501
	

	 
	 
	30,567
	

	 
	 
	40,992
	

	 
	 
	32,180
	

	 
	 
	26,284
	

	 
	 
	24,340
	

	 
	 
	20,449
	

	 
	 
	19,958
	

	 
	 
	18,121
	

	 
	 
	16,781
	

	 
	 
	15,924
	

	 
	 
	12,867
	

	 
	 
	288,964
	

	 

	*CONFIDENTIAL
	 
	6,492
	

	 
	 
	7,022
	

	 
	 
	10,753
	

	 
	 
	7,609
	

	 
	 
	6,113
	

	 
	 
	5,925
	

	 
	 
	5,192
	

	 
	 
	4,955
	

	 
	 
	4,512
	

	 
	 
	4,174
	

	 
	 
	4,079
	

	 
	 
	3,206
	

	 
	 
	70,032
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	63,950
	

	 
	 
	66,620
	

	 
	 
	87,799
	

	 
	 
	73,259
	

	 
	 
	61,504
	

	 
	 
	59,972
	

	 
	 
	53,386
	

	 
	 
	52,456
	

	 
	 
	47,079
	

	 
	 
	45,015
	

	 
	 
	40,595
	

	 
	 
	32,308
	

	 
	 
	683,943
	

	 

	*CONFIDENTIAL
	 
	7,649
	

	 
	 
	7,127
	

	 
	 
	7,200
	

	 
	 
	6,123
	

	 
	 
	6,610
	

	 
	 
	8,253
	

	 
	 
	6,648
	

	 
	 
	7,515
	

	 
	 
	6,372
	

	 
	 
	5,736
	

	 
	 
	5,236
	

	 
	 
	3,975
	

	 
	 
	78,444
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Leads
	 
	71,599
	

	 
	 
	73,747
	

	 
	 
	94,999
	

	 
	 
	79,382
	

	 
	 
	68,114
	

	 
	 
	68,225
	

	 
	 
	60,034
	

	 
	 
	59,971
	

	 
	 
	53,451
	

	 
	 
	50,751
	

	 
	 
	45,831
	

	 
	 
	36,283
	

	 
	 
	762,387
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Applications (units):
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	15,856
	

	 
	 
	16,586
	

	 
	 
	23,293
	

	 
	 
	18,358
	

	 
	 
	16,336
	

	 
	 
	16,425
	

	 
	 
	13,956
	

	 
	 
	13,758
	

	 
	 
	11,941
	

	 
	 
	11,613
	

	 
	 
	10,124
	

	 
	 
	7,942
	

	 
	 
	176,188
	

	 

	*CONFIDENTIAL
	 
	3,031
	

	 
	 
	3,271
	

	 
	 
	4,708
	

	 
	 
	3,570
	

	 
	 
	3,024
	

	 
	 
	3,016
	

	 
	 
	2,257
	

	 
	 
	1,674
	

	 
	 
	1,076
	

	 
	 
	1,040
	

	 
	 
	846
	

	 
	 
	637
	

	 
	 
	28,150
	

	 

	*CONFIDENTIAL
	 
	3,657
	

	 
	 
	3,849
	

	 
	 
	7,743
	

	 
	 
	6,258
	

	 
	 
	4,601
	

	 
	 
	5,347
	

	 
	 
	5,389
	

	 
	 
	4,369
	

	 
	 
	3,773
	

	 
	 
	3,472
	

	 
	 
	3,601
	

	 
	 
	2,971
	

	 
	 
	55,030
	

	 

	*CONFIDENTIAL
	 
	3,024
	

	 
	 
	3,752
	

	 
	 
	5,523
	

	 
	 
	4,570
	

	 
	 
	3,898
	

	 
	 
	3,985
	

	 
	 
	3,417
	

	 
	 
	3,508
	

	 
	 
	3,315
	

	 
	 
	3,200
	

	 
	 
	3,021
	

	 
	 
	2,411
	

	 
	 
	43,624
	

	 

	*CONFIDENTIAL
	 
	3,409
	

	 
	 
	4,131
	

	 
	 
	6,181
	

	 
	 
	4,434
	

	 
	 
	3,460
	

	 
	 
	3,437
	

	 
	 
	3,034
	

	 
	 
	2,879
	

	 
	 
	2,639
	

	 
	 
	2,310
	

	 
	 
	2,311
	

	 
	 
	1,796
	

	 
	 
	40,021
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	28,977
	

	 
	 
	31,589
	

	 
	 
	47,448
	

	 
	 
	37,190
	

	 
	 
	31,319
	

	 
	 
	32,210
	

	 
	 
	28,053
	

	 
	 
	26,188
	

	 
	 
	22,744
	

	 
	 
	21,635
	

	 
	 
	19,903
	

	 
	 
	15,757
	

	 
	 
	343,013
	

	 

	*CONFIDENTIAL
	 
	4,095
	

	 
	 
	4,939
	

	 
	 
	5,227
	

	 
	 
	4,745
	

	 
	 
	4,989
	

	 
	 
	5,414
	

	 
	 
	4,480
	

	 
	 
	4,852
	

	 
	 
	4,378
	

	 
	 
	4,021
	

	 
	 
	3,443
	

	 
	 
	2,830
	

	 
	 
	53,413
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 





17






	
																																																					
	  Total Apps (units)
	 
	33,072
	

	 
	 
	36,528
	

	 
	 
	52,675
	

	 
	 
	41,935
	

	 
	 
	36,308
	

	 
	 
	37,624
	

	 
	 
	32,533
	

	 
	 
	31,040
	

	 
	 
	27,122
	

	 
	 
	25,656
	

	 
	 
	23,346
	

	 
	 
	18,587
	

	 
	 
	396,426
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Applications ($):
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	$
	2,513,232
	

	 
	$
	2,696,357
	

	 
	$
	3,888,425
	

	 
	$
	3,100,199
	

	 
	$
	2,730,458
	

	 
	$
	2,713,001
	

	 
	$
	2,257,460
	

	 
	$
	2,227,559
	

	 
	$
	1,996,974
	

	 
	$
	1,923,738
	

	 
	$
	1,697,444
	

	 
	$
	1,347,556
	

	 
	$
	29,092,405
	

	 

	*CONFIDENTIAL
	 
	576,231
	

	 
	 
	625,646
	

	 
	 
	970,261
	

	 
	 
	686,156
	

	 
	 
	597,664
	

	 
	 
	598,259
	

	 
	 
	437,837
	

	 
	 
	300,727
	

	 
	 
	190,318
	

	 
	 
	187,077
	

	 
	 
	161,912
	

	 
	 
	125,840
	

	 
	 
	5,457,829
	

	 

	*CONFIDENTIAL
	 
	574,287
	

	 
	 
	598,744
	

	 
	 
	1,273,859
	

	 
	 
	1,029,244
	

	 
	 
	794,111
	

	 
	 
	892,138
	

	 
	 
	890,787
	

	 
	 
	722,107
	

	 
	 
	667,573
	

	 
	 
	622,945
	

	 
	 
	667,814
	

	 
	 
	575,736
	

	 
	 
	9,309,344
	

	 

	*CONFIDENTIAL
	 
	755,559
	

	 
	 
	978,821
	

	 
	 
	1,448,245
	

	 
	 
	1,252,443
	

	 
	 
	1,027,633
	

	 
	 
	1,021,889
	

	 
	 
	873,188
	

	 
	 
	879,087
	

	 
	 
	865,281
	

	 
	 
	890,676
	

	 
	 
	604,530
	

	 
	 
	669,912
	

	 
	 
	11,467,264
	

	 

	*CONFIDENTIAL
	 
	1,213,846
	

	 
	 
	1,497,261
	

	 
	 
	2,187,111
	

	 
	 
	1,642,244
	

	 
	 
	1,280,772
	

	 
	 
	1,275,365
	

	 
	 
	1,160,398
	

	 
	 
	1,046,605
	

	 
	 
	967,094
	

	 
	 
	866,442
	

	 
	 
	884,088
	

	 
	 
	675,555
	

	 
	 
	14,696,781
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	$
	5,633,154
	

	 
	$
	6,396,830
	

	 
	$
	9,767,901
	

	 
	$
	7,710,287
	

	 
	$
	6,430,639
	

	 
	$
	6,500,652
	

	 
	$
	5,619,670
	

	 
	$
	5,176,084
	

	 
	$
	4,687,241
	

	 
	$
	4,490,878
	

	 
	$
	4,215,788
	

	 
	$
	3,394,599
	

	 
	$
	70,023,723
	

	 

	*CONFIDENTIAL
	 
	414,734
	

	 
	 
	497,638
	

	 
	 
	528,825
	

	 
	 
	493,324
	

	 
	 
	487,475
	

	 
	 
	524,815
	

	 
	 
	460,171
	

	 
	 
	495,708
	

	 
	 
	445,035
	

	 
	 
	425,154
	

	 
	 
	371,965
	

	 
	 
	334,504
	

	 
	 
	5,480,346
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	  Total Apps
	$
	6,047,888
	

	 
	$
	6,894,467
	

	 
	$
	10,296,726
	

	 
	$
	8,203,611
	

	 
	$
	6,918,114
	

	 
	$
	7,025,466
	

	 
	$
	6,079,841
	

	 
	$
	5,671,792
	

	 
	$
	5,133,276
	

	 
	$
	4,916,032
	

	 
	$
	4,587,752
	

	 
	$
	3,729,103
	

	 
	$
	75,504,069
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Closings (units):
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	7,647
	

	 
	 
	8,280
	

	 
	 
	11,759
	

	 
	 
	12,955
	

	 
	 
	13,180
	

	 
	 
	12,322
	

	 
	 
	9,456
	

	 
	 
	9,488
	

	 
	 
	8,075
	

	 
	 
	7,815
	

	 
	 
	8,275
	

	 
	 
	7,603
	

	 
	 
	116,755
	

	 

	*CONFIDENTIAL
	 
	1,316
	

	 
	 
	1,329
	

	 
	 
	1,844
	

	 
	 
	2,140
	

	 
	 
	2,099
	

	 
	 
	1,962
	

	 
	 
	1,550
	

	 
	 
	1,424
	

	 
	 
	1,065
	

	 
	 
	826
	

	 
	 
	682
	

	 
	 
	610
	

	 
	 
	16,847
	

	 

	*CONFIDENTIAL
	 
	1,872
	

	 
	 
	1,881
	

	 
	 
	2,813
	

	 
	 
	4,165
	

	 
	 
	4,411
	

	 
	 
	4,268
	

	 
	 
	3,306
	

	 
	 
	4,006
	

	 
	 
	3,285
	

	 
	 
	2,711
	

	 
	 
	2,645
	

	 
	 
	2,755
	

	 
	 
	38,118
	

	 

	*CONFIDENTIAL
	 
	1,726
	

	 
	 
	2,105
	

	 
	 
	3,268
	

	 
	 
	3,628
	

	 
	 
	3,531
	

	 
	 
	3,741
	

	 
	 
	3,197
	

	 
	 
	3,202
	

	 
	 
	2,710
	

	 
	 
	2,692
	

	 
	 
	2,720
	

	 
	 
	2,553
	

	 
	 
	35,073
	

	 

	*CONFIDENTIAL
	 
	2,400
	

	 
	 
	2,225
	

	 
	 
	2,917
	

	 
	 
	3,260
	

	 
	 
	3,862
	

	 
	 
	4,080
	

	 
	 
	2,781
	

	 
	 
	2,358
	

	 
	 
	2,016
	

	 
	 
	1,853
	

	 
	 
	1,974
	

	 
	 
	2,008
	

	 
	 
	31,734
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	14,861
	

	 
	 
	15,820
	

	 
	 
	22,601
	

	 
	 
	26,148
	

	 
	 
	27,083
	

	 
	 
	26,373
	

	 
	 
	20,290
	

	 
	 
	20,478
	

	 
	 
	17,151
	

	 
	 
	15,897
	

	 
	 
	15,296
	

	 
	 
	15,529
	

	 
	 
	238,527
	

	 

	*CONFIDENTIAL
	 
	2,307
	

	 
	 
	2,702
	

	 
	 
	3,740
	

	 
	 
	3,795
	

	 
	 
	3,517
	

	 
	 
	3,627
	

	 
	 
	3,271
	

	 
	 
	3,484
	

	 
	 
	3,253
	

	 
	 
	3,417
	

	 
	 
	3,168
	

	 
	 
	3,094
	

	 
	 
	39,375
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	  Total Closings (units)
	 
	17,168
	

	 
	 
	18,522
	

	 
	 
	26,341
	

	 
	 
	29,943
	

	 
	 
	30,600
	

	 
	 
	30,000
	

	 
	 
	23,561
	

	 
	 
	23,962
	

	 
	 
	20,404
	

	 
	 
	19,314
	

	 
	 
	19,464
	

	 
	 
	18,623
	

	 
	 
	277,902
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Closings ($):
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	$
	1,145,529
	

	 
	$
	1,263,906
	

	 
	$
	1,847,786
	

	 
	$
	2,092,266
	

	 
	$
	2,167,817
	

	 
	$
	2,085,130
	

	 
	$
	1,567,916
	

	 
	$
	1,536,210
	

	 
	$
	1,284,162
	

	 
	$
	1,290,720
	

	 
	$
	1,378,424
	

	 
	$
	1,277,465
	

	 
	$
	18,937,331
	

	 





18






	
																																																					
	*CONFIDENTIAL
	 
	248,363
	

	 
	 
	255,100
	

	 
	 
	355,143
	

	 
	 
	426,737
	

	 
	 
	440,345
	

	 
	 
	388,872
	

	 
	 
	312,390
	

	 
	 
	285,372
	

	 
	 
	204,575
	

	 
	 
	157,792
	

	 
	 
	135,651
	

	 
	 
	130,953
	

	 
	 
	3,341,295
	

	 

	*CONFIDENTIAL
	 
	267,903
	

	 
	 
	291,490
	

	 
	 
	428,771
	

	 
	 
	675,233
	

	 
	 
	727,055
	

	 
	 
	713,896
	

	 
	 
	536,286
	

	 
	 
	648,501
	

	 
	 
	538,661
	

	 
	 
	458,137
	

	 
	 
	472,853
	

	 
	 
	494,501
	

	 
	 
	6,253,287
	

	 

	*CONFIDENTIAL
	 
	418,485
	

	 
	 
	532,187
	

	 
	 
	833,997
	

	 
	 
	936,288
	

	 
	 
	944,535
	

	 
	 
	941,972
	

	 
	 
	810,532
	

	 
	 
	805,584
	

	 
	 
	655,919
	

	 
	 
	686,535
	

	 
	 
	712,738
	

	 
	 
	663,775
	

	 
	 
	8,942,545
	

	 

	*CONFIDENTIAL
	 
	775,597
	

	 
	 
	756,798
	

	 
	 
	978,149
	

	 
	 
	1,116,640
	

	 
	 
	1,360,834
	

	 
	 
	1,508,915
	

	 
	 
	960,279
	

	 
	 
	832,660
	

	 
	 
	710,309
	

	 
	 
	647,382
	

	 
	 
	689,182
	

	 
	 
	743,713
	

	 
	 
	11,100,459
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	$
	2,855,877
	

	 
	$
	3,099,481
	

	 
	$
	4,443,846
	

	 
	$
	5,247,165
	

	 
	$
	5,660,587
	

	 
	$
	5,638,785
	

	 
	$
	4,187,403
	

	 
	$
	4,108,328
	

	 
	$
	3,393,627
	

	 
	$
	3,240,665
	

	 
	$
	3,388,847
	

	 
	$
	3,310,407
	

	 
	$
	48,574,917
	

	 

	*CONFIDENTIAL
	 
	247,992
	

	 
	 
	252,317
	

	 
	 
	351,455
	

	 
	 
	372,979
	

	 
	 
	354,398
	

	 
	 
	358,501
	

	 
	 
	314,542
	

	 
	 
	345,596
	

	 
	 
	336,160
	

	 
	 
	357,224
	

	 
	 
	340,307
	

	 
	 
	346,054
	

	 
	 
	3,977,526
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	  Total Closings
	$
	3,103,869
	

	 
	$
	3,351,797
	

	 
	$
	4,795,301
	

	 
	$
	5,620,144
	

	 
	$
	6,014,985
	

	 
	$
	5,997,286
	

	 
	$
	4,501,945
	

	 
	$
	4,453,924
	

	 
	$
	3,729,787
	

	 
	$
	3,597,790
	

	 
	$
	3,729,154
	

	 
	$
	3,656,461
	

	 
	$
	52,552,443
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Saleable
	$
	1,822,185
	

	 
	$
	1,962,448
	

	 
	$
	2,694,822
	

	 
	$
	3,612,684
	

	 
	$
	3,916,923
	

	 
	$
	3,678,130
	

	 
	$
	2,707,005
	

	 
	$
	2,706,407
	

	 
	$
	2,257,758
	

	 
	$
	2,155,495
	

	 
	$
	2,286,655
	

	 
	$
	2,247,168
	

	 
	$
	32,247,680
	

	 

	Non-Saleable
	 
	1,281,684
	

	 
	 
	1,389,349
	

	 
	 
	1,900,479
	

	 
	 
	2,007,460
	

	 
	 
	2,098,061
	

	 
	 
	2,319,156
	

	 
	 
	1,794,940
	

	 
	 
	1,747,517
	

	 
	 
	1,472,028
	

	 
	 
	1,442,295
	

	 
	 
	1,442,499
	

	 
	 
	1,409,293
	

	 
	 
	20,304,762
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	$
	3,103,869
	

	 
	$
	3,351,797
	

	 
	$
	4,795,301
	

	 
	$
	5,620,144
	

	 
	$
	6,014,985
	

	 
	$
	5,997,286
	

	 
	$
	4,501,945
	

	 
	$
	4,453,924
	

	 
	$
	3,729,787
	

	 
	$
	3,597,790
	

	 
	$
	3,729,154
	

	 
	$
	3,656,461
	

	 
	$
	52,552,443
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Closings Refi %
	 
	40
	

	%
	 
	43
	

	%
	 
	45
	

	%
	 
	46
	

	%
	 
	46
	

	%
	 
	33
	

	%
	 
	23
	

	%
	 
	25
	

	%
	 
	29
	

	%
	 
	32
	

	%
	 
	37
	

	%
	 
	37
	

	%
	 
	37
	

	%

	*CONFIDENTIAL
	 
	13.0
	

	%
	 
	13.4
	

	%
	 
	15.2
	

	%
	 
	14.1
	

	%
	 
	14.2
	

	%
	 
	17.4
	

	%
	 
	16.8
	

	%
	 
	17.2
	

	%
	 
	15.2
	

	%
	 
	14.5
	

	%
	 
	16.2
	

	%
	 
	18.1
	

	%
	 
	15.4
	

	%

	*CONFIDENTIAL
	 
	12.7
	

	%
	 
	11.6
	

	%
	 
	15.2
	

	%
	 
	15.1
	

	%
	 
	14.7
	

	%
	 
	17.1
	

	%
	 
	16.1
	

	%
	 
	15.9
	

	%
	 
	13.9
	

	%
	 
	14.0
	

	%
	 
	15.1
	

	%
	 
	15.6
	

	%
	 
	14.8
	

	%

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Servicing Portfolio
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	132,675,074
	

	 
	 
	133,060,048
	

	 
	 
	134,490,134
	

	 
	 
	135,237,386
	

	 
	 
	136,659,314
	

	 
	 
	138,590,408
	

	 
	 
	139,659,275
	

	 
	 
	140,922,899
	

	 
	 
	141,658,302
	

	 
	 
	142,117,616
	

	 
	 
	142,623,357
	

	 
	 
	142,888,284
	

	 
	 
	142,888,284
	

	 

	*CONFIDENTIAL
	 
	132,270,169
	

	 
	 
	132,533,462
	

	 
	 
	133,022,630
	

	 
	 
	133,465,581
	

	 
	 
	133,997,870
	

	 
	 
	134,653,947
	

	 
	 
	135,279,613
	

	 
	 
	135,906,645
	

	 
	 
	136,481,810
	

	 
	 
	136,994,156
	

	 
	 
	137,463,257
	

	 
	 
	137,880,566
	

	 
	 
	137,880,566
	

	 

	*CONFIDENTIAL
	 
	1,607,838
	

	 
	 
	1,557,559
	

	 
	 
	1,478,046
	

	 
	 
	1,798,200
	

	 
	 
	1,856,159
	

	 
	 
	1,854,661
	

	 
	 
	1,617,563
	

	 
	 
	1,648,925
	

	 
	 
	1,652,726
	

	 
	 
	1,585,586
	

	 
	 
	1,704,476
	

	 
	 
	1,607,838
	

	 
	 
	1,607,838
	

	 

	*CONFIDENTIAL
	 
	121
	

	 
	 
	117
	

	 
	 
	110
	

	 
	 
	133
	

	 
	 
	136
	

	 
	 
	134
	

	 
	 
	130
	

	 
	 
	117
	

	 
	 
	117
	

	 
	 
	112
	

	 
	 
	120
	

	 
	 
	113
	

	 
	 
	113
	

	 

	*CONFIDENTIAL
	 
	(10,950
	

	)
	 
	(12,695
	

	)
	 
	(17,738
	

	)
	 
	(21,818
	

	)
	 
	(19,784
	

	)
	 
	(17,043
	

	)
	 
	(14,202
	

	)
	 
	(13,611
	

	)
	 
	(12,665
	

	)
	 
	(13,070
	

	)
	 
	(13,282
	

	)
	 
	(14,042
	

	)
	 
	(180,910
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	EBITDA:
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	$
	(17,245,309
	

	)
	$
	1,501,980
	

	 
	$
	1,647,784
	

	 
	$
	35,819,692
	

	 
	$
	23,243,035
	

	 
	$
	36,985,442
	

	 
	$
	(13,202,436
	

	)
	$
	(819,355
	

	)
	$
	13,478,624
	

	 
	$
	(12,609,751
	

	)
	$
	9,229,218
	

	 
	$
	5,701,480
	

	 
	$
	83,730,405
	

	 

	*CONFIDENTIAL
	 
	12,255,335
	

	 
	 
	8,776,151
	

	 
	 
	(5,846,210
	

	)
	 
	4,923,212
	

	 
	 
	(12,240,391
	

	)
	 
	(30,351,142
	

	)
	 
	7,593,828
	

	 
	 
	8,761,757
	

	 
	 
	12,797,339
	

	 
	 
	9,739,112
	

	 
	 
	11,033,659
	

	 
	 
	(11,294,216
	

	)
	 
	16,148,434
	

	 





19






	
																																																					
	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	  Total
	$
	(4,989,974
	

	)
	$
	10,278,131
	

	 
	$
	(4,198,426
	

	)
	$
	40,742,904
	

	 
	$
	11,002,644
	

	 
	$
	6,634,300
	

	 
	$
	(5,608,608
	

	)
	$
	7,942,402
	

	 
	$
	26,275,962
	

	 
	$
	(2,870,638
	

	)
	$
	20,262,877
	

	 
	$
	(5,592,735
	

	)
	$
	99,878,839
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	$
	1,900,557
	

	 
	$
	1,816,856
	

	 
	$
	2,360,398
	

	 
	$
	2,756,771
	

	 
	$
	3,176,753
	

	 
	$
	3,371,314
	

	 
	$
	2,743,918
	

	 
	$
	2,690,582
	

	 
	$
	2,522,444
	

	 
	$
	1,833,430
	

	 
	$
	2,026,552
	

	 
	$
	2,204,779
	

	 
	$
	29,404,353
	

	 

	*CONFIDENTIAL
	 
	260,080
	

	 
	 
	131,891
	

	 
	 
	132,640
	

	 
	 
	257,463
	

	 
	 
	359,611
	

	 
	 
	450,487
	

	 
	 
	316,782
	

	 
	 
	194,800
	

	 
	 
	162,730
	

	 
	 
	152,342
	

	 
	 
	172,676
	

	 
	 
	227,256
	

	 
	 
	2,838,757
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	35,133
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	22,733
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	34,513
	

	 
	 
	29,179
	

	 
	 
	—
	

	 
	 
	100,757
	

	 
	 
	222,315
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Loans Sold (UPB) - Total
	$
	2,160,637
	

	 
	$
	1,948,746
	

	 
	$
	2,528,170
	

	 
	$
	3,014,234
	

	 
	$
	3,536,364
	

	 
	$
	3,844,634
	

	 
	$
	3,060,700
	

	 
	$
	2,885,381
	

	 
	$
	2,739,687
	

	 
	$
	2,014,951
	

	 
	$
	2,199,229
	

	 
	$
	2,532,791
	

	 
	$
	32,465,425
	

	 

	*CONFIDENTIAL
	 
	124
	

	 
	 
	116
	

	 
	 
	119
	

	 
	 
	146
	

	 
	 
	148
	

	 
	 
	135
	

	 
	 
	124
	

	 
	 
	108
	

	 
	 
	113
	

	 
	 
	109
	

	 
	 
	122
	

	 
	 
	114
	

	 
	 
	125
	

	 

	*CONFIDENTIAL
	 
	16
	

	 
	 
	14
	

	 
	 
	18
	

	 
	 
	19
	

	 
	 
	16
	

	 
	 
	10
	

	 
	 
	8
	

	 
	 
	10
	

	 
	 
	9
	

	 
	 
	12
	

	 
	 
	13
	

	 
	 
	11
	

	 
	 
	13
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	140
	

	 
	 
	131
	

	 
	 
	137
	

	 
	 
	165
	

	 
	 
	164
	

	 
	 
	145
	

	 
	 
	132
	

	 
	 
	118
	

	 
	 
	122
	

	 
	 
	121
	

	 
	 
	135
	

	 
	 
	126
	

	 
	 
	138
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Margin (BP)
	 
	*CONFIDENTIAL
	

	 
	 
	*CONFIDENTIAL
	

	 
	 
	*CONFIDENTIAL
	

	 
	 
	*CONFIDENTIAL
	

	 
	 
	*CONFIDENTIAL
	

	 
	 
	*CONFIDENTIAL
	

	 
	 
	*CONFIDENTIAL
	

	 
	 
	*CONFIDENTIAL
	

	 
	 
	*CONFIDENTIAL
	

	 
	 
	*CONFIDENTIAL
	

	 
	 
	*CONFIDENTIAL
	

	 
	 
	*CONFIDENTIAL
	

	 
	 
	*CONFIDENTIAL
	

	 

	Fee Income (BP)
	 
	*CONFIDENTIAL
	

	 
	 
	*CONFIDENTIAL
	

	 
	 
	*CONFIDENTIAL
	

	 
	 
	*CONFIDENTIAL
	

	 
	 
	*CONFIDENTIAL
	

	 
	 
	*CONFIDENTIAL
	

	 
	 
	*CONFIDENTIAL
	

	 
	 
	*CONFIDENTIAL
	

	 
	 
	*CONFIDENTIAL
	

	 
	 
	*CONFIDENTIAL
	

	 
	 
	*CONFIDENTIAL
	

	 
	 
	*CONFIDENTIAL
	

	 
	 
	*CONFIDENTIAL
	

	 

	Capitalized Servicing (BP)
	 
	*CONFIDENTIAL
	

	 
	 
	*CONFIDENTIAL
	

	 
	 
	*CONFIDENTIAL
	

	 
	 
	*CONFIDENTIAL
	

	 
	 
	*CONFIDENTIAL
	

	 
	 
	*CONFIDENTIAL
	

	 
	 
	*CONFIDENTIAL
	

	 
	 
	*CONFIDENTIAL
	

	 
	 
	*CONFIDENTIAL
	

	 
	 
	*CONFIDENTIAL
	

	 
	 
	*CONFIDENTIAL
	

	 
	 
	*CONFIDENTIAL
	

	 
	 
	*CONFIDENTIAL
	

	 

	Gross Prod. Rev. (BP)
	 
	*CONFIDENTIAL
	

	 
	 
	*CONFIDENTIAL
	

	 
	 
	*CONFIDENTIAL
	

	 
	 
	*CONFIDENTIAL
	

	 
	 
	*CONFIDENTIAL
	

	 
	 
	*CONFIDENTIAL
	

	 
	 
	*CONFIDENTIAL
	

	 
	 
	*CONFIDENTIAL
	

	 
	 
	*CONFIDENTIAL
	

	 
	 
	*CONFIDENTIAL
	

	 
	 
	*CONFIDENTIAL
	

	 
	 
	*CONFIDENTIAL
	

	 
	 
	*CONFIDENTIAL
	

	 




 


	
		
	*
	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.









20






Confidential Treatment



December 2004 Volume Analysis
 
	
																																	
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	2004
	 
	2003
	 
	Budget
	 
	Forecast
	 
	2004 YTD
	 
	2003 YTD
	 
	Variance vs. 
2003
	 
	 
	Variance vs. 
Budget
	 
	 
	Variance vs. 
Forecast
	 
	 
	Variance vs. 
2003 YTD
	 
	 
	*CONFIDENTIAL

	*CONFIDENTIAL
	 
	9,663
	

	 
	10,725
	

	 
	11,061
	

	 
	11,034
	

	 
	194,669
	

	 
	210,512
	

	 
	-9.90
	%
	 
	-12.64
	%
	 
	-12.43
	%
	 
	-7.53
	%
	 
	*CONFIDENTIAL

	*CONFIDENTIAL
	 
	17
	

	 
	44
	

	 
	24
	

	 
	21
	

	 
	454
	

	 
	653
	

	 
	-61.36
	%
	 
	-30.05
	%
	 
	-17.58
	%
	 
	-30.47
	%
	 
	 

	*CONFIDENTIAL
	 
	621
	

	 
	829
	

	 
	915
	

	 
	710
	

	 
	13,806
	

	 
	17,340
	

	 
	-25.09
	%
	 
	-32.10
	%
	 
	-12.49
	%
	 
	-20.38
	%
	 
	*CONFIDENTIAL

	*CONFIDENTIAL
	 
	4,839
	

	 
	5,365
	

	 
	6,189
	

	 
	5,966
	

	 
	99,097
	

	 
	112,304
	

	 
	-9.80
	%
	 
	-21.81
	%
	 
	-18.89
	%
	 
	-11.76
	%
	 
	 

	*CONFIDENTIAL
	 
	323
	

	 
	1,930
	

	 
	1
	

	 
	401
	

	 
	17,769
	

	 
	62,812
	

	 
	-83.26
	%
	 
	40275.00
	%
	 
	-19.41
	%
	 
	-71.71
	%
	 
	*CONFIDENTIAL

	*CONFIDENTIAL
	 
	2,043
	

	 
	2,362
	

	 
	2,492
	

	 
	2,277
	

	 
	31,912
	

	 
	34,839
	

	 
	-13.51
	%
	 
	-18.02
	%
	 
	-10.28
	%
	 
	-8.40
	%
	 
	 

	*CONFIDENTIAL
	 
	1
	

	 
	1
	

	 
	—
	

	 
	—
	

	 
	14
	

	 
	17
	

	 
	0.00
	%
	 
	 
	 
	 
	 
	 
	 
	-17.65
	%
	 
	*CONFIDENTIAL

	*CONFIDENTIAL
	 
	704
	

	 
	661
	

	 
	1,198
	

	 
	972
	

	 
	13,570
	

	 
	11,775
	

	 
	6.51
	%
	 
	-41.22
	%
	 
	-27.54
	%
	 
	15.24
	%
	 
	*CONFIDENTIAL

	*CONFIDENTIAL
	 
	1,673
	

	 
	2,151
	

	 
	3,373
	

	 
	2,295
	

	 
	37,773
	

	 
	38,740
	

	 
	-22.22
	%
	 
	-50.40
	%
	 
	-27.11
	%
	 
	-2.50
	%
	 
	*CONFIDENTIAL

	*CONFIDENTIAL
	 
	143
	

	 
	1,338
	

	 
	—
	

	 
	195
	

	 
	17,646
	

	 
	26,253
	

	 
	-89.31
	%
	 
	 
	 
	 
	-26.67
	%
	 
	-32.78
	%
	 
	*CONFIDENTIAL

	*CONFIDENTIAL
	 
	2,437
	

	 
	2,514
	

	 
	8,469
	

	 
	2,864
	

	 
	47,352
	

	 
	47,381
	

	 
	-3.06
	%
	 
	-71.23
	%
	 
	-14.91
	%
	 
	-0.06
	%
	 
	*CONFIDENTIAL

	*CONFIDENTIAL
	 
	967
	

	 
	1,030
	

	 
	1,044
	

	 
	1,436
	

	 
	17,724
	

	 
	17,161
	

	 
	-6.12
	%
	 
	-7.36
	%
	 
	-32.66
	%
	 
	3.28
	%
	 
	*CONFIDENTIAL

	*CONFIDENTIAL
	 
	358
	

	 
	490
	

	 
	1,386
	

	 
	456
	

	 
	10,545
	

	 
	12,601
	

	 
	-26.94
	%
	 
	-74.17
	%
	 
	-21.41
	%
	 
	-16.32
	%
	 
	*CONFIDENTIAL

	*CONFIDENTIAL
	 
	526
	

	 
	—
	

	 
	—
	

	 
	540
	

	 
	2,088
	

	 
	11
	

	 
	 
	 
	 
	 
	 
	 
	-2.59
	%
	 
	18881.82
	%
	 
	 

	*CONFIDENTIAL
	 
	84
	

	 
	860
	

	 
	617
	

	 
	440
	

	 
	10,535
	

	 
	15,577
	

	 
	-90.23
	%
	 
	-86.39
	%
	 
	-80.91
	%
	 
	-32.37
	%
	 
	*CONFIDENTIAL

	*CONFIDENTIAL
	 
	124
	

	 
	377
	

	 
	354
	

	 
	124
	

	 
	4,281
	

	 
	6,728
	

	 
	-67.11
	%
	 
	-64.95
	%
	 
	0.00
	%
	 
	-36.37
	%
	 
	*CONFIDENTIAL

	*CONFIDENTIAL
	 
	11
	

	 
	—
	

	 
	—
	

	 
	35
	

	 
	796
	

	 
	—
	

	 
	 
	 
	 
	 
	 
	 
	-68.21
	%
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Purchase Leads
	 
	24,534
	

	 
	30,677
	

	 
	37,122
	

	 
	29,764
	

	 
	520,031
	

	 
	614,704
	

	 
	-20.02
	%
	 
	-33.91
	%
	 
	-17.57
	%
	 
	-15.40
	%
	 
	 

	Refi Leads
	 
	7,774
	

	 
	12,835
	

	 
	9,904
	

	 
	6,820
	

	 
	163,912
	

	 
	433,936
	

	 
	-39.43
	%
	 
	-21.51
	%
	 
	13.99
	%
	 
	-62.23
	%
	 
	 

	HELOC Leads
	 
	3,975
	

	 
	3,774
	

	 
	4,687
	

	 
	4,900
	

	 
	78,444
	

	 
	49,034
	

	 
	5.33
	%
	 
	-15.20
	%
	 
	-18.88
	%
	 
	59.98
	%
	 
	*CONFIDENTIAL





21






	
																																	
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Leads
	 
	36,283
	

	 
	47,286
	

	 
	51,713
	

	 
	41,484
	

	 
	762,387
	

	 
	1,097,674
	

	 
	-23.27
	%
	 
	-29.84
	%
	 
	-12.54
	%
	 
	-30.55
	%
	 
	*CONFIDENTIAL

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	CLOSINGS $ - Total
	 
	2004
	 
	2003
	 
	Budget
	 
	Forecast
	 
	2004 YTD
	 
	2003 YTD
	 
	Variance vs. 
2003
	 
	 
	Variance vs. 
Budget
	 
	 
	Variance vs. 
Forecast
	 
	 
	Variance vs. 
2003 YTD
	 
	 
	*CONFIDENTIAL

	*CONFIDENTIAL
	 
	238,602
	

	 
	245,935
	

	 
	316,833
	

	 
	266,713
	

	 
	3,343,452
	

	 
	3,678,910
	

	 
	-2.98
	%
	 
	-24.69
	%
	 
	-10.54
	%
	 
	-9.12
	%
	 
	 

	*CONFIDENTIAL
	 
	365
	

	 
	1,036
	

	 
	861
	

	 
	453
	

	 
	3,044
	

	 
	6,018
	

	 
	-64.76
	%
	 
	-57.61
	%
	 
	-19.45
	%
	 
	-49.41
	%
	 
	*CONFIDENTIAL

	*CONFIDENTIAL
	 
	21,033
	

	 
	19,877
	

	 
	25,815
	

	 
	19,335
	

	 
	299,085
	

	 
	281,326
	

	 
	5.82
	%
	 
	-18.52
	%
	 
	8.78
	%
	 
	6.31
	%
	 
	 

	*CONFIDENTIAL
	 
	224,217
	

	 
	230,984
	

	 
	302,927
	

	 
	240,990
	

	 
	3,115,137
	

	 
	3,602,155
	

	 
	-2.93
	%
	 
	-25.98
	%
	 
	-6.96
	%
	 
	-13.52
	%
	 
	 

	*CONFIDENTIAL
	 
	12,226
	

	 
	105,106
	

	 
	7,234
	

	 
	14,299
	

	 
	681,882
	

	 
	2,281,501
	

	 
	-88.37
	%
	 
	69.00
	%
	 
	-14.49
	%
	 
	-70.11
	%
	 
	*CONFIDENTIAL

	*CONFIDENTIAL
	 
	181,411
	

	 
	175,981
	

	 
	187,310
	

	 
	191,817
	

	 
	2,221,408
	

	 
	2,203,684
	

	 
	3.09
	%
	 
	-3.15
	%
	 
	-5.42
	%
	 
	0.80
	%
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	32,309
	

	 
	39,909
	

	 
	88,858
	

	 
	34,564
	

	 
	512,849
	

	 
	348,838
	

	 
	-19.04
	%
	 
	-63.64
	%
	 
	-6.52
	%
	 
	47.02
	%
	 
	 

	*CONFIDENTIAL
	 
	350,648
	

	 
	391,594
	

	 
	790,873
	

	 
	498,072
	

	 
	5,117,721
	

	 
	4,875,131
	

	 
	-10.46
	%
	 
	-55.66
	%
	 
	-29.60
	%
	 
	4.98
	%
	 
	 

	*CONFIDENTIAL
	 
	9,858
	

	 
	42,088
	

	 
	—
	

	 
	12,261
	

	 
	395,660
	

	 
	514,974
	

	 
	-76.58
	%
	 
	 
	 
	 
	-19.60
	%
	 
	-23.17
	%
	 
	 

	*CONFIDENTIAL
	 
	48,079
	

	 
	56,635
	

	 
	338,411
	

	 
	63,128
	

	 
	655,852
	

	 
	666,291
	

	 
	-15.11
	%
	 
	-85.79
	%
	 
	-23.84
	%
	 
	-1.57
	%
	 
	 

	*CONFIDENTIAL
	 
	50,125
	

	 
	50,018
	

	 
	54,577
	

	 
	60,745
	

	 
	669,508
	

	 
	623,994
	

	 
	0.21
	%
	 
	-8.16
	%
	 
	-17.48
	%
	 
	7.29
	%
	 
	 

	*CONFIDENTIAL
	 
	32,118
	

	 
	25,722
	

	 
	80,822
	

	 
	31,913
	

	 
	377,094
	

	 
	360,903
	

	 
	24.87
	%
	 
	-60.26
	%
	 
	0.64
	%
	 
	4.49
	%
	 
	 

	*CONFIDENTIAL
	 
	13,682
	

	 
	—
	

	 
	—
	

	 
	9,613
	

	 
	35,406
	

	 
	920
	

	 
	 
	 
	 
	 
	 
	 
	42.32
	%
	 
	3748.12
	%
	 
	 

	*CONFIDENTIAL
	 
	3,159
	

	 
	4,814
	

	 
	7,409
	

	 
	2,394
	

	 
	73,700
	

	 
	81,107
	

	 
	-34.39
	%
	 
	-57.37
	%
	 
	31.95
	%
	 
	-9.13
	%
	 
	 

	*CONFIDENTIAL
	 
	258
	

	 
	—
	

	 
	—
	

	 
	880
	

	 
	7,814
	

	 
	—
	

	 
	 
	 
	 
	 
	 
	 
	-70.69
	%
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	1,218,091
	

	 
	1,389,697
	

	 
	2,201,929
	

	 
	1,447,176
	

	 
	17,509,612
	

	 
	19,525,753
	

	 
	-12.35
	%
	 
	-44.68
	%
	 
	-15.83
	%
	 
	-10.33
	%
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	770,305
	

	 
	1,130,680
	

	 
	302,737
	

	 
	304,462
	

	 
	11,706,000
	

	 
	34,312,750
	

	 
	-31.87
	%
	 
	154.45
	%
	 
	153.01
	%
	 
	-65.88
	%
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	1,988,396
	

	 
	2,520,377
	

	 
	2,504,666
	

	 
	1,751,638
	

	 
	29,215,613
	

	 
	53,838,503
	

	 
	-21.11
	%
	 
	-20.61
	%
	 
	13.52
	%
	 
	-45.73
	%
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	515,970
	

	 
	518,740
	

	 
	607,764
	

	 
	554,920
	

	 
	7,233,393
	

	 
	6,722,001
	

	 
	-0.53
	%
	 
	-15.10
	%
	 
	-7.02
	%
	 
	7.61
	%
	 
	 





22






	
																																	
	*CONFIDENTIAL
	 
	8,275
	

	 
	109,927
	

	 
	—
	

	 
	10,457
	

	 
	987,975
	

	 
	1,471,700
	

	 
	-92.47
	%
	 
	 
	 
	 
	-20.87
	%
	 
	-32.87
	%
	 
	 

	*CONFIDENTIAL
	 
	26,145
	

	 
	21,295
	

	 
	46,281
	

	 
	31,171
	

	 
	280,413
	

	 
	100,265
	

	 
	22.77
	%
	 
	-43.51
	%
	 
	-16.12
	%
	 
	179.67
	%
	 
	 

	*CONFIDENTIAL
	 
	21,946
	

	 
	44,340
	

	 
	45,368
	

	 
	20,639
	

	 
	408,457
	

	 
	302,785
	

	 
	-50.51
	%
	 
	-51.63
	%
	 
	6.33
	%
	 
	34.90
	%
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	572,335
	

	 
	694,302
	

	 
	699,413
	

	 
	617,188
	

	 
	8,910,238
	

	 
	8,596,752
	

	 
	-17.57
	%
	 
	-18.17
	%
	 
	-7.27
	%
	 
	3.65
	%
	 
	 

	*CONFIDENTIAL
	 
	222,393
	

	 
	278,590
	

	 
	106,496
	

	 
	118,537
	

	 
	3,373,602
	

	 
	7,323,851
	

	 
	-20.17
	%
	 
	108.83
	%
	 
	87.61
	%
	 
	-53.94
	%
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	794,727
	

	 
	972,892
	

	 
	805,909
	

	 
	735,724
	

	 
	12,283,839
	

	 
	15,920,603
	

	 
	-18.31
	%
	 
	-1.39
	%
	 
	8.02
	%
	 
	-22.84
	%
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	196,699
	

	 
	110,920
	

	 
	98,575
	

	 
	176,915
	

	 
	2,035,733
	

	 
	1,699,074
	

	 
	77.33
	%
	 
	99.54
	%
	 
	11.18
	%
	 
	19.81
	%
	 
	 

	*CONFIDENTIAL
	 
	82,909
	

	 
	116,759
	

	 
	95,128
	

	 
	162,810
	

	 
	1,794,134
	

	 
	1,196,866
	

	 
	-28.99
	%
	 
	-12.85
	%
	 
	-49.08
	%
	 
	49.90
	%
	 
	 

	*CONFIDENTIAL
	 
	18,358
	

	 
	95,592
	

	 
	255,681
	

	 
	17,356
	

	 
	481,422
	

	 
	925,898
	

	 
	-80.79
	%
	 
	-92.82
	%
	 
	5.78
	%
	 
	-48.00
	%
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	297,967
	

	 
	323,271
	

	 
	449,385
	

	 
	357,081
	

	 
	4,311,289
	

	 
	3,821,838
	

	 
	-7.83
	%
	 
	-33.69
	%
	 
	-16.55
	%
	 
	12.81
	%
	 
	 

	*CONFIDENTIAL
	 
	229,317
	

	 
	240,642
	

	 
	112,346
	

	 
	164,965
	

	 
	2,764,175
	

	 
	7,027,610
	

	 
	-4.71
	%
	 
	104.12
	%
	 
	39.01
	%
	 
	-60.67
	%
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	527,284
	

	 
	563,913
	

	 
	561,731
	

	 
	522,047
	

	 
	7,075,464
	

	 
	10,849,448
	

	 
	-6.50
	%
	 
	-6.13
	%
	 
	1.00
	%
	 
	-34.79
	%
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Purchase Closings
	 
	2,088,392
	

	 
	2,407,270
	

	 
	3,350,727
	

	 
	2,421,445
	

	 
	30,731,139
	

	 
	31,944,343
	

	 
	-13.25
	%
	 
	-37.67
	%
	 
	-13.75
	%
	 
	-3.80
	%
	 
	 

	Total Refi Closings
	 
	1,222,015
	

	 
	1,649,912
	

	 
	521,580
	

	 
	587,964
	

	 
	17,843,777
	

	 
	48,664,211
	

	 
	-25.93
	%
	 
	134.29
	%
	 
	107.84
	%
	 
	-63.33
	%
	 
	 

	Total HELOC Closings
	 
	346,054
	

	 
	278,893
	

	 
	336,679
	

	 
	301,017
	

	 
	3,977,526
	

	 
	3,092,747
	

	 
	24.08
	%
	 
	2.78
	%
	 
	14.96
	%
	 
	28.61
	%
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Grand Total ($)
	 
	3,656,461
	

	 
	4,336,075
	

	 
	4,208,985
	

	 
	3,310,426
	

	 
	52,552,443
	

	 
	83,701,301
	

	 
	-15.67
	%
	 
	-13.13
	%
	 
	10.45
	%
	 
	-37.21
	%
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 




 


	
		
	*
	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.







23








Confidential Treatment



December 2004 Volume Analysis
 
	
																																	
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Refl Leads:
	 
	2004
	 
	2003
	 
	Budget
	 
	Forecast
	 
	2004 YTD
	 
	2003 YTD
	 
	Variance vs. 
2003
	 
	 
	Variance vs. 
Budget
	 
	 
	Variance vs. 
Forecast
	 
	 
	Variance vs. 
2003 YTD
	 
	 
	 

	*CONFIDENTIAL
	 
	570
	

	 
	593
	

	 
	582
	

	 
	581
	

	 
	9,168
	

	 
	19,993
	

	 
	-3.88
	%
	 
	-2.09
	%
	 
	-1.85
	%
	 
	-54.14
	%
	 
	*CONFIDENTIAL

	*CONFIDENTIAL
	 
	2
	

	 
	4
	

	 
	8
	

	 
	7
	

	 
	53
	

	 
	41
	

	 
	-50.00
	%
	 
	-75.31
	%
	 
	-70.91
	%
	 
	29.27
	%
	 
	 

	*CONFIDENTIAL
	 
	90
	

	 
	112
	

	 
	48
	

	 
	37
	

	 
	1,503
	

	 
	3,377
	

	 
	-19.64
	%
	 
	86.98
	%
	 
	140.96
	%
	 
	-55.49
	%
	 
	*CONFIDENTIAL

	*CONFIDENTIAL
	 
	463
	

	 
	463
	

	 
	331
	

	 
	317
	

	 
	7,059
	

	 
	18,607
	

	 
	0.00
	%
	 
	39.76
	%
	 
	46.23
	%
	 
	-62.06
	%
	 
	 

	*CONFIDENTIAL
	 
	159
	

	 
	1,396
	

	 
	0
	

	 
	100
	

	 
	13,270
	

	 
	51,875
	

	 
	-88.61
	%
	 
	79400.00
	%
	 
	58.68
	%
	 
	-74.42
	%
	 
	*CONFIDENTIAL

	*CONFIDENTIAL
	 
	47
	

	 
	45
	

	 
	—
	

	 
	23
	

	 
	884
	

	 
	3,395
	

	 
	4.44
	%
	 
	 
	 
	 
	104.35
	%
	 
	-73.96
	%
	 
	 

	*CONFIDENTIAL
	 
	1
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	3
	

	 
	14
	

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	-78.57
	%
	 
	*CONFIDENTIAL

	*CONFIDENTIAL
	 
	690
	

	 
	547
	

	 
	798
	

	 
	595
	

	 
	10,628
	

	 
	25,514
	

	 
	26.14
	%
	 
	-13.58
	%
	 
	15.88
	%
	 
	-58.34
	%
	 
	*CONFIDENTIAL

	*CONFIDENTIAL
	 
	1,533
	

	 
	2,087
	

	 
	3,288
	

	 
	1,430
	

	 
	32,259
	

	 
	86,527
	

	 
	-26.55
	%
	 
	-53.38
	%
	 
	7.23
	%
	 
	-62.72
	%
	 
	*CONFIDENTIAL

	*CONFIDENTIAL
	 
	86
	

	 
	791
	

	 
	—
	

	 
	105
	

	 
	10,589
	

	 
	40,917
	

	 
	-89.13
	%
	 
	 
	 
	 
	-18.10
	%
	 
	-74.12
	%
	 
	*CONFIDENTIAL

	*CONFIDENTIAL
	 
	1,284
	

	 
	1,589
	

	 
	2,498
	

	 
	1,243
	

	 
	24,538
	

	 
	62,152
	

	 
	-19.19
	%
	 
	-48.60
	%
	 
	3.30
	%
	 
	-60.52
	%
	 
	*CONFIDENTIAL

	*CONFIDENTIAL
	 
	1,926
	

	 
	4,247
	

	 
	1,044
	

	 
	1,934
	

	 
	35,817
	

	 
	78,513
	

	 
	-54.65
	%
	 
	84.51
	%
	 
	-0.41
	%
	 
	-54.38
	%
	 
	*CONFIDENTIAL

	*CONFIDENTIAL
	 
	350
	

	 
	618
	

	 
	890
	

	 
	295
	

	 
	14,113
	

	 
	35,455
	

	 
	-43.37
	%
	 
	-60.66
	%
	 
	18.85
	%
	 
	-60.19
	%
	 
	*CONFIDENTIAL

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	516
	

	 
	164
	

	 
	265
	

	 
	110
	

	 
	2,398
	

	 
	3,184
	

	 
	214.63
	%
	 
	95.03
	%
	 
	369.09
	%
	 
	-24.69
	%
	 
	*CONFIDENTIAL

	*CONFIDENTIAL
	 
	40
	

	 
	179
	

	 
	152
	

	 
	31
	

	 
	1,210
	

	 
	4,372
	

	 
	-77.65
	%
	 
	-73.62
	%
	 
	29.03
	%
	 
	-72.32
	%
	 
	 

	*CONFIDENTIAL
	 
	17
	

	 
	—
	

	 
	 
	 
	12
	

	 
	420
	

	 
	 
	 
	 
	 
	 
	 
	 
	 
	37.10
	%
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Refi Leads
	 
	7,774
	

	 
	12,835
	

	 
	9,904
	

	 
	6,820
	

	 
	163,912
	

	 
	433,936
	

	 
	-39.43
	%
	 
	-21.51
	%
	 
	13.99
	%
	 
	-62.23
	%
	 
	*CONFIDENTIAL

	Purchase Leads
	 
	24,534
	

	 
	30,677
	

	 
	37,122
	

	 
	29,764
	

	 
	520,031
	

	 
	614,704
	

	 
	-20.02
	%
	 
	-33.91
	%
	 
	-17.57
	%
	 
	-15.40
	%
	 
	 





24






	
																																	
	HELOC Leads
	 
	3,975
	

	 
	3,774
	

	 
	4,687
	

	 
	4,900
	

	 
	78,444
	

	 
	49,034
	

	 
	5.33
	%
	 
	-15.20
	%
	 
	-18.88
	%
	 
	59.98
	%
	 
	*CONFIDENTIAL

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Leads
	 
	36,283
	

	 
	47,286
	

	 
	51,713
	

	 
	41,484
	

	 
	762,387
	

	 
	1,097,674
	

	 
	-23.27
	%
	 
	-29.84
	%
	 
	-12.54
	%
	 
	-30.55
	%
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	CLOSING $ - Total
	 
	2004
	 
	2003
	 
	Budget
	 
	Forecast
	 
	2004 YTD
	 
	2003 YTD
	 
	Variance vs. 
2003
	 
	 
	Variance vs. 
Budget
	 
	 
	Variance vs. 
Forecast
	 
	 
	Variance vs. 
2003 YTD
	 
	 
	*CONFIDENTIAL

	*CONFIDENTIAL
	 
	32,385
	

	 
	23,240
	

	 
	8,124
	

	 
	7,343
	

	 
	368,989
	

	 
	856,556
	

	 
	39.35
	%
	 
	298.64
	%
	 
	341.07
	%
	 
	-56.92
	%
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	96
	

	 
	50
	

	 
	1,613
	

	 
	271
	

	 
	 
	 
	 
	-100.00
	%
	 
	-100.00
	%
	 
	495.01
	%
	 
	*CONFIDENTIAL

	*CONFIDENTIAL
	 
	2,739
	

	 
	3,638
	

	 
	720
	

	 
	515
	

	 
	55,064
	

	 
	123,361
	

	 
	-24.69
	%
	 
	280.74
	%
	 
	432.37
	%
	 
	-55.36
	%
	 
	 

	*CONFIDENTIAL
	 
	33,262
	

	 
	31,074
	

	 
	7,830
	

	 
	6,208
	

	 
	416,826
	

	 
	1,361,426
	

	 
	7.04
	%
	 
	324.82
	%
	 
	435.78
	%
	 
	-69.38
	%
	 
	 

	*CONFIDENTIAL
	 
	7,468
	

	 
	106,272
	

	 
	185
	

	 
	3,575
	

	 
	853,357
	

	 
	4,448,615
	

	 
	-92.97
	%
	 
	3926.07
	%
	 
	108.92
	%
	 
	-80.82
	%
	 
	*CONFIDENTIAL

	*CONFIDENTIAL
	 
	3,830
	

	 
	6,547
	

	 
	941
	

	 
	1,938
	

	 
	38,562
	

	 
	215,302
	

	 
	-41.49
	%
	 
	306.94
	%
	 
	97.69
	%
	 
	-82.09
	%
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	43,999
	

	 
	57,874
	

	 
	9,873
	

	 
	23,043
	

	 
	556,928
	

	 
	1,328,747
	

	 
	-23.97
	%
	 
	345.65
	%
	 
	90.95
	%
	 
	-58.09
	%
	 
	 

	*CONFIDENTIAL
	 
	360,282
	

	 
	545,079
	

	 
	197,718
	

	 
	101,517
	

	 
	5,160,560
	

	 
	13,837,699
	

	 
	-33.90
	%
	 
	82.22
	%
	 
	254.90
	%
	 
	-62.71
	%
	 
	 

	*CONFIDENTIAL
	 
	13,628
	

	 
	44,933
	

	 
	—
	

	 
	6,602
	

	 
	503,993
	

	 
	2,249,074
	

	 
	-69.67
	%
	 
	 
	 
	 
	106.42
	%
	 
	-77.59
	%
	 
	 

	*CONFIDENTIAL
	 
	63,795
	

	 
	83,178
	

	 
	44,057
	

	 
	30,119
	

	 
	799,935
	

	 
	2,359,909
	

	 
	-23.30
	%
	 
	44.80
	%
	 
	111.81
	%
	 
	-66.10
	%
	 
	 

	*CONFIDENTIAL
	 
	153,931
	

	 
	157,601
	

	 
	23,390
	

	 
	101,860
	

	 
	2,092,078
	

	 
	5,140,866
	

	 
	-2.33
	%
	 
	558.11
	%
	 
	51.12
	%
	 
	-59.30
	%
	 
	 

	*CONFIDENTIAL
	 
	50,863
	

	 
	64,861
	

	 
	8,980
	

	 
	20,906
	

	 
	798,880
	

	 
	2,280,089
	

	 
	-21.58
	%
	 
	466.38
	%
	 
	143.29
	%
	 
	-64.96
	%
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	3,601
	

	 
	6,382
	

	 
	823
	

	 
	494
	

	 
	41,962
	

	 
	110,834
	

	 
	-43.58
	%
	 
	337.45
	%
	 
	628.93
	%
	 
	-62.14
	%
	 
	 

	*CONFIDENTIAL
	 
	520
	

	 
	—
	

	 
	—
	

	 
	292
	

	 
	17,253
	

	 
	—
	

	 
	 
	 
	 
	 
	 
	 
	77.83
	%
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	770,305
	

	 
	1,130,680
	

	 
	302,737
	

	 
	304,462
	

	 
	11,706,000
	

	 
	34,312,750
	

	 
	-31.87
	%
	 
	154.45
	%
	 
	153.01
	%
	 
	-65.88
	%
	 
	 

	*CONFIDENTIAL
	 
	1,218,091
	

	 
	1,389,697
	

	 
	2,201,929
	

	 
	1,447,176
	

	 
	17,509,612
	

	 
	19,525,753
	

	 
	-12.35
	%
	 
	-44.68
	%
	 
	-15.83
	%
	 
	-10.33
	%
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	1,988,396
	

	 
	2,520,377
	

	 
	2,504,666
	

	 
	1,751,638
	

	 
	29,215,613
	

	 
	53,838,503
	

	 
	-21.11
	%
	 
	-20.61
	%
	 
	13.52
	%
	 
	-45.73
	%
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	193,085
	

	 
	160,777
	

	 
	96,359
	

	 
	106,648
	

	 
	2,343,862
	

	 
	4,103,132
	

	 
	20.09
	%
	 
	100.38
	%
	 
	81.05
	%
	 
	-42.88
	%
	 
	 





25






	
																																	
	*CONFIDENTIAL
	 
	1,328
	

	 
	73,865
	

	 
	 
	 
	3,486
	

	 
	630,633
	

	 
	2,418,603
	

	 
	-98.20
	%
	 
	 
	 
	 
	-61.89
	%
	 
	-73.93
	%
	 
	 

	*CONFIDENTIAL
	 
	18,632
	

	 
	15,045
	

	 
	5,142
	

	 
	3,955
	

	 
	211,219
	

	 
	210,854
	

	 
	23.84
	%
	 
	262.32
	%
	 
	371.07
	%
	 
	0.17
	%
	 
	 

	*CONFIDENTIAL
	 
	9,348
	

	 
	28,903
	

	 
	4,995
	

	 
	4,448
	

	 
	187,888
	

	 
	591,262
	

	 
	-67.66
	%
	 
	87.13
	%
	 
	110.17
	%
	 
	-68.22
	%
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	222,393
	

	 
	278,590
	

	 
	106,496
	

	 
	118,537
	

	 
	3,373,602
	

	 
	7,323,851
	

	 
	-20.17
	%
	 
	108.83
	%
	 
	87.61
	%
	 
	-53.94
	%
	 
	 

	*CONFIDENTIAL
	 
	572,335
	

	 
	694,302
	

	 
	699,413
	

	 
	617,188
	

	 
	8,910,238
	

	 
	8,596,752
	

	 
	-17.57
	%
	 
	-18.17
	%
	 
	-7.27
	%
	 
	3.65
	%
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	794,727
	

	 
	972,892
	

	 
	805,909
	

	 
	735,724
	

	 
	12,283,839
	

	 
	15,920,603
	

	 
	-18.31
	%
	 
	-1.39
	%
	 
	8.02
	%
	 
	-22.84
	%
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	91,529
	

	 
	46,652
	

	 
	24,644
	

	 
	44,229
	

	 
	904,735
	

	 
	1,857,201
	

	 
	96.20
	%
	 
	271.41
	%
	 
	106.94
	%
	 
	-51.29
	%
	 
	 

	*CONFIDENTIAL
	 
	123,364
	

	 
	126,434
	

	 
	23,782
	

	 
	115,013
	

	 
	1,518,685
	

	 
	3,947,588
	

	 
	-2.43
	%
	 
	418.72
	%
	 
	7.26
	%
	 
	-61.53
	%
	 
	 

	*CONFIDENTIAL
	 
	14,425
	

	 
	67,555
	

	 
	63,920
	

	 
	5,724
	

	 
	340,755
	

	 
	1,222,821
	

	 
	-78.65
	%
	 
	-77.43
	%
	 
	152.01
	%
	 
	-72.13
	%
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	229,317
	

	 
	240,642
	

	 
	112,346
	

	 
	164,965
	

	 
	2,764,175
	

	 
	7,027,610
	

	 
	-4.71
	%
	 
	104.12
	%
	 
	39.01
	%
	 
	-60.67
	%
	 
	 

	*CONFIDENTIAL
	 
	297,967
	

	 
	323,271
	

	 
	449,385
	

	 
	357,081
	

	 
	4,311,289
	

	 
	3,821,838
	

	 
	-7.83
	%
	 
	-33.69
	%
	 
	-16.55
	%
	 
	12.81
	%
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	527,284
	

	 
	563,913
	

	 
	561,731
	

	 
	522,047
	

	 
	7,075,464
	

	 
	10,849,448
	

	 
	-6.50
	%
	 
	-6.13
	%
	 
	1.00
	%
	 
	-34.79
	%
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Refi Closings
	 
	1,222,015
	

	 
	1,649,912
	

	 
	521,580
	

	 
	587,964
	

	 
	17,843,777
	

	 
	48,664,211
	

	 
	-25.93
	%
	 
	134.29
	%
	 
	107.84
	%
	 
	-63.33
	%
	 
	 

	Total Purchase Closings
	 
	2,088,392
	

	 
	2,407,270
	

	 
	3,350,727
	

	 
	2,421,445
	

	 
	30,731,139
	

	 
	31,944,343
	

	 
	-13.25
	%
	 
	-37.67
	%
	 
	-13.75
	%
	 
	-3.80
	%
	 
	 

	Total HELOC Closings
	 
	346,054
	

	 
	278,893
	

	 
	336,679
	

	 
	301,017
	

	 
	3,977,526
	

	 
	3,092,747
	

	 
	24.08
	%
	 
	2.78
	%
	 
	14.96
	%
	 
	28.61
	%
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Grand Total ($)
	 
	3,656,461
	

	 
	4,336,075
	

	 
	4,208,985
	

	 
	3,310,426
	

	 
	52,552,443
	

	 
	83,701,301
	

	 
	-15.67
	%
	 
	-13.13
	%
	 
	10.45
	%
	 
	-37.21
	%
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 




 


	
		
	*
	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.







26








Confidential Treatment


Performance Curve - Purchase & Refinance
 
	
																																										
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	Jan
	 
	 
	Feb
	 
	 
	Mar
	 
	 
	Apr
	 
	 
	May
	 
	 
	Jun
	 
	 
	Jul
	 
	 
	Aug
	 
	 
	Sep
	 
	 
	Oct
	 
	 
	Nov
	 
	 
	Dec
	 
	 
	AVG
	 

	*CONFIDENTIAL
	 
	24.38
	%
	 
	23.44
	%
	 
	25.61
	%
	 
	25.27
	%
	 
	25.55
	%
	 
	25.59
	%
	 
	28.67
	%
	 
	26.03
	%
	 
	24.58
	%
	 
	23.88
	%
	 
	23.51
	%
	 
	22.25
	%
	 
	24.90
	%

	*CONFIDENTIAL
	 
	27.18
	%
	 
	26.25
	%
	 
	28.37
	%
	 
	28.07
	%
	 
	28.36
	%
	 
	28.43
	%
	 
	31.52
	%
	 
	28.94
	%
	 
	27.48
	%
	 
	26.82
	%
	 
	26.44
	%
	 
	25.18
	%
	 
	27.75
	%

	*CONFIDENTIAL
	 
	22.44
	%
	 
	25.40
	%
	 
	28.00
	%
	 
	26.54
	%
	 
	28.78
	%
	 
	29.75
	%
	 
	25.02
	%
	 
	25.40
	%
	 
	23.85
	%
	 
	24.46
	%
	 
	23.06
	%
	 
	22.60
	%
	 
	25.44
	%

	*CONFIDENTIAL
	 
	22.44
	%
	 
	25.40
	%
	 
	28.00
	%
	 
	26.54
	%
	 
	28.78
	%
	 
	29.75
	%
	 
	25.02
	%
	 
	25.40
	%
	 
	23.85
	%
	 
	24.46
	%
	 
	23.06
	%
	 
	22.79
	%
	 
	25.46
	%

	*CONFIDENTIAL
	 
	40.73
	%
	 
	37.98
	%
	 
	42.92
	%
	 
	33.69
	%
	 
	32.13
	%
	 
	34.05
	%
	 
	33.91
	%
	 
	36.70
	%
	 
	36.01
	%
	 
	38.58
	%
	 
	39.44
	%
	 
	36.28
	%
	 
	36.87
	%

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	Jan
	 
	 
	Feb
	 
	 
	Mar
	 
	 
	Apr
	 
	 
	May
	 
	 
	Jun
	 
	 
	Jul
	 
	 
	Aug
	 
	 
	Sep
	 
	 
	Oct
	 
	 
	Nov
	 
	 
	Dec
	 
	 
	AVG
	 

	*CONFIDENTIAL
	 
	22.40
	%
	 
	20.47
	%
	 
	26.07
	%
	 
	25.29
	%
	 
	25.88
	%
	 
	24.68
	%
	 
	28.30
	%
	 
	27.99
	%
	 
	27.77
	%
	 
	26.75
	%
	 
	24.30
	%
	 
	22.97
	%
	 
	25.24
	%

	*CONFIDENTIAL
	 
	27.83
	%
	 
	25.84
	%
	 
	29.14
	%
	 
	25.97
	%
	 
	25.67
	%
	 
	25.82
	%
	 
	29.39
	%
	 
	29.78
	%
	 
	30.01
	%
	 
	30.10
	%
	 
	28.57
	%
	 
	25.19
	%
	 
	27.78
	%

	*CONFIDENTIAL
	 
	22.97
	%
	 
	22.07
	%
	 
	26.84
	%
	 
	26.16
	%
	 
	27.24
	%
	 
	28.91
	%
	 
	28.99
	%
	 
	29.18
	%
	 
	27.35
	%
	 
	27.14
	%
	 
	26.95
	%
	 
	26.11
	%
	 
	26.66
	%

	*CONFIDENTIAL
	 
	22.97
	%
	 
	22.07
	%
	 
	26.84
	%
	 
	26.16
	%
	 
	27.24
	%
	 
	28.91
	%
	 
	28.99
	%
	 
	29.18
	%
	 
	27.35
	%
	 
	27.14
	%
	 
	26.95
	%
	 
	24.50
	%
	 
	26.53
	%

	*CONFIDENTIAL
	 
	40.03
	%
	 
	38.73
	%
	 
	40.63
	%
	 
	31.06
	%
	 
	28.54
	%
	 
	31.82
	%
	 
	37.21
	%
	 
	36.76
	%
	 
	36.51
	%
	 
	37.97
	%
	 
	33.96
	%
	 
	32.04
	%
	 
	35.44
	%

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	Jan
	 
	 
	Feb
	 
	 
	Mar
	 
	 
	Apr
	 
	 
	May
	 
	 
	Jun
	 
	 
	Jul
	 
	 
	Aug
	 
	 
	Sep
	 
	 
	Oct
	 
	 
	Nov
	 
	 
	Dec
	 
	 
	AVG
	 

	*CONFIDENTIAL
	 
	44.23
	%
	 
	40.12
	%
	 
	45.34
	%
	 
	42.88
	%
	 
	43.02
	%
	 
	42.59
	%
	 
	47.68
	%
	 
	41.56
	%
	 
	44.14
	%
	 
	44.07
	%
	 
	38.38
	%
	 
	39.29
	%
	 
	42.77
	%

	*CONFIDENTIAL
	 
	47.23
	%
	 
	43.12
	%
	 
	48.34
	%
	 
	45.88
	%
	 
	46.02
	%
	 
	45.59
	%
	 
	50.68
	%
	 
	44.56
	%
	 
	47.14
	%
	 
	47.07
	%
	 
	41.38
	%
	 
	42.29
	%
	 
	45.77
	%

	*CONFIDENTIAL
	 
	41.54
	%
	 
	41.07
	%
	 
	48.34
	%
	 
	49.62
	%
	 
	40.22
	%
	 
	45.80
	%
	 
	41.38
	%
	 
	45.03
	%
	 
	41.47
	%
	 
	41.03
	%
	 
	39.33
	%
	 
	35.63
	%
	 
	42.54
	%

	*CONFIDENTIAL
	 
	41.54
	%
	 
	41.07
	%
	 
	48.34
	%
	 
	49.62
	%
	 
	40.22
	%
	 
	45.80
	%
	 
	41.38
	%
	 
	45.03
	%
	 
	41.47
	%
	 
	41.03
	%
	 
	39.33
	%
	 
	41.29
	%
	 
	43.01
	%

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	Jan
	 
	 
	Feb
	 
	 
	Mar
	 
	 
	Apr
	 
	 
	May
	 
	 
	Jun
	 
	 
	Jul
	 
	 
	Aug
	 
	 
	Sep
	 
	 
	Oct
	 
	 
	Nov
	 
	 
	Dec
	 
	 
	AVG
	 

	*CONFIDENTIAL
	 
	18.57
	%
	 
	16.85
	%
	 
	26.42
	%
	 
	27.73
	%
	 
	29.24
	%
	 
	32.57
	%
	 
	33.36
	%
	 
	33.53
	%
	 
	30.46
	%
	 
	27.23
	%
	 
	19.64
	%
	 
	20.06
	%
	 
	26.31
	%

	*CONFIDENTIAL
	 
	32.98
	%
	 
	28.98
	%
	 
	36.35
	%
	 
	33.26
	%
	 
	33.96
	%
	 
	36.57
	%
	 
	36.83
	%
	 
	36.85
	%
	 
	33.84
	%
	 
	30.42
	%
	 
	22.69
	%
	 
	23.08
	%
	 
	32.15
	%

	*CONFIDENTIAL
	 
	20.91
	%
	 
	20.59
	%
	 
	27.33
	%
	 
	25.93
	%
	 
	28.37
	%
	 
	28.48
	%
	 
	25.14
	%
	 
	26.11
	%
	 
	26.21
	%
	 
	23.85
	%
	 
	27.11
	%
	 
	25.50
	%
	 
	25.46
	%

	*CONFIDENTIAL
	 
	20.91
	%
	 
	20.59
	%
	 
	27.33
	%
	 
	25.93
	%
	 
	28.37
	%
	 
	28.48
	%
	 
	25.14
	%
	 
	26.11
	%
	 
	26.21
	%
	 
	23.85
	%
	 
	27.11
	%
	 
	17.08
	%
	 
	24.76
	%





27






	
																																										
	*CONFIDENTIAL
	 
	44.03
	%
	 
	45.72
	%
	 
	45.14
	%
	 
	31.49
	%
	 
	28.43
	%
	 
	33.78
	%
	 
	37.43
	%
	 
	38.70
	%
	 
	31.24
	%
	 
	31.64
	%
	 
	34.60
	%
	 
	28.67
	%
	 
	35.91
	%

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	Jan
	 
	 
	Feb
	 
	 
	Mar
	 
	 
	Apr
	 
	 
	May
	 
	 
	Jun
	 
	 
	Jul
	 
	 
	Aug
	 
	 
	Sep
	 
	 
	Oct
	 
	 
	Nov
	 
	 
	Dec
	 
	 
	AVG
	 

	*CONFIDENTIAL
	 
	55.69
	%
	 
	50.59
	%
	 
	57.98
	%
	 
	53.84
	%
	 
	64.27
	%
	 
	64.87
	%
	 
	66.03
	%
	 
	66.73
	%
	 
	61.61
	%
	 
	60.92
	%
	 
	53.96
	%
	 
	66.78
	%
	 
	60.27
	%

	*CONFIDENTIAL
	 
	55.64
	%
	 
	50.27
	%
	 
	57.49
	%
	 
	54.62
	%
	 
	65.97
	%
	 
	65.50
	%
	 
	66.80
	%
	 
	67.28
	%
	 
	62.54
	%
	 
	62.02
	%
	 
	54.79
	%
	 
	67.69
	%
	 
	60.88
	%

	*CONFIDENTIAL
	 
	54.27
	%
	 
	50.09
	%
	 
	58.78
	%
	 
	55.93
	%
	 
	54.55
	%
	 
	61.19
	%
	 
	56.87
	%
	 
	59.93
	%
	 
	54.28
	%
	 
	56.79
	%
	 
	62.47
	%
	 
	67.13
	%
	 
	57.69
	%

	*CONFIDENTIAL
	 
	54.27
	%
	 
	50.09
	%
	 
	58.78
	%
	 
	55.93
	%
	 
	54.55
	%
	 
	61.19
	%
	 
	56.87
	%
	 
	59.93
	%
	 
	54.28
	%
	 
	56.79
	%
	 
	62.47
	%
	 
	65.74
	%
	 
	57.57
	%

	*CONFIDENTIAL
	 
	77.26
	%
	 
	75.22
	%
	 
	81.68
	%
	 
	77.83
	%
	 
	85.26
	%
	 
	86.13
	%
	 
	63.63
	%
	 
	84.92
	%
	 
	68.91
	%
	 
	88.57
	%
	 
	87.30
	%
	 
	84.76
	%
	 
	80.11
	%

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	Jan
	 
	 
	Feb
	 
	 
	Mar
	 
	 
	Apr
	 
	 
	May
	 
	 
	Jun
	 
	 
	Jul
	 
	 
	Aug
	 
	 
	Sep
	 
	 
	Oct
	 
	 
	Nov
	 
	 
	Dec
	 
	 
	AVG
	 

	*CONFIDENTIAL
	 
	50.56
	%
	 
	49.43
	%
	 
	59.33
	%
	 
	60.52
	%
	 
	66.53
	%
	 
	70.13
	%
	 
	69.00
	%
	 
	67.19
	%
	 
	64.33
	%
	 
	62.93
	%
	 
	54.36
	%
	 
	63.54
	%
	 
	61.49
	%

	*CONFIDENTIAL
	 
	52.64
	%
	 
	50.40
	%
	 
	59.57
	%
	 
	61.00
	%
	 
	62.91
	%
	 
	71.07
	%
	 
	68.04
	%
	 
	68.36
	%
	 
	68.05
	%
	 
	61.98
	%
	 
	57.97
	%
	 
	63.99
	%
	 
	62.16
	%

	*CONFIDENTIAL
	 
	53.45
	%
	 
	55.07
	%
	 
	64.07
	%
	 
	56.48
	%
	 
	54.38
	%
	 
	64.53
	%
	 
	59.62
	%
	 
	59.99
	%
	 
	52.59
	%
	 
	51.50
	%
	 
	58.46
	%
	 
	66.00
	%
	 
	58.01
	%

	*CONFIDENTIAL
	 
	53.45
	%
	 
	55.07
	%
	 
	64.07
	%
	 
	56.48
	%
	 
	54.38
	%
	 
	64.53
	%
	 
	59.62
	%
	 
	59.99
	%
	 
	52.59
	%
	 
	51.50
	%
	 
	58.46
	%
	 
	62.43
	%
	 
	57.71
	%

	*CONFIDENTIAL
	 
	74.34
	%
	 
	71.28
	%
	 
	84.21
	%
	 
	75.06
	%
	 
	80.96
	%
	 
	84.56
	%
	 
	64.85
	%
	 
	76.91
	%
	 
	71.07
	%
	 
	71.62
	%
	 
	89.01
	%
	 
	83.93
	%
	 
	77.32
	%

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	Jan
	 
	 
	Feb
	 
	 
	Mar
	 
	 
	Apr
	 
	 
	May
	 
	 
	Jun
	 
	 
	Jul
	 
	 
	Aug
	 
	 
	Sep
	 
	 
	Oct
	 
	 
	Nov
	 
	 
	Dec
	 
	 
	AVG
	 

	*CONFIDENTIAL
	 
	59.92
	%
	 
	56.37
	%
	 
	62.39
	%
	 
	57.61
	%
	 
	67.58
	%
	 
	75.84
	%
	 
	72.88
	%
	 
	79.02
	%
	 
	63.58
	%
	 
	60.77
	%
	 
	58.17
	%
	 
	69.28
	%
	 
	65.28
	%

	*CONFIDENTIAL
	 
	59.92
	%
	 
	56.37
	%
	 
	62.39
	%
	 
	58.61
	%
	 
	68.58
	%
	 
	76.84
	%
	 
	73.88
	%
	 
	80.02
	%
	 
	64.58
	%
	 
	61.77
	%
	 
	59.17
	%
	 
	70.28
	%
	 
	66.03
	%

	*CONFIDENTIAL
	 
	58.10
	%
	 
	63.11
	%
	 
	70.29
	%
	 
	56.13
	%
	 
	62.57
	%
	 
	81.29
	%
	 
	77.42
	%
	 
	76.33
	%
	 
	64.44
	%
	 
	62.73
	%
	 
	67.88
	%
	 
	80.11
	%
	 
	68.37
	%

	*CONFIDENTIAL
	 
	58.10
	%
	 
	63.11
	%
	 
	70.29
	%
	 
	56.13
	%
	 
	62.57
	%
	 
	81.29
	%
	 
	77.42
	%
	 
	76.33
	%
	 
	64.44
	%
	 
	62.73
	%
	 
	67.88
	%
	 
	69.28
	%
	 
	67.47
	%

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	Jan
	 
	 
	Feb
	 
	 
	Mar
	 
	 
	Apr
	 
	 
	May
	 
	 
	Jun
	 
	 
	Jul
	 
	 
	Aug
	 
	 
	Sep
	 
	 
	Oct
	 
	 
	Nov
	 
	 
	Dec
	 
	 
	AVG
	 

	*CONFIDENTIAL
	 
	48.51
	%
	 
	56.10
	%
	 
	65.87
	%
	 
	66.66
	%
	 
	70.17
	%
	 
	72.89
	%
	 
	77.11
	%
	 
	62.36
	%
	 
	65.67
	%
	 
	70.98
	%
	 
	54.25
	%
	 
	69.39
	%
	 
	65.00
	%

	*CONFIDENTIAL
	 
	48.79
	%
	 
	56.64
	%
	 
	65.83
	%
	 
	65.17
	%
	 
	67.92
	%
	 
	69.81
	%
	 
	75.72
	%
	 
	61.17
	%
	 
	64.89
	%
	 
	69.97
	%
	 
	53.86
	%
	 
	69.14
	%
	 
	64.08
	%

	*CONFIDENTIAL
	 
	54.36
	%
	 
	59.46
	%
	 
	65.00
	%
	 
	52.37
	%
	 
	46.91
	%
	 
	53.44
	%
	 
	49.49
	%
	 
	52.55
	%
	 
	40.52
	%
	 
	37.03
	%
	 
	42.62
	%
	 
	34.03
	%
	 
	48.98
	%

	*CONFIDENTIAL
	 
	54.36
	%
	 
	59.46
	%
	 
	65.00
	%
	 
	52.37
	%
	 
	46.91
	%
	 
	53.44
	%
	 
	49.49
	%
	 
	52.55
	%
	 
	40.52
	%
	 
	37.03
	%
	 
	42.62
	%
	 
	44.14
	%
	 
	49.82
	%

	*CONFIDENTIAL
	 
	74.88
	%
	 
	76.51
	%
	 
	85.26
	%
	 
	82.33
	%
	 
	80.93
	%
	 
	82.62
	%
	 
	65.85
	%
	 
	72.69
	%
	 
	73.27
	%
	 
	54.76
	%
	 
	68.47
	%
	 
	42.34
	%
	 
	71.66
	%

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	Jan
	 
	 
	Feb
	 
	 
	Mar
	 
	 
	Apr
	 
	 
	May
	 
	 
	Jun
	 
	 
	Jul
	 
	 
	Aug
	 
	 
	Sep
	 
	 
	Oct
	 
	 
	Nov
	 
	 
	Dec
	 
	 
	AVG
	 





28






	
																																										
	*CONFIDENTIAL
	 
	13.12
	%
	 
	12.16
	%
	 
	13.89
	%
	 
	13.40
	%
	 
	16.51
	%
	 
	16.83
	%
	 
	17.31
	%
	 
	18.26
	%
	 
	16.34
	%
	 
	15.40
	%
	 
	13.15
	%
	 
	15.76
	%
	 
	15.18
	%

	*CONFIDENTIAL
	 
	14.82
	%
	 
	13.83
	%
	 
	15.51
	%
	 
	15.04
	%
	 
	18.15
	%
	 
	18.43
	%
	 
	18.97
	%
	 
	19.94
	%
	 
	18.10
	%
	 
	17.20
	%
	 
	14.95
	%
	 
	17.57
	%
	 
	16.88
	%

	*CONFIDENTIAL
	 
	12.67
	%
	 
	11.63
	%
	 
	15.18
	%
	 
	15.09
	%
	 
	14.71
	%
	 
	17.05
	%
	 
	16.13
	%
	 
	15.89
	%
	 
	13.89
	%
	 
	13.99
	%
	 
	15.13
	%
	 
	15.63
	%
	 
	14.75
	%

	*CONFIDENTIAL
	 
	12.67
	%
	 
	11.63
	%
	 
	15.18
	%
	 
	15.09
	%
	 
	14.71
	%
	 
	17.05
	%
	 
	16.13
	%
	 
	15.89
	%
	 
	13.89
	%
	 
	13.99
	%
	 
	15.13
	%
	 
	16.21
	%
	 
	14.80
	%

	*CONFIDENTIAL
	 
	25.56
	%
	 
	28.33
	%
	 
	32.11
	%
	 
	31.60
	%
	 
	32.41
	%
	 
	29.44
	%
	 
	21.43
	%
	 
	29.22
	%
	 
	24.65
	%
	 
	32.37
	%
	 
	33.05
	%
	 
	32.93
	%
	 
	29.43
	%

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	Jan
	 
	 
	Feb
	 
	 
	Mar
	 
	 
	Apr
	 
	 
	May
	 
	 
	Jun
	 
	 
	Jul
	 
	 
	Aug
	 
	 
	Sep
	 
	 
	Oct
	 
	 
	Nov
	 
	 
	Dec
	 
	 
	AVG
	 

	*CONFIDENTIAL
	 
	14.70
	%
	 
	12.96
	%
	 
	14.22
	%
	 
	14.82
	%
	 
	17.39
	%
	 
	18.29
	%
	 
	17.64
	%
	 
	18.14
	%
	 
	17.81
	%
	 
	17.34
	%
	 
	14.69
	%
	 
	16.24
	%
	 
	16.19
	%

	*CONFIDENTIAL
	 
	14.72
	%
	 
	13.67
	%
	 
	15.38
	%
	 
	16.03
	%
	 
	17.08
	%
	 
	18.36
	%
	 
	17.64
	%
	 
	18.73
	%
	 
	18.92
	%
	 
	17.87
	%
	 
	17.14
	%
	 
	18.32
	%
	 
	16.99
	%

	*CONFIDENTIAL
	 
	13.02
	%
	 
	13.40
	%
	 
	15.24
	%
	 
	14.11
	%
	 
	14.20
	%
	 
	17.36
	%
	 
	16.78
	%
	 
	17.25
	%
	 
	15.24
	%
	 
	14.50
	%
	 
	16.19
	%
	 
	18.10
	%
	 
	15.45
	%

	*CONFIDENTIAL
	 
	13.02
	%
	 
	13.40
	%
	 
	15.24
	%
	 
	14.11
	%
	 
	14.20
	%
	 
	17.36
	%
	 
	16.78
	%
	 
	17.25
	%
	 
	15.24
	%
	 
	14.50
	%
	 
	16.19
	%
	 
	18.98
	%
	 
	15.52
	%

	*CONFIDENTIAL
	 
	25.38
	%
	 
	25.75
	%
	 
	32.49
	%
	 
	29.70
	%
	 
	30.00
	%
	 
	26.70
	%
	 
	19.70
	%
	 
	26.13
	%
	 
	25.81
	%
	 
	26.28
	%
	 
	32.98
	%
	 
	29.95
	%
	 
	27.57
	%

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	Jan
	 
	 
	Feb
	 
	 
	Mar
	 
	 
	Apr
	 
	 
	May
	 
	 
	Jun
	 
	 
	Jul
	 
	 
	Aug
	 
	 
	Sep
	 
	 
	Oct
	 
	 
	Nov
	 
	 
	Dec
	 
	 
	AVG
	 

	*CONFIDENTIAL
	 
	24.53
	%
	 
	24.60
	%
	 
	27.41
	%
	 
	26.09
	%
	 
	32.05
	%
	 
	35.00
	%
	 
	33.45
	%
	 
	37.88
	%
	 
	29.66
	%
	 
	27.99
	%
	 
	26.41
	%
	 
	29.74
	%
	 
	29.57
	%

	*CONFIDENTIAL
	 
	26.48
	%
	 
	26.53
	%
	 
	29.34
	%
	 
	28.02
	%
	 
	34.00
	%
	 
	36.97
	%
	 
	35.44
	%
	 
	39.89
	%
	 
	31.67
	%
	 
	30.00
	%
	 
	28.41
	%
	 
	31.73
	%
	 
	31.54
	%

	*CONFIDENTIAL
	 
	24.34
	%
	 
	27.37
	%
	 
	31.96
	%
	 
	27.20
	%
	 
	32.13
	%
	 
	42.23
	%
	 
	39.73
	%
	 
	36.79
	%
	 
	30.29
	%
	 
	28.56
	%
	 
	30.06
	%
	 
	34.56
	%
	 
	32.10
	%

	*CONFIDENTIAL
	 
	24.34
	%
	 
	27.37
	%
	 
	31.96
	%
	 
	27.20
	%
	 
	32.13
	%
	 
	42.23
	%
	 
	39.73
	%
	 
	36.79
	%
	 
	30.29
	%
	 
	28.56
	%
	 
	30.06
	%
	 
	31.09
	%
	 
	31.81
	%

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	Jan
	 
	 
	Feb
	 
	 
	Mar
	 
	 
	Apr
	 
	 
	May
	 
	 
	Jun
	 
	 
	Jul
	 
	 
	Aug
	 
	 
	Sep
	 
	 
	Oct
	 
	 
	Nov
	 
	 
	Dec
	 
	 
	AVG
	 

	*CONFIDENTIAL
	 
	17.33
	%
	 
	14.94
	%
	 
	14.93
	%
	 
	16.39
	%
	 
	19.64
	%
	 
	21.24
	%
	 
	23.62
	%
	 
	20.17
	%
	 
	21.81
	%
	 
	21.92
	%
	 
	15.22
	%
	 
	15.93
	%
	 
	18.60
	%

	*CONFIDENTIAL
	 
	19.24
	%
	 
	16.82
	%
	 
	16.81
	%
	 
	18.27
	%
	 
	21.54
	%
	 
	23.14
	%
	 
	25.55
	%
	 
	22.13
	%
	 
	23.77
	%
	 
	23.88
	%
	 
	17.17
	%
	 
	17.87
	%
	 
	20.52
	%

	*CONFIDENTIAL
	 
	11.69
	%
	 
	13.22
	%
	 
	14.27
	%
	 
	12.97
	%
	 
	12.05
	%
	 
	14.46
	%
	 
	14.06
	%
	 
	13.85
	%
	 
	10.54
	%
	 
	9.72
	%
	 
	10.86
	%
	 
	8.90
	%
	 
	12.22
	%

	*CONFIDENTIAL
	 
	11.69
	%
	 
	13.22
	%
	 
	14.27
	%
	 
	12.97
	%
	 
	12.05
	%
	 
	14.46
	%
	 
	14.06
	%
	 
	13.85
	%
	 
	10.54
	%
	 
	9.72
	%
	 
	10.86
	%
	 
	17.30
	%
	 
	12.92
	%

	*CONFIDENTIAL
	 
	28.60
	%
	 
	32.36
	%
	 
	37.82
	%
	 
	37.67
	%
	 
	32.46
	%
	 
	26.47
	%
	 
	21.07
	%
	 
	26.86
	%
	 
	28.48
	%
	 
	20.09
	%
	 
	23.36
	%
	 
	14.30
	%
	 
	27.46
	%




 


	
		
	*
	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.







29






Confidential Treatment


Monthly Income Statement
 
	
																																
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	Actuals
	 
	 
	12&0 Forecast
	 
	 
	December
	 
	 
	Month Actual vs.
	 

	 
	 
	October
	 
	 
	November
	 
	 
	December
	 
	 
	January ‘05
	 
	 
	February ‘05
	 
	 
	Forecast
	 
	 
	Budget
	 
	 
	Forecast
	 
	 
	Budget
	 

	Servicing
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	39,796,556
	 
	 
	41,889,256
	 
	 
	43,006,752
	 
	 
	40,888,720
	

	 
	 
	40,980,093
	

	 
	 
	42,337,389
	

	 
	 
	44,857,939
	

	 
	 
	669,363
	 
	 
	(1,851,187
	)

	*CONFIDENTIAL
	 
	3,248,528
	 
	 
	3,547,278
	 
	 
	522,938
	 
	 
	2,828,887
	

	 
	 
	2,956,306
	

	 
	 
	3,321,713
	

	 
	 
	2,178,301
	

	 
	 
	(2,798,775
	)
	 
	(1,655,363
	)

	*CONFIDENTIAL
	 
	(1,569,092
	)
	 
	(1,929,397
	)
	 
	(4,746,755
	)
	 
	(649,104
	

	)
	 
	(1,720,107
	

	)
	 
	(2,571,144
	

	)
	 
	(1,475,307
	

	)
	 
	(2,175,611
	)
	 
	(3,271,447
	)

	*CONFIDENTIAL
	 
	311,628
	 
	 
	275,618
	 
	 
	365,444
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	250,000
	

	 
	 
	—
	

	 
	 
	115,444
	 
	 
	365,444
	 

	*CONFIDENTIAL
	 
	(25,799,692
	)
	 
	(25,515,938
	)
	 
	(42,346,464
	)
	 
	(27,000,000
	

	)
	 
	(27,000,000
	

	)
	 
	(25,514,370
	

	)
	 
	(21,064,818
	

	)
	 
	(16,832,094
	)
	 
	(21,281,646
	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Net Servicing Revenues
	 
	15,987,926
	 
	 
	18,266,817
	 
	 
	(3,198,086
	)
	 
	16,068,504
	

	 
	 
	15,216,292
	

	 
	 
	17,823,588
	

	 
	 
	24,496,113
	

	 
	 
	(21,021,674
	)
	 
	(27,694,199
	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	6,455,403
	 
	 
	7,002,363
	 
	 
	8,025,670
	 
	 
	6,766,806
	

	 
	 
	6,592,252
	

	 
	 
	7,922,089
	

	 
	 
	7,214,738
	

	 
	 
	103,581
	 
	 
	810,932
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	9,532,524
	 
	 
	11,264,455
	 
	 
	(11,223,756
	)
	 
	9,301,697
	

	 
	 
	8,624,040
	

	 
	 
	9,901,499
	

	 
	 
	17,281,376
	

	 
	 
	(21,125,255
	)
	 
	(28,505,132
	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Average Servicing Portfolio
	 
	141,887,959,147
	 
	 
	142,370,456,936
	 
	 
	142,755,820,667
	 
	 
	142,981,736,931
	

	 
	 
	142,972,122,834
	

	 
	 
	142,576,895,692
	

	 
	 
	153,086,499,688
	

	 
	 
	178,924,975
	 
	 
	(10,330,679,021
	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Production
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Gross Revenues
	 
	57,237,279
	 
	 
	76,185,315
	 
	 
	70,305,494
	 
	 
	50,055,995
	

	 
	 
	46,819,146
	

	 
	 
	68,468,836
	

	 
	 
	66,720,472
	

	 
	 
	1,836,658
	 
	 
	3,585,023
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Direct Expenses
	 
	(28,780,866
	)
	 
	(26,162,229
	)
	 
	(24,879,709
	)
	 
	(24,194,227
	

	)
	 
	(21,250,726
	

	)
	 
	(23,915,137
	

	)
	 
	(25,698,172
	

	)
	 
	(964,572
	)
	 
	818,463
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Net Production Revenues
	 
	28,456,413
	 
	 
	50,023,086
	 
	 
	45,425,785
	 
	 
	25,861,768
	

	 
	 
	25,568,420
	

	 
	 
	44,553,699
	

	 
	 
	41,022,299
	

	 
	 
	872,086
	 
	 
	4,403,486
	 





30






	
																																
	*CONFIDENTIAL
	 
	29,910,928
	 
	 
	31,019,017
	 
	 
	32,578,089
	 
	 
	24,573,355
	

	 
	 
	25,009,042
	

	 
	 
	28,660,696
	

	 
	 
	27,481,853
	

	 
	 
	3,917,393
	 
	 
	5,096,236
	 

	*CONFIDENTIAL
	 
	11,172,293
	 
	 
	9,781,486
	 
	 
	7,161,629
	 
	 
	13,652,705
	

	 
	 
	12,412,862
	

	 
	 
	11,865,208
	

	 
	 
	12,390,151
	

	 
	 
	(4,703,579
	)
	 
	(5,228,521
	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	(12,626,808
	)
	 
	9,222,583
	 
	 
	5,686, 067
	 
	 
	(12,364,292
	

	)
	 
	(11,853,484
	

	)
	 
	4,027,796
	

	 
	 
	1,150,296
	

	 
	 
	1,658,271
	 
	 
	4,535,771
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Loans Closed
	 
	3,597,789,525
	 
	 
	3,729,154,116
	 
	 
	3,656,461,926
	 
	 
	2,823,081,950
	

	 
	 
	2,512,905,187
	

	 
	 
	3,333,646,040
	

	 
	 
	3,990,171,035
	

	 
	 
	322,814,988
	 
	 
	(333,710,007
	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Loans Sold
	 
	2,014,951,149
	 
	 
	2,199,228,935
	 
	 
	2,532,791,433
	 
	 
	1,817,408,024
	

	 
	 
	1,701,051,213
	

	 
	 
	2,305,671,610
	

	 
	 
	2,281,856,336
	

	 
	 
	227,119,823
	 
	 
	250,935,097
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Other
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	206,589
	 
	 
	(230,796
	)
	 
	(70,459
	)
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	(70,459
	)
	 
	(70,459
	)

	*CONFIDENTIAL
	 
	17,057
	 
	 
	6,635
	 
	 
	15,414
	 
	 
	9,385
	

	 
	 
	9,385
	

	 
	 
	4,861
	

	 
	 
	5,353
	

	 
	 
	10,553
	 
	 
	10,061
	 

	Summary
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Net Revenues
	 
	44,667,986
	 
	 
	68,065,742
	 
	 
	42,172,653
	 
	 
	41,939,657
	

	 
	 
	40,794,097
	

	 
	 
	62,382,148
	

	 
	 
	65,523,766
	

	 
	 
	(20,209,495
	)
	 
	(23,351,113
	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Operating Expenses
	 
	47,538,624
	 
	 
	47,802,865
	 
	 
	47,765,389
	 
	 
	44,992,866
	

	 
	 
	44,014,156
	

	 
	 
	48,447,993
	

	 
	 
	47,086,742
	

	 
	 
	(682,604
	)
	 
	678,647
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	(2,870,638
	)
	 
	20,262,877
	 
	 
	(5,592,735
	)
	 
	(3,053,209
	

	)
	 
	(3,220,059
	

	)
	 
	13,934,155
	

	 
	 
	18,437,024
	

	 
	 
	(19,526,891
	)
	 
	(24,029,760
	)

	Depreciation and Amortization
	 
	2,833,795
	 
	 
	2,831,889
	 
	 
	2,542,737
	 
	 
	2,434,353
	

	 
	 
	2,415,238
	

	 
	 
	2,562,463
	

	 
	 
	2,412,320
	

	 
	 
	(19,725
	)
	 
	130,417
	 

	Interest Expense
	 
	48,839
	 
	 
	41,355
	 
	 
	41,464
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	(5,753,272
	)
	 
	17,389,633
	 
	 
	(8,176,937
	)
	 
	(5,487,562
	

	)
	 
	(5,635,297
	

	)
	 
	11,371,693
	

	 
	 
	16,024,704
	

	 
	 
	(19,548,629
	)
	 
	(24,201,641
	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 







31






Confidential Treatment


YTD & FY Income Statement
 
	
																											
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	DECEMBER YTD
	 
	 
	FULL YEAR
	 

	 
	 
	Actuals
	 
	 
	Budget
	 
	 
	Variance
	 
	 
	2004 Forecast
	 
	 
	2004 Budget
	 
	 
	Variance
	 
	 
	2003 Actuals
	 
	 
	Variance
	 

	Servicing
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	490,945,904
	 
	 
	499,076,157
	 
	 
	(8,130,252
	)
	 
	490,945,904
	 
	 
	499,076,157
	

	 
	 
	(8,130,252
	

	)
	 
	444,058,317
	 
	 
	46,887,587
	 

	*CONFIDENTIAL
	 
	37,495,629
	 
	 
	29,933,441
	 
	 
	7,562,189
	 
	 
	37,495,629
	 
	 
	29,933,441
	

	 
	 
	7,562,189
	

	 
	 
	45,922,908
	 
	 
	(8,427,279
	)

	*CONFIDENTIAL
	 
	(36,906,038
	)
	 
	(35,388,761
	)
	 
	(516,277
	)
	 
	(35,905,038
	)
	 
	(35,388,761
	

	)
	 
	(516,277
	

	)
	 
	(71,410,836
	)
	 
	35,505,798
	 

	*CONFIDENTIAL
	 
	5,649,586
	 
	 
	2,388,967
	 
	 
	3,260,619
	 
	 
	5,649,586
	 
	 
	2,388,967
	

	 
	 
	3,260,619
	

	 
	 
	26,253,017
	 
	 
	(20,603,431
	)

	*CONFIDENTIAL
	 
	(409,518,970
	)
	 
	(361,210,536
	)
	 
	(48,308,434
	)
	 
	(409,518,970
	)
	 
	(361,210,536
	

	)
	 
	(48,308,434
	

	)
	 
	(730,960,767
	)
	 
	321,441,797
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	—
	

	 
	 
	 
	 
	 
	 
	 

	Net Servicing Revenues
	 
	88,667,112
	 
	 
	134,799,267
	 
	 
	(46,132,156
	)
	 
	88,667,112
	 
	 
	134,799,267
	

	 
	 
	(46,132,156
	

	)
	 
	(286,137,361
	)
	 
	374,804,473
	 

	*CONFIDENTIAL
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	—
	

	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	76,163,080
	 
	 
	80,721,333
	 
	 
	(4,558,253
	)
	 
	76,163,080
	 
	 
	80,721,333
	

	 
	 
	(4,558,253
	

	)
	 
	98,817,641
	 
	 
	(22,654,561
	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	—
	

	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	12,504,032
	 
	 
	54,077,935
	 
	 
	(41,573,903
	)
	 
	12,504,032
	 
	 
	54,077,935
	

	 
	 
	(41,573,903
	

	)
	 
	(384,955,002
	)
	 
	397,459,034
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	—
	

	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	Average Servicing Portfolio
	 
	137,880,566,344
	 
	 
	141,092,315,681
	 
	 
	(3,211,749,337
	)
	 
	137,880,566,344
	 
	 
	141,092,315,681
	

	 
	 
	(3,211,749,337
	

	)
	 
	122,828,283,732
	 
	 
	15,052,282,612
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Production
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	Gross Revenues
	 
	981,729,764
	 
	 
	1,044,429,861
	 
	 
	(62,700,098
	)
	 
	981,729,764
	 
	 
	1,044,429,861
	

	 
	 
	(62,700,098
	

	)
	 
	1,918,058,090
	 
	 
	(936,328,326
	)

	 
	 
	 
	 
	 
	 
	 
	 
	 

	Direct Expenses
	 
	(376,381,721
	)
	 
	(366,108,492
	)
	 
	(10,273,229
	)
	 
	(376,381,721
	)
	 
	(366,108,492
	

	)
	 
	(10,273,229
	

	)
	 
	(606,798,102
	)
	 
	230,416,381
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	Net Production Revenues
	 
	605,348,043
	 
	 
	678,321,369
	 
	 
	(72,973,326
	)
	 
	605,348,043
	 
	 
	678,321,369
	

	 
	 
	(72,973,326
	

	)
	 
	1,311,259,988
	 
	 
	(705,911,945
	)

	*CONFIDENTIAL
	 
	391,365,368
	 
	 
	381,454,331
	 
	 
	9,911,037
	 
	 
	391,365,368
	 
	 
	381,454,331
	

	 
	 
	9,911,037
	

	 
	 
	465,391,069
	 
	 
	(74,025,701
	)

	*CONFIDENTIAL
	 
	132,262,209
	 
	 
	150,948,720
	 
	 
	(18,686,510
	)
	 
	132,262,209
	 
	 
	150,948,720
	

	 
	 
	(18,686,510
	

	)
	 
	158,631,414
	 
	 
	(26,369,205
	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	81,720,466
	 
	 
	145,918,318
	 
	 
	(64,197,853
	)
	 
	81,720,466
	 
	 
	145,918,318
	

	 
	 
	(64,197,853
	

	)
	 
	687,237,505
	 
	 
	(605,517,039
	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 





32






	
																											
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Loans Closed
	 
	52,552,442,773
	 
	 
	58,022,664,361
	 
	 
	(5,470,221,588
	)
	 
	52,552,442,773
	 
	 
	58,022,664,361
	

	 
	 
	(5,470,221,588
	

	)
	 
	83,701,300,901
	 
	 
	(31,148,858,128
	)

	 
	 
	 
	 
	 
	 
	 
	 
	 

	Loans Sold
	 
	32,465,424,924
	 
	 
	34,431,344,420
	 
	 
	(1,965,919,497
	)
	 
	32,465,424,924
	 
	 
	34,431,344,420
	

	 
	 
	(1,965,919,497
	

	)
	 
	59,521,098,501
	 
	 
	(27,055,673,577
	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Other
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	3,644,403
	 
	 
	2,388,967
	 
	 
	1,255,436
	 
	 
	3,644,403
	 
	 
	—
	

	 
	 
	3,644,403
	

	 
	 
	(503,047
	)
	 
	4,147,450
	 

	*CONFIDENTIAL
	 
	2,009,939
	 
	 
	62,279
	 
	 
	1,947,660
	 
	 
	2,009,939
	 
	 
	62,279
	

	 
	 
	1,947,660
	

	 
	 
	117,114
	 
	 
	1,892,825
	 

	Summary
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	Net Revenues
	 
	699,669,496
	 
	 
	815,571,882
	 
	 
	(115,902,386
	)
	 
	699,669,496
	 
	 
	813,182,915
	

	 
	 
	(113,513,419
	

	)
	 
	1,024,736,694
	 
	 
	(325,067,198
	)

	 
	 
	 
	 
	 
	 
	 
	 
	 

	Operating Expenses
	 
	599,790,657
	 
	 
	613,124,383
	 
	 
	(13,333,726
	)
	 
	599,790,657
	 
	 
	613,124,383
	

	 
	 
	(13,333,726
	

	)
	 
	722,840,124
	 
	 
	(123,049,467
	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	99,878,839
	 
	 
	202,447,499
	 
	 
	(102,568,660
	)
	 
	99,878,839
	 
	 
	200,058,532
	

	 
	 
	(100,179,693
	

	)
	 
	301,896,570
	 
	 
	(202,017,731
	)

	 
	 
	 
	 
	 
	 
	 
	 
	 

	Depreciation, Amortization & Interest Expense
	 
	31,770,851
	 
	 
	30,828,606
	 
	 
	942,245
	 
	 
	31,770,851
	 
	 
	30,828,606
	

	 
	 
	942,245
	

	 
	 
	26,613,105
	 
	 
	5,157,746
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	68,107,988
	 
	 
	171,618,893
	 
	 
	(103,510,905
	)
	 
	68,107,988
	 
	 
	169,229,926
	

	 
	 
	(101,121,938
	

	)
	 
	275,283,465
	 
	 
	(207,175,477
	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 




 


	
		
	*
	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.







33






Confidential Treatment


Quarterly Income Statement
 
	
																														
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	2003
	 
	 
	2004
	 

	 
	 
	First Quarter
	 
	 
	Second Quarter
	 
	 
	Third Quarter
	 
	 
	Fourth Quarter
	 
	 
	First Quarter
	 
	 
	Second Quarter
	 
	 
	Third Quarter
	 
	 
	Fourth Quarter
	 

	Servicing
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	108,613,539
	

	 
	 
	109,725,263
	

	 
	 
	112,016,257
	

	 
	 
	113,703,258
	

	 
	 
	120,289,682
	 
	 
	123,925,085
	

	 
	 
	122,038,574
	 
	 
	124,692,563
	 

	*CONFIDENTIAL
	 
	9,066,609
	

	 
	 
	8,469,605
	

	 
	 
	8,128,143
	

	 
	 
	20,258,551
	

	 
	 
	8,815,226
	 
	 
	10,797,616
	

	 
	 
	10,564,044
	 
	 
	7,318,744
	 

	*CONFIDENTIAL
	 
	(16,342,976
	

	)
	 
	(23,936,321
	

	)
	 
	(16,378,777
	

	)
	 
	(14,752,762
	

	)
	 
	(13,640,842
	)
	 
	(13,505,195
	

	)
	 
	(513,757
	)
	 
	(8,245,244
	)

	*CONFIDENTIAL
	 
	8,665,052
	

	 
	 
	7,309,897
	

	 
	 
	7,188,498
	

	 
	 
	3,089,570
	

	 
	 
	2,340,760
	 
	 
	1,533,318
	

	 
	 
	822,818
	 
	 
	952,689
	 

	*CONFIDENTIAL
	 
	(133,638,364
	

	)
	 
	(187,389,590
	

	)
	 
	(263,989,939
	

	)
	 
	(145,942,874
	

	)
	 
	(93,061,991
	)
	 
	(141,795,771
	

	)
	 
	(80,999,113
	)
	 
	(93,662,095
	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	Net Servicing Revenues
	 
	(23,636,140
	

	)
	 
	(85,821,146
	

	)
	 
	(153,035,818
	

	)
	 
	(23,644,257
	

	)
	 
	24,742,835
	 
	 
	(19,044,947
	

	)
	 
	51,912,566
	 
	 
	31,056,658
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	18,297,415
	

	 
	 
	26,264,268
	

	 
	 
	28,247,901
	

	 
	 
	26,008,057
	

	 
	 
	14,189,062
	 
	 
	18,623,375
	

	 
	 
	21,867,208
	 
	 
	21,483,435
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	(41,933,555
	

	)
	 
	(112,085,414
	

	)
	 
	(181,283,719
	

	)
	 
	(49,652,314
	

	)
	 
	10,553,773
	 
	 
	(37,668,321
	

	)
	 
	30,045,358
	 
	 
	9,573,222
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	Average Servicing Portfolio
	 
	115,779,517,827
	

	 
	 
	119,758,106,549
	

	 
	 
	125,243,682,183
	

	 
	 
	130,637,845,235
	

	 
	 
	133,022,630,183
	 
	 
	136,244,310,379
	

	 
	 
	140,207,721,159
	 
	 
	142,321,889,907
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	Production
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Gross Revenues
	 
	422,260,048
	

	 
	 
	517,942,019
	

	 
	 
	620,324,974
	

	 
	 
	357,531,049
	

	 
	 
	197,509,028
	 
	 
	342,685,516
	

	 
	 
	237,807,131
	 
	 
	203,728,088
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	Direct Expenses
	 
	(130,309,732
	

	)
	 
	(166,067,320
	

	)
	 
	(192,074,853
	

	)
	 
	(118,346,197
	

	)
	 
	(74,601,907
	)
	 
	(108,025,638
	

	)
	 
	(113,931,372
	)
	 
	(79,822,804
	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	Net Production Revenues
	 
	291,950,316
	

	 
	 
	351,874,699
	

	 
	 
	428,250,121
	

	 
	 
	239,184,852
	

	 
	 
	122,907,121
	 
	 
	234,659,878
	

	 
	 
	123,875,759
	 
	 
	123,905,284
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	113,655,255
	

	 
	 
	128,357,324
	

	 
	 
	124,064,476
	

	 
	 
	99,314,014
	

	 
	 
	98,061,365
	 
	 
	100,935,579
	

	 
	 
	98,860,390
	 
	 
	93,508,034
	 

	*CONFIDENTIAL
	 
	39,430,295
	

	 
	 
	41,156,075
	

	 
	 
	39,678,828
	

	 
	 
	38,366,216
	

	 
	 
	39,061,403
	 
	 
	39,215,643
	

	 
	 
	25,869,755
	 
	 
	28,115,408
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 





34






	
																														
	*CONFIDENTIAL
	 
	138,864,766
	

	 
	 
	182,361,300
	

	 
	 
	264,506,817
	

	 
	 
	101,504,622
	

	 
	 
	(14,215,647
	)
	 
	94,508,657
	

	 
	 
	(854,386
	)
	 
	2,281,842
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	Loans Closed
	 
	17,845,231,646
	

	 
	 
	23,319,995,254
	

	 
	 
	27,594,019,970
	

	 
	 
	14,942,054,031
	

	 
	 
	11,250,967,623
	 
	 
	17,632,414,731
	

	 
	 
	12,685,655,750
	 
	 
	10,983,404,669
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	Loans Sold
	 
	12,672,682,912
	

	 
	 
	16,298,151,671
	

	 
	 
	19,227,617,252
	

	 
	 
	11,322,646,666
	

	 
	 
	6,637,553,042
	 
	 
	10,395,132,250
	

	 
	 
	8,685,768,115
	 
	 
	6,746,971,517
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	Other
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	(503,047
	

	)
	 
	4,631,503
	 
	 
	—
	

	 
	 
	(892,433
	)
	 
	(94,667
	)

	*CONFIDENTIAL
	 
	33,414
	

	 
	 
	33,414
	

	 
	 
	33,414
	

	 
	 
	16,872
	

	 
	 
	120,102
	 
	 
	1,539,512
	

	 
	 
	311,219
	 
	 
	39,106
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	Summary
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	Net Revenues
	 
	268,347,590
	

	 
	 
	266,086,967
	

	 
	 
	275,247,717
	

	 
	 
	215,054,420
	

	 
	 
	152,401,561
	 
	 
	217,154,444
	

	 
	 
	175,207,110
	 
	 
	154,906,381
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	Operating Expenses
	 
	171,382,965
	

	 
	 
	195,777,667
	

	 
	 
	191,991,205
	

	 
	 
	163,688,287
	

	 
	 
	151,311,830
	 
	 
	158,774,596
	

	 
	 
	146,597,353
	 
	 
	143,106,878
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	96,964,625
	

	 
	 
	70,309,300
	

	 
	 
	83,256,512
	

	 
	 
	51,366,133
	

	 
	 
	1,089,731
	 
	 
	58,379,848
	

	 
	 
	28,609,757
	 
	 
	11,799,504
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	Depreciation and Amortization
	 
	6,364,671
	

	 
	 
	6,779,536
	

	 
	 
	6,822,761
	

	 
	 
	6,433,352
	

	 
	 
	6,792,132
	 
	 
	7,933,660
	

	 
	 
	8,363,807
	 
	 
	8,208,421
	 

	Interest Expense
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	40,151
	 
	 
	168,645
	

	 
	 
	141,760
	 
	 
	131,658
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	90,599,954
	

	 
	 
	63,529,764
	

	 
	 
	76,433,751
	

	 
	 
	44,932,781
	

	 
	 
	(5,742,552
	)
	 
	50,277,543
	

	 
	 
	20,104,190
	 
	 
	3,459,425
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 




 


	
		
	*
	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.







35






Confidential Treatment


Production Direct Expenses - Detail
 
	
																																			
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	December 2004
	 
	December
	 
	 
	12&0 Forecast
	 
	 
	2004
	 

	 
	 
	Key
	 
	Actuals
	 
	 
	Forecast
	 
	 
	Variance
	 
	 
	January ‘05
	 
	 
	February ‘05
	 
	 
	YTD Actuals
	 
	 
	YTD Budget
	 
	 
	Variance
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	(4,426,813
	

	)
	 
	(2,824,660
	

	)
	 
	1,602,153
	

	 
	 
	(3,302,780
	

	)
	 
	(2,569,973
	

	)
	 
	(56,319,633
	

	)
	 
	(56,552,580
	

	)
	 
	(232,947
	

	)

	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	(1,061,688
	

	)
	 
	(1,061,688
	

	)

	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	(176,019
	

	)
	 
	(162,773
	

	)
	 
	13,246
	

	 
	 
	(184,850
	

	)
	 
	(141,663
	

	)
	 
	(2,494,124
	

	)
	 
	(3,593,089
	

	)
	 
	(1,098,965
	

	)

	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	(201,800
	

	)
	 
	(264,069
	

	)
	 
	(62,269
	

	)
	 
	(308,415
	

	)
	 
	(90,980
	

	)
	 
	(13,535,930
	

	)
	 
	(20,299,148
	

	)
	 
	(6,763,218
	

	)

	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	(900
	

	)
	 
	—
	

	 
	 
	900
	

	 

	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	(3,925,125
	

	)
	 
	(3,214,728
	

	)
	 
	710,397
	

	 
	 
	(3,009,935
	

	)
	 
	(2,091,976
	

	)
	 
	(51,569,696
	

	)
	 
	(64,316,492
	

	)
	 
	(12,746,796
	

	)

	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	(15,950
	

	)
	 
	—
	

	 
	 
	15,950
	

	 

	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	(257,296
	

	)
	 
	(180,384
	

	)
	 
	76,911
	

	 
	 
	(191,106
	

	)
	 
	(147,108
	

	)
	 
	(3,604,023
	

	)
	 
	(4,031,647
	

	)
	 
	(427,625
	

	)

	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	398,245
	

	 
	 
	425,000
	

	 
	 
	26,755
	

	 
	 
	425,000
	

	 
	 
	425,000
	

	 
	 
	1,959,121
	

	 
	 
	5,623,896
	

	 
	 
	3,664,775
	

	 

	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	7,437,757
	

	 
	 
	5,948,904
	

	 
	 
	(1,488,853
	

	)
	 
	5,908,047
	

	 
	 
	4,139,081
	

	 
	 
	94,659,005
	

	 
	 
	112,716,723
	

	 
	 
	18,057,718
	

	 

	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	665,087
	

	 
	 
	508,333
	

	 
	 
	(156,753
	

	)
	 
	629,764
	

	 
	 
	312,932
	

	 
	 
	33,557,300
	

	 
	 
	48,716,288
	

	 
	 
	15,158,988
	

	 

	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	3,005,134
	

	 
	 
	3,766,890
	

	 
	 
	761,756
	

	 
	 
	2,620,400
	

	 
	 
	2,939,348
	

	 
	 
	34,406,803
	

	 
	 
	27,708,302
	

	 
	 
	(6,698,500
	

	)

	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	4,151,330
	

	 
	 
	3,064,762
	

	 
	 
	(1,086,567
	

	)
	 
	2,949,773
	

	 
	 
	2,504,821
	

	 
	 
	56,922,604
	

	 
	 
	31,423,983
	

	 
	 
	(25,498,621
	

	)

	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	3,695,017
	

	 
	 
	1,295,000
	

	 
	 
	(2,400,017
	

	)
	 
	1,295,000
	

	 
	 
	1,295,000
	

	 
	 
	17,809,940
	

	 
	 
	15,115,482
	

	 
	 
	(2,694,458
	

	)

	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	201,250
	

	 
	 
	200,000
	

	 
	 
	(1,250
	

	)
	 
	531,925
	

	 
	 
	200,000
	

	 
	 
	7,181,103
	

	 
	 
	15,596,003
	

	 
	 
	8,414,900
	

	 





36






	
																																			
	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	178,850
	

	 
	 
	117,461
	

	 
	 
	(61,389
	

	)
	 
	112,367
	

	 
	 
	109,176
	

	 
	 
	2,211,313
	

	 
	 
	2,150,123
	

	 
	 
	(61,191
	

	)

	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	85,410
	

	 
	 
	—
	

	 
	 
	(85,410
	

	)
	 
	—
	

	 
	 
	—
	

	 
	 
	389,901
	

	 
	 
	—
	

	 
	 
	(389,901
	

	)

	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	91,429
	

	 
	 
	131,213
	

	 
	 
	39,784
	

	 
	 
	123,740
	

	 
	 
	130,076
	

	 
	 
	10,728,023
	

	 
	 
	8,685,759
	

	 
	 
	(2,042,264
	

	)

	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	1,747,463
	

	 
	 
	1,072,411
	

	 
	 
	(675,052
	

	)
	 
	972,502
	

	 
	 
	864,859
	

	 
	 
	21,938,552
	

	 
	 
	2,558,998
	

	 
	 
	(19,379,554
	

	)

	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	(275
	

	)
	 
	—
	

	 
	 
	275
	

	 

	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	104,095
	

	 
	 
	74,081
	

	 
	 
	(30,014
	

	)
	 
	52,800
	

	 
	 
	44,597
	

	 
	 
	1,360,624
	

	 
	 
	970,236
	

	 
	 
	(390,389
	

	)

	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	3,410,925
	

	 
	 
	2,208,343
	

	 
	 
	(1,202,582
	

	)
	 
	2,593,395
	

	 
	 
	3,390,105
	

	 
	 
	53,351,923
	

	 
	 
	62,147,282
	

	 
	 
	8,795,359
	

	 

	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	257,156
	

	 
	 
	267,191
	

	 
	 
	10,035
	

	 
	 
	247,157
	

	 
	 
	345,624
	

	 
	 
	5,001,343
	

	 
	 
	6,671,463
	

	 
	 
	1,670,120
	

	 

	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	54,121
	

	 
	 
	34,776
	

	 
	 
	(19,345
	

	)
	 
	35,034
	

	 
	 
	53,121
	

	 
	 
	884,557
	

	 
	 
	764,622
	

	 
	 
	(119,935
	

	)

	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	190
	

	 
	 
	—
	

	 
	 
	(190
	

	)
	 
	—
	

	 
	 
	—
	

	 
	 
	7,407
	

	 
	 
	1,355
	

	 
	 
	(6,052
	

	)

	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	25,951
	

	 
	 
	58,554
	

	 
	 
	32,603
	

	 
	 
	47,072
	

	 
	 
	66,862
	

	 
	 
	723,489
	

	 
	 
	1,153,069
	

	 
	 
	429,580
	

	 

	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	—
	

	 
	 
	2,711
	

	 
	 
	2,711
	

	 
	 
	2,161
	

	 
	 
	3,110
	

	 
	 
	5,960
	

	 
	 
	49,711
	

	 
	 
	43,751
	

	 

	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	382,935
	

	 
	 
	150,000
	

	 
	 
	(232,935
	

	)
	 
	150,000
	

	 
	 
	150,000
	

	 
	 
	4,256,468
	

	 
	 
	5,000,000
	

	 
	 
	743,532
	

	 

	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	(293,005
	

	)
	 
	132,956
	

	 
	 
	425,961
	

	 
	 
	120,505
	

	 
	 
	188,504
	

	 
	 
	3,202,679
	

	 
	 
	3,490,104
	

	 
	 
	287,425
	

	 

	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	736,454
	

	 
	 
	358,985
	

	 
	 
	(377,469
	

	)
	 
	457,539
	

	 
	 
	529,828
	

	 
	 
	7,294,156
	

	 
	 
	7,130,998
	

	 
	 
	(163,158
	

	)

	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	18,002
	

	 
	 
	9,871
	

	 
	 
	(8,131
	

	)
	 
	10,964
	

	 
	 
	17,214
	

	 
	 
	228,397
	

	 
	 
	336,552
	

	 
	 
	108,155
	

	 

	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	50,950
	

	 
	 
	52,350
	

	 
	 
	1,400
	

	 
	 
	51,850
	

	 
	 
	51,850
	

	 
	 
	638,850
	

	 
	 
	589,051
	

	 
	 
	(49,799
	

	)





37






	
																																			
	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	23,153
	

	 
	 
	23,153
	

	 
	 
	276,469
	

	 
	 
	284,012
	

	 
	 
	7,543
	

	 

	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	328,216
	

	 
	 
	310,738
	

	 
	 
	(17,478
	

	)
	 
	271,791
	

	 
	 
	222,166
	

	 
	 
	4,783,392
	

	 
	 
	5,629,746
	

	 
	 
	846,354
	

	 

	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	210,910
	

	 
	 
	114,724
	

	 
	 
	(96,187
	

	)
	 
	90,300
	

	 
	 
	110,478
	

	 
	 
	2,241,414
	

	 
	 
	1,504,621
	

	 
	 
	(736,792
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Production Direct Expense
	 
	 
	 
	17,956,819
	

	 
	 
	13,658,640
	

	 
	 
	(4,298,179
	

	)
	 
	12,725,155
	

	 
	 
	13,075,205
	

	 
	 
	238,480,262
	

	 
	 
	216,163,733
	

	 
	 
	(22,316,529
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 








*The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.


Confidential Treatment


Production Direct Expenses - Summary
December 2004
 
	
																																																
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	Key
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Production Expense Tier 1
	 
	(1)
	 
	 
	3,845,821
	

	 
	 
	 
	30,917
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	1,930,978
	

	 
	 
	 
	1,574,956
	

	 
	 
	 
	—
	

	 
	 
	 
	221,088
	

	 
	 
	 
	—
	

	 

	Closings Tier 1
	 
	 
	 
	 
	2,189
	

	 
	 
	 
	1,346
	

	 
	 
	 
	866
	

	 
	 
	 
	—
	

	 
	 
	 
	2,527
	

	 
	 
	 
	902
	

	 
	 
	 
	—
	

	 
	 
	 
	109
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	 
	 
	1,756.86
	

	 
	 
	 
	22.98
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	764.02
	

	 
	 
	 
	1,746.07
	

	 
	 
	 
	—
	

	 
	 
	 
	2,022.43
	

	 
	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Production Expense Tier 2
	 
	(2)
	 
	 
	93,084
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	171,314
	

	 
	 
	 
	(1,900
	

	)
	 
	 
	—
	

	 
	 
	 
	109,642
	

	 
	 
	 
	—
	

	 

	Closings Tier 2
	 
	 
	 
	 
	35
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	253
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	73
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	677.34
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	1,510.22
	

	 
	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Production Expense Tier 3
	 
	(3)
	 
	 
	1,583
	

	 
	 
	 
	1,019
	

	 
	 
	 
	—
	

	 
	 
	 
	(12,215
	

	)
	 
	 
	(5,101
	

	)
	 
	 
	17,586
	

	 
	 
	 
	3,217,117
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	Closings Tier 3
	 
	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	1,429
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 





38






	
																																																
	*CONFIDENTIAL
	 
	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	2,251.56
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Production Expense Tier 4
	 
	(4)
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	50,950
	

	 

	Closings Tier 4
	 
	 
	 
	 
	133
	

	 
	 
	 
	109
	

	 
	 
	 
	1
	

	 
	 
	 
	369
	

	 
	 
	 
	0
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Production Expense Tier 6&7
	 
	(5)
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	4,151,330
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	Closings Tier 6&7
	 
	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	1,197
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	3,467.53
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL Closings
	 
	 
	 
	 
	2,357
	

	 
	 
	 
	1,455
	

	 
	 
	 
	866
	

	 
	 
	 
	821
	

	 
	 
	 
	2,780
	

	 
	 
	 
	1,635
	

	 
	 
	 
	2,569
	

	 
	 
	 
	182
	

	 
	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Flood Certifications (all Tiers)
	 
	(6)
	 
	 
	2,761
	

	 
	 
	 
	13,208
	

	 
	 
	 
	985
	

	 
	 
	 
	938
	

	 
	 
	 
	(3,111
	

	)
	 
	 
	(13,644
	

	)
	 
	 
	516
	

	 
	 
	 
	(2,824
	

	)
	 
	 
	1,031
	

	 

	*CONFIDENTIAL
	 
	 
	 
	$
	1.17
	

	 
	 
	$
	9.08
	

	 
	 
	$
	1.14
	

	 
	 
	$
	1.14
	

	 
	 
	$
	(1.12
	

	)
	 
	$
	(8.34
	

	)
	 
	$
	0.20
	

	 
	 
	$
	(15.52
	

	)
	 
	$
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Misc Production Directs (all Tiers)
	 
	(7)
	 
	 
	243,968
	

	 
	 
	 
	20,264
	

	 
	 
	 
	10,489
	

	 
	 
	 
	785
	

	 
	 
	 
	510,608
	

	 
	 
	 
	52,031
	

	 
	 
	 
	84,302
	

	 
	 
	 
	30,130
	

	 
	 
	 
	1,258,435
	

	 

	*CONFIDENTIAL
	 
	 
	 
	$
	103.50
	

	 
	 
	$
	13.93
	

	 
	 
	$
	12.11
	

	 
	 
	$
	0.96
	

	 
	 
	$
	183.65
	

	 
	 
	$
	31.82
	

	 
	 
	$
	32.82
	

	 
	 
	$
	165.63
	

	 
	 
	$
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL Applications
	 
	 
	 
	 
	3,071
	

	 
	 
	 
	1,611
	

	 
	 
	 
	895
	

	 
	 
	 
	465
	

	 
	 
	 
	3,733
	

	 
	 
	 
	1,967
	

	 
	 
	 
	3,179
	

	 
	 
	 
	100
	

	 
	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Scoring Fees (all Tiers)
	 
	(8)
	 
	 
	(54,604
	

	)
	 
	 
	(28,638
	

	)
	 
	 
	(15,907
	

	)
	 
	 
	(8,268
	

	)
	 
	 
	(66,365
	

	)
	 
	 
	(34,969
	

	)
	 
	 
	(56,526
	

	)
	 
	 
	(1,778
	

	)
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	 
	$
	(17.78
	

	)
	 
	$
	(17.78
	

	)
	 
	$
	(17.78
	

	)
	 
	$
	(17.78
	

	)
	 
	$
	(17.78
	

	)
	 
	$
	(17.78
	

	)
	 
	$
	(17.78
	

	)
	 
	$
	—
	

	 
	 
	$
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Appraisal expense, Net (ALL)
	 
	(9)
	 
	 
	213,532
	

	 
	 
	 
	298,623
	

	 
	 
	 
	20,979
	

	 
	 
	 
	(21,069
	

	)
	 
	 
	40,499
	

	 
	 
	 
	330,707
	

	 
	 
	 
	(6,999
	

	)
	 
	 
	—
	

	 
	 
	 
	(40,602
	

	)

	*CONFIDENTIAL
	 
	 
	 
	$
	69.53
	

	 
	 
	$
	185.40
	

	 
	 
	$
	23.45
	

	 
	 
	$
	(45.31
	

	)
	 
	$
	10.85
	

	 
	 
	$
	168.15
	

	 
	 
	$
	(2.20
	

	)
	 
	$
	—
	

	 
	 
	$
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 





39






	
																																																
	Credit Reports
	 
	(10)
	 
	 
	257,731
	

	 
	 
	 
	(16,585
	

	)
	 
	 
	25,805
	

	 
	 
	 
	13,549
	

	 
	 
	 
	329,201
	

	 
	 
	 
	(37,842
	

	)
	 
	 
	(29
	

	)
	 
	 
	(3,715
	

	)
	 
	 
	10,322
	

	 

	95% of Leads & Net 2 Applications
	 
	 
	 
	 
	13,929
	

	 
	 
	 
	3,772
	

	 
	 
	 
	2,185
	

	 
	 
	 
	465
	

	 
	 
	 
	13,040
	

	 
	 
	 
	1,713
	

	 
	 
	 
	—
	

	 
	 
	 
	100
	

	 
	 
	 
	—
	

	 

	 
	 
	 
	 
	$
	18.50
	

	 
	 
	$
	(4.40
	

	)
	 
	$
	11.81
	

	 
	 
	$
	29.14
	

	 
	 
	$
	25.25
	

	 
	 
	$
	(22.09
	

	)
	 
	$
	—
	

	 
	 
	$
	—
	

	 
	 
	$
	—
	

	 

	*CONFIDENTIAL
	 
	 
	 
	 
	*CONFIDENTIAL
	 
	 
	 
	*CONFIDENTIAL
	 
	 
	 
	*CONFIDENTIAL
	 
	 
	 
	*CONFIDENTIAL
	 
	 
	 
	*CONFIDENTIAL
	 
	 
	 
	*CONFIDENTIAL
	 
	 
	 
	*CONFIDENTIAL
	 
	 
	 
	*CONFIDENTIAL
	 
	 
	 
	*CONFIDENTIAL
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Tier 1
	 
	 
	 
	$
	1,931.79
	

	 
	 
	$
	209.21
	

	 
	 
	$
	30.73
	

	 
	 
	$
	—
	

	 
	 
	$
	964.86
	

	 
	 
	$
	1,897.82
	

	 
	 
	$
	—
	

	 
	 
	$
	2,172.53
	

	 
	 
	$
	—
	

	 

	Tier 2 & 4
	 
	 
	 
	$
	174.93
	

	 
	 
	$
	186.23
	

	 
	 
	$
	30.73
	

	 
	 
	$
	(31.85
	

	)
	 
	$
	878.19
	

	 
	 
	$
	—
	

	 
	 
	$
	—
	

	 
	 
	$
	1,660.33
	

	 
	 
	$
	—
	

	 

	Tier 3
	 
	 
	 
	$
	—
	

	 
	 
	$
	—
	

	 
	 
	$
	—
	

	 
	 
	$
	—
	

	 
	 
	$
	—
	

	 
	 
	$
	—
	

	 
	 
	$
	2,231.58
	

	 
	 
	$
	—
	

	 
	 
	$
	—
	

	 

	Tier 6 & 7
	 
	 
	 
	$
	—
	

	 
	 
	$
	—
	

	 
	 
	$
	—
	

	 
	 
	$
	—
	

	 
	 
	$
	—
	

	 
	 
	$
	—
	

	 
	 
	$
	3,447.55
	

	 
	 
	$
	—
	

	 
	 
	$
	—
	

	 




 


	
		
	*
	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.







40






Confidential Treatment


Fee Income - Detail (ex HELOC Revenue)
 
	
																																												
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	December 2004
	 
	December
	 
	 
	12&0 Forecast
	 
	 
	2004
	 

	 
	 
	Actuals
	 
	 
	Forecast
	 
	 
	Variance
	 
	 
	January ‘05
	 
	 
	February ‘05
	 
	 
	YTD Actuals
	 
	 
	YTD Budget
	 
	 
	Variance
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	Application Fee Income Grouping
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	4,396,727
	

	 
	 
	 
	—
	

	 
	 
	 
	4,396,727
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	64,864,128
	

	 
	 
	 
	8,959,532
	

	 
	 
	55,904,596
	 
	 

	*CONFIDENTIAL
	 
	 
	1,008,217
	

	 
	 
	 
	4,438,282
	

	 
	 
	 
	(3,430,065
	

	)
	 
	 
	3,364,619
	

	 
	 
	 
	2,877,376
	

	 
	 
	 
	3,366,744
	

	 
	 
	 
	58,538,914
	

	 
	 
	(55,172,169
	 
	)

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	 
	 

	*CONFIDENTIAL
	 
	 
	345,495
	

	 
	 
	 
	—
	

	 
	 
	 
	345,495
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	6,073,113
	

	 
	 
	 
	541,597
	

	 
	 
	5,531,517
	 
	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	 
	 

	*CONFIDENTIAL
	 
	 
	18,000
	

	 
	 
	 
	—
	

	 
	 
	 
	18,000
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	59,558
	

	 
	 
	 
	26,190
	

	 
	 
	33,368
	 
	 

	*CONFIDENTIAL
	 
	 
	199,154
	

	 
	 
	 
	312,229
	

	 
	 
	 
	(113,075
	

	)
	 
	 
	265,723
	

	 
	 
	 
	267,572
	

	 
	 
	 
	712,414
	

	 
	 
	 
	2,827,864
	

	 
	 
	(2,115,449
	 
	)

	*CONFIDENTIAL
	 
	 
	(9,643
	

	)
	 
	 
	—
	

	 
	 
	 
	(9,643
	

	)
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	(365,222
	

	)
	 
	 
	(93,198
	

	)
	 
	(272,024
	 
	)

	TOTAL
	 
	 
	5,957,951
	

	 
	 
	 
	4,750,512
	

	 
	 
	 
	1,207,439
	

	 
	 
	 
	3,630,342
	

	 
	 
	 
	3,144,948
	

	 
	 
	 
	74,710,736
	

	 
	 
	 
	70,800,898
	

	 
	 
	3,909,838
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	Misc Income Grouping
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	 
	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	 
	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	 
	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	 
	 

	*CONFIDENTIAL
	 
	 
	13,792
	

	 
	 
	 
	—
	

	 
	 
	 
	13,792
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	52,321
	

	 
	 
	 
	—
	

	 
	 
	52,321
	 
	 

	*CONFIDENTIAL
	 
	 
	197
	

	 
	 
	 
	—
	

	 
	 
	 
	197
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	4,495
	

	 
	 
	 
	667
	

	 
	 
	3,828
	 
	 

	*CONFIDENTIAL
	 
	 
	614
	

	 
	 
	 
	—
	

	 
	 
	 
	614
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	64,566
	

	 
	 
	 
	16,809
	

	 
	 
	47,757
	 
	 

	*CONFIDENTIAL
	 
	 
	370,654
	

	 
	 
	 
	187,275
	

	 
	 
	 
	183,379
	

	 
	 
	 
	197,117
	

	 
	 
	 
	209,632
	

	 
	 
	 
	2,466,981
	

	 
	 
	 
	1,019,726
	

	 
	 
	1,447,254
	 
	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	 
	 

	TOTAL
	 
	 
	385,258
	

	 
	 
	 
	187,275
	

	 
	 
	 
	197,982
	

	 
	 
	 
	197,117
	

	 
	 
	 
	209,632
	

	 
	 
	 
	2,588,363
	

	 
	 
	 
	1,037,202
	

	 
	 
	1,551,161
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	Sub Corporations Grouping
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	3,046,807
	

	 
	 
	 
	2,819,693
	

	 
	 
	 
	227,114
	

	 
	 
	 
	2,356,696
	

	 
	 
	 
	2,548,778
	

	 
	 
	 
	38,416,419
	

	 
	 
	 
	32,135,381
	

	 
	 
	6,281,038
	 
	 

	*CONFIDENTIAL
	 
	 
	22,692
	

	 
	 
	 
	—
	

	 
	 
	 
	22,692
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	387,942
	

	 
	 
	 
	52,071
	

	 
	 
	335,871
	 
	 

	*CONFIDENTIAL
	 
	 
	2,342,112
	

	 
	 
	 
	3,114,323
	

	 
	 
	 
	(772,211
	

	)
	 
	 
	2,306,831
	

	 
	 
	 
	1,930,909
	

	 
	 
	 
	35,184,167
	

	 
	 
	 
	31,251,265
	

	 
	 
	3,932,902
	 
	 





41






	
																																												
	*CONFIDENTIAL
	 
	 
	224,781
	

	 
	 
	 
	602,235
	

	 
	 
	 
	(377,454
	

	)
	 
	 
	675,240
	

	 
	 
	 
	632,606
	

	 
	 
	 
	8,919,338
	

	 
	 
	 
	12,069,114
	

	 
	 
	(3,149,776
	 
	)

	*CONFIDENTIAL
	 
	 
	1,107,288
	

	 
	 
	 
	1,132,522
	

	 
	 
	 
	(25,235
	

	)
	 
	 
	836,116
	

	 
	 
	 
	841,845
	

	 
	 
	 
	15,192,934
	

	 
	 
	 
	15,729,229
	

	 
	 
	(536,295
	 
	)

	*CONFIDENTIAL
	 
	 
	734,689
	

	 
	 
	 
	585,389
	

	 
	 
	 
	149,300
	

	 
	 
	 
	489,239
	

	 
	 
	 
	558,319
	

	 
	 
	 
	9,135,418
	

	 
	 
	 
	7,721,504
	

	 
	 
	1,413,914
	 
	 

	*CONFIDENTIAL
	 
	 
	1,065,254
	

	 
	 
	 
	2,066,621
	

	 
	 
	 
	(1,001,367
	

	)
	 
	 
	1,915,213
	

	 
	 
	 
	1,371,361
	

	 
	 
	 
	24,749,509
	

	 
	 
	 
	33,715,932
	

	 
	 
	(8,966,424
	 
	)

	*CONFIDENTIAL
	 
	 
	197,306
	

	 
	 
	 
	270,740
	

	 
	 
	 
	(73,434
	

	)
	 
	 
	194,381
	

	 
	 
	 
	279,637
	

	 
	 
	 
	3,409,196
	

	 
	 
	 
	5,594,377
	

	 
	 
	(2,185,181
	 
	)

	*CONFIDENTIAL
	 
	 
	470,905
	

	 
	 
	 
	546,596
	

	 
	 
	 
	(75,691
	

	)
	 
	 
	497,641
	

	 
	 
	 
	461,614
	

	 
	 
	 
	3,805,973
	

	 
	 
	 
	—
	

	 
	 
	3,805,973
	 
	 

	TOTAL
	 
	 
	9,211,833
	

	 
	 
	 
	11,138,119
	

	 
	 
	 
	(1,926,286
	

	)
	 
	 
	9,271,357
	

	 
	 
	 
	8,625,069
	

	 
	 
	 
	139,200,895
	

	 
	 
	 
	138,268,873
	

	 
	 
	932,022
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	Joint Venture Grouping
	 
	 
	301,784
	

	 
	 
	 
	4,700,000
	

	 
	 
	 
	(4,398,216
	

	)
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	10,510,760
	

	 
	 
	 
	14,949,259
	

	 
	 
	(4,438,499
	 
	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	—
	

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	Corporate Income Grouping
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	—
	

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	(37,038
	

	)
	 
	 
	—
	

	 
	 
	 
	(37,038
	

	)
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	(42,774
	

	)
	 
	 
	9,228
	

	 
	 
	(52,002
	 
	)

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	 
	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	 
	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	 
	 

	*CONFIDENTIAL
	 
	 
	(1,234,229
	

	)
	 
	 
	(2,713,137
	

	)
	 
	 
	1,478,908
	

	 
	 
	 
	(2,371,835
	

	)
	 
	 
	(2,214,688
	

	)
	 
	 
	(14,212,551
	

	)
	 
	 
	(24,067,971
	

	)
	 
	9,855,420
	 
	 

	TOTAL
	 
	 
	(1,271,267
	

	)
	 
	 
	(2,713,137
	

	)
	 
	 
	1,441,870
	

	 
	 
	 
	(2,371,835
	

	)
	 
	 
	(2,214,688
	

	)
	 
	 
	(14,255,324
	

	)
	 
	 
	(24,058,742
	

	)
	 
	9,803,418
	 
	 

	*CONFIDENTIAL
	 
	 
	4,120,061
	

	 
	 
	 
	3,348,924
	

	 
	 
	 
	771,137
	

	 
	 
	 
	2,784,790
	

	 
	 
	 
	2,334,092
	

	 
	 
	 
	60,460,050
	

	 
	 
	 
	71,010,350
	

	 
	 
	(10,550,301
	 
	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Fee Income
	 
	 
	18,705,618
	

	 
	 
	 
	21,411,692
	

	 
	 
	 
	(2,706,074
	

	)
	 
	 
	13,511,770
	

	 
	 
	 
	12,099,052
	

	 
	 
	 
	273,215,480
	

	 
	 
	 
	272,007,841
	

	 
	 
	1,207,639
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	

Fee Income - Summary (ex HELOC Revenue)
 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	*CONFIDENTIAL
	 
	 
	 
	*CONFIDENTIAL
	 
	 
	 
	*CONFIDENTIAL
	 
	 
	 
	*CONFIDENTIAL
	 
	 
	 
	*CONFIDENTIAL
	 
	 
	 
	*CONFIDENTIAL
	 
	 
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	 
	 
	*CONFIDENTIAL
	 
	 
	 
	*CONFIDENTIAL
	 
	 
	 
	*CONFIDENTIAL
	 
	 
	 
	*CONFIDENTIAL
	 
	 
	 
	*CONFIDENTIAL
	 
	 
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	 
	 
	*CONFIDENTIAL
	 
	 
	 
	*CONFIDENTIAL
	 
	 
	 
	*CONFIDENTIAL
	 
	 
	 
	*CONFIDENTIAL
	 
	 
	 
	*CONFIDENTIAL
	 
	 
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	$
	*CONFIDENTIAL
	

	 
	 
	$
	*CONFIDENTIAL
	

	 
	 
	$
	*CONFIDENTIAL
	

	 
	 
	$
	*CONFIDENTIAL
	

	 
	 
	$
	*CONFIDENTIAL
	

	 
	 
	$
	*CONFIDENTIAL
	

	 
	 
	$
	*CONFIDENTIAL
	

	 
	 
	*CONFIDENTIAL
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 




 



42






	
		
	*
	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.







43






Confidential Treatment


PRICING MARGIN SUMMARY BASED ON LOANS CLOSED
DECEMBER 2004
 
	
																								
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Loan Amount
	 
	Margin
	 
	Servicing
	 
	 
	 
	Loan Amount
	 
	Margin
	 
	Servicing
	 
	 
	 
	Loan Amount
	 
	Margin
	 
	Servicing

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	316,343,386
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	 
	 
	 
	280,001,045
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	 
	 
	 
	298,527,686
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	$
	7,464,210
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	 
	 
	$
	5,246,537
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	 
	 
	$
	6,669,098
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Loan Amount
	 
	Margin
	 
	Servicing
	 
	 
	 
	Loan Amount
	 
	Margin
	 
	Servicing
	 
	 
	 
	Loan Amount
	 
	Margin
	 
	Servicing

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	245,176,821
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	 
	 
	 
	180,754,664
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	 
	 
	 
	5,372,993
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	$
	5,670,083
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	 
	 
	$
	2,700,212
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	 
	 
	$
	68,898
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Loan Amount
	 
	Margin
	 
	Servicing
	 
	 
	 
	Loan Amount
	 
	Margin
	 
	Servicing
	 
	 
	 
	Loan Amount
	 
	Margin
	 
	Servicing

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	21,947,000
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	 
	 
	 
	252,041,593
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	 
	 
	 
	92,977,517
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	$
	498,077
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	 
	 
	$
	4,748,424
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	 
	 
	$
	1,739,987
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	Total
	 
	Wtd Avg
	 
	Wtd Avg

	Loan Amount
	 
	Margin
	 
	Servicing
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	Loan Amount
	 
	Margin
	 
	Servicing

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	499,414,161
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	2,192,556,865
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	$
	11,929,826
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	$
	46,735,353
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL




 


	
		
	*
	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.







44






Confidential Treatment


BRANDS
December 2004
Donna Van Osten Monthly Highlights:
 
	
		
	1)
	Leads came in at 86% and volume to LPC was 88% of forecast. Volume to LPC improved to 15 per person in December 2004 vs. 13 prior year. *CONFIDENTIAL remained stable at 68. Answer rates and average speed of answer continue to be *CONFIDENTIAL answer rate with an asa of *CONFIDENTIAL Seconds. IAB was phased out in December and Satellite (new quality pgm) was rolled out as a test month. Results are not apples to apples to IAB platform. Quality program was changed in coordination with the rollout of the new sales consultant compensation plan, which is heavily weighted on *CONFIDENTIAL – as opposed to 2004 plan which was based solely on *CONFIDENTIAL. Net results of the new comp plan will be improved *CONFIDENTIAL




 
	
		
	2)
	Pipeline through December averaged 41 per processor. *CONFIDENTIAL service levels continue-*CONFIDENTIAL Agent IWR and *CONFIDENTIAL % Customer IWR. Answer rates were *CONFIDENTIAL and achieved *CONFIDENTIAL % of closing target.




 
	
		
	3)
	Positive variance in Bank Charges due to a reduction of the credit card fee accrual. Negative variance in Charges and Fees attributed to higher processing of lender credits.






	
		
	 
	 




*The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.



45






Confidential Treatment


BRANDS
Donna Van Osten
 
	
																											
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	Actuals
	 
	12&0 Forecast
	 
	December
	 
	Month Volume Actuals
	 
	Month Productivity 
Variance
	 

	 
	 
	October
	 
	November
	 
	December
	 
	January ‘05
	 
	February ‘05
	 
	Forecast
	 
	Budget
	 
	Forecast
	 
	Budget
	 
	Forecast
	 
	 
	Budget
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	DRIVERS
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	24,060
	 
	20,592
	 
	16,235
	 
	25,850
	 
	29,196
	 
	18,632
	 
	19,099
	 
	18,235
	 
	16,235
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	6,158
	 
	5,203
	 
	4,027
	 
	4,369
	 
	7,192
	 
	4,564
	 
	5,329
	 
	4,027
	 
	4,027
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	3,903
	 
	3,975
	 
	3,697
	 
	3,175
	 
	2,372
	 
	3,665
	 
	4,920
	 
	3,697
	 
	3,697
	 
	—
	

	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	6,650
	 
	5,604
	 
	4,508
	 
	4,784
	 
	7,891
	 
	4,834
	 
	8,853
	 
	4,308
	 
	4,308
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	4,179
	 
	4,258
	 
	3,978
	 
	3,356
	 
	2,567
	 
	3,942
	 
	8,262
	 
	3,978
	 
	3,978
	 
	—
	

	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	265
	 
	248
	 
	239
	 
	245
	 
	311
	 
	257
	 
	354
	 
	249
	 
	305
	 
	(10
	

	)
	 
	(66
	

	)

	*CONFIDENTIAL
	 
	210
	 
	197
	 
	194
	 
	173
	 
	189
	 
	201
	 
	243
	 
	201
	 
	198
	 
	(7
	

	)
	 
	(4
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	91
	 
	83
	 
	68
	 
	106
	 
	94
	 
	72
	 
	54
	 
	55
	 
	53
	 
	3
	

	 
	 
	15
	

	 

	*CONFIDENTIAL
	 
	23
	 
	21
	 
	17
	 
	18
	 
	23
	 
	18
	 
	15
	 
	18
	 
	13
	 
	1
	

	 
	 
	4
	

	 

	*CONFIDENTIAL
	 
	32
	 
	28
	 
	22
	 
	28
	 
	42
	 
	24
	 
	28
	 
	21
	 
	22
	 
	1
	

	 
	 
	0
	

	 

	*CONFIDENTIAL
	 
	20
	 
	22
	 
	21
	 
	19
	 
	14
	 
	20
	 
	26
	 
	20
	 
	20
	 
	1
	

	 
	 
	0
	

	 




BRANDS
Donna Van Osten
 

46






	
																																				
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	Actuals
	 
	12&0 Forecast
	 
	December
	 
	Month Volume Actuals
	 
	Month Productivity 
Variance
	 

	 
	 
	October
	 
	November
	 
	December
	 
	January ‘05
	 
	February ‘05
	 
	Forecast
	 
	Budget
	 
	Forecast
	 
	Budget
	 
	Forecast
	 
	 
	Budget
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	SUMMARY HEADCOUNT
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	BRANDs
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	3
	

	 
	3
	

	 
	3
	

	 
	3
	

	 
	3
	

	 
	3
	

	 
	3
	

	 
	3
	

	 
	3
	

	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	43
	

	 
	38
	

	 
	38
	

	 
	28
	

	 
	35
	

	 
	29
	

	 
	43
	

	 
	28
	

	 
	37
	

	 
	10
	

	 
	 
	1
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	—
	

	 
	245
	

	 
	311
	

	 
	257
	

	 
	354
	

	 
	249
	

	 
	305
	

	 
	(249
	

	)
	 
	(305
	

	)

	*CONFIDENTIAL
	 
	139
	

	 
	122
	

	 
	111
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	111
	

	 
	 
	111
	

	 

	*CONFIDENTIAL
	 
	126
	

	 
	126
	

	 
	128
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	128
	

	 
	 
	128
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	78
	

	 
	76
	

	 
	72
	

	 
	63
	

	 
	63
	

	 
	72
	

	 
	65
	

	 
	72
	

	 
	57
	

	 
	—
	

	 
	 
	15
	

	 

	*CONFIDENTIAL
	 
	2
	

	 
	1
	

	 
	1
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	1
	

	 
	 
	1
	

	 

	*CONFIDENTIAL
	 
	10
	

	 
	10
	

	 
	10
	

	 
	10
	

	 
	10
	

	 
	10
	

	 
	10
	

	 
	10
	

	 
	10
	

	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	401
	

	 
	376
	

	 
	363
	

	 
	349
	

	 
	421
	

	 
	371
	

	 
	474
	

	 
	352
	

	 
	412
	

	 
	1
	

	 
	 
	(49
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	210
	

	 
	197
	

	 
	194
	

	 
	173
	

	 
	189
	

	 
	201
	

	 
	243
	

	 
	201
	

	 
	198
	

	 
	(7
	

	)
	 
	(4
	

	)

	*CONFIDENTIAL
	 
	7
	

	 
	8
	

	 
	7
	

	 
	4
	

	 
	4
	

	 
	4
	

	 
	4
	

	 
	4
	

	 
	4
	

	 
	3
	

	 
	 
	3
	

	 

	*CONFIDENTIAL
	 
	2
	

	 
	2
	

	 
	2
	

	 
	1
	

	 
	1
	

	 
	1
	

	 
	2
	

	 
	1
	

	 
	2
	

	 
	1
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	29
	

	 
	27
	

	 
	25
	

	 
	22
	

	 
	22
	

	 
	20
	

	 
	28
	

	 
	20
	

	 
	23
	

	 
	6
	

	 
	 
	3
	

	 

	*CONFIDENTIAL
	 
	20
	

	 
	32
	

	 
	30
	

	 
	30
	

	 
	30
	

	 
	37
	

	 
	42
	

	 
	38
	

	 
	35
	

	 
	(8
	

	)
	 
	(5
	

	)

	*CONFIDENTIAL
	 
	14
	

	 
	12
	

	 
	12
	

	 
	11
	

	 
	11
	

	 
	10
	

	 
	12
	

	 
	10
	

	 
	10
	

	 
	2
	

	 
	 
	2
	

	 

	*CONFIDENTIAL
	 
	282
	

	 
	279
	

	 
	271
	

	 
	241
	

	 
	258
	

	 
	273
	

	 
	331
	

	 
	273
	

	 
	272
	

	 
	(2
	

	)
	 
	(1
	

	)

	BRANDs Headcount
	 
	683
	

	 
	655
	

	 
	634
	

	 
	590
	

	 
	679
	

	 
	644
	

	 
	806
	

	 
	635
	

	 
	684
	

	 
	(1
	

	)
	 
	(50
	

	)




 



47






	
		
	*
	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.






Confidential Treatment


BRANDS
Donna Van Osten
 
	
																																								
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	Actuals
	 
	 
	12&0 Forecast
	 
	December
	 
	Month Volume Actuals
	 
	Month Productivity 
Variance
	 
	 
	Explanation of Budget 
Productivity Variances

	 
	 
	October
	 
	November
	 
	 
	December
	 
	 
	January ‘05
	 
	February ‘05
	 
	Forecast
	 
	Budget
	 
	Forecast
	 
	Budget
	 
	Forecast
	 
	 
	Budget
	 
	 

	Indirect Costs
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	1,922,203
	

	 
	1,908,082
	

	 
	 
	1,972,049
	

	 
	 
	1,600,365
	

	 
	1,709,047
	

	 
	1,891,410
	

	 
	2,271,182
	

	 
	1,570,997
	

	 
	1,934,869
	

	 
	101,051
	

	 
	 
	37,179
	

	 
	 
	 

	*CONFIDENTIAL
	 
	41,258
	

	 
	31,117
	

	 
	 
	60,086
	

	 
	 
	54,904
	

	 
	63,239
	

	 
	31,729
	

	 
	—
	

	 
	30,587
	

	 
	—
	

	 
	29,199
	

	 
	 
	50,088
	

	 
	 
	*CONFIDENTIAL

	*CONFIDENTIAL
	 
	828
	

	 
	—
	

	 
	 
	(563
	

	)
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	(563
	

	)
	 
	(563
	

	)
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	 

	*CONFIDENTIAL
	 
	13,419
	

	 
	10,241
	

	 
	 
	7,077
	

	 
	 
	38,706
	

	 
	2,987
	

	 
	4,640
	

	 
	5,744
	

	 
	4,574
	

	 
	4,863
	

	 
	2,503
	

	 
	 
	2,214
	

	 
	 
	 

	*CONFIDENTIAL
	 
	1,891,669
	

	 
	1,333,201
	

	 
	 
	1,153,472
	

	 
	 
	988,513
	

	 
	1,008,882
	

	 
	1,053,118
	

	 
	1,297,458
	

	 
	1,027,758
	

	 
	1,101,402
	

	 
	125,714
	

	 
	 
	52,070
	

	 
	 
	*CONFIDENTIAL

	*CONFIDENTIAL
	 
	430,915
	

	 
	454,792
	

	 
	 
	334,797
	

	 
	 
	357,650
	

	 
	373,267
	

	 
	335,205
	

	 
	391,278
	

	 
	330,078
	

	 
	333,091
	

	 
	4,719
	

	 
	 
	1,706
	

	 
	 
	 

	*CONFIDENTIAL
	 
	269,674
	

	 
	202,437
	

	 
	 
	184,992
	

	 
	 
	305,309
	

	 
	307,969
	

	 
	270,099
	

	 
	321,176
	

	 
	255,904
	

	 
	273,264
	

	 
	(80,911
	

	)
	 
	88,272
	

	 
	 
	*CONFIDENTIAL

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	4,569,966
	

	 
	3,939,843
	

	 
	 
	3,711,910
	

	 
	 
	3,345,447
	

	 
	3,465,392
	

	 
	3,586,200
	

	 
	4,286,839
	

	 
	3,530,198
	

	 
	3,647,489
	

	 
	181,712
	

	 
	 
	64,420
	

	 
	 
	*CONFIDENTIAL

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	 

	*CONFIDENTIAL
	 
	2,961
	

	 
	6,880
	

	 
	 
	5,858
	

	 
	 
	30,319
	

	 
	19,412
	

	 
	30,500
	

	 
	30,500
	

	 
	30,500
	

	 
	30,500
	

	 
	(24,642
	

	)
	 
	(24,642
	

	)
	 
	*CONFIDENTIAL

	*CONFIDENTIAL
	 
	3,124
	

	 
	9,442
	

	 
	 
	4,457
	

	 
	 
	5,733
	

	 
	3,733
	

	 
	7,833
	

	 
	6,733
	

	 
	7,833
	

	 
	6,733
	

	 
	(3,377
	

	)
	 
	(2,277
	

	)
	 
	 

	*CONFIDENTIAL
	 
	108,881
	

	 
	(22,535
	

	)
	 
	40,260
	

	 
	 
	8,000
	

	 
	29,000
	

	 
	24,553
	

	 
	31,405
	

	 
	24,553
	

	 
	24,957
	

	 
	15,707
	

	 
	 
	15,303
	

	 
	 
	*CONFIDENTIAL

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	5,923
	

	 
	11,719
	

	 
	 
	4,285
	

	 
	 
	8,530
	

	 
	9,755
	

	 
	8,875
	

	 
	12,875
	

	 
	8,700
	

	 
	11,200
	

	 
	(4,415
	

	)
	 
	(6,915
	

	)
	 
	*CONFIDENTIAL

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	 





48






	
																																								
	*CONFIDENTIAL
	 
	—
	

	 
	272
	

	 
	 
	6,415
	

	 
	 
	1,200
	

	 
	1,200
	

	 
	1,200
	

	 
	—
	

	 
	1,200
	

	 
	—
	

	 
	5,215
	

	 
	 
	6,415
	

	 
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	42
	

	 
	 
	83
	

	 
	 
	1,000
	

	 
	1,000
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	83
	

	 
	 
	83
	

	 
	 
	 

	*CONFIDENTIAL
	 
	363,929
	

	 
	147,377
	

	 
	 
	158,022
	

	 
	 
	190,805
	

	 
	197,982
	

	 
	176,307
	

	 
	168,644
	

	 
	186,806
	

	 
	167,682
	

	 
	(10,783
	

	)
	 
	(11,660
	

	)
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	 

	*CONFIDENTIAL
	 
	27,367
	

	 
	27,367
	

	 
	 
	27,357
	

	 
	 
	24,613
	

	 
	24,729
	

	 
	24,159
	

	 
	29,596
	

	 
	24,113
	

	 
	25,113
	

	 
	3,255
	

	 
	 
	2,254
	

	 
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	 

	*CONFIDENTIAL
	 
	15,801
	

	 
	5,648
	

	 
	 
	(24,729
	

	)
	 
	18,467
	

	 
	31,090
	

	 
	20,289
	

	 
	23,690
	

	 
	17,902
	

	 
	17,902
	

	 
	(42,631
	

	)
	 
	(42,631
	

	)
	 
	*CONFIDENTIAL

	*CONFIDENTIAL
	 
	—
	

	 
	1,729
	

	 
	 
	282
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	282
	

	 
	 
	282
	

	 
	 
	 

	*CONFIDENTIAL
	 
	1,356
	

	 
	93,453
	

	 
	 
	396
	

	 
	 
	2,026
	

	 
	2,479
	

	 
	8,687
	

	 
	18,545
	

	 
	8,573
	

	 
	15,775
	

	 
	(8,177
	

	)
	 
	(15,379
	

	)
	 
	*CONFIDENTIAL

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	 

	*CONFIDENTIAL
	 
	202,275
	

	 
	246,742
	

	 
	 
	108,271
	

	 
	 
	94,069
	

	 
	147,790
	

	 
	110,139
	

	 
	181,083
	

	 
	98,437
	

	 
	136,788
	

	 
	9,634
	

	 
	 
	(28,617
	

	)
	 
	*CONFIDENTIAL

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	 

	*CONFIDENTIAL
	 
	84,202
	

	 
	115,401
	

	 
	 
	98,674
	

	 
	 
	42,067
	

	 
	31,432
	

	 
	74,302
	

	 
	24,599
	

	 
	74,940
	

	 
	18,485
	

	 
	23,734
	

	 
	 
	80,189
	

	 
	 
	*CONFIDENTIAL

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	8,810
	

	 
	5,450
	

	 
	 
	2,500
	

	 
	 
	7,431
	

	 
	5,588
	

	 
	7,978
	

	 
	3,997
	

	 
	8,004
	

	 
	3,004
	

	 
	(5,504
	

	)
	 
	(504
	

	)
	 
	 

	*CONFIDENTIAL
	 
	13,000
	

	 
	10,250
	

	 
	 
	10,250
	

	 
	 
	11,303
	

	 
	8,498
	

	 
	14,163
	

	 
	12,299
	

	 
	14,243
	

	 
	9,243
	

	 
	(3,993
	

	)
	 
	1,008
	

	 
	 
	 

	*CONFIDENTIAL
	 
	13,160
	

	 
	10,721
	

	 
	 
	7,496
	

	 
	 
	12,931
	

	 
	9,828
	

	 
	23,376
	

	 
	36,232
	

	 
	23,587
	

	 
	27,317
	

	 
	(16,091
	

	)
	 
	(19,821
	

	)
	 
	*CONFIDENTIAL

	*CONFIDENTIAL
	 
	5,082
	

	 
	5,598
	

	 
	 
	2,795
	

	 
	 
	1,984
	

	 
	1,483
	

	 
	3,000
	

	 
	3,000
	

	 
	3,000
	

	 
	3,000
	

	 
	(205
	

	)
	 
	(205
	

	)
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	 

	*CONFIDENTIAL
	 
	1,158
	

	 
	2,935
	

	 
	 
	2,685
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	2,685
	

	 
	 
	2,685
	

	 
	 
	 





49






	
																																								
	*CONFIDENTIAL
	 
	—
	

	 
	25
	

	 
	 
	135
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	135
	

	 
	 
	135
	

	 
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	 

	*CONFIDENTIAL
	 
	1,020,662
	

	 
	809,706
	

	 
	 
	446,410
	

	 
	 
	350,000
	

	 
	350,000
	

	 
	350,000
	

	 
	17,562
	

	 
	350,000
	

	 
	17,562
	

	 
	96,410
	

	 
	 
	428,848
	

	 
	 
	*CONFIDENTIAL

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	63,905
	

	 
	(45,409
	

	)
	 
	(51,730
	

	)
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	(91,730
	

	)
	 
	(51,730
	

	)
	 
	*CONFIDENTIAL

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Indirect Expenses
	 
	6,511,563
	

	 
	5,382,654
	

	 
	 
	4,560,091
	

	 
	 
	4,155,725
	

	 
	4,340,391
	

	 
	4,471,561
	

	 
	4,907,800
	

	 
	4,392,589
	

	 
	4,162,751
	

	 
	167,502
	

	 
	 
	397,340
	

	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	979
	

	 
	961
	

	 
	 
	1,059
	

	 
	 
	869
	

	 
	550
	

	 
	925
	

	 
	716
	

	 
	1,020
	

	 
	955
	

	 
	39
	

	 
	 
	92
	

	 
	 
	*CONFIDENTIAL

	*CONFIDENTIAL
	 
	1,558
	

	 
	1,284
	

	 
	 
	1,146
	

	 
	 
	1,235
	

	 
	1,691
	

	 
	1,134
	

	 
	784
	

	 
	1,104
	

	 
	1,046
	

	 
	42
	

	 
	 
	100
	

	 
	 
	*CONFIDENTIAL

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	587
	

	 
	703
	

	 
	 
	652
	

	 
	 
	699
	

	 
	439
	

	 
	742
	

	 
	625
	

	 
	819
	

	 
	847
	

	 
	42
	

	 
	 
	15
	

	 
	 
	*CONFIDENTIAL

	*CONFIDENTIAL
	 
	1,094
	

	 
	925
	

	 
	 
	933
	

	 
	 
	994
	

	 
	1,350
	

	 
	910
	

	 
	685
	

	 
	887
	

	 
	917
	

	 
	46
	

	 
	 
	18
	

	 
	 
	*CONFIDENTIAL




 


	
		
	*
	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.







50






Confidential Treatment


BRANDS
Donna Van Osten
 
	
																																
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	  
	 
	DECEMBER YTD
	 
	 
	Full Year
	 

	 
	 
	Actuals
	 
	Budget
	 
	Variance
	 
	 
	Budget Volume 
Actuals
	 
	Budget 
Productivity 
Variance
	 
	 
	2004 Forecast
	 
	2004 Budget
	 
	Variance
	 
	 
	2003 Actuals
	 
	Variance
	 
	 
	Budget Volume 
Actuals
	 
	Budget 
Productivity 
Variance
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	DRIVERS
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	324,947
	 
	378,447
	 
	(53,500
	)
	 
	324,947
	 
	—
	

	 
	 
	324,947
	 
	378,447
	 
	(53,500
	)
	 
	419,820
	 
	(94,873
	)
	 
	324,947
	 
	—
	

	 

	*CONFIDENTIAL
	 
	67,103
	 
	105,879
	 
	(18,774
	)
	 
	87,105
	 
	—
	

	 
	 
	87,105
	 
	105,879
	 
	(18,774
	)
	 
	124,884
	 
	(37,779
	)
	 
	87,105
	 
	—
	

	 

	*CONFIDENTIAL
	 
	52,093
	 
	64,776
	 
	(12,683
	)
	 
	52,093
	 
	—
	

	 
	 
	52,093
	 
	64,776
	 
	(12,683
	)
	 
	85,331
	 
	(33,238
	)
	 
	52,093
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	94,108
	 
	132,405
	 
	(38,297
	)
	 
	94,108
	 
	—
	

	 
	 
	94,108
	 
	116,382
	 
	(22,274
	)
	 
	135,714
	 
	(41,806
	)
	 
	94,108
	 
	—
	

	 

	*CONFIDENTIAL
	 
	56,163
	 
	81,679
	 
	(25,516
	)
	 
	56,163
	 
	—
	

	 
	 
	56,163
	 
	71,102
	 
	(14,939
	)
	 
	92,527
	 
	(36,364
	)
	 
	56,163
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	239
	 
	354
	 
	(115
	)
	 
	305
	 
	(66
	

	)
	 
	299
	 
	337
	 
	(38
	)
	 
	249
	 
	50
	 
	 
	296
	 
	3
	

	 

	*CONFIDENTIAL
	 
	194
	 
	243
	 
	(49
	)
	 
	198
	 
	(4
	

	)
	 
	206
	 
	237
	 
	(30
	)
	 
	314
	 
	(107
	)
	 
	203
	 
	4
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	113
	 
	89
	 
	24
	 
	 
	89
	 
	24
	

	 
	 
	91
	 
	94
	 
	(3
	)
	 
	141
	 
	(50
	)
	 
	91
	 
	(1
	

	)

	*CONFIDENTIAL
	 
	30
	 
	25
	 
	5
	 
	 
	24
	 
	7
	

	 
	 
	24
	 
	26
	 
	(2
	)
	 
	42
	 
	(18
	)
	 
	24
	 
	(0
	

	)

	*CONFIDENTIAL
	 
	40
	 
	45
	 
	(5
	)
	 
	40
	 
	1
	

	 
	 
	38
	 
	41
	 
	(3
	)
	 
	38
	 
	2
	 
	 
	39
	 
	(1
	

	)

	*CONFIDENTIAL
	 
	24
	 
	28
	 
	(4
	)
	 
	24
	 
	0
	

	 
	 
	23
	 
	25
	 
	(2
	)
	 
	25
	 
	(2
	)
	 
	23
	 
	(0
	

	)




BRANDS
Donna Van Osten
 
	
																																											
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	  
	 
	DECEMBER YTD
	 
	 
	Full Year Average
	 

	 
	 
	Actuals
	 
	Budget
	 
	Variance
	 
	 
	Budget Volume 
Actuals
	 
	Budget 
Productivity 
Variance
	 
	 
	2004 Forecast
	 
	2004 Budget
	 
	Variance
	 
	 
	2003 Actuals
	 
	Variance
	 
	 
	Budget Volume 
Actuals
	 
	Budget 
Productivity 
Variance
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	SUMMARY HEADCOUNT
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	BRANDs
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 





51






	
																																											
	*CONFIDENTIAL
	 
	3
	

	 
	3
	

	 
	—
	

	 
	 
	3
	

	 
	—
	

	 
	 
	3
	

	 
	3
	

	 
	(0
	

	)
	 
	4
	

	 
	(2
	

	)
	 
	3
	 
	 
	(0
	

	)

	*CONFIDENTIAL
	 
	38
	

	 
	43
	

	 
	(5
	

	)
	 
	37
	

	 
	1
	

	 
	 
	38
	

	 
	41
	

	 
	(4
	

	)
	 
	37
	

	 
	1
	

	 
	 
	36
	 
	 
	1
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	354
	

	 
	(354
	

	)
	 
	305
	

	 
	(305
	

	)
	 
	299
	

	 
	337
	

	 
	(38
	

	)
	 
	249
	

	 
	50
	

	 
	 
	296
	 
	 
	3
	

	 

	*CONFIDENTIAL
	 
	111
	

	 
	—
	

	 
	111
	

	 
	 
	—
	

	 
	111
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	128
	

	 
	—
	

	 
	128
	

	 
	 
	—
	

	 
	128
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	10
	

	 
	(10
	

	)
	 
	—
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	72
	

	 
	65
	

	 
	7
	

	 
	 
	57
	

	 
	15
	

	 
	 
	74
	

	 
	67
	

	 
	7
	

	 
	 
	78
	

	 
	(4
	

	)
	 
	62
	 
	 
	12
	

	 

	*CONFIDENTIAL
	 
	1
	

	 
	—
	

	 
	1
	

	 
	 
	—
	

	 
	1
	

	 
	 
	17
	

	 
	12
	

	 
	6
	

	 
	 
	33
	

	 
	(15
	

	)
	 
	12
	 
	 
	6
	

	 

	*CONFIDENTIAL
	 
	10
	

	 
	10
	

	 
	—
	

	 
	 
	10
	

	 
	—
	

	 
	 
	11
	

	 
	10
	

	 
	1
	

	 
	 
	6
	

	 
	5
	

	 
	 
	10
	 
	 
	1
	

	 

	*CONFIDENTIAL
	 
	363
	

	 
	474
	

	 
	(111
	

	)
	 
	412
	

	 
	(49
	

	)
	 
	442
	

	 
	470
	

	 
	(28
	

	)
	 
	416
	

	 
	25
	

	 
	 
	419
	 
	 
	23
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	28
	

	 
	(28
	

	)
	 
	—
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	194
	

	 
	243
	

	 
	(49
	

	)
	 
	198
	

	 
	(4
	

	)
	 
	206
	

	 
	237
	

	 
	(30
	

	)
	 
	232
	

	 
	(26
	

	)
	 
	203
	 
	 
	4
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	54
	

	 
	(54
	

	)
	 
	—
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	7
	

	 
	4
	

	 
	3
	

	 
	 
	4
	

	 
	3
	

	 
	 
	9
	

	 
	12
	

	 
	(3
	

	)
	 
	35
	

	 
	(26
	

	)
	 
	11
	 
	 
	(2
	

	)

	*CONFIDENTIAL
	 
	2
	

	 
	2
	

	 
	—
	

	 
	 
	2
	

	 
	—
	

	 
	 
	2
	

	 
	2
	

	 
	—
	

	 
	 
	4
	

	 
	(2
	

	)
	 
	2
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	2
	

	 
	(2
	

	)
	 
	—
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	5
	

	 
	(5
	

	)
	 
	—
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	14
	

	 
	(14
	

	)
	 
	—
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	26
	

	 
	28
	

	 
	(2
	

	)
	 
	23
	

	 
	3
	

	 
	 
	31
	

	 
	28
	

	 
	3
	

	 
	 
	34
	

	 
	(3
	

	)
	 
	24
	 
	 
	6
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	1
	

	 
	—
	

	 
	1
	

	 
	 
	36
	

	 
	(35
	

	)
	 
	—
	 
	 
	1
	

	 

	*CONFIDENTIAL
	 
	30
	

	 
	42
	

	 
	(12
	

	)
	 
	35
	

	 
	(5
	

	)
	 
	29
	

	 
	42
	

	 
	(13
	

	)
	 
	48
	

	 
	(19
	

	)
	 
	36
	 
	 
	(7
	

	)

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	0
	

	 
	—
	

	 
	0
	

	 
	 
	6
	

	 
	(5
	

	)
	 
	—
	 
	 
	0
	

	 

	*CONFIDENTIAL
	 
	12
	

	 
	12
	

	 
	—
	

	 
	 
	10
	

	 
	2
	

	 
	 
	14
	

	 
	12
	

	 
	2
	

	 
	 
	13
	

	 
	1
	

	 
	 
	11
	 
	 
	3
	

	 

	*CONFIDENTIAL
	 
	271
	

	 
	331
	

	 
	(60
	

	)
	 
	272
	

	 
	(1
	

	)
	 
	292
	

	 
	333
	

	 
	(41
	

	)
	 
	510
	

	 
	(218
	

	)
	 
	287
	 
	 
	5
	

	 

	BRANDs Headcount
	 
	634
	

	 
	806
	

	 
	(172
	

	)
	 
	684
	

	 
	(50
	

	)
	 
	733
	

	 
	803
	

	 
	(70
	

	)
	 
	926
	

	 
	(193
	

	)
	 
	706
	 
	 
	27
	

	 




 



52






	
		
	*
	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.






	
	
	 




Confidential Treatment


BRANDS
Donna Van Osten
 
	
																																																
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	DECEMBER YTD
	 
	 
	Full Year
	 

	 
	 
	Actuals
	 
	 
	Budget
	 
	 
	Variance
	 
	 
	Budget 
Volume 
Actuals
	 
	 
	Budget 
Productivity 
Variance
	 
	 
	2004 
Forecast
	 
	 
	2004 
Budget
	 
	 
	Variance
	 
	 
	2003 
Actuals
	 
	Variance
	 
	 
	Budget 
Volume 
Actuals
	 
	 
	Budget 
Productivity 
Variance
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Indirect Costs
	 
	24,824,795
	

	 
	 
	25,763,920
	

	 
	 
	(939,125
	

	)
	 
	22,750,323
	

	 
	 
	2,074,472
	

	 
	 
	24,824,795
	

	 
	 
	25,763,920
	

	 
	 
	(939,125
	

	)
	 
	30,508,096
	

	 
	(5,683,300
	

	)
	 
	22,750,323
	

	 
	 
	2,074,472
	

	 

	*CONFIDENTIAL
	 
	1,467,605
	

	 
	 
	2,997,854
	

	 
	 
	(1,530,249
	

	)
	 
	1,952,185
	

	 
	 
	(494,581
	

	)
	 
	1,467,605
	

	 
	 
	2,997,854
	

	 
	 
	(1,530,249
	

	)
	 
	4,301,070
	

	 
	(2,833,465
	

	)
	 
	1,962,185
	

	 
	 
	(494,581
	

	)

	*CONFIDENTIAL
	 
	56,075
	

	 
	 
	1,797
	

	 
	 
	54,278
	

	 
	 
	1,797
	

	 
	 
	54,278
	

	 
	 
	56,075
	

	 
	 
	1,797
	

	 
	 
	54,278
	

	 
	 
	1,130,424
	

	 
	(1,074,349
	

	)
	 
	1,797
	

	 
	 
	54,278
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	19,635
	

	 
	 
	12,019
	

	 
	 
	7,615
	

	 
	 
	12,019
	

	 
	 
	7,615
	

	 
	 
	19,635
	

	 
	 
	12,019
	

	 
	 
	7,615
	

	 
	 
	570,902
	

	 
	(551,267
	

	)
	 
	12,019
	

	 
	 
	7,615
	

	 

	*CONFIDENTIAL
	 
	174,487
	

	 
	 
	144,513
	

	 
	 
	29,954
	

	 
	 
	136,173
	

	 
	 
	38,294
	

	 
	 
	174,467
	

	 
	 
	144,513
	

	 
	 
	29,954
	

	 
	 
	324,275
	

	 
	(149,807
	

	)
	 
	136,173
	

	 
	 
	38,294
	

	 

	*CONFIDENTIAL
	 
	18,771,892
	

	 
	 
	18,702,633
	

	 
	 
	69,260
	

	 
	 
	16,242,050
	

	 
	 
	2,529,843
	

	 
	 
	18,771,892
	

	 
	 
	18,702,633
	

	 
	 
	69,260
	

	 
	 
	25,863,177
	

	 
	(7,091,285
	

	)
	 
	16,242,050
	

	 
	 
	2,529,843
	

	 

	*CONFIDENTIAL
	 
	6,807,594
	

	 
	 
	5,438,859
	

	 
	 
	368,735
	

	 
	 
	4,734,651
	

	 
	 
	1,072,943
	

	 
	 
	5,807,594
	

	 
	 
	5,438,859
	

	 
	 
	368,735
	

	 
	 
	6,746,800
	

	 
	(939,205
	

	)
	 
	4,734,651
	

	 
	 
	1,072,943
	

	 

	*CONFIDENTIAL
	 
	3,797,898
	

	 
	 
	4,658,768
	

	 
	 
	(860,870
	

	)
	 
	4,045,168
	

	 
	 
	(247,267
	

	)
	 
	3,797,898
	

	 
	 
	4,658,768
	

	 
	 
	(860,870
	

	)
	 
	4,964,749
	

	 
	(1,166,851
	

	)
	 
	4,045,166
	

	 
	 
	(247,267
	

	)

	*CONFIDENTIAL
 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	54,919,961
	

	 
	 
	57,720,364
	

	 
	 
	(2,800,403
	

	)
	 
	49,884,363
	

	 
	 
	5,035,598
	

	 
	 
	54,919,961
	

	 
	 
	57,720,364
	

	 
	 
	(2,800,403
	

	)
	 
	74,409,492
	

	 
	(19,489,530
	

	)
	 
	49,884,363
	

	 
	 
	5,035,598
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	5,054
	

	 
	 
	—
	

	 
	 
	5,054
	

	 
	 
	—
	

	 
	 
	5,054
	

	 
	 
	5,054
	

	 
	 
	—
	

	 
	 
	5,054
	

	 
	 
	4,643
	

	 
	411
	

	 
	 
	—
	

	 
	 
	5,054
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	134,211
	

	 
	 
	234,777
	

	 
	 
	(100,566
	

	)
	 
	221,017
	

	 
	 
	(86,806
	

	)
	 
	134,211
	

	 
	 
	234,777
	

	 
	 
	(100,586
	

	)
	 
	180,469
	

	 
	(45,258
	

	)
	 
	221,017
	

	 
	 
	(86,806
	

	)

	*CONFIDENTIAL
	 
	124,281
	

	 
	 
	97,420
	

	 
	 
	26,860
	

	 
	 
	97,306
	

	 
	 
	26,975
	

	 
	 
	124,281
	

	 
	 
	97,420
	

	 
	 
	26,860
	

	 
	 
	196,971
	

	 
	(72,690
	

	)
	 
	97,306
	

	 
	 
	26,975
	

	 

	*CONFIDENTIAL
	 
	642,757
	

	 
	 
	521,532
	

	 
	 
	121,225
	

	 
	 
	434,213
	

	 
	 
	208,543
	

	 
	 
	642,757
	

	 
	 
	521,532
	

	 
	 
	121,225
	

	 
	 
	821,825
	

	 
	(179,068
	

	)
	 
	434,213
	

	 
	 
	208,543
	

	 

	*CONFIDENTIAL
	 
	113,423
	

	 
	 
	155,698
	

	 
	 
	(42,276
	

	)
	 
	139,748
	

	 
	 
	(28,326
	

	)
	 
	113,423
	

	 
	 
	155,698
	

	 
	 
	(42,276
	

	)
	 
	526,386
	

	 
	(412,963
	

	)
	 
	139,748
	

	 
	 
	(26,326
	

	)

	*CONFIDENTIAL
	 
	3,752
	

	 
	 
	—
	

	 
	 
	3,752
	

	 
	 
	—
	

	 
	 
	3,752
	

	 
	 
	3,752
	

	 
	 
	—
	

	 
	 
	3,752
	

	 
	 
	56,065
	

	 
	(52,314
	

	)
	 
	—
	

	 
	 
	3,752
	

	 

	*CONFIDENTIAL
	 
	33,227
	

	 
	 
	6,102
	

	 
	 
	27,126
	

	 
	 
	6,102
	

	 
	 
	27,126
	

	 
	 
	33,227
	

	 
	 
	6,102
	

	 
	 
	27,126
	

	 
	 
	28,165
	

	 
	5,062
	

	 
	 
	6,102
	

	 
	 
	27,126
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 





53






	
																																																
	*CONFIDENTIAL
	 
	20,789
	

	 
	 
	838
	

	 
	 
	19,951
	

	 
	 
	838
	

	 
	 
	19,951
	

	 
	 
	20,789
	

	 
	 
	838
	

	 
	 
	19,951
	

	 
	 
	49,719
	

	 
	(28,931
	

	)
	 
	838
	

	 
	 
	19,951
	

	 

	*CONFIDENTIAL
	 
	2,664,213
	

	 
	 
	2,907,642
	

	 
	 
	(243,429
	

	)
	 
	2,599,443
	

	 
	 
	64,771
	

	 
	 
	2,664,213
	

	 
	 
	2,907,642
	

	 
	 
	(243,429
	

	)
	 
	4,437,622
	

	 
	(1,773,409
	

	)
	 
	2,599,443
	

	 
	 
	64,771
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	324,092
	

	 
	 
	352,838
	

	 
	 
	(28,746
	

	)
	 
	312,108
	

	 
	 
	11,984
	

	 
	 
	324,092
	

	 
	 
	352,838
	

	 
	 
	(28,746
	

	)
	 
	349,451
	

	 
	(25,359
	

	)
	 
	312,108
	

	 
	 
	11,984
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	330,130
	

	 
	 
	496,452
	

	 
	 
	(166,321
	

	)
	 
	413,037
	

	 
	 
	(82,906
	

	)
	 
	330,130
	

	 
	 
	496,452
	

	 
	 
	(166,321
	

	)
	 
	734,376
	

	 
	(404,246
	

	)
	 
	413,037
	

	 
	 
	(82,906
	

	)

	*CONFIDENTIAL
	 
	51,336
	

	 
	 
	45,462
	

	 
	 
	5,874
	

	 
	 
	45,462
	

	 
	 
	5,874
	

	 
	 
	51,336
	

	 
	 
	45,462
	

	 
	 
	5,874
	

	 
	 
	36,792
	

	 
	14,544
	

	 
	 
	45,462
	

	 
	 
	5,874
	

	 

	*CONFIDENTIAL
	 
	192,558
	

	 
	 
	274,873
	

	 
	 
	(142,315
	

	)
	 
	236,741
	

	 
	 
	(104,183
	

	)
	 
	132,558
	

	 
	 
	274,873
	

	 
	 
	(142,315
	

	)
	 
	281,069
	

	 
	(148,511
	

	)
	 
	236,741
	

	 
	 
	(104,183
	

	)

	*CONFIDENTIAL
	 
	—
	

	 
	 
	16,000
	

	 
	 
	(16,000
	

	)
	 
	16,000
	

	 
	 
	(16,000
	

	)
	 
	—
	

	 
	 
	16,000
	

	 
	 
	(16,000
	

	)
	 
	—
	

	 
	—
	

	 
	 
	16,000
	

	 
	 
	(16,000
	

	)

	*CONFIDENTIAL
	 
	2,141,818
	

	 
	 
	2,998,834
	

	 
	 
	(857,018
	

	)
	 
	2,411,642
	

	 
	 
	(269,826
	

	)
	 
	2,141,816
	

	 
	 
	2,998,834
	

	 
	 
	(857,018
	

	)
	 
	3,384,957
	

	 
	(1,243,141
	

	)
	 
	2,411,642
	

	 
	 
	(269,826
	

	)

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	1,145,505
	

	 
	 
	642,558
	

	 
	 
	502,947
	

	 
	 
	565,129
	

	 
	 
	580,376
	

	 
	 
	1,145,505
	

	 
	 
	642,558
	

	 
	 
	502,947
	

	 
	 
	2,935,877
	

	 
	(1,790,372
	

	)
	 
	565,129
	

	 
	 
	580,376
	

	 

	*CONFIDENTIAL
	 
	125,485
	

	 
	 
	82,400
	

	 
	 
	43,085
	

	 
	 
	71,934
	

	 
	 
	53,551
	

	 
	 
	125,485
	

	 
	 
	82,400
	

	 
	 
	43,085
	

	 
	 
	308,278
	

	 
	(182,793
	

	)
	 
	71,934
	

	 
	 
	53,551
	

	 

	*CONFIDENTIAL
	 
	241,983
	

	 
	 
	185,730
	

	 
	 
	56,253
	

	 
	 
	154,023
	

	 
	 
	87,961
	

	 
	 
	241,983
	

	 
	 
	185,730
	

	 
	 
	56,253
	

	 
	 
	331,575
	

	 
	(89,592
	

	)
	 
	154,023
	

	 
	 
	87,961
	

	 

	*CONFIDENTIAL
	 
	196,734
	

	 
	 
	432,530
	

	 
	 
	(236,797
	

	)
	 
	341,905
	

	 
	 
	(146,171
	

	)
	 
	195,734
	

	 
	 
	432,530
	

	 
	 
	(236,797
	

	)
	 
	628,854
	

	 
	(433,120
	

	)
	 
	341,905
	

	 
	 
	(146,171
	

	)

	*CONFIDENTIAL
	 
	51,969
	

	 
	 
	41,852
	

	 
	 
	10,117
	

	 
	 
	41,852
	

	 
	 
	10,117
	

	 
	 
	51,969
	

	 
	 
	41,852
	

	 
	 
	10,117
	

	 
	 
	43,331
	

	 
	8,638
	

	 
	 
	41,852
	

	 
	 
	10,117
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	968
	

	 
	 
	—
	

	 
	 
	968
	

	 
	 
	—
	

	 
	 
	968
	

	 
	 
	968
	

	 
	 
	—
	

	 
	 
	968
	

	 
	 
	5,191
	

	 
	(4,223
	

	)
	 
	—
	

	 
	 
	968
	

	 

	*CONFIDENTIAL
	 
	110,886
	

	 
	 
	32,685
	

	 
	 
	78,201
	

	 
	 
	32,665
	

	 
	 
	78,201
	

	 
	 
	110,886
	

	 
	 
	32,685
	

	 
	 
	78,201
	

	 
	 
	473,639
	

	 
	(362,753
	

	)
	 
	32,685
	

	 
	 
	78,201
	

	 

	*CONFIDENTIAL
	 
	(3,265
	

	)
	 
	(5,212
	

	)
	 
	1,947
	

	 
	 
	(5,212
	

	)
	 
	1,947
	

	 
	 
	(3,285
	

	)
	 
	(5,212
	

	)
	 
	1,947
	

	 
	 
	2,703
	

	 
	(5,968
	

	)
	 
	(5,212
	

	)
	 
	1,947
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	5,870,337
	

	 
	 
	1,270,561
	

	 
	 
	4,299,776
	

	 
	 
	1,270,561
	

	 
	 
	4,299,776
	

	 
	 
	5,570,337
	

	 
	 
	1,270,561
	

	 
	 
	4,299,776
	

	 
	 
	2,174,715
	

	 
	3,395,621
	

	 
	 
	1,270,561
	

	 
	 
	4,299,776
	

	 

	*CONFIDENTIAL
	 
	(511,738
	

	)
	 
	(966,561
	

	)
	 
	454,823
	

	 
	 
	(966,561
	

	)
	 
	454,823
	

	 
	 
	(511,738
	

	)
	 
	(966,561
	

	)
	 
	454,823
	

	 
	 
	90,527
	

	 
	(602,265
	

	)
	 
	(966,561
	

	)
	 
	454,823
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Indirect Expenses
	 
	68,569,465
	

	 
	 
	67,545,375
	

	 
	 
	1,024,090
	

	 
	 
	58,324,334
	

	 
	 
	10,245,131
	

	 
	 
	68,569,465
	

	 
	 
	67,545,375
	

	 
	 
	1,024,090
	

	 
	 
	92,492,693
	

	 
	(23,923,228
	

	)
	 
	58,324,334
	

	 
	 
	10,245,131
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	729
	

	 
	 
	510
	

	 
	 
	218
	

	 
	 
	620
	

	 
	 
	109
	

	 
	 
	729
	

	 
	 
	580
	

	 
	 
	148
	

	 
	 
	682
	

	 
	47
	

	 
	 
	620
	

	 
	 
	109
	

	 

	*CONFIDENTIAL
	 
	1,221
	

	 
	 
	827
	

	 
	 
	394
	

	 
	 
	1,038
	

	 
	 
	182
	

	 
	 
	1,221
	

	 
	 
	950
	

	 
	 
	271
	

	 
	 
	1,000
	

	 
	221
	

	 
	 
	1,038
	

	 
	 
	182
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 





54






	
																																																
	*CONFIDENTIAL
	 
	584
	

	 
	 
	436
	

	 
	 
	148
	

	 
	 
	530
	

	 
	 
	54
	

	 
	 
	584
	

	 
	 
	498
	

	 
	 
	88
	

	 
	 
	548
	

	 
	35
	

	 
	 
	530
	

	 
	 
	54
	

	 

	*CONFIDENTIAL
	 
	978
	

	 
	 
	707
	

	 
	 
	271
	

	 
	 
	888
	

	 
	 
	90
	

	 
	 
	978
	

	 
	 
	812
	

	 
	 
	166
	

	 
	 
	804
	

	 
	174
	

	 
	 
	888
	

	 
	 
	90
	

	 




 


	
		
	*
	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.







55






Confidential Treatment


BRANDS-Teleservices
Donna Van Osten
 
	
																																				
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	  
	 
	Actuals
	 
	12&0 Forecast
	 
	December
	 
	Monthly Volume Actuals
	 
	Monthly Productivity 
Variance
	 

	 
	 
	October
	 
	November
	 
	December
	 
	January ‘05
	 
	February ‘05
	 
	Forecast
	 
	Budget
	 
	Forecast
	 
	Budget
	 
	Forecast
	 
	 
	Budget
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	DRIVERS
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	24,060
	

	 
	20,592
	

	 
	16,235
	

	 
	25,860
	

	 
	29,196
	

	 
	18,632
	

	 
	19,099
	

	 
	16,235
	

	 
	16,235
	

	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	6,158
	

	 
	5,203
	

	 
	4,027
	

	 
	4,369
	

	 
	7,192
	

	 
	4,564
	

	 
	5,329
	

	 
	4,027
	

	 
	4,027
	

	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	3,903
	

	 
	3,975
	

	 
	3,697
	

	 
	3,175
	

	 
	2,372
	

	 
	3,665
	

	 
	4,920
	

	 
	3,697
	

	 
	3,697
	

	 
	—
	

	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	6,650
	

	 
	5,604
	

	 
	4,308
	

	 
	4,784
	

	 
	7,891
	

	 
	4,834
	

	 
	6,853
	

	 
	4,308
	

	 
	4,308
	

	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	4,179
	

	 
	4,258
	

	 
	3,978
	

	 
	3,366
	

	 
	2,567
	

	 
	3,942
	

	 
	6,262
	

	 
	3,978
	

	 
	3,978
	

	 
	—
	

	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	265
	

	 
	248
	

	 
	239
	

	 
	245
	

	 
	311
	

	 
	257
	

	 
	354
	

	 
	249
	

	 
	305
	

	 
	(10
	

	)
	 
	(66
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	91
	

	 
	83
	

	 
	68
	

	 
	108
	

	 
	94
	

	 
	72
	

	 
	54
	

	 
	65
	

	 
	53
	

	 
	3
	

	 
	 
	15
	

	 

	*CONFIDENTIAL
	 
	23
	

	 
	21
	

	 
	17
	

	 
	18
	

	 
	23
	

	 
	18
	

	 
	15
	

	 
	16
	

	 
	13
	

	 
	1
	

	 
	 
	4
	

	 

	

BRANDS-Teleservices
Donna Van Osten
 
	

  

	  
	 
	Actuals
	 
	12&0 Forecast
	 
	December
	 
	Monthly Volume Actuals
	 
	Monthly Productivity 
Variance
	 

	 
	 
	October
	 
	November
	 
	December
	 
	January ‘05
	 
	February ‘05
	 
	Forecast
	 
	Budget
	 
	Forecast
	 
	Budget
	 
	Forecast
	 
	 
	Budget
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	SUMMARY HEADCOUNT
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	BRANDs
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	3
	

	 
	3
	

	 
	3
	

	 
	3
	

	 
	3
	

	 
	3
	

	 
	3
	

	 
	3
	

	 
	3
	

	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	43
	

	 
	38
	

	 
	38
	

	 
	28
	

	 
	35
	

	 
	29
	

	 
	43
	

	 
	28
	

	 
	37
	

	 
	10
	

	 
	 
	1
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	—
	

	 
	245
	

	 
	311
	

	 
	257
	

	 
	354
	

	 
	249
	

	 
	305
	

	 
	(249
	

	)
	 
	(305
	

	)

	*CONFIDENTIAL
	 
	139
	

	 
	122
	

	 
	111
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	111
	

	 
	 
	111
	

	 

	*CONFIDENTIAL
	 
	126
	

	 
	126
	

	 
	128
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	128
	

	 
	 
	128
	

	 





56






	
																																				
	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	78
	

	 
	76
	

	 
	72
	

	 
	63
	

	 
	83
	

	 
	72
	

	 
	65
	

	 
	72
	

	 
	57
	

	 
	—
	

	 
	 
	15
	

	 

	*CONFIDENTIAL
	 
	2
	

	 
	1
	

	 
	1
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	1
	

	 
	 
	1
	

	 

	*CONFIDENTIAL
	 
	10
	

	 
	10
	

	 
	10
	

	 
	10
	

	 
	10
	

	 
	10
	

	 
	10
	

	 
	10
	

	 
	10
	

	 
	—
	

	 
	 
	—
	

	 

	Brands Teleservices SubTotal
	 
	401
	

	 
	376
	

	 
	363
	

	 
	349
	

	 
	421
	

	 
	371
	

	 
	474
	

	 
	362
	

	 
	412
	

	 
	1
	

	 
	 
	(49
	

	)




 


	
		
	*
	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.







57






Confidential Treatment


BRANDS-Teleservices
Donna Van Osten
 
	
																																								
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	  
	 
	Actuals
	 
	 
	12&0 Forecast
	 
	December
	 
	Monthly Volume Actuals
	 
	Monthly Productivity 
Variance
	 

	 
	 
	October
	 
	 
	November
	 
	 
	December
	 
	 
	January ‘05
	 
	February ‘05
	 
	Forecast
	 
	Budget
	 
	Forecast
	 
	Budget
	 
	Forecast
	 
	 
	Budget
	 

	Indirect Costs
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	1,021,103
	

	 
	 
	1,013,388
	

	 
	 
	1,026,156
	

	 
	 
	870,314
	

	 
	972,450
	

	 
	1,010,486
	

	 
	1,229,319
	

	 
	989,452
	

	 
	1,078,436
	 
	 
	36,703
	

	 
	 
	(52,284
	

	)

	*CONFIDENTIAL
	 
	38,800
	

	 
	 
	30,174
	

	 
	 
	58,515
	

	 
	 
	50,840
	

	 
	49,331
	

	 
	31,477
	

	 
	—
	

	 
	30,635
	

	 
	—
	 
	 
	27,880
	

	 
	 
	58,615
	

	 

	*CONFIDENTIAL
	 
	828
	

	 
	 
	—
	

	 
	 
	(563
	

	)
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	 
	 
	(563
	

	)
	 
	(563
	

	)

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	13,419
	

	 
	 
	1,714
	

	 
	 
	1,557
	

	 
	 
	36,941
	

	 
	1,100
	

	 
	2,639
	

	 
	3,383
	

	 
	2,571
	

	 
	2,935
	 
	 
	(1,014
	

	)
	 
	(1,378
	

	)

	*CONFIDENTIAL
	 
	1,678,974
	

	 
	 
	1,116,588
	

	 
	 
	932,295
	

	 
	 
	771,238
	

	 
	838,883
	

	 
	767,643
	

	 
	952,416
	

	 
	742,869
	

	 
	819,858
	 
	 
	189,426
	

	 
	 
	112,437
	

	 

	*CONFIDENTIAL
	 
	264,757
	

	 
	 
	292,139
	

	 
	 
	204,590
	

	 
	 
	216,011
	

	 
	236,211
	

	 
	209,117
	

	 
	239,991
	

	 
	203,986
	

	 
	208,812
	 
	 
	604
	

	 
	 
	(4,223
	

	)

	*CONFIDENTIAL
	 
	188,441
	

	 
	 
	121,536
	

	 
	 
	101,146
	

	 
	 
	198,212
	

	 
	210,608
	

	 
	165,100
	

	 
	196,356
	

	 
	160,902
	

	 
	170,846
	 
	 
	(59,756
	

	)
	 
	(69,701
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	3,206,321
	

	 
	 
	2,575,538
	

	 
	 
	2,232,695
	

	 
	 
	2,143,556
	

	 
	2,308,583
	

	 
	2,186,463
	

	 
	2,621,465
	

	 
	2,130,414
	

	 
	2,280,888
	 
	 
	193,281
	

	 
	 
	42,607
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	2,961
	

	 
	 
	1,500
	

	 
	 
	6,142
	

	 
	 
	30,319
	

	 
	19,412
	

	 
	18,000
	

	 
	18,000
	

	 
	18,000
	

	 
	18,000
	 
	 
	(12,858
	

	)
	 
	(12,858
	

	)

	*CONFIDENTIAL
	 
	2,453
	

	 
	 
	7,898
	

	 
	 
	4,457
	

	 
	 
	3,733
	

	 
	3,733
	

	 
	4,833
	

	 
	3,733
	

	 
	4,833
	

	 
	3,733
	 
	 
	(377
	

	)
	 
	723
	

	 

	*CONFIDENTIAL
	 
	16,602
	

	 
	 
	—
	

	 
	 
	32,783
	

	 
	 
	4,000
	

	 
	4,000
	

	 
	18,000
	

	 
	9,083
	

	 
	18,000
	

	 
	8,151
	 
	 
	14,783
	

	 
	 
	24,632
	

	 

	*CONFIDENTIAL
	 
	3,591
	

	 
	 
	2,807
	

	 
	 
	2,420
	

	 
	 
	5,900
	

	 
	7,125
	

	 
	6,575
	

	 
	8,075
	

	 
	6,400
	

	 
	7,200
	 
	 
	(3,980
	

	)
	 
	(4,780
	

	)

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	6,081
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	 
	 
	6,081
	

	 
	 
	6,081
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	 
	 
	—
	

	 
	 
	—
	

	 





58






	
																																								
	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	42
	

	 
	 
	83
	

	 
	 
	1,000
	

	 
	1,000
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	 
	 
	83
	

	 
	 
	83
	

	 

	*CONFIDENTIAL
	 
	205,291
	

	 
	 
	79,760
	

	 
	 
	80,800
	

	 
	 
	93,096
	

	 
	105,104
	

	 
	75,460
	

	 
	77,351
	

	 
	65,752
	

	 
	65,305
	 
	 
	15,048
	

	 
	 
	15,496
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	15,576
	

	 
	 
	15,576
	

	 
	 
	15,676
	

	 
	 
	14,794
	

	 
	14,249
	

	 
	13,967
	

	 
	17,565
	

	 
	13,908
	

	 
	15,250
	 
	 
	1,667
	

	 
	 
	326
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	15,801
	

	 
	 
	5,646
	

	 
	 
	(24,729
	

	)
	 
	18,467
	

	 
	31,090
	

	 
	20,289
	

	 
	23,690
	

	 
	17,902
	

	 
	17,902
	 
	 
	(42,631
	

	)
	 
	(42,631
	

	)

	*CONFIDENTIAL
	 
	—
	

	 
	 
	1,729
	

	 
	 
	282
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	 
	 
	282
	

	 
	 
	282
	

	 

	*CONFIDENTIAL
	 
	954
	

	 
	 
	45,845
	

	 
	 
	195
	

	 
	 
	2,013
	

	 
	2,466
	

	 
	3,685
	

	 
	12,642
	

	 
	3,565
	

	 
	10,956
	 
	 
	(3,371
	

	)
	 
	(10,762
	

	)

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	182,262
	

	 
	 
	205,709
	

	 
	 
	92,094
	

	 
	 
	88,174
	

	 
	143,295
	

	 
	92,346
	

	 
	139,962
	

	 
	81,822
	

	 
	105,769
	 
	 
	10,272
	

	 
	 
	(13,675
	

	)

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	88,815
	

	 
	 
	107,841
	

	 
	 
	84,006
	

	 
	 
	42,067
	

	 
	31,432
	

	 
	73,302
	

	 
	24,599
	

	 
	73,940
	

	 
	18,485
	 
	 
	10,066
	

	 
	 
	65,521
	

	 

	*CONFIDENTIAL
	 
	6,750
	

	 
	 
	3,250
	

	 
	 
	1,000
	

	 
	 
	5,159
	

	 
	3,855
	

	 
	2,978
	

	 
	3,997
	

	 
	3,004
	

	 
	3,004
	 
	 
	(2,004
	

	)
	 
	(2,004
	

	)

	*CONFIDENTIAL
	 
	11,000
	

	 
	 
	8,000
	

	 
	 
	6,750
	

	 
	 
	7,937
	

	 
	5,931
	

	 
	9,163
	

	 
	12,299
	

	 
	9,243
	

	 
	9,243
	 
	 
	(2,493
	

	)
	 
	(2,493
	

	)

	*CONFIDENTIAL
	 
	2,169
	

	 
	 
	1,016
	

	 
	 
	(2,409
	

	)
	 
	2,159
	

	 
	1,613
	

	 
	3,665
	

	 
	4,920
	

	 
	3,697
	

	 
	3,697
	 
	 
	(6,106
	

	)
	 
	(6,106
	

	)

	*CONFIDENTIAL
	 
	2,786
	

	 
	 
	4,148
	

	 
	 
	1,995
	

	 
	 
	1,984
	

	 
	1,483
	

	 
	3,000
	

	 
	3,000
	

	 
	3,000
	

	 
	3,000
	 
	 
	(1,005
	

	)
	 
	(1,005
	

	)

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	(3,489
	

	)
	 
	(3,123
	

	)
	 
	2,745
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	 
	 
	(2,745
	

	)
	 
	(2,745
	

	)

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	 
	 
	—
	

	 
	 
	—
	

	 





59






	
																																								
	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	24,797
	

	 
	 
	(36,715
	

	)
	 
	(6,393
	

	)
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	 
	 
	(6,393
	

	)
	 
	(6,393
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Indirect Expenses
	 
	3,784,640
	

	 
	 
	3,026,465
	

	 
	 
	2,621,084
	

	 
	 
	2,464,360
	

	 
	2,684,370
	

	 
	2,531,726
	

	 
	2,980,382
	

	 
	2,453,480
	

	 
	2,570,583
	 
	 
	167,604
	

	 
	 
	50,500
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	589
	

	 
	 
	540
	

	 
	 
	608
	

	 
	 
	515
	

	 
	340
	

	 
	524
	

	 
	435
	

	 
	570
	

	 
	597
	 
	 
	39
	

	 
	 
	12
	

	 

	*CONFIDENTIAL
	 
	906
	

	 
	 
	711
	

	 
	 
	659
	

	 
	 
	732
	

	 
	1,046
	

	 
	642
	

	 
	476
	

	 
	617
	

	 
	646
	 
	 
	42
	

	 
	 
	13
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	482
	

	 
	 
	460
	

	 
	 
	539
	

	 
	 
	448
	

	 
	293
	

	 
	452
	

	 
	383
	

	 
	495
	

	 
	529
	 
	 
	45
	

	 
	 
	10
	

	 

	*CONFIDENTIAL
	 
	767
	

	 
	 
	605
	

	 
	 
	584
	

	 
	 
	637
	

	 
	899
	

	 
	555
	

	 
	419
	

	 
	536
	

	 
	573
	 
	 
	49
	

	 
	 
	11
	

	 




 


	
		
	*
	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.







60






Confidential Treatment


BRANDS-Teleservices
Donna Van Osten
 

61






	
																																										
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	DECEMBER YTD
	 
	 
	Full Year
	 

	 
	 
	Actuals
	 
	Budget
	 
	Variance
	 
	 
	Budget Volume 
Actuals
	 
	Budget 
Productivity 
Variance
	 
	 
	2004 Forecast
	 
	2004 Budget
	 
	Variance
	 
	 
	2003 Actuals
	 
	Variance
	 
	 
	Budget Volume 
Actuals
	 
	Budget 
Productivity 
Variance
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	DRIVERS
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	324,947
	

	 
	378,447
	

	 
	(53,500
	

	)
	 
	324,947
	

	 
	—
	

	 
	 
	324,947
	

	 
	378,447
	

	 
	(53,500
	

	)
	 
	419,820
	

	 
	(94,873
	

	)
	 
	324,947
	

	 
	—
	

	 

	*CONFIDENTIAL
	 
	87,105
	

	 
	105,879
	

	 
	(18,774
	

	)
	 
	87,105
	

	 
	—
	

	 
	 
	87,105
	

	 
	105,879
	

	 
	(18,774
	

	)
	 
	124,884
	

	 
	(37,779
	

	)
	 
	87,105
	

	 
	—
	

	 

	*CONFIDENTIAL
	 
	52,093
	

	 
	64,776
	

	 
	(12,683
	

	)
	 
	52,093
	

	 
	—
	

	 
	 
	52,093
	

	 
	64,776
	

	 
	(12,683
	

	)
	 
	85,331
	

	 
	(33,238
	

	)
	 
	52,093
	

	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	94,108
	

	 
	132,405
	

	 
	(38,297
	

	)
	 
	94,108
	

	 
	—
	

	 
	 
	94,108
	

	 
	116,382
	

	 
	(22,274
	

	)
	 
	135,714
	

	 
	(41,606
	

	)
	 
	94,108
	

	 
	—
	

	 

	*CONFIDENTIAL
	 
	56,163
	

	 
	81,679
	

	 
	(25,516
	

	)
	 
	56,163
	

	 
	—
	

	 
	 
	56,163
	

	 
	71,102
	

	 
	(14,939
	

	)
	 
	92,527
	

	 
	(36,364
	

	)
	 
	56,163
	

	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	239
	

	 
	354
	

	 
	(115
	

	)
	 
	305
	

	 
	(66
	

	)
	 
	299
	

	 
	337
	

	 
	(38
	

	)
	 
	249
	

	 
	50
	

	 
	 
	296
	

	 
	3
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	113
	

	 
	89
	

	 
	24
	

	 
	 
	89
	

	 
	24
	

	 
	 
	91
	

	 
	94
	

	 
	(3
	

	)
	 
	141
	

	 
	(50
	

	)
	 
	91
	

	 
	(1
	

	)

	*CONFIDENTIAL
	 
	30
	

	 
	25
	

	 
	5
	

	 
	 
	24
	

	 
	7
	

	 
	 
	24
	

	 
	26
	

	 
	(2
	

	)
	 
	42
	

	 
	(18
	

	)
	 
	24
	

	 
	(0
	

	)

	 

	BRANDS-Teleservices
Donna Van Osten
 
	

  

	  
	 
	DECEMBER YTD
	 
	 
	Full Year Average
	 

	 
	 
	Actuals
	 
	Budget
	 
	Variance
	 
	 
	Budget Volume 
Actuals
	 
	Budget 
Productivity 
Variance
	 
	 
	2004 Forecast
	 
	2004 Budget
	 
	Variance
	 
	 
	2003 Actuals
	 
	Variance
	 
	 
	Budget Volume 
Actuals
	 
	Budget 
Productivity 
Variance
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	SUMMARY HEADCOUNT
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	BRANDs
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	3
	

	 
	3
	

	 
	—
	

	 
	 
	3
	

	 
	—
	

	 
	 
	3
	

	 
	3
	

	 
	(0
	

	)
	 
	4
	

	 
	(2
	

	)
	 
	3
	

	 
	(0
	

	)

	*CONFIDENTIAL
	 
	38
	

	 
	43
	

	 
	(5
	

	)
	 
	37
	

	 
	1
	

	 
	 
	38
	

	 
	41
	

	 
	(4
	

	)
	 
	37
	

	 
	1
	

	 
	 
	36
	

	 
	1
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	354
	

	 
	(354
	

	)
	 
	305
	

	 
	(305
	

	)
	 
	299
	

	 
	337
	

	 
	(38
	

	)
	 
	249
	

	 
	50
	

	 
	 
	296
	

	 
	3
	

	 

	*CONFIDENTIAL
	 
	111
	

	 
	—
	

	 
	111
	

	 
	 
	—
	

	 
	111
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 

	*CONFIDENTIAL
	 
	128
	

	 
	—
	

	 
	128
	

	 
	 
	—
	

	 
	128
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	10
	

	 
	(10
	

	)
	 
	—
	

	 
	—
	

	 

	*CONFIDENTIAL
	 
	72
	

	 
	65
	

	 
	7
	

	 
	 
	57
	

	 
	15
	

	 
	 
	74
	

	 
	67
	

	 
	7
	

	 
	 
	78
	

	 
	(4
	

	)
	 
	62
	

	 
	12
	

	 

	*CONFIDENTIAL
	 
	1
	

	 
	—
	

	 
	1
	

	 
	 
	—
	

	 
	1
	

	 
	 
	17
	

	 
	12
	

	 
	6
	

	 
	 
	33
	

	 
	(15
	

	)
	 
	12
	

	 
	6
	

	 

	*CONFIDENTIAL
	 
	10
	

	 
	10
	

	 
	—
	

	 
	 
	10
	

	 
	—
	

	 
	 
	11
	

	 
	10
	

	 
	1
	

	 
	 
	6
	

	 
	5
	

	 
	 
	10
	

	 
	1
	

	 

	Brands Teleservices SubTotal
	 
	363
	

	 
	474
	

	 
	(111
	

	)
	 
	412
	

	 
	(49
	

	)
	 
	442
	

	 
	470
	

	 
	(28
	

	)
	 
	416
	

	 
	25
	

	 
	 
	419
	

	 
	23
	

	 




 



62






	
		
	*
	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.







63






Confidential Treatment


BRANDS-Teleservices
Donna Van Osten
 
	
																																																
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	DECEMBER YTD
	 
	 
	Full Year
	 

	 
	 
	Actuals
	 
	 
	Budget
	 
	 
	Variance
	 
	 
	Budget Volume 
Actuals
	 
	 
	Budget 
Productivity 
Variance
	 
	 
	2004 Forecast
	 
	 
	2004 Budget
	 
	 
	Variance
	 
	 
	2003 Actuals
	 
	Variance
	 
	 
	Budget Volume 
Actuals
	 
	 
	Budget 
Productivity 
Variance
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Indirect Costs
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	13,458,265
	

	 
	 
	14,042,751
	

	 
	 
	(584,485
	

	)
	 
	12,639,594
	

	 
	 
	818,671
	

	 
	 
	13,458,265
	

	 
	 
	14,042,751
	

	 
	 
	(584,485
	

	)
	 
	14,038,095
	

	 
	(579,829
	

	)
	 
	12,639,594
	

	 
	 
	818,671
	

	 

	*CONFIDENTIAL
	 
	873,533
	

	 
	 
	1,744,520
	

	 
	 
	(870,987
	

	)
	 
	1,167,454
	

	 
	 
	(293,920
	

	)
	 
	873,533
	

	 
	 
	1,744,520
	

	 
	 
	(870,987
	

	)
	 
	2,247,073
	

	 
	(1,373,540
	

	)
	 
	1,167,454
	

	 
	 
	(293,920
	

	)

	*CONFIDENTIAL
	 
	41,859
	

	 
	 
	561
	

	 
	 
	41,298
	

	 
	 
	561
	

	 
	 
	41,298
	

	 
	 
	41,859
	

	 
	 
	561
	

	 
	 
	41,298
	

	 
	 
	13,203
	

	 
	28,655
	

	 
	 
	561
	

	 
	 
	41,298
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	368,431
	

	 
	(368,431
	

	)
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	133,343
	

	 
	 
	118,193
	

	 
	 
	15,150
	

	 
	 
	113,800
	

	 
	 
	19,543
	

	 
	 
	133,343
	

	 
	 
	118,193
	

	 
	 
	15,150
	

	 
	 
	175,794
	

	 
	(42,450
	

	)
	 
	113,800
	

	 
	 
	19,543
	

	 

	*CONFIDENTIAL
	 
	15,436,422
	

	 
	 
	14,885,047
	

	 
	 
	551,375
	

	 
	 
	13,053,806
	

	 
	 
	2,382,616
	

	 
	 
	15,436,422
	

	 
	 
	14,885,047
	

	 
	 
	551,375
	

	 
	 
	19,187,508
	

	 
	(3,751,086
	

	)
	 
	13,053,806
	

	 
	 
	2,382,616
	

	 

	*CONFIDENTIAL
	 
	3,740,583
	

	 
	 
	3,523,915
	

	 
	 
	216,668
	

	 
	 
	3,112,481
	

	 
	 
	628,102
	

	 
	 
	3,740,583
	

	 
	 
	3,523,915
	

	 
	 
	216,668
	

	 
	 
	3,737,109
	

	 
	3,474
	

	 
	 
	3,112,481
	

	 
	 
	628,102
	

	 

	*CONFIDENTIAL
	 
	2,436,474
	

	 
	 
	3,024,895
	

	 
	 
	(588,422
	

	)
	 
	2,661,724
	

	 
	 
	(225,251
	

	)
	 
	2,436,474
	

	 
	 
	3,024,895
	

	 
	 
	(588,422
	

	)
	 
	2,728,963
	

	 
	(292,489
	

	)
	 
	2,661,724
	

	 
	 
	(225,251
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	36,120,480
	

	 
	 
	37,339,882
	

	 
	 
	(1,219,402
	

	)
	 
	32,749,420
	

	 
	 
	3,371,060
	

	 
	 
	36,120,480
	

	 
	 
	37,339,882
	

	 
	 
	(1,219,402
	

	)
	 
	42,496,175
	

	 
	(6,375,696
	

	)
	 
	32,749,420
	

	 
	 
	3,371,060
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	4,643
	

	 
	(4,643
	

	)
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	120,359
	

	 
	 
	190,653
	

	 
	 
	(70,294
	

	)
	 
	176,892
	

	 
	 
	(56,533
	

	)
	 
	120,359
	

	 
	 
	190,653
	

	 
	 
	(70,294
	

	)
	 
	157,467
	

	 
	(37,108
	

	)
	 
	176,892
	

	 
	 
	(56,533
	

	)

	*CONFIDENTIAL
	 
	99,459
	

	 
	 
	57,345
	

	 
	 
	42,114
	

	 
	 
	57,345
	

	 
	 
	42,114
	

	 
	 
	99,459
	

	 
	 
	57,345
	

	 
	 
	42,114
	

	 
	 
	142,900
	

	 
	(43,441
	

	)
	 
	57,345
	

	 
	 
	42,114
	

	 

	*CONFIDENTIAL
	 
	145,023
	

	 
	 
	169,044
	

	 
	 
	(24,021
	

	)
	 
	154,011
	

	 
	 
	(8,988
	

	)
	 
	145,023
	

	 
	 
	169,044
	

	 
	 
	(24,021
	

	)
	 
	173,225
	

	 
	(28,202
	

	)
	 
	154,011
	

	 
	 
	(8,988
	

	)

	*CONFIDENTIAL
	 
	74,126
	

	 
	 
	101,349
	

	 
	 
	(27,223
	

	)
	 
	92,599
	

	 
	 
	(18,473
	

	)
	 
	74,126
	

	 
	 
	101,349
	

	 
	 
	(27,223
	

	)
	 
	183,513
	

	 
	(109,386
	

	)
	 
	92,599
	

	 
	 
	(18,473
	

	)

	*CONFIDENTIAL
	 
	3,752
	

	 
	 
	—
	

	 
	 
	3,752
	

	 
	 
	—
	

	 
	 
	3,752
	

	 
	 
	3,752
	

	 
	 
	—
	

	 
	 
	3,752
	

	 
	 
	6,232
	

	 
	(2,480
	

	)
	 
	—
	

	 
	 
	3,752
	

	 

	*CONFIDENTIAL
	 
	13,334
	

	 
	 
	72
	

	 
	 
	13,262
	

	 
	 
	72
	

	 
	 
	13,262
	

	 
	 
	13,334
	

	 
	 
	72
	

	 
	 
	13,262
	

	 
	 
	1,114
	

	 
	12,221
	

	 
	 
	72
	

	 
	 
	13,262
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 





64






	
																																																
	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	11,087
	

	 
	 
	355
	

	 
	 
	10,732
	

	 
	 
	355
	

	 
	 
	10,732
	

	 
	 
	11,087
	

	 
	 
	355
	

	 
	 
	10,732
	

	 
	 
	38,957
	

	 
	(27,870
	

	)
	 
	355
	

	 
	 
	10,732
	

	 

	*CONFIDENTIAL
	 
	1,498,811
	

	 
	 
	1,530,812
	

	 
	 
	(32,001
	

	)
	 
	1,311,850
	

	 
	 
	186,961
	

	 
	 
	1,498,811
	

	 
	 
	1,530,812
	

	 
	 
	(32,001
	

	)
	 
	2,257,397
	

	 
	(758,586
	

	)
	 
	1,311,850
	

	 
	 
	186,961
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	192,208
	

	 
	 
	210,350
	

	 
	 
	(18,143
	

	)
	 
	189,536
	

	 
	 
	2,672
	

	 
	 
	192,208
	

	 
	 
	210,350
	

	 
	 
	(18,143
	

	)
	 
	168,699
	

	 
	23,508
	

	 
	 
	189,536
	

	 
	 
	2,672
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	330,130
	

	 
	 
	496,452
	

	 
	 
	(166,321
	

	)
	 
	413,037
	

	 
	 
	(82,906
	

	)
	 
	330,130
	

	 
	 
	496,452
	

	 
	 
	(166,321
	

	)
	 
	734,376
	

	 
	(404,246
	

	)
	 
	413,037
	

	 
	 
	(82,906
	

	)

	*CONFIDENTIAL
	 
	42,049
	

	 
	 
	39,116
	

	 
	 
	2,933
	

	 
	 
	39,116
	

	 
	 
	2,933
	

	 
	 
	42,049
	

	 
	 
	39,116
	

	 
	 
	2,933
	

	 
	 
	35,711
	

	 
	6,338
	

	 
	 
	39,116
	

	 
	 
	2,933
	

	 

	*CONFIDENTIAL
	 
	62,116
	

	 
	 
	185,562
	

	 
	 
	(123,446
	

	)
	 
	162,104
	

	 
	 
	(99,988
	

	)
	 
	62,116
	

	 
	 
	185,562
	

	 
	 
	(123,446
	

	)
	 
	216,989
	

	 
	(154,873
	

	)
	 
	162,104
	

	 
	 
	(99,988
	

	)

	*CONFIDENTIAL
	 
	—
	

	 
	 
	16,000
	

	 
	 
	(16,000
	

	)
	 
	16,000
	

	 
	 
	(16,000
	

	)
	 
	—
	

	 
	 
	16,000
	

	 
	 
	(16,000
	

	)
	 
	—
	

	 
	—
	

	 
	 
	16,000
	

	 
	 
	(16,000
	

	)

	*CONFIDENTIAL
	 
	1,854,148
	

	 
	 
	2,469,700
	

	 
	 
	(615,552
	

	)
	 
	1,983,615
	

	 
	 
	(129,466
	

	)
	 
	1,854,148
	

	 
	 
	2,469,700
	

	 
	 
	(615,552
	

	)
	 
	2,867,530
	

	 
	(1,013,381
	

	)
	 
	1,983,615
	

	 
	 
	(129,466
	

	)

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	1,032,953
	

	 
	 
	609,181
	

	 
	 
	423,774
	

	 
	 
	531,752
	

	 
	 
	501,203
	

	 
	 
	1,032,955
	

	 
	 
	609,181
	

	 
	 
	423,774
	

	 
	 
	2,637,435
	

	 
	(1,604,480
	

	)
	 
	531,752
	

	 
	 
	501,203
	

	 

	*CONFIDENTIAL
	 
	91,925
	

	 
	 
	71,800
	

	 
	 
	20,125
	

	 
	 
	61,334
	

	 
	 
	30,591
	

	 
	 
	91,925
	

	 
	 
	71,800
	

	 
	 
	20,125
	

	 
	 
	269,025
	

	 
	(177,100
	

	)
	 
	61,334
	

	 
	 
	30,591
	

	 

	*CONFIDENTIAL
	 
	186,825
	

	 
	 
	176,980
	

	 
	 
	9,845
	

	 
	 
	145,273
	

	 
	 
	41,553
	

	 
	 
	186,825
	

	 
	 
	176,980
	

	 
	 
	9,845
	

	 
	 
	270,650
	

	 
	(83,825
	

	)
	 
	145,273
	

	 
	 
	41,553
	

	 

	*CONFIDENTIAL
	 
	27,912
	

	 
	 
	63,416
	

	 
	 
	(35,504
	

	)
	 
	50,733
	

	 
	 
	(22,821
	

	)
	 
	27,912
	

	 
	 
	63,416
	

	 
	 
	(35,504
	

	)
	 
	134,722
	

	 
	(106,810
	

	)
	 
	50,733
	

	 
	 
	(22,821
	

	)

	*CONFIDENTIAL
	 
	31,883
	

	 
	 
	38,074
	

	 
	 
	(6,191
	

	)
	 
	38,074
	

	 
	 
	(6,191
	

	)
	 
	31,883
	

	 
	 
	38,074
	

	 
	 
	(6,191
	

	)
	 
	35,915
	

	 
	(4,031
	

	)
	 
	38,074
	

	 
	 
	(6,191
	

	)

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	5,191
	

	 
	(5,191
	

	)
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	23,334
	

	 
	 
	12,238
	

	 
	 
	11,095
	

	 
	 
	12,238
	

	 
	 
	11,095
	

	 
	 
	23,334
	

	 
	 
	12,238
	

	 
	 
	11,095
	

	 
	 
	168,448
	

	 
	(145,115
	

	)
	 
	12,238
	

	 
	 
	11,095
	

	 

	*CONFIDENTIAL
	 
	848
	

	 
	 
	(78
	

	)
	 
	926
	

	 
	 
	(78
	

	)
	 
	926
	

	 
	 
	848
	

	 
	 
	(78
	

	)
	 
	926
	

	 
	 
	5,535
	

	 
	(4,688
	

	)
	 
	(78
	

	)
	 
	926
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 





65






	
																																																
	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	(396,458
	

	)
	 
	(973,709
	

	)
	 
	577,251
	

	 
	 
	(973,709
	

	)
	 
	577,251
	

	 
	 
	(396,458
	

	)
	 
	(973,709
	

	)
	 
	577,251
	

	 
	 
	609,961
	

	 
	(1,006,420
	

	)
	 
	(973,709
	

	)
	 
	577,251
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Indirect Expenses
	 
	41,566,306
	

	 
	 
	42,804,595
	

	 
	 
	(1,238,290
	

	)
	 
	37,211,568
	

	 
	 
	4,354,737
	

	 
	 
	41,566,306
	

	 
	 
	42,804,595
	

	 
	 
	(1,238,290
	

	)
	 
	53,621,810
	

	 
	(12,055,504
	

	)
	 
	37,211,568
	

	 
	 
	4,354,737
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	442
	

	 
	 
	323
	

	 
	 
	118
	

	 
	 
	395
	

	 
	 
	46
	

	 
	 
	442
	

	 
	 
	368
	

	 
	 
	74
	

	 
	 
	395
	

	 
	47
	

	 
	 
	395
	

	 
	 
	48
	

	 

	*CONFIDENTIAL
	 
	740
	

	 
	 
	524
	

	 
	 
	216
	

	 
	 
	663
	

	 
	 
	78
	

	 
	 
	740
	

	 
	 
	602
	

	 
	 
	138
	

	 
	 
	580
	

	 
	161
	

	 
	 
	663
	

	 
	 
	78
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	384
	

	 
	 
	282
	

	 
	 
	102
	

	 
	 
	348
	

	 
	 
	36
	

	 
	 
	384
	

	 
	 
	321
	

	 
	 
	63
	

	 
	 
	313
	

	 
	71
	

	 
	 
	348
	

	 
	 
	36
	

	 

	*CONFIDENTIAL
	 
	643
	

	 
	 
	457
	

	 
	 
	186
	

	 
	 
	583
	

	 
	 
	60
	

	 
	 
	643
	

	 
	 
	525
	

	 
	 
	118
	

	 
	 
	459
	

	 
	184
	

	 
	 
	583
	

	 
	 
	60
	

	 




 


	
		
	*
	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.






Confidential Treatment


BRANDS-Production
Donna Van Osten
 
	
																																				
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	  
	 
	Actuals
	 
	12&0 Forecast
	 
	December
	 
	Monthly Volume Actuals
	 
	Monthly Productivity 
Variance
	 

	 
	 
	October
	 
	November
	 
	December
	 
	January ‘05
	 
	February ‘05
	 
	Forecast
	 
	Budget
	 
	Forecast
	 
	Budget
	 
	Forecast
	 
	 
	Budget
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	DRIVERS
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	24,060
	

	 
	20,592
	

	 
	18,235
	

	 
	25,860
	

	 
	29,196
	

	 
	18,632
	

	 
	19,099
	

	 
	16,235
	

	 
	16,235
	

	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	6,158
	

	 
	5,203
	

	 
	4,027
	

	 
	4,369
	

	 
	7,192
	

	 
	4,564
	

	 
	5,329
	

	 
	4,027
	

	 
	4,027
	

	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	3,903
	

	 
	3,975
	

	 
	3,697
	

	 
	3,175
	

	 
	2,372
	

	 
	3,665
	

	 
	4,920
	

	 
	3,697
	

	 
	3,697
	

	 
	—
	

	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	6,650
	

	 
	5,604
	

	 
	4,308
	

	 
	4,784
	

	 
	7,891
	

	 
	4,834
	

	 
	6,853
	

	 
	4,308
	

	 
	4,308
	

	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	4,179
	

	 
	4,258
	

	 
	3,978
	

	 
	3,366
	

	 
	2,567
	

	 
	3,942
	

	 
	6,262
	

	 
	3,978
	

	 
	3,978
	

	 
	—
	

	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	210
	

	 
	197
	

	 
	194
	

	 
	173
	

	 
	189
	

	 
	201
	

	 
	243
	

	 
	201
	

	 
	198
	

	 
	(7
	

	)
	 
	(4
	

	)





66






	
																																				
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	32
	

	 
	28
	

	 
	22
	

	 
	28
	

	 
	42
	

	 
	24
	

	 
	28
	

	 
	21
	

	 
	22
	

	 
	1
	

	 
	 
	0
	

	 

	*CONFIDENTIAL
	 
	20
	

	 
	22
	

	 
	21
	

	 
	19
	

	 
	14
	

	 
	20
	

	 
	26
	

	 
	20
	

	 
	20
	

	 
	1
	

	 
	 
	0
	

	 

	 

	BRANDS-Production
Donna Van Osten
 
	

  

	  
	 
	Actuals
	 
	12&0 Forecast
	 
	December
	 
	Monthly Volume Actuals
	 
	Monthly Productivity 
Variance
	 

	 
	 
	October
	 
	November
	 
	December
	 
	January ‘05
	 
	February ‘05
	 
	Forecast
	 
	Budget
	 
	Forecast
	 
	Budget
	 
	Forecast
	 
	 
	Budget
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	SUMMARY HEADCOUNT
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	BRANDs
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	210
	

	 
	197
	

	 
	194
	

	 
	173
	

	 
	189
	

	 
	201
	

	 
	243
	

	 
	201
	

	 
	198
	

	 
	(7
	

	)
	 
	(4
	

	)

	*CONFIDENTIAL
	 
	7
	

	 
	9
	

	 
	7
	

	 
	4
	

	 
	4
	

	 
	4
	

	 
	4
	

	 
	4
	

	 
	4
	

	 
	3
	

	 
	 
	3
	

	 

	*CONFIDENTIAL
	 
	2
	

	 
	2
	

	 
	2
	

	 
	1
	

	 
	1
	

	 
	1
	

	 
	2
	

	 
	1
	

	 
	2
	

	 
	1
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	29
	

	 
	27
	

	 
	25
	

	 
	22
	

	 
	22
	

	 
	20
	

	 
	28
	

	 
	20
	

	 
	23
	

	 
	6
	

	 
	 
	3
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	20
	

	 
	32
	

	 
	30
	

	 
	30
	

	 
	30
	

	 
	37
	

	 
	42
	

	 
	38
	

	 
	35
	

	 
	(8
	

	)
	 
	(5
	

	)

	*CONFIDENTIAL
	 
	14
	

	 
	12
	

	 
	12
	

	 
	11
	

	 
	11
	

	 
	10
	

	 
	12
	

	 
	10
	

	 
	10
	

	 
	2
	

	 
	 
	2
	

	 

	Brands Production SubTotal
	 
	282
	

	 
	279
	

	 
	271
	

	 
	241
	

	 
	258
	

	 
	273
	

	 
	331
	

	 
	273
	

	 
	272
	

	 
	(2
	

	)
	 
	(1
	

	)




 


	
		
	*
	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.







67






BRANDS-Production
Donna Van Osten
 
	
																																														
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	  
	 
	Actuals
	 
	 
	12&0 Forecast
	 
	December
	 
	Month Volume Actuals
	 
	Month Productivity 
Variance
	 

	 
	 
	October
	 
	 
	November
	 
	 
	December
	 
	 
	January ‘05
	 
	February ‘05
	 
	Forecast
	 
	Budget
	 
	Forecast
	 
	Budget
	 
	Forecast
	 
	 
	Budget
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Indirect Costs
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	901,100
	

	 
	 
	894,694
	

	 
	 
	945,893
	

	 
	 
	730,052
	

	 
	736,598
	

	 
	880,923
	 
	 
	1,041,863
	 
	 
	881,545
	 
	 
	856,433
	 
	 
	64,348
	

	 
	 
	89,480
	 
	 

	*CONFIDENTIAL
	 
	2,458
	

	 
	 
	943
	

	 
	 
	1,571
	

	 
	 
	4,063
	

	 
	13,908
	

	 
	252
	 
	 
	—
	 
	 
	252
	 
	 
	—
	 
	 
	1,319
	

	 
	 
	1,571
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	 
	 
	—
	 
	 
	—
	 
	 
	—
	 
	 
	—
	

	 
	 
	—
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	 
	 
	—
	 
	 
	—
	 
	 
	—
	 
	 
	—
	

	 
	 
	—
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	 
	 
	—
	 
	 
	—
	 
	 
	—
	 
	 
	—
	

	 
	 
	—
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	8,500
	

	 
	 
	5,520
	

	 
	 
	1,765
	

	 
	1,887
	

	 
	2,001
	 
	 
	2,361
	 
	 
	2,003
	 
	 
	1,928
	 
	 
	3,517
	

	 
	 
	3,592
	 
	 

	*CONFIDENTIAL
	 
	212,695
	

	 
	 
	216,614
	

	 
	 
	221,177
	

	 
	 
	217,276
	

	 
	169,999
	

	 
	285,474
	 
	 
	345,042
	 
	 
	284,889
	 
	 
	281,544
	 
	 
	(63,713
	

	)
	 
	(60,367
	 
	)

	*CONFIDENTIAL
	 
	166,158
	

	 
	 
	162,553
	

	 
	 
	130,207
	

	 
	 
	141,638
	

	 
	137,056
	

	 
	126,088
	 
	 
	151,287
	 
	 
	126,092
	 
	 
	124,279
	 
	 
	4,115
	

	 
	 
	5,928
	 
	 

	*CONFIDENTIAL
	 
	81,233
	

	 
	 
	80,902
	

	 
	 
	83,847
	

	 
	 
	107,097
	

	 
	97,361
	

	 
	104,995
	 
	 
	124,821
	 
	 
	105,002
	 
	 
	102,418
	 
	 
	(21,155
	

	)
	 
	(18,571
	 
	)

	*CONFIDENTIAL
	 
	1,363,645
	

	 
	 
	1,364,305
	

	 
	 
	1,388,214
	

	 
	 
	1,201,891
	

	 
	1,156,809
	

	 
	1,399,737
	 
	 
	1,665,374
	 
	 
	1,399,784
	 
	 
	1,366,601
	 
	 
	(11,569
	

	)
	 
	21,613
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	 
	 
	—
	 
	 
	—
	 
	 
	—
	 
	 
	—
	

	 
	 
	—
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	 
	 
	—
	 
	 
	—
	 
	 
	—
	 
	 
	—
	

	 
	 
	—
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	5,380
	

	 
	 
	716
	

	 
	 
	—
	

	 
	—
	

	 
	12,500
	 
	 
	12,500
	 
	 
	12,500
	 
	 
	12,500
	 
	 
	(11,784
	

	)
	 
	(11,784
	 
	)

	*CONFIDENTIAL
	 
	671
	

	 
	 
	1,545
	

	 
	 
	—
	

	 
	 
	2,000
	

	 
	—
	

	 
	3,000
	 
	 
	3,000
	 
	 
	3,000
	 
	 
	3,000
	 
	 
	(3,000
	

	)
	 
	(3,000
	 
	)

	*CONFIDENTIAL
	 
	92,279
	

	 
	 
	(22,535
	

	)
	 
	7,477
	

	 
	 
	4,000
	

	 
	25,000
	

	 
	6,553
	 
	 
	22,322
	 
	 
	6,553
	 
	 
	16,806
	 
	 
	924
	

	 
	 
	(9,329
	 
	)

	*CONFIDENTIAL
	 
	2,333
	

	 
	 
	8,912
	

	 
	 
	1,866
	

	 
	 
	2,630
	

	 
	2,630
	

	 
	2,300
	 
	 
	4,800
	 
	 
	2,300
	 
	 
	4,000
	 
	 
	(435
	

	)
	 
	(2,135
	 
	)

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	 
	 
	—
	 
	 
	—
	 
	 
	—
	 
	 
	—
	

	 
	 
	—
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	272
	

	 
	 
	334
	

	 
	 
	1,200
	

	 
	1,200
	

	 
	1,200
	 
	 
	—
	 
	 
	1,200
	 
	 
	—
	 
	 
	(866
	

	)
	 
	334
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	 
	 
	—
	 
	 
	—
	 
	 
	—
	 
	 
	—
	

	 
	 
	—
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	 
	 
	—
	 
	 
	—
	 
	 
	—
	 
	 
	—
	

	 
	 
	—
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	 
	 
	—
	 
	 
	—
	 
	 
	—
	 
	 
	—
	

	 
	 
	—
	 
	 





68






	
																																														
	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	 
	 
	—
	 
	 
	—
	 
	 
	—
	 
	 
	—
	

	 
	 
	—
	 
	 

	*CONFIDENTIAL
	 
	158,637
	

	 
	 
	67,617
	

	 
	 
	76,222
	

	 
	 
	97,509
	

	 
	92,878
	

	 
	100,847
	 
	 
	111,294
	 
	 
	101,054
	 
	 
	102,378
	 
	 
	(25,832
	

	)
	 
	(27,155
	 
	)

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	 
	 
	—
	 
	 
	—
	 
	 
	—
	 
	 
	—
	

	 
	 
	—
	 
	 

	*CONFIDENTIAL
	 
	11,791
	

	 
	 
	11,791
	

	 
	 
	11,791
	

	 
	 
	9,819
	

	 
	10,480
	

	 
	10,192
	 
	 
	12,030
	 
	 
	10,204
	 
	 
	9,863
	 
	 
	1,587
	

	 
	 
	1,929
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	 
	 
	—
	 
	 
	—
	 
	 
	—
	 
	 
	—
	

	 
	 
	—
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	 
	 
	—
	 
	 
	—
	 
	 
	—
	 
	 
	—
	

	 
	 
	—
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	 
	 
	—
	 
	 
	—
	 
	 
	—
	 
	 
	—
	

	 
	 
	—
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	 
	 
	—
	 
	 
	—
	 
	 
	 
	 
	—
	

	 
	 
	—
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	 
	 
	—
	 
	 
	—
	 
	 
	—
	 
	 
	—
	

	 
	 
	—
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	 
	 
	—
	 
	 
	—
	 
	 
	—
	 
	 
	—
	

	 
	 
	—
	 
	 

	*CONFIDENTIAL
	 
	402
	

	 
	 
	47,608
	

	 
	 
	202
	

	 
	 
	13
	

	 
	13
	

	 
	5,002
	 
	 
	5,903
	 
	 
	5,008
	 
	 
	4,819
	 
	 
	(4,807
	

	)
	 
	(4,617
	 
	)

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	 
	 
	—
	 
	 
	—
	 
	 
	—
	 
	 
	—
	

	 
	 
	—
	 
	 

	*CONFIDENTIAL
	 
	20,013
	

	 
	 
	41,034
	

	 
	 
	16,177
	

	 
	 
	5,894
	

	 
	4,495
	

	 
	17,793
	 
	 
	41,121
	 
	 
	16,616
	 
	 
	31,019
	 
	 
	(439
	

	)
	 
	(14,842
	 
	)

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	 
	 
	—
	 
	 
	—
	 
	 
	—
	 
	 
	—
	

	 
	 
	—
	 
	 

	*CONFIDENTIAL
	 
	(4,612
	

	)
	 
	7,561
	

	 
	 
	14,667
	

	 
	 
	—
	

	 
	—
	

	 
	1,000
	 
	 
	—
	 
	 
	1,000
	 
	 
	—
	 
	 
	13,667
	

	 
	 
	14,661
	 
	 

	*CONFIDENTIAL
	 
	2,060
	

	 
	 
	2,200
	

	 
	 
	1,500
	

	 
	 
	2,272
	

	 
	1,733
	

	 
	5,000
	 
	 
	—
	 
	 
	5,000
	 
	 
	—
	 
	 
	(3,500
	

	)
	 
	1,500
	 
	 

	*CONFIDENTIAL
	 
	2,000
	

	 
	 
	2,250
	

	 
	 
	3,800
	

	 
	 
	3,366
	

	 
	2,567
	

	 
	5,000
	 
	 
	—
	 
	 
	5,000
	 
	 
	—
	 
	 
	(1,500
	

	)
	 
	3,500
	 
	 

	*CONFIDENTIAL
	 
	10,991
	

	 
	 
	9,705
	

	 
	 
	9,904
	

	 
	 
	10,772
	

	 
	8,215
	

	 
	19,711
	 
	 
	31,312
	 
	 
	19,890
	 
	 
	23,620
	 
	 
	(9,986
	

	)
	 
	(13,716
	 
	)

	*CONFIDENTIAL
	 
	2,296
	

	 
	 
	1,450
	

	 
	 
	800
	

	 
	 
	—
	

	 
	—
	

	 
	—
	 
	 
	—
	 
	 
	—
	 
	 
	—
	 
	 
	800
	

	 
	 
	800
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	 
	 
	—
	 
	 
	—
	 
	 
	—
	 
	 
	—
	

	 
	 
	—
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	 
	 
	—
	 
	 
	—
	 
	 
	—
	 
	 
	—
	

	 
	 
	—
	 
	 

	*CONFIDENTIAL
	 
	4,647
	

	 
	 
	6,508
	

	 
	 
	5,430
	

	 
	 
	—
	

	 
	—
	

	 
	—
	 
	 
	—
	 
	 
	—
	 
	 
	—
	 
	 
	5,430
	

	 
	 
	5,430
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	25
	

	 
	 
	135
	

	 
	 
	—
	

	 
	—
	

	 
	—
	 
	 
	—
	 
	 
	—
	 
	 
	—
	 
	 
	135
	

	 
	 
	135
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	 
	 
	—
	 
	 
	—
	 
	 
	—
	 
	 
	—
	

	 
	 
	—
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	 
	 
	—
	 
	 
	—
	 
	 
	—
	 
	 
	—
	

	 
	 
	—
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	 
	 
	—
	 
	 
	—
	 
	 
	—
	 
	 
	—
	

	 
	 
	—
	 
	 





69






	
																																														
	*CONFIDENTIAL
	 
	1,020,662
	

	 
	 
	809,708
	

	 
	 
	446,410
	

	 
	 
	350,000
	

	 
	350,000
	

	 
	350,000
	 
	 
	17,562
	 
	 
	350,000
	 
	 
	17,562
	 
	 
	96,410
	

	 
	 
	428,848
	 
	 

	*CONFIDENTIAL
	 
	39,108
	

	 
	 
	(8,694
	

	)
	 
	(45,337
	

	)
	 
	—
	

	 
	—
	

	 
	—
	 
	 
	—
	 
	 
	—
	 
	 
	—
	 
	 
	(45,337
	

	)
	 
	(45,337
	 
	)

	Total Indirect Expenses
	 
	2,726,923
	

	 
	 
	2,356,189
	

	 
	 
	1,939,008
	

	 
	 
	1,691,366
	

	 
	1,656,021
	

	 
	1,939,835
	 
	 
	1,927,218
	 
	 
	1,939,109
	 
	 
	1,592,168
	 
	 
	(102
	

	)
	 
	346,840
	 
	 

	*CONFIDENTIAL
	 
	410
	

	 
	 
	420
	

	 
	 
	450
	

	 
	 
	354
	

	 
	210
	

	 
	401
	 
	 
	281
	 
	 
	450
	 
	 
	370
	 
	 
	(0
	

	)
	 
	81
	 
	 

	*CONFIDENTIAL
	 
	653
	

	 
	 
	553
	

	 
	 
	487
	

	 
	 
	502
	

	 
	645
	

	 
	492
	 
	 
	306
	 
	 
	487
	 
	 
	400
	 
	 
	(0
	

	)
	 
	87
	 
	 

	*CONFIDENTIAL
	 
	205
	

	 
	 
	240
	

	 
	 
	322
	

	 
	 
	251
	

	 
	147
	

	 
	290
	 
	 
	243
	 
	 
	325
	 
	 
	317
	 
	 
	(3
	

	)
	 
	5
	 
	 

	 
	 
	326
	

	 
	 
	320
	

	 
	 
	349
	

	 
	 
	357
	

	 
	451
	

	 
	355
	 
	 
	266
	 
	 
	352
	 
	 
	344
	 
	 
	(3
	

	)
	 
	5
	 
	 




 


	
		
	*
	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.







70






Confidential Treatment


BRANDS-Production
Donna Van Osten
 
	
																																								
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	  
	 
	 
	 
	DECEMBER YTD
	 
	 
	Full Year
	 

	 
	 
	Actuals
	 
	Budget
	 
	Variance
	 
	 
	Budget Volume 
Actual*
	 
	Budget 
Productivity 
Variance
	 
	 
	2004 Forecast
	 
	2004 Budget
	 
	Variance
	 
	 
	2003 Actuals
	 
	Variance
	 
	 
	Budget Volume 
Actuals
	 
	Budget 
Productivity 
Variance I
	 

	DRIVERS
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	324,947
	

	 
	378,447
	

	 
	(53,500
	

	)
	 
	324,947
	

	 
	—
	

	 
	 
	324,947
	

	 
	378,447
	

	 
	(53,500
	

	)
	 
	419,820
	 
	(94,873
	)
	 
	324,947
	

	 
	—
	

	 

	*CONFIDENTIAL
	 
	87,105
	

	 
	105,879
	

	 
	(18,774
	

	)
	 
	87,105
	

	 
	—
	

	 
	 
	87,105
	

	 
	105,879
	

	 
	(18,774
	

	)
	 
	124,884
	 
	(37,779
	)
	 
	87,105
	

	 
	—
	

	 

	*CONFIDENTIAL
	 
	52,093
	

	 
	64,776
	

	 
	(12,683
	

	)
	 
	52,033
	

	 
	—
	

	 
	 
	52,093
	

	 
	84,7 76
	

	 
	(12,683
	

	)
	 
	85,331
	 
	(33,230
	)
	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	94,108
	

	 
	132,405
	

	 
	(38,297
	

	)
	 
	94,108
	

	 
	—
	

	 
	 
	94,108
	

	 
	116,382
	

	 
	(22,274
	

	)
	 
	135,714
	 
	(41,606
	)
	 
	94,108
	

	 
	—
	

	 

	*CONFIDENTIAL
	 
	96,163
	

	 
	81,679
	

	 
	(25,516
	

	)
	 
	56,163
	

	 
	—
	

	 
	 
	56,163
	

	 
	71,102
	

	 
	(14,939
	

	)
	 
	92,527
	 
	(36,364
	)
	 
	56,163
	

	 
	—
	

	 

	*CONFIDENTIAL
	 
	194
	

	 
	243
	

	 
	(49
	

	)
	 
	198
	

	 
	(4
	

	)
	 
	206
	

	 
	237
	

	 
	(30
	

	)
	 
	314
	 
	(107
	)
	 
	203
	

	 
	4
	

	 

	*CONFIDENTIAL
	 
	40
	

	 
	45
	

	 
	(5
	

	)
	 
	40
	

	 
	1
	

	 
	 
	38
	

	 
	41
	

	 
	(3
	

	)
	 
	36
	 
	2
	 
	 
	39
	

	 
	(1
	

	)

	*CONFIDENTIAL
	 
	24
	

	 
	28
	

	 
	(4
	

	)
	 
	24
	

	 
	0
	

	 
	 
	23
	

	 
	25
	

	 
	(2
	

	)
	 
	25
	 
	(2
	)
	 
	23
	

	 
	(0
	

	)

	 

	BRANDS-Production
Danna Van Oaten
 
	

  

	  
	 
	DECEMBER YTD
	 
	 
	Full Year Average
	 

	 
	 
	Actuals
	 
	Budget
	 
	Variance
	 
	 
	Budget Volume 
Actuals
	 
	Budget 
Productivity 
Variance
	 
	 
	2004 Forecast
	 
	2004 Budget
	 
	Variance
	 
	 
	2003 Actuals
	 
	Variance
	 
	 
	Budget Volume 
Actuals
	 
	Budget 
Productivity 
Variance
	 

	SUMMARY HEADCOUNT
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	BRANDS
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	28
	 
	(28
	)
	 
	—
	

	 
	—
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	243
	

	 
	(49
	

	)
	 
	198
	

	 
	(4
	

	)
	 
	206
	

	 
	237
	

	 
	(30
	

	)
	 
	232
	 
	(26
	)
	 
	203
	

	 
	4
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	54
	 
	(54
	)
	 
	—
	

	 
	—
	

	 

	*CONFIDENTIAL
	 
	7
	

	 
	4
	

	 
	3
	

	 
	 
	4
	

	 
	3
	

	 
	 
	9
	

	 
	12
	

	 
	(3
	

	)
	 
	35
	 
	(26
	)
	 
	11
	

	 
	(2
	

	)

	*CONFIDENTIAL
	 
	2
	

	 
	2
	

	 
	—
	

	 
	 
	2
	

	 
	—
	

	 
	 
	2
	

	 
	2
	

	 
	—
	

	 
	 
	4
	 
	(2
	)
	 
	2
	

	 
	—
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	2
	 
	(2
	)
	 
	—
	

	 
	—
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	5
	 
	(5
	)
	 
	—
	

	 
	—
	

	 





71






	
																																								
	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	14
	 
	(14
	)
	 
	—
	

	 
	—
	

	 

	*CONFIDENTIAL
	 
	26
	

	 
	28
	

	 
	(2
	

	)
	 
	23
	

	 
	3
	

	 
	 
	31
	

	 
	28
	

	 
	3
	

	 
	 
	34
	 
	(3
	)
	 
	24
	

	 
	6
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	1
	

	 
	—
	

	 
	1
	

	 
	 
	36
	 
	(35
	)
	 
	—
	

	 
	1
	

	 

	*CONFIDENTIAL
	 
	30
	

	 
	42
	

	 
	(12
	

	)
	 
	35
	

	 
	(5
	

	)
	 
	29
	

	 
	42
	

	 
	(13
	

	)
	 
	48
	 
	(19
	)
	 
	36
	

	 
	(7
	

	)

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	0
	

	 
	—
	

	 
	0
	

	 
	 
	6
	 
	(5
	)
	 
	—
	

	 
	0
	

	 

	*CONFIDENTIAL
	 
	12
	

	 
	12
	

	 
	—
	

	 
	 
	10
	

	 
	2
	

	 
	 
	14
	

	 
	12
	

	 
	2
	

	 
	 
	13
	 
	1
	 
	 
	11
	

	 
	3
	

	 

	Brands Production Sub Total
	 
	271
	

	 
	331
	

	 
	(60
	

	)
	 
	272
	

	 
	(1
	

	)
	 
	292
	

	 
	333
	

	 
	(41
	

	)
	 
	510
	 
	(218
	)
	 
	287
	

	 
	5
	

	 




 


	
		
	*
	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.







72






Confidential Treatment


BRANDS-Production
Donna Van Osten
 
	
																																																	
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	DECEMBER YTD
	 
	 
	Full Year
	 

	 
	 
	Actuals
	 
	 
	Budget
	 
	 
	Variance
	 
	 
	Budget Volume 
Actuals
	 
	 
	Budget 
Productivity 
Variance
	 
	 
	2004 Forecast
	 
	 
	2004 Budget
	 
	 
	Variance
	 
	 
	2003 Actuals
	 
	 
	Variance
	 
	 
	Budget Volume 
Actuals
	 
	 
	Budget 
Productivity 
Variance
	 

	Indirect Costs
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	11,366,530
	

	 
	 
	11,721,170
	

	 
	 
	(354,640
	

	)
	 
	10,110,729
	

	 
	 
	1,255,801
	

	 
	 
	11,366,530
	

	 
	 
	11,721,170
	

	 
	 
	(354,640
	

	 
	 
	16,470,001
	

	 
	 
	(5,103,471
	

	)
	 
	10,110,729
	

	 
	 
	1,255,801
	

	 

	*CONFIDENTIAL
	 
	594,071
	

	 
	 
	1,253,334
	

	 
	 
	(659,263
	

	)
	 
	794,732
	

	 
	 
	(200,660
	

	)
	 
	594,071
	

	 
	 
	1,253,334
	

	 
	 
	(659,263
	

	 
	 
	2,053,996
	

	 
	 
	(1,459,925
	

	)
	 
	794,732
	

	 
	 
	(200,660
	

	)

	*CONFIDENTIAL
	 
	14,216
	

	 
	 
	1,236
	

	 
	 
	12,980
	

	 
	 
	1,236
	

	 
	 
	12,980
	

	 
	 
	14,216
	

	 
	 
	1,236
	

	 
	 
	12,980
	

	 
	 
	1,117,221
	

	 
	 
	(1,103,005
	

	)
	 
	1,236
	

	 
	 
	12,980
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	19,635
	

	 
	 
	12,019
	

	 
	 
	7,615
	

	 
	 
	12,019
	

	 
	 
	7,615
	

	 
	 
	19,635
	

	 
	 
	12,019
	

	 
	 
	7,615
	

	 
	 
	202,471
	

	 
	 
	(182,837
	

	)
	 
	12,019
	

	 
	 
	7,615
	

	 

	*CONFIDENTIAL
	 
	41,124
	

	 
	 
	26,320
	

	 
	 
	14,804
	

	 
	 
	22,373
	

	 
	 
	18,751
	

	 
	 
	41,124
	

	 
	 
	26,320
	

	 
	 
	14,804
	

	 
	 
	148,481
	

	 
	 
	(107,357
	

	)
	 
	22,373
	

	 
	 
	18,751
	

	 

	*CONFIDENTIAL
	 
	3,335,470
	

	 
	 
	3,817,585
	

	 
	 
	(482,115
	

	)
	 
	3,188,244
	

	 
	 
	147,226
	

	 
	 
	3,335,470
	

	 
	 
	3,817,585
	

	 
	 
	(482,115
	

	)
	 
	6,675,669
	

	 
	 
	(3,340,199
	

	)
	 
	3,188,244
	

	 
	 
	147,226
	

	 

	*CONFIDENTIAL
	 
	2,067,011
	

	 
	 
	1,914,945
	

	 
	 
	152,066
	

	 
	 
	1,622,170
	

	 
	 
	444,841
	

	 
	 
	2,067,011
	

	 
	 
	1,914,945
	

	 
	 
	152,066
	

	 
	 
	3,009,690
	

	 
	 
	(942,679
	

	)
	 
	1,622,170
	

	 
	 
	444,841
	

	 

	*CONFIDENTIAL
	 
	1,361,425
	

	 
	 
	1,633,873
	

	 
	 
	(272,448
	

	)
	 
	1,383,441
	

	 
	 
	(22,017
	

	)
	 
	1,361,425
	

	 
	 
	1,633,873
	

	 
	 
	(272,448
	

	)
	 
	2,235,787
	

	 
	 
	(874,362
	

	)
	 
	1,383,441
	

	 
	 
	(22,017
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	18,799,482
	

	 
	 
	20,380,482
	

	 
	 
	(1,581,000
	

	)
	 
	17,134,943
	

	 
	 
	1,664,538
	

	 
	 
	18,799,482
	

	 
	 
	20,380,482
	

	 
	 
	(1,581,000
	

	)
	 
	31,913,316
	

	 
	 
	(13,113,835
	

	)
	 
	17,134,943
	

	 
	 
	1,664,538
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	5,054
	

	 
	 
	—
	

	 
	 
	5,054
	

	 
	 
	—
	

	 
	 
	5,054
	

	 
	 
	5,054
	

	 
	 
	—
	

	 
	 
	5,054
	

	 
	 
	—
	

	 
	 
	5,054
	

	 
	 
	—
	

	 
	 
	5,054
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	13,852
	

	 
	 
	44,125
	

	 
	 
	(30,273
	

	)
	 
	44,125
	

	 
	 
	(30,273
	

	)
	 
	13,852
	

	 
	 
	44,125
	

	 
	 
	(30,273
	

	)
	 
	23,002
	

	 
	 
	(9,150
	

	)
	 
	44,125
	

	 
	 
	(30,273
	

	)

	*CONFIDENTIAL
	 
	24,822
	

	 
	 
	40,075
	

	 
	 
	(15,254
	

	)
	 
	39,961
	

	 
	 
	(15,139
	

	)
	 
	24,822
	

	 
	 
	40,075
	

	 
	 
	(15,254
	

	)
	 
	54,071
	

	 
	 
	(29,250
	

	)
	 
	39,961
	

	 
	 
	(15,139
	

	)

	*CONFIDENTIAL
	 
	497,734
	

	 
	 
	352,488
	

	 
	 
	145,246
	

	 
	 
	280,203
	

	 
	 
	217,532
	

	 
	 
	497,734
	

	 
	 
	352,488
	

	 
	 
	145,246
	

	 
	 
	648,600
	

	 
	 
	(150,866
	

	)
	 
	280,203
	

	 
	 
	217,532
	

	 

	*CONFIDENTIAL
	 
	39,297
	

	 
	 
	54,350
	

	 
	 
	(15,053
	

	)
	 
	47,150
	

	 
	 
	(7,853
	

	)
	 
	39,297
	

	 
	 
	54,350
	

	 
	 
	(15,053
	

	)
	 
	342,873
	

	 
	 
	(303,577
	

	)
	 
	47,150
	

	 
	 
	(7,853
	

	)

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	49,834
	

	 
	 
	(49,834
	

	)
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	19,893
	

	 
	 
	6,030
	

	 
	 
	13,863
	

	 
	 
	6,030
	

	 
	 
	13,863
	

	 
	 
	19,893
	

	 
	 
	6,030
	

	 
	 
	13,863
	

	 
	 
	27,052
	

	 
	 
	(7,159
	

	)
	 
	6,030
	

	 
	 
	13,863
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 





73






	
																																																	
	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	9,702
	

	 
	 
	483
	

	 
	 
	9,219
	

	 
	 
	483
	

	 
	 
	9,219
	

	 
	 
	9,702
	

	 
	 
	483
	

	 
	 
	9,219
	

	 
	 
	10,763
	

	 
	 
	(1,061
	

	)
	 
	483
	

	 
	 
	9,219
	

	 

	*CONFIDENTIAL
	 
	1,165,402
	

	 
	 
	1,376,830
	

	 
	 
	(211,428
	

	)
	 
	1,287,592
	

	 
	 
	(122,191
	

	)
	 
	1,165,402
	

	 
	 
	1,376,830
	

	 
	 
	(211,428
	

	)
	 
	2,180,225
	

	 
	 
	(1,014,823
	

	)
	 
	1,287,592
	

	 
	 
	(122,191
	

	)

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	131,884
	

	 
	 
	142,488
	

	 
	 
	(10,603
	

	)
	 
	122,572
	

	 
	 
	9,313
	

	 
	 
	131,884
	

	 
	 
	142,488
	

	 
	 
	(10,603
	

	)
	 
	180,752
	

	 
	 
	(48,868
	

	)
	 
	122,572
	

	 
	 
	9,313
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	9,287
	

	 
	 
	6,346
	

	 
	 
	2,941
	

	 
	 
	6,346
	

	 
	 
	2,941
	

	 
	 
	9,287
	

	 
	 
	6,346
	

	 
	 
	2,941
	

	 
	 
	1,081
	

	 
	 
	8,206
	

	 
	 
	6,346
	

	 
	 
	2,941
	

	 

	*CONFIDENTIAL
	 
	70,442
	

	 
	 
	89,311
	

	 
	 
	(18,869
	

	)
	 
	74,638
	

	 
	 
	(4,195
	

	)
	 
	70,442
	

	 
	 
	89,311
	

	 
	 
	(18,869
	

	)
	 
	64,080
	

	 
	 
	6,362
	

	 
	 
	74,638
	

	 
	 
	(4,195
	

	)

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	287,668
	

	 
	 
	529,134
	

	 
	 
	(241,466
	

	)
	 
	428,027
	

	 
	 
	(140,359
	

	)
	 
	287,668
	

	 
	 
	529,134
	

	 
	 
	(241,466
	

	)
	 
	517,427
	

	 
	 
	(229,760
	

	)
	 
	428,027
	

	 
	 
	(140,359
	

	)

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	112,550
	

	 
	 
	33,378
	

	 
	 
	79,173
	

	 
	 
	33,378
	

	 
	 
	79,173
	

	 
	 
	112,550
	

	 
	 
	33,378
	

	 
	 
	79,173
	

	 
	 
	298,442
	

	 
	 
	(185,892
	

	)
	 
	33,378
	

	 
	 
	79,173
	

	 

	*CONFIDENTIAL
	 
	33,560
	

	 
	 
	10,600
	

	 
	 
	22,960
	

	 
	 
	10,600
	

	 
	 
	22,960
	

	 
	 
	33,560
	

	 
	 
	10,600
	

	 
	 
	22,960
	

	 
	 
	39,253
	

	 
	 
	(5,693
	

	)
	 
	10,600
	

	 
	 
	22,960
	

	 

	*CONFIDENTIAL
	 
	55,158
	

	 
	 
	8,750
	

	 
	 
	46,408
	

	 
	 
	8,750
	

	 
	 
	46,408
	

	 
	 
	55,158
	

	 
	 
	8,750
	

	 
	 
	46,408
	

	 
	 
	60,925
	

	 
	 
	(5,767
	

	)
	 
	8,750
	

	 
	 
	46,408
	

	 

	*CONFIDENTIAL
	 
	167,822
	

	 
	 
	369,115
	

	 
	 
	(201,293
	

	)
	 
	291,173
	

	 
	 
	(123,351
	

	)
	 
	167,822
	

	 
	 
	369,115
	

	 
	 
	(201,293
	

	)
	 
	494,132
	

	 
	 
	(326,310
	

	)
	 
	291,173
	

	 
	 
	(123,351
	

	)

	*CONFIDENTIAL
	 
	20,086
	

	 
	 
	3,777
	

	 
	 
	16,308
	

	 
	 
	3,777
	

	 
	 
	16,308
	

	 
	 
	20,086
	

	 
	 
	3,777
	

	 
	 
	16,308
	

	 
	 
	7,417
	

	 
	 
	12,669
	

	 
	 
	3,777
	

	 
	 
	16,308
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	968
	

	 
	 
	—
	

	 
	 
	968
	

	 
	 
	—
	

	 
	 
	968
	

	 
	 
	968
	

	 
	 
	—
	

	 
	 
	968
	

	 
	 
	—
	

	 
	 
	968
	

	 
	 
	—
	

	 
	 
	968
	

	 

	*CONFIDENTIAL
	 
	87,553
	

	 
	 
	20,447
	

	 
	 
	67,106
	

	 
	 
	20,447
	

	 
	 
	67,106
	

	 
	 
	87,553
	

	 
	 
	20,447
	

	 
	 
	67,106
	

	 
	 
	305,191
	

	 
	 
	(217,638
	

	)
	 
	20,447
	

	 
	 
	67,106
	

	 

	*CONFIDENTIAL
	 
	(4,113
	

	)
	 
	(5,135
	

	)
	 
	1,022
	

	 
	 
	(5,135
	

	)
	 
	1,022
	

	 
	 
	(4,113
	

	)
	 
	(5,135
	

	)
	 
	1,022
	

	 
	 
	(2,833
	

	)
	 
	(1,280
	

	)
	 
	(5,135
	

	)
	 
	1,022
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 





74






	
																																																	
	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	5,570,337
	

	 
	 
	1,270,561
	

	 
	 
	4,299,776
	

	 
	 
	1,270,561
	

	 
	 
	4,299,776
	

	 
	 
	5,570,337
	

	 
	 
	1,270,561
	

	 
	 
	4,299,776
	

	 
	 
	2,174,715
	

	 
	 
	3,395,621
	

	 
	 
	1,270,561
	

	 
	 
	4,299,776
	

	 

	*CONFIDENTIAL
	 
	(115,280
	

	)
	 
	7,147
	

	 
	 
	(122,428
	

	)
	 
	7,147
	

	 
	 
	(122,428
	

	)
	 
	(115,280
	

	)
	 
	7,147
	

	 
	 
	(122,428
	

	)
	 
	(519,434
	

	)
	 
	404,154
	

	 
	 
	7,147
	

	 
	 
	(122,428
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Indirect Expenses
	 
	27,003,159
	

	 
	 
	24,740,780
	

	 
	 
	2,262,380
	

	 
	 
	21,112,766
	

	 
	 
	5,890,394
	

	 
	 
	27,003,159
	

	 
	 
	24,740,780
	

	 
	 
	2,262,380
	

	 
	 
	38,870,883
	

	 
	 
	(11,867,724
	

	)
	 
	21,112,766
	

	 
	 
	5,890,394
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	287
	

	 
	 
	187
	

	 
	 
	100
	

	 
	 
	224
	

	 
	 
	63
	

	 
	 
	287
	

	 
	 
	213
	

	 
	 
	74
	

	 
	 
	286
	

	 
	 
	1
	

	 
	 
	224
	

	 
	 
	63
	

	 

	*CONFIDENTIAL
	 
	481
	

	 
	 
	303
	

	 
	 
	178
	

	 
	 
	376
	

	 
	 
	105
	

	 
	 
	481
	

	 
	 
	348
	

	 
	 
	133
	

	 
	 
	420
	

	 
	 
	61
	

	 
	 
	376
	

	 
	 
	105
	

	 

	*CONFIDENTIAL
	 
	200
	

	 
	 
	154
	

	 
	 
	48
	

	 
	 
	182
	

	 
	 
	18
	

	 
	 
	200
	

	 
	 
	175
	

	 
	 
	25
	

	 
	 
	235
	

	 
	 
	(35
	

	)
	 
	182
	

	 
	 
	18
	

	 

	*CONFIDENTIAL
	 
	335
	

	 
	 
	250
	

	 
	 
	85
	

	 
	 
	305
	

	 
	 
	30
	

	 
	 
	335
	

	 
	 
	287
	

	 
	 
	48
	

	 
	 
	345
	

	 
	 
	(10
	

	)
	 
	305
	

	 
	 
	30
	

	 




 


	
		
	*
	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.






Confidential Treatment


Cendant Mortgage Monthly Operational Update
 
	
										
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Teleservices Statistics (Sales)
	 
	December 2003
	 
	 
	December 2004
	 
	 
	Percentage Change 
(+/-)
	 

	Answer rates
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%

	Average speed of answer
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%

	Percentage of calls answered within *CONFIDENTIAL secs
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%

	Leads per person
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%

	Outbound calls per lead
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%

	Percentage of purchase leads
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%




 

75






	
										
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Loans Processing Center
	 
	December 2003
	 
	 
	December 2004
	 
	 
	Percentage Change 
(+/-)
	 

	Answer rates
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%

	Average speed of answers
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%

	Percentage of calls answered within *CONFIDENTIAL secs
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%

	Loans per person
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%

	Percentage of “I would recommend”
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%

	Average Survey results
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%

	Outbound call per loan
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%

	Average talk time
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%

	Percentage of purchase closings
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%




 
	
										
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Agent Help Desk
	 
	December 2003
	 
	 
	December 2004
	 
	 
	Percentage Change 
(+/-)
	 

	Answer rates
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%

	Average speed of answer
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%

	Percentage of calls answered within *CONFIDENTIAL secs
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%




 


	
		
	*
	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.







76






Confidential Treatment


Cendant Mortgage Monthly Operational Update
 
	
					
	 
	 
	 
	 
	 

	Teleservice statistics
	 
	 
	 
	Definitions

	Answer rates
	 
	Answer Rate = *CONFIDENTIAL

	Average speed of answer
	 
	*CONFIDENTIAL

	Percentage of calls answered within *CONFIDENTIAL secs
	 
	Of the calls answered in Teleservices, the percentage of calls that were answered within *CONFIDENTIAL seconds

	Leads per person
	 
	*CONFIDENTIAL

	Internal Affairs Bureau Results (Pass %)
	 
	*CONFIDENTIAL

	Outbound calls per lead
	 
	*CONFIDENTIAL

	Percentage of purchase leads
	 
	Of the total leads received by Teleservices, the percentage of leads that were purchase leads as opposed to refinance leads.

	 
	 
	 

	 
	 
	 




 
	
					
	 
	 
	 
	 
	 

	Loan Processing Center
	 
	 
	 
	Definitions

	Answer rates
	 
	Answer Rate = *CONFIDENTIAL

	Average speed of answer
	 
	*CONFIDENTIAL

	Percentage of calls answered within *CONFIDENTIAL secs
	 
	Of the calls answered in the Loan Processing Center, the percentage of calls that were answered within *CONFIDENTIAL seconds

	Leads per person
	 
	*CONFIDENTIAL

	Percentage of “I would recommend”
	 
	*CONFIDENTIAL

	Outbound calls per loan
	 
	*CONFIDENTIAL

	Average talk time
	 
	*CONFIDENTIAL

	Percentage of purchase closings
	 
	Of the total leads received by the Loan Processing Center, the percentage of leads that were purchase leads as opposed to refinance leads.

	 
	 
	 
	 
	 




 
	
					
	 
	 
	 
	 
	 

	Agent Help Desk
	 
	 
	 
	Definitions

	Answer rates
	 
	*CONFIDENTIAL

	Average speed of answer
	 
	*CONFIDENTIAL

	Percentage of calls answered within *CONFIDENTIAL secs
	 
	Of the calls answered at the Agent Help Desk, the percentage of calls that were answered within *CONFIDENTIAL seconds




 


	
		
	*
	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.







77






*CONFIDENTIAL






 


	
		
	*
	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.







78






Confidential Treatment


Brands/NRT Monthly Management Report Overview
*CONFIDENTIAL
 
	
																																																	
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Month
	 
	Last 
Year
	 
	*CONFIDENTIAL 
Current
	 
	+/-
	 
	 
	Last 
Year
	 
	*CONFIDENTIAL 
Current
	 
	+/-
	 
	 
	Last 
Year
	 
	 
	*CONFIDENTIAL 
Current
	 
	 
	+/-
	 
	 
	Last 
Year
	 
	*CONFIDENTIAL 
Current
	 
	+/-
	 
	 
	Last 
Year
	 
	 
	*CONFIDENTIAL 
Current
	 
	 
	+/-
	 
	 
	Last 
Year
	 
	 
	*CONFIDENTIAL 
Current
	 
	 
	+/-
	 

	2003-09
	 
	34,283
	 
	30,324
	 
	88.5
	%
	 
	17,801
	 
	15,356
	 
	86.3
	%
	 
	51.9
	%
	 
	50.6
	%
	 
	1.3
	%
	 
	6,794
	 
	6,348
	 
	93.4
	%
	 
	41.3
	%
	 
	38.2
	%
	 
	-3.2
	%
	 
	19.8
	%
	 
	20.9
	%
	 
	-1.1
	%

	2003-10
	 
	35,228
	 
	29,195
	 
	82.9
	%
	 
	17,994
	 
	14,924
	 
	82.9
	%
	 
	51.1
	%
	 
	51.1
	%
	 
	0.0
	%
	 
	6,986
	 
	5,793
	 
	82.9
	%
	 
	38.8
	%
	 
	38.8
	%
	 
	0.0
	%
	 
	19.8
	%
	 
	19.8
	%
	 
	0.0
	%

	2003-11
	 
	29,598
	 
	23,317
	 
	78.8
	%
	 
	15,201
	 
	12,057
	 
	79.3
	%
	 
	51.4
	%
	 
	51.7
	%
	 
	-0.4
	%
	 
	5,846
	 
	4,653
	 
	79.6
	%
	 
	38.6
	%
	 
	38.5
	%
	 
	-0.1
	%
	 
	19.8
	%
	 
	20.0
	%
	 
	-0.2
	%

	2003-12
	 
	22,332
	 
	20,866
	 
	93.4
	%
	 
	11,307
	 
	9,807
	 
	86.7
	%
	 
	50.6
	%
	 
	47.0
	%
	 
	3.6
	%
	 
	4,412
	 
	3,801
	 
	86.2
	%
	 
	38.8
	%
	 
	39.0
	%
	 
	0.3
	%
	 
	19.8
	%
	 
	18.2
	%
	 
	1.5
	%

	2004-01
	 
	35,494
	 
	33,807
	 
	95.2
	%
	 
	18,788
	 
	16,452
	 
	87.6
	%
	 
	52.9
	%
	 
	48.7
	%
	 
	4.3
	%
	 
	6,901
	 
	6,015
	 
	87.2
	%
	 
	36.6
	%
	 
	36.7
	%
	 
	0.2
	%
	 
	19.4
	%
	 
	17.8
	%
	 
	1.7
	%

	2004-02
	 
	31,627
	 
	31,940
	 
	101.0
	%
	 
	16,673
	 
	17,304
	 
	103.8
	%
	 
	52.7
	%
	 
	54.2
	%
	 
	-1.5
	%
	 
	6,123
	 
	6,614
	 
	108.0
	%
	 
	38.2
	%
	 
	36.7
	%
	 
	-1.5
	%
	 
	19.4
	%
	 
	20.7
	%
	 
	-1.3
	%

	2004-03
	 
	40,842
	 
	39,744
	 
	97.3
	%
	 
	21,639
	 
	22,210
	 
	102.6
	%
	 
	53.0
	%
	 
	55.9
	%
	 
	-2.9
	%
	 
	8,641
	 
	9,040
	 
	104.6
	%
	 
	40.7
	%
	 
	39.9
	%
	 
	-0.8
	%
	 
	21.2
	%
	 
	22.7
	%
	 
	-1.6
	%

	2004-04
	 
	38,430
	 
	37,266
	 
	97.0
	%
	 
	20,360
	 
	19,661
	 
	96.6
	%
	 
	53.0
	%
	 
	52.8
	%
	 
	0.2
	%
	 
	7,643
	 
	7,873
	 
	103.0
	%
	 
	40.0
	%
	 
	37.5
	%
	 
	-2.5
	%
	 
	19.9
	%
	 
	21.1
	%
	 
	-1.2
	%

	2004-05
	 
	15,824
	 
	32,561
	 
	205.8
	%
	 
	8,223
	 
	17,663
	 
	214.8
	%
	 
	52.0
	%
	 
	54.2
	%
	 
	-2.3
	%
	 
	2,742
	 
	7,574
	 
	276.2
	%
	 
	42.9
	%
	 
	33.3
	%
	 
	-9.5
	%
	 
	17.3
	%
	 
	23.3
	%
	 
	-5.9
	%

	2004-06
	 
	39,734
	 
	33,427
	 
	84.1
	%
	 
	21,755
	 
	18,211
	 
	83.7
	%
	 
	54.8
	%
	 
	54.5
	%
	 
	0.3
	%
	 
	8,696
	 
	8,451
	 
	97.2
	%
	 
	46.4
	%
	 
	40.0
	%
	 
	-6.4
	%
	 
	21.9
	%
	 
	25.3
	%
	 
	-3.4
	%

	2004-07
	 
	37,892
	 
	31,523
	 
	83.2
	%
	 
	20,484
	 
	16,785
	 
	81.9
	%
	 
	54.1
	%
	 
	53.2
	%
	 
	0.8
	%
	 
	8,673
	 
	6,930
	 
	79.9
	%
	 
	41.3
	%
	 
	42.3
	%
	 
	1.1
	%
	 
	22.9
	%
	 
	22.0
	%
	 
	0.9
	%




*CONFIDENTIAL
 

79






	
																																																	
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Month
	 
	Last 
Year
	 
	*CONFIDENTIAL 
Current
	 
	+/-
	 
	 
	Last 
Year
	 
	*CONFIDENTIAL 
Current
	 
	+/-
	 
	 
	Last 
Year
	 
	 
	*CONFIDENTIAL 
Current
	 
	 
	+/-
	 
	 
	Last 
Year
	 
	*CONFIDENTIAL 
Current
	 
	+/-
	 
	 
	Last 
Year
	 
	 
	*CONFIDENTIAL 
Current
	 
	 
	+/-
	 
	 
	Last 
Year
	 
	 
	*CONFIDENTIAL 
Current
	 
	 
	+/-
	 

	2003-09
	 
	21,435
	 
	18,658
	 
	87.0
	%
	 
	10,274
	 
	8,655
	 
	84.2
	%
	 
	47.9
	%
	 
	46.4
	%
	 
	1.5
	%
	 
	3,936
	 
	3,480
	 
	88.4
	%
	 
	40.2
	%
	 
	38.3
	%
	 
	-1.9
	%
	 
	18.4
	%
	 
	18.7
	%
	 
	-0.3
	%

	2003-10
	 
	22,183
	 
	17,959
	 
	81.0
	%
	 
	10,368
	 
	8,447
	 
	81.5
	%
	 
	46.7
	%
	 
	47.0
	%
	 
	-0.3
	%
	 
	4,072
	 
	3,262
	 
	80.1
	%
	 
	38.6
	%
	 
	39.3
	%
	 
	0.7
	%
	 
	18.4
	%
	 
	18.2
	%
	 
	0.2
	%

	2003-11
	 
	18,681
	 
	13,685
	 
	73.3
	%
	 
	8,835
	 
	6,584
	 
	74.5
	%
	 
	47.3
	%
	 
	48.1
	%
	 
	-0.8
	%
	 
	3,423
	 
	2,555
	 
	74.6
	%
	 
	38.8
	%
	 
	38.7
	%
	 
	-0.1
	%
	 
	18.3
	%
	 
	18.7
	%
	 
	-0.3
	%

	2003-12
	 
	14,523
	 
	12,426
	 
	85.6
	%
	 
	6,753
	 
	5,510
	 
	81.6
	%
	 
	46.5
	%
	 
	44.3
	%
	 
	2.2
	%
	 
	2,633
	 
	2,133
	 
	81.0
	%
	 
	38.7
	%
	 
	39.0
	%
	 
	0.3
	%
	 
	18.1
	%
	 
	17.2
	%
	 
	1.0
	%

	2004-01
	 
	22,834
	 
	20,741
	 
	90.8
	%
	 
	11,090
	 
	9,301
	 
	83.9
	%
	 
	48.6
	%
	 
	44.8
	%
	 
	3.7
	%
	 
	4,087
	 
	3,436
	 
	84.1
	%
	 
	36.9
	%
	 
	36.9
	%
	 
	-0.1
	%
	 
	17.9
	%
	 
	16.6
	%
	 
	1.3
	%

	2004-02
	 
	20,265
	 
	19,492
	 
	96.2
	%
	 
	9,890
	 
	9,694
	 
	98.0
	%
	 
	48.8
	%
	 
	49.7
	%
	 
	-0.9
	%
	 
	3,667
	 
	3,727
	 
	101.6
	%
	 
	38.4
	%
	 
	37.1
	%
	 
	-1.4
	%
	 
	18.1
	%
	 
	19.1
	%
	 
	-1.0
	%

	2004-03
	 
	25,917
	 
	23,899
	 
	92.2
	%
	 
	12,728
	 
	12,487
	 
	98.1
	%
	 
	49.1
	%
	 
	52.2
	%
	 
	-3.1
	%
	 
	5,076
	 
	5,093
	 
	100.3
	%
	 
	40.8
	%
	 
	39.9
	%
	 
	-0.9
	%
	 
	19.6
	%
	 
	21.3
	%
	 
	-1.7
	%

	2004-04
	 
	24,676
	 
	22,548
	 
	91.4
	%
	 
	12,254
	 
	11,120
	 
	90.7
	%
	 
	49.7
	%
	 
	49.3
	%
	 
	0.3
	%
	 
	4,642
	 
	4,364
	 
	94.0
	%
	 
	39.2
	%
	 
	37.9
	%
	 
	-1.4
	%
	 
	18.8
	%
	 
	19.4
	%
	 
	-0.5
	%

	2004-05
	 
	10,223
	 
	19,896
	 
	194.6
	%
	 
	4,945
	 
	10,176
	 
	205.8
	%
	 
	48.4
	%
	 
	51.1
	%
	 
	-2.8
	%
	 
	1,668
	 
	4,378
	 
	262.5
	%
	 
	43.0
	%
	 
	33.7
	%
	 
	-9.3
	%
	 
	16.3
	%
	 
	22.0
	%
	 
	-5.7
	%

	2004-06
	 
	25,419
	 
	20,640
	 
	81.2
	%
	 
	13,099
	 
	10,409
	 
	79.5
	%
	 
	51.5
	%
	 
	50.4
	%
	 
	1.1
	%
	 
	5,206
	 
	4,879
	 
	93.7
	%
	 
	46.9
	%
	 
	39.7
	%
	 
	-7.1
	%
	 
	20.5
	%
	 
	23.6
	%
	 
	-3.2
	%

	2004-07
	 
	25,010
	 
	19,638
	 
	78.5
	%
	 
	12,761
	 
	9,784
	 
	76.7
	%
	 
	51.0
	%
	 
	49.8
	%
	 
	1.2
	%
	 
	5,490
	 
	3,978
	 
	72.5
	%
	 
	40.7
	%
	 
	43.0
	%
	 
	2.4
	%
	 
	22.0
	%
	 
	20.3
	%
	 
	1.7
	%




*CONFIDENTIAL
 

80






	
																																																	
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Month
	 
	Last 
Year
	 
	*CONFIDENTIAL 
Current
	 
	+/-
	 
	 
	Last 
Year
	 
	*CONFIDENTIAL 
Current
	 
	+/-
	 
	 
	Last 
Year
	 
	 
	*CONFIDENTIAL 
Current
	 
	 
	+/-
	 
	 
	Last 
Year
	 
	*CONFIDENTIAL 
Current
	 
	+/-
	 
	 
	Last 
Year
	 
	 
	*CONFIDENTIAL 
Current
	 
	 
	+/-
	 
	 
	Last 
Year
	 
	 
	*CONFIDENTIAL 
Current
	 
	 
	+/-
	 

	2003-09
	 
	12,848
	 
	8,883
	 
	69.1
	%
	 
	7,527
	 
	5,117
	 
	68.0
	%
	 
	58.6
	%
	 
	57.6
	%
	 
	1.0
	%
	 
	2,858
	 
	1,994
	 
	69.8
	%
	 
	39.0
	%
	 
	38.0
	%
	 
	-1.0
	%
	 
	22.2
	%
	 
	22.4
	%
	 
	-0.2
	%

	2003-10
	 
	13,045
	 
	8,468
	 
	64.9
	%
	 
	7,626
	 
	4,971
	 
	65.2
	%
	 
	58.5
	%
	 
	58.7
	%
	 
	-0.2
	%
	 
	2,914
	 
	1,760
	 
	60.4
	%
	 
	35.4
	%
	 
	38.2
	%
	 
	2.8
	%
	 
	22.3
	%
	 
	20.8
	%
	 
	1.6
	%

	2003-11
	 
	10,917
	 
	6,841
	 
	62.7
	%
	 
	6,366
	 
	4,074
	 
	64.0
	%
	 
	58.3
	%
	 
	59.6
	%
	 
	-1.2
	%
	 
	2,423
	 
	1,399
	 
	57.7
	%
	 
	34.3
	%
	 
	38.1
	%
	 
	3.7
	%
	 
	22.2
	%
	 
	20.5
	%
	 
	1.7
	%

	2003-12
	 
	7,809
	 
	5,944
	 
	76.1
	%
	 
	4,554
	 
	3,124
	 
	68.6
	%
	 
	58.3
	%
	 
	52.6
	%
	 
	5.8
	%
	 
	1,779
	 
	1,103
	 
	62.0
	%
	 
	35.3
	%
	 
	39.1
	%
	 
	3.8
	%
	 
	22.8
	%
	 
	18.6
	%
	 
	4.2
	%

	2004-01
	 
	12,660
	 
	10,266
	 
	81.1
	%
	 
	7,698
	 
	5,749
	 
	74.7
	%
	 
	60.8
	%
	 
	56.0
	%
	 
	4.8
	%
	 
	2,814
	 
	1,933
	 
	68.7
	%
	 
	33.6
	%
	 
	36.6
	%
	 
	2.9
	%
	 
	22.2
	%
	 
	18.8
	%
	 
	3.4
	%

	2004-02
	 
	11,362
	 
	9,877
	 
	86.9
	%
	 
	6,783
	 
	6,212
	 
	91.6
	%
	 
	59.7
	%
	 
	62.9
	%
	 
	-3.2
	%
	 
	2,456
	 
	2,214
	 
	90.1
	%
	 
	35.6
	%
	 
	36.2
	%
	 
	0.6
	%
	 
	21.6
	%
	 
	22.4
	%
	 
	-0.8
	%

	2004-03
	 
	14,925
	 
	12,585
	 
	84.3
	%
	 
	8,911
	 
	7,934
	 
	89.0
	%
	 
	59.7
	%
	 
	63.0
	%
	 
	-3.3
	%
	 
	3,565
	 
	3,024
	 
	84.8
	%
	 
	38.1
	%
	 
	40.0
	%
	 
	1.9
	%
	 
	23.9
	%
	 
	24.0
	%
	 
	-0.1
	%

	2004-04
	 
	13,754
	 
	11,505
	 
	83.6
	%
	 
	8,106
	 
	6,946
	 
	85.7
	%
	 
	58.9
	%
	 
	60.4
	%
	 
	-1.4
	%
	 
	3,001
	 
	2,618
	 
	87.2
	%
	 
	37.7
	%
	 
	37.0
	%
	 
	-0.7
	%
	 
	21.8
	%
	 
	22.8
	%
	 
	-0.9
	%

	2004-05
	 
	5,601
	 
	9,763
	 
	174.3
	%
	 
	3,278
	 
	6,081
	 
	185.5
	%
	 
	58.5
	%
	 
	62.3
	%
	 
	-3.8
	%
	 
	1,074
	 
	2,473
	 
	230.3
	%
	 
	40.7
	%
	 
	32.8
	%
	 
	-7.9
	%
	 
	19.2
	%
	 
	25.3
	%
	 
	-6.2
	%

	2004-06
	 
	14,315
	 
	9,613
	 
	67.2
	%
	 
	8,656
	 
	6,056
	 
	70.0
	%
	 
	60.5
	%
	 
	63.0
	%
	 
	-2.5
	%
	 
	3,490
	 
	2,590
	 
	74.2
	%
	 
	42.8
	%
	 
	40.3
	%
	 
	-2.4
	%
	 
	24.4
	%
	 
	26.9
	%
	 
	-2.6
	%

	2004-07
	 
	12,882
	 
	8,699
	 
	67.5
	%
	 
	7,723
	 
	5,409
	 
	70.0
	%
	 
	60.0
	%
	 
	62.2
	%
	 
	-2.2
	%
	 
	3,183
	 
	2,052
	 
	64.5
	%
	 
	37.9
	%
	 
	41.2
	%
	 
	3.3
	%
	 
	24.7
	%
	 
	23.6
	%
	 
	1.1
	%




 

81






	
																																								
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Month
	 
	Last 
Year
	 
	*CONFIDENTIAL 
Current
	 
	+/-
	 
	Last 
Year
	 
	*CONFIDENTIAL 
Current
	 
	+/-
	 
	Last 
Year
	 
	*CONFIDENTIAL 
Current
	 
	 
	+/-
	 
	Last 
Year
	 
	*CONFIDENTIAL 
Current
	 
	+/-
	 
	Last 
Year
	 
	 
	*CONFIDENTIAL 
Current
	 
	+/-
	 
	Last 
Year
	 
	*CONFIDENTIAL 
Current
	 
	 
	+/-

	2003-09
	 
	 
	 
	2,783
	 
	 
	 
	 
	 
	1,584
	 
	 
	 
	 
	 
	56.9
	%
	 
	 
	 
	 
	 
	874
	 
	 
	 
	55.2
	%
	 
	 
	 
	 
	 
	 
	 
	31.4
	%
	 
	 

	2003-10
	 
	 
	 
	2,768
	 
	 
	 
	 
	 
	1,506
	 
	 
	 
	 
	 
	54.4
	%
	 
	 
	 
	 
	 
	771
	 
	 
	 
	51.2
	%
	 
	 
	 
	 
	 
	 
	 
	27.9
	%
	 
	 

	2003-11
	 
	 
	 
	2,791
	 
	 
	 
	 
	 
	1,399
	 
	 
	 
	 
	 
	50.1
	%
	 
	 
	 
	 
	 
	699
	 
	 
	 
	50.0
	%
	 
	 
	 
	 
	 
	 
	 
	25.0
	%
	 
	 

	2003-12
	 
	 
	 
	2,496
	 
	 
	 
	 
	 
	1,173
	 
	 
	 
	 
	 
	47.0
	%
	 
	 
	 
	 
	 
	565
	 
	 
	 
	48.2
	%
	 
	 
	 
	 
	 
	 
	 
	22.6
	%
	 
	 

	2004-01
	 
	 
	 
	2,800
	 
	 
	 
	 
	 
	1,402
	 
	 
	 
	 
	 
	50.1
	%
	 
	 
	 
	 
	 
	646
	 
	 
	 
	46.1
	%
	 
	 
	 
	 
	 
	 
	 
	23.1
	%
	 
	 

	2004-02
	 
	 
	 
	2,571
	 
	 
	 
	 
	 
	1,398
	 
	 
	 
	 
	 
	54.4
	%
	 
	 
	 
	 
	 
	673
	 
	 
	 
	48.1
	%
	 
	 
	 
	 
	 
	 
	 
	26.2
	%
	 
	 

	2004-03
	 
	 
	 
	3,260
	 
	 
	 
	 
	 
	1,789
	 
	 
	 
	 
	 
	54.9
	%
	 
	 
	 
	 
	 
	923
	 
	 
	 
	51.6
	%
	 
	 
	 
	 
	 
	 
	 
	28.3
	%
	 
	 

	2004-04
	 
	 
	 
	3,213
	 
	 
	 
	 
	 
	1,595
	 
	 
	 
	 
	 
	49.6
	%
	 
	 
	 
	 
	 
	891
	 
	 
	 
	55.9
	%
	 
	 
	 
	 
	 
	 
	 
	27.7
	%
	 
	 

	2004-05
	 
	 
	 
	2,902
	 
	 
	 
	 
	 
	1,406
	 
	 
	 
	 
	 
	48.4
	%
	 
	 
	 
	 
	 
	723
	 
	 
	 
	51.4
	%
	 
	 
	 
	 
	 
	 
	 
	24.9
	%
	 
	 

	2004-06
	 
	 
	 
	3,174
	 
	 
	 
	 
	 
	1,746
	 
	 
	 
	 
	 
	55.0
	%
	 
	 
	 
	 
	 
	982
	 
	 
	 
	56.2
	%
	 
	 
	 
	 
	 
	 
	 
	30.9
	%
	 
	 

	2004-07
	 
	 
	 
	3,186
	 
	 
	 
	 
	 
	1,592
	 
	 
	 
	 
	 
	50.0
	%
	 
	 
	 
	 
	 
	900
	 
	 
	 
	56.5
	%
	 
	 
	 
	 
	 
	 
	 
	28.2
	%
	 
	 




 


	
		
	*
	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.






Confidential Treatment


Brands/NRT Monthly Management Report Overview
*CONFIDENTIAL
 

82






	
																																																	
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Month
	 
	Last Year
	 
	*CONFIDENTIAL 
Current
	 
	+/-
	 
	 
	Last Year
	 
	*CONFIDENTIAL 
Current
	 
	+/-
	 
	 
	Last Year
	 
	 
	*CONFIDENTIAL 
Current
	 
	 
	+/-
	 
	 
	Last Year
	 
	*CONFIDENTIAL 
Current
	 
	+/-
	 
	 
	Last Year
	 
	 
	*CONFIDENTIAL 
Current
	 
	 
	+/-
	 
	 
	Last Year
	 
	 
	*CONFIDENTIAL 
Current
	 
	 
	+/-
	 

	2003-09
	 
	7,636
	 
	6,877
	 
	90.1
	%
	 
	3,874
	 
	3,356
	 
	86.6
	%
	 
	50.7
	%
	 
	48.8
	%
	 
	1.9
	%
	 
	1,507
	 
	1,369
	 
	90.8
	%
	 
	40.8
	%
	 
	38.9
	%
	 
	-1.9
	%
	 
	19.7
	%
	 
	19.9
	%
	 
	-0.2
	%

	2003-10
	 
	8,269
	 
	6,617
	 
	80.0
	%
	 
	4,110
	 
	3,303
	 
	80.4
	%
	 
	49.7
	%
	 
	49.9
	%
	 
	-0.2
	%
	 
	1,594
	 
	1,238
	 
	77.7
	%
	 
	37.5
	%
	 
	38.8
	%
	 
	1.3
	%
	 
	19.3
	%
	 
	18.7
	%
	 
	0.6
	%

	2003-11
	 
	6,880
	 
	4,871
	 
	70.8
	%
	 
	3,403
	 
	2,492
	 
	73.2
	%
	 
	49.5
	%
	 
	51.2
	%
	 
	-1.7
	%
	 
	1,326
	 
	987
	 
	74.4
	%
	 
	39.6
	%
	 
	39.0
	%
	 
	-0.6
	%
	 
	19.3
	%
	 
	20.3
	%
	 
	-1.0
	%

	2003-12
	 
	5,514
	 
	4,491
	 
	81.4
	%
	 
	2,726
	 
	2,116
	 
	77.6
	%
	 
	49.4
	%
	 
	47.1
	%
	 
	2.3
	%
	 
	1,079
	 
	831
	 
	77.0
	%
	 
	39.3
	%
	 
	39.6
	%
	 
	0.3
	%
	 
	19.6
	%
	 
	18.5
	%
	 
	1.1
	%

	2004-01
	 
	8,859
	 
	7,763
	 
	87.6
	%
	 
	4,599
	 
	3,751
	 
	81.6
	%
	 
	51.9
	%
	 
	48.3
	%
	 
	3.6
	%
	 
	1,704
	 
	1,374
	 
	80.6
	%
	 
	36.6
	%
	 
	37.1
	%
	 
	0.4
	%
	 
	19.2
	%
	 
	17.7
	%
	 
	1.5
	%

	2004-02
	 
	8,078
	 
	7,273
	 
	90.0
	%
	 
	4,238
	 
	3,854
	 
	90.9
	%
	 
	52.5
	%
	 
	53.0
	%
	 
	-0.5
	%
	 
	1,561
	 
	1,475
	 
	94.5
	%
	 
	38.3
	%
	 
	36.8
	%
	 
	-1.4
	%
	 
	19.3
	%
	 
	20.3
	%
	 
	-1.0
	%

	2004-03
	 
	10,626
	 
	9,165
	 
	86.3
	%
	 
	5,526
	 
	5,090
	 
	92.1
	%
	 
	52.0
	%
	 
	55.5
	%
	 
	-3.5
	%
	 
	2,263
	 
	2,082
	 
	92.0
	%
	 
	40.9
	%
	 
	41.0
	%
	 
	0.0
	%
	 
	21.3
	%
	 
	22.7
	%
	 
	-1.4
	%

	2004-04
	 
	9,836
	 
	8,373
	 
	85.1
	%
	 
	5,186
	 
	4,329
	 
	83.5
	%
	 
	52.7
	%
	 
	51.7
	%
	 
	1.0
	%
	 
	1,979
	 
	1,741
	 
	88.0
	%
	 
	40.2
	%
	 
	38.2
	%
	 
	-2.1
	%
	 
	20.1
	%
	 
	20.8
	%
	 
	-0.7
	%

	2004-05
	 
	4,026
	 
	7,401
	 
	183.8
	%
	 
	1,988
	 
	3,900
	 
	196.2
	%
	 
	49.4
	%
	 
	52.7
	%
	 
	-3.3
	%
	 
	693
	 
	1,730
	 
	249.6
	%
	 
	44.4
	%
	 
	34.9
	%
	 
	-9.5
	%
	 
	17.2
	%
	 
	23.4
	%
	 
	-6.2
	%

	2004-06
	 
	9,880
	 
	7,601
	 
	76.9
	%
	 
	5,304
	 
	4,147
	 
	78.2
	%
	 
	53.7
	%
	 
	54.6
	%
	 
	-0.9
	%
	 
	2,118
	 
	1,981
	 
	93.5
	%
	 
	47.8
	%
	 
	39.9
	%
	 
	-7.8
	%
	 
	21.4
	%
	 
	26.1
	%
	 
	-4.6
	%

	2004-07
	 
	9,517
	 
	7,272
	 
	76.4
	%
	 
	5,135
	 
	3,897
	 
	75.9
	%
	 
	54.0
	%
	 
	53.6
	%
	 
	0.4
	%
	 
	2,221
	 
	1,564
	 
	70.4
	%
	 
	40.1
	%
	 
	43.3
	%
	 
	3.1
	%
	 
	23.3
	%
	 
	21.5
	%
	 
	1.8
	%




*CONFIDENTIAL
 

83






	
																																																	
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Month
	 
	Last Year
	 
	*CONFIDENTIAL 
Current
	 
	+/-
	 
	 
	Last Year
	 
	*CONFIDENTIAL 
Current
	 
	+/-
	 
	 
	Last Year
	 
	 
	*CONFIDENTIAL 
Current
	 
	 
	+/-
	 
	 
	Last Year
	 
	*CONFIDENTIAL 
Current
	 
	+/-
	 
	 
	Last Year
	 
	 
	*CONFIDENTIAL 
Current
	 
	 
	+/-
	 
	 
	Last Year
	 
	 
	*CONFIDENTIAL 
Current
	 
	 
	+/-
	 

	2003-09
	 
	8,761
	 
	7,728
	 
	88.2
	%
	 
	4,126
	 
	3,470
	 
	84.1
	%
	 
	47.1
	%
	 
	44.9
	%
	 
	2.2
	%
	 
	1,529
	 
	1,327
	 
	86.8
	%
	 
	38.2
	%
	 
	37.1
	%
	 
	1.27
	%
	 
	17.5
	%
	 
	17.2
	%
	 
	0.3
	%

	2003-10
	 
	9,108
	 
	7,287
	 
	80.0
	%
	 
	4,254
	 
	3,275
	 
	77.0
	%
	 
	46.7
	%
	 
	44.9
	%
	 
	1.8
	%
	 
	1,643
	 
	1,251
	 
	76.1
	%
	 
	38.2
	%
	 
	38.6
	%
	 
	0.4
	%
	 
	18.0
	%
	 
	17.2
	%
	 
	0.9
	%

	2003-11
	 
	7,732
	 
	5,679
	 
	73.4
	%
	 
	3,591
	 
	2,584
	 
	72.0
	%
	 
	46.4
	%
	 
	45.5
	%
	 
	0.9
	%
	 
	1,372
	 
	972
	 
	70.8
	%
	 
	37.6
	%
	 
	38.2
	%
	 
	0.6
	%
	 
	17.7
	%
	 
	17.1
	%
	 
	0.6
	%

	2003-12
	 
	5,811
	 
	5,049
	 
	86.9
	%
	 
	2,685
	 
	2,098
	 
	78.1
	%
	 
	46.2
	%
	 
	41.6
	%
	 
	4.7
	%
	 
	1,016
	 
	785
	 
	77.3
	%
	 
	37.4
	%
	 
	37.8
	%
	 
	0.4
	%
	 
	17.5
	%
	 
	15.5
	%
	 
	1.9
	%

	2004-01
	 
	9,019
	 
	8,357
	 
	92.7
	%
	 
	4,297
	 
	3,536
	 
	82.3
	%
	 
	47.6
	%
	 
	42.3
	%
	 
	5.3
	%
	 
	1,519
	 
	1,290
	 
	84.9
	%
	 
	36.5
	%
	 
	35.4
	%
	 
	-1.1
	%
	 
	16.8
	%
	 
	15.4
	%
	 
	1.4
	%

	2004-02
	 
	8,060
	 
	7,951
	 
	98.6
	%
	 
	3,829
	 
	3,739
	 
	97.6
	%
	 
	47.5
	%
	 
	47.0
	%
	 
	0.5
	%
	 
	1,394
	 
	1,390
	 
	99.7
	%
	 
	37.2
	%
	 
	36.4
	%
	 
	-0.8
	%
	 
	17.3
	%
	 
	17.5
	%
	 
	-0.2
	%

	2004-03
	 
	10,372
	 
	9,249
	 
	89.2
	%
	 
	4,898
	 
	4,514
	 
	92.2
	%
	 
	47.2
	%
	 
	48.8
	%
	 
	-1.6
	%
	 
	1,903
	 
	1,799
	 
	94.5
	%
	 
	39.9
	%
	 
	38.9
	%
	 
	-1.0
	%
	 
	18.3
	%
	 
	19.5
	%
	 
	-1.1
	%

	2004-04
	 
	10,229
	 
	9,185
	 
	89.8
	%
	 
	4,843
	 
	4,291
	 
	88.6
	%
	 
	47.3
	%
	 
	46.7
	%
	 
	0.6
	%
	 
	1,782
	 
	1,598
	 
	89.7
	%
	 
	37.2
	%
	 
	36.8
	%
	 
	-0.4
	%
	 
	17.4
	%
	 
	17.4
	%
	 
	0.0
	%

	2004-05
	 
	4,105
	 
	7,922
	 
	193.0
	%
	 
	1,958
	 
	3,866
	 
	197.4
	%
	 
	47.7
	%
	 
	48.8
	%
	 
	-1.1
	%
	 
	654
	 
	1,570
	 
	240.1
	%
	 
	40.6
	%
	 
	33.4
	%
	 
	-7.2
	%
	 
	15.9
	%
	 
	19.8
	%
	 
	-3.9
	%

	2004-06
	 
	10,169
	 
	8,194
	 
	80.6
	%
	 
	5,106
	 
	3,832
	 
	75.0
	%
	 
	50.2
	%
	 
	46.8
	%
	 
	3.4
	%
	 
	1,973
	 
	1,718
	 
	87.1
	%
	 
	44.8
	%
	 
	38.6
	%
	 
	-6.2
	%
	 
	19.4
	%
	 
	21.0
	%
	 
	-1.6
	%

	2004-07
	 
	10,270
	 
	7,991
	 
	77.8
	%
	 
	5,041
	 
	3,724
	 
	73.9
	%
	 
	49.1
	%
	 
	46.6
	%
	 
	2.5
	%
	 
	2,095
	 
	1,451
	 
	69.3
	%
	 
	39.0
	%
	 
	41.6
	%
	 
	2.6
	%
	 
	20.4
	%
	 
	18.2
	%
	 
	2.2
	%




*CONFIDENTIAL
 

84






	
																																																	
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Month
	 
	Last Year
	 
	*CONFIDENTIAL 
Current
	 
	+/-
	 
	 
	Last Year
	 
	*CONFIDENTIAL 
Current
	 
	+/-
	 
	 
	Last Year
	 
	 
	*CONFIDENTIAL 
Current
	 
	 
	+/-
	 
	 
	Last Year
	 
	*CONFIDENTIAL 
Current
	 
	+/-
	 
	 
	Last Year
	 
	 
	*CONFIDENTIAL 
Current
	 
	 
	+/-
	 
	 
	Last Year
	 
	 
	*CONFIDENTIAL 
Current
	 
	 
	+/-
	 

	2003-09
	 
	2,711
	 
	2,585
	 
	95.4
	%
	 
	1,348
	 
	1,215
	 
	90.1
	%
	 
	49.7
	%
	 
	47.0
	%
	 
	2.7
	%
	 
	476
	 
	504
	 
	105.9
	%
	 
	41.5
	%
	 
	35.3
	%
	 
	-62.2
	%
	 
	17.6
	%
	 
	19.5
	%
	 
	-1.9
	%

	2003-10
	 
	2,784
	 
	2,582
	 
	92.7
	%
	 
	1,287
	 
	1,213
	 
	94.3
	%
	 
	46.2
	%
	 
	47.0
	%
	 
	-0.8
	%
	 
	478
	 
	461
	 
	96.4
	%
	 
	38.0
	%
	 
	37.1
	%
	 
	-0.9
	%
	 
	17.2
	%
	 
	17.9
	%
	 
	-0.7
	%

	2003-11
	 
	2,434
	 
	2,047
	 
	84.1
	%
	 
	1,184
	 
	1,005
	 
	84.9
	%
	 
	48.6
	%
	 
	49.1
	%
	 
	-0.5
	%
	 
	413
	 
	370
	 
	89.6
	%
	 
	36.8
	%
	 
	34.9
	%
	 
	-1.9
	%
	 
	17.0
	%
	 
	18.1
	%
	 
	-1.1
	%

	2003-12
	 
	1,922
	 
	1,927
	 
	100.3
	%
	 
	900
	 
	876
	 
	97.3
	%
	 
	46.8
	%
	 
	45.5
	%
	 
	1.4
	%
	 
	342
	 
	325
	 
	95.0
	%
	 
	37.1
	%
	 
	38.0
	%
	 
	0.9
	%
	 
	17.8
	%
	 
	16.9
	%
	 
	0.9
	%

	2004-01
	 
	3,111
	 
	3,237
	 
	104.1
	%
	 
	1,504
	 
	1,393
	 
	92.6
	%
	 
	48.3
	%
	 
	43.0
	%
	 
	5.3
	%
	 
	569
	 
	501
	 
	88.0
	%
	 
	36.0
	%
	 
	37.8
	%
	 
	1.9
	%
	 
	18.3
	%
	 
	15.5
	%
	 
	2.8
	%

	2004-02
	 
	2,753
	 
	2,829
	 
	102.8
	%
	 
	1,359
	 
	1,372
	 
	101.0
	%
	 
	49.4
	%
	 
	48.5
	%
	 
	0.9
	%
	 
	520
	 
	539
	 
	103.7
	%
	 
	39.3
	%
	 
	38.3
	%
	 
	-1.0
	%
	 
	18.9
	%
	 
	19.1
	%
	 
	-0.2
	%

	2004-03
	 
	3,470
	 
	3,789
	 
	109.2
	%
	 
	1,746
	 
	2,019
	 
	115.6
	%
	 
	50.3
	%
	 
	53.3
	%
	 
	-3.0
	%
	 
	666
	 
	828
	 
	124.3
	%
	 
	41.0
	%
	 
	38.1
	%
	 
	-2.9
	%
	 
	19.2
	%
	 
	21.9
	%
	 
	-2.7
	%

	2004-04
	 
	3,327
	 
	3,525
	 
	106.0
	%
	 
	1,691
	 
	1,812
	 
	107.2
	%
	 
	50.8
	%
	 
	51.4
	%
	 
	-0.6
	%
	 
	657
	 
	689
	 
	104.9
	%
	 
	38.0
	%
	 
	38.9
	%
	 
	0.8
	%
	 
	19.7
	%
	 
	19.5
	%
	 
	0.2
	%

	2004-05
	 
	1,432
	 
	3,199
	 
	223.4
	%
	 
	733
	 
	1,694
	 
	231.1
	%
	 
	51.2
	%
	 
	53.0
	%
	 
	-1.8
	%
	 
	229
	 
	712
	 
	310.9
	%
	 
	42.0
	%
	 
	31.2
	%
	 
	-10.8
	%
	 
	16.0
	%
	 
	22.3
	%
	 
	-6.3
	%

	2004-06
	 
	3,594
	 
	3,363
	 
	93.6
	%
	 
	1,851
	 
	1,723
	 
	93.1
	%
	 
	51.5
	%
	 
	51.2
	%
	 
	0.3
	%
	 
	755
	 
	790
	 
	104.6
	%
	 
	45.9
	%
	 
	40.8
	%
	 
	-5.1
	%
	 
	21.0
	%
	 
	23.5
	%
	 
	-2.5
	%

	2004-07
	 
	3,480
	 
	3,058
	 
	87.9
	%
	 
	1,796
	 
	1,543
	 
	85.9
	%
	 
	51.6
	%
	 
	50.5
	%
	 
	1.2
	%
	 
	781
	 
	620
	 
	79.4
	%
	 
	40.2
	%
	 
	43.5
	%
	 
	3.3
	%
	 
	22.4
	%
	 
	20.3
	%
	 
	2.2
	%




 


	
		
	*
	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.







85






Confidential Treatment


DECEMBER 2004 LPC REPORT CARD, BRANDS
 
	
																																	
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	GOALS:
Team
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 

	BS1
	 
	None
	 
	 
	96.3
	%
	 
	77
	 
	80
	 
	96.3
	%
	 
	97.2
	%
	 
	95
	%
	 
	66.9
	%
	 
	3
	 
	1
	 
	 
	 
	 
	107.8
	%

	BS3
	 
	None
	 
	 
	94.6
	%
	 
	70
	 
	74
	 
	94.6
	%
	 
	97.7
	%
	 
	94
	%
	 
	71.3
	%
	 
	1
	 
	0
	 
	 
	 
	 
	109.4
	%

	BS7
	 
	None
	 
	 
	95.9
	%
	 
	118
	 
	123
	 
	95.9
	%
	 
	98.7
	%
	 
	94
	%
	 
	69.8
	%
	 
	0
	 
	0
	 
	 
	 
	 
	110.4
	%

	BS8
	 
	None
	 
	 
	94.6
	%
	 
	87
	 
	92
	 
	94.6
	%
	 
	100.0
	%
	 
	96
	%
	 
	67.8
	%
	 
	2
	 
	0
	 
	 
	 
	 
	110.7
	%

	 
	 
	 
	 
	 
	95.4
	%
	 
	352
	 
	369
	 
	95.4
	%
	 
	98.4
	%
	 
	95
	%
	 
	67.7
	%
	 
	7
	 
	1
	 
	25.0
	%
	 
	109.6
	%

	BW1
	 
	None
	 
	 
	92.3
	%
	 
	84
	 
	91
	 
	92.3
	%
	 
	95.3
	%
	 
	98
	%
	 
	67.9
	%
	 
	2
	 
	2
	 
	 
	 
	 
	105.8
	%

	BW5
	 
	None
	 
	 
	94.9
	%
	 
	74
	 
	78
	 
	94.9
	%
	 
	91.3
	%
	 
	98
	%
	 
	73.3
	%
	 
	3
	 
	0
	 
	 
	 
	 
	109.3
	%

	BN2
	 
	None
	 
	 
	94.7
	%
	 
	89
	 
	94
	 
	94.7
	%
	 
	97.8
	%
	 
	93
	%
	 
	60.3
	%
	 
	0
	 
	1
	 
	 
	 
	 
	101.2
	%

	 
	 
	 
	 
	 
	93.9
	%
	 
	247
	 
	263
	 
	93.9
	%
	 
	94.8
	%
	 
	96
	%
	 
	71.3
	%
	 
	8
	 
	3
	 
	23.0
	%
	 
	105.4
	%

	 
	 
	 
	 
	 
	94.8
	%
	 
	599
	 
	632
	 
	94.8
	%
	 
	96.6
	%
	 
	95
	%
	 
	68.4
	%
	 
	15
	 
	4
	 
	24.0
	%
	 
	107.8
	%

	BW3
	 
	None
	 
	 
	93.1
	%
	 
	121
	 
	130
	 
	93.1
	%
	 
	98.2
	%
	 
	94
	%
	 
	77.7
	%
	 
	3
	 
	1
	 
	 
	 
	 
	105.4
	%

	BW9
	 
	None
	 
	 
	94.7
	%
	 
	108
	 
	114
	 
	94.7
	%
	 
	98.6
	%
	 
	97
	%
	 
	77.6
	%
	 
	0
	 
	0
	 
	 
	 
	 
	92.8
	%

	 
	 
	 
	 
	 
	93.9
	%
	 
	229
	 
	244
	 
	93.9
	%
	 
	98.4
	%
	 
	96
	%
	 
	77.7
	%
	 
	3
	 
	1
	 
	20.0
	%
	 
	99.1
	%

	BW2
	 
	None
	 
	 
	90.9
	%
	 
	60
	 
	66
	 
	90.9
	%
	 
	97.4
	%
	 
	95
	%
	 
	65.8
	%
	 
	1
	 
	1
	 
	 
	 
	 
	114.2
	%

	BW4
	 
	None
	 
	 
	90.0
	%
	 
	81
	 
	90
	 
	90.0
	%
	 
	98.4
	%
	 
	96
	%
	 
	69.7
	%
	 
	2
	 
	2
	 
	 
	 
	 
	95.9
	%

	 
	 
	 
	 
	 
	90.4
	%
	 
	141
	 
	156
	 
	90.4
	%
	 
	97.9
	%
	 
	96
	%
	 
	67.9
	%
	 
	6
	 
	3
	 
	24.0
	%
	 
	105.1
	%

	BE1
	 
	None
	 
	 
	96.3
	%
	 
	79
	 
	82
	 
	96.3
	%
	 
	100.0
	%
	 
	93
	%
	 
	65.2
	%
	 
	5
	 
	0
	 
	 
	 
	 
	109.4
	%

	BN6
	 
	None
	 
	 
	92.7
	%
	 
	89
	 
	96
	 
	92.7
	%
	 
	100.0
	%
	 
	94
	%
	 
	63.6
	%
	 
	5
	 
	0
	 
	 
	 
	 
	108.0
	%





86






	
																																	
	BE3
	 
	None
	 
	 
	93.6
	%
	 
	58
	 
	62
	 
	93.5
	%
	 
	100.0
	%
	 
	97
	%
	 
	65.3
	%
	 
	0
	 
	0
	 
	 
	 
	 
	113.7
	%

	 
	 
	 
	 
	 
	94.2
	%
	 
	226
	 
	240
	 
	94.2
	%
	 
	100.0
	%
	 
	95
	%
	 
	64.7
	%
	 
	10
	 
	0
	 
	26.7
	%
	 
	110.3
	%

	 
	 
	 
	 
	 
	93.1
	%
	 
	596
	 
	640
	 
	93.1
	%
	 
	98.8
	%
	 
	95
	%
	 
	70.4
	%
	 
	19
	 
	4
	 
	23.6
	%
	 
	105.6
	%

	BN7
	 
	None
	 
	 
	93.3
	%
	 
	98
	 
	105
	 
	93.3
	%
	 
	100.0
	%
	 
	94
	%
	 
	81.6
	%
	 
	2
	 
	1
	 
	 
	 
	 
	101.7
	%

	BN8
	 
	None
	 
	 
	98.9
	%
	 
	86
	 
	87
	 
	98.9
	%
	 
	93.9
	%
	 
	94
	%
	 
	73.7
	%
	 
	2
	 
	0
	 
	 
	 
	 
	96.7
	%

	BS9
	 
	None
	 
	 
	94.2
	%
	 
	81
	 
	86
	 
	94.2
	%
	 
	98.3
	%
	 
	96
	%
	 
	79.9
	%
	 
	0
	 
	3
	 
	 
	 
	 
	102.2
	%

	BN4
	 
	None
	 
	 
	87.8
	%
	 
	86
	 
	98
	 
	87.8
	%
	 
	100.0
	%
	 
	97
	%
	 
	65.2
	%
	 
	2
	 
	1
	 
	 
	 
	 
	104.4
	%

	TRB
	 
	None
	 
	 
	87.9
	%
	 
	102
	 
	116
	 
	87.9
	%
	 
	95.5
	%
	 
	94
	%
	 
	67.9
	%
	 
	0
	 
	1
	 
	 
	 
	 
	85.1
	%

	 
	 
	 
	 
	 
	92.1
	%
	 
	453
	 
	492
	 
	92.1
	%
	 
	97.5
	%
	 
	95
	%
	 
	73.5
	%
	 
	9
	 
	6
	 
	24.2
	%
	 
	98.0
	%

	 
	 
	 
	 
	 
	92.1
	%
	 
	453
	 
	492
	 
	92.1
	%
	 
	97.5
	%
	 
	95
	%
	 
	70.4
	%
	 
	9
	 
	6
	 
	24.2
	%
	 
	98.0
	%

	BE4
	 
	83.3
	%
	 
	50.0
	%
	 
	36
	 
	44
	 
	81.8
	%
	 
	90.0
	%
	 
	94
	%
	 
	37.2
	%
	 
	0
	 
	0
	 
	26.7
	%
	 
	96.4
	%

	BS2
	 
	88.5
	%
	 
	0.0
	%
	 
	46
	 
	54
	 
	85.2
	%
	 
	86.2
	%
	 
	96
	%
	 
	33.6
	%
	 
	0
	 
	0
	 
	31.7
	%
	 
	88.9
	%

	 
	 
	 
	 
	 
	83.7
	%
	 
	82
	 
	98
	 
	83.7
	%
	 
	88.1
	%
	 
	95
	%
	 
	35.1
	%
	 
	6
	 
	0
	 
	29.2
	%
	 
	92.6
	%

	 
	 
	 
	 
	 
	83.7
	%
	 
	82
	 
	98
	 
	83.7
	%
	 
	88.1
	%
	 
	95
	%
	 
	35.1
	%
	 
	6
	 
	0
	 
	29.2
	%
	 
	92.6
	%

	TOTAL
	 
	 
	 
	 
	92.9
	%
	 
	1,730
	 
	1,862
	 
	92.9
	%
	 
	97.3
	%
	 
	95
	%
	 
	68.4
	%
	 
	49
	 
	14
	 
	24.6
	%
	 
	103.3
	%




 


	
		
	*
	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.






Confidential Treatment


RE SALES SCORECARD
*CONFIDENTIAL
 
	
																																			
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	 
	 
	 
	 
	 
	 
	*CONFIDENTIAL





87






	
																																			
	Overall RE Sales Totals
	 
	97.9
	%
	 
	85.1
	%
	 
	626
	 
	418
	 
	1,038
	 
	 
	 
	3,294
	 
	 
	 
	732
	 
	 
	 
	533
	 
	147
	 
	 
	 
	 
	 
	 
	 
	37

	SouthEast Totals
	 
	98.1
	%
	 
	87.2
	%
	 
	125
	 
	78
	 
	203
	 
	 
	 
	676
	 
	 
	 
	162
	 
	 
	 
	95
	 
	32
	 
	 
	 
	 
	 
	 
	 
	4

	North-Atlantic Totals
	 
	98.7
	%
	 
	89.4
	%
	 
	164
	 
	94
	 
	258
	 
	 
	 
	805
	 
	 
	 
	177
	 
	 
	 
	138
	 
	28
	 
	 
	 
	 
	 
	 
	 
	15

	SouthCentral Totals
	 
	95.6
	%
	 
	78.9
	%
	 
	85
	 
	57
	 
	142
	 
	 
	 
	448
	 
	 
	 
	87
	 
	 
	 
	76
	 
	28
	 
	 
	 
	 
	 
	 
	 
	9

	West Totals
	 
	98.5
	%
	 
	89.1
	%
	 
	97
	 
	79
	 
	176
	 
	 
	 
	393
	 
	 
	 
	87
	 
	 
	 
	83
	 
	15
	 
	 
	 
	 
	 
	 
	 
	1

	MidWest Totals
	 
	95.2
	%
	 
	82.3
	%
	 
	43
	 
	37
	 
	80
	 
	 
	 
	285
	 
	 
	 
	58
	 
	 
	 
	46
	 
	15
	 
	 
	 
	 
	 
	 
	 
	1





88






	
																																			
	Loan Ranger Totals
	 
	98.2
	%
	 
	77.4
	%
	 
	35
	 
	7
	 
	42
	 
	 
	 
	201
	 
	 
	 
	59
	 
	 
	 
	30
	 
	12
	 
	 
	 
	 
	 
	 
	 
	1

	Central Totals
	 
	99.6
	%
	 
	92.4
	%
	 
	106
	 
	73
	 
	179
	 
	 
	 
	687
	 
	 
	 
	161
	 
	 
	 
	94
	 
	29
	 
	 
	 
	 
	 
	 
	 
	6

	Corporate Client Totals
	 
	97.4
	%
	 
	94.3
	%
	 
	67
	 
	66
	 
	133
	 
	 
	 
	387
	 
	 
	 
	86
	 
	 
	 
	72
	 
	17
	 
	 
	 
	 
	 
	 
	 
	8

	Overall RE Sales AVg.’s
	 
	 
	 
	 
	 
	 
	 
	4
	 
	3
	 
	7
	 
	15.2
	 
	22
	 
	2.8
	 
	5
	 
	6.1
	 
	3
	 
	0.9
	 
	44.4
	%
	 
	86.0
	 
	 
	0.2

	SouthEast Averages
	 
	 
	 
	 
	 
	 
	 
	4
	 
	3
	 
	7
	 
	14.1
	 
	23
	 
	2.8
	 
	5
	 
	3.9
	 
	3
	 
	1.0
	 
	50.4
	%
	 
	76.8
	 
	 
	0.1





89






	
																																			
	North-Atlantic Averages
	 
	 
	 
	 
	 
	 
	 
	4
	 
	2
	 
	7
	 
	14.5
	 
	21
	 
	2.8
	 
	5
	 
	5.2
	 
	4
	 
	0.7
	 
	54.2
	%
	 
	84.1
	 
	 
	0.4

	SouthCentral Averages
	 
	 
	 
	 
	 
	 
	 
	5
	 
	3
	 
	8
	 
	13.8
	 
	26
	 
	2.6
	 
	5
	 
	7.5
	 
	3
	 
	1.2
	 
	41.1
	%
	 
	89.4
	 
	 
	0.5

	West Averages
	 
	 
	 
	 
	 
	 
	 
	5
	 
	4
	 
	9
	 
	12.0
	 
	20
	 
	2.6
	 
	4
	 
	8.7
	 
	5
	 
	0.8
	 
	36.3
	%
	 
	85.6
	 
	 
	0.1

	MidWest Averages
	 
	 
	 
	 
	 
	 
	 
	3
	 
	2
	 
	5
	 
	18.2
	 
	19
	 
	3.0
	 
	4
	 
	5.5
	 
	2
	 
	0.8
	 
	44.3
	%
	 
	107.0
	%
	 
	0.1

	Loan Ranger Averages
	 
	 
	 
	 
	 
	 
	 
	3
	 
	1
	 
	3
	 
	20.6
	 
	14
	 
	3.5
	 
	4
	 
	5.2
	 
	2
	 
	0.9
	 
	67.0
	%
	 
	85.7
	%
	 
	0.1





90






	
																																			
	Central Averages
	 
	 
	 
	 
	 
	 
	 
	4
	 
	3
	 
	6
	 
	18.3
	 
	25
	 
	3.2
	 
	5
	 
	5.6
	 
	3
	 
	0.9
	 
	40.1
	%
	 
	88.7
	%
	 
	0.2

	Corporate Client Averages
	 
	 
	 
	 
	 
	 
	 
	3
	 
	3
	 
	8
	 
	7.8
	 
	18
	 
	2.5
	 
	4
	 
	5.2
	 
	3
	 
	0.7
	 
	48.1
	%
	 
	107.5
	%
	 
	0.4




 
	
																																																											
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	 
	 
	 
	 
	 
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL

	Overall RE Sales Totals
	 
	 
	 
	 
	 
	 
	 
	 
	 
	10,986
	 
	22,359
	 
	 
	 
	 
	 
	 
	 
	101,271
	 
	 
	 
	12,865
	 
	 
	 
	 
	3,913
	 
	 
	 
	 
	3,495
	 
	 
	 
	 
	1,894
	 
	 
	 
	 
	 
	 
	 
	1,250
	 
	941
	 
	 
	 
	 
	7,335
	 
	 
	 
	 

	SouthEast Totals
	 
	 
	 
	 
	 
	 
	 
	 
	 
	2,125
	 
	8,206
	 
	 
	 
	 
	 
	 
	 
	21,312
	 
	 
	 
	2,577
	 
	 
	 
	 
	780
	 
	 
	 
	 
	814
	 
	 
	 
	 
	386
	 
	 
	 
	 
	 
	 
	 
	295
	 
	214
	 
	 
	 
	 
	1,583
	 
	 
	 
	127





91






	
																																																											
	North-Atlantic Totals
	 
	 
	 
	 
	 
	 
	 
	 
	 
	2,860
	 
	8,172
	 
	 
	 
	 
	 
	 
	 
	25,118
	 
	 
	 
	3,367
	 
	 
	 
	 
	1,233
	 
	 
	 
	 
	800
	 
	 
	 
	 
	463
	 
	 
	 
	 
	 
	 
	 
	224
	 
	180
	 
	 
	 
	 
	1,712
	 
	 
	 
	186

	SouthCentral Totals
	 
	 
	 
	 
	 
	 
	 
	 
	 
	1,753
	 
	2,665
	 
	 
	 
	 
	 
	 
	 
	13,208
	 
	 
	 
	1,999
	 
	 
	 
	 
	501
	 
	 
	 
	 
	462
	 
	 
	 
	 
	310
	 
	 
	 
	 
	 
	 
	 
	191
	 
	145
	 
	 
	 
	 
	1,113
	 
	 
	 
	213

	West Totals
	 
	 
	 
	 
	 
	 
	 
	 
	 
	1,479
	 
	2,559
	 
	 
	 
	 
	 
	 
	 
	11,486
	 
	 
	 
	1,682
	 
	 
	 
	 
	600
	 
	 
	 
	 
	407
	 
	 
	 
	 
	200
	 
	 
	 
	 
	 
	 
	 
	82
	 
	69
	 
	 
	 
	 
	852
	 
	 
	 
	59

	MidWest Totals
	 
	 
	 
	 
	 
	 
	 
	 
	 
	1,117
	 
	1,877
	 
	 
	 
	 
	 
	 
	 
	9,948
	 
	 
	 
	1,287
	 
	 
	 
	 
	366
	 
	 
	 
	 
	340
	 
	 
	 
	 
	194
	 
	 
	 
	 
	 
	 
	 
	134
	 
	123
	 
	 
	 
	 
	741
	 
	 
	 
	37

	Loan Ranger Totals
	 
	 
	 
	 
	 
	 
	 
	 
	 
	352
	 
	1,723
	 
	 
	 
	 
	 
	 
	 
	7,610
	 
	 
	 
	1,306
	 
	 
	 
	 
	415
	 
	 
	 
	 
	232
	 
	 
	 
	 
	99
	 
	 
	 
	 
	 
	 
	 
	110
	 
	60
	 
	 
	 
	 
	417
	 
	 
	 
	50





92






	
																																																											
	Central Totals
	 
	 
	 
	 
	 
	 
	 
	 
	 
	1,652
	 
	3,680
	 
	 
	 
	 
	 
	 
	 
	20,199
	 
	 
	 
	1,953
	 
	 
	 
	 
	543
	 
	 
	 
	 
	652
	 
	 
	 
	 
	343
	 
	 
	 
	 
	 
	 
	 
	324
	 
	210
	 
	 
	 
	 
	1,334
	 
	 
	 
	55

	Corporate Client Totals
	 
	 
	 
	 
	 
	 
	 
	 
	 
	1,795
	 
	3,446
	 
	 
	 
	 
	 
	 
	 
	13,664
	 
	 
	 
	2,018
	 
	 
	 
	 
	516
	 
	 
	 
	 
	751
	 
	 
	 
	 
	357
	 
	 
	 
	 
	 
	 
	 
	381
	 
	304
	 
	 
	 
	 
	1,538
	 
	 
	 
	141

	Overall RE Sales AVg.’s
	 
	6.12
	%
	 
	100.77
	%
	 
	15.5
	 
	51.3
	 
	51
	 
	58.2
	%
	 
	58.7
	%
	 
	450
	 
	2.7
	 
	60
	 
	91.7
	%
	 
	16.1
	 
	40
	%
	 
	15
	 
	27
	%
	 
	8
	 
	38.8
	%
	 
	25.8
	%
	 
	6
	 
	4
	 
	89
	%
	 
	32
	 
	4.2
	 
	3.0

	SouthEast Averages
	 
	5.89
	%
	 
	104.14
	%
	 
	17.1
	 
	51.8
	 
	127
	 
	59.7
	%
	 
	85.8
	%
	 
	520
	 
	2.6
	 
	63
	 
	87.7
	%
	 
	19.0
	 
	42
	%
	 
	20
	 
	32
	%
	 
	9
	 
	40.2
	%
	 
	24.3
	%
	 
	7
	 
	5
	 
	104
	%
	 
	37
	 
	4.0
	 
	3.1





93






	
																																																											
	North-Atlantic Averages
	 
	5.80
	%
	 
	100.91
	%
	 
	13.7
	 
	55.0
	 
	119
	 
	59.3
	%
	 
	0.0
	%
	 
	483
	 
	2.6
	 
	65
	 
	92.3
	%
	 
	23.5
	 
	43
	%
	 
	15
	 
	24
	%
	 
	9
	 
	40.8
	%
	 
	27.0
	%
	 
	4
	 
	3
	 
	65
	%
	 
	32
	 
	5.3
	 
	3.6

	SouthCentral Averages
	 
	4.12
	%
	 
	100.52
	%
	 
	13.6
	 
	53.1
	 
	81
	 
	56.7
	%
	 
	57.9
	%
	 
	400
	 
	2.3
	 
	61
	 
	88.3
	%
	 
	15.2
	 
	35
	%
	 
	15
	 
	24
	%
	 
	9
	 
	40.2
	%
	 
	27.8
	%
	 
	6
	 
	4
	 
	96
	%
	 
	34
	 
	4.8
	 
	6.5

	West Averages
	 
	3.93
	%
	 
	99.99
	%
	 
	14.7
	 
	56.9
	 
	98
	 
	60.2
	%
	 
	51.6
	%
	 
	442
	 
	2.8
	 
	65
	 
	106.4
	%
	 
	19.2
	 
	35
	%
	 
	16
	 
	24
	%
	 
	8
	 
	36.2
	%
	 
	23.5
	%
	 
	3
	 
	3
	 
	81
	%
	 
	33
	 
	4.9
	 
	2.3

	MidWest Averages
	 
	8.47
	%
	 
	106.18
	%
	 
	16.8
	 
	50.8
	 
	85
	 
	58.4
	%
	 
	69.8
	%
	 
	452
	 
	2.7
	 
	59
	 
	86.6
	%
	 
	16.6
	 
	39
	%
	 
	15
	 
	26
	%
	 
	9
	 
	38.0
	%
	 
	26.1
	%
	 
	6
	 
	6
	 
	93
	%
	 
	34
	 
	4.5
	 
	1.7





94






	
																																																											
	Loan Ranger Averages
	 
	5.87
	%
	 
	94.47
	%
	 
	20.5
	 
	16.8
	 
	82
	 
	32.5
	%
	 
	62.5
	%
	 
	362
	 
	3.1
	 
	62
	 
	90.0
	%
	 
	19.8
	 
	40
	%
	 
	11
	 
	18
	%
	 
	5
	 
	56.6
	%
	 
	23.8
	%
	 
	5
	 
	3
	 
	56
	%
	 
	20
	 
	5.5
	 
	2.4

	Central Averages
	 
	8.52
	%
	 
	92.68
	%
	 
	17.4
	 
	40.3
	 
	95
	 
	54.3
	%
	 
	50.7
	%
	 
	493
	 
	2.7
	 
	49
	 
	92.3
	%
	 
	13.5
	 
	44
	%
	 
	16
	 
	33
	%
	 
	8
	 
	37.5
	%
	 
	25.7
	%
	 
	8
	 
	5
	 
	120
	%
	 
	33
	 
	3.7
	 
	1.3

	Corporate Client Averages
	 
	13.24
	%
	 
	104.02
	%
	 
	12.1
	 
	66.5
	 
	128
	 
	42.1
	%
	 
	0
	%
	 
	506
	 
	2.7
	 
	70
	 
	102.4
	%
	 
	17.9
	 
	44
	%
	 
	26
	 
	37
	%
	 
	12
	 
	36.4
	%
	 
	23.2
	%
	 
	13
	 
	13
	 
	146
	%
	 
	53
	 
	3.1
	 
	5.2




*CONFIDENTIAL
 


	
		
	*
	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.






Confidential Treatment


DISPUTE & CHARGEBACK REPORT
 

95






	
				
	 
	 
	 
	 

	Summary
	 
	2004 YTD

	$ Amount Requested via Chargeback
	 
	$
	206,217.17

	$ Amount Requested via Disputes
	 
	$
	411,637.68

	 
	 
	 
	 

	Total Disputes/Chargebacks
	 
	$
	517,854.85

	 
	 
	 
	 

	 
	 

	*CONFIDENTIAL
	 
	$
	348,118.33

	*CONFIDENTIAL
	 
	$
	196,163.80

	 
	 
	 
	 

	*CONFIDENTIAL
	 
	$
	73,572.72

	 
	 
	 
	 




 

96






	
																																																		
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	Jan-04
	 
	Feb-04
	 
	Mar-04
	 
	Apr-04
	 
	May-04
	 
	Jun-04
	 
	Jul-04
	 
	 
	Aug-04
	 
	Sep-04
	 
	Oct-04
	 
	Nov-04
	 
	Dec-04
	 
	2004

	# Chargebacks
	 
	 
	44
	

	 
	 
	33
	

	 
	 
	64
	

	 
	 
	46
	

	 
	 
	45
	

	 
	 
	72
	

	 
	 
	51
	

	 
	 
	 
	37
	

	 
	 
	51
	

	 
	 
	40
	 
	 
	44
	 
	 
	16
	 
	 
	543

	# Disputes
	 
	 
	64
	

	 
	 
	51
	

	 
	 
	88
	

	 
	 
	93
	

	 
	 
	91
	

	 
	 
	109
	

	 
	 
	95
	

	 
	 
	 
	55
	

	 
	 
	53
	

	 
	 
	68
	 
	 
	50
	 
	 
	37
	 
	 
	854

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total # Disputes Chargebacks
	 
	 
	108
	

	 
	 
	84
	

	 
	 
	152
	

	 
	 
	139
	

	 
	 
	136
	

	 
	 
	18
	

	 
	 
	146
	

	 
	 
	 
	92
	

	 
	 
	104
	

	 
	 
	108
	 
	 
	94
	 
	 
	53
	 
	 
	1397

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	93
	

	 
	 
	72
	

	 
	 
	138
	

	 
	 
	123
	

	 
	 
	126
	

	 
	 
	159
	

	 
	 
	137
	

	 
	 
	 
	83
	

	 
	 
	91
	

	 
	 
	31
	 
	 
	21
	 
	 
	4
	 
	 
	1078

	*CONFIDENTIAL
	 
	 
	3
	

	 
	 
	3
	

	 
	 
	3
	

	 
	 
	9
	

	 
	 
	7
	

	 
	 
	2
	

	 
	 
	4
	

	 
	 
	 
	0
	

	 
	 
	2
	

	 
	 
	1
	 
	 
	0
	 
	 
	0
	 
	 
	34

	*CONFIDENTIAL
	 
	 
	12
	

	 
	 
	9
	

	 
	 
	11
	

	 
	 
	7
	

	 
	 
	3
	

	 
	 
	20
	

	 
	 
	5
	

	 
	 
	 
	9
	

	 
	 
	9
	

	 
	 
	5
	 
	 
	13
	 
	 
	3
	 
	 
	106

	*CONFIDENTIAL
	 
	 
	0
	

	 
	 
	0
	

	 
	 
	0
	

	 
	 
	0
	

	 
	 
	0
	

	 
	 
	0
	

	 
	 
	0
	

	 
	 
	 
	0
	

	 
	 
	2
	

	 
	 
	71
	 
	 
	60
	 
	 
	46
	 
	 
	179

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total # Disputes Chargebacks
	 
	 
	108
	

	 
	 
	84
	

	 
	 
	152
	

	 
	 
	139
	

	 
	 
	138
	

	 
	 
	151
	

	 
	 
	146
	

	 
	 
	 
	92
	

	 
	 
	104
	

	 
	 
	108
	 
	 
	84
	 
	 
	53
	 
	 
	1397

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	Jan-04
	 
	Feb-04
	 
	Mar-04
	 
	Apr-04
	 
	May-04
	 
	Jun-04
	 
	Jul-04
	 
	 
	Aug-04
	 
	Sep-04
	 
	Oct-04
	 
	Nov-04
	 
	Dec-04
	 
	2004

	*CONFIDENTIAL
	 
	$
	12,160.00
	

	 
	$
	8,725.00
	

	 
	$
	24,523.50
	

	 
	$
	12,901.00
	

	 
	$
	14,816.00
	

	 
	$
	20,546.50
	

	 
	$
	20,520.00
	

	 
	 
	$
	13,437.00
	

	 
	$
	19,223.36
	

	 
	$
	6,790.17
	 
	$
	3,780.00
	 
	$
	2,180.00
	 
	$
	159,602.53

	*CONFIDENTIAL
	 
	$
	24,298.00
	

	 
	$
	15,331.50
	

	 
	$
	29,413.00
	

	 
	$
	29,263.00
	

	 
	$
	30,978.00
	

	 
	$
	16,495.00
	

	 
	$
	16,228.00
	

	 
	 
	$
	11,263.00
	

	 
	$
	8,506.00
	

	 
	$
	4,000.70
	 
	$
	2,741.60
	 
	$
	 
	 
	$
	188,515.80

	*CONFIDENTIAL
	 
	$
	36,468.00
	

	 
	$
	24,056.60
	

	 
	$
	53,936.60
	

	 
	$
	42,164.00
	

	 
	$
	45,784.00
	

	 
	$
	37,041.50
	

	 
	$
	36,748.00
	

	 
	 
	$
	24,700.00
	

	 
	$
	27,729.36
	

	 
	$
	10,790.87
	 
	$
	6,521.60
	 
	$
	2,180.00
	 
	$
	348,118.33

	*CONFIDENTIAL
	 
	$
	2,972.00
	

	 
	$
	2,350.00
	

	 
	$
	3,665.50
	

	 
	$
	7,884.00
	

	 
	$
	3,966.00
	

	 
	$
	4,873.50
	

	 
	$
	(1,055.00
	

	)
	 
	$
	1,860.00
	

	 
	$
	2,475.00
	

	 
	$
	1,185.65
	 
	$
	3,717.27
	 
	$
	650.00
	 
	$
	34,543.33

	*CONFIDENTIAL
	 
	$
	10,148.25
	

	 
	$
	3,054.50
	

	 
	$
	19,244.00
	

	 
	$
	27,926.50
	

	 
	$
	17,147.50
	

	 
	$
	34,890.39
	

	 
	$
	30,833.00
	

	 
	 
	$
	9,581.72
	

	 
	$
	7,394.82
	

	 
	$
	1,376.40
	 
	$
	22.80
	 
	$
	 
	 
	$
	161,619.88

	*CONFIDENTIAL
	 
	$
	13,120.25
	

	 
	$
	5,404.50
	

	 
	$
	22,900.50
	

	 
	$
	35,810.50
	

	 
	$
	21,113.50
	

	 
	$
	39,763.89
	

	 
	$
	28,778.00
	

	 
	 
	$
	10,441.72
	

	 
	$
	9,869.82
	

	 
	$
	2,562.05
	 
	$
	3,740.07
	 
	$
	650.00
	 
	$
	196,163.80

	*CONFIDENTIAL
	 
	$
	—
	

	 
	$
	—
	

	 
	$
	—
	

	 
	$
	—
	

	 
	$
	—
	

	 
	$
	—
	

	 
	$
	—
	

	 
	 
	$
	—
	

	 
	$
	—
	

	 
	$
	5,083.33
	 
	$
	3,693.70
	 
	$
	3,293.69
	 
	$
	12,070.72

	*CONFIDENTIAL
	 
	$
	—
	

	 
	$
	—
	

	 
	$
	—
	

	 
	$
	—
	

	 
	$
	—
	

	 
	$
	—
	

	 
	$
	—
	

	 
	 
	$
	—
	

	 
	$
	325.00
	

	 
	$
	26,804.45
	 
	$
	19,631.92
	 
	$
	14,740.63
	 
	$
	61,502.00

	*CONFIDENTIAL
	 
	$
	—
	

	 
	$
	—
	

	 
	$
	—
	

	 
	$
	—
	

	 
	$
	—
	

	 
	$
	—
	

	 
	$
	—
	

	 
	 
	$
	—
	

	 
	$
	325.00
	

	 
	$
	31,887.78
	 
	$
	23,325.62
	 
	$
	18,034.32
	 
	$
	73,572.72




 


	
		
	*
	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.







97






Confidential Treatment


REAL ESTATE FIELD SALES
December 2004
Marshall Gayden Monthly Highlights:
1) *CONFIDENTIAL
2) *CONFIDENTIAL
3) *CONFIDENTIAL
4) Completed and communicated the 2005 business plans to the brand partners and mortgage field staff.
5) *CONFIDENTIAL
6) Full year expense variance for the department was under 5%.


 


	
		
	*
	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.







98






Confidential Treatment


REAL ESTATE FIELD SALES *CONFIDENTIAL
Marshall Gayden
 
	
																											
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	Actuals
	 
	12&0 Forecast
	 
	December
	 
	Month Volume Actuals
	 
	Month Productivity Variance
	 

	 
	 
	October
	 
	November
	 
	December
	 
	January ‘05
	 
	February ‘05
	 
	Forecast
	 
	Budget
	 
	Forecast
	 
	Budget
	 
	Forecast
	 
	 
	Budget
	 

	DRIVERS
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	24,060
	 
	20,592
	 
	16,235
	 
	25,860
	 
	29,196
	 
	18,632
	 
	19,099
	 
	16,235
	 
	16,235
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	6,158
	 
	5,203
	 
	4,027
	 
	4,369
	 
	7,192
	 
	4,564
	 
	5,329
	 
	4,027
	 
	4,027
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	3,903
	 
	3,975
	 
	3,697
	 
	3,175
	 
	2,372
	 
	3,665
	 
	4,920
	 
	3,697
	 
	3,697
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	67
	 
	74
	 
	56
	 
	82
	 
	86
	 
	65
	 
	69
	 
	57
	 
	59
	 
	2
	

	 
	 
	(1
	

	)

	*CONFIDENTIAL
	 
	22
	 
	19
	 
	14
	 
	14
	 
	21
	 
	16
	 
	19
	 
	14
	 
	15
	 
	0
	

	 
	 
	(0
	

	)

	*CONFIDENTIAL
	 
	14
	 
	14
	 
	13
	 
	10
	 
	7
	 
	13
	 
	18
	 
	13
	 
	13
	 
	0
	

	 
	 
	(0
	

	)

	 

	REAL ESTATE FIELD SALES *CONFIDENTIAL
Marshall Gayden
	

  

	 
	 
	 
	 
	 
	 

	 
	 
	Actuals
	 
	12&0 Forecast
	 
	December
	 
	Month Volume Actuals
	 
	Month Productivity Variance
	 

	 
	 
	October
	 
	November
	 
	December
	 
	January ‘05
	 
	February ‘05
	 
	Forecast
	 
	Budget
	 
	Forecast
	 
	Budget
	 
	Forecast
	 
	 
	Budget
	 

	SUMMARY HEADCOUNT
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	4
	 
	4
	 
	4
	 
	4
	 
	4
	 
	4
	 
	4
	 
	4
	 
	4
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	3
	 
	2
	 
	2
	 
	4
	 
	4
	 
	4
	 
	4
	 
	4
	 
	4
	 
	(2
	

	)
	 
	(2
	

	)

	*CONFIDENTIAL
	 
	26
	 
	27
	 
	27
	 
	35
	 
	38
	 
	29
	 
	31
	 
	29
	 
	31
	 
	(2
	

	)
	 
	(4
	

	)

	*CONFIDENTIAL
	 
	6
	 
	6
	 
	6
	 
	6
	 
	6
	 
	6
	 
	6
	 
	6
	 
	6
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	275
	 
	279
	 
	279
	 
	317
	 
	340
	 
	287
	 
	275
	 
	287
	 
	275
	 
	(8
	

	)
	 
	4
	

	 

	*CONFIDENTIAL
	 
	1
	 
	1
	 
	1
	 
	4
	 
	4
	 
	4
	 
	4
	 
	4
	 
	4
	 
	(3
	

	)
	 
	(3
	

	)

	*CONFIDENTIAL
	 
	5
	 
	3
	 
	3
	 
	3
	 
	3
	 
	3
	 
	5
	 
	3
	 
	5
	 
	—
	

	 
	 
	(2
	

	)

	*CONFIDENTIAL
	 
	5
	 
	5
	 
	5
	 
	5
	 
	5
	 
	5
	 
	5
	 
	5
	 
	5
	 
	—
	

	 
	 
	—
	

	 

	TOTAL OVERALL HEADCOUNT
	 
	325
	 
	327
	 
	327
	 
	378
	 
	404
	 
	342
	 
	334
	 
	342
	 
	334
	 
	(15
	

	)
	 
	(7
	

	)




 

99








	
		
	*
	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.







100






Confidential Treatment


REAL ESTATE FIELD SALES *CONFIDENTIAL
Marshall Gayden
 
	
																																								
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	Actuals
	 
	 
	12&0 Forecast
	 
	December
	 
	Month Volume Actuals
	 
	Month Productivity 
Variance
	 
	 
	Explanations of 
Budget 
Productivity 
Variances

	 
	 
	October
	 
	 
	November
	 
	December
	 
	 
	January ‘05
	 
	February ‘05
	 
	Forecast
	 
	Budget
	 
	Forecast
	 
	Budget
	 
	Forecast
	 
	 
	Budget
	 
	 

	Indirect Costs
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	1,368,044
	

	 
	 
	1,481,114
	

	 
	1,555,911
	

	 
	 
	1,050,563
	

	 
	1,020,849
	

	 
	1,556,628
	

	 
	1,557,982
	

	 
	1,556,628
	

	 
	1,557,982
	

	 
	(717
	

	)
	 
	(2071
	

	)
	 
	 

	*CONFIDENTIAL
	 
	304
	

	 
	 
	591
	

	 
	954
	

	 
	 
	263
	

	 
	2,755
	

	 
	389
	

	 
	389
	

	 
	389
	

	 
	389
	

	 
	564
	

	 
	 
	564
	

	 
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	300
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	300
	

	 
	 
	300
	

	 
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	 

	*CONFIDENTIAL
	 
	155,586
	

	 
	 
	14,500
	

	 
	18,732
	

	 
	 
	—
	

	 
	—
	

	 
	237,500
	

	 
	241,389
	

	 
	237,500
	

	 
	241,389
	

	 
	(218,768
	

	)
	 
	(222,657
	

	)
	 
	*CONFIDENTIAL

	*CONFIDENTIAL
	 
	264,328
	

	 
	 
	422,298
	

	 
	665,891
	

	 
	 
	1,384,011
	

	 
	1,044,797
	

	 
	446,098
	

	 
	557,686
	

	 
	455,241
	

	 
	442,725
	

	 
	210,650
	

	 
	 
	223,166
	

	 
	 
	*CONFIDENTIAL

	*CONFIDENTIAL
	 
	222,394
	

	 
	 
	225,645
	

	 
	180,986
	

	 
	 
	316,529
	

	 
	268,892
	

	 
	237,369
	

	 
	250,753
	

	 
	238,453
	

	 
	237,130
	

	 
	(57,467
	

	)
	 
	(56,144
	

	)
	 
	*CONFIDENTIAL

	*CONFIDENTIAL
	 
	102,855
	

	 
	 
	114,353
	

	 
	139,729
	

	 
	 
	312,681
	

	 
	193,179
	

	 
	140,218
	

	 
	148,124
	

	 
	140,858
	

	 
	140,077
	

	 
	(1,129
	

	)
	 
	(347
	

	)
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	2,113,512
	

	 
	 
	2,258,500
	

	 
	2,562,503
	

	 
	 
	3,064,046
	

	 
	2,530,472
	

	 
	2,618,203
	

	 
	2,756,323
	

	 
	2,629,069
	

	 
	2,619,693
	

	 
	(66,566
	

	)
	 
	(57,190
	

	)
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	18,122
	

	 
	 
	17,320
	

	 
	1,604
	

	 
	 
	—
	

	 
	50,000
	

	 
	50,000
	

	 
	50,000
	

	 
	50,000
	

	 
	50,000
	

	 
	(48,396
	

	)
	 
	(48,396
	

	)
	 
	*CONFIDENTIAL

	*CONFIDENTIAL
	 
	12,500
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	18
	

	 
	1,632
	

	 
	 
	2,000
	

	 
	2,000
	

	 
	2,000
	

	 
	2,000
	

	 
	2,000
	

	 
	2,000
	

	 
	(368
	

	)
	 
	(368
	

	)
	 
	 

	*CONFIDENTIAL
	 
	598,223
	

	 
	 
	645,498
	

	 
	699,068
	

	 
	 
	676,842
	

	 
	922,608
	

	 
	711,345
	

	 
	692,792
	

	 
	711,345
	

	 
	692,792
	

	 
	(12,227
	

	)
	 
	6,276
	

	 
	 
	 

	*CONFIDENTIAL
	 
	588,082
	

	 
	 
	532,955
	

	 
	587,443
	

	 
	 
	478,867
	

	 
	567,567
	

	 
	688,276
	

	 
	408,333
	

	 
	688,276
	

	 
	408,333
	

	 
	(100,833
	

	)
	 
	179,110
	

	 
	 
	*CONFIDENTIAL

	*CONFIDENTIAL
	 
	36,145
	

	 
	 
	51,565
	

	 
	39,975
	

	 
	 
	45,903
	

	 
	49,097
	

	 
	40,875
	

	 
	63,311
	

	 
	40,875
	

	 
	63,311
	

	 
	(900
	

	)
	 
	(23,336
	

	)
	 
	*CONFIDENTIAL

	*CONFIDENTIAL
	 
	—
	

	 
	 
	219
	

	 
	15,581
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	15,591
	

	 
	 
	15,591
	

	 
	 
	*CONFIDENTIAL

	*CONFIDENTIAL
	 
	80
	

	 
	 
	184
	

	 
	73
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	73
	

	 
	 
	73
	

	 
	 
	*CONFIDENTIAL

	*CONFIDENTIAL
	 
	10,005
	

	 
	 
	10,005
	

	 
	10,005
	

	 
	 
	10,005
	

	 
	10,005
	

	 
	10,005
	

	 
	—
	

	 
	10,005
	

	 
	—
	

	 
	—
	

	 
	 
	10,005
	

	 
	 
	*CONFIDENTIAL

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	 

	*CONFIDENTIAL
	 
	2,155
	

	 
	 
	4,541
	

	 
	5,817
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	5,817
	

	 
	 
	5,817
	

	 
	 
	*CONFIDENTIAL

	*CONFIDENTIAL
	 
	(125,230
	

	)
	 
	139,500
	

	 
	131,583
	

	 
	 
	124,321
	

	 
	140,429
	

	 
	90,559
	

	 
	95,789
	

	 
	78,885
	

	 
	79,970
	

	 
	52,678
	

	 
	 
	51,593
	

	 
	 
	*CONFIDENTIAL

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	 





101






	
																																								
	*CONFIDENTIAL
	 
	4,745
	

	 
	 
	4,359
	

	 
	4,268
	

	 
	 
	4,449
	

	 
	4,449
	

	 
	4,413
	

	 
	413
	

	 
	4,413
	

	 
	413
	

	 
	(145
	

	)
	 
	3,855
	

	 
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	 

	*CONFIDENTIAL
	 
	4,070
	

	 
	 
	9,037
	

	 
	15,076
	

	 
	 
	31,250
	

	 
	31,250
	

	 
	10,417
	

	 
	20,833
	

	 
	10,417
	

	 
	20,833
	

	 
	4,659
	

	 
	 
	(5,757
	

	)
	 
	*CONFIDENTIAL

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	 

	*CONFIDENTIAL
	 
	37,509
	

	 
	 
	53,296
	

	 
	32,599
	

	 
	 
	15,000
	

	 
	15,000
	

	 
	15,000
	

	 
	11,000
	

	 
	15,000
	

	 
	11,000
	

	 
	17,599
	

	 
	 
	21,599
	

	 
	 
	*CONFIDENTIAL

	*CONFIDENTIAL
	 
	—
	

	 
	 
	25
	

	 
	25
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	25
	

	 
	 
	25
	

	 
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	(19
	

	)
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	(19
	

	)
	 
	(19
	

	)
	 
	 

	*CONFIDENTIAL
	 
	1,500
	

	 
	 
	2,750
	

	 
	1,450
	

	 
	 
	835
	

	 
	624
	

	 
	964
	

	 
	1,295
	

	 
	972
	

	 
	948
	

	 
	478
	

	 
	 
	502
	

	 
	 
	 

	*CONFIDENTIAL
	 
	500
	

	 
	 
	—
	

	 
	250
	

	 
	 
	318
	

	 
	238
	

	 
	367
	

	 
	493
	

	 
	370
	

	 
	361
	

	 
	(120
	

	)
	 
	(111
	

	)
	 
	 

	*CONFIDENTIAL
	 
	12,646
	

	 
	 
	10,023
	

	 
	11,568
	

	 
	 
	3,816
	

	 
	2,851
	

	 
	4,406
	

	 
	5,920
	

	 
	4,442
	

	 
	4,332
	

	 
	7,126
	

	 
	 
	7,236
	

	 
	 
	*CONFIDENTIAL

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	 

	*CONFIDENTIAL
	 
	174
	

	 
	 
	437
	

	 
	463
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	463
	

	 
	 
	463
	

	 
	 
	 

	*CONFIDENTIAL
	 
	1,149
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Indirect Expenses
	 
	3,315,886
	

	 
	 
	3,740,232
	

	 
	4,120,953
	

	 
	 
	4,457,651
	

	 
	4,326,589
	

	 
	4,246,829
	

	 
	4,108,502
	

	 
	4,246,069
	

	 
	3,953,985
	

	 
	(125,115
	

	)
	 
	166,969
	

	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	3,315,886
	

	 
	 
	3,740,232
	

	 
	4,120,953
	

	 
	 
	4,457,651
	

	 
	4,326,589
	

	 
	4,246,829
	

	 
	4,108,502
	

	 
	4,246,069
	

	 
	3,953,985
	

	 
	(125,115
	

	)
	 
	168,969
	

	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	538
	

	 
	 
	719
	

	 
	1,023
	

	 
	 
	1,020
	

	 
	602
	

	 
	931
	

	 
	771
	

	 
	1,054
	

	 
	982
	

	 
	(31
	

	)
	 
	41
	

	 
	 
	 

	*CONFIDENTIAL
	 
	850
	

	 
	 
	941
	

	 
	1,115
	

	 
	 
	1,404
	

	 
	1,824
	

	 
	1,159
	

	 
	835
	

	 
	1,149
	

	 
	1,070
	

	 
	(34
	

	)
	 
	45
	

	 
	 
	 





102






	
																																								
	*CONFIDENTIAL
	 
	343
	

	 
	 
	434
	

	 
	636
	

	 
	 
	701
	

	 
	352
	

	 
	574
	

	 
	517
	

	 
	653
	

	 
	651
	

	 
	(17
	

	)
	 
	(14
	

	)
	 
	 

	*CONFIDENTIAL
	 
	542
	

	 
	 
	568
	

	 
	693
	

	 
	 
	965
	

	 
	1,067
	

	 
	714
	

	 
	560
	

	 
	711
	

	 
	709
	

	 
	(18
	

	)
	 
	(15
	

	)
	 
	 




 


	
		
	*
	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.






Confidential Treatment


REAL ESTATE FIELD SALES *CONFIDENTIAL
Marshall Gayden
 
	
																																														
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	DECEMBER YTD
	 
	 
	Full Year
	 

	 
	 
	Actuals
	 
	Budget
	 
	 
	Variance
	 
	 
	Budget Volume 
Actuals
	 
	 
	Budget 
Productivity 
Variance
	 
	 
	2004 Forecast
	 
	2004 Budget
	 
	 
	Variance
	 
	 
	2003 Actuals
	 
	Variance
	 
	 
	Budget Volume 
Actuals
	 
	 
	Budget 
Productivity 
Variance
	 

	DRIVERS
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	324,947
	

	 
	378,447
	

	 
	 
	(53,500
	

	)
	 
	324,947
	

	 
	 
	—
	

	 
	 
	324,947
	

	 
	378,447
	

	 
	 
	(53,500
	

	)
	 
	381,586
	

	 
	(56,639
	

	)
	 
	324,947
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	87,105
	

	 
	105,879
	

	 
	 
	(18,774
	

	)
	 
	87,105
	

	 
	 
	—
	

	 
	 
	87,105
	

	 
	105,879
	

	 
	 
	(18,774
	

	)
	 
	106,569
	

	 
	(19,464
	

	)
	 
	87,105
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	52,083
	

	 
	64,776
	

	 
	 
	(12,683
	

	)
	 
	52,093
	

	 
	 
	—
	

	 
	 
	52,093
	

	 
	64,776
	

	 
	 
	(12,683
	

	)
	 
	72,791
	

	 
	(20,698
	

	)
	 
	52,093
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	1,165
	

	 
	1,376
	

	 
	 
	(211
	

	)
	 
	1,182
	

	 
	 
	(17
	

	)
	 
	1,200
	

	 
	1,382
	

	 
	 
	(182
	

	)
	 
	1,305
	

	 
	(105
	

	)
	 
	1,187
	

	 
	 
	14
	

	 

	*CONFIDENTIAL
	 
	312
	

	 
	385
	

	 
	 
	(73
	

	)
	 
	317
	

	 
	 
	(5
	

	)
	 
	322
	

	 
	387
	

	 
	 
	(65
	

	)
	 
	365
	

	 
	(43
	

	)
	 
	318
	

	 
	 
	4
	

	 

	*CONFIDENTIAL
	 
	187
	

	 
	238
	

	 
	 
	(49
	

	)
	 
	189
	

	 
	 
	(3
	

	)
	 
	192
	

	 
	237
	

	 
	 
	(44
	

	)
	 
	249
	

	 
	(57
	

	)
	 
	190
	

	 
	 
	2
	

	 

	SUMMARY HEADCOUNT
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	4
	

	 
	4
	

	 
	 
	—
	

	 
	 
	4
	

	 
	 
	—
	

	 
	 
	4
	

	 
	4
	

	 
	 
	—
	

	 
	 
	4
	

	 
	(0
	

	)
	 
	4
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	2
	

	 
	4
	

	 
	 
	(2
	

	)
	 
	4
	

	 
	 
	(2
	

	)
	 
	4
	

	 
	4
	

	 
	 
	(0
	

	)
	 
	4
	

	 
	(1
	

	)
	 
	4
	

	 
	 
	(0
	

	)

	*CONFIDENTIAL
	 
	27
	

	 
	31
	

	 
	 
	(4
	

	)
	 
	31
	

	 
	 
	(4
	

	)
	 
	28
	

	 
	30
	

	 
	 
	(2
	

	)
	 
	31
	

	 
	(3
	

	)
	 
	30
	

	 
	 
	(2
	

	)





103






	
																																														
	*CONFIDENTIAL
	 
	6
	

	 
	6
	

	 
	 
	—
	

	 
	 
	6
	

	 
	 
	—
	

	 
	 
	6
	

	 
	6
	

	 
	 
	—
	

	 
	 
	6
	

	 
	—
	

	 
	 
	6
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	279
	

	 
	275
	

	 
	 
	4
	

	 
	 
	275
	

	 
	 
	4
	

	 
	 
	271
	

	 
	274
	

	 
	 
	(3
	

	)
	 
	292
	

	 
	(22
	

	)
	 
	274
	

	 
	 
	(3
	

	)

	*CONFIDENTIAL
	 
	1
	

	 
	4
	

	 
	 
	(3
	

	)
	 
	4
	

	 
	 
	(3
	

	)
	 
	2
	

	 
	3
	

	 
	 
	(2
	

	)
	 
	0
	

	 
	1
	

	 
	 
	3
	

	 
	 
	(2
	

	)

	*CONFIDENTIAL
	 
	3
	

	 
	5
	

	 
	 
	(2
	

	)
	 
	5
	

	 
	 
	(2
	

	)
	 
	5
	

	 
	5
	

	 
	 
	0
	

	 
	 
	6
	

	 
	(0
	

	)
	 
	5
	

	 
	 
	0
	

	 

	*CONFIDENTIAL
	 
	5
	

	 
	5
	

	 
	 
	—
	

	 
	 
	5
	

	 
	 
	—
	

	 
	 
	5
	

	 
	5
	

	 
	 
	—
	

	 
	 
	4
	

	 
	1
	

	 
	 
	5
	

	 
	 
	—
	

	 

	TOTAL OVERALL HEADCOUNT
	 
	327
	

	 
	334
	

	 
	 
	(7
	

	)
	 
	334
	

	 
	 
	(7
	

	)
	 
	324
	

	 
	331
	

	 
	 
	(7
	

	)
	 
	348
	

	 
	(24
	

	)
	 
	331
	

	 
	 
	(7
	

	)

	 

	REAL ESTATE FIELD SALES *CONFIDENTIAL
	 

	Marshall Gayden
 
	 

	 
	 
	DECEMBER YTD
	 
	 
	Full Year
	 

	 
	 
	Actuals
	 
	Budget
	 
	 
	Variance
	 
	 
	Budget Volume 
Actuals
	 
	 
	Budget 
Productivity 
Variance
	 
	 
	2004 Forecast
	 
	2004 Budget
	 
	 
	Variance
	 
	 
	2003 Actuals
	 
	Variance
	 
	 
	Budget Volume 
Actuals
	 
	 
	Budget 
Productivity 
Variance
	 

	Indirect Costs
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	17,467,695
	

	 
	17,673,577
	

	 
	 
	(205,883
	

	)
	 
	17,673,577
	

	 
	 
	(205,883
	

	)
	 
	17,467,695
	

	 
	17,673,577
	

	 
	 
	(205,883
	

	)
	 
	18,834,809
	

	 
	(1,367,114
	

	)
	 
	17,673,577
	

	 
	 
	(205,883
	

	)

	*CONFIDENTIAL
	 
	12,574
	

	 
	7,853
	

	 
	 
	4,721
	

	 
	 
	7,853
	

	 
	 
	4,721
	

	 
	 
	12,574
	

	 
	7,853
	

	 
	 
	4,721
	

	 
	 
	6,621
	

	 
	5,954
	

	 
	 
	7,853
	

	 
	 
	4,721
	

	 

	*CONFIDENTIAL
	 
	11,427
	

	 
	1,067
	

	 
	 
	10,360
	

	 
	 
	1,067
	

	 
	 
	(10,360
	

	)
	 
	11,427
	

	 
	1,067
	

	 
	 
	10,360
	

	 
	 
	5,416
	

	 
	6,011
	

	 
	 
	1,067
	

	 
	 
	10,360
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	52,529
	

	 
	16,010
	

	 
	 
	34,519
	

	 
	 
	18,010
	

	 
	 
	34,519
	

	 
	 
	52,529
	

	 
	18,010
	

	 
	 
	34,519
	

	 
	 
	37,514
	

	 
	15,015
	

	 
	 
	18,010
	

	 
	 
	34,519
	

	 

	*CONFIDENTIAL
	 
	899,016
	

	 
	1,027,945
	

	 
	 
	(128,929
	

	)
	 
	1,027,945
	

	 
	 
	(128,929
	

	)
	 
	899,016
	

	 
	1,027,945
	

	 
	 
	(128,929
	

	)
	 
	1,832,834
	

	 
	(933,818
	

	)
	 
	1,027,945
	

	 
	 
	(128,929
	

	)

	*CONFIDENTIAL
	 
	5,638,525
	

	 
	6,963,247
	

	 
	 
	(1,424,722
	

	)
	 
	5,837,799
	

	 
	 
	(299,274
	

	)
	 
	5,538,525
	

	 
	6,963,247
	

	 
	 
	(1,424,722
	

	)
	 
	7,625,426
	

	 
	(2,086,902
	

	)
	 
	5,837,799
	

	 
	 
	(299,274
	

	)

	*CONFIDENTIAL
	 
	2,831,084
	

	 
	3,036,970
	

	 
	 
	(205,886
	

	)
	 
	2,903,604
	

	 
	 
	(72,520
	

	)
	 
	2,831,084
	

	 
	3,036,970
	

	 
	 
	(205,886
	

	)
	 
	2,930,751
	

	 
	(99,667
	

	)
	 
	2,903,604
	

	 
	 
	(72,520
	

	)





104






	
																																														
	*CONFIDENTIAL
	 
	1,771,262
	

	 
	2,054,757
	

	 
	 
	(283,495
	

	)
	 
	1,971,669
	

	 
	 
	(200,407
	

	)
	 
	1,771,262
	

	 
	2,054,757
	

	 
	 
	(283,495
	

	)
	 
	2,012,456
	

	 
	(241,194
	

	)
	 
	1,971,669
	

	 
	 
	(200,407
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	28,584,111
	

	 
	30,783,426
	

	 
	 
	(2,199,315
	

	)
	 
	29,441,524
	

	 
	 
	(857,413
	

	)
	 
	28,584,111
	

	 
	30,783,426
	

	 
	 
	(2,199,315
	

	)
	 
	33,285,827
	

	 
	(4,701,716
	

	)
	 
	29,441,524
	

	 
	 
	(857,413
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	141,259
	

	 
	200,573
	

	 
	 
	(59,314
	

	)
	 
	200,573
	

	 
	 
	(59,314
	

	)
	 
	141,259
	

	 
	200,573
	

	 
	 
	(59,314
	

	)
	 
	256,463
	

	 
	(115,204
	

	)
	 
	200,573
	

	 
	 
	(59,314
	

	)

	*CONFIDENTIAL
	 
	12,625
	

	 
	—
	

	 
	 
	12,625
	

	 
	 
	—
	

	 
	 
	12,625
	

	 
	 
	12,625
	

	 
	—
	

	 
	 
	12,625
	

	 
	 
	5,863
	

	 
	6,762
	

	 
	 
	—
	

	 
	 
	12,625
	

	 

	*CONFIDENTIAL
	 
	10,329
	

	 
	20,512
	

	 
	 
	(10,183
	

	)
	 
	20,512
	

	 
	 
	(10,183
	

	)
	 
	10,329
	

	 
	20,512
	

	 
	 
	(10,183
	

	)
	 
	35,232
	

	 
	(24,903
	

	)
	 
	20,512
	

	 
	 
	(10,183
	

	)

	*CONFIDENTIAL
	 
	8,054,769
	

	 
	8,861,686
	

	 
	 
	(806,917
	

	)
	 
	8,861,686
	

	 
	 
	(806,917
	

	)
	 
	8,054,769
	

	 
	6,861,686
	

	 
	 
	(806,917
	

	)
	 
	9,569,322
	

	 
	(1,514,553
	

	)
	 
	8,861,686
	

	 
	 
	(806,917
	

	)

	*CONFIDENTIAL
	 
	5,538,612
	

	 
	5,471,928
	

	 
	 
	1,086,684
	

	 
	 
	5,471,928
	

	 
	 
	1,086,684
	

	 
	 
	6,558,612
	

	 
	5,471,928
	

	 
	 
	1,086,684
	

	 
	 
	5,384,025
	

	 
	1,174,587
	

	 
	 
	5,471,928
	

	 
	 
	1,086,684
	

	 

	*CONFIDENTIAL
	 
	518,444
	

	 
	723,448
	

	 
	 
	(205,005
	

	)
	 
	723,448
	

	 
	 
	(205,005
	

	)
	 
	518,444
	

	 
	723,448
	

	 
	 
	(205,005
	

	)
	 
	708,429
	

	 
	(189,985
	

	)
	 
	723,448
	

	 
	 
	(205,005
	

	)

	*CONFIDENTIAL
	 
	903
	

	 
	13,303
	

	 
	 
	(12,400
	

	)
	 
	13,303
	

	 
	 
	(12,400
	

	)
	 
	903
	

	 
	13,303
	

	 
	 
	(12,400
	

	)
	 
	398,372
	

	 
	(397,469
	

	)
	 
	13,303
	

	 
	 
	(12,400
	

	)

	*CONFIDENTIAL
	 
	1,426
	

	 
	596
	

	 
	 
	831
	

	 
	 
	598
	

	 
	 
	831
	

	 
	 
	1,426
	

	 
	596
	

	 
	 
	831
	

	 
	 
	62,942
	

	 
	(81,515
	

	)
	 
	596
	

	 
	 
	831
	

	 

	*CONFIDENTIAL
	 
	96,704
	

	 
	9,150
	

	 
	 
	87,554
	

	 
	 
	9,150
	

	 
	 
	87,554
	

	 
	 
	96,704
	

	 
	9,150
	

	 
	 
	87,554
	

	 
	 
	42,853
	

	 
	53,851
	

	 
	 
	9,150
	

	 
	 
	87,554
	

	 

	*CONFIDENTIAL
	 
	850
	

	 
	—
	

	 
	 
	850
	

	 
	 
	—
	

	 
	 
	850
	

	 
	 
	850
	

	 
	—
	

	 
	 
	850
	

	 
	 
	1,555
	

	 
	(705
	

	)
	 
	—
	

	 
	 
	850
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	39,261
	

	 
	(19,134
	

	)
	 
	58,415
	

	 
	 
	(19,134
	

	)
	 
	58,415
	

	 
	 
	39,281
	

	 
	(19,134
	

	)
	 
	58,415
	

	 
	 
	193,689
	

	 
	(154,408
	

	)
	 
	(19,134
	

	)
	 
	58,415
	

	 

	*CONFIDENTIAL
	 
	1,839,218
	

	 
	1,889,200
	

	 
	 
	(49,982
	

	)
	 
	1,613,652
	

	 
	 
	225,566
	

	 
	 
	1,839,218
	

	 
	1,889,200
	

	 
	 
	(49,982
	

	)
	 
	2,090,343
	

	 
	(251,125
	

	)
	 
	1,613,652
	

	 
	 
	225,566
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	60,772
	

	 
	12,981
	

	 
	 
	47,791
	

	 
	 
	12,981
	

	 
	 
	47,791
	

	 
	 
	60,772
	

	 
	12,981
	

	 
	 
	47,791
	

	 
	 
	54,438
	

	 
	6,334
	

	 
	 
	12,981
	

	 
	 
	47,791
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 





105






	
																																														
	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	2,300
	

	 
	—
	

	 
	 
	2,300
	

	 
	 
	—
	

	 
	 
	2,300
	

	 
	 
	2,300
	

	 
	—
	

	 
	 
	2,300
	

	 
	 
	9,660
	

	 
	(7,360
	

	)
	 
	—
	

	 
	 
	2,300
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	286,379
	

	 
	380,671
	

	 
	 
	(94,291
	

	)
	 
	380,671
	

	 
	 
	(94,291
	

	)
	 
	286,379
	

	 
	380,671
	

	 
	 
	(94,291
	

	)
	 
	354,626
	

	 
	(68,247
	

	)
	 
	380,671
	

	 
	 
	(94,291
	

	)

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	355,852
	

	 
	134,327
	

	 
	 
	221,526
	

	 
	 
	134,327
	

	 
	 
	221,526
	

	 
	 
	355,652
	

	 
	134,327
	

	 
	 
	221,526
	

	 
	 
	137,419
	

	 
	218,433
	

	 
	 
	134,327
	

	 
	 
	221,526
	

	 

	*CONFIDENTIAL
	 
	51
	

	 
	—
	

	 
	 
	51
	

	 
	 
	—
	

	 
	 
	51
	

	 
	 
	51
	

	 
	—
	

	 
	 
	51
	

	 
	 
	6
	

	 
	44
	

	 
	 
	—
	

	 
	 
	51
	

	 

	*CONFIDENTIAL
	 
	310
	

	 
	—
	

	 
	 
	310
	

	 
	 
	—
	

	 
	 
	310
	

	 
	 
	310
	

	 
	—
	

	 
	 
	310
	

	 
	 
	6,434
	

	 
	(6,124
	

	)
	 
	—
	

	 
	 
	310
	

	 

	*CONFIDENTIAL
	 
	42,250
	

	 
	22,647
	

	 
	 
	19,603
	

	 
	 
	19,227
	

	 
	 
	23,023
	

	 
	 
	42,250
	

	 
	22,647
	

	 
	 
	19,603
	

	 
	 
	72,025
	

	 
	(29,775
	

	)
	 
	19,227
	

	 
	 
	23,023
	

	 

	*CONFIDENTIAL
	 
	4,500
	

	 
	4,295
	

	 
	 
	205
	

	 
	 
	3,074
	

	 
	 
	1,426
	

	 
	 
	4,500
	

	 
	4,295
	

	 
	 
	205
	

	 
	 
	11,450
	

	 
	(6,950
	

	)
	 
	3,074
	

	 
	 
	1,426
	

	 

	*CONFIDENTIAL
	 
	116,712
	

	 
	90,550
	

	 
	 
	26,162
	

	 
	 
	74,920
	

	 
	 
	41,792
	

	 
	 
	116,712
	

	 
	90,550
	

	 
	 
	26,162
	

	 
	 
	149,445
	

	 
	(32,733
	

	)
	 
	74,920
	

	 
	 
	41,792
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	50
	

	 
	(50
	

	)
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	550
	

	 
	—
	

	 
	 
	559
	

	 
	 
	—
	

	 
	 
	559
	

	 
	 
	559
	

	 
	—
	

	 
	 
	559
	

	 
	 
	403
	

	 
	158
	

	 
	 
	—
	

	 
	 
	559
	

	 

	*CONFIDENTIAL
	 
	1,935
	

	 
	40
	

	 
	 
	1,894
	

	 
	 
	40
	

	 
	 
	1,894
	

	 
	 
	1,935
	

	 
	40
	

	 
	 
	1,894
	

	 
	 
	3,575
	

	 
	(1,640
	

	)
	 
	40
	

	 
	 
	1,694
	

	 

	*CONFIDENTIAL
	 
	41,307
	

	 
	23,648
	

	 
	 
	17,659
	

	 
	 
	23,648
	

	 
	 
	17,659
	

	 
	 
	41,307
	

	 
	23,648
	

	 
	 
	17,659
	

	 
	 
	16,502
	

	 
	24,804
	

	 
	 
	23,648
	

	 
	 
	17,659
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 





106






	
																																														
	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Indirect Expenses
	 
	46,771,457
	

	 
	48,623,847
	

	 
	 
	(1,852,390
	

	)
	 
	46,986,126
	

	 
	 
	(214,669
	

	)
	 
	46,771,457
	

	 
	48,623,847
	

	 
	 
	(1,852,390
	

	)
	 
	52,850,947
	

	 
	(6,079,490
	

	)
	 
	46,986,126
	

	 
	 
	(214,669
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	46,771,457
	

	 
	48,623,847
	

	 
	 
	(1,852,390
	

	)
	 
	46,986,126
	

	 
	 
	(214,669
	

	)
	 
	46,771,457
	

	 
	48,623,847
	

	 
	 
	(1,852,390
	

	)
	 
	52,850,947
	

	 
	(6,079,490
	

	)
	 
	46,986,126
	

	 
	 
	(214,669
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	590
	

	 
	423
	

	 
	 
	166
	

	 
	 
	499
	

	 
	 
	91
	

	 
	 
	590
	

	 
	423
	

	 
	 
	186
	

	 
	 
	450
	

	 
	160
	

	 
	 
	499
	

	 
	 
	91
	

	 

	*CONFIDENTIAL
	 
	1,021
	

	 
	696
	

	 
	 
	326
	

	 
	 
	640
	

	 
	 
	181
	

	 
	 
	1,021
	

	 
	696
	

	 
	 
	326
	

	 
	 
	661
	

	 
	178
	

	 
	 
	640
	

	 
	 
	181
	

	 

	*CONFIDENTIAL
	 
	360
	

	 
	268
	

	 
	 
	92
	

	 
	 
	313
	

	 
	 
	48
	

	 
	 
	360
	

	 
	266
	

	 
	 
	92
	

	 
	 
	264
	

	 
	123
	

	 
	 
	313
	

	 
	 
	48
	

	 

	*CONFIDENTIAL
	 
	624
	

	 
	440
	

	 
	 
	164
	

	 
	 
	527
	

	 
	 
	96
	

	 
	 
	624
	

	 
	440
	

	 
	 
	164
	

	 
	 
	416
	

	 
	138
	

	 
	 
	527
	

	 
	 
	98
	

	 




 


	
		
	*
	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.







107






Confidential Treatment


REGIONAL BREAKDOWN *CONFIDENTIAL
Marshall Gayden
 
	
																																			
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	Northeast
	 
	Southeast
	 
	 
	Central
	 
	South Central
	 
	Mid West
	 
	Western
	 
	Management
	 
	Total
	 

	Applications (ex Corp Client)
	 
	 
	1,076
	

	 
	 
	588
	

	 
	 
	 
	705
	

	 
	 
	752
	

	 
	 
	472
	

	 
	 
	319
	

	 
	 
	115
	

	 
	 
	4,027
	

	 

	Closing (ex Corp Client)
	 
	 
	906
	

	 
	 
	578
	

	 
	 
	 
	585
	

	 
	 
	673
	

	 
	 
	456
	

	 
	 
	323
	

	 
	 
	176
	

	 
	 
	3,697
	

	 

	*CONFIDENTIAL
	 
	$
	820.40
	

	 
	$
	948.58
	

	 
	 
	$
	851.48
	

	 
	$
	601.60
	

	 
	$
	1,110.74
	

	 
	$
	1,587.17
	

	 
	$
	245.40
	

	 
	$
	1,114.68
	

	 

	*CONFIDENTIAL
	 
	$
	245.40
	

	 
	$
	245.40
	

	 
	 
	$
	245.40
	

	 
	$
	245.40
	

	 
	$
	245.40
	

	 
	$
	245.40
	

	 
	$
	—
	

	 
	$
	—
	

	 

	*CONFIDENTIAL
	 
	$
	1,065.80
	

	 
	$
	1,193.98
	

	 
	 
	$
	1,096.88
	

	 
	$
	846.99
	

	 
	$
	1,356.14
	

	 
	$
	1,832.57
	

	 
	$
	245.40
	

	 
	$
	1,114.68
	

	 

	*CONFIDENTIAL
	 
	 
	68
	

	 
	 
	89
	

	 
	 
	 
	41
	

	 
	 
	38
	

	 
	 
	42
	

	 
	 
	37
	

	 
	 
	—
	

	 
	 
	295
	

	 

	*CONFIDENTIAL
	 
	 
	6
	

	 
	 
	8
	

	 
	 
	 
	3
	

	 
	 
	4
	

	 
	 
	3
	

	 
	 
	4
	

	 
	 
	—
	

	 
	 
	26
	

	 

	*CONFIDENTIAL
	 
	 
	1
	

	 
	 
	1
	

	 
	 
	 
	1
	

	 
	 
	1
	

	 
	 
	1
	

	 
	 
	1
	

	 
	 
	—
	

	 
	 
	6
	

	 

	*CONFIDENTIAL
	 
	 
	16
	

	 
	 
	9
	

	 
	 
	 
	17
	

	 
	 
	20
	

	 
	 
	11
	

	 
	 
	9
	

	 
	 
	—
	

	 
	 
	14
	

	 

	*CONFIDENTIAL
	 
	 
	13
	

	 
	 
	8
	

	 
	 
	 
	14
	

	 
	 
	18
	

	 
	 
	11
	

	 
	 
	9
	

	 
	 
	—
	

	 
	 
	13
	

	 

	 

	REGIONAL BREAKDOWN *CONFIDENTIAL
	 

	Marshall Gayden
 
	 

	 
	 
	Northeast
	 
	Southeast
	 
	 
	Central
	 
	South Central
	 
	Mid West
	 
	Western
	 
	Management
	 
	Total
	 

	Indirect Costs
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	288,584
	

	 
	 
	245,941
	

	 
	 
	 
	203,569
	

	 
	 
	207, 933
	

	 
	 
	246,104
	

	 
	 
	261,095
	

	 
	 
	102,684
	

	 
	 
	1,555,911
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	954
	

	 
	 
	954
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	300
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	300
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	4,000
	

	 
	 
	4,000
	

	 
	 
	 
	2,000
	

	 
	 
	2,427
	

	 
	 
	475
	

	 
	 
	—
	

	 
	 
	5,830
	

	 
	 
	18,732
	

	 

	*CONFIDENTIAL
	 
	 
	206,849
	

	 
	 
	88,006
	

	 
	 
	 
	79,678
	

	 
	 
	26,752
	

	 
	 
	42,021
	

	 
	 
	87,199
	

	 
	 
	135,387
	

	 
	 
	665,891
	

	 

	*CONFIDENTIAL
	 
	 
	41,724
	

	 
	 
	28,361
	

	 
	 
	 
	24,508
	

	 
	 
	22,693
	

	 
	 
	25,041
	

	 
	 
	27,542
	

	 
	 
	11,116
	

	 
	 
	180,986
	

	 

	*CONFIDENTIAL
	 
	 
	20,522
	

	 
	 
	22,599
	

	 
	 
	 
	17,295
	

	 
	 
	18,631
	

	 
	 
	20,030
	

	 
	 
	26,568
	

	 
	 
	14,085
	

	 
	 
	139,729
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	561,679
	

	 
	 
	388,907
	

	 
	 
	 
	327,050
	

	 
	 
	278,737
	

	 
	 
	333,671
	

	 
	 
	402,404
	

	 
	 
	270,055
	

	 
	 
	2,562,503
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	1,604
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	1,604
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	1,632
	

	 
	 
	1,632
	

	 

	*CONFIDENTIAL
	 
	 
	119,028
	

	 
	 
	120,653
	

	 
	 
	 
	116,869
	

	 
	 
	86,000
	

	 
	 
	123,616
	

	 
	 
	77,941
	

	 
	 
	54,961
	

	 
	 
	699,068
	

	 





108






	
																																			
	*CONFIDENTIAL
	 
	 
	15,259
	

	 
	 
	11,144
	

	 
	 
	 
	18,140
	

	 
	 
	12,659
	

	 
	 
	17,540
	

	 
	 
	9,800
	

	 
	 
	502,902
	

	 
	 
	587,443
	

	 

	*CONFIDENTIAL
	 
	 
	8,641
	

	 
	 
	3,770
	

	 
	 
	 
	8,938
	

	 
	 
	6,054
	

	 
	 
	6,811
	

	 
	 
	4,878
	

	 
	 
	882
	

	 
	 
	39,975
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	5,018
	

	 
	 
	—
	

	 
	 
	10,573
	

	 
	 
	15,591
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	64
	

	 
	 
	10
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	73
	

	 

	*CONFIDENTIAL
	 
	 
	8,225
	

	 
	 
	—
	

	 
	 
	 
	1,000
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	780
	

	 
	 
	—
	

	 
	 
	10,005
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	75
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	5,742
	

	 
	 
	5,817
	

	 

	*CONFIDENTIAL
	 
	 
	27,882
	

	 
	 
	22,925
	

	 
	 
	 
	19,865
	

	 
	 
	17,729
	

	 
	 
	19,044
	

	 
	 
	13,822
	

	 
	 
	10,296
	

	 
	 
	131,563
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	40
	

	 
	 
	4,228
	

	 
	 
	4,268
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	274
	

	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	14,801
	

	 
	 
	15,076
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	261
	

	 
	 
	188
	

	 
	 
	 
	908
	

	 
	 
	741
	

	 
	 
	340
	

	 
	 
	328
	

	 
	 
	29,832
	

	 
	 
	32,599
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	25
	

	 
	 
	25
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	(19
	

	)
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	(19
	

	)

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	 
	1,250
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	200
	

	 
	 
	—
	

	 
	 
	1,450
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	 
	250
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	250
	

	 

	*CONFIDENTIAL
	 
	 
	2,031
	

	 
	 
	714
	

	 
	 
	 
	3,848
	

	 
	 
	1,210
	

	 
	 
	450
	

	 
	 
	2,465
	

	 
	 
	850
	

	 
	 
	11,568
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	463
	

	 
	 
	463
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Indirect Expenses
	 
	 
	743,281
	

	 
	 
	548,282
	

	 
	 
	 
	498,118
	

	 
	 
	404,873
	

	 
	 
	506,499
	

	 
	 
	512,657
	

	 
	 
	907,243
	

	 
	 
	4,120,953
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 




 


	
		
	*
	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.







109






Confidential Treatment


REGIONAL BREAKDOWN *CONFIDENTIAL YEAR-TO-DATE
Marshall Gayden 
	
																											
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	Northeast
	 
	Southeast
	 
	Central
	 
	South Central
	 
	Mid West
	 
	Western
	 
	Management
	 
	Total

	Applications (ex Corp Client)
	 
	 
	22,172
	 
	 
	18,913
	 
	 
	12,922
	 
	 
	12,130
	 
	 
	9,967
	 
	 
	8,397
	 
	 
	2,584
	

	 
	 
	87,105
	


	Closing (ex Corp Client)
	 
	 
	12,576
	 
	 
	11,370
	 
	 
	7,708
	 
	 
	7,326
	 
	 
	5,918
	 
	 
	5,499
	 
	 
	1,696
	

	 
	 
	52,093
	


	*CONFIDENTIAL
	 
	$
	721.76
	 
	$
	576.10
	 
	$
	729.19
	 
	$
	628.60
	 
	$
	1,067.09
	 
	$
	1,136.76
	 
	$
	157.49
	

	 
	$
	894.99
	


	*CONFIDENTIAL
	 
	$
	157.49
	 
	$
	157.49
	 
	$
	157.49
	 
	$
	157.49
	 
	$
	157.49
	 
	$
	157.49
	 
	$
	—
	

	 
	$
	—
	


	*CONFIDENTIAL
	 
	$
	879.25
	 
	$
	733.58
	 
	$
	886.67
	 
	$
	786.09
	 
	$
	1,224.57
	 
	$
	1,294.24
	 
	$
	157.49
	

	 
	$
	894.99
	


	*CONFIDENTIAL
	 
	 
	68
	 
	 
	69
	 
	 
	41
	 
	 
	38
	 
	 
	42
	 
	 
	37
	 
	 
	—
	

	 
	 
	295
	


	*CONFIDENTIAL
	 
	 
	6
	 
	 
	6
	 
	 
	3
	 
	 
	4
	 
	 
	3
	 
	 
	4
	 
	 
	—
	

	 
	 
	26
	


	*CONFIDENTIAL
	 
	 
	1
	 
	 
	1
	 
	 
	1
	 
	 
	1
	 
	 
	1
	 
	 
	1
	 
	 
	—
	

	 
	 
	6
	


	*CONFIDENTIAL
	 
	 
	326
	 
	 
	274
	 
	 
	315
	 
	 
	319
	 
	 
	238
	 
	 
	227
	 
	 
	—
	

	 
	 
	295
	


	*CONFIDENTIAL
	 
	 
	185
	 
	 
	165
	 
	 
	188
	 
	 
	193
	 
	 
	141
	 
	 
	149
	 
	 
	—
	

	 
	 
	177
	


	 

	REGIONAL BREAKDOWN *CONFIDENTIAL YEAR-TO-DATE

	Marshall Gayden




 
	
																													
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	Northeast
	 
	Southeast
	 
	 
	Central
	 
	South Central
	 
	Mid West
	 
	 
	Western
	 
	 
	Mgmt
	 
	 
	Total

	Indirect Costs
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	3,249,293
	

	 
	2,747,720
	

	 
	 
	2,423,322
	

	 
	2,062,107
	

	 
	2,678,495
	

	 
	 
	2,855,575
	

	 
	 
	1,390,868
	

	 
	 
	17,407,381
	


	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	194
	

	 
	118
	

	 
	 
	—
	

	 
	 
	12,262
	

	 
	 
	12,574
	


	*CONFIDENTIAL
	 
	692
	

	 
	372
	

	 
	 
	—
	

	 
	1,367
	

	 
	—
	

	 
	 
	—
	

	 
	 
	9,368
	

	 
	 
	11,800
	


	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	


	*CONFIDENTIAL
	 
	5,721
	

	 
	3,269
	

	 
	 
	12,779
	

	 
	—
	

	 
	817
	

	 
	 
	15,529
	

	 
	 
	3,638
	

	 
	 
	41,754
	


	*CONFIDENTIAL
	 
	393,601
	

	 
	132,910
	

	 
	 
	93,821
	

	 
	73,518
	

	 
	101,531
	

	 
	 
	40,019
	

	 
	 
	66,116
	

	 
	 
	901,516
	


	*CONFIDENTIAL
	 
	1,957,098
	

	 
	1,041,967
	

	 
	 
	661,932
	

	 
	401,509
	

	 
	597,673
	

	 
	 
	889,167
	

	 
	 
	(58,849
	

	)
	 
	5,490,498
	


	*CONFIDENTIAL
	 
	614,205
	

	 
	457,782
	

	 
	 
	388,752
	

	 
	323,606
	

	 
	433,861
	

	 
	 
	406,708
	

	 
	 
	190,814
	

	 
	 
	2,815,727
	


	*CONFIDENTIAL
	 
	383,957
	

	 
	303,379
	

	 
	 
	246,627
	

	 
	201,864
	

	 
	257,174
	

	 
	 
	285,802
	

	 
	 
	84,715
	

	 
	 
	1,763,518
	


	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	6,604,568
	

	 
	4,687,400
	

	 
	 
	3,827,233
	

	 
	3,064,165
	

	 
	4,069,670
	

	 
	 
	4,492,799
	

	 
	 
	1,689,419
	

	 
	 
	28,444,767
	


	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	7,095
	

	 
	21,914
	

	 
	 
	39,488
	

	 
	,23,079
	

	 
	43,934
	

	 
	 
	5,469
	

	 
	 
	280
	

	 
	 
	141,259
	


	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	 
	12,625
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	12,625
	


	*CONFIDENTIAL
	 
	216
	

	 
	4,150
	

	 
	 
	1,898
	

	 
	—
	

	 
	150
	

	 
	 
	150
	

	 
	 
	3,766
	

	 
	 
	10,329
	






110






	
																													
	*CONFIDENTIAL
	 
	1,422,047
	

	 
	1,231,016
	

	 
	 
	1,119,076
	

	 
	974,082
	

	 
	1,363,365
	

	 
	 
	1,178,315
	

	 
	 
	749,628
	

	 
	 
	8,037,529
	


	*CONFIDENTIAL
	 
	498,711
	

	 
	213,626
	

	 
	 
	250,299
	

	 
	208,994
	

	 
	432,327
	

	 
	 
	195,635
	

	 
	 
	4,768,700
	

	 
	 
	6,568,292
	


	*CONFIDENTIAL
	 
	113,312
	

	 
	55,777
	

	 
	 
	75,489
	

	 
	61,384
	

	 
	89,391
	

	 
	 
	92,756
	

	 
	 
	31,731
	

	 
	 
	519,840
	


	*CONFIDENTIAL
	 
	—
	

	 
	5
	

	 
	 
	—
	

	 
	—
	

	 
	(11,570
	

	)
	 
	250
	

	 
	 
	12,217
	

	 
	 
	903
	


	*CONFIDENTIAL
	 
	16
	

	 
	(5
	

	)
	 
	87
	

	 
	64
	

	 
	400
	

	 
	 
	(208
	

	)
	 
	1,073
	

	 
	 
	1,426
	


	*CONFIDENTIAL
	 
	79,400
	

	 
	—
	

	 
	 
	12,000
	

	 
	—
	

	 
	—
	

	 
	 
	5,304
	

	 
	 
	—
	

	 
	 
	96,704
	


	*CONFIDENTIAL
	 
	850
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	850
	


	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	


	*CONFIDENTIAL
	 
	797
	

	 
	—
	

	 
	 
	—
	

	 
	472
	

	 
	290
	

	 
	 
	650
	

	 
	 
	37,070
	

	 
	 
	39,281
	


	*CONFIDENTIAL
	 
	299,195
	

	 
	305,755
	

	 
	 
	231,852
	

	 
	233,905
	

	 
	271,136
	

	 
	 
	230,320
	

	 
	 
	263,520
	

	 
	 
	1,835,684
	


	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	


	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	246
	

	 
	 
	400
	

	 
	 
	60,126
	

	 
	 
	60,772
	


	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	


	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	


	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	


	*CONFIDENTIAL
	 
	2,300
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	2,300
	


	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	


	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	


	*CONFIDENTIAL
	 
	5,005
	

	 
	1,023
	

	 
	 
	1,465
	

	 
	851
	

	 
	15,520
	

	 
	 
	968
	

	 
	 
	261,547
	

	 
	 
	286,379
	


	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	


	*CONFIDENTIAL
	 
	17,128
	

	 
	12,756
	

	 
	 
	15,579
	

	 
	11,219
	

	 
	16,971
	

	 
	 
	12,184
	

	 
	 
	269,761
	

	 
	 
	355,599
	


	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	51
	

	 
	 
	51
	


	*CONFIDENTIAL
	 
	—
	

	 
	7
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	303
	

	 
	 
	—
	

	 
	 
	310
	


	*CONFIDENTIAL
	 
	4,500
	

	 
	3,425
	

	 
	 
	13,400
	

	 
	9,800
	

	 
	3,200
	

	 
	 
	5,675
	

	 
	 
	2,250
	

	 
	 
	42,250
	


	*CONFIDENTIAL
	 
	1,500
	

	 
	—
	

	 
	 
	1,000
	

	 
	—
	

	 
	1,500
	

	 
	 
	500
	

	 
	 
	—
	

	 
	 
	4,500
	


	*CONFIDENTIAL
	 
	20,275
	

	 
	13,350
	

	 
	 
	18,364
	

	 
	14,527
	

	 
	18,268
	

	 
	 
	29,552
	

	 
	 
	3,037
	

	 
	 
	117,374
	


	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	


	*CONFIDENTIAL
	 
	—
	

	 
	1
	

	 
	 
	558
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	559
	


	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	 
	150
	

	 
	—
	

	 
	217
	

	 
	 
	—
	

	 
	 
	1,568
	

	 
	 
	1,935
	


	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	2,602
	

	 
	—
	

	 
	 
	—
	

	 
	 
	38,705
	

	 
	 
	41,307
	


	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	


	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	


	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	


	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	


	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	


	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	


	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Indirect Expenses
	 
	9,076,915
	

	 
	6,550,203
	

	 
	 
	5,620,561
	

	 
	4,605,143
	

	 
	6,315,017
	

	 
	 
	6,251,023
	

	 
	 
	8,203,961
	

	 
	 
	46,622,824
	


	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 




 



111






	
		
	*
	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.







112






Confidential Treatment
 
	
																																								
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	REAL ESTATE FIELD SALES *CONFIDENTIAL
Marshall Gayden
 

	 
	 
	Actuals
	 
	 
	12&0 Forecast
	 
	December
	 
	Month Volume Actuals
	 
	Month Productivity 
Variance
	 
	 
	 

	 
	 
	October
	 
	 
	November
	 
	December
	 
	 
	January ‘05
	 
	February ‘05
	 
	Forecast
	 
	Budget
	 
	Forecast
	 
	Budget
	 
	Forecast
	 
	 
	Budget
	 
	 

	DRIVERS
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	492
	

	 
	 
	401
	

	 
	281
	

	 
	 
	415
	

	 
	699
	

	 
	270
	

	 
	388
	

	 
	281
	

	 
	281
	

	 
	—
	

	 
	 
	—
	

	 
	 

	*CONFIDENTIAL
	 
	278
	

	 
	 
	260
	

	 
	277
	

	 
	 
	188
	

	 
	193
	

	 
	277
	

	 
	378
	

	 
	277
	

	 
	277
	

	 
	—
	

	 
	 
	—
	

	 
	 

	*CONFIDENTIAL
	 
	10
	

	 
	 
	8
	

	 
	6
	

	 
	 
	8
	

	 
	14
	

	 
	5
	

	 
	8
	

	 
	6
	

	 
	4
	

	 
	—
	

	 
	 
	—
	

	 
	 

	*CONFIDENTIAL
	 
	5
	

	 
	 
	8
	

	 
	6
	

	 
	 
	4
	

	 
	4
	

	 
	6
	

	 
	5
	

	 
	6
	

	 
	4
	

	 
	—
	

	 
	 
	—
	

	 
	 

	SUMMARY HEADCOUNT
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	91
	

	 
	 
	48
	

	 
	50
	

	 
	 
	50
	

	 
	50
	

	 
	50
	

	 
	70
	

	 
	50
	

	 
	70
	

	 
	—
	

	 
	 
	(20
	

	)
	 

	 

	REAL ESTATE FIELD SALES *CONFIDENTIAL
Marshall Gayden
 

	 
	 
	Actuals
	 
	 
	12&0 Forecast
	 
	December
	 
	Month Volume Actuals
	 
	Month Productivity 
Variance
	 
	 
	Explanations of Budget 
Productivity Variances

	 
	 
	October
	 
	 
	November
	 
	December
	 
	 
	January ‘05
	 
	February ‘05
	 
	Forecast
	 
	Budget
	 
	Forecast
	 
	Budget
	 
	Forecast
	 
	 
	Budget
	 
	 

	Indirect Costs
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	46,495
	

	 
	 
	43,630
	

	 
	27,227
	

	 
	 
	31,071
	

	 
	29,592
	

	 
	46,266
	

	 
	32,539
	

	 
	46,266
	

	 
	32,539
	

	 
	(9,040
	

	)
	 
	4,688
	

	 
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	136
	

	 
	 
	200
	

	 
	200
	

	 
	200
	

	 
	200
	

	 
	200
	

	 
	200
	

	 
	(84
	

	)
	 
	(84
	

	)
	 
	 

	*CONFIDENTIAL
	 
	7,952
	

	 
	 
	7,716
	

	 
	5,837
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	5,837
	

	 
	 
	5,837
	

	 
	 
	*CONFIDENTIAL

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	4,000
	

	 
	3,600
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	3,600
	

	 
	 
	3,600
	

	 
	 
	 

	*CONFIDENTIAL
	 
	184,616
	

	 
	 
	216,167
	

	 
	220,026
	

	 
	 
	108,848
	

	 
	108,029
	

	 
	173,087
	

	 
	252,114
	

	 
	172,920
	

	 
	172,920
	

	 
	47,106
	

	 
	 
	47,106
	

	 
	 
	*CONFIDENTIAL

	*CONFIDENTIAL
	 
	26,135
	

	 
	 
	29,786
	

	 
	17,476
	

	 
	 
	12,611
	

	 
	12,404
	

	 
	20,858
	

	 
	27,061
	

	 
	20,842
	

	 
	19,538
	

	 
	(3,366
	

	)
	 
	(2,062
	

	)
	 
	 

	*CONFIDENTIAL
	 
	11,443
	

	 
	 
	14,605
	

	 
	12,236
	

	 
	 
	16,490
	

	 
	13,640
	

	 
	16,452
	

	 
	21,349
	

	 
	16,439
	

	 
	15,409
	

	 
	(4,203
	

	)
	 
	(3,174
	

	)
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 





113






	
																																								
	*CONFIDENTIAL
	 
	276,640
	

	 
	 
	315,904
	

	 
	296,517
	

	 
	 
	169,220
	

	 
	163,864
	

	 
	256,862
	

	 
	333,263
	

	 
	256,667
	

	 
	240,606
	

	 
	39,850
	

	 
	 
	55,911
	

	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	 

	*CONFIDENTIAL
	 
	21,203
	

	 
	 
	26,471
	

	 
	21,749
	

	 
	 
	15,000
	

	 
	15,000
	

	 
	15,000
	

	 
	21,000
	

	 
	15,000
	

	 
	21,000
	

	 
	6,749
	

	 
	 
	749
	

	 
	 
	 

	*CONFIDENTIAL
	 
	4,244
	

	 
	 
	339
	

	 
	819
	

	 
	 
	3,000
	

	 
	3,000
	

	 
	1,000
	

	 
	1,000
	

	 
	1,000
	

	 
	1,000
	

	 
	(181
	

	)
	 
	(181
	

	)
	 
	 

	*CONFIDENTIAL
	 
	2,624
	

	 
	 
	3,882
	

	 
	3,683
	

	 
	 
	4,500
	

	 
	4,500
	

	 
	4,500
	

	 
	6,300
	

	 
	4,500
	

	 
	6,300
	

	 
	(817
	

	)
	 
	(2,617
	

	)
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	 

	*CONFIDENTIAL
	 
	(12,350
	

	)
	 
	13,665
	

	 
	11,026
	

	 
	 
	6,725
	

	 
	11,322
	

	 
	4,374
	

	 
	6,286
	

	 
	4,552
	

	 
	4,552
	

	 
	6,472
	

	 
	 
	6,472
	

	 
	 
	*CONFIDENTIAL

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	 

	*CONFIDENTIAL
	 
	40
	

	 
	 
	40
	

	 
	40
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	40
	

	 
	 
	40
	

	 
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	306
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	 

	*CONFIDENTIAL
	 
	1,081
	

	 
	 
	589
	

	 
	(268
	

	)
	 
	635
	

	 
	1,069
	

	 
	413
	

	 
	594
	

	 
	430
	

	 
	430
	

	 
	(686
	

	)
	 
	(686
	

	)
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	 





114






	
																																								
	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	 

	*CONFIDENTIAL
	 
	500
	

	 
	 
	500
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	 

	*CONFIDENTIAL
	 
	120
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Indirect Expenses
	 
	294,102
	

	 
	 
	361,696
	

	 
	333,575
	

	 
	 
	199,079
	

	 
	198,756
	

	 
	282,150
	

	 
	368,442
	

	 
	282,149
	

	 
	273,888
	

	 
	51,427
	

	 
	 
	59,687
	

	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	598
	

	 
	 
	902
	

	 
	1,167
	

	 
	 
	480
	

	 
	284
	

	 
	1,045
	

	 
	950
	

	 
	1,004
	

	 
	975
	

	 
	183
	

	 
	 
	212
	

	 
	 
	 

	*CONFIDENTIAL
	 
	1,066
	

	 
	 
	1,292
	

	 
	1,204
	

	 
	 
	1,055
	

	 
	1,029
	

	 
	1,018
	

	 
	975
	

	 
	1,019
	

	 
	989
	

	 
	186
	

	 
	 
	213
	

	 
	 
	 

	*CONFIDENTIAL
	 
	562
	

	 
	 
	788
	

	 
	1,055
	

	 
	 
	408
	

	 
	234
	

	 
	951
	

	 
	859
	

	 
	913
	

	 
	856
	

	 
	142
	

	 
	 
	199
	

	 
	 
	 

	*CONFIDENTIAL
	 
	1,002
	

	 
	 
	1,128
	

	 
	1,070
	

	 
	 
	900
	

	 
	849
	

	 
	927
	

	 
	882
	

	 
	927
	

	 
	889
	

	 
	144
	

	 
	 
	202
	

	 
	 
	 




 


	
		
	*
	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.






REAL ESTATE FIELD SALES *CONFIDENTIAL
Marshall Gayden
 
	
																																										
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 





115






	
																																										
	 
	 
	 
	 
	DECEMBER YTD
	 
	 
	Full Year Average
	 

	 
	 
	Actuals
	 
	Budget
	 
	Variance
	 
	 
	Budget Volume 
Actuals
	 
	Budget 
Productivity 
Variance
	 
	 
	2004 Forecast
	 
	2004 Budget
	 
	Variance
	 
	 
	2003 Actuals
	 
	Variance
	 
	 
	Budget Volume 
Actuals
	 
	Budget 
Productivity 
Variance
	 

	DRIVERS
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	7,003
	

	 
	8,974
	

	 
	(1,971
	

	)
	 
	7,003
	

	 
	—
	

	 
	 
	7,003
	

	 
	8,974
	

	 
	(1,971
	

	)
	 
	10,683
	

	 
	(3,680
	

	)
	 
	7,003
	

	 
	—
	

	 

	*CONFIDENTIAL
	 
	4,040
	

	 
	4,951
	

	 
	(911
	

	)
	 
	4,040
	

	 
	—
	

	 
	 
	4,040
	

	 
	4,951
	

	 
	(911
	

	)
	 
	6,290
	

	 
	(2,250
	

	)
	 
	4,040
	

	 
	—
	

	 

	*CONFIDENTIAL
	 
	140
	

	 
	128
	

	 
	12
	

	 
	 
	100
	

	 
	40
	

	 
	 
	144
	

	 
	144
	

	 
	0
	

	 
	 
	189
	

	 
	(45
	

	)
	 
	112
	

	 
	32
	

	 

	*CONFIDENTIAL
	 
	61
	

	 
	71
	

	 
	10
	

	 
	 
	58
	

	 
	23
	

	 
	 
	83
	

	 
	80
	

	 
	4
	

	 
	 
	111
	

	 
	(28
	

	)
	 
	65
	

	 
	18
	

	 

	SUMMARY HEADCOUNT
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	50
	

	 
	70
	

	 
	(20
	

	)
	 
	70
	

	 
	(20
	

	)
	 
	49
	

	 
	62
	

	 
	(14
	

	)
	 
	57
	

	 
	(8
	

	)
	 
	62
	

	 
	(14
	

	)

	 

	REAL ESTATE FIELD SALES *CONFIDENTIAL
Marshall Gayden
 
	

  

	 
	 
	DECEMBER YTD
	 
	 
	Full Year
	 

	 
	 
	Actuals
	 
	Budget
	 
	Variance
	 
	 
	Budget Volume 
Actuals
	 
	Budget 
Productivity 
Variance
	 
	 
	2004 Forecast
	 
	2004 Budget
	 
	Variance
	 
	 
	2003 Actuals
	 
	Variance
	 
	 
	Budget Volume 
Actuals
	 
	Budget 
Productivity 
Variance
	 

	Indirect Costs
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	478,213
	

	 
	385,101
	

	 
	90,112
	

	 
	 
	385,101
	

	 
	90,112
	

	 
	 
	475,213
	

	 
	385,101
	

	 
	90,112
	

	 
	 
	304,361
	

	 
	170,852
	

	 
	 
	385,101
	

	 
	90,112
	

	 

	*CONFIDENTIAL
	 
	143
	

	 
	2,000
	

	 
	(1,857
	

	)
	 
	2,000
	

	 
	(1,857
	

	)
	 
	143
	

	 
	2,000
	

	 
	(1,857
	

	)
	 
	—
	

	 
	143
	

	 
	 
	2,000
	

	 
	(1,857
	

	)

	*CONFIDENTIAL
	 
	92,066
	

	 
	23,482
	

	 
	68,574
	

	 
	 
	23,482
	

	 
	68,574
	

	 
	 
	92,056
	

	 
	23,482
	

	 
	68,574
	

	 
	 
	68,813
	

	 
	23,243
	

	 
	 
	23,482
	

	 
	68,574
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 

	*CONFIDENTIAL
	 
	4,246
	

	 
	—
	

	 
	4,246
	

	 
	 
	—
	

	 
	4,246
	

	 
	 
	4,246
	

	 
	—
	

	 
	4,246
	

	 
	 
	—
	

	 
	4,246
	

	 
	 
	—
	

	 
	4,246
	

	 

	*CONFIDENTIAL
	 
	54,112
	

	 
	3,000
	

	 
	51,112
	

	 
	 
	3,000
	

	 
	51,112
	

	 
	 
	54,112
	

	 
	3,000
	

	 
	51,112
	

	 
	 
	5,251
	

	 
	48,861
	

	 
	 
	3,000
	

	 
	51,112
	

	 

	*CONFIDENTIAL
	 
	2,821,471
	

	 
	3,417,595
	

	 
	(496,124
	

	)
	 
	2,704,021
	

	 
	217,450
	

	 
	 
	2,921,471
	

	 
	3,417,595
	

	 
	(496,124
	

	)
	 
	4,595,609
	

	 
	(1,674,139
	

	)
	 
	2,704,021
	

	 
	217,450
	

	 

	*CONFIDENTIAL
	 
	467,725
	

	 
	383,333
	

	 
	(15,608
	

	)
	 
	315,543
	

	 
	52,182
	

	 
	 
	367,725
	

	 
	383,333
	

	 
	(15,608
	

	)
	 
	438,438
	

	 
	(70,713
	

	)
	 
	315,543
	

	 
	52,182
	

	 

	*CONFIDENTIAL
	 
	222,643
	

	 
	308,068
	

	 
	(84,425
	

	)
	 
	255,326
	

	 
	(31,683
	

	)
	 
	223,643
	

	 
	308,068
	

	 
	(84,425
	

	)
	 
	312,961
	

	 
	(89,318
	

	)
	 
	255,326
	

	 
	(31,683
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	4,138,609
	

	 
	4,522,578
	

	 
	(383,969
	

	)
	 
	3,688,472
	

	 
	450,137
	

	 
	 
	4,138,609
	

	 
	4,522,578
	

	 
	(383,969
	

	)
	 
	5,725,434
	

	 
	(1,586,824
	

	)
	 
	3,688,472
	

	 
	450,137
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 





116






	
																																										
	*CONFIDENTIAL
	 
	5,297
	

	 
	2,275
	

	 
	3,022
	

	 
	 
	2,275
	

	 
	3,022
	

	 
	 
	5,297
	

	 
	2,275
	

	 
	3,022
	

	 
	 
	—
	

	 
	5,297
	

	 
	 
	2,275
	

	 
	3,022
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 

	*CONFIDENTIAL
	 
	245, 003
	

	 
	270,125
	

	 
	(25,122
	

	)
	 
	270,125
	

	 
	(25,122
	

	)
	 
	245,003
	

	 
	270,125
	

	 
	(25,122
	

	)
	 
	291,686
	

	 
	(46,684
	

	)
	 
	270,125
	

	 
	(25,122
	

	)

	*CONFIDENTIAL
	 
	29,216
	

	 
	11,174
	

	 
	18,042
	

	 
	 
	11,174
	

	 
	18,042
	

	 
	 
	29,216
	

	 
	11,174
	

	 
	18,042
	

	 
	 
	11,219
	

	 
	17,998
	

	 
	 
	11,174
	

	 
	18,042
	

	 

	*CONFIDENTIAL
	 
	48,826
	

	 
	71,358
	

	 
	(21,532
	

	)
	 
	71,358
	

	 
	(21,532
	

	)
	 
	49,826
	

	 
	71,358
	

	 
	(21,532
	

	)
	 
	60,392
	

	 
	(10,565
	

	)
	 
	71,358
	

	 
	(21,532
	

	)

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 

	*CONFIDENTIAL
	 
	383
	

	 
	113
	

	 
	250
	

	 
	 
	113
	

	 
	250
	

	 
	 
	363
	

	 
	113
	

	 
	250
	

	 
	 
	816
	

	 
	(253
	

	)
	 
	113
	

	 
	250
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	(4,055
	

	)
	 
	—
	

	 
	—
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 

	*CONFIDENTIAL
	 
	117
	

	 
	117
	

	 
	—
	

	 
	 
	117
	

	 
	—
	

	 
	 
	117
	

	 
	117
	

	 
	—
	

	 
	 
	4
	

	 
	114
	

	 
	 
	117
	

	 
	—
	

	 

	*CONFIDENTIAL
	 
	164,299
	

	 
	151,692
	

	 
	12,607
	

	 
	 
	119,762
	

	 
	44,538
	

	 
	 
	164,299
	

	 
	151,692
	

	 
	12,607
	

	 
	 
	217,061
	

	 
	(52,761
	

	)
	 
	119,762
	

	 
	44,538
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 

	*CONFIDENTIAL
	 
	120
	

	 
	—
	

	 
	120
	

	 
	 
	—
	

	 
	120
	

	 
	 
	120
	

	 
	—
	

	 
	120
	

	 
	 
	31
	

	 
	89
	

	 
	 
	—
	

	 
	120
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 

	*CONFIDENTIAL
	 
	349
	

	 
	—
	

	 
	349
	

	 
	 
	—
	

	 
	349
	

	 
	 
	349
	

	 
	—
	

	 
	349
	

	 
	 
	229
	

	 
	120
	

	 
	 
	—
	

	 
	349
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 

	*CONFIDENTIAL
	 
	8,491
	

	 
	13,133
	

	 
	(4,642
	

	)
	 
	10,117
	

	 
	(1,626
	

	)
	 
	8,491
	

	 
	13,133
	

	 
	(4,642
	

	)
	 
	14,439
	

	 
	(5,947
	

	)
	 
	10,117
	

	 
	(1,626
	

	)

	*CONFIDENTIAL
	 
	22
	

	 
	9
	

	 
	13
	

	 
	 
	9
	

	 
	13
	

	 
	 
	22
	

	 
	9
	

	 
	13
	

	 
	 
	174
	

	 
	(153
	

	)
	 
	9
	

	 
	13
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 





117






	
																																										
	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	200
	

	 
	(200
	

	)
	 
	—
	

	 
	—
	

	 

	*CONFIDENTIAL
	 
	6,500
	

	 
	4,000
	

	 
	2,500
	

	 
	 
	4,000
	

	 
	2,500
	

	 
	 
	6,500
	

	 
	4,000
	

	 
	2,500
	

	 
	 
	4,000
	

	 
	2,500
	

	 
	 
	4,000
	

	 
	2,500
	

	 

	*CONFIDENTIAL
	 
	2,161
	

	 
	314
	

	 
	1,847
	

	 
	 
	314
	

	 
	1,847
	

	 
	 
	2,161
	

	 
	314
	

	 
	1,847
	

	 
	 
	3,356
	

	 
	(1,196
	

	)
	 
	314
	

	 
	1,847
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	50
	

	 
	(50
	

	)
	 
	—
	

	 
	—
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 

	*CONFIDENTIAL
	 
	268
	

	 
	—
	

	 
	268
	

	 
	 
	—
	

	 
	268
	

	 
	 
	268
	

	 
	—
	

	 
	268
	

	 
	 
	570
	

	 
	(302
	

	)
	 
	—
	

	 
	268
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Indirect Expenses
	 
	4,650,641
	

	 
	5,046,889
	

	 
	(396,247
	

	)
	 
	4,177,837
	

	 
	472,805
	

	 
	 
	4,650,641
	

	 
	5,046,689
	

	 
	(396,247
	

	)
	 
	6,333,515
	

	 
	(11,682,874
	

	)
	 
	4,177,837
	

	 
	472,805
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	864
	

	 
	582
	

	 
	102
	

	 
	 
	597
	

	 
	68
	

	 
	 
	664
	

	 
	562
	

	 
	102
	

	 
	 
	593
	

	 
	71
	

	 
	 
	597
	

	 
	68
	

	 

	*CONFIDENTIAL
	 
	1,151
	

	 
	1,019
	

	 
	132
	

	 
	 
	1,034
	

	 
	117
	

	 
	 
	1,151
	

	 
	1,016
	

	 
	132
	

	 
	 
	1,007
	

	 
	144
	

	 
	 
	1,034
	

	 
	117
	

	 

	*CONFIDENTIAL
	 
	581
	

	 
	504
	

	 
	67
	

	 
	 
	527
	

	 
	64
	

	 
	 
	591
	

	 
	504
	

	 
	87
	

	 
	 
	536
	

	 
	55
	

	 
	 
	527
	

	 
	64
	

	 

	*CONFIDENTIAL
	 
	1,024
	

	 
	913
	

	 
	111
	

	 
	 
	913
	

	 
	111
	

	 
	 
	1,024
	

	 
	913
	

	 
	111
	

	 
	 
	910
	

	 
	114
	

	 
	 
	913
	

	 
	111
	

	 




 


	
		
	*
	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.







118






REGIONAL BREAKDOWN *CONFIDENTIAL
Marshall Gayden
 
	
																																	
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	Northeast
	 
	 
	Southeast
	 
	 
	Central
	 
	South Central
	 
	 
	Mid West
	 
	Western
	 
	Total
	 

	Applications (Tier 4)
	 
	 
	39
	

	 
	 
	 
	107
	

	 
	 
	 
	39
	

	 
	 
	22
	

	 
	 
	 
	33
	

	 
	 
	22
	

	 
	 
	262
	

	 

	Closing (Tier 4)
	 
	 
	32
	

	 
	 
	 
	107
	

	 
	 
	 
	36
	

	 
	 
	18
	

	 
	 
	 
	22
	

	 
	 
	23
	

	 
	 
	238
	

	 

	*CONFIDENTIAL
	 
	$
	3,534.51
	

	 
	 
	$
	378.09
	

	 
	 
	$
	1,065.77
	

	 
	$
	2,985.79
	

	 
	 
	$
	2,655.77
	

	 
	$
	1,281.60
	

	 
	$
	1,401.58
	

	 

	*CONFIDENTIAL
	 
	$
	—
	

	 
	 
	$
	—
	

	 
	 
	$
	—
	

	 
	$
	—
	

	 
	 
	$
	—
	

	 
	$
	—
	

	 
	$
	—
	

	 

	*CONFIDENTIAL
	 
	$
	3,534.51
	

	 
	 
	$
	378.09
	

	 
	 
	$
	1,065.77
	

	 
	$
	2,985.79
	

	 
	 
	$
	2,655.77
	

	 
	$
	1,281.60
	

	 
	$
	1,401.58
	

	 

	FSR (November 2004)
	 
	 
	10
	

	 
	 
	 
	6
	

	 
	 
	 
	6
	

	 
	 
	5
	

	 
	 
	 
	3
	

	 
	 
	3
	

	 
	 
	33
	

	 

	*CONFIDENTIAL
	 
	 
	4
	

	 
	 
	 
	18
	

	 
	 
	 
	7
	

	 
	 
	4
	

	 
	 
	 
	11
	

	 
	 
	7
	

	 
	 
	8
	

	 

	*CONFIDENTIAL
	 
	 
	3
	

	 
	 
	 
	18
	

	 
	 
	 
	6
	

	 
	 
	4
	

	 
	 
	 
	7
	

	 
	 
	8
	

	 
	 
	7
	

	 

	 

	REGIONAL BREAKDOWN *CONFIDENTIAL
	 

	Marshall Gayden
	 

	 
	 
	Northeast
	 
	 
	Southeast
	 
	 
	Central
	 
	South Central
	 
	 
	Mid West
	 
	Western
	 
	Total
	 

	Indirect Costs
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	4,650
	

	 
	 
	 
	7,569
	

	 
	 
	10,948
	

	 
	 
	 
	12,121
	

	 
	 
	1,938
	

	 
	 
	37,227
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	116
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	116
	

	 

	*CONFIDENTIAL
	 
	 
	2,931
	

	 
	 
	 
	2,906
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	5,837
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	 
	3,600
	

	 
	 
	—
	

	 
	 
	3,600
	

	 

	*CONFIDENTIAL
	 
	 
	99,740
	

	 
	 
	 
	23,015
	

	 
	 
	 
	15,973
	

	 
	 
	32,480
	

	 
	 
	 
	26,451
	

	 
	 
	22,366
	

	 
	 
	220,025
	

	 

	*CONFIDENTIAL
	 
	 
	3,220
	

	 
	 
	 
	2,698
	

	 
	 
	 
	2,164
	

	 
	 
	3,530
	

	 
	 
	 
	5,039
	

	 
	 
	824
	

	 
	 
	17,476
	

	 

	*CONFIDENTIAL
	 
	 
	2,779
	

	 
	 
	 
	1,646
	

	 
	 
	 
	1,465
	

	 
	 
	2,489
	

	 
	 
	 
	2,015
	

	 
	 
	1,841
	

	 
	 
	12,236
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	108,671
	

	 
	 
	 
	34,916
	

	 
	 
	 
	27,172
	

	 
	 
	49,562
	

	 
	 
	 
	49,227
	

	 
	 
	26,969
	

	 
	 
	296,517
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	2,330
	

	 
	 
	 
	2,389
	

	 
	 
	 
	8,817
	

	 
	 
	2,281
	

	 
	 
	 
	4,733
	

	 
	 
	1,199
	

	 
	 
	21,749
	

	 

	*CONFIDENTIAL
	 
	 
	57
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	 
	761
	

	 
	 
	—
	

	 
	 
	819
	

	 

	*CONFIDENTIAL
	 
	 
	318
	

	 
	 
	 
	414
	

	 
	 
	 
	839
	

	 
	 
	824
	

	 
	 
	 
	986
	

	 
	 
	302
	

	 
	 
	3,683
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 





119






	
																																	
	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	1,956
	

	 
	 
	 
	2,766
	

	 
	 
	 
	1,514
	

	 
	 
	1,156
	

	 
	 
	 
	2,648
	

	 
	 
	984
	

	 
	 
	11,025
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	40
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	40
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	(227
	

	)
	 
	 
	(30
	

	)
	 
	 
	25
	

	 
	 
	(119
	

	)
	 
	 
	72
	

	 
	 
	23
	

	 
	 
	(256
	

	)

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Indirect Expenses
	 
	 
	113,104
	

	 
	 
	 
	40,455
	

	 
	 
	 
	38,368
	

	 
	 
	53,744
	

	 
	 
	 
	58,427
	

	 
	 
	29,477
	

	 
	 
	333,575
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 




 


	
		
	*
	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.







120






Confidential Treatment
 
	
																								
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	DECEMBER 2004 FORECAST
	 

	Team
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	% of Forecast
	 
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	*CONFIDENTIAL
	 
	% of Forecast
	 

	West 1
	 
	210
	

	 
	7.00
	 
	160.5
	 
	249
	 
	118.35
	%
	 
	183
	 
	66
	 
	102
	 
	55.80
	%

	West 2
	 
	216
	

	 
	6.00
	 
	147.9
	 
	229
	 
	106.04
	%
	 
	157
	 
	71
	 
	110
	 
	70.03
	%

	West 3
	 
	200
	

	 
	6.75
	 
	177.4
	 
	275
	 
	137.66
	%
	 
	177
	 
	71
	 
	110
	 
	62.25
	%

	West 4
	 
	252
	

	 
	7.00
	 
	199.9
	 
	310
	 
	122.85
	%
	 
	183
	 
	96
	 
	149
	 
	81.16
	%

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	878
	

	 
	26.75
	 
	685.7
	 
	1,062
	 
	121.00
	%
	 
	700
	 
	304
	 
	471
	 
	67.26
	%

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	MW 1
	 
	165
	

	 
	5.00
	 
	99.2
	 
	154
	 
	93.13
	%
	 
	131
	 
	45
	 
	70
	 
	53.26
	%

	MW 2
	 
	198
	

	 
	6.00
	 
	148.8
	 
	230
	 
	116.37
	%
	 
	157
	 
	56
	 
	87
	 
	55.24
	%

	MW 3
	 
	165
	

	 
	5.00
	 
	141.6
	 
	219
	 
	132.84
	%
	 
	131
	 
	55
	 
	85
	 
	65.10
	%

	MW 4
	 
	232
	

	 
	8.00
	 
	179.1
	 
	277
	 
	119.52
	%
	 
	209
	 
	70
	 
	108
	 
	51.78
	%

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	760
	

	 
	24.00
	 
	568.7
	 
	881
	 
	115.86
	%
	 
	628
	 
	226
	 
	350
	 
	55.73
	%

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Central 1
	 
	288
	

	 
	8.00
	 
	225.3
	 
	349
	 
	121.14
	%
	 
	209
	 
	118
	 
	183
	 
	87.29
	%

	Central 2
	 
	216
	

	 
	6.00
	 
	139.5
	 
	216
	 
	99.97
	%
	 
	157
	 
	64
	 
	99
	 
	63.13
	%

	Central 3
	 
	288
	

	 
	8.00
	 
	181.7
	 
	281
	 
	97.71
	%
	 
	209
	 
	66
	 
	102
	 
	48.82
	%





121






	
																								
	Central 4
	 
	216
	

	 
	6.00
	 
	149.3
	 
	231
	 
	107.02
	%
	 
	157
	 
	89
	 
	138
	 
	87.78
	%

	Central 5
	 
	396
	

	 
	12.00
	 
	304.7
	 
	472
	 
	119.15
	%
	 
	314
	 
	133
	 
	206
	 
	65.59
	%

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	1,404
	

	 
	40.00
	 
	1000.5
	 
	1,549
	 
	110.34
	%
	 
	1047
	 
	470
	 
	728
	 
	69.54
	%

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	SC2
	 
	170
	

	 
	5.00
	 
	140.9
	 
	218
	 
	128.37
	%
	 
	131
	 
	51
	 
	79
	 
	60.36
	%

	SC3
	 
	204
	

	 
	6.00
	 
	156.8
	 
	243
	 
	119.04
	%
	 
	157
	 
	57
	 
	88
	 
	56.22
	%

	SC4
	 
	238
	

	 
	7.00
	 
	173.0
	 
	268
	 
	112.53
	%
	 
	183
	 
	71
	 
	110
	 
	60.03
	%

	SC5
	 
	238
	

	 
	7.00
	 
	212.4
	 
	329
	 
	138.21
	%
	 
	183
	 
	73
	 
	113
	 
	61.72
	%

	SC6
	 
	224
	

	 
	7.00
	 
	177.4
	 
	275
	 
	122.63
	%
	 
	183
	 
	64
	 
	99
	 
	54.11
	%

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	1,074
	

	 
	32.00
	 
	860.6
	 
	1.333
	 
	124.07
	%
	 
	837
	 
	316
	 
	489
	 
	58.44
	%

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	LR1
	 
	147
	

	 
	7.00
	 
	95.3
	 
	148
	 
	100.39
	%
	 
	183
	 
	43
	 
	67
	 
	36.35
	%

	LR2
	 
	147
	

	 
	7.00
	 
	94.3
	 
	146
	 
	99.33
	%
	 
	183
	 
	53
	 
	82
	 
	44.81
	%

	LR3
	 
	147
	

	 
	7.00
	 
	110.5
	 
	171
	 
	116.40
	%
	 
	183
	 
	48
	 
	74
	 
	40.58
	%

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	441
	

	 
	21.00
	 
	300.1
	 
	465
	 
	105.37
	%
	 
	549
	 
	144
	 
	223
	 
	40.58
	%

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	NA 1
	 
	264
	

	 
	8.00
	 
	182.4
	 
	282
	 
	106.96
	%
	 
	209
	 
	95
	 
	147
	 
	70.28
	%

	NA 2
	 
	231
	

	 
	7.00
	 
	184.2
	 
	285
	 
	123.49
	%
	 
	183
	 
	68
	 
	105
	 
	57.49
	%

	NA 3
	 
	264
	

	 
	8.00
	 
	198.2
	 
	307
	 
	116.27
	%
	 
	209
	 
	82
	 
	127
	 
	60.66
	%

	NA 4
	 
	174
	

	 
	6.00
	 
	126.1
	 
	195
	 
	112.19
	%
	 
	157
	 
	62
	 
	96
	 
	61.15
	%

	NA 5
	 
	203
	

	 
	7,00
	 
	167.0
	 
	259
	 
	127.41
	%
	 
	183
	 
	64
	 
	99
	 
	54.11
	%

	NA 6
	 
	297
	

	 
	9.00
	 
	253.4
	 
	392
	 
	132.11
	%
	 
	235
	 
	107
	 
	166
	 
	70.36
	%

	NA 7
	 
	264
	

	 
	8.00
	 
	224.3
	 
	347
	 
	131.57
	%
	 
	209
	 
	106
	 
	164
	 
	78.41
	%

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	1,697
	

	 
	53.00
	 
	1335.6
	 
	2,068
	 
	121.87
	%
	 
	1387
	 
	584
	 
	904
	 
	65.21
	%

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	SE1
	 
	360
	

	 
	10.00
	 
	305.8
	 
	474
	 
	131.54
	%
	 
	262
	 
	166
	 
	257
	 
	98.24
	%

	SE2
	 
	324
	

	 
	9.00
	 
	280.2
	 
	434
	 
	133.90
	%
	 
	235
	 
	126
	 
	195
	 
	82.85
	%

	SE3
	 
	432
	

	 
	12.00
	 
	330.9
	 
	512
	 
	118.62
	%
	 
	314
	 
	141
	 
	218
	 
	69.54
	%

	SE7
	 
	297
	

	 
	9.00
	 
	256.4
	 
	397
	 
	133.70
	%
	 
	235
	 
	97
	 
	150
	 
	63.78
	%

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	1,413
	

	 
	40.00
	 
	1173.4
	 
	1,817
	 
	128.59
	%
	 
	1047
	 
	530
	 
	821
	 
	78.41
	%

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 





122






	
																								
	CORP 1
	 
	—
	

	 
	8.00
	 
	380.9
	 
	590
	 
	#DIV/0!
	 
	 
	209
	 
	188
	 
	291
	 
	139.07
	%

	CORP 2
	 
	—
	

	 
	9.00
	 
	369.1
	 
	571
	 
	#DIV/0!
	 
	 
	235
	 
	168
	 
	260
	 
	110.47
	%

	CORP 3
	 
	—
	

	 
	10.00
	 
	397.0
	 
	615
	 
	#DIV/0!
	 
	 
	262
	 
	202
	 
	313
	 
	119.54
	%

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	—
	

	 
	27.00
	 
	1146.9
	 
	1,776
	 
	#DIV/0!
	 
	 
	706
	 
	558
	 
	864
	 
	122.31
	%

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total All Units
	 
	6,907
	

	 
	240
	 
	6,503
	 
	10,069
	 
	145.79
	%
	 
	6,901
	 
	3,132
	 
	4,850
	 
	70.28
	%




 


	
		
	*
	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.






Confidential Treatment


BUDGET BY BRANDS
 
	
																																														
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	DECEMBER
	 
	 
	YTD
	 
	 
	Forecast/Run Rate
	 

	*CONFIDENTIAL
	 
	2003 
ACTUALS
	 
	2004 
ACTUALS
	 
	2004 
BUDGET
	 
	03 
Actuals 
vs 04 
Actuals 
% 
Growth
	 
	 
	Budget 
vs 04 
Actuals 
% 
Growth
	 
	 
	2003 
ACTUALS
	 
	2004 
ACTUALS
	 
	2004 
BUDGET
	 
	03 
Actuals 
vs 04 
Actuals 
% 
Growth
	 
	 
	Budget 
vs 04 
Actuals 
% 
Growth
	 
	 
	2003 
ACTUALS
	 
	2004 
ACTUALS
	 
	2004 
BUDGET
	 
	03 
Actuals 
vs 04 
Actuals 
% 
Growth
	 
	 
	Budget 
vs 04 
Actuals 
% 
Growth
	 

	*CONFIDENTIAL
	 
	5,365
	

	 
	4,839
	

	 
	6,189
	

	 
	-9.80
	%
	 
	-21.81
	%
	 
	112,304
	

	 
	99,097
	

	 
	122,977
	

	 
	-11.76
	%
	 
	-19.42
	%
	 
	112,304
	

	 
	99,097
	

	 
	122,977
	

	 
	-11.76
	%
	 
	-19.42
	%

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	463
	

	 
	463
	

	 
	331
	

	 
	0.00
	%
	 
	39.76
	%
	 
	18,607
	

	 
	7,059
	

	 
	6,568
	

	 
	-62.06
	%
	 
	7.48
	%
	 
	18,607
	

	 
	7,059
	

	 
	6,568
	

	 
	-62.06
	%
	 
	7.48
	%

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Leads
	 
	5,828
	

	 
	5,302
	

	 
	6,620
	

	 
	0.03
	%
	 
	18.88
	%
	 
	130,911
	

	 
	106,156
	

	 
	129,545
	

	 
	-18.91
	%
	 
	-18.05
	%
	 
	130,911
	

	 
	106,156
	

	 
	129,545
	

	 
	-18.81
	%
	 
	-18.05
	%

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	1,355
	

	 
	1,203
	

	 
	1,819
	

	 
	-11.22
	%
	 
	-33.87
	%
	 
	22,159
	

	 
	17,077
	

	 
	24,114
	

	 
	-22.93
	%
	 
	-29.18
	%
	 
	22,159
	

	 
	17,077
	

	 
	24,114
	

	 
	-22.93
	%
	 
	-29.18
	%





123






	
																																														
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	191
	

	 
	185
	

	 
	47
	

	 
	-3.14
	%
	 
	293.12
	%
	 
	7,703
	

	 
	2,266
	

	 
	819
	

	 
	-70.58
	%
	 
	176.61
	%
	 
	7,703
	

	 
	2,266
	

	 
	819
	

	 
	-70.58
	%
	 
	176.61
	%

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	1,546
	

	 
	1,388
	

	 
	1,866
	

	 
	-10.22
	%
	 
	-25.63
	%
	 
	29,862
	

	 
	19,343
	

	 
	24,933
	

	 
	-35.28
	%
	 
	-22.42
	%
	 
	29,862
	

	 
	19,343
	

	 
	24,933
	

	 
	-35.23
	%
	 
	-22.42
	%

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	114
	

	 
	113
	

	 
	129
	

	 
	-0.88
	%
	 
	-12.60
	%
	 
	1,588
	

	 
	1,576
	

	 
	1,687
	

	 
	-0.76
	%
	 
	-6.61
	%
	 
	1,588
	

	 
	1,576
	

	 
	1,687
	

	 
	-0.76
	%
	 
	-6.61
	%

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	16
	

	 
	19
	

	 
	3
	

	 
	18.75
	%
	 
	473.15
	%
	 
	497
	

	 
	206
	

	 
	54
	

	 
	-58.55
	%
	 
	280.88
	%
	 
	497
	

	 
	206
	

	 
	54
	

	 
	-58.55
	%
	 
	280.88
	%

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	130
	

	 
	132
	

	 
	133
	

	 
	1.54
	%
	 
	-0.45
	%
	 
	2,086
	

	 
	1,782
	

	 
	1,742
	

	 
	-14.53
	%
	 
	2.32
	%
	 
	2,085
	

	 
	1,782
	

	 
	1,742
	

	 
	-14.53
	%
	 
	2.32
	%

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Closing Units
	 
	1,676
	

	 
	1,620
	

	 
	1,999
	

	 
	-9.31
	%
	 
	-23.96
	%
	 
	31,947
	

	 
	21,125
	

	 
	26,674
	

	 
	-33.57
	%
	 
	-20.80
	%
	 
	31,947
	

	 
	21,125
	

	 
	26,674
	

	 
	-33.87
	%
	 
	-20.80
	%

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	 
	 
	 
	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	 
	 
	 
	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	DECEMBER
	 
	 
	YTD
	 
	 
	Forecast/Run Rate
	 

	*CONFIDENTIAL
	 
	2003 
ACTUALS
	 
	2004 
ACTUALS
	 
	2004 
BUDGET
	 
	03 
Actual 
vs 04 
Actuals 
% 
Growth
	 
	 
	Budget 
vs 04 
Actuals 
% 
Growth
	 
	 
	2003 
ACTUALS
	 
	2004 
ACTUALS
	 
	2004 
BUDGET
	 
	03 
Actual 
vs 04 
Actuals 
% 
Growth
	 
	 
	Budget 
vs 04 
Actuals 
% 
Growth
	 
	 
	2003 
ACTUALS
	 
	2004 
ACTUALS
	 
	2004 
BUDGET
	 
	03 
Actual 
vs 04 
Actuals 
% 
Growth
	 
	 
	Budget 
vs 04 
Actuals 
% 
Growth
	 

	*CONFIDENTIAL
	 
	4,177
	

	 
	3,716
	

	 
	4,515
	

	 
	-11.04
	%
	 
	-17.70
	%
	 
	86,049
	

	 
	77,206
	

	 
	89,750
	

	 
	-10.28
	%
	 
	-13.98
	%
	 
	86,049
	

	 
	77,206
	

	 
	89,750
	

	 
	-10.28
	%
	 
	-13.98
	%

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	256
	

	 
	270
	

	 
	239
	

	 
	5.47
	%
	 
	12.97
	%
	 
	9,172
	

	 
	4,197
	

	 
	4,747
	

	 
	-54.24
	%
	 
	-11.59
	%
	 
	19,172
	

	 
	4,197
	

	 
	4,747
	

	 
	-54.24
	%
	 
	-11.59
	%

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Leads
	 
	4,433
	

	 
	3,985
	

	 
	4,754
	

	 
	-10.08
	%
	 
	-16.16
	%
	 
	95,221
	

	 
	81,403
	

	 
	94,497
	

	 
	-14.51
	%
	 
	-13.86
	%
	 
	95,221
	

	 
	-61,403
	

	 
	94,497
	

	 
	-14.51
	%
	 
	-13.86
	%

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	933
	

	 
	892
	

	 
	1,192
	

	 
	-4.39
	%
	 
	-25.16
	%
	 
	14,631
	

	 
	12,198
	

	 
	15,162
	

	 
	-16.63
	%
	 
	-19.55
	%
	 
	14,631
	

	 
	12,198
	

	 
	15,162
	

	 
	-16.63
	%
	 
	-19.55
	%

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	95
	

	 
	108
	

	 
	31
	

	 
	13.68
	%
	 
	252.23
	%
	 
	3,126
	

	 
	1,249
	

	 
	496
	

	 
	-60.04
	%
	 
	151.92
	%
	 
	3,126
	

	 
	1,249
	

	 
	496
	

	 
	-60.04
	%
	 
	151.92
	%

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	1,028
	

	 
	1,000
	

	 
	1,223
	

	 
	-2.72
	%
	 
	-18.20
	%
	 
	17,757
	

	 
	13,447
	

	 
	15,658
	

	 
	-24.57
	%
	 
	-14.12
	%
	 
	17,757
	

	 
	13,447
	

	 
	15,658
	

	 
	-24.27
	%
	 
	-14.12
	%

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	124
	

	 
	77
	

	 
	165
	

	 
	-37.90
	%
	 
	-53.41
	%
	 
	1,953
	

	 
	1,243
	

	 
	2,198
	

	 
	-36.35
	%
	 
	-43.45
	%
	 
	1,953
	

	 
	1,243
	

	 
	2,198
	

	 
	-36.35
	%
	 
	-43.45
	%

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 





124






	
																																														
	*CONFIDENTIAL
	 
	23
	

	 
	8
	

	 
	4
	

	 
	-65.22
	%
	 
	88.78
	%
	 
	877
	

	 
	147
	

	 
	77
	

	 
	-83.24
	%
	 
	89.91
	%
	 
	877
	

	 
	147
	

	 
	77
	

	 
	-83.24
	%
	 
	89.91
	%

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	147
	

	 
	85
	

	 
	170
	

	 
	-42.18
	%
	 
	-49.86
	%
	 
	2,630
	

	 
	1,390
	

	 
	2,276
	

	 
	-50.88
	%
	 
	-38.92
	%
	 
	2,830
	

	 
	1,390
	

	 
	2,276
	

	 
	-50.88
	%
	 
	-38.92
	%

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	200
	

	 
	255
	

	 
	83
	

	 
	27.50
	%
	 
	206.91
	%
	 
	2,676
	

	 
	2,997
	

	 
	1,451
	

	 
	12.00
	%
	 
	106.58
	%
	 
	2,676
	

	 
	2,997
	

	 
	1,451
	

	 
	12.00
	%
	 
	106.58
	%

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	60
	

	 
	113
	

	 
	38
	

	 
	88.33
	%
	 
	201.12
	%
	 
	2,625
	

	 
	1,080
	

	 
	620
	

	 
	-58.86
	%
	 
	74.06
	%
	 
	2,625
	

	 
	1,080
	

	 
	620
	

	 
	-58.86
	%
	 
	74.06
	%

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	260
	

	 
	368
	

	 
	121
	

	 
	41.64
	%
	 
	205.10
	%
	 
	6,301
	

	 
	4,077
	

	 
	2,071
	

	 
	23.09
	%
	 
	96.84
	%
	 
	6,301
	

	 
	4,077
	

	 
	2,071
	

	 
	-23.09
	%
	 
	96.84
	%

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Closing Units
	 
	1,436
	

	 
	1,463
	

	 
	1,613
	

	 
	1.25
	%
	 
	-3.95
	%
	 
	25,888
	

	 
	18,914
	

	 
	20,005
	

	 
	-26.94
	%
	 
	-5.45
	%
	 
	26,888
	

	 
	18,914
	

	 
	20,005
	

	 
	-26.94
	%
	 
	-5.45
	%

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	 
	 
	 
	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	 
	 
	 
	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 




 


	
		
	*
	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.







125






Confidential Treatment


BUDGET BY BRANDS
 
	
																																														
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	DECEMBER
	 
	 
	YTD
	 
	 
	Forecast/Run Rate
	 

	*CONFIDENTIAL
	 
	2003 
ACTUALS
	 
	2004 
ACTUALS
	 
	2004 
BUDGET
	 
	03 Actual vs 
04 Actuals % 
Growth
	 
	 
	Budget vs 04 
Actuals % 
Growth
	 
	 
	2003 
ACTUALS
	 
	2004 
ACTUALS
	 
	2004 
BUDGET
	 
	03 Actuals vs 
04 Actuals % 
Growth
	 
	 
	Budget vs 04 
Actuals % 
Growth
	 
	 
	2003 
ACTUALS
	 
	2004 
ACTUALS
	 
	2004 
BUDGET
	 
	03 Actuals vs 
04 Actuals % 
Growth
	 
	 
	Budget vs 04 
Actuals % 
Growth
	 

	*CONFIDENTIAL
	 
	4,768
	

	 
	4,406
	

	 
	4,906
	

	 
	-7.59
	%
	 
	-10.18
	%
	 
	93.328
	

	 
	85,624
	

	 
	97,484
	

	 
	-8.25
	%
	 
	-12.17
	%
	 
	93,328
	

	 
	85,624
	

	 
	97,484
	

	 
	-8.25
	%
	 
	-12.17
	%

	*CONFIDENTIAL
	 
	244
	

	 
	221
	

	 
	262
	

	 
	-9.43
	%
	 
	-15.78
	%
	 
	7,918
	

	 
	3,565
	

	 
	5,203
	

	 
	-54.98
	%
	 
	-31.48
	%
	 
	7,918
	

	 
	3,565
	

	 
	5,203
	

	 
	-54.98
	%
	 
	-31.48
	%

	Total Leads
	 
	5,012
	

	 
	4,627
	

	 
	5,168
	

	 
	-7.68
	%
	 
	-10.47
	%
	 
	101,246
	

	 
	89,189
	

	 
	102,687
	

	 
	-11.91
	%
	 
	-13.15
	%
	 
	101,246
	

	 
	89,189
	

	 
	102,687
	

	 
	-11.91
	%
	 
	-13.16
	%

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	874
	

	 
	728
	

	 
	1,162
	

	 
	-16.70
	%
	 
	-37.37
	%
	 
	13,106
	

	 
	10,570
	

	 
	14,874
	

	 
	-19.35
	%
	 
	-28.94
	%
	 
	13,106
	

	 
	10,570
	

	 
	14,874
	

	 
	-19.35
	%
	 
	-28.94
	%

	*CONFIDENTIAL
	 
	63
	

	 
	71
	

	 
	30
	

	 
	12.70
	%
	 
	135.77
	%
	 
	2,759
	

	 
	1,004
	

	 
	478
	

	 
	-63.61
	%
	 
	109.92
	%
	 
	2,759
	

	 
	1,004
	

	 
	478
	

	 
	-63.61
	%
	 
	109.92
	%

	*CONFIDENTIAL
	 
	937
	

	 
	799
	

	 
	1,192
	

	 
	-14.73
	%
	 
	-32.99
	%
	 
	15,865
	

	 
	11,574
	

	 
	15,352
	

	 
	-27.05
	%
	 
	-24.61
	%
	 
	15,865
	

	 
	11,574
	

	 
	16,352
	

	 
	-27.05
	%
	 
	-24.61
	%

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	27
	

	 
	24
	

	 
	36
	

	 
	-11.11
	%
	 
	-34.10
	%
	 
	513
	

	 
	329
	

	 
	499
	

	 
	-35.87
	%
	 
	-34.02
	%
	 
	513
	

	 
	329
	

	 
	499
	

	 
	-35.87
	%
	 
	-34.02
	%

	*CONFIDENTIAL
	 
	4
	

	 
	—
	

	 
	1
	

	 
	 
	 
	 
	 
	 
	 
	192
	

	 
	35
	

	 
	18
	

	 
	-81.77
	%
	 
	99.77
	%
	 
	192
	

	 
	35
	

	 
	18
	

	 
	-81.77
	%
	 
	99.77
	%

	*CONFIDENTIAL
	 
	31
	

	 
	24
	

	 
	37
	

	 
	-22.58
	%
	 
	-35.74
	%
	 
	705
	

	 
	364
	

	 
	516
	

	 
	-48.32
	%
	 
	-29.48
	%
	 
	705
	

	 
	364
	

	 
	516
	

	 
	-48.37
	%
	 
	-29.48
	%

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	202
	

	 
	230
	

	 
	172
	

	 
	13.86
	%
	 
	33.53
	%
	 
	2,398
	

	 
	2,552
	

	 
	2,562
	

	 
	6.42
	%
	 
	-0.37
	%
	 
	2,398
	

	 
	2,552
	

	 
	2,562
	

	 
	6.42
	%
	 
	-0.37
	%

	*CONFIDENTIAL
	 
	83
	

	 
	124
	

	 
	43
	

	 
	49.40
	%
	 
	187.96
	%
	 
	2,546
	

	 
	1,221
	

	 
	683
	

	 
	-52.04
	%
	 
	78.77
	%
	 
	2,546
	

	 
	1,221
	

	 
	683
	

	 
	-52.04
	%
	 
	78.77
	%

	*CONFIDENTIAL
	 
	285
	

	 
	354
	

	 
	215
	

	 
	24.21
	%
	 
	64.42
	%
	 
	4,944
	

	 
	3,773
	

	 
	3,245
	

	 
	-23.69
	%
	 
	16.29
	%
	 
	4,944
	

	 
	3,773
	

	 
	3,245
	

	 
	23.69
	%
	 
	16.29
	%

	Total Closing Units
	 
	1,253
	

	 
	1,177
	

	 
	1,445
	

	 
	6.07
	%
	 
	-18.55
	%
	 
	21,644
	

	 
	15,711
	

	 
	19,118
	

	 
	-26.97
	%
	 
	-17.80
	%
	 
	21,514
	

	 
	15,711
	

	 
	19,113
	

	 
	-26.97
	%
	 
	-17.80
	%

	 
	 
	 
	 

	 
	 
	DECEMBER
	 
	 
	YTD
	 
	Forecast/Run Rate
	 

	 
	 
	2003 
ACTUALS
	 
	2004 
ACTUALS
	 
	2004 
BUDGET
	 
	03 Actuals 
vs 04 
Actuals % 
Growth
	 
	 
	Budget vs 04 
Actuals % 
Growth
	 
	 
	2003 
ACTUALS
	 
	2004 
ACTUALS
	 
	2004 
BUDGET
	 
	03 Actuals vs 
04 Actuals % 
Growth
	 
	 
	Budget vs 
04 Actuals % 
Growth
	 
	 
	2003 
ACTUALS
	 
	2004 
ACTUALS
	 
	2004 
BUDGET
	 
	03 Actuals vs 
04 Actuals % 
Growth
	 
	 
	Budget vs 04 
Actuals % 
Growth
	 

	*CONFIDENTIAL
	 
	1,824
	

	 
	1,558
	

	 
	1,665
	

	 
	-14.58
	%
	 
	-6.40
	%
	 
	31,788
	

	 
	32,293
	

	 
	33,080
	

	 
	1.59
	%
	 
	-2.38
	%
	 
	31,788
	

	 
	32,293
	

	 
	33,080
	

	 
	1.59
	%
	 
	-2.38
	%

	*CONFIDENTIAL
	 
	97
	

	 
	81
	

	 
	89
	

	 
	-16.49
	%
	 
	-8.83
	%
	 
	2,944
	

	 
	1,459
	

	 
	1,762
	

	 
	-50.44
	%
	 
	-17.21
	%
	 
	2,944
	

	 
	1,459
	

	 
	1,762
	

	 
	-50.44
	%
	 
	-17.21
	%





126






	
																																														
	Total Leads
	 
	1,921
	

	 
	1,639
	

	 
	1,763
	

	 
	-14.68
	%
	 
	-6.52
	%
	 
	34,732
	

	 
	33,752
	

	 
	34,842
	

	 
	-2.82
	%
	 
	-3.18
	%
	 
	34,732
	

	 
	33,752
	

	 
	34,842
	

	 
	-2.82
	%
	 
	-3.13
	%

	*CONFIDENTIAL
	 
	51
	

	 
	288
	

	 
	407
	

	 
	-17.95
	%
	 
	-29.27
	%
	 
	5,106
	

	 
	4,501
	

	 
	5,255
	

	 
	-11.85
	%
	 
	-14.34
	%
	 
	5,106
	

	 
	4,501
	

	 
	5,255
	

	 
	-11.85
	%
	 
	-14.34
	%

	*CONFIDENTIAL
	 
	21
	

	 
	44
	

	 
	11
	

	 
	109.52
	%
	 
	317.77
	%
	 
	931
	

	 
	375
	

	 
	163
	

	 
	-59.72
	%
	 
	129.57
	%
	 
	929
	

	 
	375
	

	 
	163
	

	 
	-59.63
	%
	 
	129.57
	%

	*CONFIDENTIAL
	 
	372
	

	 
	332
	

	 
	418
	

	 
	-10.75
	%
	 
	-20.52
	%
	 
	6,037
	

	 
	4,876
	

	 
	6,418
	

	 
	-19.23
	%
	 
	-10.00
	%
	 
	6,035
	

	 
	4,876
	

	 
	5,418
	

	 
	-19.20
	%
	 
	-10.00
	%

	*CONFIDENTIAL
	 
	25
	

	 
	28
	

	 
	31
	

	 
	12.00
	%
	 
	-10.20
	%
	 
	430
	

	 
	389
	

	 
	333
	

	 
	-9.53
	%
	 
	16.88
	%
	 
	430
	

	 
	389
	

	 
	333
	

	 
	-9.53
	%
	 
	16.88
	%

	*CONFIDENTIAL
	 
	4
	

	 
	4
	

	 
	1
	

	 
	0.00
	%
	 
	400.31
	%
	 
	112
	

	 
	52
	

	 
	12
	

	 
	-53.57
	%
	 
	321.71
	%
	 
	112
	

	 
	52
	

	 
	12
	

	 
	-53.57
	%
	 
	321.71
	%

	*CONFIDENTIAL
	 
	29
	

	 
	32
	

	 
	32
	

	 
	10.34
	%
	 
	0.06
	%
	 
	542
	

	 
	441
	

	 
	345
	

	 
	-18.63
	%
	 
	27.77
	%
	 
	542
	

	 
	441
	

	 
	345
	

	 
	-18.63
	%
	 
	27.77
	%

	*CONFIDENTIAL
	 
	77
	

	 
	95
	

	 
	44
	

	 
	23.38
	%
	 
	115.02
	%
	 
	859
	

	 
	1,410
	

	 
	608
	

	 
	64.14
	%
	 
	131.80
	%
	 
	859
	

	 
	1,410
	

	 
	608
	

	 
	64.14
	%
	 
	131.80
	%

	*CONFIDENTIAL
	 
	25
	

	 
	34
	

	 
	11
	

	 
	36.00
	%
	 
	207.82
	%
	 
	939
	

	 
	610
	

	 
	164
	

	 
	-35.04
	%
	 
	272.81
	%
	 
	939
	

	 
	610
	

	 
	164
	

	 
	-35.04
	%
	 
	272.81
	%

	*CONFIDENTIAL
	 
	102
	

	 
	129
	

	 
	55
	

	 
	26.47
	%
	 
	133.58
	%
	 
	1,798
	

	 
	2,020
	

	 
	772
	

	 
	12.35
	%
	 
	161.69
	%
	 
	1,798
	

	 
	2,020
	

	 
	772
	

	 
	12.85
	%
	 
	161.69
	%

	Total Closing Units
	 
	503
	

	 
	493
	

	 
	505
	

	 
	-1.99
	%
	 
	-2.38
	%
	 
	3,377
	

	 
	7,337
	

	 
	6,535
	

	 
	-12.41
	%
	 
	12.27
	%
	 
	8,376
	

	 
	7,337
	

	 
	6,535
	

	 
	-12.39
	%
	 
	12.27
	%

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	 
	 
	 
	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	 
	 
	 
	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	 
	 
	 
	 




 


	
		
	*
	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.







127






Confidential Treatment



 
	
																																																			
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	January
	 
	 
	February
	 
	 
	March
	 
	 
	First Quarter
	 
	 
	April
	 
	 
	May
	 
	 
	June
	 
	 
	Second Quarter
	 

	 
	 
	2003
	 
	 
	2004
	 
	 
	2003
	 
	 
	2004
	 
	 
	2003
	 
	 
	2004
	 
	 
	2003
	 
	 
	2004
	 
	 
	2003
	 
	 
	2004
	 
	 
	2003
	 
	 
	2004
	 
	 
	2003
	 
	 
	2004
	 
	 
	2003
	 
	 
	2004
	 

	*CONFIDENTIAL
	 
	34,484
	 
	 
	35,293
	 
	 
	36,371
	 
	 
	38,511
	 
	 
	48,686
	 
	 
	58,731
	 
	 
	119,541
	 
	 
	132,535
	 
	 
	52,389
	 
	 
	62,420
	 
	 
	56,455
	 
	 
	62,906
	 
	 
	63,590
	 
	 
	77,911
	 
	 
	172,434
	 
	 
	203,238
	 

	*CONFIDENTIAL
	 
	54.21
	%
	 
	54.24
	%
	 
	52.29
	%
	 
	55.64
	%
	 
	53.04
	%
	 
	48.40
	%
	 
	53.15
	%
	 
	52.06
	%
	 
	50.11
	%
	 
	52.56
	%
	 
	50.62
	%
	 
	52.74
	%
	 
	47.98
	%
	 
	49.69
	%
	 
	49.49
	%
	 
	51.51
	%

	*CONFIDENTIAL
	 
	18,694
	 
	 
	19,143
	 
	 
	19,017
	 
	 
	21,429
	 
	 
	25,821
	 
	 
	28,427
	 
	 
	63,632
	 
	 
	68,999
	 
	 
	26,250
	 
	 
	32,805
	 
	 
	28,580
	 
	 
	33,176
	 
	 
	30,512
	 
	 
	38,716
	 
	 
	85,342
	 
	 
	104,697
	 

	*CONFIDENTIAL
	 
	5,608
	 
	 
	5,743
	 
	 
	5.705
	 
	 
	6,429
	 
	 
	7,746
	 
	 
	8,528
	 
	 
	19,060
	 
	 
	20,700
	 
	 
	7,875
	 
	 
	9,842
	 
	 
	8,574
	 
	 
	9,953
	 
	 
	9,154
	 
	 
	11,615
	 
	 
	25,603
	 
	 
	31,409
	 

	*CONFIDENTIAL
	 
	1,023
	 
	 
	860
	 
	 
	1.132
	 
	 
	932
	 
	 
	1,305
	 
	 
	1,297
	 
	 
	3,460
	 
	 
	3,089
	 
	 
	1,483
	 
	 
	1,489
	 
	 
	1,809
	 
	 
	1,527
	 
	 
	1,943
	 
	 
	1,721
	 
	 
	5,235
	 
	 
	4,737
	 

	*CONFIDENTIAL
	 
	5.47
	%
	 
	4.49
	%
	 
	5.95
	%
	 
	4.35
	%
	 
	5.05
	%
	 
	4.58
	%
	 
	5.45
	%
	 
	4.48
	%
	 
	5.65
	%
	 
	4.54
	%
	 
	6.33
	%
	 
	4.60
	%
	 
	6.37
	%
	 
	4.45
	%
	 
	8.13
	%
	 
	4.52
	%

	*CONFIDENTIAL
	 
	28,576
	 
	 
	27,063
	 
	 
	27,631
	 
	 
	27,681
	 
	 
	35,765
	 
	 
	40,378
	 
	 
	91,972
	 
	 
	95,121
	 
	 
	38,211
	 
	 
	43,985
	 
	 
	43,557
	 
	 
	45,350
	 
	 
	46,982
	 
	 
	55,049
	 
	 
	128,750
	 
	 
	144,384
	 

	*CONFIDENTIAL
	 
	48.04
	%
	 
	47.44
	%
	 
	48.44
	%
	 
	47.78
	%
	 
	50.49
	%
	 
	48.77
	%
	 
	49.11
	%
	 
	48.10
	%
	 
	50.65
	%
	 
	47.71
	%
	 
	49.35
	%
	 
	49.19
	%
	 
	50.22
	%
	 
	48.80
	%
	 
	50.05
	%
	 
	48.59
	%

	*CONFIDENTIAL
	 
	13,727
	 
	 
	12,839
	 
	 
	13,384
	 
	 
	13,225
	 
	 
	18,056
	 
	 
	19,690
	 
	 
	45,167
	 
	 
	45,754
	 
	 
	19,353
	 
	 
	20,987
	 
	 
	21,498
	 
	 
	22,306
	 
	 
	23,594
	 
	 
	26,865
	 
	 
	64,444
	 
	 
	70,158
	 

	*CONFIDENTIAL
	 
	4,118
	 
	 
	3,852
	 
	 
	4,015
	 
	 
	3,967
	 
	 
	5,417
	 
	 
	5,907
	 
	 
	13,550
	 
	 
	13,726
	 
	 
	5,806
	 
	 
	6,296
	 
	 
	6,449
	 
	 
	6,692
	 
	 
	7,078
	 
	 
	8,059
	 
	 
	19,333
	 
	 
	21,047
	 

	*CONFIDENTIAL
	 
	2,556
	 
	 
	1,918
	 
	 
	2,638
	 
	 
	2,115
	 
	 
	3,316
	 
	 
	3,151
	 
	 
	8,508
	 
	 
	7,184
	 
	 
	3,617
	 
	 
	3,597
	 
	 
	4,146
	 
	 
	3,748
	 
	 
	4,744
	 
	 
	4,545
	 
	 
	12,507
	 
	 
	11,890
	 

	*CONFIDENTIAL
	 
	18.62
	%
	 
	14.94
	%
	 
	19.69
	%
	 
	15.99
	%
	 
	18.36
	%
	 
	16.00
	%
	 
	18.84
	%
	 
	15.70
	%
	 
	18.69
	%
	 
	17.14
	%
	 
	19.29
	%
	 
	16.80
	%
	 
	20.11
	%
	 
	16.92
	%
	 
	19.41
	%
	 
	16.95
	%

	*CONFIDENTIAL
	 
	63,060
	 
	 
	62,356
	 
	 
	64,002
	 
	 
	66,192
	 
	 
	84,451
	 
	 
	99,109
	 
	 
	211,513
	 
	 
	227,656
	 
	 
	90,600
	 
	 
	106,405
	 
	 
	100,012
	 
	 
	108,258
	 
	 
	110,572
	 
	 
	132,960
	 
	 
	301,184
	 
	 
	347,622
	 

	*CONFIDENTIAL
	 
	51.41
	%
	 
	51.29
	%
	 
	50.63
	%
	 
	52.35
	%
	 
	51.96
	%
	 
	48.55
	%
	 
	51.39
	%
	 
	50.41
	%
	 
	50.33
	%
	 
	50.55
	%
	 
	50.07
	%
	 
	51.25
	%
	 
	48.93
	%
	 
	49.32
	%
	 
	49.73
	%
	 
	50.30
	%

	*CONFIDENTIAL
	 
	32,421
	 
	 
	31,982
	 
	 
	32,401
	 
	 
	34,654
	 
	 
	43,877
	 
	 
	48,117
	 
	 
	108,699
	 
	 
	114,753
	 
	 
	45,603
	 
	 
	53,792
	 
	 
	50,078
	 
	 
	55,482
	 
	 
	54,106
	 
	 
	65,581
	 
	 
	149,786
	 
	 
	174,855
	 

	*CONFIDENTIAL
	 
	9,726
	 
	 
	9,595
	 
	 
	9,720
	 
	 
	10,396
	 
	 
	13,163
	 
	 
	14,435
	 
	 
	32,610
	 
	 
	34,426
	 
	 
	13,681
	 
	 
	16,138
	 
	 
	15,023
	 
	 
	16,645
	 
	 
	16,232
	 
	 
	19,674
	 
	 
	44,936
	 
	 
	52,457
	 

	*CONFIDENTIAL
	 
	3,579
	 
	 
	2,778
	 
	 
	3,768
	 
	 
	3,047
	 
	 
	4,621
	 
	 
	4,448
	 
	 
	11,968
	 
	 
	10,273
	 
	 
	5,100
	 
	 
	5,086
	 
	 
	5,955
	 
	 
	5,275
	 
	 
	6,687
	 
	 
	6,268
	 
	 
	17,742
	 
	 
	16,627
	 

	*CONFIDENTIAL
	 
	11.04
	%
	 
	8.69
	%
	 
	11.63
	%
	 
	8.79
	%
	 
	10.53
	%
	 
	9,24
	%
	 
	11.01
	%
	 
	8.95
	%
	 
	11.18
	%
	 
	9.45
	%
	 
	11.89
	%
	 
	9.51
	%
	 
	12.36
	%
	 
	9.55
	%
	 
	11.84
	%
	 
	9.51
	%

	*CONFIDENTIAL
	 
	52,541
	 
	 
	50,458
	 
	 
	49,225
	 
	 
	50,182
	 
	 
	61,598
	 
	 
	72,604
	 
	 
	163,364
	 
	 
	173,244
	 
	 
	67,202
	 
	 
	77,987
	 
	 
	74,209
	 
	 
	82,465
	 
	 
	81,946
	 
	 
	93,760
	 
	 
	223,356
	 
	 
	254,213
	 

	*CONFIDENTIAL
	 
	48.41
	%
	 
	50.52
	%
	 
	51.83
	%
	 
	54.28
	%
	 
	51.07
	%
	 
	51.15
	%
	 
	50.44
	%
	 
	51.87
	%
	 
	50.95
	%
	 
	53.41
	%
	 
	52.08
	%
	 
	49.10
	%
	 
	48.13
	%
	 
	50.22
	%
	 
	50.29
	%
	 
	50.83
	%

	*CONFIDENTIAL
	 
	25,433
	 
	 
	25,492
	 
	 
	25,513
	 
	 
	27,238
	 
	 
	31,461
	 
	 
	37,135
	 
	 
	82,407
	 
	 
	89,865
	 
	 
	34,241
	 
	 
	41,652
	 
	 
	38,648
	 
	 
	40,488
	 
	 
	39,443
	 
	 
	47,082
	 
	 
	112,332
	 
	 
	129,222
	 

	*CONFIDENTIAL
	 
	7,630
	 
	 
	7,848
	 
	 
	7,654
	 
	 
	8,171
	 
	 
	9,438
	 
	 
	11,141
	 
	 
	24,722
	 
	 
	26,960
	 
	 
	10,272
	 
	 
	12,496
	 
	 
	11,594
	 
	 
	12,146
	 
	 
	11,833
	 
	 
	14,125
	 
	 
	33,700
	 
	 
	38,767
	 

	*CONFIDENTIAL
	 
	957
	 
	 
	755
	 
	 
	921
	 
	 
	786
	 
	 
	1,129
	 
	 
	1,139
	 
	 
	3,007
	 
	 
	2,680
	 
	 
	1,264
	 
	 
	1,323
	 
	 
	1,441
	 
	 
	1,300
	 
	 
	1,550
	 
	 
	1,392
	 
	 
	4,255
	 
	 
	4,015
	 

	*CONFIDENTIAL
	 
	3.76
	%
	 
	2.96
	%
	 
	3.61
	%
	 
	2.89
	%
	 
	3.59
	%
	 
	3.07
	%
	 
	3.65
	%
	 
	2.98
	%
	 
	3.69
	%
	 
	3.18
	%
	 
	3.73
	%
	 
	3.21
	%
	 
	3.93
	%
	 
	2.96
	%
	 
	3.79
	%
	 
	3.11
	%

	*CONFIDENTIAL
	 
	12,159
	 
	 
	10,397
	 
	 
	8,878
	 
	 
	10,440
	 
	 
	12,533
	 
	 
	15,124
	 
	 
	33,570
	 
	 
	35,962
	 
	 
	12,634
	 
	 
	16,836
	 
	 
	13,998
	 
	 
	16,950
	 
	 
	23,322
	 
	 
	21,010
	 
	 
	49,954
	 
	 
	54,796
	 





128






	
																																																			
	*CONFIDENTIAL
	 
	42.26
	%
	 
	55.04
	%
	 
	61.30
	%
	 
	61.00
	%
	 
	52.16
	%
	 
	55.05
	%
	 
	50.99
	%
	 
	56.77
	%
	 
	58.19
	%
	 
	56.47
	%
	 
	58.07
	%
	 
	56.53
	%
	 
	37.71
	%
	 
	52.74
	%
	 
	48.60
	%
	 
	55.06
	%

	*CONFIDENTIAL
	 
	5,139
	 
	 
	5,722
	 
	 
	5,442
	 
	 
	6,368
	 
	 
	6,537
	 
	 
	8.326
	 
	 
	17,118
	 
	 
	20,416
	 
	 
	7,352
	 
	 
	9,508
	 
	 
	8,129
	 
	 
	9,581
	 
	 
	8,795
	 
	 
	11,081
	 
	 
	24,278
	 
	 
	30,170
	 

	*CONFIDENTIAL
	 
	1,542
	 
	 
	1,717
	 
	 
	1,633
	 
	 
	1,910
	 
	 
	1,961
	 
	 
	2,498
	 
	 
	5,135
	 
	 
	6,125
	 
	 
	2,206
	 
	 
	2,852
	 
	 
	2,439
	 
	 
	2,874
	 
	 
	2,639
	 
	 
	3,324
	 
	 
	7,283
	 
	 
	9,051
	 

	*CONFIDENTIAL
	 
	313
	 
	 
	306
	 
	 
	342
	 
	 
	335
	 
	 
	425
	 
	 
	423
	 
	 
	1,080
	 
	 
	1,064
	 
	 
	455
	 
	 
	617
	 
	 
	569
	 
	 
	635
	 
	 
	617
	 
	 
	702
	 
	 
	1,641
	 
	 
	1,954
	 

	*CONFIDENTIAL
	 
	6.09
	%
	 
	5.35
	%
	 
	6.28
	%
	 
	5.26
	%
	 
	6.50
	%
	 
	5.08
	%
	 
	6.31
	%
	 
	5.21
	%
	 
	6.19
	%
	 
	6.49
	%
	 
	7.00
	%
	 
	6.63
	%
	 
	7.02
	%
	 
	6.34
	%
	 
	6.76
	%
	 
	6.48
	%

	*CONFIDENTIAL
	 
	127,760
	 
	 
	123,211
	 
	 
	122,104
	 
	 
	126,814
	 
	 
	158,582
	 
	 
	186,837
	 
	 
	408,446
	 
	 
	436,862
	 
	 
	170,438
	 
	 
	201,228
	 
	 
	188,219
	 
	 
	207,673
	 
	 
	215,839
	 
	 
	247,729
	 
	 
	574,494
	 
	 
	656,630
	 

	*CONFIDENTIAL
	 
	49.31
	%
	 
	51.29
	%
	 
	51.69
	%
	 
	53.83
	%
	 
	51.63
	%
	 
	50.09
	%
	 
	50.98
	%
	 
	51.51
	%
	 
	51.16
	%
	 
	52.16
	%
	 
	51.46
	%
	 
	50.83
	%
	 
	47.42
	%
	 
	49.95
	%
	 
	49.85
	%
	 
	50.90
	%

	*CONFIDENTIAL
	 
	62,993
	 
	 
	63,196
	 
	 
	63,356
	 
	 
	68,260
	 
	 
	81,875
	 
	 
	93,578
	 
	 
	208,224
	 
	 
	225,034
	 
	 
	87,196
	 
	 
	104,952
	 
	 
	96,855
	 
	 
	105,551
	 
	 
	102,344
	 
	 
	123,744
	 
	 
	286,394
	 
	 
	334,247
	 

	*CONFIDENTIAL
	 
	18,898
	 
	 
	18,959
	 
	 
	19,007
	 
	 
	20,478
	 
	 
	24,563
	 
	 
	28,074
	 
	 
	62,467
	 
	 
	67,510
	 
	 
	26,159
	 
	 
	31,486
	 
	 
	29,056
	 
	 
	31,665
	 
	 
	30,703
	 
	 
	37,123
	 
	 
	85,918
	 
	 
	100,274
	 

	*CONFIDENTIAL
	 
	5,083
	 
	 
	4,050
	 
	 
	5,237
	 
	 
	4,382
	 
	 
	6,397
	 
	 
	6,340
	 
	 
	16,717
	 
	 
	14,772
	 
	 
	7,088
	 
	 
	7,338
	 
	 
	8.284
	 
	 
	7,482
	 
	 
	9,180
	 
	 
	8,730
	 
	 
	24,552
	 
	 
	23,550
	 

	*CONFIDENTIAL
	 
	8.07
	%
	 
	6.41
	%
	 
	8.27
	%
	 
	6.42
	%
	 
	7.81
	%
	 
	6.77
	%
	 
	8.03
	%
	 
	6.56
	%
	 
	8.13
	%
	 
	6.99
	%
	 
	8.55
	%
	 
	7.09
	%
	 
	8.97
	%
	 
	7.05
	%
	 
	8.57
	%
	 
	7.05
	%

	*CONFIDENTIAL
	 
	89,184
	 
	 
	96,148
	 
	 
	94,473
	 
	 
	99,133
	 
	 
	122,817
	 
	 
	146,459
	 
	 
	316,474
	 
	 
	341,741
	 
	 
	132,225
	 
	 
	157,243
	 
	 
	144,662
	 
	 
	162,323
	 
	 
	168,857
	 
	 
	192,680
	 
	 
	445,744
	 
	 
	512,247
	 

	*CONFIDENTIAL
	 
	49.67
	%
	 
	62.37
	%
	 
	52.90
	%
	 
	55.52
	%
	 
	51.96
	%
	 
	50.45
	%
	 
	51.52
	%
	 
	52.46
	%
	 
	51.31
	%
	 
	53.40
	%
	 
	52.09
	%
	 
	51.28
	%
	 
	46.64
	%
	 
	50.28
	%
	 
	49.79
	%
	 
	51.56
	%

	*CONFIDENTIAL
	 
	49,266
	 
	 
	50,357
	 
	 
	49,972
	 
	 
	55.035
	 
	 
	63,819
	 
	 
	73,888
	 
	 
	163,057
	 
	 
	179,280
	 
	 
	67,843
	 
	 
	83,965
	 
	 
	75,357
	 
	 
	83,245
	 
	 
	78,750
	 
	 
	96,879
	 
	 
	221,950
	 
	 
	264,089
	 

	*CONFIDENTIAL
	 
	14,780
	 
	 
	15,107
	 
	 
	14,992
	 
	 
	16,511
	 
	 
	19,146
	 
	 
	22,166
	 
	 
	48,917
	 
	 
	53,784
	 
	 
	20,353
	 
	 
	25,190
	 
	 
	22,607
	 
	 
	24,974
	 
	 
	23,625
	 
	 
	29,064
	 
	 
	66,585
	 
	 
	79,227
	 

	*CONFIDENTIAL
	 
	2,293
	 
	 
	1,921
	 
	 
	2,395
	 
	 
	2,053
	 
	 
	2,859
	 
	 
	2,859
	 
	 
	7,547
	 
	 
	6,833
	 
	 
	3,202
	 
	 
	3,429
	 
	 
	3,819
	 
	 
	3.462
	 
	 
	4.110
	 
	 
	3,815
	 
	 
	11,131
	 
	 
	10,706
	 

	*CONFIDENTIAL
	 
	4.65
	%
	 
	3.81
	%
	 
	4.79
	%
	 
	3.73
	%
	 
	4.48
	%
	 
	3.87
	%
	 
	4.63
	%
	 
	3.81
	%
	 
	4.72
	%
	 
	4.08
	%
	 
	5.07
	%
	 
	4.16
	%
	 
	5.22
	%
	 
	3.94
	%
	 
	5.02
	%
	 
	4.05
	%




 
	
		
	(1)
	*CONFIDENTIAL






	
		
	(2)
	*CONFIDENTIAL




	
		
	(3)
	*CONFIDENTIAL




	
		
	(4)
	*CONFIDENTIAL




	
		
	*
	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.







129






Confidential Treatment



 
	
																																																								
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	July
	 
	 
	August
	 
	 
	September
	 
	 
	Third Quarter
	 
	 
	October
	 
	 
	November
	 
	 
	December
	 
	 
	Fourth Quarter
	 
	 
	Total Year
	 

	 
	 
	2003
	 
	 
	2004
	 
	 
	2003
	 
	 
	2004
	 
	 
	2003
	 
	 
	2004
	 
	 
	2003
	 
	 
	2004
	 
	 
	2003
	 
	 
	2004
	 
	 
	2003
	 
	 
	2004
	 
	 
	2003
	 
	 
	2004
	 
	 
	2003
	 
	 
	2004
	 
	 
	2003
	 
	 
	2004
	 

	*CONFIDENTIAL
	 
	62,325
	 
	 
	68,011
	 
	 
	66,171
	 
	 
	73,211
	 
	 
	65,403
	 
	 
	64,514
	 
	 
	193,899
	 
	 
	205,736
	 
	 
	59,050
	 
	 
	58,848
	 
	 
	55,405
	 
	 
	54,386
	 
	 
	58,015
	 
	 
	60,297
	 
	 
	172,470
	 
	 
	173,531
	 
	 
	658,344
	 
	 
	715,041
	 

	*CONFIDENTIAL
	 
	51.81
	%
	 
	56.13
	%
	 
	49.82
	%
	 
	48.86
	%
	 
	51.71
	%
	 
	47.91
	%
	 
	51.10
	%
	 
	50.97
	%
	 
	51.14
	%
	 
	55.15
	%
	 
	42.98
	%
	 
	51.05
	%
	 
	46.55
	%
	 
	47.56
	%
	 
	46.98
	%
	 
	51.23
	%
	 
	49.97
	%
	 
	51.39
	%

	*CONFIDENTIAL
	 
	32,293
	 
	 
	38,177
	 
	 
	32,963
	 
	 
	35,770
	 
	 
	33,819
	 
	 
	30,911
	 
	 
	99,075
	 
	 
	104,858
	 
	 
	30,200
	 
	 
	32,455
	 
	 
	23,814
	 
	 
	27,763
	 
	 
	27,005
	 
	 
	28,675
	 
	 
	81,019
	 
	 
	88,893
	 
	 
	328,968
	 
	 
	367,447
	 

	*CONFIDENTIAL
	 
	9,688
	 
	 
	11,453
	 
	 
	9,889
	 
	 
	10,731
	 
	 
	10,146
	 
	 
	9,273
	 
	 
	29,723
	 
	 
	31,457
	 
	 
	9,060
	 
	 
	9,737
	 
	 
	7,144
	 
	 
	8,329
	 
	 
	8,102
	 
	 
	8,603
	 
	 
	24,306
	 
	 
	26,668
	 
	 
	96,690
	 
	 
	110,234
	 

	*CONFIDENTIAL
	 
	1,990
	 
	 
	1,630
	 
	 
	1,972
	 
	 
	1,580
	 
	 
	1,681
	 
	 
	1,336
	 
	 
	5,643
	 
	 
	4,546
	 
	 
	1,503
	 
	 
	1,210
	 
	 
	1,162
	 
	 
	1,197
	 
	 
	1,208
	 
	 
	1,190
	 
	 
	3,873
	 
	 
	3,597
	 
	 
	18,211
	 
	 
	15,969
	 

	*CONFIDENTIAL
	 
	6.16
	%
	 
	4.27
	%
	 
	5.98
	%
	 
	4.42
	%
	 
	4.97
	%
	 
	4.32
	%
	 
	5.70
	%
	 
	4.34
	%
	 
	4.98
	%
	 
	3.73
	%
	 
	4.88
	%
	 
	4,31
	%
	 
	4.47
	%
	 
	4.15
	%
	 
	4.78
	%
	 
	4.05
	%
	 
	5.54
	%
	 
	4.35
	%

	*CONFIDENTIAL
	 
	49,075
	 
	 
	50,014
	 
	 
	48,712
	 
	 
	47,785
	 
	 
	44,472
	 
	 
	40,006
	 
	 
	142,259
	 
	 
	137,805
	 
	 
	41,709
	 
	 
	37,412
	 
	 
	33,065
	 
	 
	35,744
	 
	 
	38,872
	 
	 
	38,192
	 
	 
	113,646
	 
	 
	111,349
	 
	 
	476,627
	 
	 
	488,658
	 

	*CONFIDENTIAL
	 
	50.82
	%
	 
	49.79
	%
	 
	49.80
	%
	 
	50.13
	%
	 
	49.34
	%
	 
	49.17
	%
	 
	50.01
	%
	 
	49.73
	%
	 
	49.48
	%
	 
	49.02
	%
	 
	49.47
	%
	 
	49.70
	%
	 
	49.58
	%
	 
	49.25
	%
	 
	49.50
	%
	 
	49.32
	%
	 
	49.73
	%
	 
	48.98
	%

	*CONFIDENTIAL
	 
	24,938
	 
	 
	24,902
	 
	 
	24,260
	 
	 
	23,957
	 
	 
	21,943
	 
	 
	19,669
	 
	 
	71,141
	 
	 
	68,527
	 
	 
	20,636
	 
	 
	18,339
	 
	 
	16,358
	 
	 
	17,765
	 
	 
	19,266
	 
	 
	18,809
	 
	 
	56,260
	 
	 
	54,913
	 
	 
	237,013
	 
	 
	239,353
	 

	*CONFIDENTIAL
	 
	7,482
	 
	 
	7,470
	 
	 
	7,278
	 
	 
	7,187
	 
	 
	6,583
	 
	 
	5,901
	 
	 
	21,342
	 
	 
	20,558
	 
	 
	6,191
	 
	 
	5,502
	 
	 
	4,907
	 
	 
	5,330
	 
	 
	5,780
	 
	 
	5,643
	 
	 
	16,878
	 
	 
	16,474
	 
	 
	71,104
	 
	 
	71,806
	 

	*CONFIDENTIAL
	 
	4,782
	 
	 
	3,868
	 
	 
	4,768
	 
	 
	3,600
	 
	 
	3,864
	 
	 
	2,996
	 
	 
	13,414
	 
	 
	10,464
	 
	 
	3,301
	 
	 
	2,891
	 
	 
	2,686
	 
	 
	2,971
	 
	 
	2,833
	 
	 
	2,846
	 
	 
	8,820
	 
	 
	8,708
	 
	 
	43,249
	 
	 
	38,246
	 

	*CONFIDENTIAL
	 
	19.18
	%
	 
	15.53
	%
	 
	19.65
	%
	 
	15.03
	%
	 
	17.61
	%
	 
	15.23
	%
	 
	18.86
	%
	 
	15.27
	%
	 
	16.00
	%
	 
	15.76
	%
	 
	16.42
	%
	 
	16.72
	%
	 
	14.70
	%
	 
	15.13
	%
	 
	15.68
	%
	 
	15.86
	%
	 
	18.25
	%
	 
	15.98
	%

	*CONFIDENTIAL
	 
	111,400
	 
	 
	118,025
	 
	 
	114,883
	 
	 
	120,996
	 
	 
	109,874
	 
	 
	104,520
	 
	 
	336,157
	 
	 
	343,540
	 
	 
	100,759
	 
	 
	96,260
	 
	 
	88,470
	 
	 
	90,130
	 
	 
	96,887
	 
	 
	98,489
	 
	 
	286,116
	 
	 
	284,880
	 
	 
	1,134,970
	 
	 
	1,203,699
	 

	*CONFIDENTIAL
	 
	51.37
	%
	 
	53.45
	%
	 
	49.81
	%
	 
	49.36
	%
	 
	50.75
	%
	 
	48.39
	%
	 
	50.64
	%
	 
	50.47
	%
	 
	50.45
	%
	 
	52.77
	%
	 
	45.41
	%
	 
	50.51
	%
	 
	47.76
	%
	 
	48.21
	%
	 
	47.98
	%
	 
	50.48
	%
	 
	49.87
	%
	 
	50.41
	%

	*CONFIDENTIAL
	 
	57,231
	 
	 
	63,079
	 
	 
	57,223
	 
	 
	59,727
	 
	 
	55,762
	 
	 
	50,560
	 
	 
	170,216
	 
	 
	173,385
	 
	 
	50,836
	 
	 
	50,794
	 
	 
	40,172
	 
	 
	45,528
	 
	 
	46,271
	 
	 
	47,484
	 
	 
	137,279
	 
	 
	143,806
	 
	 
	565,981
	 
	 
	606,800
	 

	*CONFIDENTIAL
	 
	17,169
	 
	 
	18,924
	 
	 
	17,167
	 
	 
	17,918
	 
	 
	16,729
	 
	 
	15,174
	 
	 
	51,065
	 
	 
	52,016
	 
	 
	15,251
	 
	 
	15,238
	 
	 
	12,052
	 
	 
	13,658
	 
	 
	13,881
	 
	 
	14,245
	 
	 
	41,184
	 
	 
	43,142
	 
	 
	169,794
	 
	 
	182,040
	 

	*CONFIDENTIAL
	 
	6,772
	 
	 
	5,498
	 
	 
	6,740
	 
	 
	5,180
	 
	 
	5,545
	 
	 
	4,332
	 
	 
	19,057
	 
	 
	15,010
	 
	 
	4,804
	 
	 
	4,101
	 
	 
	3,848
	 
	 
	4,168
	 
	 
	4,041
	 
	 
	4,036
	 
	 
	12,693
	 
	 
	12,305
	 
	 
	61,460
	 
	 
	54,215
	 

	*CONFIDENTIAL
	 
	11.83
	%
	 
	8.72
	%
	 
	11.78
	%
	 
	8.67
	%
	 
	9.94
	%
	 
	8.56
	%
	 
	11.20
	%
	 
	8.66
	%
	 
	9.45
	%
	 
	8.07
	%
	 
	9.58
	%
	 
	9.15
	%
	 
	8.73
	%
	 
	8.50
	%
	 
	9.25
	%
	 
	8.56
	%
	 
	10.86
	%
	 
	8.93
	%

	*CONFIDENTIAL
	 
	78,376
	 
	 
	86,620
	 
	 
	76,797
	 
	 
	87,881
	 
	 
	79,102
	 
	 
	78,770
	 
	 
	234,275
	 
	 
	253,271
	 
	 
	81,638
	 
	 
	73,176
	 
	 
	69,531
	 
	 
	68,725
	 
	 
	74,950
	 
	 
	75,766
	 
	 
	226,120
	 
	 
	217,667
	 
	 
	847,114
	 
	 
	898,394
	 

	*CONFIDENTIAL
	 
	49.32
	%
	 
	52.26
	%
	 
	58.67
	%
	 
	50.33
	%
	 
	50.92
	%
	 
	48.40
	%
	 
	52.93
	%
	 
	50.39
	%
	 
	49.24
	%
	 
	54.79
	%
	 
	46.24
	%
	 
	48,76
	%
	 
	47.99
	%
	 
	49.58
	%
	 
	47.90
	%
	 
	51.07
	%
	 
	50.41
	%
	 
	50.97
	%





130






	
																																																								
	*CONFIDENTIAL
	 
	36,652
	 
	 
	45,265
	 
	 
	45,057
	 
	 
	44,229
	 
	 
	40,282
	 
	 
	38,126
	 
	 
	123,991
	 
	 
	127,620
	 
	 
	40,198
	 
	 
	40,090
	 
	 
	32,152
	 
	 
	33,512
	 
	 
	35,989
	 
	 
	37,564
	 
	 
	108,319
	 
	 
	111,166
	 
	 
	427,049
	 
	 
	457,873
	 

	*CONFIDENTIAL
	 
	11,596
	 
	 
	13,580
	 
	 
	13,517
	 
	 
	13,269
	 
	 
	12,085
	 
	 
	11,438
	 
	 
	37,197
	 
	 
	38,286
	 
	 
	12,059
	 
	 
	12,027
	 
	 
	9,646
	 
	 
	10,054
	 
	 
	10,791
	 
	 
	11,269
	 
	 
	32,496
	 
	 
	33,350
	 
	 
	128,115
	 
	 
	137,362
	 

	*CONFIDENTIAL
	 
	1,623
	 
	 
	1,319
	 
	 
	1,665
	 
	 
	1,209
	 
	 
	1,464
	 
	 
	1,039
	 
	 
	4,752
	 
	 
	3,567
	 
	 
	1,343
	 
	 
	1,019
	 
	 
	973
	 
	 
	1,000
	 
	 
	1,086
	 
	 
	960
	 
	 
	3,402
	 
	 
	2,979
	 
	 
	15,416
	 
	 
	13,241
	 

	*CONFIDENTIAL
	 
	4.20
	%
	 
	2.91
	%
	 
	3.70
	%
	 
	2.73
	%
	 
	3.63
	%
	 
	2.73
	%
	 
	3.83
	%
	 
	2.80
	%
	 
	3.34
	%
	 
	2.54
	%
	 
	3.03
	%
	 
	2.98
	%
	 
	3.02
	%
	 
	2.56
	%
	 
	3.14
	%
	 
	2.68
	%
	 
	3.61
	%
	 
	2.89
	%

	*CONFIDENTIAL
	 
	16,799
	 
	 
	18,515
	 
	 
	16,013
	 
	 
	21,380
	 
	 
	17,323
	 
	 
	17,846
	 
	 
	50,135
	 
	 
	57,740
	 
	 
	16,609
	 
	 
	16,766
	 
	 
	14,531
	 
	 
	16,224
	 
	 
	16,178
	 
	 
	18,686
	 
	 
	47,318
	 
	 
	51,676
	 
	 
	180,977
	 
	 
	200,173
	 

	*CONFIDENTIAL
	 
	45.91
	%
	 
	60.14
	%
	 
	68.68
	%
	 
	52.53
	%
	 
	50.81
	%
	 
	52.02
	%
	 
	54.88
	%
	 
	54.81
	%
	 
	49.80
	%
	 
	58.91
	%
	 
	53.33
	%
	 
	51.68
	%
	 
	47.10
	%
	 
	51.11
	%
	 
	49.96
	%
	 
	53.82
	%
	 
	51.14
	%
	 
	54.98
	%

	*CONFIDENTIAL
	 
	7,712
	 
	 
	11,134
	 
	 
	10,998
	 
	 
	11,230
	 
	 
	8,802
	 
	 
	9,284
	 
	 
	27,512
	 
	 
	31,648
	 
	 
	8,271
	 
	 
	9,877
	 
	 
	7,749
	 
	 
	8,384
	 
	 
	7,619
	 
	 
	9,551
	 
	 
	23,639
	 
	 
	27,812
	 
	 
	92,545
	 
	 
	110,046
	 

	*CONFIDENTIAL
	 
	2,314
	 
	 
	3,340
	 
	 
	3,299
	 
	 
	3,369
	 
	 
	2,641
	 
	 
	2,785
	 
	 
	8,254
	 
	 
	9,494
	 
	 
	2,481
	 
	 
	2,963
	 
	 
	2,325
	 
	 
	2,515
	 
	 
	2,286
	 
	 
	2,865
	 
	 
	7,092
	 
	 
	8,344
	 
	 
	27,764
	 
	 
	33,014
	 

	*CONFIDENTIAL
	 
	712
	 
	 
	644
	 
	 
	690
	 
	 
	588
	 
	 
	584
	 
	 
	548
	 
	 
	1,986
	 
	 
	1,780
	 
	 
	533
	 
	 
	488
	 
	 
	402
	 
	 
	423
	 
	 
	435
	 
	 
	410
	 
	 
	1,370
	 
	 
	1,321
	 
	 
	6,077
	 
	 
	6,119
	 

	*CONFIDENTIAL
	 
	9.23
	%
	 
	5.78
	%
	 
	6.27
	%
	 
	5.24
	%
	 
	6.63
	%
	 
	5.90
	%
	 
	7.22
	%
	 
	5.62
	%
	 
	6.44
	%
	 
	4.94
	%
	 
	5.19
	%
	 
	5.05
	%
	 
	5.71
	%
	 
	4.29
	%
	 
	5.80
	%
	 
	4.75
	%
	 
	6.57
	%
	 
	5.56
	%

	*CONFIDENTIAL
	 
	206,575
	 
	 
	223,160
	 
	 
	207,692
	 
	 
	230,257
	 
	 
	206,299
	 
	 
	201,135
	 
	 
	620,567
	 
	 
	654,552
	 
	 
	199,006
	 
	 
	186,202
	 
	 
	172,533
	 
	 
	175,080
	 
	 
	188,015
	 
	 
	192,941
	 
	 
	559,554
	 
	 
	554,223
	 
	 
	2,163,061
	 
	 
	2,302,267
	 

	*CONFIDENTIAL
	 
	50.15
	%
	 
	53.54
	%
	 
	54.54
	%
	 
	50.02
	%
	 
	50.82
	%
	 
	48.72
	%
	 
	51.84
	%
	 
	50.82
	%
	 
	49.90
	%
	 
	54.11
	%
	 
	46.41
	%
	 
	49.93
	%
	 
	47.79
	%
	 
	49.03
	%
	 
	48.12
	%
	 
	51.02
	%
	 
	50.19
	%
	 
	51.02
	%

	*CONFIDENTIAL
	 
	103,595
	 
	 
	119,478
	 
	 
	113,278
	 
	 
	115,186
	 
	 
	104,846
	 
	 
	97,990
	 
	 
	321,719
	 
	 
	332,653
	 
	 
	99,305
	 
	 
	100,761
	 
	 
	80,073
	 
	 
	87,424
	 
	 
	89,859
	 
	 
	94,599
	 
	 
	269,237
	 
	 
	282,784
	 
	 
	1,085,575
	 
	 
	1,174,719
	 

	*CONFIDENTIAL
	 
	31,079
	 
	 
	35,843
	 
	 
	33,983
	 
	 
	34,556
	 
	 
	31,454
	 
	 
	29,397
	 
	 
	96,516
	 
	 
	99,796
	 
	 
	29,791
	 
	 
	30,228
	 
	 
	24,022
	 
	 
	28,227
	 
	 
	26,958
	 
	 
	28,380
	 
	 
	80,771
	 
	 
	84,835
	 
	 
	325,673
	 
	 
	352,416
	 

	*CONFIDENTIAL
	 
	9,474
	 
	 
	7,792
	 
	 
	9,457
	 
	 
	7,336
	 
	 
	7,905
	 
	 
	6,246
	 
	 
	26,836
	 
	 
	21,374
	 
	 
	7,002
	 
	 
	5,844
	 
	 
	5,470
	 
	 
	5,811
	 
	 
	5,806
	 
	 
	5,607
	 
	 
	18,278
	 
	 
	17,262
	 
	 
	86,383
	 
	 
	76,958
	 

	*CONFIDENTIAL
	 
	9.15
	%
	 
	6.52
	%
	 
	8.35
	%
	 
	6.37
	%
	 
	7.54
	%
	 
	6.37
	%
	 
	8.34
	%
	 
	6.43
	%
	 
	7.05
	%
	 
	5.80
	%
	 
	6.83
	%
	 
	6.65
	%
	 
	6.46
	%
	 
	5.93
	%
	 
	6.79
	%
	 
	6.10
	%
	 
	7.96
	%
	 
	6.55
	%

	*CONFIDENTIAL
	 
	157,500
	 
	 
	173,146
	 
	 
	158,980
	 
	 
	182,472
	 
	 
	161,828
	 
	 
	161,130
	 
	 
	478,308
	 
	 
	516,747
	 
	 
	157,298
	 
	 
	148,790
	 
	 
	139,468
	 
	 
	139,336
	 
	 
	149,143
	 
	 
	154,748
	 
	 
	445,908
	 
	 
	442,874
	 
	 
	1,686,434
	 
	 
	1,813,608
	 

	*CONFIDENTIAL
	 
	49.94
	%
	 
	54.62
	%
	 
	55.99
	%
	 
	50.00
	%
	 
	51.23
	%
	 
	48.61
	%
	 
	52.39
	%
	 
	51.11
	%
	 
	50.01
	%
	 
	55.39
	%
	 
	45.68
	%
	 
	49.99
	%
	 
	47.33
	%
	 
	48.98
	%
	 
	47.76
	%
	 
	51.45
	%
	 
	50.32
	%
	 
	51.57
	%

	*CONFIDENTIAL
	 
	78,657
	 
	 
	94,576
	 
	 
	89,018
	 
	 
	91,229
	 
	 
	82,903
	 
	 
	78,321
	 
	 
	250,578
	 
	 
	264,126
	 
	 
	78,669
	 
	 
	82,422
	 
	 
	63,715
	 
	 
	69,659
	 
	 
	70,593
	 
	 
	75,790
	 
	 
	212,977
	 
	 
	227,871
	 
	 
	848,562
	 
	 
	935,366
	 

	*CONFIDENTIAL
	 
	23,597
	 
	 
	28,373
	 
	 
	26,705
	 
	 
	27,369
	 
	 
	24,871
	 
	 
	23,496
	 
	 
	75,173
	 
	 
	79,238
	 
	 
	23,601
	 
	 
	24,727
	 
	 
	19,115
	 
	 
	20,898
	 
	 
	21,178
	 
	 
	22,737
	 
	 
	63,893
	 
	 
	68,361
	 
	 
	254,569
	 
	 
	280,610
	 

	*CONFIDENTIAL
	 
	4,325
	 
	 
	3,593
	 
	 
	4,327
	 
	 
	3,377
	 
	 
	3,729
	 
	 
	2,923
	 
	 
	12,381
	 
	 
	9,893
	 
	 
	3,379
	 
	 
	2,717
	 
	 
	2,537
	 
	 
	2,620
	 
	 
	2,729
	 
	 
	2,560
	 
	 
	8,645
	 
	 
	7,897
	 
	 
	39,704
	 
	 
	35,329
	 

	*CONFIDENTIAL
	 
	5.50
	%
	 
	3.80
	%
	 
	4.86
	%
	 
	3.70
	%
	 
	4.50
	%
	 
	3.73
	%
	 
	4.94
	%
	 
	3.75
	%
	 
	4.30
	%
	 
	3.30
	%
	 
	3.98
	%
	 
	3.76
	%
	 
	3.87
	%
	 
	3.38
	%
	 
	4.06
	%
	 
	3.47
	%
	 
	4.68
	%
	 
	3.78
	%




 
	
		
	(1)
	*CONFIDENTIAL






	
		
	(2)
	*CONFIDENTIAL





131






	
		
	(3)
	*CONFIDENTIAL




	
		
	(4)
	*CONFIDENTIAL




	
		
	*
	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.






Confidential Treatment


1355 RE BUSINESS UNIT
 
	
																															
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	December
Region
	 
	Answer 
Rate
	 
	 
	Service 
Level
	 
	 
	OBG Calls
	 
	Staffed
	 
	Avg. OBG Calls 
(Column D / 
Column E)
	 
	New Lead 
ACD Calls
	 
	September
Region
	 
	Answer 
Rate
	 
	 
	Service 
Level
	 
	 
	OBG Calls
	 
	Staffed
	 
	Avg. OBG Calls 
(Column D / 
Column E)
	 
	New ACD 
Calls

	Central
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	20,199
	 
	40
	 
	505
	 
	2,115
	 
	Central
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	30,501
	 
	49
	 
	622
	 
	3,598

	Mid-Atlantic
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	N/A
	 
	N/A
	 
	N/A
	 
	N/A
	 
	Mid-Atlantic
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	17,848
	 
	31
	 
	576
	 
	2,510

	Midwest
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	9,948
	 
	24
	 
	415
	 
	1,486
	 
	Midwest
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	17,970
	 
	34
	 
	529
	 
	2,633

	North Atlantic
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	25,118
	 
	47
	 
	534
	 
	3,647
	 
	Northeast
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	22,803
	 
	49
	 
	465
	 
	3,479

	Southcentral
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	13,208
	 
	33
	 
	400
	 
	2,264
	 
	Southcentral
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	22,458
	 
	42
	 
	535
	 
	3,611

	Southeast
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	21,312
	 
	40
	 
	533
	 
	2,937
	 
	Southeast
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	31,175
	 
	51
	 
	611
	 
	3,802

	West
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	11,486
	 
	27
	 
	425
	 
	1,581
	 
	West
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	16,024
	 
	31
	 
	517
	 
	2,260

	Loan Rangers
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	7,610
	 
	21
	 
	362
	 
	1,451
	 
	Loan Rangers
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	13,263
	 
	31
	 
	428
	 
	1,960

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Subtotal R.E.
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	108,881
	 
	260
	 
	419
	 
	15,481
	 
	Subtotal R.E.
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	172,042
	 
	316
	 
	544
	 
	23,853

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Corp. Client(All)
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	13,664
	 
	29
	 
	471
	 
	1,971
	 
	Corp. Client(All)
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	19,167
	 
	32
	 
	599
	 
	2,491

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 





132






	
																															
	Grand Total
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	122,545
	 
	289
	 
	424
	 
	17,452
	 
	Grand Total
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	191,209
	 
	348
	 
	549
	 
	26,344

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	November
Region
	 
	Answer 
Rate
	 
	 
	Service 
Level
	 
	 
	OBG Calls
	 
	Staffed
	 
	Avg. OBG Calls 
(Column D / 
Column E)
	 
	New Lead 
ACD Calls
	 
	August
Region
	 
	Answer 
Rate
	 
	 
	Service 
Level
	 
	 
	OBG Calls
	 
	Staffed
	 
	Avg. OBG Calls 
(Column D / 
Column E)
	 
	New ACD 
Calls

	Mid-Atlantic
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	Mid-Atlantic
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	22,002
	 
	20
	 
	1,100
	 
	3,143

	Midwest
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	13,070
	 
	26
	 
	503
	 
	2,138
	 
	Midwest
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	21,059
	 
	21
	 
	1,003
	 
	3,044

	Northeast /Mid-Atlantic
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	16,180
	 
	52
	 
	311
	 
	4,370
	 
	Northeast
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	26,365
	 
	31
	 
	850
	 
	3,919

	Southcentral
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	28,404
	 
	34
	 
	835
	 
	2,803
	 
	Southcentral
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	27,585
	 
	26
	 
	1,061
	 
	4,531

	Southeast
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	24,258
	 
	42
	 
	578
	 
	3,592
	 
	Southeast
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	36,000
	 
	32
	 
	1,125
	 
	4,807

	West
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	14,134
	 
	30
	 
	471
	 
	2,010
	 
	West
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	20,244
	 
	19
	 
	1,065
	 
	2,447

	Loan Rangers
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	8,992
	 
	21
	 
	428
	 
	1,436
	 
	Loan Rangers
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	14,808
	 
	26
	 
	570
	 
	2,025

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Subtotal R.E.
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	131,507
	 
	246
	 
	535
	 
	19,448
	 
	Subtotal R.E.
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	204,096
	 
	206
	 
	991
	 
	28,473

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Corp. Client(All)
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	15,449
	 
	30
	 
	515
	 
	2,341
	 
	Corp. Client(All)
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	20,155
	 
	26
	 
	775
	 
	2,630

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Grand Total
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	146,956
	 
	276
	 
	532
	 
	21,789
	 
	Grand Total
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	224,251
	 
	232
	 
	967
	 
	31,103

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	October
Region
	 
	Answer 
Rate
	 
	 
	Service 
Level
	 
	 
	OBG Calls
	 
	Staffed
	 
	Avg. OBG Calls 
(Column D / 
Column E)
	 
	New Lead 
ACD Calls
	 
	July
Region
	 
	Answer 
Rate
	 
	 
	Service 
Level
	 
	 
	OBG Calls
	 
	Staffed
	 
	Avg. OBG Calls 
(Column D / 
Column E)
	 
	New ACD 
Calls





133






	
																															
	Central
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	28,097
	 
	43
	 
	653
	 
	3,560
	 
	Central
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	32,414
	 
	33
	 
	987
	 
	4,602

	Mid-Atlantic
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	14,648
	 
	25
	 
	586
	 
	2,221
	 
	Mid-Atlantic
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	20,903
	 
	20
	 
	1,028
	 
	3,353

	Midwest
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	15,861
	 
	31
	 
	512
	 
	2,728
	 
	Midwest
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	23,538
	 
	25
	 
	955
	 
	3,567

	Northeast
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	19,082
	 
	40
	 
	477
	 
	3,268
	 
	Northeast
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	25,955
	 
	33
	 
	798
	 
	4,106

	Southcentral
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	19,526
	 
	39
	 
	501
	 
	3,328
	 
	Southcentral
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	25,059
	 
	28
	 
	900
	 
	4,439

	Southeast
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	30,400
	 
	44
	 
	691
	 
	4,116
	 
	Southeast
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	36,148
	 
	36
	 
	996
	 
	5,100

	West
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	14,602
	 
	27
	 
	541
	 
	2,331
	 
	West
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	18,542
	 
	21
	 
	878
	 
	2,701

	Loan Rangers
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	10,477
	 
	24
	 
	437
	 
	1,474
	 
	Loan Rangers
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	17,454
	 
	28
	 
	620
	 
	2,627

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Subtotal R.E.
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	152,693
	 
	273
	 
	559
	 
	23,026
	 
	Subtotal R.E.
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	200,013
	 
	224
	 
	894
	 
	30,495

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Corp. Client(All)
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	17,939
	 
	33
	 
	544
	 
	2,234
	 
	Corp. Client(All)
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	15,764
	 
	25
	 
	632
	 
	2,884

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Grand Total
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	170,632
	 
	306
	 
	558
	 
	25,260
	 
	Grand Total
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	215,777
	 
	249
	 
	868
	 
	33,379

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 




 


	
		
	*
	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.







134






Confidential Treatment


1355 RE BUSINESS UNIT
 
	
																															
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	June
Region
	 
	Answer 
Rate
	 
	 
	Service 
Level
	 
	 
	OBG Calls
	 
	Staffed
	 
	Avg. OBG Calls 
(Column D / 
Column E)
	 
	New ACD 
Calls
	 
	March
Region
	 
	Answer 
Rate
	 
	 
	Service 
Level
	 
	 
	OBG Calls
	 
	Staffed
	 
	Avg. OBG Calls 
(Column D / 
Column E)
	 
	New ACD 
Calls

	Central
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	33,635
	 
	32
	 
	1,045
	 
	5,613
	 
	Central
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	42,605
	 
	36
	 
	1,200
	 
	6,787

	Mid-Atlantic
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	25,059
	 
	22
	 
	1,145
	 
	3,436
	 
	Mid-Atlantic
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	25,479
	 
	21
	 
	1,188
	 
	4,519

	Midwest
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	22,205
	 
	24
	 
	924
	 
	3,829
	 
	Midwest
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	28,989
	 
	20
	 
	1,451
	 
	5,237

	Northeast
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	26,466
	 
	37
	 
	718
	 
	5,700
	 
	Northeast
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	41,284
	 
	26
	 
	1,614
	 
	6,310

	Southcentral
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	28,952
	 
	28
	 
	1,048
	 
	4,694
	 
	Southcentral
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	37,189
	 
	26
	 
	1,426
	 
	5,914

	Southeast
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	20,260
	 
	34
	 
	594
	 
	5,350
	 
	Southeast
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	28,026
	 
	38
	 
	740
	 
	8,589

	West
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	20,443
	 
	22
	 
	913
	 
	3,369
	 
	West
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	24,646
	 
	23
	 
	1,055
	 
	4,666

	Loan Rangers
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	13,900
	 
	25
	 
	556
	 
	3,059
	 
	Subtotal R.E.
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	228,218
	 
	190
	 
	1,202
	 
	42,022

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Subtotal R.E.
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	190,920
	 
	224
	 
	852
	 
	35,050
	 
	Corp. Client(All)
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	21,857
	 
	26
	 
	841
	 
	3,104

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Corp. Client(All)
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	21,826
	 
	25
	 
	887
	 
	3,331
	 
	Grand Total
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	250,075
	 
	216
	 
	1,159
	 
	45,126

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Grand Total
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	212,746
	 
	249
	 
	855
	 
	38,381
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 





135






	
																															
	May
Region
	 
	Answer 
Rate
	 
	 
	Service 
Level
	 
	 
	OBG Calls
	 
	Staffed
	 
	Avg. OBG Calls 
(Column D / 
Column E)
	 
	New ACD 
Calls
	 
	February
Region
	 
	Answer 
Rate
	 
	 
	Service 
Level
	 
	 
	OBG Calls
	 
	Staffed
	 
	Avg. OBG Calls 
(Column D / 
Column E)
	 
	New ACD 
Calls

	Central
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	34,236
	 
	31
	 
	1,102
	 
	5,743
	 
	Central
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	39,089
	 
	21
	 
	1,833
	 
	5,213

	Mid-Atlantic
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	20,576
	 
	20
	 
	1,009
	 
	3,833
	 
	Mid-Atlantic
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	24,273
	 
	15
	 
	1,641
	 
	3,462

	Midwest
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	24,493
	 
	24
	 
	1,021
	 
	4,086
	 
	Midwest
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	26,322
	 
	15
	 
	1,787
	 
	3,998

	Northeast
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	31,700
	 
	33
	 
	956
	 
	5,801
	 
	Northeast
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	35,114
	 
	20
	 
	1,782
	 
	4,683

	Southcentral
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	26,000
	 
	26
	 
	1,005
	 
	5,198
	 
	Southcentral
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	80,187
	 
	17
	 
	4,628
	 
	4,736

	Southeast
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	23,405
	 
	31
	 
	744
	 
	6,302
	 
	Southeast
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	25,089
	 
	26
	 
	966
	 
	6,770

	West
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	19,441
	 
	20
	 
	951
	 
	3,703
	 
	West
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	25,122
	 
	15
	 
	1,715
	 
	4,182

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Subtotal R.E.
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	179,851
	 
	186
	 
	965
	 
	34,666
	 
	Subtotal R.E.
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	224,303
	 
	129
	 
	1,746
	 
	33,044

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Corp. Client(All)
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	17,064
	 
	24
	 
	703
	 
	3,067
	 
	Corp. Client(All)
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	20,656
	 
	10
	 
	2,073
	 
	2,435

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Grand Total
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	196,915
	 
	211
	 
	935
	 
	37,733
	 
	Grand Total
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	244,959
	 
	138
	 
	1,769
	 
	35,479

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	April
Region
	 
	Answer 
Rate
	 
	 
	Service 
Level
	 
	 
	OBG Calls
	 
	Staffed
	 
	Avg. OBG Calls 
(Column D / 
Column E)
	 
	New ACD 
Calls
	 
	January
Region
	 
	Answer 
Rate
	 
	 
	Service 
Level
	 
	 
	OBG Calls
	 
	Staffed (>20 
ACDs 
headcount)
	 
	Avg. OBG Calls 
(Column D / 
Column E)
	 
	New ACD 
Calls

	Central
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	33,939
	 
	37
	 
	926
	 
	6,311
	 
	Central
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	38,171
	 
	52
	 
	734
	 
	5,797

	Mid-Atlantic
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	21,657
	 
	24
	 
	921
	 
	3,949
	 
	Mid-Atlantic
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	23,707
	 
	82
	 
	289
	 
	3,891





136






	
																															
	Midwest
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	26,221
	 
	28
	 
	934
	 
	4,621
	 
	Midwest
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	22,879
	 
	33
	 
	693
	 
	3,355

	Northeast
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	35,879
	 
	39
	 
	912
	 
	6,206
	 
	Northeast
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	33,829
	 
	129
	 
	262
	 
	4,502

	Southcentral
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	28,650
	 
	29
	 
	981
	 
	5,239
	 
	Southcentral
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	28,965
	 
	40
	 
	724
	 
	4,996

	Southeast
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	24,950
	 
	41
	 
	604
	 
	6,970
	 
	Southeast
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	23,451
	 
	65
	 
	361
	 
	6.775

	West
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	21,347
	 
	22
	 
	952
	 
	4,157
	 
	West
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	24,204
	 
	31
	 
	781
	 
	3,962

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Subtotal R.E.
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	192,643
	 
	220
	 
	874
	 
	37,453
	 
	Subtotal R.E.
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	214,464
	 
	333
	 
	644
	 
	33,278

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Corp. Client(All)
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	18,744
	 
	22
	 
	852
	 
	3,283
	 
	Corp. Client(All)
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	21,987
	 
	26
	 
	846
	 
	2,494

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Grand Total
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	211,387
	 
	242
	 
	872
	 
	40,736
	 
	Grand Total
	 
	*CONFIDENTIAL
	%
	 
	*CONFIDENTIAL
	%
	 
	236,451
	 
	359
	 
	659
	 
	35,772

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 




 


	
		
	*
	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.







137






Confidential Treatment
 
	
																																						
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	Jan
	 
	Feb
	 
	Mar
	 
	Apr
	 
	May
	 
	Jun
	 
	Jul
	 
	Aug
	 
	Sep
	 
	Oct
	 
	Nov
	 
	Dec
	 
	YTD

	*CONFIDENTIAL
	 
	635
	

	 
	732
	

	 
	942
	

	 
	919
	

	 
	916
	

	 
	947
	

	 
	776
	

	 
	743
	

	 
	650
	

	 
	666
	

	 
	606
	 
	512
	 
	9,044
	


	*CONFIDENTIAL
	 
	923
	

	 
	1,091
	

	 
	1,472
	

	 
	1,380
	

	 
	1,484
	

	 
	1,295
	

	 
	1,385
	

	 
	1,318
	

	 
	1,124
	

	 
	1,091
	

	 
	963
	 
	758
	 
	14,284
	


	*CONFIDENTIAL
	 
	643
	

	 
	720
	

	 
	990
	

	 
	1,001
	

	 
	1,043
	

	 
	1,031
	

	 
	851
	

	 
	786
	

	 
	763
	

	 
	755
	

	 
	665
	 
	566
	 
	9,812
	


	*CONFIDENTIAL
	 
	2
	

	 
	3
	

	 
	6
	

	 
	11
	

	 
	4
	

	 
	2
	

	 
	8
	

	 
	3
	

	 
	4
	

	 
	3
	

	 
	4
	 
	1
	 
	51
	


	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	0
	 
	0
	 
	—
	


	*CONFIDENTIAL
	 
	496
	

	 
	533
	

	 
	770
	

	 
	823
	

	 
	802
	

	 
	774
	

	 
	754
	

	 
	732
	

	 
	642
	

	 
	643
	

	 
	546
	 
	447
	 
	7,962
	


	*CONFIDENTIAL
	 
	452
	

	 
	500
	

	 
	566
	

	 
	505
	

	 
	453
	

	 
	497
	

	 
	457
	

	 
	399
	

	 
	279
	

	 
	334
	

	 
	372
	 
	372
	 
	5,187
	


	*CONFIDENTIAL
	 
	674
	

	 
	740
	

	 
	870
	

	 
	840
	

	 
	739
	

	 
	884
	

	 
	703
	

	 
	652
	

	 
	525
	

	 
	530
	

	 
	523
	 
	460
	 
	8,139
	


	*CONFIDENTIAL
	 
	698
	

	 
	689
	

	 
	880
	

	 
	759
	

	 
	719
	

	 
	688
	

	 
	634
	

	 
	602
	

	 
	305
	

	 
	462
	

	 
	491
	 
	444
	 
	7,371
	


	*CONFIDENTIAL
	 
	98
	

	 
	94
	

	 
	124
	

	 
	105
	

	 
	102
	

	 
	128
	

	 
	136
	

	 
	102
	

	 
	104
	

	 
	65
	

	 
	71
	 
	64
	 
	1,193
	


	*CONFIDENTIAL
	 
	632
	

	 
	712
	

	 
	907
	

	 
	884
	

	 
	860
	

	 
	870
	

	 
	834
	

	 
	724
	

	 
	491
	

	 
	622
	

	 
	608
	 
	530
	 
	8,674
	


	*CONFIDENTIAL
	 
	371
	

	 
	374
	

	 
	443
	

	 
	375
	

	 
	345
	

	 
	388
	

	 
	350
	

	 
	312
	

	 
	231
	

	 
	236
	

	 
	321
	 
	243
	 
	3,990
	


	*CONFIDENTIAL
	 
	405
	

	 
	472
	

	 
	555
	

	 
	536
	

	 
	479
	

	 
	493
	

	 
	516
	

	 
	291
	

	 
	264
	

	 
	283
	

	 
	326
	 
	304
	 
	4,923
	


	*CONFIDENTIAL
	 
	515
	

	 
	548
	

	 
	688
	

	 
	652
	

	 
	629
	

	 
	697
	

	 
	598
	

	 
	528
	

	 
	349
	

	 
	419
	

	 
	455
	 
	380
	 
	6,457
	


	*CONFIDENTIAL
	 
	1
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	0
	

	 
	—
	

	 
	0
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	0
	 
	0
	 
	2
	


	*CONFIDENTIAL
	 
	209
	

	 
	310
	

	 
	441
	

	 
	436
	

	 
	423
	

	 
	399
	

	 
	442
	

	 
	437
	

	 
	374
	

	 
	341
	

	 
	309
	 
	182
	 
	4,302
	


	*CONFIDENTIAL
	 
	1,314
	

	 
	1,636
	

	 
	2,340
	

	 
	2,193
	

	 
	2,202
	

	 
	2,229
	

	 
	1,793
	

	 
	1,758
	

	 
	1,562
	

	 
	1,604
	

	 
	1,397
	 
	1,155
	 
	21,183
	


	*CONFIDENTIAL
	 
	57
	

	 
	70
	

	 
	106
	

	 
	124
	

	 
	130
	

	 
	110
	

	 
	102
	

	 
	88
	

	 
	86
	

	 
	91
	

	 
	80
	 
	64
	 
	1,106
	


	*CONFIDENTIAL
	 
	507
	

	 
	538
	

	 
	767
	

	 
	773
	

	 
	760
	

	 
	762
	

	 
	651
	

	 
	687
	

	 
	546
	

	 
	574
	

	 
	524
	 
	435
	 
	7,524
	


	*CONFIDENTIAL
	 
	972
	

	 
	1,099
	

	 
	1,351
	

	 
	1,479
	

	 
	1,413
	

	 
	1,362
	

	 
	1,220
	

	 
	1,151
	

	 
	991
	

	 
	958
	

	 
	1,000
	 
	764
	 
	13,760
	


	*CONFIDENTIAL
	 
	196
	

	 
	224
	

	 
	338
	

	 
	346
	

	 
	344
	

	 
	348
	

	 
	303
	

	 
	264
	

	 
	229
	

	 
	269
	

	 
	228
	 
	164
	 
	3,253
	


	*CONFIDENTIAL
	 
	93
	

	 
	91
	

	 
	113
	

	 
	130
	

	 
	150
	

	 
	135
	

	 
	136
	

	 
	141
	

	 
	128
	

	 
	95
	

	 
	105
	 
	81
	 
	1,398
	


	*CONFIDENTIAL
	 
	1,505
	

	 
	1,971
	

	 
	2,638
	

	 
	2,640
	

	 
	2,460
	

	 
	2,401
	

	 
	2,302
	

	 
	2,086
	

	 
	1,811
	

	 
	1,691
	

	 
	1,503
	 
	1,167
	 
	24,175
	


	*CONFIDENTIAL
	 
	283
	

	 
	365
	

	 
	399
	

	 
	416
	

	 
	436
	

	 
	445
	

	 
	433
	

	 
	420
	

	 
	326
	

	 
	359
	

	 
	323
	 
	222
	 
	4,427
	


	*CONFIDENTIAL
	 
	635
	

	 
	734
	

	 
	1,021
	

	 
	1,001
	

	 
	961
	

	 
	985
	

	 
	914
	

	 
	862
	

	 
	725
	

	 
	735
	

	 
	682
	 
	523
	 
	9,778
	


	*CONFIDENTIAL
	 
	941
	

	 
	1,137
	

	 
	1,898
	

	 
	1,961
	

	 
	1,719
	

	 
	1,623
	

	 
	1,470
	

	 
	1,521
	

	 
	1,156
	

	 
	1,345
	

	 
	1,024
	 
	940
	 
	16,735
	


	*CONFIDENTIAL
	 
	365
	

	 
	401
	

	 
	586
	

	 
	584
	

	 
	569
	

	 
	547
	

	 
	697
	

	 
	592
	

	 
	464
	

	 
	497
	

	 
	453
	 
	307
	 
	6,062
	


	*CONFIDENTIAL
	 
	619
	

	 
	609
	

	 
	831
	

	 
	853
	

	 
	824
	

	 
	807
	

	 
	845
	

	 
	770
	

	 
	624
	

	 
	652
	

	 
	602
	 
	488
	 
	8,524
	


	*CONFIDENTIAL
	 
	323
	

	 
	389
	

	 
	499
	

	 
	486
	

	 
	456
	

	 
	437
	

	 
	422
	

	 
	382
	

	 
	375
	

	 
	353
	

	 
	380
	 
	308
	 
	4,810
	






138






	
																																						
	*CONFIDENTIAL
	 
	353
	

	 
	408
	

	 
	556
	

	 
	575
	

	 
	555
	

	 
	524
	

	 
	495
	

	 
	467
	

	 
	424
	

	 
	368
	

	 
	303
	 
	230
	 
	5,258
	


	*CONFIDENTIAL
	 
	1,023
	

	 
	1,176
	

	 
	1,627
	

	 
	1,661
	

	 
	1,548
	

	 
	1,451
	

	 
	1,318
	

	 
	1,276
	

	 
	1,068
	

	 
	1,019
	

	 
	945
	 
	756
	 
	14,868
	


	*CONFIDENTIAL
	 
	323
	

	 
	425
	

	 
	512
	

	 
	521
	

	 
	515
	

	 
	453
	

	 
	451
	

	 
	463
	

	 
	423
	

	 
	419
	

	 
	362
	 
	266
	 
	5,132
	


	*CONFIDENTIAL
	 
	624
	

	 
	819
	

	 
	1,102
	

	 
	975
	

	 
	1,053
	

	 
	969
	

	 
	885
	

	 
	895
	

	 
	774
	

	 
	793
	

	 
	710
	 
	531
	 
	10,131
	


	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	0
	 
	0
	 
	—
	


	*CONFIDENTIAL
	 
	445
	

	 
	595
	

	 
	673
	

	 
	688
	

	 
	583
	

	 
	664
	

	 
	629
	

	 
	618
	

	 
	544
	

	 
	498
	

	 
	464
	 
	337
	 
	6,737
	


	*CONFIDENTIAL
	 
	1,260
	

	 
	1,344
	

	 
	1,768
	

	 
	1,502
	

	 
	1,551
	

	 
	1,590
	

	 
	1,375
	

	 
	1,393
	

	 
	1,132
	

	 
	1,174
	

	 
	1,122
	 
	872
	 
	16,082
	


	*CONFIDENTIAL
	 
	246
	

	 
	290
	

	 
	369
	

	 
	360
	

	 
	280
	

	 
	256
	

	 
	247
	

	 
	228
	

	 
	170
	

	 
	216
	

	 
	250
	 
	167
	 
	3,077
	


	*CONFIDENTIAL
	 
	324
	

	 
	348
	

	 
	475
	

	 
	384
	

	 
	392
	

	 
	383
	

	 
	314
	

	 
	314
	

	 
	256
	

	 
	231
	

	 
	261
	 
	192
	 
	3,872
	


	*CONFIDENTIAL
	 
	0
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	0
	 
	0
	 
	—
	


	*CONFIDENTIAL
	 
	186
	

	 
	225
	

	 
	265
	

	 
	254
	

	 
	265
	

	 
	323
	

	 
	253
	

	 
	222
	

	 
	211
	

	 
	203
	

	 
	188
	 
	257
	 
	2,852
	


	*CONFIDENTIAL
	 
	 
	 
	 
	 
	233
	

	 
	207
	

	 
	186
	

	 
	208
	

	 
	172
	

	 
	197
	

	 
	209
	

	 
	156
	

	 
	367
	 
	399
	 
	2,334
	


	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	19,346
	

	 
	22,411
	

	 
	30,120
	

	 
	29,338
	

	 
	28,352
	

	 
	28,105
	

	 
	25,870
	

	 
	24,424
	

	 
	20,339
	

	 
	20,749
	

	 
	19,531
	 
	15,885
	 
	284,470
	


	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	20,080
	

	 
	21,088
	

	 
	25,542
	

	 
	27,107
	

	 
	27,242
	

	 
	27,812
	

	 
	27,318
	

	 
	24,011
	

	 
	22,536
	

	 
	22,665
	

	 
	17,753
	 
	15,804
	 
	278,958
	


	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 




 


	
		
	*
	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended






Confidential Treatment


SMALL CORPS
December 2004
Marshall Gayden / John Hogan Monthly Highlights:
 
	
		
	1)
	Sub financial results were impacted by two new accounting policies implemented in December. These policies were implemented to ensure compliance with Sarbanes-Oxley and GAAP. The first policy establishes a reserve account for early payoffs on loans the Subs sell in the secondary market. If the loans pay off early (generally 90-120 days, depending on the Investor), it is required that any premium the investor paid for the loan, be refunded. As a group, $*CONFIDENTIAL was reserved in December to account for this. The second policy relates to FAS 91, which requires the deferral of certain revenues and expenses until loans are sold in the secondary market. The net effect of this deferral, which was posted in December, was to reduce income by $*CONFIDENTIAL million. In both cases, these figures are high due to the implementation of new policies. On a go forward basis, the impact on the income statement will be minimal as these figures will fluctuate with volume and warehouse balances.




 

139






	
		
	2)
	December EBITDA before Executive Expenses was $*CONFIDENTIAL million (*CONFIDENTIAL bps). YTD is $*CONFIDENTIAL million (*CONFIDENTIAL bps). December Income before the accounting policy changes would have been $*CONFIDENTIAL million for *CONFIDENTIAL bps, which is one of the stronger months of the year. Figures do not include *CONFIDENTIAL as they are included in Cendant Mortgage results.




 
	
		
	3)
	December volume was $790 million, just short of November’s $811 million. December ‘04 volume was *CONFIDENTIAL% higher than December ‘93. Full year volume is $9.9 billion, *CONFIDENTIAL% ahead of budget. Figures include *CONFIDENTIAL. Without *CONFIDENTIAL, the figures are $*CONFIDENTIAL billion and $*CONFIDENTIAL billion, respectively.




 
	
		
	4)
	Purchase volume in December was $549 million, down *CONFIDENTIAL% from November. *CONFIDENTIAL were up *CONFIDENTIAL% from November for the offices covered by the Subs. Purchases represented *CONFIDENTIAL% of total Sub closings.




 
	
		
	5)
	Sub purchase volume in December 2004 was up *CONFIDENTIAL% over December 2003. YTD, Sub purchase volumes are up 11% over the prior year. In both cases, the figures exclude *CONFIDENTIAL. *CONFIDENTIAL covered by the subs are up *CONFIDENTIAL% year over year.




 
	
		
	6)
	Sub volumes delivered to Cendant Mortgage in December via *CONFIDENTIAL were $*CONFIDENTIAL million. This was the fourth consecutive strong increase and is nearly double the August deliveries of $*CONFIDENTIAL million. The percentage of Sub volume locked with Cendant was *CONFIDENTIAL%, the second consecutive month over *CONFIDENTIAL%.




 
	
		
	7)
	Capture rate within the *CONFIDENTIAL offices supported by the subs was *CONFIDENTIAL%. The YTD figure is *CONFIDENTIAL%.




 


	
		
	*
	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.







140






Confidential Treatment


SMALL CORPS TOTAL
Marshall Gayden
 
	
																													
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	Actuals
	 
	12&0 Forecast
	 
	December
	 
	Month Volume Actuals
	 
	Month Productivity Variance
	 

	 
	 
	October
	 
	November
	 
	December
	 
	January ’05
	 
	February ’05
	 
	Forecast
	 
	Budget
	 
	Forecast
	 
	Budget
	 
	Forecast
	 
	 
	Budget
	 

	DRIVERS
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	589
	 
	544
	 
	475
	 
	426
	 
	498
	 
	491
	 
	522
	

	 
	475
	 
	475
	

	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	496
	 
	479
	 
	459
	 
	389
	 
	421
	 
	415
	 
	454
	

	 
	459
	 
	459
	

	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	74
	 
	90
	 
	82
	 
	80
	 
	101
	 
	73
	 
	175
	

	 
	82
	 
	82
	

	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	63
	 
	58
	 
	70
	 
	42
	 
	52
	 
	59
	 
	159
	

	 
	70
	 
	70
	

	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	135
	 
	104
	 
	85
	 
	130
	 
	153
	 
	104
	 
	—
	

	 
	83
	 
	83
	

	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	67
	 
	69
	 
	86
	 
	78
	 
	72
	 
	90
	 
	—
	

	 
	88
	 
	88
	

	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	655
	 
	572
	 
	515
	 
	453
	 
	687
	 
	496
	 
	363
	

	 
	515
	 
	515
	

	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	488
	 
	527
	 
	453
	 
	352
	 
	296
	 
	430
	 
	457
	

	 
	453
	 
	453
	

	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	78
	 
	97
	 
	50
	 
	46
	 
	53
	 
	86
	 
	290
	

	 
	50
	 
	50
	

	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	116
	 
	110
	 
	107
	 
	46
	 
	52
	 
	85
	 
	87
	

	 
	107
	 
	107
	

	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	356
	 
	314
	 
	161
	 
	179
	 
	229
	 
	307
	 
	323
	

	 
	161
	 
	161
	

	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	283
	 
	271
	 
	268
	 
	180
	 
	206
	 
	240
	 
	294
	

	 
	268
	 
	268
	

	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	209
	 
	227
	 
	183
	 
	196
	 
	193
	 
	231
	 
	324
	

	 
	183
	 
	183
	

	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	229
	 
	192
	 
	144
	 
	146
	 
	135
	 
	173
	 
	227
	

	 
	144
	 
	144
	

	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	582
	 
	558
	 
	488
	 
	391
	 
	452
	 
	425
	 
	340
	

	 
	488
	 
	488
	

	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	505
	 
	558
	 
	512
	 
	374
	 
	276
	 
	574
	 
	533
	

	 
	512
	 
	512
	

	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	522
	 
	515
	 
	374
	 
	416
	 
	671
	 
	465
	 
	739
	

	 
	374
	 
	374
	

	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	465
	 
	456
	 
	457
	 
	375
	 
	317
	 
	369
	 
	539
	

	 
	452
	 
	452
	

	 
	—
	

	 
	 
	—
	

	 

	 

	SMALL CORPS TOTAL
Marshall Gayden
	

  

	 
	 
	 
	 
	 
	 

	 
	 
	Actuals
	 
	12&0 Forecast
	 
	December
	 
	Month Volume Actuals
	 
	Month Productivity Variance
	 





141






	
																													
	 
	 
	October
	 
	November
	 
	December
	 
	January ’05
	 
	February ’05
	 
	Forecast
	 
	Budget
	 
	Forecast
	 
	Budget
	 
	Forecast
	 
	 
	Budget
	 

	SUMMARY HEADCOUNT
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	49
	 
	48
	 
	46
	 
	50
	 
	50
	 
	48
	 
	48
	

	 
	48
	 
	48
	

	 
	(2
	

	)
	 
	(2
	

	)

	*CONFIDENTIAL
	 
	24
	 
	26
	 
	26
	 
	33
	 
	33
	 
	26
	 
	29
	

	 
	26
	 
	29
	

	 
	—
	

	 
	 
	(3
	

	)

	*CONFIDENTIAL
	 
	172
	 
	172
	 
	171
	 
	168
	 
	168
	 
	172
	 
	185
	

	 
	172
	 
	185
	

	 
	(1
	

	)
	 
	(14
	

	)

	*CONFIDENTIAL
	 
	177
	 
	175
	 
	174
	 
	172
	 
	172
	 
	188
	 
	188
	

	 
	188
	 
	188
	

	 
	(14
	

	)
	 
	(14
	

	)

	*CONFIDENTIAL
	 
	63
	 
	60
	 
	62
	 
	57
	 
	57
	 
	60
	 
	—
	

	 
	60
	 
	—
	

	 
	2
	

	 
	 
	62
	

	 

	*CONFIDENTIAL
	 
	159
	 
	159
	 
	168
	 
	139
	 
	140
	 
	159
	 
	146
	

	 
	159
	 
	146
	

	 
	(1
	

	)
	 
	12
	

	 

	*CONFIDENTIAL
	 
	44
	 
	43
	 
	44
	 
	43
	 
	43
	 
	43
	 
	50
	

	 
	43
	 
	50
	

	 
	1
	

	 
	 
	(6
	

	)

	*CONFIDENTIAL
	 
	93
	 
	93
	 
	89
	 
	93
	 
	93
	 
	93
	 
	100
	

	 
	93
	 
	100
	

	 
	(4
	

	)
	 
	(11
	

	)

	*CONFIDENTIAL
	 
	92
	 
	91
	 
	91
	 
	99
	 
	99
	 
	93
	 
	96
	

	 
	93
	 
	96
	

	 
	(2
	

	)
	 
	(5
	

	)

	SUB-CORPORATIONS TOTAL
	 
	873
	 
	867
	 
	861
	 
	854
	 
	855
	 
	882
	 
	842
	

	 
	882
	 
	842
	

	 
	(21
	

	)
	 
	19
	

	 




 


	
		
	*
	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.







142






Confidential Treatment


SMALL CORPS TOTAL
Marshall Gayden
 
	
																																								
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	Actuals
	 
	 
	12&0 Forecast
	 
	December
	 
	Month Volume Actuals
	 
	Month Productivity 
Variance
	 
	 
	 

	 
	 
	October
	 
	November
	 
	 
	December
	 
	 
	January ‘05
	 
	February ‘05
	 
	Forecast
	 
	Budget
	 
	Forecast
	 
	Budget
	 
	Forecast
	 
	 
	Budget
	 
	 
	Explanations of 
Budget 
Productivity 
Variances

	Indirect Costs
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	1,908,606
	

	 
	1,918,018
	

	 
	 
	1,938,061
	

	 
	 
	1,884,691
	

	 
	1,792,238
	

	 
	1,979,815
	

	 
	1,799,170
	

	 
	1,979,815
	

	 
	1,799,170
	

	 
	(41,754
	

	)
	 
	138,891
	

	 
	 
	*CONFIDENTIAL

	*CONFIDENTIAL
	 
	26,194
	

	 
	25,305
	

	 
	 
	34,630
	

	 
	 
	23,427
	

	 
	20,283
	

	 
	25,144
	

	 
	20,711
	

	 
	25,144
	

	 
	20,711
	

	 
	9,486
	

	 
	 
	13,919
	

	 
	 
	*CONFIDENTIAL

	*CONFIDENTIAL
	 
	48,722
	

	 
	36,323
	

	 
	 
	41,952
	

	 
	 
	31,000
	

	 
	25,000
	

	 
	50,250
	

	 
	30,060
	

	 
	50,250
	

	 
	29,880
	

	 
	(8,298
	

	)
	 
	12,072
	

	 
	 
	*CONFIDENTIAL

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	1,500
	

	 
	1,500
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	 

	*CONFIDENTIAL
	 
	524,813
	

	 
	452,760
	

	 
	 
	461,228
	

	 
	 
	171,174
	

	 
	214,103
	

	 
	455,960
	

	 
	470,127
	

	 
	455,960
	

	 
	470,127
	

	 
	5,268
	

	 
	 
	(8,899
	

	)
	 
	 

	*CONFIDENTIAL
	 
	260,165
	

	 
	288,089
	

	 
	 
	400,538
	

	 
	 
	229,291
	

	 
	197,227
	

	 
	275,098
	

	 
	251,501
	

	 
	277,403
	

	 
	259,636
	

	 
	123,134
	

	 
	 
	140,902
	

	 
	 
	*CONFIDENTIAL

	*CONFIDENTIAL
	 
	5,695,757
	

	 
	6,160,427
	

	 
	 
	4,552,801
	

	 
	 
	4,506,750
	

	 
	4,263,979
	

	 
	5,325,286
	

	 
	5,381,376
	

	 
	5,459,477
	

	 
	5,876,872
	

	 
	(906,676
	

	)
	 
	(1,324,071
	

	)
	 
	*CONFIDENTIAL

	*CONFIDENTIAL
	 
	576,122
	

	 
	533,770
	

	 
	 
	209,637
	

	 
	 
	599,299
	

	 
	564,818
	

	 
	547,600
	

	 
	474,078
	

	 
	563,150
	

	 
	479,811
	

	 
	(353,513
	

	)
	 
	(270,174
	

	)
	 
	*CONFIDENTIAL

	*CONFIDENTIAL
	 
	269,559
	

	 
	276,826
	

	 
	 
	232,730
	

	 
	 
	616,714
	

	 
	418,822
	

	 
	283,249
	

	 
	303,757
	

	 
	287,786
	

	 
	303,133
	

	 
	(55,056
	

	)
	 
	(70,403
	

	)
	 
	*CONFIDENTIAL

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	9,309,937
	

	 
	9,691,519
	

	 
	 
	7,871,676
	

	 
	 
	8,063,845
	

	 
	7,497,971
	

	 
	8,942,403
	

	 
	8,730,779
	

	 
	9,098,986
	

	 
	9,239,340
	

	 
	(1,227,410
	

	)
	 
	(1,367,764
	

	)
	 
	*CONFIDENTIAL

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	 

	*CONFIDENTIAL
	 
	18,781
	

	 
	6,175
	

	 
	 
	9,744
	

	 
	 
	44,500
	

	 
	3,500
	

	 
	21,500
	

	 
	2,000
	

	 
	21,500
	

	 
	2,000
	

	 
	(11,756
	

	)
	 
	7,744
	

	 
	 
	*CONFIDENTIAL

	*CONFIDENTIAL
	 
	(17)
	

	 
	576
	

	 
	 
	4,488
	

	 
	 
	1,050
	

	 
	2,550
	

	 
	600
	

	 
	600
	

	 
	600
	

	 
	600
	

	 
	3,888
	

	 
	 
	3,888
	

	 
	 
	 

	*CONFIDENTIAL
	 
	126,978
	

	 
	131,780
	

	 
	 
	248,810
	

	 
	 
	171,127
	

	 
	176,219
	

	 
	258,654
	

	 
	140,054
	

	 
	258,654
	

	 
	140,054
	

	 
	(9,844
	

	)
	 
	108,756
	

	 
	 
	*CONFIDENTIAL

	*CONFIDENTIAL
	 
	145,984
	

	 
	195,323
	

	 
	 
	240,816
	

	 
	 
	89,566
	

	 
	138,060
	

	 
	132,372
	

	 
	126,793
	

	 
	132,372
	

	 
	126,793
	

	 
	108,445
	

	 
	 
	114,023
	

	 
	 
	*CONFIDENTIAL

	*CONFIDENTIAL
	 
	101,681
	

	 
	128,548
	

	 
	 
	156,666
	

	 
	 
	99,791
	

	 
	96,838
	

	 
	100,498
	

	 
	100,957
	

	 
	104,675
	

	 
	100,697
	

	 
	51,991
	

	 
	 
	55,969
	

	 
	 
	*CONFIDENTIAL

	*CONFIDENTIAL
	 
	72,151
	

	 
	89,887
	

	 
	 
	103,955
	

	 
	 
	63,687
	

	 
	52,319
	

	 
	87,858
	

	 
	71,451
	

	 
	91,498
	

	 
	69,111
	

	 
	12,457
	

	 
	 
	34,844
	

	 
	 
	*CONFIDENTIAL

	*CONFIDENTIAL
	 
	89,641
	

	 
	81,882
	

	 
	 
	80,553
	

	 
	 
	44,724
	

	 
	44,724
	

	 
	102,534
	

	 
	68,518
	

	 
	102,898
	

	 
	68,440
	

	 
	(22,345
	

	)
	 
	12,113
	

	 
	 
	*CONFIDENTIAL

	*CONFIDENTIAL
	 
	260,406
	

	 
	304,086
	

	 
	 
	301,161
	

	 
	 
	461,265
	

	 
	461,265
	

	 
	320,017
	

	 
	288,484
	

	 
	320,017
	

	 
	288,484
	

	 
	(18,856
	

	)
	 
	12,677
	

	 
	 
	*CONFIDENTIAL

	*CONFIDENTIAL
	 
	16,881
	

	 
	25,709
	

	 
	 
	21,578
	

	 
	 
	18,317
	

	 
	18,317
	

	 
	17,575
	

	 
	8,684
	

	 
	17,575
	

	 
	11,626
	

	 
	4,003
	

	 
	 
	9,951
	

	 
	 
	*CONFIDENTIAL

	*CONFIDENTIAL
	 
	9,047
	

	 
	5,643
	

	 
	 
	16,447
	

	 
	 
	15,969
	

	 
	15,969
	

	 
	9,006
	

	 
	8,506
	

	 
	9,006
	

	 
	8,506
	

	 
	7,441
	

	 
	 
	7,941
	

	 
	 
	*CONFIDENTIAL

	*CONFIDENTIAL
	 
	47,624
	

	 
	51,655
	

	 
	 
	36,549
	

	 
	 
	81,272
	

	 
	65,892
	

	 
	15,632
	

	 
	39,503
	

	 
	15,968
	

	 
	39,191
	

	 
	20,581
	

	 
	 
	(2,642
	

	)
	 
	*CONFIDENTIAL

	*CONFIDENTIAL
	 
	118,665
	

	 
	110,913
	

	 
	 
	110,999
	

	 
	 
	117,530
	

	 
	116,192
	

	 
	117,108
	

	 
	98,900
	

	 
	118,228
	

	 
	95,396
	

	 
	(7,229
	

	)
	 
	15,603
	

	 
	 
	*CONFIDENTIAL

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	1,680
	

	 
	1,680
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	 





143






	
																																								
	*CONFIDENTIAL
	 
	1,939
	

	 
	1,878
	

	 
	 
	1,718
	

	 
	 
	2,141
	

	 
	2,447
	

	 
	2,750
	

	 
	2,750
	

	 
	2,750
	

	 
	2,750
	

	 
	(1,032
	

	)
	 
	(1,032
	

	)
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	17,790
	

	 
	20,540
	

	 
	1,750
	

	 
	1,750
	

	 
	1,750
	

	 
	1,750
	

	 
	(1,750
	

	)
	 
	(1,750
	

	)
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	1,547
	

	 
	 
	228
	

	 
	 
	912
	

	 
	942
	

	 
	2,240
	

	 
	1,794
	

	 
	2,268
	

	 
	1,768
	

	 
	(2,041
	

	)
	 
	(1,541
	

	)
	 
	 

	*CONFIDENTIAL
	 
	7,868
	

	 
	9,580
	

	 
	 
	8,584
	

	 
	 
	7,081
	

	 
	7,145
	

	 
	3,461
	

	 
	2,370
	

	 
	3,461
	

	 
	2,370
	

	 
	5,123
	

	 
	 
	6,214
	

	 
	 
	*CONFIDENTIAL

	*CONFIDENTIAL
	 
	(95)
	

	 
	306
	

	 
	 
	117
	

	 
	 
	500
	

	 
	500
	

	 
	174
	

	 
	174
	

	 
	174
	

	 
	174
	

	 
	(57
	

	)
	 
	(57
	

	)
	 
	*CONFIDENTIAL

	*CONFIDENTIAL
	 
	25,940
	

	 
	19,696
	

	 
	 
	41,191
	

	 
	 
	14,483
	

	 
	12,333
	

	 
	25,900
	

	 
	19,400
	

	 
	25,900
	

	 
	19,400
	

	 
	15,291
	

	 
	 
	21,791
	

	 
	 
	*CONFIDENTIAL

	*CONFIDENTIAL
	 
	19,964
	

	 
	24,108
	

	 
	 
	22,636
	

	 
	 
	32,727
	

	 
	24,100
	

	 
	25,683
	

	 
	13,214
	

	 
	25,683
	

	 
	13,214
	

	 
	(3,048
	

	)
	 
	9,421
	

	 
	 
	*CONFIDENTIAL

	*CONFIDENTIAL
	 
	76,871
	

	 
	82,530
	

	 
	 
	81,935
	

	 
	 
	66,636
	

	 
	57,559
	

	 
	75,812
	

	 
	73,765
	

	 
	76,107
	

	 
	71,212
	

	 
	5,829
	

	 
	 
	10,724
	

	 
	 
	*CONFIDENTIAL

	*CONFIDENTIAL
	 
	10,268
	

	 
	23,576
	

	 
	 
	14,187
	

	 
	 
	13,089
	

	 
	12,622
	

	 
	22,542
	

	 
	17,832
	

	 
	22,521
	

	 
	18,596
	

	 
	(8,334
	

	)
	 
	(4,410
	

	)
	 
	 

	*CONFIDENTIAL
	 
	14,097
	

	 
	(5,964
	

	)
	 
	(383
	

	)
	 
	7,965
	

	 
	6,321
	

	 
	17,890
	

	 
	2,500
	

	 
	17,890
	

	 
	2,500
	

	 
	(18,273
	

	)
	 
	(2,883
	

	)
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	 

	*CONFIDENTIAL
	 
	(1,000)
	

	 
	2,729
	

	 
	 
	905
	

	 
	 
	13,950
	

	 
	13,294
	

	 
	3,000
	

	 
	1,500
	

	 
	3,000
	

	 
	1,500
	

	 
	(2,095
	

	)
	 
	(595
	

	)
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	1,800
	

	 
	1,800
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	 

	*CONFIDENTIAL
	 
	3,264
	

	 
	13,828
	

	 
	 
	12,417
	

	 
	 
	15,900
	

	 
	19,900
	

	 
	13,907
	

	 
	14,290
	

	 
	13,907
	

	 
	14,290
	

	 
	(1,490
	

	)
	 
	(1,873
	

	)
	 
	 

	*CONFIDENTIAL
	 
	7,588
	

	 
	12,830
	

	 
	 
	11,126
	

	 
	 
	14,720
	

	 
	13,450
	

	 
	11,323
	

	 
	10,627
	

	 
	11,351
	

	 
	10,601
	

	 
	(225
	

	)
	 
	525
	

	 
	 
	 

	*CONFIDENTIAL
	 
	(33,962)
	

	 
	5,778
	

	 
	 
	19,343
	

	 
	 
	2,944
	

	 
	2,339
	

	 
	1,001,763
	

	 
	18,900
	

	 
	1,001,763
	

	 
	18,900
	

	 
	(982,420
	

	)
	 
	443
	

	 
	 
	 

	*CONFIDENTIAL
	 
	1,821
	

	 
	1,164
	

	 
	 
	6,225
	

	 
	 
	2,351
	

	 
	2,227
	

	 
	4,378
	

	 
	3,334
	

	 
	4,378
	

	 
	3,430
	

	 
	1,847
	

	 
	 
	2,795
	

	 
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	—
	

	 
	1,000
	

	 
	—
	

	 
	1,000
	

	 
	—
	

	 
	 
	(1,000
	

	)
	 
	 

	*CONFIDENTIAL
	 
	37,000
	

	 
	37,000
	

	 
	 
	37,000
	

	 
	 
	34,062
	

	 
	37,039
	

	 
	37,000
	

	 
	13,500
	

	 
	37,000
	

	 
	13,500
	

	 
	—
	

	 
	 
	23,500
	

	 
	 
	*CONFIDENTIAL

	*CONFIDENTIAL
	 
	5,036
	

	 
	(8,638
	

	)
	 
	(2,268
	

	)
	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	—
	

	 
	(2,268
	

	)
	 
	(2,268
	

	)
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Indirect Expenses
	 
	10,494,355
	

	 
	11,045,644
	

	 
	 
	9,458,303
	

	 
	 
	9,523,374
	

	 
	8,926,052
	

	 
	11,375,330
	

	 
	9,883,928
	

	 
	11,541,879
	

	 
	10,387,194
	

	 
	(2,083,576
	

	)
	 
	(928,890
	

	)
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 




 


	
		
	*
	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.







144






Confidential Treatment


SMALL CORPS TOTAL
Marshall Gayden
 
	
																																	
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	DECEMBER YTD
	 
	Full Year Average

	  
	 
	Actuals
	 
	Budget
	 
	Variance
	 
	 
	Budget 
Volume 
Actuals
	 
	Budget 
Productivity 
Variance
	 
	2004 
Forecast
	 
	2004 
Budget
	 
	Variance
	 
	 
	2003 
Actuals
	 
	Variance
	 
	 
	Budget 
Volume 
Actuals
	 
	Budget 
Productivity 
Variance

	DRIVERS
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	7,494
	 
	6,395
	

	 
	1,099
	 
	 
	7,494
	 
	—
	

	 
	7,494
	 
	6,395
	

	 
	1,099
	 
	 
	7,885
	

	 
	(391
	)
	 
	7,494
	 
	—
	


	*CONFIDENTIAL
	 
	6,326
	 
	5,385
	

	 
	938
	 
	 
	6,326
	 
	—
	

	 
	6,326
	 
	5,388
	

	 
	938
	 
	 
	6,868
	

	 
	(542
	)
	 
	6,326
	 
	—
	


	*CONFIDENTIAL
	 
	1,097
	 
	1,847
	

	 
	(750
	)
	 
	1,097
	 
	—
	

	 
	1,097
	 
	1,847
	

	 
	(750
	)
	 
	—
	

	 
	1,097
	 
	 
	1,097
	 
	—
	


	*CONFIDENTIAL
	 
	821
	 
	1,367
	

	 
	(546
	)
	 
	821
	 
	—
	

	 
	821
	 
	1,367
	

	 
	(546
	)
	 
	—
	

	 
	821
	 
	 
	821
	 
	—
	


	*CONFIDENTIAL
	 
	970
	 
	—
	

	 
	970
	 
	 
	970
	 
	—
	

	 
	970
	 
	—
	

	 
	970
	 
	 
	—
	

	 
	970
	 
	 
	970
	 
	—
	


	*CONFIDENTIAL
	 
	776
	 
	—
	

	 
	776
	 
	 
	776
	 
	—
	

	 
	776
	 
	—
	

	 
	776
	 
	 
	—
	

	 
	776
	 
	 
	776
	 
	—
	


	*CONFIDENTIAL
	 
	8,641
	 
	7,125
	

	 
	1,516
	 
	 
	8,641
	 
	—
	

	 
	8,641
	 
	7,125
	

	 
	1,516
	 
	 
	8,786
	

	 
	(145
	)
	 
	8,641
	 
	—
	


	*CONFIDENTIAL
	 
	6,069
	 
	5,668
	

	 
	401
	 
	 
	6,069
	 
	—
	

	 
	6,089
	 
	5,668
	

	 
	401
	 
	 
	7,089
	

	 
	(1,020
	)
	 
	6,069
	 
	—
	


	*CONFIDENTIAL
	 
	1,438
	 
	2,834
	

	 
	(1,396
	)
	 
	1,438
	 
	—
	

	 
	1,438
	 
	2,634
	

	 
	(1,396
	)
	 
	1,615
	

	 
	(177
	)
	 
	1,438
	 
	—
	


	*CONFIDENTIAL
	 
	1,590
	 
	1,162
	

	 
	428
	 
	 
	1,590
	 
	—
	

	 
	1,590
	 
	1,162
	

	 
	428
	 
	 
	1,355
	

	 
	235
	 
	 
	1,590
	 
	—
	


	*CONFIDENTIAL
	 
	4,390
	 
	4,647
	

	 
	(257
	)
	 
	4,390
	 
	—
	

	 
	4,390
	 
	4,647
	

	 
	(257
	)
	 
	3,698
	

	 
	692
	 
	 
	4,390
	 
	—
	


	*CONFIDENTIAL
	 
	3,706
	 
	4,353
	

	 
	(647
	)
	 
	3,706
	 
	—
	

	 
	3,706
	 
	4,353
	

	 
	(647
	)
	 
	4,838
	

	 
	(932
	)
	 
	3,706
	 
	—
	


	*CONFIDENTIAL
	 
	3,562
	 
	4,152
	

	 
	(590
	)
	 
	3,562
	 
	—
	

	 
	3,562
	 
	4,152
	

	 
	(590
	)
	 
	4,451
	

	 
	(889
	)
	 
	3,562
	 
	—
	


	*CONFIDENTIAL
	 
	2,472
	 
	2,772
	

	 
	(300
	)
	 
	2,472
	 
	—
	

	 
	2,472
	 
	2,772
	

	 
	(300
	)
	 
	3,585
	

	 
	(1,113
	)
	 
	2,472
	 
	—
	


	*CONFIDENTIAL
	 
	8,362
	 
	9,946
	

	 
	(1,584
	)
	 
	8,362
	 
	—
	

	 
	8,362
	 
	9,946
	

	 
	(1,584
	)
	 
	8,854
	

	 
	(492
	)
	 
	8,362
	 
	—
	


	*CONFIDENTIAL
	 
	6,665
	 
	7,125
	

	 
	(460
	)
	 
	6,665
	 
	—
	

	 
	6,665
	 
	7,125
	

	 
	(460
	)
	 
	7,766
	

	 
	(1,101
	)
	 
	6,665
	 
	—
	


	*CONFIDENTIAL
	 
	7,670
	 
	9,438
	

	 
	(1,768
	)
	 
	7,670
	 
	—
	

	 
	7,670
	 
	9,438
	

	 
	(1,768
	)
	 
	11,965
	

	 
	(4,295
	)
	 
	7,670
	 
	—
	


	*CONFIDENTIAL
	 
	6,648
	 
	7,085
	

	 
	(437
	)
	 
	6,648
	 
	—
	

	 
	6,160
	 
	7,085
	

	 
	(905
	)
	 
	10,090
	

	 
	(3,910
	)
	 
	6,180
	 
	—
	





SMALL CORPS TOTAL
Marshall Gayden
 

145






	
																																			
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	DECEMBER YTD
	 
	 
	Full Year Average
	 

	  
	 
	Actuals
	 
	Budget
	 
	Variance
	 
	 
	Budget 
Volume 
Actuals
	 
	Budget 
Productivity 
Variance
	 
	 
	2004 
Forecast
	 
	2004 
Budget
	 
	Variance
	 
	 
	2003 
Actuals
	 
	Variance
	 
	 
	Budget 
Volume 
Actuals
	 
	Budget 
Productivity 
Variance
	 

	SUMMARY HEADCOUNT
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	46
	 
	48
	

	 
	(2
	)
	 
	48
	

	 
	(2
	)
	 
	48
	 
	48
	

	 
	1
	 
	 
	46
	

	 
	3
	 
	 
	48
	

	 
	1
	 

	*CONFIDENTIAL
	 
	26
	 
	26
	

	 
	(3
	)
	 
	29
	

	 
	(3
	)
	 
	23
	 
	24
	

	 
	(1
	)
	 
	—
	

	 
	23
	 
	 
	24
	

	 
	(1
	)

	*CONFIDENTIAL
	 
	171
	 
	185
	

	 
	(14
	)
	 
	185
	

	 
	(14
	)
	 
	178
	 
	185
	

	 
	(7
	)
	 
	169
	

	 
	9
	 
	 
	185
	

	 
	(7
	)

	*CONFIDENTIAL
	 
	174
	 
	188
	

	 
	(14
	)
	 
	188
	

	 
	(14
	)
	 
	182
	 
	186
	

	 
	(4
	)
	 
	196
	

	 
	(14
	)
	 
	186
	

	 
	(4
	)

	*CONFIDENTIAL
	 
	62
	 
	—
	

	 
	62
	 
	 
	—
	

	 
	62
	 
	 
	48
	 
	—
	

	 
	48
	 
	 
	—
	

	 
	48
	 
	 
	—
	

	 
	48
	 

	*CONFIDENTIAL
	 
	158
	 
	146
	

	 
	12
	 
	 
	146
	

	 
	12
	 
	 
	153
	 
	146
	

	 
	7
	 
	 
	146
	

	 
	7
	 
	 
	146
	

	 
	7
	 

	*CONFIDENTIAL
	 
	44
	 
	50
	

	 
	(6
	)
	 
	50
	

	 
	(6
	)
	 
	44
	 
	48
	

	 
	(5
	)
	 
	46
	

	 
	(2
	)
	 
	48
	

	 
	(5
	)

	*CONFIDENTIAL
	 
	89
	 
	100
	

	 
	(11
	)
	 
	100
	

	 
	(11
	)
	 
	90
	 
	96
	

	 
	(7
	)
	 
	90
	

	 
	0
	 
	 
	96
	

	 
	(7
	)

	*CONFIDENTIAL
	 
	91
	 
	96
	

	 
	(5
	)
	 
	96
	

	 
	(5
	)
	 
	94
	 
	97
	

	 
	(3
	)
	 
	101
	

	 
	(7
	)
	 
	97
	

	 
	(3
	)

	SUB-CORPORATIONS TOTAL
	 
	861
	 
	842
	

	 
	19
	 
	 
	842
	

	 
	19
	 
	 
	851
	 
	831
	

	 
	21
	 
	 
	793
	

	 
	59
	 
	 
	831
	

	 
	21
	 




 


	
		
	*
	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.







146






Confidential Treatment


SMALL CORPS TOTAL
Marshall Gayden
 
	
																																											
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	DECEMBER YTD
	 
	 
	Full Year
	 

	 
	 
	Actuals
	 
	Budget
	 
	Variance
	 
	 
	Budget Volume 
Actuals
	 
	Budget 
Productivity 
Variance
	 
	 
	2004 Forecast
	 
	 
	2004 Budget
	 
	Variance
	 
	 
	2003 Actuals
	 
	Variance
	 
	 
	Budget Volume 
Actuals
	 
	Budget 
Productivity 
Variance
	 

	Indirect Costs
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	22,736,640
	

	 
	20,655,867
	

	 
	2,080,773
	

	 
	 
	20,655,867
	

	 
	2,080,773
	

	 
	 
	22,736,640
	

	 
	 
	20,655,867
	

	 
	2,080,773
	

	 
	 
	20,628,928
	

	 
	2,107,712
	

	 
	 
	20,655,867
	

	 
	2,080,773
	

	 

	*CONFIDENTIAL
	 
	594,152
	

	 
	398,472
	

	 
	195,680
	

	 
	 
	386,052
	

	 
	208,100
	

	 
	 
	594,152
	

	 
	 
	398,472
	

	 
	195,680
	

	 
	 
	709,861
	

	 
	(115,709
	

	)
	 
	386,052
	

	 
	208,100
	

	 

	*CONFIDENTIAL
	 
	782,058
	

	 
	441,243
	

	 
	340,815
	

	 
	 
	422,433
	

	 
	359,625
	

	 
	 
	782,058
	

	 
	 
	441,243
	

	 
	340,815
	

	 
	 
	956,688
	

	 
	(174,630
	

	)
	 
	422,433
	

	 
	359,625
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 

	*CONFIDENTIAL
	 
	4,727,259
	

	 
	5,401,110
	

	 
	(673,852
	

	)
	 
	5,401,110
	

	 
	(673,852
	

	)
	 
	4,727,259
	

	 
	 
	5,401,110
	

	 
	(673,852
	

	)
	 
	6,253,954
	

	 
	(1,526,695
	

	)
	 
	5,401,110
	

	 
	(673,852
	

	)

	*CONFIDENTIAL
	 
	3,464,199
	

	 
	3,022,025
	

	 
	442,174
	

	 
	 
	3,246,986
	

	 
	217,213
	

	 
	 
	3,464,199
	

	 
	 
	3,022,025
	

	 
	442,174
	

	 
	 
	4,031,449
	

	 
	(567,251
	

	)
	 
	3,246,986
	

	 
	217,213
	

	 

	*CONFIDENTIAL
	 
	69,821,426
	

	 
	66,882,439
	

	 
	2,938,987
	

	 
	 
	75,096,479
	

	 
	(5,275,054
	

	)
	 
	69,821,426
	

	 
	 
	66,882,439
	

	 
	2,938,987
	

	 
	 
	79,095,804
	

	 
	(9,274,379
	

	)
	 
	75,096,479
	

	 
	(5,275,054
	

	)

	*CONFIDENTIAL
	 
	6,904,747
	

	 
	6,293,042
	

	 
	611,705
	

	 
	 
	6,407,731
	

	 
	497,016
	

	 
	 
	6,904,747
	

	 
	 
	6,293,042
	

	 
	611,705
	

	 
	 
	6,315,074
	

	 
	589,673
	

	 
	 
	6,407,731
	

	 
	497,016
	

	 

	*CONFIDENTIAL
	 
	4,556,505
	

	 
	5,092,891
	

	 
	(536,386
	

	)
	 
	5,237,202
	

	 
	(680,697
	

	)
	 
	4,556,505
	

	 
	 
	5,092,891
	

	 
	(536,386
	

	)
	 
	4,578,563
	

	 
	(22,058
	

	)
	 
	5,237,202
	

	 
	(680,697
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	113,586,984
	

	 
	108,187,089
	

	 
	5,399,895
	

	 
	 
	116,853,861
	

	 
	(3,266,877
	

	)
	 
	113,586,984
	

	 
	 
	108,187,089
	

	 
	5,399,895
	

	 
	 
	122,570,321
	

	 
	(8,983,337
	

	)
	 
	116,853,861
	

	 
	(3,266,877
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 

	*CONFIDENTIAL
	 
	65,862
	

	 
	20,076
	

	 
	45,786
	

	 
	 
	20,076
	

	 
	45,786
	

	 
	 
	65,862
	

	 
	 
	20,076
	

	 
	45,786
	

	 
	 
	27,838
	

	 
	38,024
	

	 
	 
	20,076
	

	 
	45,786
	

	 

	*CONFIDENTIAL
	 
	34,651
	

	 
	17,989
	

	 
	16,662
	

	 
	 
	17,989
	

	 
	16,662
	

	 
	 
	34,651
	

	 
	 
	17,989
	

	 
	16,662
	

	 
	 
	52,368
	

	 
	(17,717
	

	)
	 
	17,989
	

	 
	16,662
	

	 

	*CONFIDENTIAL
	 
	1,732,115
	

	 
	1,736,782
	

	 
	(4,667
	

	)
	 
	1,736,782
	

	 
	(4,667
	

	)
	 
	1,732,115
	

	 
	 
	1,736,782
	

	 
	(4,667
	

	)
	 
	1,528,123
	

	 
	203,992
	

	 
	 
	1,736,782
	

	 
	(4,667
	

	)

	*CONFIDENTIAL
	 
	1,767,503
	

	 
	1,696,293
	

	 
	71,210
	

	 
	 
	1,696,293
	

	 
	71,210
	

	 
	 
	1,767,503
	

	 
	 
	1,696,293
	

	 
	71,210
	

	 
	 
	1,608,505
	

	 
	158,998
	

	 
	 
	1,696,293
	

	 
	71,210
	

	 

	*CONFIDENTIAL
	 
	1,561,733
	

	 
	1,290,460
	

	 
	271,273
	

	 
	 
	1,285,086
	

	 
	276,647
	

	 
	 
	1,561,733
	

	 
	 
	1,290,460
	

	 
	271,273
	

	 
	 
	1,809,920
	

	 
	(248,187
	

	)
	 
	1,285,086
	

	 
	276,647
	

	 

	*CONFIDENTIAL
	 
	1,152,559
	

	 
	910,895
	

	 
	241,664
	

	 
	 
	852,665
	

	 
	299,894
	

	 
	 
	1,152,559
	

	 
	 
	910,895
	

	 
	241,664
	

	 
	 
	1,135,789
	

	 
	16,770
	

	 
	 
	852,665
	

	 
	299,894
	

	 

	*CONFIDENTIAL
	 
	1,048,573
	

	 
	876,195
	

	 
	172,378
	

	 
	 
	874,254
	

	 
	174,319
	

	 
	 
	1,048,573
	

	 
	 
	876,195
	

	 
	172,378
	

	 
	 
	1,010,330
	

	 
	38,244
	

	 
	 
	874,254
	

	 
	174,319
	

	 

	*CONFIDENTIAL
	 
	3,423,223
	

	 
	3,504,355
	

	 
	(81,132
	

	)
	 
	3,504,355
	

	 
	(81,132
	

	)
	 
	3,423,223
	

	 
	 
	3,504,355
	

	 
	(81,132
	

	)
	 
	2,886,116
	

	 
	537,107
	

	 
	 
	3,504,355
	

	 
	(81,132
	

	)

	*CONFIDENTIAL
	 
	314,307
	

	 
	183,161
	

	 
	131,146
	

	 
	 
	199,531
	

	 
	114,776
	

	 
	 
	314,307
	

	 
	 
	183,161
	

	 
	131,146
	

	 
	 
	247,886
	

	 
	66,421
	

	 
	 
	199,531
	

	 
	114,776
	

	 

	*CONFIDENTIAL
	 
	95,393
	

	 
	92,847
	

	 
	2,546
	

	 
	 
	92,847
	

	 
	2,546
	

	 
	 
	95,393
	

	 
	 
	92,847
	

	 
	2,546
	

	 
	 
	119,049
	

	 
	(23,656
	

	)
	 
	92,847
	

	 
	2,546
	

	 

	*CONFIDENTIAL
	 
	446,443
	

	 
	415,739
	

	 
	29,704
	

	 
	 
	407,975
	

	 
	37,468
	

	 
	 
	445,443
	

	 
	 
	415,739
	

	 
	29,704
	

	 
	 
	440,646
	

	 
	4,797
	

	 
	 
	407,975
	

	 
	37,468
	

	 

	*CONFIDENTIAL
	 
	1,335,661
	

	 
	1,189,884
	

	 
	145,777
	

	 
	 
	1,161,786
	

	 
	173,875
	

	 
	 
	1,335,661
	

	 
	 
	1,189,884
	

	 
	145,777
	

	 
	 
	1,408,354
	

	 
	(72,693
	

	)
	 
	1,161,786
	

	 
	173,875
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 

	*CONFIDENTIAL
	 
	25,195
	

	 
	31,840
	

	 
	(6,645
	

	)
	 
	31,840
	

	 
	(6,645
	

	)
	 
	25,195
	

	 
	 
	31,840
	

	 
	(6,645
	

	)
	 
	10,174
	

	 
	15,020
	

	 
	 
	31,840
	

	 
	(6,645
	

	)





147






	
																																											
	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	17,500
	

	 
	(17,500
	

	)
	 
	17,500
	

	 
	(17,500
	

	)
	 
	—
	

	 
	 
	17,500
	

	 
	(17,500
	

	)
	 
	—
	

	 
	—
	

	 
	 
	17,500
	

	 
	(17,500
	

	)

	*CONFIDENTIAL
	 
	16,769
	

	 
	34,031
	

	 
	(17,262
	

	)
	 
	33,384
	

	 
	(16,615
	

	)
	 
	16,769
	

	 
	 
	34,031
	

	 
	(17,262
	

	)
	 
	14,593
	

	 
	2,176
	

	 
	 
	33,384
	

	 
	(16,615
	

	)

	*CONFIDENTIAL
	 
	97,566
	

	 
	61,133
	

	 
	36,433
	

	 
	 
	61,133
	

	 
	36,433
	

	 
	 
	97,566
	

	 
	 
	61,133
	

	 
	36,433
	

	 
	 
	94,587
	

	 
	2,979
	

	 
	 
	61,133
	

	 
	36,433
	

	 

	*CONFIDENTIAL
	 
	4,434
	

	 
	4,770
	

	 
	(335
	

	)
	 
	4,770
	

	 
	(335
	

	)
	 
	4,434
	

	 
	 
	4,770
	

	 
	(335
	

	)
	 
	3,542
	

	 
	893
	

	 
	 
	4,770
	

	 
	(335
	

	)

	*CONFIDENTIAL
	 
	314,042
	

	 
	179,983
	

	 
	134,059
	

	 
	 
	179,983
	

	 
	134,059
	

	 
	 
	314,042
	

	 
	 
	179,983
	

	 
	134,059
	

	 
	 
	448,756
	

	 
	(134,714
	

	)
	 
	179,983
	

	 
	134,059
	

	 

	*CONFIDENTIAL
	 
	290,301
	

	 
	162,047
	

	 
	128,254
	

	 
	 
	162,047
	

	 
	128,254
	

	 
	 
	290,301
	

	 
	 
	162,047
	

	 
	128,254
	

	 
	 
	406,154
	

	 
	(115,854
	

	)
	 
	162,047
	

	 
	128,254
	

	 

	*CONFIDENTIAL
	 
	950,035
	

	 
	908,370
	

	 
	41,665
	

	 
	 
	893,267
	

	 
	56,768
	

	 
	 
	950,035
	

	 
	 
	908,370
	

	 
	41,665
	

	 
	 
	1,012,482
	

	 
	(62,447
	

	)
	 
	893,267
	

	 
	56,768
	

	 

	*CONFIDENTIAL
	 
	199,034
	

	 
	223,114
	

	 
	(24,079
	

	)
	 
	233,203
	

	 
	(34,168
	

	)
	 
	199,034
	

	 
	 
	223,114
	

	 
	(24,079
	

	)
	 
	215,463
	

	 
	(16,429
	

	)
	 
	233,203
	

	 
	(34,168
	

	)

	*CONFIDENTIAL
	 
	238,931
	

	 
	72,854
	

	 
	166,077
	

	 
	 
	72,854
	

	 
	166,077
	

	 
	 
	238,931
	

	 
	 
	72,854
	

	 
	166,077
	

	 
	 
	140,207
	

	 
	98,724
	

	 
	 
	72,854
	

	 
	166,077
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	500
	

	 
	(500
	

	)
	 
	—
	

	 
	—
	

	 

	*CONFIDENTIAL
	 
	26,803
	

	 
	20,363
	

	 
	6,441
	

	 
	 
	20,363
	

	 
	6,441
	

	 
	 
	26,803
	

	 
	 
	20,363
	

	 
	6,441
	

	 
	 
	40,689
	

	 
	(13,686
	

	)
	 
	20,363
	

	 
	6,441
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	396
	

	 
	(396
	

	)
	 
	—
	

	 
	—
	

	 

	*CONFIDENTIAL
	 
	158,539
	

	 
	140,365
	

	 
	18,173
	

	 
	 
	140,365
	

	 
	18,173
	

	 
	 
	158,539
	

	 
	 
	140,365
	

	 
	18,173
	

	 
	 
	144,542
	

	 
	13,997
	

	 
	 
	140,365
	

	 
	18,173
	

	 

	*CONFIDENTIAL
	 
	116,091
	

	 
	118,934
	

	 
	(2,843
	

	)
	 
	118,287
	

	 
	(2,196
	

	)
	 
	116,091
	

	 
	 
	118,934
	

	 
	(2,843
	

	)
	 
	112,853
	

	 
	3,237
	

	 
	 
	118,287
	

	 
	(2,196
	

	)

	*CONFIDENTIAL
	 
	93,824
	

	 
	257,063
	

	 
	(163,239
	

	)
	 
	257,063
	

	 
	(163,239
	

	)
	 
	93,824
	

	 
	 
	257,063
	

	 
	(163,239
	

	)
	 
	379,380
	

	 
	(285,556
	

	)
	 
	257,063
	

	 
	(163,239
	

	)

	*CONFIDENTIAL
	 
	32,546
	

	 
	36,692
	

	 
	(4,146
	

	)
	 
	39,235
	

	 
	(6,689
	

	)
	 
	32,546
	

	 
	 
	36,692
	

	 
	(4,146
	

	)
	 
	47,616
	

	 
	(15,070
	

	)
	 
	39,235
	

	 
	(6,689
	

	)

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 
	 
	—
	

	 
	—
	

	 

	*CONFIDENTIAL
	 
	—
	

	 
	23,000
	

	 
	(23,000
	

	)
	 
	23,000
	

	 
	(23,000
	

	)
	 
	—
	

	 
	 
	23,000
	

	 
	(23,000
	

	)
	 
	—
	

	 
	—
	

	 
	 
	23,000
	

	 
	(23,000
	

	)

	*CONFIDENTIAL
	 
	430,000
	

	 
	162,000
	

	 
	268,000
	

	 
	 
	162,000
	

	 
	268,000
	

	 
	 
	430,000
	

	 
	 
	162,000
	

	 
	268,000
	

	 
	 
	120,000
	

	 
	310,000
	

	 
	 
	162,000
	

	 
	268,000
	

	 

	*CONFIDENTIAL
	 
	(88,260)
	

	 
	5,208
	

	 
	(93,469
	

	)
	 
	5,208
	

	 
	(93,469
	

	)
	 
	(88,260
	

	)
	 
	5,208
	

	 
	(93,469
	

	)
	 
	658,955
	

	 
	(747,215
	

	)
	 
	5,208
	

	 
	(93,469
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Indirect Expenses
	 
	129,469,856
	

	 
	122,581,034
	

	 
	6,888,823
	

	 
	 
	131,159,003
	

	 
	(1,689,147
	

	)
	 
	129,469,856
	

	 
	 
	122,581,034
	

	 
	6,888,823
	

	 
	 
	138,696,132
	

	 
	(9,226,275
	

	)
	 
	131,159,003
	

	 
	(1,689,147
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 




 


	
		
	*
	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.






Cendant Mortgage Subsidiaries
Monthly Variance Report
December 2004
The Budget is equal to the 0&12 Forecast for the following pages.

148










149






Confidential Treatment
 
	
																																																								
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	DECEMBER 
PROFIT & LOSS 
REVIEW
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	 
	TOTAL
	 

	Revenue/Key Drivers
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Application Units
	 
	 
	136
	

	 
	 
	 
	523
	

	 
	 
	 
	565
	

	 
	 
	 
	85
	

	 
	 
	 
	650
	

	 
	 
	 
	234
	

	 
	 
	 
	301
	

	 
	 
	 
	606
	

	 
	 
	 
	103
	

	 
	 
	 
	374
	

	 
	 
	 
	2,936
	

	 

	Total Application Dollars
	 
	$
	32,035
	

	 
	 
	$
	218,206
	

	 
	 
	$
	201,851
	

	 
	 
	$
	14,106
	

	 
	 
	$
	215,957
	

	 
	 
	$
	30,992
	

	 
	 
	$
	56,123
	

	 
	 
	$
	144,081
	

	 
	 
	$
	23,073
	

	 
	 
	$
	89,393
	

	 
	 
	$
	809,860
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Closing Units
	 
	 
	226
	

	 
	 
	 
	517
	

	 
	 
	 
	492
	

	 
	 
	 
	79
	

	 
	 
	 
	571
	

	 
	 
	 
	192
	

	 
	 
	 
	326
	

	 
	 
	 
	622
	

	 
	 
	 
	108
	

	 
	 
	 
	452
	

	 
	 
	 
	3,015
	

	 

	Total Closing Dollars
	 
	$
	52,902
	

	 
	 
	$
	217,532
	

	 
	 
	$
	168,171
	

	 
	 
	$
	14,397
	

	 
	 
	$
	182,568
	

	 
	 
	$
	22,372
	

	 
	 
	$
	51,873
	

	 
	 
	$
	135,525
	

	 
	 
	$
	25,439
	

	 
	 
	$
	101,382
	

	 
	 
	$
	789,593
	

	 

	Average Loan Amount
	 
	 
	234,080
	

	 
	 
	 
	420,759
	

	 
	 
	 
	341,810
	

	 
	 
	 
	182,242
	

	 
	 
	 
	524,052
	

	 
	 
	 
	116,519
	

	 
	 
	 
	159,121
	

	 
	 
	 
	217,885
	

	 
	 
	 
	233,389
	

	 
	 
	 
	224,296
	

	 
	 
	 
	261,888
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Purchase Closing Units
	 
	 
	171
	

	 
	 
	 
	345
	

	 
	 
	 
	339
	

	 
	 
	 
	70
	

	 
	 
	 
	409
	

	 
	 
	 
	143
	

	 
	 
	 
	289
	

	 
	 
	 
	538
	

	 
	 
	 
	63
	

	 
	 
	 
	330
	

	 
	 
	 
	2,288
	

	 

	Purchase Closing Dollars
	 
	$
	4,006
	

	 
	 
	$
	136,713
	

	 
	 
	$
	113,988
	

	 
	 
	$
	12,545
	

	 
	 
	$
	126,533
	

	 
	 
	$
	16,074
	

	 
	 
	$
	47,095
	

	 
	 
	$
	115,015
	

	 
	 
	$
	16,827
	

	 
	 
	$
	68,984
	

	 
	 
	$
	531,248
	

	 

	Average Loan Amount
	 
	 
	23,425
	

	 
	 
	 
	396,269
	

	 
	 
	 
	336,249
	

	 
	 
	 
	179,210
	

	 
	 
	 
	515,459
	

	 
	 
	 
	112,405
	

	 
	 
	 
	162,960
	

	 
	 
	 
	213,783
	

	 
	 
	 
	267,102
	

	 
	 
	 
	209,043
	

	 
	 
	 
	232,189
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Refi Closing - Units
	 
	 
	55
	

	 
	 
	 
	172
	

	 
	 
	 
	153
	

	 
	 
	 
	9
	

	 
	 
	 
	162
	

	 
	 
	 
	49
	

	 
	 
	 
	37
	

	 
	 
	 
	84
	

	 
	 
	 
	46
	

	 
	 
	 
	122
	

	 
	 
	 
	727
	

	 

	Refi Closing - Dollars
	 
	$
	48,896
	

	 
	 
	$
	80,820
	

	 
	 
	$
	54,182
	

	 
	 
	$
	1,852
	

	 
	 
	$
	56,034
	

	 
	 
	$
	6,298
	

	 
	 
	$
	4,778
	

	 
	 
	$
	20,509
	

	 
	 
	$
	8,612
	

	 
	 
	$
	32,398
	

	 
	 
	$
	258,345
	

	 

	Average Loan Amount
	 
	 
	889,027
	

	 
	 
	 
	469,881
	

	 
	 
	 
	354,131
	

	 
	 
	 
	205,828
	

	 
	 
	 
	559,959
	

	 
	 
	 
	128,526
	

	 
	 
	 
	129,136
	

	 
	 
	 
	244,159
	

	 
	 
	 
	187,217
	

	 
	 
	 
	265,555
	

	 
	 
	 
	355,358
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	$
	33,068
	

	 
	 
	$
	19,613
	

	 
	 
	$
	18,726
	

	 
	 
	$
	1,985
	

	 
	 
	$
	20,712
	

	 
	 
	$
	6,070
	

	 
	 
	$
	10,212
	

	 
	 
	$
	29,498
	

	 
	 
	$
	6,645
	

	 
	 
	$
	95,454
	

	 
	 
	$
	221,302
	

	 





150






	
																																																								
	*CONFIDENTIAL
	 
	 
	92.4
	

	%
	 
	 
	37.2
	

	%
	 
	 
	32.2
	

	%
	 
	 
	12.9
	

	%
	 
	 
	30.7
	

	%
	 
	 
	28.2
	

	%
	 
	 
	9.2
	

	%
	 
	 
	15.1
	

	%
	 
	 
	33.9
	

	%
	 
	 
	32.0
	

	%
	 
	 
	32.7
	

	%

	*CONFIDENTIAL
	 
	 
	15.2
	

	%
	 
	 
	20.7
	

	%
	 
	 
	19.3
	

	%
	 
	 
	6.4
	

	%
	 
	 
	0.0
	

	%
	 
	 
	18.6
	

	%
	 
	 
	16.6
	

	%
	 
	 
	21.1
	

	%
	 
	 
	16.1
	

	%
	 
	 
	24.6
	

	%
	 
	 
	19.8
	

	%

	*CONFIDENTIAL
	 
	 
	62.5
	

	%
	 
	 
	9.0
	

	%
	 
	 
	11.1
	

	%
	 
	 
	13.8
	

	%
	 
	 
	11.3
	

	%
	 
	 
	27.1
	

	%
	 
	 
	19.7
	

	%
	 
	 
	21.8
	

	%
	 
	 
	26.1
	

	%
	 
	 
	94.2
	

	%
	 
	 
	28.0
	

	%

	*CONFIDENTIAL
	 
	 
	1.37
	

	%
	 
	 
	1.33
	

	%
	 
	 
	1.03
	

	%
	 
	 
	1.39
	

	%
	 
	 
	1.06
	

	%
	 
	 
	-0.21
	

	%
	 
	 
	1.51
	

	%
	 
	 
	1.35
	

	%
	 
	 
	1.85
	

	%
	 
	 
	0.00
	

	%
	 
	 
	1.09
	

	%

	*CONFIDENTIAL
	 
	$
	(91
	

	)
	 
	$
	199
	

	 
	 
	$
	56
	

	 
	 
	$
	22
	

	 
	 
	$
	51
	

	 
	 
	$
	259
	

	 
	 
	$
	30
	

	 
	 
	$
	(250
	

	)
	 
	$
	151
	

	 
	 
	$
	—
	

	 
	 
	$
	11
	

	 

	*CONFIDENTIAL
	 
	 
	49.53
	

	%
	 
	 
	68.64
	

	%
	 
	 
	36.37
	

	%
	 
	 
	29.46
	

	%
	 
	 
	35.65
	

	%
	 
	 
	-20.88
	

	%
	 
	 
	21.79
	

	%
	 
	 
	19.69
	

	%
	 
	 
	50.27
	

	%
	 
	 
	0.00
	

	%
	 
	 
	52.96
	

	%

	*CONFIDENTIAL
	 
	 
	0.00
	

	%
	 
	 
	-0.04
	

	%
	 
	 
	0.22
	

	%
	 
	 
	-0.26
	

	%
	 
	 
	0.19
	

	%
	 
	 
	0.84
	

	%
	 
	 
	0.30
	

	%
	 
	 
	-0.66
	

	%
	 
	 
	-0.08
	

	%
	 
	 
	0.00
	

	%
	 
	 
	-0.04
	

	%

	*CONFIDENTIAL
	 
	 
	1.39
	

	%
	 
	 
	1.40
	

	%
	 
	 
	1.39
	

	%
	 
	 
	1.37
	

	%
	 
	 
	1.39
	

	%
	 
	 
	1.00
	

	%
	 
	 
	2.13
	

	%
	 
	 
	0.79
	

	%
	 
	 
	1.85
	

	%
	 
	 
	0.00
	

	%
	 
	 
	1.16
	

	%

	*CONFIDENTIAL
	 
	 
	0.71
	

	%
	 
	 
	0.49
	

	%
	 
	 
	1.02
	

	%
	 
	 
	0.96
	

	%
	 
	 
	1.01
	

	%
	 
	 
	0.96
	

	%
	 
	 
	1.80
	

	%
	 
	 
	0.52
	

	%
	 
	 
	0.96
	

	%
	 
	 
	-0.74
	

	%
	 
	 
	0.59
	

	%

	*CONFIDENTIAL
	 
	$
	3,251
	

	 
	 
	$
	5,893
	

	 
	 
	$
	4,760
	

	 
	 
	$
	2,498
	

	 
	 
	$
	4,447
	

	 
	 
	$
	1,171
	

	 
	 
	$
	3,397
	

	 
	 
	$
	1,713
	

	 
	 
	$
	4,320
	

	 
	 
	$
	—
	

	 
	 
	$
	3,048
	

	 

	*CONFIDENTIAL
	 
	$
	991
	

	 
	 
	$
	1,257
	

	 
	 
	$
	1,564
	

	 
	 
	$
	1,870
	

	 
	 
	$
	1,606
	

	 
	 
	$
	1,856
	

	 
	 
	$
	1,197
	

	 
	 
	$
	1,216
	

	 
	 
	$
	2,783
	

	 
	 
	$
	1,867
	

	 
	 
	$
	1,473
	

	 

	*CONFIDENTIAL
	 
	 
	0.42
	

	%
	 
	 
	0.30
	

	%
	 
	 
	0.46
	

	%
	 
	 
	1.03
	

	%
	 
	 
	0.50
	

	%
	 
	 
	1.59
	

	%
	 
	 
	0.75
	

	%
	 
	 
	0.56
	

	%
	 
	 
	1.19
	

	%
	 
	 
	0.83
	

	%
	 
	 
	0.56
	

	%

	Loans over 60 days
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	3
	

	 
	 
	 
	N/A
	

	 
	 
	 
	0
	

	 
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	3
	

	 
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	6
	

	 

	Summary Headcount
	 
	 
	44
	

	 
	 
	 
	46
	

	 
	 
	 
	158
	

	 
	 
	 
	26
	

	 
	 
	 
	184
	

	 
	 
	 
	91
	

	 
	 
	 
	89
	

	 
	 
	 
	171
	

	 
	 
	 
	62
	

	 
	 
	 
	174
	

	 
	 
	 
	861
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	DECEMBER 
PROFIT & LOSS 
REVIEW
	 
	PREFERRED
	 
	 
	FIRST CAPITAL
	 
	 
	PRINCETON
	 
	 
	LANDOVER
	 
	 
	PRINCETON 
CONSOLIDATED
	 
	 
	AXIOM
	 
	 
	SUNBELT
	 
	 
	NE MOVES
	 
	 
	MORTGAGE
	 
	 
	BURNET
	 
	 
	TOTAL
	 

	Revenue
	 
	 
	722,261
	

	 
	 
	 
	2,895,264
	

	 
	 
	 
	1,738,622
	

	 
	 
	 
	200,410
	

	 
	 
	 
	1,939,032
	

	 
	 
	 
	(46,293
	

	)
	 
	 
	785,554
	

	 
	 
	 
	1,831,355
	

	 
	 
	 
	470,014
	

	 
	 
	 
	—
	

	 
	 
	 
	8,597,187
	

	 

	*CONFIDENTIAL
	 
	 
	55,140
	

	 
	 
	 
	143,546
	

	 
	 
	 
	162,415
	

	 
	 
	 
	24,341
	

	 
	 
	 
	186,756
	

	 
	 
	 
	13,926
	

	 
	 
	 
	134,930
	

	 
	 
	 
	214,768
	

	 
	 
	 
	8,053
	

	 
	 
	 
	—
	

	 
	 
	 
	575,117
	

	 

	*CONFIDENTIAL
	 
	 
	(20,564
	

	)
	 
	 
	103,105
	

	 
	 
	 
	27,534
	

	 
	 
	 
	1,712
	

	 
	 
	 
	29,245
	

	 
	 
	 
	49,726
	

	 
	 
	 
	9,735
	

	 
	 
	 
	(155,366
	

	)
	 
	 
	16,506
	

	 
	 
	 
	—
	

	 
	 
	 
	32,388
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	(22,149
	

	)
	 
	 
	(521,244
	

	)
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	(7,854
	

	)
	 
	 
	—
	

	 
	 
	 
	(551,247
	

	)

	*CONFIDENTIAL
	 
	 
	0
	

	 
	 
	 
	512,302
	

	 
	 
	 
	35,188
	

	 
	 
	 
	7,999
	

	 
	 
	 
	43,188
	

	 
	 
	 
	20,252
	

	 
	 
	 
	23,853
	

	 
	 
	 
	66,712
	

	 
	 
	 
	3,309
	

	 
	 
	 
	—
	

	 
	 
	 
	669,615
	

	 





151






	
																																																								
	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	(86,164
	

	)
	 
	 
	378,354
	

	 
	 
	 
	(37,156
	

	)
	 
	 
	341,197
	

	 
	 
	 
	187,169
	

	 
	 
	 
	153,217
	

	 
	 
	 
	(892,215
	

	)
	 
	 
	(19,124
	

	)
	 
	 
	—
	

	 
	 
	 
	(315,919
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Gross Revenue
	 
	 
	734,689
	

	 
	 
	 
	3,046,807
	

	 
	 
	 
	2,342,112
	

	 
	 
	 
	197,306
	

	 
	 
	 
	2,539,418
	

	 
	 
	 
	224,781
	

	 
	 
	 
	1,107,288
	

	 
	 
	 
	1,065,254
	

	 
	 
	 
	470,905
	

	 
	 
	 
	—
	

	 
	 
	 
	9,188,141
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Commissions
	 
	 
	357,744
	

	 
	 
	 
	1,987,184
	

	 
	 
	 
	632,298
	

	 
	 
	 
	59,046
	

	 
	 
	 
	691,344
	

	 
	 
	 
	9,668
	

	 
	 
	 
	171,199
	

	 
	 
	 
	360,539
	

	 
	 
	 
	226,682
	

	 
	 
	 
	748,441
	

	 
	 
	 
	4,552,801
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Net Revenue
	 
	 
	376,945
	

	 
	 
	 
	1,059,624
	

	 
	 
	 
	1,709,814
	

	 
	 
	 
	138,260
	

	 
	 
	 
	1,848,074
	

	 
	 
	 
	215,113
	

	 
	 
	 
	936,088
	

	 
	 
	 
	704,715
	

	 
	 
	 
	244,222
	

	 
	 
	 
	(748,441
	

	)
	 
	 
	4,636,340
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Indirect Costs
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	86,591
	

	 
	 
	 
	233,554
	

	 
	 
	 
	355,726
	

	 
	 
	 
	45,426
	

	 
	 
	 
	401,153
	

	 
	 
	 
	170,585
	

	 
	 
	 
	167,195
	

	 
	 
	 
	347,860
	

	 
	 
	 
	148,700
	

	 
	 
	 
	382,422
	

	 
	 
	 
	1,938,061
	

	 

	*CONFIDENTIAL
	 
	 
	169
	

	 
	 
	 
	259
	

	 
	 
	 
	22,773
	

	 
	 
	 
	1,638
	

	 
	 
	 
	24,411
	

	 
	 
	 
	610
	

	 
	 
	 
	744
	

	 
	 
	 
	7,077
	

	 
	 
	 
	1,067
	

	 
	 
	 
	293
	

	 
	 
	 
	34,630
	

	 

	*CONFIDENTIAL
	 
	 
	1,137
	

	 
	 
	 
	—
	

	 
	 
	 
	23,544
	

	 
	 
	 
	—
	

	 
	 
	 
	23,544
	

	 
	 
	 
	6,996
	

	 
	 
	 
	—
	

	 
	 
	 
	7,187
	

	 
	 
	 
	3,088
	

	 
	 
	 
	—
	

	 
	 
	 
	41,952
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	21,852
	

	 
	 
	 
	64,260
	

	 
	 
	 
	123,847
	

	 
	 
	 
	6,894
	

	 
	 
	 
	130,740
	

	 
	 
	 
	1,898
	

	 
	 
	 
	59,122
	

	 
	 
	 
	14,896
	

	 
	 
	 
	46,112
	

	 
	 
	 
	61,676
	

	 
	 
	 
	400,538
	

	 

	*CONFIDENTIAL
	 
	 
	8,990
	

	 
	 
	 
	7,117
	

	 
	 
	 
	19,430
	

	 
	 
	 
	12,739
	

	 
	 
	 
	32,168
	

	 
	 
	 
	5,905
	

	 
	 
	 
	6,501
	

	 
	 
	 
	22,794
	

	 
	 
	 
	24,484
	

	 
	 
	 
	101,678
	

	 
	 
	 
	209,637
	

	 

	*CONFIDENTIAL
	 
	 
	11,451
	

	 
	 
	 
	36,320
	

	 
	 
	 
	15,782
	

	 
	 
	 
	11,651
	

	 
	 
	 
	27,432
	

	 
	 
	 
	30,362
	

	 
	 
	 
	15,674
	

	 
	 
	 
	51,065
	

	 
	 
	 
	20,922
	

	 
	 
	 
	39,504
	

	 
	 
	 
	232,730
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	891
	

	 
	 
	 
	—
	

	 
	 
	 
	891
	

	 
	 
	 
	890
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	1,321
	

	 
	 
	 
	1,386
	

	 
	 
	 
	4,488
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	244
	

	 
	 
	 
	244
	

	 
	 
	 
	500
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	9,000
	

	 
	 
	 
	—
	

	 
	 
	 
	9,744
	

	 

	*CONFIDENTIAL
	 
	 
	10,873
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	9,053
	

	 
	 
	 
	2,375
	

	 
	 
	 
	2,750
	

	 
	 
	 
	16,140
	

	 
	 
	 
	41,919
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	141,063
	

	 
	 
	 
	341,511
	

	 
	 
	 
	561,992
	

	 
	 
	 
	78,591
	

	 
	 
	 
	640,593
	

	 
	 
	 
	217,746
	

	 
	 
	 
	258,288
	

	 
	 
	 
	453,235
	

	 
	 
	 
	257,455
	

	 
	 
	 
	503,100
	

	 
	 
	 
	2,912,970
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	14,579
	

	 
	 
	 
	69,634
	

	 
	 
	 
	50,389
	

	 
	 
	 
	13,665
	

	 
	 
	 
	64,054
	

	 
	 
	 
	35,208
	

	 
	 
	 
	31,063
	

	 
	 
	 
	26,144
	

	 
	 
	 
	4,926
	

	 
	 
	 
	55,552
	

	 
	 
	 
	301,161
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	4,878
	

	 
	 
	 
	—
	

	 
	 
	 
	4,878
	

	 
	 
	 
	1,929
	

	 
	 
	 
	—
	

	 
	 
	 
	9,200
	

	 
	 
	 
	—
	

	 
	 
	 
	5,570
	

	 
	 
	 
	21,578
	

	 

	*CONFIDENTIAL
	 
	 
	875
	

	 
	 
	 
	7,702
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	3,090
	

	 
	 
	 
	—
	

	 
	 
	 
	1,736
	

	 
	 
	 
	3,044
	

	 
	 
	 
	—
	

	 
	 
	 
	16,447
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	15,454
	

	 
	 
	 
	77,336
	

	 
	 
	 
	55,268
	

	 
	 
	 
	13,665
	

	 
	 
	 
	68,933
	

	 
	 
	 
	40,227
	

	 
	 
	 
	31,063
	

	 
	 
	 
	37,080
	

	 
	 
	 
	7,970
	

	 
	 
	 
	61,123
	

	 
	 
	 
	339,186
	

	 





152






	
																																																								
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	5,206
	

	 
	 
	 
	4,690
	

	 
	 
	 
	1,490
	

	 
	 
	 
	350
	

	 
	 
	 
	1,840
	

	 
	 
	 
	—
	

	 
	 
	 
	681
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	12,417
	

	 

	*CONFIDENTIAL
	 
	 
	100
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	6,429
	

	 
	 
	 
	4,465
	

	 
	 
	 
	7,584
	

	 
	 
	 
	13,006
	

	 
	 
	 
	4,965
	

	 
	 
	 
	36,549
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	5,306
	

	 
	 
	 
	4,690
	

	 
	 
	 
	1,490
	

	 
	 
	 
	350
	

	 
	 
	 
	1,840
	

	 
	 
	 
	6,429
	

	 
	 
	 
	5,146
	

	 
	 
	 
	7,584
	

	 
	 
	 
	13,006
	

	 
	 
	 
	4,965
	

	 
	 
	 
	48,968
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	20,484
	

	 
	 
	 
	15,000
	

	 
	 
	 
	40,210
	

	 
	 
	 
	5,969
	

	 
	 
	 
	46,179
	

	 
	 
	 
	19,473
	

	 
	 
	 
	9,100
	

	 
	 
	 
	14,207
	

	 
	 
	 
	4,403
	

	 
	 
	 
	111,971
	

	 
	 
	 
	240,816
	

	 

	*CONFIDENTIAL
	 
	 
	15,447
	

	 
	 
	 
	67,039
	

	 
	 
	 
	28,308
	

	 
	 
	 
	5,981
	

	 
	 
	 
	34,289
	

	 
	 
	 
	7,571
	

	 
	 
	 
	6,380
	

	 
	 
	 
	110,255
	

	 
	 
	 
	1,490
	

	 
	 
	 
	6,340
	

	 
	 
	 
	248,810
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	35,931
	

	 
	 
	 
	82,039
	

	 
	 
	 
	68,517
	

	 
	 
	 
	11,951
	

	 
	 
	 
	80,468
	

	 
	 
	 
	27,043
	

	 
	 
	 
	15,479
	

	 
	 
	 
	124,462
	

	 
	 
	 
	5,893
	

	 
	 
	 
	118,311
	

	 
	 
	 
	469,626
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	3,822
	

	 
	 
	 
	17,866
	

	 
	 
	 
	17,657
	

	 
	 
	 
	1,994
	

	 
	 
	 
	19,651
	

	 
	 
	 
	30,889
	

	 
	 
	 
	17,116
	

	 
	 
	 
	13,305
	

	 
	 
	 
	3,070
	

	 
	 
	 
	5,321
	

	 
	 
	 
	110,999
	

	 

	*CONFIDENTIAL
	 
	 
	4,398
	

	 
	 
	 
	17,273
	

	 
	 
	 
	22,725
	

	 
	 
	 
	1,237
	

	 
	 
	 
	23,963
	

	 
	 
	 
	3,204
	

	 
	 
	 
	11,654
	

	 
	 
	 
	16,853
	

	 
	 
	 
	2,444
	

	 
	 
	 
	2,147
	

	 
	 
	 
	81,935
	

	 

	*CONFIDENTIAL
	 
	 
	(63
	

	)
	 
	 
	2,368
	

	 
	 
	 
	4,972
	

	 
	 
	 
	683
	

	 
	 
	 
	5,655
	

	 
	 
	 
	1,452
	

	 
	 
	 
	—
	

	 
	 
	 
	1,153
	

	 
	 
	 
	1,000
	

	 
	 
	 
	2,621
	

	 
	 
	 
	14,187
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	8,157
	

	 
	 
	 
	37,506
	

	 
	 
	 
	45,354
	

	 
	 
	 
	3,914
	

	 
	 
	 
	49,268
	

	 
	 
	 
	35,545
	

	 
	 
	 
	28,820
	

	 
	 
	 
	31,311
	

	 
	 
	 
	6,514
	

	 
	 
	 
	9,999
	

	 
	 
	 
	207,121
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	2,202
	

	 
	 
	 
	39,501
	

	 
	 
	 
	26,219
	

	 
	 
	 
	12,020
	

	 
	 
	 
	38,239
	

	 
	 
	 
	21,131
	

	 
	 
	 
	8,973
	

	 
	 
	 
	24,630
	

	 
	 
	 
	4,976
	

	 
	 
	 
	17,015
	

	 
	 
	 
	156,666
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	2,202
	

	 
	 
	 
	39,501
	

	 
	 
	 
	26,219
	

	 
	 
	 
	12,020
	

	 
	 
	 
	38,239
	

	 
	 
	 
	21,131
	

	 
	 
	 
	8,973
	

	 
	 
	 
	24,630
	

	 
	 
	 
	4,976
	

	 
	 
	 
	17,015
	

	 
	 
	 
	156,666
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	1,718
	

	 
	 
	 
	1,718
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	1,718
	

	 

	*CONFIDENTIAL
	 
	 
	4,085
	

	 
	 
	 
	1,300
	

	 
	 
	 
	(14,538
	

	)
	 
	 
	19,850
	

	 
	 
	 
	5,313
	

	 
	 
	 
	3,658
	

	 
	 
	 
	35,851
	

	 
	 
	 
	25,721
	

	 
	 
	 
	2,960
	

	 
	 
	 
	25,069
	

	 
	 
	 
	103,955
	

	 

	*CONFIDENTIAL
	 
	 
	2,322
	

	 
	 
	 
	8,335
	

	 
	 
	 
	965
	

	 
	 
	 
	3,562
	

	 
	 
	 
	4,527
	

	 
	 
	 
	202
	

	 
	 
	 
	1,300
	

	 
	 
	 
	5,949
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	22,638
	

	 

	*CONFIDENTIAL
	 
	 
	3,584
	

	 
	 
	 
	233
	

	 
	 
	 
	5,846
	

	 
	 
	 
	658
	

	 
	 
	 
	6,504
	

	 
	 
	 
	416
	

	 
	 
	 
	—
	

	 
	 
	 
	390
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	11,126
	

	 

	*CONFIDENTIAL
	 
	 
	5,695
	

	 
	 
	 
	40,447
	

	 
	 
	 
	16,965
	

	 
	 
	 
	1,432
	

	 
	 
	 
	18,397
	

	 
	 
	 
	3,016
	

	 
	 
	 
	1,957
	

	 
	 
	 
	3,119
	

	 
	 
	 
	1,023
	

	 
	 
	 
	6,897
	

	 
	 
	 
	80,553
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	15,686
	

	 
	 
	 
	50,315
	

	 
	 
	 
	9,238
	

	 
	 
	 
	27,221
	

	 
	 
	 
	36,459
	

	 
	 
	 
	7,292
	

	 
	 
	 
	39,109
	

	 
	 
	 
	35,179
	

	 
	 
	 
	3,983
	

	 
	 
	 
	31,966
	

	 
	 
	 
	219,989
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 





153






	
																																																								
	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	107
	

	 
	 
	 
	—
	

	 
	 
	 
	107
	

	 
	 
	 
	798
	

	 
	 
	 
	1,404
	

	 
	 
	 
	6,275
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	8,584
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	228
	

	 
	 
	 
	—
	

	 
	 
	 
	228
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	228
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	16,731
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	2,004
	

	 
	 
	 
	594
	

	 
	 
	 
	15
	

	 
	 
	 
	(0
	

	)
	 
	 
	19,343
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	193
	

	 
	 
	 
	9
	

	 
	 
	 
	202
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	6,023
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	6,225
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	(2,268
	

	)
	 
	 
	(2,268
	

	)

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	117
	

	 
	 
	 
	117
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	16,731
	

	 
	 
	 
	528
	

	 
	 
	 
	9
	

	 
	 
	 
	537
	

	 
	 
	 
	798
	

	 
	 
	 
	3,408
	

	 
	 
	 
	12,891
	

	 
	 
	 
	15
	

	 
	 
	 
	(2,151
	

	)
	 
	 
	32,229
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	114
	

	 
	 
	 
	—
	

	 
	 
	 
	760
	

	 
	 
	 
	—
	

	 
	 
	 
	760
	

	 
	 
	 
	52
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	(1,309
	

	)
	 
	 
	(383
	

	)

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	905
	

	 
	 
	 
	905
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	30,000
	

	 
	 
	 
	3,500
	

	 
	 
	 
	—
	

	 
	 
	 
	33,500
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	114
	

	 
	 
	 
	—
	

	 
	 
	 
	760
	

	 
	 
	 
	—
	

	 
	 
	 
	760
	

	 
	 
	 
	52
	

	 
	 
	 
	—
	

	 
	 
	 
	30,000
	

	 
	 
	 
	3,500
	

	 
	 
	 
	(405
	

	)
	 
	 
	34,022
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Expenses
	 
	 
	223,914
	

	 
	 
	 
	649,630
	

	 
	 
	 
	769,366
	

	 
	 
	 
	147,721
	

	 
	 
	 
	917,087
	

	 
	 
	 
	356,263
	

	 
	 
	 
	390,285
	

	 
	 
	 
	756,372
	

	 
	 
	 
	303,302
	

	 
	 
	 
	843,922
	

	 
	 
	 
	4,440,775
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Other Corporate Allocations
	 
	 
	3,500
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	3,500
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Controllable Expenses
	 
	 
	227,141
	

	 
	 
	 
	649,630
	

	 
	 
	 
	769,366
	

	 
	 
	 
	147,721
	

	 
	 
	 
	917,087
	

	 
	 
	 
	356,263
	

	 
	 
	 
	390,285
	

	 
	 
	 
	756,372
	

	 
	 
	 
	303,302
	

	 
	 
	 
	843,922
	

	 
	 
	 
	4,444,275
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	EBITDA before Executive Expenses
	 
	 
	149,531
	

	 
	 
	 
	409,994
	

	 
	 
	 
	940,448
	

	 
	 
	 
	(9,460
	

	)
	 
	 
	930,988
	

	 
	 
	 
	(141,150
	

	)
	 
	 
	545,803
	

	 
	 
	 
	(51,657
	

	)
	 
	 
	(59,080
	

	)
	 
	 
	(1,592,363
	

	)
	 
	 
	192,065
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 




The Budget is equal to the 0&12 Forecast for the following pages.


 



154






	
		
	*
	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.







155






Confidential Treatment
 
	
																																																								
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	YTD
FORECAST
PROFIT &
LOSS REVIEW
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	 
	TOTAL
	 

	Revenue/Key Drivers
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Application Units
	 
	 
	2,101
	

	 
	 
	 
	7,773
	

	 
	 
	 
	8,871
	

	 
	 
	 
	1,120
	

	 
	 
	 
	9,991
	

	 
	 
	 
	3,880
	

	 
	 
	 
	4,615
	

	 
	 
	 
	9,035
	

	 
	 
	 
	1,035
	

	 
	 
	 
	7,743
	

	 
	 
	 
	46,173
	

	 

	Total Application Dollars
	 
	$
	467,172
	

	 
	 
	$
	3,236,918
	

	 
	 
	$
	3,019,662
	

	 
	 
	$
	181,285
	

	 
	 
	$
	3,200,946
	

	 
	 
	$
	500,379
	

	 
	 
	$
	756,576
	

	 
	 
	$
	2,086,193
	

	 
	 
	$
	239,197
	

	 
	 
	$
	1,679,040
	

	 
	 
	$
	12,166,421
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Closing Units
	 
	 
	2,592
	

	 
	 
	 
	6,606
	

	 
	 
	 
	6,464
	

	 
	 
	 
	883
	

	 
	 
	 
	7,347
	

	 
	 
	 
	2,793
	

	 
	 
	 
	3,879
	

	 
	 
	 
	7,813
	

	 
	 
	 
	817
	

	 
	 
	 
	6,648
	

	 
	 
	 
	38,495
	

	 

	Total Closing Dollars
	 
	$
	563,941
	

	 
	 
	$
	2,759,138
	

	 
	 
	$
	2,151,704
	

	 
	 
	$
	144,802
	

	 
	 
	$
	2,296,306
	

	 
	 
	$
	327,756
	

	 
	 
	$
	623,627
	

	 
	 
	$
	1,742,216
	

	 
	 
	$
	186,589
	

	 
	 
	$
	1,405,789
	

	 
	 
	$
	9,905,363
	

	 

	Average Loan Amount
	 
	 
	217,570
	

	 
	 
	 
	417,671
	

	 
	 
	 
	332,875
	

	 
	 
	 
	163,762
	

	 
	 
	 
	312,550
	

	 
	 
	 
	117,349
	

	 
	 
	 
	160,770
	

	 
	 
	 
	222,989
	

	 
	 
	 
	228,383
	

	 
	 
	 
	211,460
	

	 
	 
	 
	257,316
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Purchase Closing Units
	 
	 
	2,080
	

	 
	 
	 
	4,397
	

	 
	 
	 
	4,646
	

	 
	 
	 
	792
	

	 
	 
	 
	5,438
	

	 
	 
	 
	2,163
	

	 
	 
	 
	3,428
	

	 
	 
	 
	6,708
	

	 
	 
	 
	589
	

	 
	 
	 
	5,266
	

	 
	 
	 
	30,069
	

	 

	Purchase Closing Dollars
	 
	$
	409,952
	

	 
	 
	$
	1,794,836
	

	 
	 
	$
	1,529,367
	

	 
	 
	$
	126,401
	

	 
	 
	$
	1,655,768
	

	 
	 
	$
	229,487
	

	 
	 
	$
	505,869
	

	 
	 
	$
	1,478,717
	

	 
	 
	$
	128,116
	

	 
	 
	$
	1,085,626
	

	 
	 
	$
	7,288,369
	

	 

	Average Loan Amount
	 
	 
	197,092
	

	 
	 
	 
	408,195
	

	 
	 
	 
	329,179
	

	 
	 
	 
	159,598
	

	 
	 
	 
	304,481
	

	 
	 
	 
	106,097
	

	 
	 
	 
	147,570
	

	 
	 
	 
	220,441
	

	 
	 
	 
	217,514
	

	 
	 
	 
	206,158
	

	 
	 
	 
	242,388
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Refi Closings - Units
	 
	 
	512
	

	 
	 
	 
	2,209
	

	 
	 
	 
	1,818
	

	 
	 
	 
	91
	

	 
	 
	 
	1,909
	

	 
	 
	 
	630
	

	 
	 
	 
	451
	

	 
	 
	 
	1,105
	

	 
	 
	 
	228
	

	 
	 
	 
	1,382
	

	 
	 
	 
	8,426
	

	 

	Refi Closings - Dollars
	 
	$
	153,989
	

	 
	 
	 
	964,302
	

	 
	 
	$
	622,338
	

	 
	 
	$
	18,201
	

	 
	 
	$
	640,539
	

	 
	 
	$
	98,269
	

	 
	 
	$
	117,759
	

	 
	 
	$
	263,499
	

	 
	 
	$
	58,473
	

	 
	 
	$
	320,163
	

	 
	 
	$
	2,616,993
	

	 

	Average Loan Amount
	 
	 
	300,760
	

	 
	 
	 
	436,533
	

	 
	 
	 
	342,320
	

	 
	 
	 
	200,010
	

	 
	 
	 
	335,536
	

	 
	 
	 
	155,983
	

	 
	 
	 
	261,106
	

	 
	 
	 
	238,461
	

	 
	 
	 
	256,462
	

	 
	 
	 
	231,666
	

	 
	 
	 
	310,585
	

	 





156






	
																																																								
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	$
	269,803
	

	 
	 
	$
	107,394
	

	 
	 
	$
	176,579
	

	 
	 
	$
	12,255
	

	 
	 
	$
	188,834
	

	 
	 
	$
	46,102
	

	 
	 
	$
	30,316
	

	 
	 
	$
	308,241
	

	 
	 
	$
	12,127
	

	 
	 
	$
	1,322,402
	

	 
	 
	$
	2,285,220
	

	 

	*CONFIDENTIAL
	 
	 
	27.3
	

	%
	 
	 
	34.9
	

	%
	 
	 
	28.9
	

	%
	 
	 
	12.6
	

	%
	 
	 
	27.9
	

	%
	 
	 
	30.0
	

	%
	 
	 
	18.9
	

	%
	 
	 
	15.1
	

	%
	 
	 
	31.3
	

	%
	 
	 
	22.8
	

	%
	 
	 
	26.4
	

	%

	*CONFIDENTIAL
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 

	*CONFIDENTIAL
	 
	 
	47.8
	

	%
	 
	 
	3.9
	

	%
	 
	 
	8.2
	

	%
	 
	 
	8.5
	

	%
	 
	 
	8.2
	

	%
	 
	 
	14.1
	

	%
	 
	 
	4.9
	

	%
	 
	 
	17.7
	

	%
	 
	 
	6.5
	

	%
	 
	 
	94.1
	

	%
	 
	 
	23.1
	

	%

	*CONFIDENTIAL
	 
	 
	1.51
	

	%
	 
	 
	1.22
	

	%
	 
	 
	1.05
	

	%
	 
	 
	1.38
	

	%
	 
	 
	1.07
	

	%
	 
	 
	1.51
	

	%
	 
	 
	1.43
	

	%
	 
	 
	1.36
	

	%
	 
	 
	0.99
	

	%
	 
	 
	0.00
	

	%
	 
	 
	1.07
	

	%

	*CONFIDENTIAL
	 
	$
	(23
	

	)
	 
	$
	216
	

	 
	 
	$
	78
	

	 
	 
	$
	33
	

	 
	 
	$
	73
	

	 
	 
	$
	274
	

	 
	 
	$
	35
	

	 
	 
	$
	(241
	

	)
	 
	$
	143
	

	 
	 
	$
	—
	

	 
	 
	$
	27
	

	 

	*CONFIDENTIAL
	 
	 
	47.44
	

	%
	 
	 
	68.50
	

	%
	 
	 
	55.14
	

	%
	 
	 
	45.77
	

	%
	 
	 
	54.39
	

	%
	 
	 
	73.68
	

	%
	 
	 
	49.41
	

	%
	 
	 
	39.24
	

	%
	 
	 
	94.05
	

	%
	 
	 
	N/A
	

	 
	 
	 
	65.82
	

	%

	*CONFIDENTIAL
	 
	 
	0.00
	

	%
	 
	 
	0.06
	

	%
	 
	 
	0.42
	

	%
	 
	 
	0.67
	

	%
	 
	 
	0.44
	

	%
	 
	 
	0.88
	

	%
	 
	 
	0.71
	

	%
	 
	 
	0.07
	

	%
	 
	 
	0.98
	

	%
	 
	 
	0.00
	

	%
	 
	 
	0.22
	

	%

	*CONFIDENTIAL
	 
	 
	1.62
	

	%
	 
	 
	1.39
	

	%
	 
	 
	1.64
	

	%
	 
	 
	2.36
	

	%
	 
	 
	1.68
	

	%
	 
	 
	2.72
	

	%
	 
	 
	2.44
	

	%
	 
	 
	1.42
	

	%
	 
	 
	2.04
	

	%
	 
	 
	0.00
	

	%
	 
	 
	1.40
	

	%

	*CONFIDENTIAL
	 
	 
	0.91
	

	%
	 
	 
	0.56
	

	%
	 
	 
	1.05
	

	%
	 
	 
	1.73
	

	%
	 
	 
	1.10
	

	%
	 
	 
	1.61
	

	%
	 
	 
	1.73
	

	%
	 
	 
	0.89
	

	%
	 
	 
	1.11
	

	%
	 
	 
	-0.73
	

	%
	 
	 
	0.70
	

	%

	*CONFIDENTIAL
	 
	$
	3,524
	

	 
	 
	$
	5,815
	

	 
	 
	$
	5,443
	

	 
	 
	$
	3,861
	

	 
	 
	$
	5,253
	

	 
	 
	$
	3,194
	

	 
	 
	$
	3,917
	

	 
	 
	$
	3,168
	

	 
	 
	$
	4,658
	

	 
	 
	$
	—
	

	 
	 
	$
	3,606
	

	 

	*CONFIDENTIAL
	 
	$
	1,051
	

	 
	 
	$
	1,075
	

	 
	 
	$
	1,605
	

	 
	 
	$
	1,864
	

	 
	 
	$
	1,636
	

	 
	 
	$
	1,733
	

	 
	 
	$
	1,433
	

	 
	 
	$
	1,336
	

	 
	 
	$
	3,012
	

	 
	 
	$
	1,465
	

	 
	 
	$
	1,426
	

	 

	*CONFIDENTIAL
	 
	 
	0.48
	

	%
	 
	 
	0.26
	

	%
	 
	 
	0.48
	

	%
	 
	 
	1.14
	

	%
	 
	 
	0.52
	

	%
	 
	 
	1.48
	

	%
	 
	 
	0.89
	

	%
	 
	 
	0.60
	

	%
	 
	 
	1.32
	

	%
	 
	 
	0.69
	

	%
	 
	 
	0.55
	

	%

	Loans over 60 days
	 
	 
	0
	

	 
	 
	 
	2
	

	 
	 
	 
	37
	

	 
	 
	 
	0
	

	 
	 
	 
	0
	

	 
	 
	 
	27
	

	 
	 
	 
	0
	

	 
	 
	 
	95
	

	 
	 
	 
	0
	

	 
	 
	 
	0
	

	 
	 
	 
	N/A
	

	 

	Summary Headcount (FY Avg)
	 
	 
	44
	

	 
	 
	 
	46
	

	 
	 
	 
	158
	

	 
	 
	 
	26
	

	 
	 
	 
	184
	

	 
	 
	 
	91
	

	 
	 
	 
	89
	

	 
	 
	 
	171
	

	 
	 
	 
	62
	

	 
	 
	 
	174
	

	 
	 
	 
	861
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	YTD PROFIT
PROFIT &
LOSS REVIEW
	 
	PREFERRED
	 
	 
	FIRST CAPITAL
	 
	 
	PRINCETON
	 
	 
	LANDOVER
	 
	 
	PRINCETON 
CONSOLIDATED
	 
	 
	AXIOM
	 
	 
	SUNBELT
	 
	 
	NE MOVES
	 
	 
	LI MORTGAGE
	 
	 
	BURNET
	 
	 
	TOTAL
	 

	Revenue
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 





157






	
																																																								
	*CONFIDENTIAL
	 
	 
	8,488,556
	

	 
	 
	 
	33,561,716
	

	 
	 
	 
	22,656,297
	

	 
	 
	 
	1,989,371
	

	 
	 
	 
	24,645,669
	

	 
	 
	 
	4,955,781
	

	 
	 
	 
	8,945,863
	

	 
	 
	 
	23,627,519
	

	 
	 
	 
	1,853,877
	

	 
	 
	 
	—
	

	 
	 
	 
	106,078,982
	

	 

	*CONFIDENTIAL
	 
	 
	498,980
	

	 
	 
	 
	1,603,096
	

	 
	 
	 
	2,358,718
	

	 
	 
	 
	292,250
	

	 
	 
	 
	2,650,968
	

	 
	 
	 
	(50,476
	

	)
	 
	 
	1,431,062
	

	 
	 
	 
	1,306,870
	

	 
	 
	 
	96,966
	

	 
	 
	 
	—
	

	 
	 
	 
	7,537,466
	

	 

	*CONFIDENTIAL
	 
	 
	(59,411
	

	)
	 
	 
	1,425,218
	

	 
	 
	 
	504,883
	

	 
	 
	 
	29,248
	

	 
	 
	 
	534,131
	

	 
	 
	 
	765,487
	

	 
	 
	 
	137,650
	

	 
	 
	 
	(1,879,858
	

	)
	 
	 
	116,994
	

	 
	 
	 
	—
	

	 
	 
	 
	1,040,210
	

	 

	*CONFIDENTIAL
	 
	 
	(3,586
	

	)
	 
	 
	—
	

	 
	 
	 
	0
	

	 
	 
	 
	—
	

	 
	 
	 
	0
	

	 
	 
	 
	(86,067
	

	)
	 
	 
	—
	

	 
	 
	 
	(118,186
	

	)
	 
	 
	5,794
	

	 
	 
	 
	—
	

	 
	 
	 
	(202,045
	

	)

	*CONFIDENTIAL
	 
	 
	(95,798
	

	)
	 
	 
	—
	

	 
	 
	 
	(140,238
	

	)
	 
	 
	(13,488
	

	)
	 
	 
	(153,726
	

	)
	 
	 
	(49,786
	

	)
	 
	 
	(140,468
	

	)
	 
	 
	41,625
	

	 
	 
	 
	(28,022
	

	)
	 
	 
	—
	

	 
	 
	 
	(426,174
	

	)

	*CONFIDENTIAL
	 
	 
	307,053
	

	 
	 
	 
	(10,708
	

	)
	 
	 
	66,989
	

	 
	 
	 
	16,472
	

	 
	 
	 
	83,461
	

	 
	 
	 
	2,196
	

	 
	 
	 
	—
	

	 
	 
	 
	(147,753
	

	)
	 
	 
	(61,175
	

	)
	 
	 
	—
	

	 
	 
	 
	173,074
	

	 

	*CONFIDENTIAL
	 
	 
	(378
	

	)
	 
	 
	125,787
	

	 
	 
	 
	633,202
	

	 
	 
	 
	119,322
	

	 
	 
	 
	752,525
	

	 
	 
	 
	513,338
	

	 
	 
	 
	399,401
	

	 
	 
	 
	749,270
	

	 
	 
	 
	(5,650
	

	)
	 
	 
	—
	

	 
	 
	 
	2,534,293
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	1,711,311
	

	 
	 
	 
	9,104,316
	

	 
	 
	 
	976,018
	

	 
	 
	 
	10,080,334
	

	 
	 
	 
	2,871,062
	

	 
	 
	 
	4,419,422
	

	 
	 
	 
	1,170,021
	

	 
	 
	 
	1,827,191
	

	 
	 
	 
	—
	

	 
	 
	 
	22,079,341
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Gross Revenue
	 
	 
	9,135,417
	

	 
	 
	 
	38,416,420
	

	 
	 
	 
	36,184,167
	

	 
	 
	 
	3,409,194
	

	 
	 
	 
	38,593,361
	

	 
	 
	 
	8,921,538
	

	 
	 
	 
	15,192,930
	

	 
	 
	 
	24,749,509
	

	 
	 
	 
	3,805,975
	

	 
	 
	 
	—
	

	 
	 
	 
	138,815,146
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Commissions
	 
	 
	4,027,097
	

	 
	 
	 
	22,989,903
	

	 
	 
	 
	12,493,196
	

	 
	 
	 
	910,503
	

	 
	 
	 
	13,403,699
	

	 
	 
	 
	3,651,631
	

	 
	 
	 
	4,420,407
	

	 
	 
	 
	9,271,535
	

	 
	 
	 
	1,743,604
	

	 
	 
	 
	10,313,550
	

	 
	 
	 
	69,821,426
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Net Revenue
	 
	 
	5,108,319
	

	 
	 
	 
	15,426,517
	

	 
	 
	 
	22,680,971
	

	 
	 
	 
	2,498,692
	

	 
	 
	 
	25,189,662
	

	 
	 
	 
	5,269,904
	

	 
	 
	 
	10,772,523
	

	 
	 
	 
	15,477,974
	

	 
	 
	 
	2,062,371
	

	 
	 
	 
	(10,313,550
	

	)
	 
	 
	68,993,721
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Indirect Costs
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	1,047,634
	

	 
	 
	 
	2,862,432
	

	 
	 
	 
	3,924,385
	

	 
	 
	 
	459,321
	

	 
	 
	 
	4,383,706
	

	 
	 
	 
	2,106,171
	

	 
	 
	 
	2,210,890
	

	 
	 
	 
	4,317,908
	

	 
	 
	 
	1,403,771
	

	 
	 
	 
	4,404,127
	

	 
	 
	 
	22,736,640
	

	 

	*CONFIDENTIAL
	 
	 
	8,594
	

	 
	 
	 
	7,534
	

	 
	 
	 
	286,705
	

	 
	 
	 
	47,303
	

	 
	 
	 
	334,007
	

	 
	 
	 
	10,937
	

	 
	 
	 
	39,066
	

	 
	 
	 
	156,770
	

	 
	 
	 
	6,647
	

	 
	 
	 
	30,596
	

	 
	 
	 
	594,152
	

	 

	*CONFIDENTIAL
	 
	 
	3,497
	

	 
	 
	 
	116,506
	

	 
	 
	 
	280,363
	

	 
	 
	 
	8,395
	

	 
	 
	 
	288,758
	

	 
	 
	 
	116,491
	

	 
	 
	 
	77,534
	

	 
	 
	 
	158,970
	

	 
	 
	 
	20,302
	

	 
	 
	 
	—
	

	 
	 
	 
	782,058
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	205,637
	

	 
	 
	 
	484,519
	

	 
	 
	 
	1,597,934
	

	 
	 
	 
	107,085
	

	 
	 
	 
	1,705,019
	

	 
	 
	 
	16,515
	

	 
	 
	 
	417,719
	

	 
	 
	 
	113,352
	

	 
	 
	 
	86,252
	

	 
	 
	 
	435,186
	

	 
	 
	 
	3,464,199
	

	 

	*CONFIDENTIAL
	 
	 
	427,855
	

	 
	 
	 
	370,905
	

	 
	 
	 
	1,285,709
	

	 
	 
	 
	167,968
	

	 
	 
	 
	1,433,677
	

	 
	 
	 
	664,657
	

	 
	 
	 
	664,984
	

	 
	 
	 
	1,300,559
	

	 
	 
	 
	221,797
	

	 
	 
	 
	1,820,312
	

	 
	 
	 
	6,904,747
	

	 





158






	
																																																								
	*CONFIDENTIAL
	 
	 
	260,879
	

	 
	 
	 
	254,443
	

	 
	 
	 
	1,031,744
	

	 
	 
	 
	140,706
	

	 
	 
	 
	1,172,449
	

	 
	 
	 
	439,303
	

	 
	 
	 
	446,975
	

	 
	 
	 
	933,625
	

	 
	 
	 
	195,202
	

	 
	 
	 
	853,628
	

	 
	 
	 
	4,556,505
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	(452
	

	)
	 
	 
	1,981
	

	 
	 
	 
	1,529
	

	 
	 
	 
	5,759
	

	 
	 
	 
	—
	

	 
	 
	 
	10,499
	

	 
	 
	 
	9,456
	

	 
	 
	 
	7,409
	

	 
	 
	 
	34,651
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	3,212
	

	 
	 
	 
	16,631
	

	 
	 
	 
	19,843
	

	 
	 
	 
	22,661
	

	 
	 
	 
	—
	

	 
	 
	 
	1,350
	

	 
	 
	 
	21,500
	

	 
	 
	 
	508
	

	 
	 
	 
	65,862
	

	 

	*CONFIDENTIAL
	 
	 
	15,879
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	58
	

	 
	 
	 
	58
	

	 
	 
	 
	—
	

	 
	 
	 
	33,653
	

	 
	 
	 
	88,940
	

	 
	 
	 
	17,581
	

	 
	 
	 
	157,932
	

	 
	 
	 
	314,042
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	1,969,976
	

	 
	 
	 
	4,096,339
	

	 
	 
	 
	8,389,599
	

	 
	 
	 
	949,446
	

	 
	 
	 
	9,339,045
	

	 
	 
	 
	3,382,494
	

	 
	 
	 
	3,890,821
	

	 
	 
	 
	7,081,974
	

	 
	 
	 
	1,982,509
	

	 
	 
	 
	7,709,698
	

	 
	 
	 
	39,452,855
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	171,906
	

	 
	 
	 
	756,591
	

	 
	 
	 
	579,273
	

	 
	 
	 
	171,450
	

	 
	 
	 
	750,723
	

	 
	 
	 
	399,371
	

	 
	 
	 
	361,962
	

	 
	 
	 
	469,105
	

	 
	 
	 
	94,075
	

	 
	 
	 
	419,490
	

	 
	 
	 
	3,423,223
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	66,787
	

	 
	 
	 
	31,171
	

	 
	 
	 
	97,958
	

	 
	 
	 
	38,484
	

	 
	 
	 
	4,123
	

	 
	 
	 
	136,932
	

	 
	 
	 
	25,035
	

	 
	 
	 
	11,775
	

	 
	 
	 
	314,307
	

	 

	*CONFIDENTIAL
	 
	 
	875
	

	 
	 
	 
	45,470
	

	 
	 
	 
	2,033
	

	 
	 
	 
	71
	

	 
	 
	 
	2,103
	

	 
	 
	 
	22,360
	

	 
	 
	 
	2,452
	

	 
	 
	 
	13,686
	

	 
	 
	 
	8,446
	

	 
	 
	 
	—
	

	 
	 
	 
	95,393
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	172,781
	

	 
	 
	 
	802,061
	

	 
	 
	 
	648,093
	

	 
	 
	 
	202,691
	

	 
	 
	 
	850,784
	

	 
	 
	 
	460,215
	

	 
	 
	 
	368,538
	

	 
	 
	 
	619,723
	

	 
	 
	 
	127,556
	

	 
	 
	 
	431,266
	

	 
	 
	 
	3,832,923
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	11,208
	

	 
	 
	 
	72,612
	

	 
	 
	 
	26,749
	

	 
	 
	 
	3,336
	

	 
	 
	 
	30,085
	

	 
	 
	 
	—
	

	 
	 
	 
	11,777
	

	 
	 
	 
	10,152
	

	 
	 
	 
	1,092
	

	 
	 
	 
	21,612
	

	 
	 
	 
	158,539
	

	 

	*CONFIDENTIAL
	 
	 
	4,119
	

	 
	 
	 
	21,599
	

	 
	 
	 
	—
	

	 
	 
	 
	2,626
	

	 
	 
	 
	2,626
	

	 
	 
	 
	66,191
	

	 
	 
	 
	60,651
	

	 
	 
	 
	185,024
	

	 
	 
	 
	27,228
	

	 
	 
	 
	78,006
	

	 
	 
	 
	445,443
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	15,327
	

	 
	 
	 
	94,211
	

	 
	 
	 
	26,749
	

	 
	 
	 
	5,962
	

	 
	 
	 
	32,710
	

	 
	 
	 
	66,191
	

	 
	 
	 
	72,428
	

	 
	 
	 
	195,176
	

	 
	 
	 
	28,320
	

	 
	 
	 
	99,618
	

	 
	 
	 
	603,982
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	172,786
	

	 
	 
	 
	24,326
	

	 
	 
	 
	366,969
	

	 
	 
	 
	24,295
	

	 
	 
	 
	391,264
	

	 
	 
	 
	189,538
	

	 
	 
	 
	116,549
	

	 
	 
	 
	196,386
	

	 
	 
	 
	39,921
	

	 
	 
	 
	636,732
	

	 
	 
	 
	1,767,503
	

	 

	*CONFIDENTIAL
	 
	 
	84,092
	

	 
	 
	 
	665,976
	

	 
	 
	 
	107,836
	

	 
	 
	 
	66,898
	

	 
	 
	 
	174,734
	

	 
	 
	 
	37,941
	

	 
	 
	 
	130,835
	

	 
	 
	 
	644,940
	

	 
	 
	 
	28,259
	

	 
	 
	 
	(34,661
	

	)
	 
	 
	1,732,115
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	256,878
	

	 
	 
	 
	690,302
	

	 
	 
	 
	474,805
	

	 
	 
	 
	91,194
	

	 
	 
	 
	565,998
	

	 
	 
	 
	227,479
	

	 
	 
	 
	247,383
	

	 
	 
	 
	841,326
	

	 
	 
	 
	68,180
	

	 
	 
	 
	602,071
	

	 
	 
	 
	3,499,618
	

	 





159






	
																																																								
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	54,116
	

	 
	 
	 
	220,334
	

	 
	 
	 
	171,300
	

	 
	 
	 
	32,713
	

	 
	 
	 
	204,013
	

	 
	 
	 
	353,886
	

	 
	 
	 
	203,886
	

	 
	 
	 
	164,578
	

	 
	 
	 
	29,048
	

	 
	 
	 
	105,801
	

	 
	 
	 
	1,335,661
	

	 

	*CONFIDENTIAL
	 
	 
	65,779
	

	 
	 
	 
	185,235
	

	 
	 
	 
	171,097
	

	 
	 
	 
	19,098
	

	 
	 
	 
	190,195
	

	 
	 
	 
	21,918
	

	 
	 
	 
	136,066
	

	 
	 
	 
	262,946
	

	 
	 
	 
	26,296
	

	 
	 
	 
	61,599
	

	 
	 
	 
	950,035
	

	 

	*CONFIDENTIAL
	 
	 
	8,122
	

	 
	 
	 
	33,857
	

	 
	 
	 
	50,325
	

	 
	 
	 
	4,417
	

	 
	 
	 
	54,742
	

	 
	 
	 
	20,998
	

	 
	 
	 
	530
	

	 
	 
	 
	37,242
	

	 
	 
	 
	10,032
	

	 
	 
	 
	33,511
	

	 
	 
	 
	199,034
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	128,017
	

	 
	 
	 
	439,426
	

	 
	 
	 
	392,722
	

	 
	 
	 
	56,229
	

	 
	 
	 
	448,951
	

	 
	 
	 
	396,801
	

	 
	 
	 
	340,482
	

	 
	 
	 
	464,766
	

	 
	 
	 
	65,376
	

	 
	 
	 
	200,911
	

	 
	 
	 
	2,484,730
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	33,651
	

	 
	 
	 
	342,192
	

	 
	 
	 
	265,137
	

	 
	 
	 
	72,565
	

	 
	 
	 
	337,702
	

	 
	 
	 
	198,675
	

	 
	 
	 
	166,768
	

	 
	 
	 
	209,378
	

	 
	 
	 
	42,709
	

	 
	 
	 
	230,659
	

	 
	 
	 
	1,561,733
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	33,651
	

	 
	 
	 
	342,192
	

	 
	 
	 
	265,137
	

	 
	 
	 
	72,565
	

	 
	 
	 
	337,702
	

	 
	 
	 
	198,675
	

	 
	 
	 
	166,768
	

	 
	 
	 
	209,378
	

	 
	 
	 
	42,709
	

	 
	 
	 
	230,659
	

	 
	 
	 
	1,561,733
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	5,432
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	19,763
	

	 
	 
	 
	19,763
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	25,195
	

	 

	*CONFIDENTIAL
	 
	 
	25,904
	

	 
	 
	 
	38,877
	

	 
	 
	 
	(136,463
	

	)
	 
	 
	196,327
	

	 
	 
	 
	59,865
	

	 
	 
	 
	52,761
	

	 
	 
	 
	394,815
	

	 
	 
	 
	277,822
	

	 
	 
	 
	32,259
	

	 
	 
	 
	270,257
	

	 
	 
	 
	1,152,559
	

	 

	*CONFIDENTIAL
	 
	 
	45,210
	

	 
	 
	 
	91,584
	

	 
	 
	 
	2,627
	

	 
	 
	 
	29,883
	

	 
	 
	 
	32,510
	

	 
	 
	 
	6,178
	

	 
	 
	 
	15,439
	

	 
	 
	 
	90,593
	

	 
	 
	 
	8,287
	

	 
	 
	 
	500
	

	 
	 
	 
	290,301
	

	 

	*CONFIDENTIAL
	 
	 
	10,755
	

	 
	 
	 
	1,387
	

	 
	 
	 
	71,325
	

	 
	 
	 
	4,577
	

	 
	 
	 
	75,902
	

	 
	 
	 
	10,482
	

	 
	 
	 
	1,105
	

	 
	 
	 
	7,268
	

	 
	 
	 
	796
	

	 
	 
	 
	8,396
	

	 
	 
	 
	116,091
	

	 

	*CONFIDENTIAL
	 
	 
	58,815
	

	 
	 
	 
	467,662
	

	 
	 
	 
	219,173
	

	 
	 
	 
	14,803
	

	 
	 
	 
	233,976
	

	 
	 
	 
	30,413
	

	 
	 
	 
	59,966
	

	 
	 
	 
	55,124
	

	 
	 
	 
	25,459
	

	 
	 
	 
	117,159
	

	 
	 
	 
	1,048,573
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	146,116
	

	 
	 
	 
	599,508
	

	 
	 
	 
	156,663
	

	 
	 
	 
	265,353
	

	 
	 
	 
	422,015
	

	 
	 
	 
	99,834
	

	 
	 
	 
	471,325
	

	 
	 
	 
	430,807
	

	 
	 
	 
	66,800
	

	 
	 
	 
	396,312
	

	 
	 
	 
	2,632,719
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	85
	

	 
	 
	 
	—
	

	 
	 
	 
	703
	

	 
	 
	 
	90
	

	 
	 
	 
	793
	

	 
	 
	 
	7,243
	

	 
	 
	 
	10,252
	

	 
	 
	 
	78,954
	

	 
	 
	 
	240
	

	 
	 
	 
	—
	

	 
	 
	 
	97,566
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	11,966
	

	 
	 
	 
	—
	

	 
	 
	 
	11,966
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	2,554
	

	 
	 
	 
	500
	

	 
	 
	 
	1,749
	

	 
	 
	 
	16,769
	

	 

	*CONFIDENTIAL
	 
	 
	40
	

	 
	 
	 
	40,109
	

	 
	 
	 
	1
	

	 
	 
	 
	1,639
	

	 
	 
	 
	1,640
	

	 
	 
	 
	(0
	

	)
	 
	 
	(10,889
	

	)
	 
	 
	5,319
	

	 
	 
	 
	50,160
	

	 
	 
	 
	7,444
	

	 
	 
	 
	93,824
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	2,154
	

	 
	 
	 
	1,017
	

	 
	 
	 
	3,171
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	26,679
	

	 
	 
	 
	—
	

	 
	 
	 
	2,697
	

	 
	 
	 
	32,546
	

	 





160






	
																																																								
	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	(88,260
	

	)
	 
	 
	(88,260
	

	)

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	250
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	4,184
	

	 
	 
	 
	4,434
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	125
	

	 
	 
	 
	40,109
	

	 
	 
	 
	14,823
	

	 
	 
	 
	2,746
	

	 
	 
	 
	17,569
	

	 
	 
	 
	7,493
	

	 
	 
	 
	(637
	

	)
	 
	 
	113,506
	

	 
	 
	 
	50,901
	

	 
	 
	 
	(72,187
	

	)
	 
	 
	156,879
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	1,255
	

	 
	 
	 
	—
	

	 
	 
	 
	6,018
	

	 
	 
	 
	75
	

	 
	 
	 
	6,093
	

	 
	 
	 
	771
	

	 
	 
	 
	—
	

	 
	 
	 
	117,981
	

	 
	 
	 
	742
	

	 
	 
	 
	112,089
	

	 
	 
	 
	238,931
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	26,803
	

	 
	 
	 
	26,803
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	360,000
	

	 
	 
	 
	28,000
	

	 
	 
	 
	—
	

	 
	 
	 
	388,000
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	1,255
	

	 
	 
	 
	—
	

	 
	 
	 
	6,018
	

	 
	 
	 
	75
	

	 
	 
	 
	6,093
	

	 
	 
	 
	771
	

	 
	 
	 
	—
	

	 
	 
	 
	477,981
	

	 
	 
	 
	28,742
	

	 
	 
	 
	138,892
	

	 
	 
	 
	653,734
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Expenses
	 
	 
	2,724,126
	

	 
	 
	 
	7,104,150
	

	 
	 
	 
	10,374,608
	

	 
	 
	 
	1,646,260
	

	 
	 
	 
	12,020,868
	

	 
	 
	 
	4,839,951
	

	 
	 
	 
	5,557,108
	

	 
	 
	 
	10,434,636
	

	 
	 
	 
	2,461,093
	

	 
	 
	 
	9,737,240
	

	 
	 
	 
	54,879,172
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Other Corporate Allocations
	 
	 
	42,000
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	42,000
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Controllable Expenses
	 
	 
	2,766,126
	

	 
	 
	 
	7,104,150
	

	 
	 
	 
	10,374,608
	

	 
	 
	 
	1,646,260
	

	 
	 
	 
	12,020,868
	

	 
	 
	 
	4,839,951
	

	 
	 
	 
	5,557,108
	

	 
	 
	 
	10,434,636
	

	 
	 
	 
	2,461,093
	

	 
	 
	 
	9,737,240
	

	 
	 
	 
	54,921,172
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	EBITDA before Executive Expenses *
	 
	 
	2,342,193
	

	 
	 
	 
	8,322,367
	

	 
	 
	 
	12,316,363
	

	 
	 
	 
	852,432
	

	 
	 
	 
	13,168,795
	

	 
	 
	 
	429,953
	

	 
	 
	 
	5,215,415
	

	 
	 
	 
	5,043,338
	

	 
	 
	 
	(398,722
	

	)
	 
	 
	(20,050,790
	

	)
	 
	 
	14,072,549
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 




The Budget is equal to the 0&12 Forecast for the following pages.


 


	
		
	*
	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.





161










Confidential Treatment
 
	
																																																								
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	YTD
FORECAST
PROFIT &
LOSS REVIEW
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	 
	TOTAL
	 

	Revenue/Key Drivers
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Application Units
	 
	 
	2,101
	

	 
	 
	 
	7,773
	

	 
	 
	 
	8,871
	

	 
	 
	 
	1,120
	

	 
	 
	 
	9,991
	

	 
	 
	 
	3,880
	

	 
	 
	 
	4,615
	

	 
	 
	 
	9,035
	

	 
	 
	 
	1,035
	

	 
	 
	 
	7,743
	

	 
	 
	 
	46,173
	

	 

	Total Application Dollars
	 
	$
	467,172
	

	 
	 
	$
	3,236,918
	

	 
	 
	$
	3,019,662
	

	 
	 
	$
	181,285
	

	 
	 
	$
	3,200,946
	

	 
	 
	$
	500,379
	

	 
	 
	$
	756,576
	

	 
	 
	$
	2,086,193
	

	 
	 
	$
	239,197
	

	 
	 
	$
	1,679,040
	

	 
	 
	$
	12,166,421
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Closing Units
	 
	 
	2,592
	

	 
	 
	 
	6,606
	

	 
	 
	 
	6,464
	

	 
	 
	 
	883
	

	 
	 
	 
	7,347
	

	 
	 
	 
	2,793
	

	 
	 
	 
	3,879
	

	 
	 
	 
	7,813
	

	 
	 
	 
	817
	

	 
	 
	 
	6,648
	

	 
	 
	 
	38,495
	

	 

	Total Closing Dollars
	 
	$
	563,941
	

	 
	 
	$
	2,759,138
	

	 
	 
	$
	2,151,704
	

	 
	 
	$
	144,802
	

	 
	 
	$
	2,296,306
	

	 
	 
	$
	327,756
	

	 
	 
	$
	623,627
	

	 
	 
	$
	1,742,216
	

	 
	 
	$
	186,589
	

	 
	 
	$
	1,405,789
	

	 
	 
	$
	9,905,363
	

	 

	Average Loan Amount
	 
	 
	217,570
	

	 
	 
	 
	417,671
	

	 
	 
	 
	332,875
	

	 
	 
	 
	163,762
	

	 
	 
	 
	312,550
	

	 
	 
	 
	117,349
	

	 
	 
	 
	160,770
	

	 
	 
	 
	222,989
	

	 
	 
	 
	228,383
	

	 
	 
	 
	211,460
	

	 
	 
	 
	257,316
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Purchase Closing Units
	 
	 
	2,080
	

	 
	 
	 
	4,397
	

	 
	 
	 
	4,646
	

	 
	 
	 
	792
	

	 
	 
	 
	5,438
	

	 
	 
	 
	2,163
	

	 
	 
	 
	3,428
	

	 
	 
	 
	6,708
	

	 
	 
	 
	589
	

	 
	 
	 
	5,266
	

	 
	 
	 
	30,069
	

	 

	Purchase Closing Dollars
	 
	$
	409,952
	

	 
	 
	$
	1,794,836
	

	 
	 
	$
	1,529,367
	

	 
	 
	$
	126,401
	

	 
	 
	$
	1,655,768
	

	 
	 
	$
	229,487
	

	 
	 
	$
	505,869
	

	 
	 
	$
	1,478,717
	

	 
	 
	$
	128,116
	

	 
	 
	$
	1,085,626
	

	 
	 
	$
	7,288,369
	

	 

	Average Loan Amount
	 
	 
	197,092
	

	 
	 
	 
	408,195
	

	 
	 
	 
	329,179
	

	 
	 
	 
	159,598
	

	 
	 
	 
	304,481
	

	 
	 
	 
	106,097
	

	 
	 
	 
	147,570
	

	 
	 
	 
	220,441
	

	 
	 
	 
	217,514
	

	 
	 
	 
	206,158
	

	 
	 
	 
	242,388
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Refi Closings - Units
	 
	 
	512
	

	 
	 
	 
	2,209
	

	 
	 
	 
	1,818
	

	 
	 
	 
	91
	

	 
	 
	 
	1,909
	

	 
	 
	 
	630
	

	 
	 
	 
	451
	

	 
	 
	 
	1,105
	

	 
	 
	 
	228
	

	 
	 
	 
	1,382
	

	 
	 
	 
	8,426
	

	 

	Refi Closings - Dollars
	 
	$
	153,989
	

	 
	 
	 
	964,302
	

	 
	 
	$
	622,338
	

	 
	 
	$
	18,201
	

	 
	 
	$
	640,539
	

	 
	 
	$
	98,269
	

	 
	 
	$
	117,759
	

	 
	 
	$
	263,499
	

	 
	 
	$
	58,473
	

	 
	 
	$
	320,163
	

	 
	 
	$
	2,616,993
	

	 





162






	
																																																								
	Average Loan Amount
	 
	 
	300,760
	

	 
	 
	 
	436,533
	

	 
	 
	 
	342,320
	

	 
	 
	 
	200,010
	

	 
	 
	 
	335,536
	

	 
	 
	 
	155,983
	

	 
	 
	 
	261,106
	

	 
	 
	 
	238,461
	

	 
	 
	 
	256,462
	

	 
	 
	 
	231,666
	

	 
	 
	 
	310,585
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	$
	269,803
	

	 
	 
	$
	107,394
	

	 
	 
	$
	176,579
	

	 
	 
	$
	12,255
	

	 
	 
	$
	188,834
	

	 
	 
	$
	46,102
	

	 
	 
	$
	30,316
	

	 
	 
	$
	308,241
	

	 
	 
	$
	12,127
	

	 
	 
	$
	1,322,402
	

	 
	 
	$
	2,285,220
	

	 

	*CONFIDENTIAL
	 
	 
	27.3
	

	%
	 
	 
	34.9
	

	%
	 
	 
	28.9
	

	%
	 
	 
	12.6
	

	%
	 
	 
	27.9
	

	%
	 
	 
	30.0
	

	%
	 
	 
	18.9
	

	%
	 
	 
	15.1
	

	%
	 
	 
	31.3
	

	%
	 
	 
	22.8
	

	%
	 
	 
	26.4
	

	%

	*CONFIDENTIAL
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 

	*CONFIDENTIAL
	 
	 
	47.8
	

	%
	 
	 
	3.9
	

	%
	 
	 
	8.2
	

	%
	 
	 
	8.5
	

	%
	 
	 
	8.2
	

	%
	 
	 
	14.1
	

	%
	 
	 
	4.9
	

	%
	 
	 
	17.7
	

	%
	 
	 
	6.5
	

	%
	 
	 
	94.1
	

	%
	 
	 
	23.1
	

	%

	*CONFIDENTIAL
	 
	 
	1.51
	

	%
	 
	 
	1.22
	

	%
	 
	 
	1.05
	

	%
	 
	 
	1.38
	

	%
	 
	 
	1.07
	

	%
	 
	 
	1.51
	

	%
	 
	 
	1.43
	

	%
	 
	 
	1.36
	

	%
	 
	 
	0.99
	

	%
	 
	 
	0.00
	

	%
	 
	 
	1.07
	

	%

	*CONFIDENTIAL
	 
	$
	(23
	

	)
	 
	$
	216
	

	 
	 
	$
	78
	

	 
	 
	$
	33
	

	 
	 
	$
	73
	

	 
	 
	$
	274
	

	 
	 
	$
	35
	

	 
	 
	$
	(241
	

	)
	 
	$
	143
	

	 
	 
	$
	—
	

	 
	 
	$
	27
	

	 

	*CONFIDENTIAL
	 
	 
	47.44
	

	%
	 
	 
	68.50
	

	%
	 
	 
	55.14
	

	%
	 
	 
	45.77
	

	%
	 
	 
	54.39
	

	%
	 
	 
	73.68
	

	%
	 
	 
	49.41
	

	%
	 
	 
	39.24
	

	%
	 
	 
	94.05
	

	%
	 
	 
	N/A
	

	 
	 
	 
	65.82
	

	%

	*CONFIDENTIAL
	 
	 
	0.00
	

	%
	 
	 
	0.06
	

	%
	 
	 
	0.42
	

	%
	 
	 
	0.67
	

	%
	 
	 
	0.44
	

	%
	 
	 
	0.88
	

	%
	 
	 
	0.71
	

	%
	 
	 
	0.07
	

	%
	 
	 
	0.98
	

	%
	 
	 
	0.00
	

	%
	 
	 
	0.22
	

	%

	*CONFIDENTIAL
	 
	 
	1.62
	

	%
	 
	 
	1.39
	

	%
	 
	 
	1.64
	

	%
	 
	 
	2.36
	

	%
	 
	 
	1.68
	

	%
	 
	 
	2.72
	

	%
	 
	 
	2.44
	

	%
	 
	 
	1.42
	

	%
	 
	 
	2.04
	

	%
	 
	 
	0.00
	

	%
	 
	 
	1.40
	

	%

	*CONFIDENTIAL
	 
	 
	0.91
	

	%
	 
	 
	0.56
	

	%
	 
	 
	1.05
	

	%
	 
	 
	1.73
	

	%
	 
	 
	1.10
	

	%
	 
	 
	1.61
	

	%
	 
	 
	1.73
	

	%
	 
	 
	0.89
	

	%
	 
	 
	1.11
	

	%
	 
	 
	-0.73
	

	%
	 
	 
	0.70
	

	%

	*CONFIDENTIAL
	 
	$
	3,524
	

	 
	 
	$
	5,815
	

	 
	 
	$
	5,443
	

	 
	 
	$
	3,861
	

	 
	 
	$
	5,253
	

	 
	 
	$
	3,194
	

	 
	 
	$
	3,917
	

	 
	 
	$
	3,168
	

	 
	 
	$
	4,658
	

	 
	 
	$
	—
	

	 
	 
	$
	3,606
	

	 

	*CONFIDENTIAL
	 
	$
	1,051
	

	 
	 
	$
	1,075
	

	 
	 
	$
	1,605
	

	 
	 
	$
	1,864
	

	 
	 
	$
	1,636
	

	 
	 
	$
	1,733
	

	 
	 
	$
	1,433
	

	 
	 
	$
	1,336
	

	 
	 
	$
	3,012
	

	 
	 
	$
	1,465
	

	 
	 
	$
	1,426
	

	 

	*CONFIDENTIAL
	 
	 
	0.48
	

	%
	 
	 
	0.26
	

	%
	 
	 
	0.48
	

	%
	 
	 
	1.14
	

	%
	 
	 
	0.52
	

	%
	 
	 
	1.48
	

	%
	 
	 
	0.89
	

	%
	 
	 
	0.60
	

	%
	 
	 
	1.32
	

	%
	 
	 
	0.69
	

	%
	 
	 
	0.55
	

	%

	Loans over 60 days
	 
	 
	0
	

	 
	 
	 
	2
	

	 
	 
	 
	37
	

	 
	 
	 
	0
	

	 
	 
	 
	0
	

	 
	 
	 
	27
	

	 
	 
	 
	0
	

	 
	 
	 
	95
	

	 
	 
	 
	0
	

	 
	 
	 
	0
	

	 
	 
	 
	N/A
	

	 

	Summary Headcount (FY Avg)
	 
	 
	44
	

	 
	 
	 
	46
	

	 
	 
	 
	158
	

	 
	 
	 
	26
	

	 
	 
	 
	184
	

	 
	 
	 
	91
	

	 
	 
	 
	89
	

	 
	 
	 
	171
	

	 
	 
	 
	62
	

	 
	 
	 
	174
	

	 
	 
	 
	861
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 





163






	
																																																								
	YTD PROFIT
PROFIT &
LOSS REVIEW
	 
	PREFERRED
	 
	 
	FIRST CAPITAL
	 
	 
	PRINCETON
	 
	 
	LANDOVER
	 
	 
	PRINCETON 
CONSOLIDATED
	 
	 
	AXIOM
	 
	 
	SUNBELT
	 
	 
	NE MOVES
	 
	 
	LI MORTGAGE
	 
	 
	BURNET
	 
	 
	TOTAL
	 

	Revenue
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	8,488,556
	

	 
	 
	 
	33,561,716
	

	 
	 
	 
	22,656,297
	

	 
	 
	 
	1,989,371
	

	 
	 
	 
	24,645,669
	

	 
	 
	 
	4,955,781
	

	 
	 
	 
	8,945,863
	

	 
	 
	 
	23,627,519
	

	 
	 
	 
	1,853,877
	

	 
	 
	 
	—
	

	 
	 
	 
	106,078,982
	

	 

	*CONFIDENTIAL
	 
	 
	498,980
	

	 
	 
	 
	1,603,096
	

	 
	 
	 
	2,358,718
	

	 
	 
	 
	292,250
	

	 
	 
	 
	2,650,968
	

	 
	 
	 
	(50,476
	

	)
	 
	 
	1,431,062
	

	 
	 
	 
	1,306,870
	

	 
	 
	 
	96,966
	

	 
	 
	 
	—
	

	 
	 
	 
	7,537,466
	

	 

	*CONFIDENTIAL
	 
	 
	(59,411
	

	)
	 
	 
	1,425,218
	

	 
	 
	 
	504,883
	

	 
	 
	 
	29,248
	

	 
	 
	 
	534,131
	

	 
	 
	 
	765,487
	

	 
	 
	 
	137,650
	

	 
	 
	 
	(1,879,858
	

	)
	 
	 
	116,994
	

	 
	 
	 
	—
	

	 
	 
	 
	1,040,210
	

	 

	*CONFIDENTIAL
	 
	 
	(3,586
	

	)
	 
	 
	—
	

	 
	 
	 
	0
	

	 
	 
	 
	—
	

	 
	 
	 
	0
	

	 
	 
	 
	(86,067
	

	)
	 
	 
	—
	

	 
	 
	 
	(118,186
	

	)
	 
	 
	5,794
	

	 
	 
	 
	—
	

	 
	 
	 
	(202,045
	

	)

	*CONFIDENTIAL
	 
	 
	(95,798
	

	)
	 
	 
	—
	

	 
	 
	 
	(140,238
	

	)
	 
	 
	(13,488
	

	)
	 
	 
	(153,726
	

	)
	 
	 
	(49,786
	

	)
	 
	 
	(140,468
	

	)
	 
	 
	41,625
	

	 
	 
	 
	(28,022
	

	)
	 
	 
	—
	

	 
	 
	 
	(426,174
	

	)

	*CONFIDENTIAL
	 
	 
	307,053
	

	 
	 
	 
	(10,708
	

	)
	 
	 
	66,989
	

	 
	 
	 
	16,472
	

	 
	 
	 
	83,461
	

	 
	 
	 
	2,196
	

	 
	 
	 
	—
	

	 
	 
	 
	(147,753
	

	)
	 
	 
	(61,175
	

	)
	 
	 
	—
	

	 
	 
	 
	173,074
	

	 

	*CONFIDENTIAL
	 
	 
	(378
	

	)
	 
	 
	125,787
	

	 
	 
	 
	633,202
	

	 
	 
	 
	119,322
	

	 
	 
	 
	752,525
	

	 
	 
	 
	513,338
	

	 
	 
	 
	399,401
	

	 
	 
	 
	749,270
	

	 
	 
	 
	(5,650
	

	)
	 
	 
	—
	

	 
	 
	 
	2,534,293
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	1,711,311
	

	 
	 
	 
	9,104,316
	

	 
	 
	 
	976,018
	

	 
	 
	 
	10,080,334
	

	 
	 
	 
	2,871,062
	

	 
	 
	 
	4,419,422
	

	 
	 
	 
	1,170,021
	

	 
	 
	 
	1,827,191
	

	 
	 
	 
	—
	

	 
	 
	 
	22,079,341
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Gross Revenue
	 
	 
	9,135,417
	

	 
	 
	 
	38,416,420
	

	 
	 
	 
	36,184,167
	

	 
	 
	 
	3,409,194
	

	 
	 
	 
	38,593,361
	

	 
	 
	 
	8,921,538
	

	 
	 
	 
	15,192,930
	

	 
	 
	 
	24,749,509
	

	 
	 
	 
	3,805,975
	

	 
	 
	 
	—
	

	 
	 
	 
	138,815,146
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Commissions
	 
	 
	4,027,097
	

	 
	 
	 
	22,989,903
	

	 
	 
	 
	12,493,196
	

	 
	 
	 
	910,503
	

	 
	 
	 
	13,403,699
	

	 
	 
	 
	3,651,631
	

	 
	 
	 
	4,420,407
	

	 
	 
	 
	9,271,535
	

	 
	 
	 
	1,743,604
	

	 
	 
	 
	10,313,550
	

	 
	 
	 
	69,821,426
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Net Revenue
	 
	 
	5,108,319
	

	 
	 
	 
	15,426,517
	

	 
	 
	 
	22,680,971
	

	 
	 
	 
	2,498,692
	

	 
	 
	 
	25,189,662
	

	 
	 
	 
	5,269,904
	

	 
	 
	 
	10,772,523
	

	 
	 
	 
	15,477,974
	

	 
	 
	 
	2,062,371
	

	 
	 
	 
	(10,313,550
	

	)
	 
	 
	68,993,721
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Indirect Costs
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	1,047,634
	

	 
	 
	 
	2,862,432
	

	 
	 
	 
	3,924,385
	

	 
	 
	 
	459,321
	

	 
	 
	 
	4,383,706
	

	 
	 
	 
	2,106,171
	

	 
	 
	 
	2,210,890
	

	 
	 
	 
	4,317,908
	

	 
	 
	 
	1,403,771
	

	 
	 
	 
	4,404,127
	

	 
	 
	 
	22,736,640
	

	 

	*CONFIDENTIAL
	 
	 
	8,594
	

	 
	 
	 
	7,534
	

	 
	 
	 
	286,705
	

	 
	 
	 
	47,303
	

	 
	 
	 
	334,007
	

	 
	 
	 
	10,937
	

	 
	 
	 
	39,066
	

	 
	 
	 
	156,770
	

	 
	 
	 
	6,647
	

	 
	 
	 
	30,596
	

	 
	 
	 
	594,152
	

	 

	*CONFIDENTIAL
	 
	 
	3,497
	

	 
	 
	 
	116,506
	

	 
	 
	 
	280,363
	

	 
	 
	 
	8,395
	

	 
	 
	 
	288,758
	

	 
	 
	 
	116,491
	

	 
	 
	 
	77,534
	

	 
	 
	 
	158,970
	

	 
	 
	 
	20,302
	

	 
	 
	 
	—
	

	 
	 
	 
	782,058
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 





164






	
																																																								
	*CONFIDENTIAL
	 
	 
	205,637
	

	 
	 
	 
	484,519
	

	 
	 
	 
	1,597,934
	

	 
	 
	 
	107,085
	

	 
	 
	 
	1,705,019
	

	 
	 
	 
	16,515
	

	 
	 
	 
	417,719
	

	 
	 
	 
	113,352
	

	 
	 
	 
	86,252
	

	 
	 
	 
	435,186
	

	 
	 
	 
	3,464,199
	

	 

	*CONFIDENTIAL
	 
	 
	427,855
	

	 
	 
	 
	370,905
	

	 
	 
	 
	1,285,709
	

	 
	 
	 
	167,968
	

	 
	 
	 
	1,433,677
	

	 
	 
	 
	664,657
	

	 
	 
	 
	664,984
	

	 
	 
	 
	1,300,559
	

	 
	 
	 
	221,797
	

	 
	 
	 
	1,820,312
	

	 
	 
	 
	6,904,747
	

	 

	*CONFIDENTIAL
	 
	 
	260,879
	

	 
	 
	 
	254,443
	

	 
	 
	 
	1,031,744
	

	 
	 
	 
	140,706
	

	 
	 
	 
	1,172,449
	

	 
	 
	 
	439,303
	

	 
	 
	 
	446,975
	

	 
	 
	 
	933,625
	

	 
	 
	 
	195,202
	

	 
	 
	 
	853,628
	

	 
	 
	 
	4,556,505
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	(452
	

	)
	 
	 
	1,981
	

	 
	 
	 
	1,529
	

	 
	 
	 
	5,759
	

	 
	 
	 
	—
	

	 
	 
	 
	10,499
	

	 
	 
	 
	9,456
	

	 
	 
	 
	7,409
	

	 
	 
	 
	34,651
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	3,212
	

	 
	 
	 
	16,631
	

	 
	 
	 
	19,843
	

	 
	 
	 
	22,661
	

	 
	 
	 
	—
	

	 
	 
	 
	1,350
	

	 
	 
	 
	21,500
	

	 
	 
	 
	508
	

	 
	 
	 
	65,862
	

	 

	*CONFIDENTIAL
	 
	 
	15,879
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	58
	

	 
	 
	 
	58
	

	 
	 
	 
	—
	

	 
	 
	 
	33,653
	

	 
	 
	 
	88,940
	

	 
	 
	 
	17,581
	

	 
	 
	 
	157,932
	

	 
	 
	 
	314,042
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	1,969,976
	

	 
	 
	 
	4,096,339
	

	 
	 
	 
	8,389,599
	

	 
	 
	 
	949,446
	

	 
	 
	 
	9,339,045
	

	 
	 
	 
	3,382,494
	

	 
	 
	 
	3,890,821
	

	 
	 
	 
	7,081,974
	

	 
	 
	 
	1,982,509
	

	 
	 
	 
	7,709,698
	

	 
	 
	 
	39,452,855
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	171,906
	

	 
	 
	 
	756,591
	

	 
	 
	 
	579,273
	

	 
	 
	 
	171,450
	

	 
	 
	 
	750,723
	

	 
	 
	 
	399,371
	

	 
	 
	 
	361,962
	

	 
	 
	 
	469,105
	

	 
	 
	 
	94,075
	

	 
	 
	 
	419,490
	

	 
	 
	 
	3,423,223
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	66,787
	

	 
	 
	 
	31,171
	

	 
	 
	 
	97,958
	

	 
	 
	 
	38,484
	

	 
	 
	 
	4,123
	

	 
	 
	 
	136,932
	

	 
	 
	 
	25,035
	

	 
	 
	 
	11,775
	

	 
	 
	 
	314,307
	

	 

	*CONFIDENTIAL
	 
	 
	875
	

	 
	 
	 
	45,470
	

	 
	 
	 
	2,033
	

	 
	 
	 
	71
	

	 
	 
	 
	2,103
	

	 
	 
	 
	22,360
	

	 
	 
	 
	2,452
	

	 
	 
	 
	13,686
	

	 
	 
	 
	8,446
	

	 
	 
	 
	—
	

	 
	 
	 
	95,393
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	172,781
	

	 
	 
	 
	802,061
	

	 
	 
	 
	648,093
	

	 
	 
	 
	202,691
	

	 
	 
	 
	850,784
	

	 
	 
	 
	460,215
	

	 
	 
	 
	368,538
	

	 
	 
	 
	619,723
	

	 
	 
	 
	127,556
	

	 
	 
	 
	431,266
	

	 
	 
	 
	3,832,923
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	11,208
	

	 
	 
	 
	72,612
	

	 
	 
	 
	26,749
	

	 
	 
	 
	3,336
	

	 
	 
	 
	30,085
	

	 
	 
	 
	—
	

	 
	 
	 
	11,777
	

	 
	 
	 
	10,152
	

	 
	 
	 
	1,092
	

	 
	 
	 
	21,612
	

	 
	 
	 
	158,539
	

	 

	*CONFIDENTIAL
	 
	 
	4,119
	

	 
	 
	 
	21,599
	

	 
	 
	 
	—
	

	 
	 
	 
	2,626
	

	 
	 
	 
	2,626
	

	 
	 
	 
	66,191
	

	 
	 
	 
	60,651
	

	 
	 
	 
	185,024
	

	 
	 
	 
	27,228
	

	 
	 
	 
	78,006
	

	 
	 
	 
	445,443
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	15,327
	

	 
	 
	 
	94,211
	

	 
	 
	 
	26,749
	

	 
	 
	 
	5,962
	

	 
	 
	 
	32,710
	

	 
	 
	 
	66,191
	

	 
	 
	 
	72,428
	

	 
	 
	 
	195,176
	

	 
	 
	 
	28,320
	

	 
	 
	 
	99,618
	

	 
	 
	 
	603,982
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	172,786
	

	 
	 
	 
	24,326
	

	 
	 
	 
	366,969
	

	 
	 
	 
	24,295
	

	 
	 
	 
	391,264
	

	 
	 
	 
	189,538
	

	 
	 
	 
	116,549
	

	 
	 
	 
	196,386
	

	 
	 
	 
	39,921
	

	 
	 
	 
	636,732
	

	 
	 
	 
	1,767,503
	

	 





165






	
																																																								
	*CONFIDENTIAL
	 
	 
	84,092
	

	 
	 
	 
	665,976
	

	 
	 
	 
	107,836
	

	 
	 
	 
	66,898
	

	 
	 
	 
	174,734
	

	 
	 
	 
	37,941
	

	 
	 
	 
	130,835
	

	 
	 
	 
	644,940
	

	 
	 
	 
	28,259
	

	 
	 
	 
	(34,661
	

	)
	 
	 
	1,732,115
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	256,878
	

	 
	 
	 
	690,302
	

	 
	 
	 
	474,805
	

	 
	 
	 
	91,194
	

	 
	 
	 
	565,998
	

	 
	 
	 
	227,479
	

	 
	 
	 
	247,383
	

	 
	 
	 
	841,326
	

	 
	 
	 
	68,180
	

	 
	 
	 
	602,071
	

	 
	 
	 
	3,499,618
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	54,116
	

	 
	 
	 
	220,334
	

	 
	 
	 
	171,300
	

	 
	 
	 
	32,713
	

	 
	 
	 
	204,013
	

	 
	 
	 
	353,886
	

	 
	 
	 
	203,886
	

	 
	 
	 
	164,578
	

	 
	 
	 
	29,048
	

	 
	 
	 
	105,801
	

	 
	 
	 
	1,335,661
	

	 

	*CONFIDENTIAL
	 
	 
	65,779
	

	 
	 
	 
	185,235
	

	 
	 
	 
	171,097
	

	 
	 
	 
	19,098
	

	 
	 
	 
	190,195
	

	 
	 
	 
	21,918
	

	 
	 
	 
	136,066
	

	 
	 
	 
	262,946
	

	 
	 
	 
	26,296
	

	 
	 
	 
	61,599
	

	 
	 
	 
	950,035
	

	 

	*CONFIDENTIAL
	 
	 
	8,122
	

	 
	 
	 
	33,857
	

	 
	 
	 
	50,325
	

	 
	 
	 
	4,417
	

	 
	 
	 
	54,742
	

	 
	 
	 
	20,998
	

	 
	 
	 
	530
	

	 
	 
	 
	37,242
	

	 
	 
	 
	10,032
	

	 
	 
	 
	33,511
	

	 
	 
	 
	199,034
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	128,017
	

	 
	 
	 
	439,426
	

	 
	 
	 
	392,722
	

	 
	 
	 
	56,229
	

	 
	 
	 
	448,951
	

	 
	 
	 
	396,801
	

	 
	 
	 
	340,482
	

	 
	 
	 
	464,766
	

	 
	 
	 
	65,376
	

	 
	 
	 
	200,911
	

	 
	 
	 
	2,484,730
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	33,651
	

	 
	 
	 
	342,192
	

	 
	 
	 
	265,137
	

	 
	 
	 
	72,565
	

	 
	 
	 
	337,702
	

	 
	 
	 
	198,675
	

	 
	 
	 
	166,768
	

	 
	 
	 
	209,378
	

	 
	 
	 
	42,709
	

	 
	 
	 
	230,659
	

	 
	 
	 
	1,561,733
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	33,651
	

	 
	 
	 
	342,192
	

	 
	 
	 
	265,137
	

	 
	 
	 
	72,565
	

	 
	 
	 
	337,702
	

	 
	 
	 
	198,675
	

	 
	 
	 
	166,768
	

	 
	 
	 
	209,378
	

	 
	 
	 
	42,709
	

	 
	 
	 
	230,659
	

	 
	 
	 
	1,561,733
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	5,432
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	19,763
	

	 
	 
	 
	19,763
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	25,195
	

	 

	*CONFIDENTIAL
	 
	 
	25,904
	

	 
	 
	 
	38,877
	

	 
	 
	 
	(136,463
	

	)
	 
	 
	196,327
	

	 
	 
	 
	59,865
	

	 
	 
	 
	52,761
	

	 
	 
	 
	394,815
	

	 
	 
	 
	277,822
	

	 
	 
	 
	32,259
	

	 
	 
	 
	270,257
	

	 
	 
	 
	1,152,559
	

	 

	*CONFIDENTIAL
	 
	 
	45,210
	

	 
	 
	 
	91,584
	

	 
	 
	 
	2,627
	

	 
	 
	 
	29,883
	

	 
	 
	 
	32,510
	

	 
	 
	 
	6,178
	

	 
	 
	 
	15,439
	

	 
	 
	 
	90,593
	

	 
	 
	 
	8,287
	

	 
	 
	 
	500
	

	 
	 
	 
	290,301
	

	 

	*CONFIDENTIAL
	 
	 
	10,755
	

	 
	 
	 
	1,387
	

	 
	 
	 
	71,325
	

	 
	 
	 
	4,577
	

	 
	 
	 
	75,902
	

	 
	 
	 
	10,482
	

	 
	 
	 
	1,105
	

	 
	 
	 
	7,268
	

	 
	 
	 
	796
	

	 
	 
	 
	8,396
	

	 
	 
	 
	116,091
	

	 

	*CONFIDENTIAL
	 
	 
	58,815
	

	 
	 
	 
	467,662
	

	 
	 
	 
	219,173
	

	 
	 
	 
	14,803
	

	 
	 
	 
	233,976
	

	 
	 
	 
	30,413
	

	 
	 
	 
	59,966
	

	 
	 
	 
	55,124
	

	 
	 
	 
	25,459
	

	 
	 
	 
	117,159
	

	 
	 
	 
	1,048,573
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	146,116
	

	 
	 
	 
	599,508
	

	 
	 
	 
	156,663
	

	 
	 
	 
	265,353
	

	 
	 
	 
	422,015
	

	 
	 
	 
	99,834
	

	 
	 
	 
	471,325
	

	 
	 
	 
	430,807
	

	 
	 
	 
	66,800
	

	 
	 
	 
	396,312
	

	 
	 
	 
	2,632,719
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	85
	

	 
	 
	 
	—
	

	 
	 
	 
	703
	

	 
	 
	 
	90
	

	 
	 
	 
	793
	

	 
	 
	 
	7,243
	

	 
	 
	 
	10,252
	

	 
	 
	 
	78,954
	

	 
	 
	 
	240
	

	 
	 
	 
	—
	

	 
	 
	 
	97,566
	

	 





166






	
																																																								
	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	11,966
	

	 
	 
	 
	—
	

	 
	 
	 
	11,966
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	2,554
	

	 
	 
	 
	500
	

	 
	 
	 
	1,749
	

	 
	 
	 
	16,769
	

	 

	*CONFIDENTIAL
	 
	 
	40
	

	 
	 
	 
	40,109
	

	 
	 
	 
	1
	

	 
	 
	 
	1,639
	

	 
	 
	 
	1,640
	

	 
	 
	 
	(0
	

	)
	 
	 
	(10,889
	

	)
	 
	 
	5,319
	

	 
	 
	 
	50,160
	

	 
	 
	 
	7,444
	

	 
	 
	 
	93,824
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	2,154
	

	 
	 
	 
	1,017
	

	 
	 
	 
	3,171
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	26,679
	

	 
	 
	 
	—
	

	 
	 
	 
	2,697
	

	 
	 
	 
	32,546
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	(88,260
	

	)
	 
	 
	(88,260
	

	)

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	250
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	4,184
	

	 
	 
	 
	4,434
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	125
	

	 
	 
	 
	40,109
	

	 
	 
	 
	14,823
	

	 
	 
	 
	2,746
	

	 
	 
	 
	17,569
	

	 
	 
	 
	7,493
	

	 
	 
	 
	(637
	

	)
	 
	 
	113,506
	

	 
	 
	 
	50,901
	

	 
	 
	 
	(72,187
	

	)
	 
	 
	156,879
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	1,255
	

	 
	 
	 
	—
	

	 
	 
	 
	6,018
	

	 
	 
	 
	75
	

	 
	 
	 
	6,093
	

	 
	 
	 
	771
	

	 
	 
	 
	—
	

	 
	 
	 
	117,981
	

	 
	 
	 
	742
	

	 
	 
	 
	112,089
	

	 
	 
	 
	238,931
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	26,803
	

	 
	 
	 
	26,803
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	360,000
	

	 
	 
	 
	28,000
	

	 
	 
	 
	—
	

	 
	 
	 
	388,000
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	1,255
	

	 
	 
	 
	—
	

	 
	 
	 
	6,018
	

	 
	 
	 
	75
	

	 
	 
	 
	6,093
	

	 
	 
	 
	771
	

	 
	 
	 
	—
	

	 
	 
	 
	477,981
	

	 
	 
	 
	28,742
	

	 
	 
	 
	138,892
	

	 
	 
	 
	653,734
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Expenses
	 
	 
	2,724,126
	

	 
	 
	 
	7,104,150
	

	 
	 
	 
	10,374,608
	

	 
	 
	 
	1,646,260
	

	 
	 
	 
	12,020,868
	

	 
	 
	 
	4,839,951
	

	 
	 
	 
	5,557,108
	

	 
	 
	 
	10,434,636
	

	 
	 
	 
	2,461,093
	

	 
	 
	 
	9,737,240
	

	 
	 
	 
	54,879,172
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Other Corporate Allocations
	 
	 
	42,000
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	42,000
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Controllable Expenses
	 
	 
	2,766,126
	

	 
	 
	 
	7,104,150
	

	 
	 
	 
	10,374,608
	

	 
	 
	 
	1,646,260
	

	 
	 
	 
	12,020,868
	

	 
	 
	 
	4,839,951
	

	 
	 
	 
	5,557,108
	

	 
	 
	 
	10,434,636
	

	 
	 
	 
	2,461,093
	

	 
	 
	 
	9,737,240
	

	 
	 
	 
	54,921,172
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	EBITDA before Executive Expenses *
	 
	 
	2,342,193
	

	 
	 
	 
	8,322,367
	

	 
	 
	 
	12,316,363
	

	 
	 
	 
	852,432
	

	 
	 
	 
	13,168,795
	

	 
	 
	 
	429,953
	

	 
	 
	 
	5,215,415
	

	 
	 
	 
	5,043,338
	

	 
	 
	 
	(398,722
	

	)
	 
	 
	(20,050,790
	

	)
	 
	 
	14,072,549
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 





167






The Budget is equal to the 0&12 Forecast for the following pages.


 


	
		
	*
	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.







168






Confidential Treatment
 
	
																																																
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	DECEMBER 
PROFIT & LOSS 
REVIEW
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	 
	TOTAL
	 

	Revenue/Key Drivers
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Application Units
	 
	 
	136
	 
	 
	 
	523
	 
	 
	 
	565
	 
	 
	 
	85
	 
	 
	 
	650
	 
	 
	 
	243
	 
	 
	 
	301
	 
	 
	 
	606
	 
	 
	 
	103
	 
	 
	 
	374
	

	 
	 
	 
	2,936
	 

	Total Application Dollars
	 
	$
	32,035
	 
	 
	$
	218,206
	 
	 
	$
	201,851
	 
	 
	$
	14,106
	 
	 
	$
	215,957
	 
	 
	$
	30,992
	 
	 
	$
	56,123
	 
	 
	$
	144,081
	 
	 
	$
	23,073
	 
	 
	$
	89,393
	

	 
	 
	$
	809,860
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Closing Units
	 
	 
	226
	 
	 
	 
	517
	 
	 
	 
	492
	 
	 
	 
	79
	 
	 
	 
	571
	 
	 
	 
	192
	 
	 
	 
	326
	 
	 
	 
	622
	 
	 
	 
	109
	 
	 
	 
	452
	

	 
	 
	 
	3,015
	 

	Total Closing Dollars
	 
	$
	52,902
	 
	 
	$
	217,532
	 
	 
	$
	168,170
	 
	 
	$
	14,397
	 
	 
	$
	182,568
	 
	 
	$
	22,372
	 
	 
	$
	51,873
	 
	 
	$
	135,525
	 
	 
	$
	25,439
	 
	 
	$
	101,382
	

	 
	 
	$
	789,593
	 

	Average Loan Amount
	 
	 
	234,080
	 
	 
	 
	420,759
	 
	 
	 
	341,810
	 
	 
	 
	182,242
	 
	 
	 
	524,052
	 
	 
	 
	116,519
	 
	 
	 
	159,121
	 
	 
	 
	217,885
	 
	 
	 
	233,389
	 
	 
	 
	224,296
	

	 
	 
	 
	261,888
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Purchase Closing Units
	 
	 
	171
	 
	 
	 
	345
	 
	 
	 
	339
	 
	 
	 
	70
	 
	 
	 
	409
	 
	 
	 
	143
	 
	 
	 
	289
	 
	 
	 
	538
	 
	 
	 
	63
	 
	 
	 
	330
	

	 
	 
	 
	2,288
	 

	Purchase Closing Dollars
	 
	$
	4,006
	 
	 
	$
	136,713
	 
	 
	$
	113,988
	 
	 
	$
	12,545
	 
	 
	$
	126,533
	 
	 
	$
	16,074
	 
	 
	$
	47,095
	 
	 
	$
	115,015
	 
	 
	$
	16,827
	 
	 
	$
	68,984
	

	 
	 
	$
	531,248
	 

	Average Loan Amount
	 
	 
	23,425
	 
	 
	 
	396,269
	 
	 
	 
	336,249
	 
	 
	 
	179,210
	 
	 
	 
	515,459
	 
	 
	 
	112,405
	 
	 
	 
	162,960
	 
	 
	 
	213,783
	 
	 
	 
	267,102
	 
	 
	 
	209,043
	

	 
	 
	 
	232,189
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 





169






	
																																																
	Refi Closings – Units
	 
	 
	55
	 
	 
	 
	172
	 
	 
	 
	153
	 
	 
	 
	9
	 
	 
	 
	162
	 
	 
	 
	49
	 
	 
	 
	37
	 
	 
	 
	84
	 
	 
	 
	46
	 
	 
	 
	112
	

	 
	 
	 
	727
	 

	Refi Closings – Dollars
	 
	$
	48,896
	 
	 
	$
	80,820
	 
	 
	$
	54,182
	 
	 
	$
	1,852
	 
	 
	$
	56,034
	 
	 
	$
	6,298
	 
	 
	$
	4,778
	 
	 
	$
	20,509
	 
	 
	$
	8,612
	 
	 
	$
	32,398
	

	 
	 
	$
	258,345
	 

	Average Loan Amount
	 
	 
	889,027
	 
	 
	 
	469,881
	 
	 
	 
	354,131
	 
	 
	 
	205,828
	 
	 
	 
	559,959
	 
	 
	 
	128,526
	 
	 
	 
	129,136
	 
	 
	 
	244,159
	 
	 
	 
	187,217
	 
	 
	 
	265,555
	

	 
	 
	 
	355,358
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	$
	33,068
	 
	 
	$
	19,613
	 
	 
	$
	18,726
	 
	 
	$
	1,985
	 
	 
	$
	20,712
	 
	 
	$
	6,070
	 
	 
	$
	10,212
	 
	 
	$
	29,497
	 
	 
	$
	6,646
	 
	 
	$
	95,484
	

	 
	 
	$
	221,302
	 

	*CONFIDENTIAL
	 
	 
	92.4
	%
	 
	 
	37.2
	%
	 
	 
	32.2
	%
	 
	 
	12.9
	%
	 
	 
	30.7
	%
	 
	 
	28.2
	%
	 
	 
	9.2
	%
	 
	 
	15.1
	%
	 
	 
	33.9
	%
	 
	 
	32.0
	

	%
	 
	 
	32.7
	%

	*CONFIDENTIAL
	 
	 
	15.2
	%
	 
	 
	20.7
	%
	 
	 
	19.3
	%
	 
	 
	6.4
	%
	 
	 
	0.0
	%
	 
	 
	18.6
	%
	 
	 
	16.6
	%
	 
	 
	21.1
	%
	 
	 
	16.1
	%
	 
	 
	24.6
	

	%
	 
	 
	19.8
	%

	*CONFIDENTIAL
	 
	 
	62.5
	%
	 
	 
	9.0
	%
	 
	 
	11.1
	%
	 
	 
	13.8
	%
	 
	 
	11.3
	%
	 
	 
	27.1
	%
	 
	 
	19.7
	%
	 
	 
	21.8
	%
	 
	 
	26.1
	%
	 
	 
	94.2
	

	%
	 
	 
	28.0
	%

	*CONFIDENTIAL
	 
	 
	1.37
	%
	 
	 
	1.33
	%
	 
	 
	1.03
	%
	 
	 
	1.39
	%
	 
	 
	1.06
	%
	 
	 
	-0.21
	%
	 
	 
	1.51
	%
	 
	 
	1.35
	%
	 
	 
	1.85
	%
	 
	 
	0.00
	

	%
	 
	 
	1.09
	%

	*CONFIDENTIAL
	 
	$
	(91
	)
	 
	$
	199
	 
	 
	$
	56
	 
	 
	$
	22
	 
	 
	$
	51
	 
	 
	$
	259
	 
	 
	$
	30
	 
	 
	$
	(250
	)
	 
	$
	151
	 
	 
	$
	—
	

	 
	 
	$
	11
	 

	*CONFIDENTIAL
	 
	 
	49.53
	%
	 
	 
	68.64
	%
	 
	 
	36.37
	%
	 
	 
	29.46
	%
	 
	 
	35.65
	%
	 
	 
	-20.88
	%
	 
	 
	21.79
	%
	 
	 
	19.69
	%
	 
	 
	50.27
	%
	 
	 
	0.00
	

	%
	 
	 
	52.96
	%

	*CONFIDENTIAL
	 
	 
	0.00
	%
	 
	 
	-0.04
	%
	 
	 
	0.22
	%
	 
	 
	-0.26
	%
	 
	 
	0.19
	%
	 
	 
	0.84
	%
	 
	 
	0.30
	%
	 
	 
	-0.66
	%
	 
	 
	-0.08
	%
	 
	 
	0.00
	

	%
	 
	 
	-0.04
	%

	*CONFIDENTIAL
	 
	 
	1.39
	%
	 
	 
	1.40
	%
	 
	 
	1.39
	%
	 
	 
	1.37
	%
	 
	 
	1.39
	%
	 
	 
	1.00
	%
	 
	 
	2.13
	%
	 
	 
	0.79
	%
	 
	 
	1.85
	%
	 
	 
	0.00
	

	%
	 
	 
	1.16
	%

	*CONFIDENTIAL
	 
	 
	0.71
	%
	 
	 
	0.49
	%
	 
	 
	1.02
	%
	 
	 
	0.96
	%
	 
	 
	1.01
	%
	 
	 
	0.96
	%
	 
	 
	1.80
	%
	 
	 
	0.52
	%
	 
	 
	0.96
	%
	 
	 
	-0.74
	

	%
	 
	 
	0.59
	%

	*CONFIDENTIAL
	 
	$
	3,251
	 
	 
	$
	5,893
	 
	 
	$
	4,760
	 
	 
	$
	2,498
	 
	 
	$
	4,447
	 
	 
	$
	1,171
	 
	 
	$
	3,397
	 
	 
	$
	1,713
	 
	 
	$
	4,320
	 
	 
	$
	—
	

	 
	 
	$
	3,048
	 

	*CONFIDENTIAL
	 
	$
	991
	 
	 
	$
	1,257
	 
	 
	$
	1,564
	 
	 
	$
	1,870
	 
	 
	$
	1,606
	 
	 
	$
	1,856
	 
	 
	$
	1,197
	 
	 
	$
	1,216
	 
	 
	$
	2,783
	 
	 
	$
	1,867
	

	 
	 
	$
	1,473
	 

	*CONFIDENTIAL
	 
	 
	0.42
	%
	 
	 
	0.30
	%
	 
	 
	0.46
	%
	 
	 
	1.03
	%
	 
	 
	0.50
	%
	 
	 
	1.59
	%
	 
	 
	0.75
	%
	 
	 
	0.56
	%
	 
	 
	1.19
	%
	 
	 
	0.83
	

	%
	 
	 
	0.56
	%

	Loans over 60 days
	 
	 
	N/A
	 
	 
	 
	N/A
	 
	 
	 
	3
	 
	 
	 
	N/A
	 
	 
	 
	0
	 
	 
	 
	N/A
	 
	 
	 
	N/A
	 
	 
	 
	3
	 
	 
	 
	N/A
	 
	 
	 
	N/A
	

	 
	 
	 
	6
	 





170






	
																																																
	Summary Headcount
	 
	 
	44
	 
	 
	 
	46
	 
	 
	 
	158
	 
	 
	 
	26
	 
	 
	 
	184
	 
	 
	 
	91
	 
	 
	 
	89
	 
	 
	 
	171
	 
	 
	 
	62
	 
	 
	 
	174
	

	 
	 
	 
	861
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	DECEMBER 
PROFIT & LOSS 
REVIEW
	 
	PREFERRED
	 
	 
	FIRST CAPITAL
	 
	 
	PRINCETON
	 
	 
	LANDOVER
	 
	 
	PRINCETON 
CONSOLIDATED
	 
	 
	AXIOM
	 
	 
	SUNBELT
	 
	 
	NE 
MOVES
	 
	 
	LI 
MORTGAGE
	 
	 
	BURNET
	 
	 
	TOTAL
	 

	Revenue
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	136.53
	 
	 
	 
	133.10
	 
	 
	 
	103.38
	 
	 
	 
	139.20
	 
	 
	 
	106.21
	 
	 
	 
	(20.69
	)
	 
	 
	151.44
	 
	 
	 
	135.13
	 
	 
	 
	184.76
	 
	 
	 
	0.00
	

	 
	 
	 
	108.88
	 

	*CONFIDENTIAL
	 
	 
	10.42
	 
	 
	 
	6.60
	 
	 
	 
	9.66
	 
	 
	 
	16.91
	 
	 
	 
	10.23
	 
	 
	 
	6.22
	 
	 
	 
	26.01
	 
	 
	 
	15.85
	 
	 
	 
	3.17
	 
	 
	 
	0.00
	

	 
	 
	 
	9.59
	 

	*CONFIDENTIAL
	 
	 
	(3.89
	)
	 
	 
	4.74
	 
	 
	 
	1.64
	 
	 
	 
	1.19
	 
	 
	 
	1.60
	 
	 
	 
	22.23
	 
	 
	 
	1.88
	 
	 
	 
	(11.46
	)
	 
	 
	6.49
	 
	 
	 
	0.00
	

	 
	 
	 
	0.41
	 

	*CONFIDENTIAL
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	

	 
	 
	 
	0.00
	 

	*CONFIDENTIAL
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	

	 
	 
	 
	0.00
	 

	*CONFIDENTIAL
	 
	 
	(4.19
	)
	 
	 
	(23.96
	)
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	(3.09
	)
	 
	 
	0.00
	

	 
	 
	 
	(6.98
	)

	*CONFIDENTIAL
	 
	 
	0.00
	 
	 
	 
	23.55
	 
	 
	 
	2.09
	 
	 
	 
	5.56
	 
	 
	 
	2.37
	 
	 
	 
	9.05
	 
	 
	 
	4.60
	 
	 
	 
	4.92
	 
	 
	 
	1.30
	 
	 
	 
	0.00
	

	 
	 
	 
	8.48
	 

	*CONFIDENTIAL
	 
	 
	0.00
	 
	 
	 
	(3.96
	)
	 
	 
	22.50
	 
	 
	 
	(25.81
	)
	 
	 
	18.69
	 
	 
	 
	83.66
	 
	 
	 
	29.54
	 
	 
	 
	(65.83
	)
	 
	 
	(7.52
	)
	 
	 
	0.00
	

	 
	 
	 
	(4.00
	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Gross Revenue
	 
	 
	138.88
	 
	 
	 
	140.06
	 
	 
	 
	139.27
	 
	 
	 
	137.04
	 
	 
	 
	139.09
	 
	 
	 
	100.48
	 
	 
	 
	213.46
	 
	 
	 
	78.60
	 
	 
	 
	185.11
	 
	 
	 
	0.00
	

	 
	 
	 
	116.38
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Commissions
	 
	 
	67.62
	 
	 
	 
	91.35
	 
	 
	 
	37.60
	 
	 
	 
	41.01
	 
	 
	 
	37.87
	 
	 
	 
	4.32
	 
	 
	 
	33.00
	 
	 
	 
	26.60
	 
	 
	 
	89.11
	 
	 
	 
	73.82
	

	 
	 
	 
	57.66
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Net Revenue
	 
	 
	71.25
	 
	 
	 
	48.71
	 
	 
	 
	101.67
	 
	 
	 
	96.03
	 
	 
	 
	101.23
	 
	 
	 
	96.15
	 
	 
	 
	180.46
	 
	 
	 
	52.00
	 
	 
	 
	96.00
	 
	 
	 
	(73.82
	

	)
	 
	 
	58.72
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Indirect Costs
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	16.37
	 
	 
	 
	10.74
	 
	 
	 
	21.15
	 
	 
	 
	31.55
	 
	 
	 
	21.97
	 
	 
	 
	76.25
	 
	 
	 
	32.23
	 
	 
	 
	25.67
	 
	 
	 
	58.45
	 
	 
	 
	37.72
	

	 
	 
	 
	24.55
	 





171






	
																																																
	*CONFIDENTIAL
	 
	 
	0.03
	 
	 
	 
	0.01
	 
	 
	 
	1.35
	 
	 
	 
	1.14
	 
	 
	 
	1.34
	 
	 
	 
	0.27
	 
	 
	 
	0.14
	 
	 
	 
	0.52
	 
	 
	 
	0.42
	 
	 
	 
	0.03
	

	 
	 
	 
	0.44
	 

	*CONFIDENTIAL
	 
	 
	0.21
	 
	 
	 
	0.00
	 
	 
	 
	1.40
	 
	 
	 
	0.00
	 
	 
	 
	1.29
	 
	 
	 
	3.13
	 
	 
	 
	0.00
	 
	 
	 
	0.53
	 
	 
	 
	1.21
	 
	 
	 
	0.00
	

	 
	 
	 
	0.53
	 

	*CONFIDENTIAL
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	

	 
	 
	 
	0.00
	 

	*CONFIDENTIAL
	 
	 
	4.13
	 
	 
	 
	2.95
	 
	 
	 
	7.36
	 
	 
	 
	4.79
	 
	 
	 
	7.16
	 
	 
	 
	0.85
	 
	 
	 
	11.40
	 
	 
	 
	1.10
	 
	 
	 
	18.13
	 
	 
	 
	6.08
	

	 
	 
	 
	5.07
	 

	*CONFIDENTIAL
	 
	 
	1.70
	 
	 
	 
	0.33
	 
	 
	 
	1.16
	 
	 
	 
	8.85
	 
	 
	 
	1.76
	 
	 
	 
	2.64
	 
	 
	 
	1.25
	 
	 
	 
	1.68
	 
	 
	 
	9.62
	 
	 
	 
	10.03
	

	 
	 
	 
	2.66
	 

	*CONFIDENTIAL
	 
	 
	2.16
	 
	 
	 
	1.67
	 
	 
	 
	0.94
	 
	 
	 
	8.09
	 
	 
	 
	1.50
	 
	 
	 
	13.57
	 
	 
	 
	3.02
	 
	 
	 
	3.77
	 
	 
	 
	8.22
	 
	 
	 
	3.90
	

	 
	 
	 
	2.95
	 

	*CONFIDENTIAL
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.05
	 
	 
	 
	0.00
	 
	 
	 
	0.05
	 
	 
	 
	0.40
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.52
	 
	 
	 
	0.14
	

	 
	 
	 
	0.06
	 

	*CONFIDENTIAL
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.17
	 
	 
	 
	0.01
	 
	 
	 
	0.22
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	3.54
	 
	 
	 
	0.00
	

	 
	 
	 
	0.12
	 

	*CONFIDENTIAL
	 
	 
	2.06
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	1.75
	 
	 
	 
	0.18
	 
	 
	 
	1.08
	 
	 
	 
	1.59
	

	 
	 
	 
	0.52
	 

	*CONFIDENTIAL
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	

	 
	 
	 
	0.00
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	26.66
	 
	 
	 
	15.70
	 
	 
	 
	33.42
	 
	 
	 
	54.59
	 
	 
	 
	35.09
	 
	 
	 
	97.33
	 
	 
	 
	49.79
	 
	 
	 
	33.44
	 
	 
	 
	101.20
	 
	 
	 
	59.49
	

	 
	 
	 
	36.89
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	2.76
	 
	 
	 
	3.20
	 
	 
	 
	3.00
	 
	 
	 
	9.49
	 
	 
	 
	3.51
	 
	 
	 
	15.74
	 
	 
	 
	5.99
	 
	 
	 
	1.93
	 
	 
	 
	1.94
	 
	 
	 
	5.48
	

	 
	 
	 
	3.81
	 

	*CONFIDENTIAL
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.29
	 
	 
	 
	0.00
	 
	 
	 
	0.27
	 
	 
	 
	0.86
	 
	 
	 
	0.00
	 
	 
	 
	0.68
	 
	 
	 
	0.00
	 
	 
	 
	0.55
	

	 
	 
	 
	0.27
	 

	*CONFIDENTIAL
	 
	 
	0.17
	 
	 
	 
	0.35
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	1.38
	 
	 
	 
	0.00
	 
	 
	 
	0.13
	 
	 
	 
	1.20
	 
	 
	 
	0.00
	

	 
	 
	 
	0.21
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	2.92
	 
	 
	 
	3.56
	 
	 
	 
	3.29
	 
	 
	 
	9.49
	 
	 
	 
	3.78
	 
	 
	 
	17.98
	 
	 
	 
	5.99
	 
	 
	 
	2.74
	 
	 
	 
	3.13
	 
	 
	 
	6.03
	

	 
	 
	 
	4.30
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	0.98
	 
	 
	 
	0.22
	 
	 
	 
	0.09
	 
	 
	 
	0.24
	 
	 
	 
	0.10
	 
	 
	 
	0.00
	 
	 
	 
	0.13
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	

	 
	 
	 
	0.16
	 

	*CONFIDENTIAL
	 
	 
	0.02
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	2.87
	 
	 
	 
	0.86
	 
	 
	 
	0.56
	 
	 
	 
	5.11
	 
	 
	 
	0.49
	

	 
	 
	 
	0.46
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	1.00
	 
	 
	 
	0.22
	 
	 
	 
	0.09
	 
	 
	 
	0.24
	 
	 
	 
	0.10
	 
	 
	 
	2.87
	 
	 
	 
	0.99
	 
	 
	 
	0.56
	 
	 
	 
	5.11
	 
	 
	 
	0.49
	

	 
	 
	 
	0.62
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	3.87
	 
	 
	 
	0.69
	 
	 
	 
	2.39
	 
	 
	 
	4.15
	 
	 
	 
	2.53
	 
	 
	 
	8.70
	 
	 
	 
	1.75
	 
	 
	 
	1.05
	 
	 
	 
	1.73
	 
	 
	 
	11.04
	

	 
	 
	 
	3.05
	 





172






	
																																																
	*CONFIDENTIAL
	 
	 
	2.92
	 
	 
	 
	3.08
	 
	 
	 
	1.68
	 
	 
	 
	4.15
	 
	 
	 
	1.88
	 
	 
	 
	3.38
	 
	 
	 
	1.23
	 
	 
	 
	8.14
	 
	 
	 
	0.59
	 
	 
	 
	0.63
	

	 
	 
	 
	3.15
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	6.79
	 
	 
	 
	3.77
	 
	 
	 
	4.07
	 
	 
	 
	8.30
	 
	 
	 
	4.41
	 
	 
	 
	12.08
	 
	 
	 
	2.98
	 
	 
	 
	9.18
	 
	 
	 
	2.32
	 
	 
	 
	11.67
	

	 
	 
	 
	6.20
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	0.72
	 
	 
	 
	0.82
	 
	 
	 
	1.05
	 
	 
	 
	1.38
	 
	 
	 
	1.08
	 
	 
	 
	13.81
	 
	 
	 
	3.31
	 
	 
	 
	0.98
	 
	 
	 
	1.21
	 
	 
	 
	0.52
	

	 
	 
	 
	1.41
	 

	*CONFIDENTIAL
	 
	 
	0.83
	 
	 
	 
	0.79
	 
	 
	 
	1.35
	 
	 
	 
	0.86
	 
	 
	 
	1.31
	 
	 
	 
	1.43
	 
	 
	 
	2.25
	 
	 
	 
	1.24
	 
	 
	 
	0.96
	 
	 
	 
	0.21
	

	 
	 
	 
	1.04
	 

	*CONFIDENTIAL
	 
	 
	(0.01
	)
	 
	 
	0.11
	 
	 
	 
	0.30
	 
	 
	 
	0.47
	 
	 
	 
	0.31
	 
	 
	 
	0.65
	 
	 
	 
	0.00
	 
	 
	 
	0.09
	 
	 
	 
	0.39
	 
	 
	 
	0.26
	

	 
	 
	 
	0.18
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	1.54
	 
	 
	 
	1.72
	 
	 
	 
	2.70
	 
	 
	 
	2.72
	 
	 
	 
	2.70
	 
	 
	 
	15.89
	 
	 
	 
	5.56
	 
	 
	 
	2.31
	 
	 
	 
	2.56
	 
	 
	 
	0.99
	

	 
	 
	 
	2.62
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	0.42
	 
	 
	 
	1.82
	 
	 
	 
	1.56
	 
	 
	 
	8.35
	 
	 
	 
	2.09
	 
	 
	 
	9.45
	 
	 
	 
	1.73
	 
	 
	 
	1.82
	 
	 
	 
	1.96
	 
	 
	 
	1.68
	

	 
	 
	 
	1.98
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	0.42
	 
	 
	 
	1.82
	 
	 
	 
	1.56
	 
	 
	 
	8.35
	 
	 
	 
	2.09
	 
	 
	 
	9.45
	 
	 
	 
	1.73
	 
	 
	 
	1.82
	 
	 
	 
	1.96
	 
	 
	 
	1.68
	

	 
	 
	 
	1.98
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	1.19
	 
	 
	 
	0.09
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	

	 
	 
	 
	0.02
	 

	*CONFIDENTIAL
	 
	 
	0.77
	 
	 
	 
	0.06
	 
	 
	 
	(0.86
	)
	 
	 
	13.79
	 
	 
	 
	0.29
	 
	 
	 
	1.63
	 
	 
	 
	6.91
	 
	 
	 
	1.90
	 
	 
	 
	1.16
	 
	 
	 
	2.47
	

	 
	 
	 
	1.32
	 

	*CONFIDENTIAL
	 
	 
	0.44
	 
	 
	 
	0.38
	 
	 
	 
	0.06
	 
	 
	 
	2.47
	 
	 
	 
	0.25
	 
	 
	 
	0.09
	 
	 
	 
	0.25
	 
	 
	 
	0.44
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	

	 
	 
	 
	0.29
	 

	*CONFIDENTIAL
	 
	 
	0.68
	 
	 
	 
	0.01
	 
	 
	 
	0.35
	 
	 
	 
	0.46
	 
	 
	 
	0.36
	 
	 
	 
	0.19
	 
	 
	 
	0.00
	 
	 
	 
	0.03
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	

	 
	 
	 
	0.14
	 

	*CONFIDENTIAL
	 
	 
	1.08
	 
	 
	 
	1.86
	 
	 
	 
	1.01
	 
	 
	 
	0.99
	 
	 
	 
	1.01
	 
	 
	 
	1.35
	 
	 
	 
	0.38
	 
	 
	 
	0.23
	 
	 
	 
	0.40
	 
	 
	 
	0.68
	

	 
	 
	 
	1.02
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	2.97
	 
	 
	 
	2.31
	 
	 
	 
	0.55
	 
	 
	 
	18.91
	 
	 
	 
	2.00
	 
	 
	 
	3.26
	 
	 
	 
	7.54
	 
	 
	 
	2.60
	 
	 
	 
	1.57
	 
	 
	 
	3.15
	

	 
	 
	 
	2.79
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.01
	 
	 
	 
	0.00
	 
	 
	 
	0.01
	 
	 
	 
	0.36
	 
	 
	 
	0.27
	 
	 
	 
	0.46
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	

	 
	 
	 
	0.11
	 

	*CONFIDENTIAL
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.01
	 
	 
	 
	0.00
	 
	 
	 
	0.01
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	

	 
	 
	 
	0.00
	 

	*CONFIDENTIAL
	 
	 
	0.00
	 
	 
	 
	0.77
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.39
	 
	 
	 
	0.04
	 
	 
	 
	0.01
	 
	 
	 
	(0.00
	

	)
	 
	 
	0.24
	 

	*CONFIDENTIAL
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.01
	 
	 
	 
	0.01
	 
	 
	 
	0.01
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.44
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	

	 
	 
	 
	0.08
	 





173






	
																																																
	*CONFIDENTIAL
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	(0.22
	

	)
	 
	 
	(0.03
	)

	*CONFIDENTIAL
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.01
	

	 
	 
	 
	0.00
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	0.00
	 
	 
	 
	0.77
	 
	 
	 
	0.03
	 
	 
	 
	0.01
	 
	 
	 
	0.03
	 
	 
	 
	0.36
	 
	 
	 
	0.66
	 
	 
	 
	0.95
	 
	 
	 
	0.01
	 
	 
	 
	(0.21
	

	)
	 
	 
	0.41
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	0.02
	 
	 
	 
	0.00
	 
	 
	 
	0.05
	 
	 
	 
	0.00
	 
	 
	 
	0.04
	 
	 
	 
	0.02
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	(0.13
	

	)
	 
	 
	(0.00
	)

	*CONFIDENTIAL
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.09
	

	 
	 
	 
	0.01
	 

	*CONFIDENTIAL
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	2.21
	 
	 
	 
	1.38
	 
	 
	 
	0.00
	

	 
	 
	 
	0.42
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	0.02
	 
	 
	 
	0.00
	 
	 
	 
	0.05
	 
	 
	 
	0.00
	 
	 
	 
	0.04
	 
	 
	 
	0.02
	 
	 
	 
	0.00
	 
	 
	 
	2.21
	 
	 
	 
	1.38
	 
	 
	 
	(0.04
	

	)
	 
	 
	0.43
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Expenses
	 
	 
	42.33
	 
	 
	 
	29.86
	 
	 
	 
	45.75
	 
	 
	 
	102.60
	 
	 
	 
	50.23
	 
	 
	 
	159.25
	 
	 
	 
	75.24
	 
	 
	 
	55.81
	 
	 
	 
	119.23
	 
	 
	 
	83.24
	

	 
	 
	 
	56.24
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Other Corporate Allocations
	 
	 
	0.66
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	

	 
	 
	 
	0.04
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Controllable Expenses
	 
	 
	42.99
	 
	 
	 
	29.86
	 
	 
	 
	45.75
	 
	 
	 
	102.60
	 
	 
	 
	50.23
	 
	 
	 
	159.25
	 
	 
	 
	75.24
	 
	 
	 
	55.81
	 
	 
	 
	119.23
	 
	 
	 
	83.24
	

	 
	 
	 
	56.29
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	EBITDA before Executive Expenses
	 
	 
	28.27
	 
	 
	 
	18.85
	 
	 
	 
	55.92
	 
	 
	 
	(6.57
	)
	 
	 
	50.99
	 
	 
	 
	(63.09
	)
	 
	 
	105.22
	 
	 
	 
	(3.81
	)
	 
	 
	(23.22
	)
	 
	 
	(157.07
	

	)
	 
	 
	2.43
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 




The Budget is equal to the 0&12 Forecast for the following pages.


 



174






	
		
	*
	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.






Confidential Treatment
 
	
																																														
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	YTD PROFIT 
PROFIT & LOSS 
REVIEW
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	 
	TOTAL
	 

	Revenue/Key Drivers
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Application Units
	 
	 
	2,101
	 
	 
	 
	7,773
	 
	 
	 
	8,871
	 
	 
	 
	1,120
	 
	 
	 
	9,991
	 
	 
	 
	3,880
	 
	 
	 
	4,615
	 
	 
	 
	9,035
	 
	 
	 
	1,035
	 
	 
	 
	7,743
	

	 
	 
	 
	46,173
	 

	Total Application Dollars
	 
	$
	467,172
	 
	 
	$
	3,236,918
	 
	 
	$
	3,019,662
	 
	 
	$
	181,285
	 
	 
	$
	3,200,946
	 
	 
	$
	500,379
	 
	 
	$
	756,576
	 
	 
	$
	2,086,193
	 
	 
	$
	239,197
	 
	 
	$
	1,679,040
	

	 
	 
	$
	12,166,421
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Closing Units
	 
	 
	2,592
	 
	 
	 
	6,606
	 
	 
	 
	6,464
	 
	 
	 
	883
	 
	 
	 
	7,347
	 
	 
	 
	2,793
	 
	 
	 
	3,879
	 
	 
	 
	7,813
	 
	 
	 
	817
	 
	 
	 
	6,648
	

	 
	 
	 
	38,495
	 

	Total Closing Dollars
	 
	$
	563,941
	 
	 
	$
	2,759,138
	 
	 
	$
	2,151,704
	 
	 
	$
	144,602
	 
	 
	$
	2,296,306
	 
	 
	$
	327,756
	 
	 
	$
	623,627
	 
	 
	$
	1,742,216
	 
	 
	$
	186,589
	 
	 
	$
	1,405,789
	

	 
	 
	$
	9,905,363
	 

	Average Loan Amount
	 
	 
	217,570
	 
	 
	 
	417,671
	 
	 
	 
	332,875
	 
	 
	 
	163,762
	 
	 
	 
	312,550
	 
	 
	 
	117,349
	 
	 
	 
	160,770
	 
	 
	 
	222,989
	 
	 
	 
	228,383
	 
	 
	 
	211,460
	

	 
	 
	 
	257,316
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Purchase Closing Units
	 
	 
	2,080
	 
	 
	 
	4,397
	 
	 
	 
	4,646
	 
	 
	 
	792
	 
	 
	 
	5,438
	 
	 
	 
	2,163
	 
	 
	 
	3,428
	 
	 
	 
	6,708
	 
	 
	 
	589
	 
	 
	 
	5,266
	

	 
	 
	 
	30,069
	 

	Purchase Closing Dollars
	 
	$
	409,952
	 
	 
	$
	1,794,836
	 
	 
	$
	1,529,367
	 
	 
	$
	126,401
	 
	 
	$
	1,655,768
	 
	 
	$
	229,487
	 
	 
	$
	505,869
	 
	 
	$
	1,478,717
	 
	 
	$
	128,116
	 
	 
	$
	1,085,626
	

	 
	 
	$
	7,288,369
	 

	Average Loan Amount
	 
	 
	197,092
	 
	 
	 
	408,195
	 
	 
	 
	329,179
	 
	 
	 
	159,598
	 
	 
	 
	304,481
	 
	 
	 
	106,097
	 
	 
	 
	147,570
	 
	 
	 
	220,441
	 
	 
	 
	217,514
	 
	 
	 
	206,158
	

	 
	 
	 
	242,388
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Refi Closings – Units
	 
	 
	512
	 
	 
	 
	2,209
	 
	 
	 
	1,818
	 
	 
	 
	91
	 
	 
	 
	1,909
	 
	 
	 
	630
	 
	 
	 
	451
	 
	 
	 
	1,105
	 
	 
	 
	228
	 
	 
	 
	1,382
	

	 
	 
	 
	8,426
	 

	Refi Closings – Dollars
	 
	$
	153,989
	 
	 
	$
	964,302
	 
	 
	$
	622,338
	 
	 
	$
	18,201
	 
	 
	$
	640,539
	 
	 
	$
	98,269
	 
	 
	$
	117,759
	 
	 
	$
	263,499
	 
	 
	$
	58,473
	 
	 
	$
	320,163
	

	 
	 
	$
	2,616,993
	 





175






	
																																														
	Average Loan Amount
	 
	 
	300,760
	 
	 
	 
	436,533
	 
	 
	 
	342,320
	 
	 
	 
	200,010
	 
	 
	 
	335,536
	 
	 
	 
	155,983
	 
	 
	 
	261,106
	 
	 
	 
	238,461
	 
	 
	 
	256,462
	 
	 
	 
	231,666
	

	 
	 
	 
	310,585
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	$
	269,803
	 
	 
	$
	107,394
	 
	 
	$
	176,579
	 
	 
	$
	12,255
	 
	 
	$
	188,834
	 
	 
	$
	46,102
	 
	 
	$
	30,316
	 
	 
	$
	308,241
	 
	 
	$
	12,127
	 
	 
	$
	1,322,402
	

	 
	 
	$
	2,285,220
	 

	*CONFIDENTIAL
	 
	 
	27.3
	%
	 
	 
	34.9
	%
	 
	 
	28.9
	%
	 
	 
	12.6
	%
	 
	 
	27.9
	%
	 
	 
	30.0
	%
	 
	 
	18.9
	%
	 
	 
	15.1
	%
	 
	 
	31.3
	%
	 
	 
	22.8
	

	%
	 
	 
	26.4
	%

	*CONFIDENTIAL
	 
	 
	N/A
	 
	 
	 
	N/A
	 
	 
	 
	N/A
	 
	 
	 
	N/A
	 
	 
	 
	N/A
	 
	 
	 
	N/A
	 
	 
	 
	N/A
	 
	 
	 
	N/A
	 
	 
	 
	N/A
	 
	 
	 
	N/A
	

	 
	 
	 
	N/A
	 

	*CONFIDENTIAL
	 
	 
	47.8
	%
	 
	 
	3.9
	%
	 
	 
	8.2
	%
	 
	 
	8.5
	%
	 
	 
	8.2
	%
	 
	 
	14.1
	%
	 
	 
	4.9
	%
	 
	 
	17.7
	%
	 
	 
	6.5
	%
	 
	 
	94.1
	

	%
	 
	 
	23.1
	%

	*CONFIDENTIAL
	 
	 
	1.51
	%
	 
	 
	1.22
	%
	 
	 
	1.05
	%
	 
	 
	1.38
	%
	 
	 
	1.07
	%
	 
	 
	1.51
	%
	 
	 
	1.43
	%
	 
	 
	1.36
	%
	 
	 
	0.99
	%
	 
	 
	0.00
	

	%
	 
	 
	1.07
	%

	*CONFIDENTIAL
	 
	$
	(23
	)
	 
	$
	216
	 
	 
	$
	78
	 
	 
	$
	33
	 
	 
	$
	73
	 
	 
	$
	274
	 
	 
	$
	35
	 
	 
	$
	(241
	)
	 
	$
	143
	 
	 
	$
	—
	

	 
	 
	$
	27
	 

	*CONFIDENTIAL
	 
	 
	47.44
	%
	 
	 
	68.50
	%
	 
	 
	55.14
	%
	 
	 
	45.77
	%
	 
	 
	54.39
	%
	 
	 
	73.68
	%
	 
	 
	49.41
	%
	 
	 
	39.24
	%
	 
	 
	94.05
	%
	 
	 
	N/A
	

	 
	 
	 
	65.82
	 

	*CONFIDENTIAL
	 
	 
	0.00
	%
	 
	 
	0.06
	%
	 
	 
	0.42
	%
	 
	 
	0.67
	%
	 
	 
	0.44
	%
	 
	 
	0.88
	%
	 
	 
	0.71
	%
	 
	 
	0.07
	%
	 
	 
	0.98
	%
	 
	 
	0.00
	

	%
	 
	 
	0.22
	%

	*CONFIDENTIAL
	 
	 
	1.62
	%
	 
	 
	1.39
	%
	 
	 
	1.64
	%
	 
	 
	2.36
	%
	 
	 
	1.68
	%
	 
	 
	2.72
	%
	 
	 
	2.44
	%
	 
	 
	1.42
	%
	 
	 
	2.04
	%
	 
	 
	0.00
	

	%
	 
	 
	1.40
	%

	*CONFIDENTIAL
	 
	 
	0.91
	%
	 
	 
	0.56
	%
	 
	 
	1.05
	%
	 
	 
	1.73
	%
	 
	 
	1.10
	%
	 
	 
	1.61
	%
	 
	 
	1.73
	%
	 
	 
	0.89
	%
	 
	 
	1.11
	%
	 
	 
	-0.73
	

	%
	 
	 
	0.70
	%

	*CONFIDENTIAL
	 
	$
	3,524
	 
	 
	$
	5,815
	 
	 
	$
	5,443
	 
	 
	$
	3,861
	 
	 
	$
	5,253
	 
	 
	$
	3,194
	 
	 
	$
	3,917
	 
	 
	$
	3,168
	 
	 
	$
	4,658
	 
	 
	$
	—
	

	 
	 
	$
	3,606
	 

	*CONFIDENTIAL
	 
	$
	1,051
	 
	 
	$
	1,075
	 
	 
	$
	1,605
	 
	 
	$
	1,864
	 
	 
	$
	1,636
	 
	 
	$
	1,733
	 
	 
	$
	1,433
	 
	 
	$
	1,336
	 
	 
	$
	3,012
	 
	 
	$
	1,462
	

	 
	 
	$
	1,426
	 

	*CONFIDENTIAL
	 
	 
	0.48
	%
	 
	 
	0.26
	%
	 
	 
	0.48
	%
	 
	 
	1.14
	%
	 
	 
	0.52
	%
	 
	 
	1.48
	%
	 
	 
	0.89
	%
	 
	 
	0.60
	%
	 
	 
	1.32
	%
	 
	 
	0.69
	

	%
	 
	 
	0.55
	%

	Loans over 60 days
	 
	 
	0
	 
	 
	 
	2
	 
	 
	 
	37
	 
	 
	 
	0
	 
	 
	 
	0
	 
	 
	 
	27
	 
	 
	 
	0
	 
	 
	 
	95
	 
	 
	 
	0
	 
	 
	 
	0
	

	 
	 
	 
	N/A
	 

	Summary Headcount
	 
	 
	44
	 
	 
	 
	46
	 
	 
	 
	158
	 
	 
	 
	26
	 
	 
	 
	184
	 
	 
	 
	91
	 
	 
	 
	89
	 
	 
	 
	171
	 
	 
	 
	62
	 
	 
	 
	174
	

	 
	 
	 
	861
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	YTD PROFIT 
PROFIT & LOSS 
REVIEW
	 
	PREFERRED
	 
	 
	FIRST CAPITAL
	 
	 
	PRINCETON
	 
	 
	LANDOVER
	 
	 
	PRINCETON 
CONSOLIDATED
	 
	 
	AXIOM
	 
	 
	SUNBELT
	 
	 
	NE MOVES
	 
	 
	LI MORTGAGE
	 
	 
	BURNET
	 
	 
	TOTAL
	 

	Revenue
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 





176






	
																																														
	*CONFIDENTIAL
	 
	 
	150.52
	 
	 
	 
	121.64
	 
	 
	 
	105.29
	 
	 
	 
	137.58
	 
	 
	 
	107.33
	 
	 
	 
	151.20
	 
	 
	 
	143.45
	 
	 
	 
	135.62
	 
	 
	 
	99.36
	 
	 
	 
	0.00
	

	 
	 
	 
	107.09
	 

	*CONFIDENTIAL
	 
	 
	8.85
	 
	 
	 
	5.81
	 
	 
	 
	10.96
	 
	 
	 
	20.21
	 
	 
	 
	11.54
	 
	 
	 
	(1.54
	)
	 
	 
	22.95
	 
	 
	 
	7.50
	 
	 
	 
	5.20
	 
	 
	 
	0.00
	

	 
	 
	 
	7.61
	 

	*CONFIDENTIAL
	 
	 
	(1.05
	)
	 
	 
	5.17
	 
	 
	 
	2.35
	 
	 
	 
	2.02
	 
	 
	 
	2.33
	 
	 
	 
	23.36
	 
	 
	 
	2.21
	 
	 
	 
	(10.79
	)
	 
	 
	6.27
	 
	 
	 
	0.00
	

	 
	 
	 
	1.05
	 

	*CONFIDENTIAL
	 
	 
	(0.06
	)
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	(2.63
	)
	 
	 
	0.00
	 
	 
	 
	(0.68
	)
	 
	 
	0.31
	 
	 
	 
	0.00
	

	 
	 
	 
	(0.20
	)

	*CONFIDENTIAL
	 
	 
	(1.70
	)
	 
	 
	0.00
	 
	 
	 
	(0.65
	)
	 
	 
	(0.93
	)
	 
	 
	(0.67
	)
	 
	 
	(1.52
	)
	 
	 
	(2.25
	)
	 
	 
	0.24
	 
	 
	 
	(1.50
	)
	 
	 
	0.00
	

	 
	 
	 
	(0.43
	)

	*CONFIDENTIAL
	 
	 
	5.44
	 
	 
	 
	(0.04
	)
	 
	 
	0.31
	 
	 
	 
	1.14
	 
	 
	 
	0.36
	 
	 
	 
	0.07
	 
	 
	 
	0.00
	 
	 
	 
	(0.85
	)
	 
	 
	(3.28
	)
	 
	 
	0.00
	

	 
	 
	 
	0.17
	 

	*CONFIDENTIAL
	 
	 
	(0.01
	)
	 
	 
	0.46
	 
	 
	 
	2.94
	 
	 
	 
	8.25
	 
	 
	 
	3.28
	 
	 
	 
	15.66
	 
	 
	 
	6.40
	 
	 
	 
	4.30
	 
	 
	 
	(0.30
	)
	 
	 
	0.00
	

	 
	 
	 
	2.56
	 

	*CONFIDENTIAL
	 
	 
	0.00
	 
	 
	 
	6.20
	 
	 
	 
	42.31
	 
	 
	 
	67.50
	 
	 
	 
	43.90
	 
	 
	 
	87.60
	 
	 
	 
	70.87
	 
	 
	 
	6.72
	 
	 
	 
	97.93
	 
	 
	 
	0.00
	

	 
	 
	 
	22.29
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Gross Revenue
	 
	 
	161.99
	 
	 
	 
	139.23
	 
	 
	 
	163.52
	 
	 
	 
	235.76
	 
	 
	 
	168.07
	 
	 
	 
	272.20
	 
	 
	 
	243.62
	 
	 
	 
	142.06
	 
	 
	 
	203.98
	 
	 
	 
	0.00
	

	 
	 
	 
	140.14
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Commissions
	 
	 
	71.41
	 
	 
	 
	83.32
	 
	 
	 
	58.06
	 
	 
	 
	62.97
	 
	 
	 
	58.37
	 
	 
	 
	111.41
	 
	 
	 
	70.88
	 
	 
	 
	53.22
	 
	 
	 
	93.45
	 
	 
	 
	73.36
	

	 
	 
	 
	70.49
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Net Revenue
	 
	 
	90.58
	 
	 
	 
	55.91
	 
	 
	 
	105.46
	 
	 
	 
	172.80
	 
	 
	 
	109.70
	 
	 
	 
	160.79
	 
	 
	 
	172.74
	 
	 
	 
	88.84
	 
	 
	 
	110.53
	 
	 
	 
	(73.36
	

	)
	 
	 
	69.65
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Indirect Costs
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	18.58
	 
	 
	 
	10.37
	 
	 
	 
	18.24
	 
	 
	 
	31.76
	 
	 
	 
	19.09
	 
	 
	 
	64.26
	 
	 
	 
	35.45
	 
	 
	 
	24.78
	 
	 
	 
	75.23
	 
	 
	 
	31.33
	

	 
	 
	 
	22.95
	 

	*CONFIDENTIAL
	 
	 
	0.15
	 
	 
	 
	0.03
	 
	 
	 
	1.33
	 
	 
	 
	3.27
	 
	 
	 
	1.45
	 
	 
	 
	0.33
	 
	 
	 
	0.63
	 
	 
	 
	0.90
	 
	 
	 
	0.36
	 
	 
	 
	0.22
	

	 
	 
	 
	0.60
	 

	*CONFIDENTIAL
	 
	 
	0.06
	 
	 
	 
	0.42
	 
	 
	 
	1.30
	 
	 
	 
	0.58
	 
	 
	 
	1.26
	 
	 
	 
	3.55
	 
	 
	 
	1.24
	 
	 
	 
	0.91
	 
	 
	 
	1.09
	 
	 
	 
	0.00
	

	 
	 
	 
	0.79
	 

	*CONFIDENTIAL
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	

	 
	 
	 
	0.00
	 

	*CONFIDENTIAL
	 
	 
	3.65
	 
	 
	 
	1.76
	 
	 
	 
	7.43
	 
	 
	 
	7.41
	 
	 
	 
	7.43
	 
	 
	 
	0.50
	 
	 
	 
	6.70
	 
	 
	 
	0.65
	 
	 
	 
	4.62
	 
	 
	 
	3.10
	

	 
	 
	 
	3.50
	 

	*CONFIDENTIAL
	 
	 
	7.59
	 
	 
	 
	1.34
	 
	 
	 
	5.88
	 
	 
	 
	11.62
	 
	 
	 
	6.24
	 
	 
	 
	20.28
	 
	 
	 
	10.66
	 
	 
	 
	7.46
	 
	 
	 
	11.89
	 
	 
	 
	12.95
	

	 
	 
	 
	6.97
	 





177






	
																																														
	*CONFIDENTIAL
	 
	 
	4.63
	 
	 
	 
	0.92
	 
	 
	 
	4.80
	 
	 
	 
	9.73
	 
	 
	 
	5.11
	 
	 
	 
	13.40
	 
	 
	 
	7.17
	 
	 
	 
	5.36
	 
	 
	 
	10.46
	 
	 
	 
	6.07
	

	 
	 
	 
	4.60
	 

	*CONFIDENTIAL
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	(0.00
	)
	 
	 
	0.14
	 
	 
	 
	0.01
	 
	 
	 
	0.18
	 
	 
	 
	0.00
	 
	 
	 
	0.06
	 
	 
	 
	0.51
	 
	 
	 
	0.05
	

	 
	 
	 
	0.03
	 

	*CONFIDENTIAL
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.01
	 
	 
	 
	1.15
	 
	 
	 
	0.09
	 
	 
	 
	0.69
	 
	 
	 
	0.00
	 
	 
	 
	0.01
	 
	 
	 
	1.15
	 
	 
	 
	0.00
	

	 
	 
	 
	0.07
	 

	*CONFIDENTIAL
	 
	 
	0.28
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.54
	 
	 
	 
	0.51
	 
	 
	 
	0.94
	 
	 
	 
	1.12
	

	 
	 
	 
	0.32
	 

	*CONFIDENTIAL
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	

	 
	 
	 
	0.00
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	34.93
	 
	 
	 
	14.85
	 
	 
	 
	38.99
	 
	 
	 
	65.66
	 
	 
	 
	40.67
	 
	 
	 
	103.20
	 
	 
	 
	62.39
	 
	 
	 
	40.65
	 
	 
	 
	106.25
	 
	 
	 
	54.84
	

	 
	 
	 
	39.63
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	3.05
	 
	 
	 
	2.74
	 
	 
	 
	2.69
	 
	 
	 
	11.86
	 
	 
	 
	3.27
	 
	 
	 
	12.18
	 
	 
	 
	5.80
	 
	 
	 
	2.69
	 
	 
	 
	5.04
	 
	 
	 
	2.98
	

	 
	 
	 
	3.46
	 

	*CONFIDENTIAL
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.31
	 
	 
	 
	2.16
	 
	 
	 
	0.43
	 
	 
	 
	1.17
	 
	 
	 
	0.07
	 
	 
	 
	0.79
	 
	 
	 
	1.34
	 
	 
	 
	0.08
	

	 
	 
	 
	0.32
	 

	*CONFIDENTIAL
	 
	 
	0.02
	 
	 
	 
	0.16
	 
	 
	 
	0.01
	 
	 
	 
	0.00
	 
	 
	 
	0.01
	 
	 
	 
	0.68
	 
	 
	 
	0.04
	 
	 
	 
	0.08
	 
	 
	 
	0.45
	 
	 
	 
	0.00
	

	 
	 
	 
	0.10
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	3.06
	 
	 
	 
	2.91
	 
	 
	 
	3.01
	 
	 
	 
	14.02
	 
	 
	 
	3.71
	 
	 
	 
	14.04
	 
	 
	 
	5.91
	 
	 
	 
	3.56
	 
	 
	 
	6.84
	 
	 
	 
	3.07
	

	 
	 
	 
	3.87
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	0.20
	 
	 
	 
	0.26
	 
	 
	 
	0.12
	 
	 
	 
	0.23
	 
	 
	 
	0.13
	 
	 
	 
	0.00
	 
	 
	 
	0.19
	 
	 
	 
	0.06
	 
	 
	 
	0.06
	 
	 
	 
	0.15
	

	 
	 
	 
	0.16
	 

	*CONFIDENTIAL
	 
	 
	0.07
	 
	 
	 
	0.08
	 
	 
	 
	0.00
	 
	 
	 
	0.18
	 
	 
	 
	0.01
	 
	 
	 
	2.02
	 
	 
	 
	0.97
	 
	 
	 
	1.06
	 
	 
	 
	1.46
	 
	 
	 
	0.55
	

	 
	 
	 
	0.45
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	0.27
	 
	 
	 
	0.34
	 
	 
	 
	0.12
	 
	 
	 
	0.41
	 
	 
	 
	0.14
	 
	 
	 
	2.02
	 
	 
	 
	1.16
	 
	 
	 
	1.12
	 
	 
	 
	1.52
	 
	 
	 
	0.71
	

	 
	 
	 
	0.61
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	3.06
	 
	 
	 
	0.09
	 
	 
	 
	1.71
	 
	 
	 
	1.68
	 
	 
	 
	1.70
	 
	 
	 
	5.78
	 
	 
	 
	1.87
	 
	 
	 
	1.13
	 
	 
	 
	2.14
	 
	 
	 
	4.53
	

	 
	 
	 
	1.78
	 

	*CONFIDENTIAL
	 
	 
	1.49
	 
	 
	 
	2.41
	 
	 
	 
	0.50
	 
	 
	 
	4.63
	 
	 
	 
	0.76
	 
	 
	 
	1.16
	 
	 
	 
	2.10
	 
	 
	 
	3.70
	 
	 
	 
	1.51
	 
	 
	 
	(0.25
	

	)
	 
	 
	1.75
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	4.56
	 
	 
	 
	2.50
	 
	 
	 
	2.21
	 
	 
	 
	6.31
	 
	 
	 
	2.46
	 
	 
	 
	6.94
	 
	 
	 
	3.97
	 
	 
	 
	4.83
	 
	 
	 
	3.65
	 
	 
	 
	4.28
	

	 
	 
	 
	3.53
	 





178






	
																																														
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	0.96
	 
	 
	 
	0.80
	 
	 
	 
	0.80
	 
	 
	 
	2.26
	 
	 
	 
	0.89
	 
	 
	 
	10.80
	 
	 
	 
	3.27
	 
	 
	 
	0.94
	 
	 
	 
	1.56
	 
	 
	 
	0.75
	

	 
	 
	 
	1.35
	 

	*CONFIDENTIAL
	 
	 
	1.17
	 
	 
	 
	0.67
	 
	 
	 
	0.80
	 
	 
	 
	1.32
	 
	 
	 
	0.83
	 
	 
	 
	0.67
	 
	 
	 
	2.18
	 
	 
	 
	1.51
	 
	 
	 
	1.41
	 
	 
	 
	0.44
	

	 
	 
	 
	0.96
	 

	*CONFIDENTIAL
	 
	 
	0.14
	 
	 
	 
	0.12
	 
	 
	 
	0.23
	 
	 
	 
	0.31
	 
	 
	 
	0.24
	 
	 
	 
	0.64
	 
	 
	 
	0.01
	 
	 
	 
	0.21
	 
	 
	 
	0.54
	 
	 
	 
	0.24
	

	 
	 
	 
	0.20
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	2.27
	 
	 
	 
	1.59
	 
	 
	 
	1.83
	 
	 
	 
	3.89
	 
	 
	 
	1.96
	 
	 
	 
	12.11
	 
	 
	 
	5.46
	 
	 
	 
	2.67
	 
	 
	 
	3.50
	 
	 
	 
	1.43
	

	 
	 
	 
	2.51
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	0.60
	 
	 
	 
	1.24
	 
	 
	 
	1.23
	 
	 
	 
	5.02
	 
	 
	 
	1.47
	 
	 
	 
	6.06
	 
	 
	 
	2.67
	 
	 
	 
	1.20
	 
	 
	 
	2.29
	 
	 
	 
	1.64
	

	 
	 
	 
	1.58
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	0.60
	 
	 
	 
	1.24
	 
	 
	 
	1.23
	 
	 
	 
	5.02
	 
	 
	 
	1.47
	 
	 
	 
	6.06
	 
	 
	 
	2.67
	 
	 
	 
	1.20
	 
	 
	 
	2.29
	 
	 
	 
	1.64
	

	 
	 
	 
	1.58
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	0.10
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	1.37
	 
	 
	 
	0.09
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	

	 
	 
	 
	0.03
	 

	*CONFIDENTIAL
	 
	 
	0.46
	 
	 
	 
	0.14
	 
	 
	 
	(0.63
	)
	 
	 
	13.58
	 
	 
	 
	0.26
	 
	 
	 
	1.61
	 
	 
	 
	6.33
	 
	 
	 
	1.59
	 
	 
	 
	1.73
	 
	 
	 
	1.92
	

	 
	 
	 
	1.16
	 

	*CONFIDENTIAL
	 
	 
	0.80
	 
	 
	 
	0.33
	 
	 
	 
	0.01
	 
	 
	 
	2.07
	 
	 
	 
	0.14
	 
	 
	 
	0.19
	 
	 
	 
	0.25
	 
	 
	 
	0.52
	 
	 
	 
	0.44
	 
	 
	 
	0.00
	

	 
	 
	 
	0.29
	 

	*CONFIDENTIAL
	 
	 
	0.19
	 
	 
	 
	0.01
	 
	 
	 
	0.33
	 
	 
	 
	0.32
	 
	 
	 
	0.33
	 
	 
	 
	0.32
	 
	 
	 
	0.02
	 
	 
	 
	0.04
	 
	 
	 
	0.04
	 
	 
	 
	0.06
	

	 
	 
	 
	0.12
	 

	*CONFIDENTIAL
	 
	 
	1.04
	 
	 
	 
	1.69
	 
	 
	 
	1.02
	 
	 
	 
	1.02
	 
	 
	 
	1.02
	 
	 
	 
	0.93
	 
	 
	 
	0.96
	 
	 
	 
	0.32
	 
	 
	 
	1.36
	 
	 
	 
	0.83
	

	 
	 
	 
	1.06
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	2.59
	 
	 
	 
	2.17
	 
	 
	 
	0.73
	 
	 
	 
	18.35
	 
	 
	 
	1.84
	 
	 
	 
	3.05
	 
	 
	 
	7.56
	 
	 
	 
	2.47
	 
	 
	 
	3.58
	 
	 
	 
	2.82
	

	 
	 
	 
	2.66
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.01
	 
	 
	 
	0.00
	 
	 
	 
	0.22
	 
	 
	 
	0.16
	 
	 
	 
	0.45
	 
	 
	 
	0.01
	 
	 
	 
	0.00
	

	 
	 
	 
	0.10
	 

	*CONFIDENTIAL
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.06
	 
	 
	 
	0.00
	 
	 
	 
	0.05
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.01
	 
	 
	 
	0.03
	 
	 
	 
	0.01
	

	 
	 
	 
	0.02
	 

	*CONFIDENTIAL
	 
	 
	0.00
	 
	 
	 
	0.15
	 
	 
	 
	0.00
	 
	 
	 
	0.11
	 
	 
	 
	0.01
	 
	 
	 
	(0.00
	)
	 
	 
	(0.17
	)
	 
	 
	0.03
	 
	 
	 
	2.69
	 
	 
	 
	0.05
	

	 
	 
	 
	0.09
	 

	*CONFIDENTIAL
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.01
	 
	 
	 
	0.07
	 
	 
	 
	0.01
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.15
	 
	 
	 
	0.00
	 
	 
	 
	0.02
	

	 
	 
	 
	0.03
	 





179






	
																																														
	*CONFIDENTIAL
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	(0.63
	

	)
	 
	 
	(0.09
	)

	*CONFIDENTIAL
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.01
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.03
	

	 
	 
	 
	0.00
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	0.00
	 
	 
	 
	0.15
	 
	 
	 
	0.07
	 
	 
	 
	0.19
	 
	 
	 
	0.08
	 
	 
	 
	0.23
	 
	 
	 
	(0.01
	)
	 
	 
	0.65
	 
	 
	 
	2.73
	 
	 
	 
	(0.51
	

	)
	 
	 
	0.16
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	0.02
	 
	 
	 
	0.00
	 
	 
	 
	0.03
	 
	 
	 
	0.01
	 
	 
	 
	0.03
	 
	 
	 
	0.02
	 
	 
	 
	0.00
	 
	 
	 
	0.68
	 
	 
	 
	0.04
	 
	 
	 
	0.80
	

	 
	 
	 
	0.24
	 

	*CONFIDENTIAL
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.19
	

	 
	 
	 
	0.03
	 

	*CONFIDENTIAL
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	2.07
	 
	 
	 
	1.50
	 
	 
	 
	0.00
	

	 
	 
	 
	0.39
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	0.02
	 
	 
	 
	0.00
	 
	 
	 
	0.03
	 
	 
	 
	0.01
	 
	 
	 
	0.03
	 
	 
	 
	0.02
	 
	 
	 
	0.00
	 
	 
	 
	2.74
	 
	 
	 
	1.54
	 
	 
	 
	0.99
	

	 
	 
	 
	0.66
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Expenses
	 
	 
	48.31
	 
	 
	 
	25.75
	 
	 
	 
	48.22
	 
	 
	 
	113.85
	 
	 
	 
	52.35
	 
	 
	 
	147.67
	 
	 
	 
	89.11
	 
	 
	 
	59.89
	 
	 
	 
	131.90
	 
	 
	 
	69.27
	

	 
	 
	 
	55.40
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Other Corporate Allocations
	 
	 
	0.74
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	

	 
	 
	 
	0.04
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Controllable Expenses
	 
	 
	49.05
	 
	 
	 
	25.75
	 
	 
	 
	48.22
	 
	 
	 
	113.85
	 
	 
	 
	52.35
	 
	 
	 
	147.67
	 
	 
	 
	89.11
	 
	 
	 
	59.89
	 
	 
	 
	131.90
	 
	 
	 
	69.27
	

	 
	 
	 
	55.45
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	EBITDA before Executive Expenses
	 
	 
	41.53
	 
	 
	 
	30.16
	 
	 
	 
	57.24
	 
	 
	 
	58.95
	 
	 
	 
	57.35
	 
	 
	 
	13.12
	 
	 
	 
	83.63
	 
	 
	 
	28.95
	 
	 
	 
	(21.37
	)
	 
	 
	(142.63
	

	)
	 
	 
	14.21
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 




The Budget is equal to the 0&12 Forecast for the following pages.


 


	
		
	*
	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.







180






Confidential Treatment
 
	
																																																			
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	DECEMBER 
PROFIT & LOSS 
REVIEW
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	 
	TOTAL
	 

	Revenue/Key Drivers
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Application Units
	 
	 
	136
	

	 
	 
	 
	523
	

	 
	 
	 
	565
	

	 
	 
	 
	85
	

	 
	 
	 
	650
	

	 
	 
	 
	243
	

	 
	 
	 
	301
	

	 
	 
	 
	606
	

	 
	 
	 
	103
	

	 
	 
	 
	2,562
	

	 

	Total Application Dollars
	 
	$
	32,035
	

	 
	 
	$
	218,206
	

	 
	 
	$
	201,851
	

	 
	 
	$
	14,106
	

	 
	 
	$
	215,957
	

	 
	 
	$
	30,992
	

	 
	 
	$
	56,123
	

	 
	 
	$
	144,081
	

	 
	 
	$
	23,073
	

	 
	 
	$
	720,467
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Closing Units
	 
	 
	226
	

	 
	 
	 
	517
	

	 
	 
	 
	492
	

	 
	 
	 
	79
	

	 
	 
	 
	571
	

	 
	 
	 
	192
	

	 
	 
	 
	326
	

	 
	 
	 
	622
	

	 
	 
	 
	109
	

	 
	 
	 
	2,563
	

	 

	Total Closing Dollars
	 
	$
	52,902
	

	 
	 
	$
	217,532
	

	 
	 
	$
	168,170
	

	 
	 
	$
	143,997
	

	 
	 
	$
	182,568
	

	 
	 
	$
	22,372
	

	 
	 
	$
	51,873
	

	 
	 
	$
	135,525
	

	 
	 
	$
	25,439
	

	 
	 
	$
	688,211
	

	 

	Average Loan Amounts
	 
	 
	234,080
	

	 
	 
	 
	420,759
	

	 
	 
	 
	341,810
	

	 
	 
	 
	182,242
	

	 
	 
	 
	524,052
	

	 
	 
	 
	116,519
	

	 
	 
	 
	159,121
	

	 
	 
	 
	217,885
	

	 
	 
	 
	233,389
	

	 
	 
	 
	268,518
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Purchase Closing Units
	 
	 
	171
	

	 
	 
	 
	345
	

	 
	 
	 
	339
	

	 
	 
	 
	70
	

	 
	 
	 
	409
	

	 
	 
	 
	143
	

	 
	 
	 
	289
	

	 
	 
	 
	538
	

	 
	 
	 
	63
	

	 
	 
	 
	1,958
	

	 

	Purchase Closing Dollars
	 
	$
	4,006
	

	 
	 
	$
	136,713
	

	 
	 
	$
	113,988
	

	 
	 
	$
	12,545
	

	 
	 
	$
	126,533
	

	 
	 
	$
	16,074
	

	 
	 
	$
	47,095
	

	 
	 
	$
	115,015
	

	 
	 
	$
	16,827
	

	 
	 
	$
	462,264
	

	 

	Average Loan Amount
	 
	 
	23,425
	

	 
	 
	 
	396,269
	

	 
	 
	 
	336,249
	

	 
	 
	 
	179,210
	

	 
	 
	 
	515,459
	

	 
	 
	 
	112,405
	

	 
	 
	 
	162,960
	

	 
	 
	 
	213,783
	

	 
	 
	 
	267,102
	

	 
	 
	 
	236,090
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Refi Closings – Units
	 
	 
	55
	

	 
	 
	 
	172
	

	 
	 
	 
	153
	

	 
	 
	 
	9
	

	 
	 
	 
	162
	

	 
	 
	 
	49
	

	 
	 
	 
	37
	

	 
	 
	 
	84
	

	 
	 
	 
	46
	

	 
	 
	 
	605
	

	 

	Refi Closings – Dollars
	 
	$
	48,896
	

	 
	 
	$
	80,820
	

	 
	 
	$
	54,182
	

	 
	 
	$
	1,852
	

	 
	 
	$
	56,034
	

	 
	 
	$
	6,298
	

	 
	 
	$
	4,778
	

	 
	 
	$
	20,509
	

	 
	 
	$
	8,612
	

	 
	 
	$
	225,948
	

	 

	Average Loan Amount
	 
	 
	889,027
	

	 
	 
	 
	469,881
	

	 
	 
	 
	354,131
	

	 
	 
	 
	205,828
	

	 
	 
	 
	559,959
	

	 
	 
	 
	128,526
	

	 
	 
	 
	129,136
	

	 
	 
	 
	244,159
	

	 
	 
	 
	187,217
	

	 
	 
	 
	373,467
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	$
	33,068
	

	 
	 
	$
	19,613
	

	 
	 
	$
	18,726
	

	 
	 
	$
	1,985
	

	 
	 
	$
	20,712
	

	 
	 
	$
	6,070
	

	 
	 
	$
	10,212
	

	 
	 
	$
	29,497
	

	 
	 
	$
	6,646
	

	 
	 
	$
	125,818
	

	 

	*CONFIDENTIAL
	 
	 
	92.4
	

	%
	 
	 
	37.2
	

	%
	 
	 
	32.2
	

	%
	 
	 
	12.9
	

	%
	 
	 
	30.7
	

	%
	 
	 
	28.2
	

	%
	 
	 
	9.2
	

	%
	 
	 
	15.1
	

	%
	 
	 
	33.9
	

	%
	 
	 
	32.8
	

	%





181






	
																																																			
	*CONFIDENTIAL
	 
	 
	15.2
	

	%
	 
	 
	20.7
	

	%
	 
	 
	19.3
	

	%
	 
	 
	6.4
	

	%
	 
	 
	0.0
	

	%
	 
	 
	18.6
	

	%
	 
	 
	16.6
	

	%
	 
	 
	21.1
	

	%
	 
	 
	16.1
	

	%
	 
	 
	N/A
	

	 

	*CONFIDENTIAL
	 
	 
	62.5
	

	%
	 
	 
	9.0
	

	%
	 
	 
	11.1
	

	%
	 
	 
	13.8
	

	%
	 
	 
	11.3
	

	%
	 
	 
	27.1
	

	%
	 
	 
	19.7
	

	%
	 
	 
	21.8
	

	%
	 
	 
	26.1
	

	%
	 
	 
	18.3
	

	%

	*CONFIDENTIAL
	 
	 
	1.37
	

	%
	 
	 
	1.33
	

	%
	 
	 
	1.03
	

	%
	 
	 
	1.39
	

	%
	 
	 
	1.06
	

	%
	 
	 
	-0.21
	

	%
	 
	 
	1.51
	

	%
	 
	 
	1.35
	

	%
	 
	 
	1.85
	

	%
	 
	 
	1.25
	

	%

	*CONFIDENTIAL
	 
	$
	(91
	

	)
	 
	$
	199
	

	 
	 
	$
	56
	

	 
	 
	$
	22
	

	 
	 
	$
	51
	

	 
	 
	$
	259
	

	 
	 
	$
	30
	

	 
	 
	$
	(250
	

	)
	 
	$
	151
	

	 
	 
	$
	13
	

	 

	*CONFIDENTIAL
	 
	 
	49.53
	

	%
	 
	 
	68.64
	

	%
	 
	 
	36.37
	

	%
	 
	 
	29.46
	

	%
	 
	 
	35.65
	

	%
	 
	 
	-20.88
	

	%
	 
	 
	21.79
	

	%
	 
	 
	19.69
	

	%
	 
	 
	50.27
	

	%
	 
	 
	44.25
	

	%

	*CONFIDENTIAL
	 
	 
	0.00
	

	%
	 
	 
	-0.04
	

	%
	 
	 
	0.22
	

	%
	 
	 
	-0.26
	

	%
	 
	 
	0.19
	

	%
	 
	 
	0.84
	

	%
	 
	 
	0.30
	

	%
	 
	 
	-0.66
	

	%
	 
	 
	-0.08
	

	%
	 
	 
	-0.05
	

	%

	*CONFIDENTIAL
	 
	 
	1.39
	

	%
	 
	 
	1.40
	

	%
	 
	 
	1.39
	

	%
	 
	 
	1.37
	

	%
	 
	 
	1.39
	

	%
	 
	 
	1.00
	

	%
	 
	 
	2.13
	

	%
	 
	 
	0.79
	

	%
	 
	 
	1.85
	

	%
	 
	 
	1.34
	

	%

	*CONFIDENTIAL
	 
	 
	0.71
	

	%
	 
	 
	0.49
	

	%
	 
	 
	1.02
	

	%
	 
	 
	0.96
	

	%
	 
	 
	1.01
	

	%
	 
	 
	0.96
	

	%
	 
	 
	1.80
	

	%
	 
	 
	0.52
	

	%
	 
	 
	0.96
	

	%
	 
	 
	0.78
	

	%

	*CONFIDENTIAL
	 
	$
	3,251
	

	 
	 
	$
	5,893
	

	 
	 
	$
	4,760
	

	 
	 
	$
	2,498
	

	 
	 
	$
	4,447
	

	 
	 
	$
	1,171
	

	 
	 
	$
	3,397
	

	 
	 
	$
	1,713
	

	 
	 
	$
	4,320
	

	 
	 
	$
	3,585
	

	 

	*CONFIDENTIAL
	 
	$
	991
	

	 
	 
	$
	1,257
	

	 
	 
	$
	1,564
	

	 
	 
	$
	1,870
	

	 
	 
	$
	1,606
	

	 
	 
	$
	1,856
	

	 
	 
	$
	1,197
	

	 
	 
	$
	1,216
	

	 
	 
	$
	2,783
	

	 
	 
	$
	1,403
	

	 

	*CONFIDENTIAL
	 
	 
	0.42
	

	%
	 
	 
	0.30
	

	%
	 
	 
	0.46
	

	%
	 
	 
	1.03
	

	%
	 
	 
	0.50
	

	%
	 
	 
	1.59
	

	%
	 
	 
	0.75
	

	%
	 
	 
	0.56
	

	%
	 
	 
	1.19
	

	%
	 
	 
	0.52
	

	%

	Loans over 60 days
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	3
	

	 
	 
	 
	N/A
	

	 
	 
	 
	0
	

	 
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	3
	

	 
	 
	 
	N/A
	

	 
	 
	 
	6
	

	 

	Summary Headcount
	 
	 
	44
	

	 
	 
	 
	46
	

	 
	 
	 
	158
	

	 
	 
	 
	26
	

	 
	 
	 
	184
	

	 
	 
	 
	91
	

	 
	 
	 
	89
	

	 
	 
	 
	171
	

	 
	 
	 
	62
	

	 
	 
	 
	687
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	DECEMBER 
PROFIT & LOSS 
REVIEW
	 
	PREFERRED
	 
	 
	FIRST CAPITAL
	 
	 
	PRINCETON
	 
	 
	LANDOVER
	 
	 
	PRINCETON 
CONSOLIDATED
	 
	 
	AXIOM
	 
	 
	SUNBELT
	 
	 
	NE MOVES
	 
	 
	LI MORTGAGE
	 
	 
	TOTAL 
Ex Bumet
	 

	Revenue
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	722,261
	

	 
	 
	 
	2,895,264
	

	 
	 
	 
	1,738,622
	

	 
	 
	 
	200,410
	

	 
	 
	 
	1,939,032
	

	 
	 
	 
	(46,293
	

	)
	 
	 
	785,554
	

	 
	 
	 
	1,831,355
	

	 
	 
	 
	470,014
	

	 
	 
	 
	8,597,187
	

	 

	*CONFIDENTIAL
	 
	 
	55,140
	

	 
	 
	 
	143,546
	

	 
	 
	 
	162,415
	

	 
	 
	 
	24,341
	

	 
	 
	 
	186,756
	

	 
	 
	 
	13,926
	

	 
	 
	 
	134,930
	

	 
	 
	 
	214,768
	

	 
	 
	 
	8,053
	

	 
	 
	 
	757,117
	

	 

	*CONFIDENTIAL
	 
	 
	(20,564
	

	)
	 
	 
	103,105
	

	 
	 
	 
	27,534
	

	 
	 
	 
	1,712
	

	 
	 
	 
	29,245
	

	 
	 
	 
	49,726
	

	 
	 
	 
	9,735
	

	 
	 
	 
	(155,366
	

	)
	 
	 
	16,506
	

	 
	 
	 
	32,388
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	(22,149
	

	)
	 
	 
	(521,224
	

	)
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	(7,854
	

	)
	 
	 
	(551,247
	

	)

	*CONFIDENTIAL
	 
	 
	0
	

	 
	 
	 
	512,302
	

	 
	 
	 
	35,188
	

	 
	 
	 
	7,999
	

	 
	 
	 
	43,188
	

	 
	 
	 
	20,252
	

	 
	 
	 
	23,853
	

	 
	 
	 
	66,712
	

	 
	 
	 
	3,309
	

	 
	 
	 
	669,615
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	(86,164
	

	)
	 
	 
	378,354
	

	 
	 
	 
	(31,156
	

	)
	 
	 
	341,197
	

	 
	 
	 
	187,169
	

	 
	 
	 
	153,217
	

	 
	 
	 
	(892,215
	

	)
	 
	 
	(19,124
	

	)
	 
	 
	(315,919
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 





182






	
																																																			
	Gross Revenue
	 
	 
	734,689
	

	 
	 
	 
	3,046,807
	

	 
	 
	 
	2,345,112
	

	 
	 
	 
	197,306
	

	 
	 
	 
	2,539,418
	

	 
	 
	 
	224,781
	

	 
	 
	 
	1,107,288
	

	 
	 
	 
	1,065,254
	

	 
	 
	 
	470,905
	

	 
	 
	 
	9,188,141
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Commissions
	 
	 
	357,744
	

	 
	 
	 
	1,987,184
	

	 
	 
	 
	632,298
	

	 
	 
	 
	59,046
	

	 
	 
	 
	691,344
	

	 
	 
	 
	9,668
	

	 
	 
	 
	171,199
	

	 
	 
	 
	360,539
	

	 
	 
	 
	226,682
	

	 
	 
	 
	3,804,360
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Net Revenue
	 
	 
	376,945
	

	 
	 
	 
	1,059,624
	

	 
	 
	 
	1,709,814
	

	 
	 
	 
	13,260
	

	 
	 
	 
	1,848,074
	

	 
	 
	 
	215,113
	

	 
	 
	 
	936,088
	

	 
	 
	 
	704,715
	

	 
	 
	 
	244,222
	

	 
	 
	 
	5,384,781
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Indirect Costs
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	86,591
	

	 
	 
	 
	233,554
	

	 
	 
	 
	355,726
	

	 
	 
	 
	45,426
	

	 
	 
	 
	401,153
	

	 
	 
	 
	170,585
	

	 
	 
	 
	167,195
	

	 
	 
	 
	347,860
	

	 
	 
	 
	148,700
	

	 
	 
	 
	1,555,639
	

	 

	*CONFIDENTIAL
	 
	 
	196
	

	 
	 
	 
	259
	

	 
	 
	 
	22,773
	

	 
	 
	 
	1,638
	

	 
	 
	 
	24,411
	

	 
	 
	 
	610
	

	 
	 
	 
	744
	

	 
	 
	 
	7,077
	

	 
	 
	 
	1,067
	

	 
	 
	 
	34,337
	

	 

	*CONFIDENTIAL
	 
	 
	1,137
	

	 
	 
	 
	—
	

	 
	 
	 
	23,544
	

	 
	 
	 
	—
	

	 
	 
	 
	23,544
	

	 
	 
	 
	6,996
	

	 
	 
	 
	—
	

	 
	 
	 
	7,187
	

	 
	 
	 
	3,088
	

	 
	 
	 
	41,952
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	21,852
	

	 
	 
	 
	64,260
	

	 
	 
	 
	123,847
	

	 
	 
	 
	6,894
	

	 
	 
	 
	130,740
	

	 
	 
	 
	1,898
	

	 
	 
	 
	59,122
	

	 
	 
	 
	14,876
	

	 
	 
	 
	46,112
	

	 
	 
	 
	338,861
	

	 

	*CONFIDENTIAL
	 
	 
	8,990
	

	 
	 
	 
	7,117
	

	 
	 
	 
	19,430
	

	 
	 
	 
	12,739
	

	 
	 
	 
	32,168
	

	 
	 
	 
	5,905
	

	 
	 
	 
	6,501
	

	 
	 
	 
	22,794
	

	 
	 
	 
	24,484
	

	 
	 
	 
	107,960
	

	 

	*CONFIDENTIAL
	 
	 
	11,451
	

	 
	 
	 
	36,320
	

	 
	 
	 
	15,782
	

	 
	 
	 
	11,651
	

	 
	 
	 
	27,432
	

	 
	 
	 
	30,362
	

	 
	 
	 
	15,674
	

	 
	 
	 
	51,065
	

	 
	 
	 
	20,922
	

	 
	 
	 
	193,226
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	891
	

	 
	 
	 
	—
	

	 
	 
	 
	891
	

	 
	 
	 
	890
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	1,321
	

	 
	 
	 
	3,102
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	244
	

	 
	 
	 
	244
	

	 
	 
	 
	500
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	9,000
	

	 
	 
	 
	9,744
	

	 

	*CONFIDENTIAL
	 
	 
	10,873
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	9,053
	

	 
	 
	 
	2,375
	

	 
	 
	 
	2,750
	

	 
	 
	 
	25,051
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	141,063
	

	 
	 
	 
	341,511
	

	 
	 
	 
	561,992
	

	 
	 
	 
	78,591
	

	 
	 
	 
	640,583
	

	 
	 
	 
	217,745
	

	 
	 
	 
	258,288
	

	 
	 
	 
	453,235
	

	 
	 
	 
	257,445
	

	 
	 
	 
	2,309,871
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	14,579
	

	 
	 
	 
	69,634
	

	 
	 
	 
	50,389
	

	 
	 
	 
	13,665
	

	 
	 
	 
	64,054
	

	 
	 
	 
	35,208
	

	 
	 
	 
	31,063
	

	 
	 
	 
	26,144
	

	 
	 
	 
	4,926
	

	 
	 
	 
	245,609
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	4,878
	

	 
	 
	 
	—
	

	 
	 
	 
	4,878
	

	 
	 
	 
	1,929
	

	 
	 
	 
	—
	

	 
	 
	 
	9,200
	

	 
	 
	 
	—
	

	 
	 
	 
	16,008
	

	 

	*CONFIDENTIAL
	 
	 
	875
	

	 
	 
	 
	7,702
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	3,090
	

	 
	 
	 
	—
	

	 
	 
	 
	1,736
	

	 
	 
	 
	3,044
	

	 
	 
	 
	16,447
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	15,454
	

	 
	 
	 
	77,338
	

	 
	 
	 
	55,268
	

	 
	 
	 
	13,665
	

	 
	 
	 
	68,933
	

	 
	 
	 
	40,227
	

	 
	 
	 
	31,063
	

	 
	 
	 
	37,080
	

	 
	 
	 
	7,970
	

	 
	 
	 
	278,063
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	5,206
	

	 
	 
	 
	4,690
	

	 
	 
	 
	1,490
	

	 
	 
	 
	350
	

	 
	 
	 
	1,840
	

	 
	 
	 
	—
	

	 
	 
	 
	681
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	12,417
	

	 





183






	
																																																			
	*CONFIDENTIAL
	 
	 
	100
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	6,429
	

	 
	 
	 
	4,465
	

	 
	 
	 
	7,584
	

	 
	 
	 
	13,006
	

	 
	 
	 
	31,584
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	5,306
	

	 
	 
	 
	4,690
	

	 
	 
	 
	1,490
	

	 
	 
	 
	350
	

	 
	 
	 
	1,840
	

	 
	 
	 
	6,429
	

	 
	 
	 
	5,148
	

	 
	 
	 
	7,584
	

	 
	 
	 
	13,006
	

	 
	 
	 
	44,001
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	20,484
	

	 
	 
	 
	15,00
	

	 
	 
	 
	40,210
	

	 
	 
	 
	5,969
	

	 
	 
	 
	46,179
	

	 
	 
	 
	19,473
	

	 
	 
	 
	9,100
	

	 
	 
	 
	14,207
	

	 
	 
	 
	4,403
	

	 
	 
	 
	128,846
	

	 

	*CONFIDENTIAL
	 
	 
	15,447
	

	 
	 
	 
	67,039
	

	 
	 
	 
	28,308
	

	 
	 
	 
	5,981
	

	 
	 
	 
	34,289
	

	 
	 
	 
	7,571
	

	 
	 
	 
	6,380
	

	 
	 
	 
	110,255
	

	 
	 
	 
	1,490
	

	 
	 
	 
	242,470
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	35,931
	

	 
	 
	 
	82,039
	

	 
	 
	 
	68,517
	

	 
	 
	 
	11,951
	

	 
	 
	 
	80,468
	

	 
	 
	 
	27,043
	

	 
	 
	 
	15,479
	

	 
	 
	 
	124,462
	

	 
	 
	 
	5,893
	

	 
	 
	 
	371,315
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	3,822
	

	 
	 
	 
	17,866
	

	 
	 
	 
	17,657
	

	 
	 
	 
	1,994
	

	 
	 
	 
	19,651
	

	 
	 
	 
	30,889
	

	 
	 
	 
	17,166
	

	 
	 
	 
	13,305
	

	 
	 
	 
	3,070
	

	 
	 
	 
	105,768
	

	 

	*CONFIDENTIAL
	 
	 
	4,398
	

	 
	 
	 
	17,273
	

	 
	 
	 
	22,725
	

	 
	 
	 
	1,237
	

	 
	 
	 
	23,963
	

	 
	 
	 
	3,204
	

	 
	 
	 
	11,654
	

	 
	 
	 
	16,853
	

	 
	 
	 
	2,444
	

	 
	 
	 
	79,789
	

	 

	*CONFIDENTIAL
	 
	 
	(63
	

	)
	 
	 
	2,368
	

	 
	 
	 
	4,972
	

	 
	 
	 
	683
	

	 
	 
	 
	5,655
	

	 
	 
	 
	1,452
	

	 
	 
	 
	—
	

	 
	 
	 
	1,153
	

	 
	 
	 
	1,000
	

	 
	 
	 
	11,565
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	8,157
	

	 
	 
	 
	37,506
	

	 
	 
	 
	45,354
	

	 
	 
	 
	3,914
	

	 
	 
	 
	49,268
	

	 
	 
	 
	35,545
	

	 
	 
	 
	28,820
	

	 
	 
	 
	31,311
	

	 
	 
	 
	6,514
	

	 
	 
	 
	197,122
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	2,202
	

	 
	 
	 
	39,501
	

	 
	 
	 
	26,219
	

	 
	 
	 
	12,020
	

	 
	 
	 
	38,239
	

	 
	 
	 
	21,131
	

	 
	 
	 
	8,973
	

	 
	 
	 
	24,630
	

	 
	 
	 
	4,976
	

	 
	 
	 
	139,651
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	2,202
	

	 
	 
	 
	39,501
	

	 
	 
	 
	26,219
	

	 
	 
	 
	12,020
	

	 
	 
	 
	38,239
	

	 
	 
	 
	21,131
	

	 
	 
	 
	8,973
	

	 
	 
	 
	24,630
	

	 
	 
	 
	4,976
	

	 
	 
	 
	139,651
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	1,718
	

	 
	 
	 
	1,718
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	1,718
	

	 

	*CONFIDENTIAL
	 
	 
	4,085
	

	 
	 
	 
	1,300
	

	 
	 
	 
	(14,538
	

	)
	 
	 
	19,850
	

	 
	 
	 
	5,313
	

	 
	 
	 
	3,658
	

	 
	 
	 
	35,851
	

	 
	 
	 
	25,721
	

	 
	 
	 
	2,960
	

	 
	 
	 
	78,887
	

	 

	*CONFIDENTIAL
	 
	 
	2,322
	

	 
	 
	 
	8,335
	

	 
	 
	 
	965
	

	 
	 
	 
	3,562
	

	 
	 
	 
	4,527
	

	 
	 
	 
	202
	

	 
	 
	 
	1,300
	

	 
	 
	 
	5,949
	

	 
	 
	 
	—
	

	 
	 
	 
	22,636
	

	 

	*CONFIDENTIAL
	 
	 
	3,584
	

	 
	 
	 
	233
	

	 
	 
	 
	5,846
	

	 
	 
	 
	658
	

	 
	 
	 
	6,504
	

	 
	 
	 
	416
	

	 
	 
	 
	—
	

	 
	 
	 
	390
	

	 
	 
	 
	—
	

	 
	 
	 
	11,126
	

	 

	*CONFIDENTIAL
	 
	 
	5,695
	

	 
	 
	 
	40,447
	

	 
	 
	 
	16,965
	

	 
	 
	 
	1,432
	

	 
	 
	 
	18,397
	

	 
	 
	 
	3,016
	

	 
	 
	 
	1,957
	

	 
	 
	 
	3,119
	

	 
	 
	 
	1,023
	

	 
	 
	 
	73,655
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	15,686
	

	 
	 
	 
	50,315
	

	 
	 
	 
	9,238
	

	 
	 
	 
	27,221
	

	 
	 
	 
	36,459
	

	 
	 
	 
	7,292
	

	 
	 
	 
	39,109
	

	 
	 
	 
	35,179
	

	 
	 
	 
	3,983
	

	 
	 
	 
	188,022
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	107
	

	 
	 
	 
	—
	

	 
	 
	 
	107
	

	 
	 
	 
	798
	

	 
	 
	 
	1,404
	

	 
	 
	 
	6,275
	

	 
	 
	 
	—
	

	 
	 
	 
	8,584
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	228
	

	 
	 
	 
	—
	

	 
	 
	 
	228
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	228
	

	 





184






	
																																																			
	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	16,731
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	2,004
	

	 
	 
	 
	594
	

	 
	 
	 
	15
	

	 
	 
	 
	19,343
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	193
	

	 
	 
	 
	9
	

	 
	 
	 
	202
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	6,023
	

	 
	 
	 
	—
	

	 
	 
	 
	6,225
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	16,731
	

	 
	 
	 
	528
	

	 
	 
	 
	9
	

	 
	 
	 
	537
	

	 
	 
	 
	798
	

	 
	 
	 
	3,408
	

	 
	 
	 
	12,891
	

	 
	 
	 
	15
	

	 
	 
	 
	34,380
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	114
	

	 
	 
	 
	—
	

	 
	 
	 
	760
	

	 
	 
	 
	—
	

	 
	 
	 
	760
	

	 
	 
	 
	52
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	927
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	30,000
	

	 
	 
	 
	3,500
	

	 
	 
	 
	33,500
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	114
	

	 
	 
	 
	—
	

	 
	 
	 
	760
	

	 
	 
	 
	—
	

	 
	 
	 
	760
	

	 
	 
	 
	52
	

	 
	 
	 
	—
	

	 
	 
	 
	30,000
	

	 
	 
	 
	3,500
	

	 
	 
	 
	34,427
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Expenses
	 
	 
	223,914
	

	 
	 
	 
	649,630
	

	 
	 
	 
	769,366
	

	 
	 
	 
	147,721
	

	 
	 
	 
	917,087
	

	 
	 
	 
	356,263
	

	 
	 
	 
	390,285
	

	 
	 
	 
	756,372
	

	 
	 
	 
	303,302
	

	 
	 
	 
	3,596,853
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Other Corporate Allocations
	 
	 
	3,500
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	3,500
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Controllable Expenses
	 
	 
	227,414
	

	 
	 
	 
	649,630
	

	 
	 
	 
	769,366
	

	 
	 
	 
	147,721
	

	 
	 
	 
	917,087
	

	 
	 
	 
	356,236
	

	 
	 
	 
	390,285
	

	 
	 
	 
	756,372
	

	 
	 
	 
	303,302
	

	 
	 
	 
	3,600,353
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	EBITDA before Executive Expenses
	 
	 
	149,531
	

	 
	 
	 
	409,994
	

	 
	 
	 
	940,448
	

	 
	 
	 
	(9,460
	

	)
	 
	 
	930,988
	

	 
	 
	 
	(141,150
	

	)
	 
	 
	545,803
	

	 
	 
	 
	(51,657
	

	)
	 
	 
	(59,080
	

	)
	 
	 
	1,784,429
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 




The Budget is equal to the 0&12 Forecast for the following pages.
 


	
		
	*
	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.






Confidential Treatment
 

185






	
																																									
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	DECEMBER
PROFIT &
LOSS
REVIEW
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	 
	TOTAL
	 

	Revenue/Key Drivers
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Application Units
	 
	 
	136
	 
	 
	 
	523
	 
	 
	 
	565
	 
	 
	 
	85
	 
	 
	 
	650
	 
	 
	 
	243
	 
	 
	 
	301
	 
	 
	 
	606
	 
	 
	 
	103
	 
	 
	 
	2,562
	 

	Total Application Dollars
	 
	$
	32,035
	 
	 
	$
	218,206
	 
	 
	$
	201,851
	 
	 
	$
	14,106
	 
	 
	$
	215,957
	 
	 
	$
	30,992
	 
	 
	$
	56,123
	 
	 
	$
	144,081
	 
	 
	$
	23,073
	 
	 
	$
	720,467
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Closing Units
	 
	 
	226
	 
	 
	 
	517
	 
	 
	 
	492
	 
	 
	 
	79
	 
	 
	 
	571
	 
	 
	 
	192
	 
	 
	 
	326
	 
	 
	 
	622
	 
	 
	 
	109
	 
	 
	 
	2,563
	 

	Total Closing Dollars
	 
	$
	52,902
	 
	 
	$
	217,532
	 
	 
	$
	168,170
	 
	 
	$
	14,397
	 
	 
	$
	182,568
	 
	 
	$
	22,372
	 
	 
	$
	51,873
	 
	 
	$
	135,525
	 
	 
	$
	25,439
	 
	 
	$
	688,211
	 

	Average Loan Amount
	 
	 
	234,080
	 
	 
	 
	420,759
	 
	 
	 
	341,810
	 
	 
	 
	182,242
	 
	 
	 
	524,052
	 
	 
	 
	116,519
	 
	 
	 
	159,121
	 
	 
	 
	217,885
	 
	 
	 
	233,389
	 
	 
	 
	268,518
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Purchase Closing Units
	 
	 
	171
	 
	 
	 
	345
	 
	 
	 
	339
	 
	 
	 
	70
	 
	 
	 
	409
	 
	 
	 
	143
	 
	 
	 
	289
	 
	 
	 
	538
	 
	 
	 
	63
	 
	 
	 
	1,958
	 

	Purchase Closing Dollars
	 
	$
	4,006
	 
	 
	$
	136,713
	 
	 
	$
	113,988
	 
	 
	$
	12,545
	 
	 
	$
	126,533
	 
	 
	$
	16,074
	 
	 
	$
	47,095
	 
	 
	$
	115,015
	 
	 
	$
	16,827
	 
	 
	$
	462,264
	 

	Average Loan Amount
	 
	 
	23,425
	 
	 
	 
	396,269
	 
	 
	 
	336,249
	 
	 
	 
	179,210
	 
	 
	 
	515,459
	 
	 
	 
	112,405
	 
	 
	 
	162,960
	 
	 
	 
	213,783
	 
	 
	 
	267,102
	 
	 
	 
	236,090
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Refi Closings – Units
	 
	 
	55
	 
	 
	 
	172
	 
	 
	 
	153
	 
	 
	 
	9
	 
	 
	 
	162
	 
	 
	 
	49
	 
	 
	 
	37
	 
	 
	 
	84
	 
	 
	 
	46
	 
	 
	 
	605
	 

	Refi Closings – Dollars
	 
	$
	48,896
	 
	 
	$
	80,820
	 
	 
	$
	54,182
	 
	 
	$
	1,852
	 
	 
	$
	56,034
	 
	 
	$
	6,298
	 
	 
	$
	4,778
	 
	 
	$
	20,509
	 
	 
	$
	8,612
	 
	 
	$
	225,948
	 

	Average Loan Amount
	 
	 
	889,027
	 
	 
	 
	469,881
	 
	 
	 
	354,131
	 
	 
	 
	205,828
	 
	 
	 
	559,959
	 
	 
	 
	128,526
	 
	 
	 
	129,136
	 
	 
	 
	244,159
	 
	 
	 
	187,217
	 
	 
	 
	373,467
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	$
	33,068
	 
	 
	$
	19,613
	 
	 
	$
	18,726
	 
	 
	$
	1,985
	 
	 
	$
	20,712
	 
	 
	$
	6,070
	 
	 
	$
	10,212
	 
	 
	$
	29,497
	 
	 
	$
	6,646
	 
	 
	$
	125,818
	 

	*CONFIDENTIAL
	 
	 
	92.4
	%
	 
	 
	37.2
	%
	 
	 
	32.2
	%
	 
	 
	12.9
	%
	 
	 
	30.7
	%
	 
	 
	28.2
	%
	 
	 
	9.2
	%
	 
	 
	15.1
	%
	 
	 
	33.9
	%
	 
	 
	32.8
	%

	*CONFIDENTIAL
	 
	 
	15.2
	%
	 
	 
	20.7
	%
	 
	 
	19.3
	%
	 
	 
	6.4
	%
	 
	 
	0.0
	%
	 
	 
	18.6
	%
	 
	 
	16.6
	%
	 
	 
	21.1
	%
	 
	 
	16.1
	%
	 
	 
	N/A
	 

	*CONFIDENTIAL
	 
	 
	62.5
	%
	 
	 
	9.0
	%
	 
	 
	11.1
	%
	 
	 
	13.8
	%
	 
	 
	11.3
	%
	 
	 
	27.1
	%
	 
	 
	19.7
	%
	 
	 
	21.8
	%
	 
	 
	26.1
	%
	 
	 
	18.3
	%





186






	
																																									
	*CONFIDENTIAL
	 
	 
	1.37
	%
	 
	 
	1.33
	%
	 
	 
	1.03
	%
	 
	 
	1.39
	%
	 
	 
	1.06
	%
	 
	 
	-0.21
	%
	 
	 
	1.51
	%
	 
	 
	1.35
	%
	 
	 
	1.85
	%
	 
	 
	1.25
	%

	*CONFIDENTIAL
	 
	$
	(91
	)
	 
	$
	199
	 
	 
	$
	58
	 
	 
	$
	22
	 
	 
	$
	51
	 
	 
	$
	259
	 
	 
	$
	30
	 
	 
	$
	(250
	)
	 
	$
	151
	 
	 
	$
	13
	 

	*CONFIDENTIAL
	 
	 
	49.53
	%
	 
	 
	68.64
	%
	 
	 
	36.37
	%
	 
	 
	29.46
	%
	 
	 
	35.65
	%
	 
	 
	-20.88
	%
	 
	 
	21.79
	%
	 
	 
	19.69
	%
	 
	 
	50.27
	%
	 
	 
	44.25
	%

	*CONFIDENTIAL
	 
	 
	0.00
	%
	 
	 
	-0.04
	%
	 
	 
	0.22
	%
	 
	 
	-0.26
	%
	 
	 
	0.19
	%
	 
	 
	0.84
	%
	 
	 
	0.30
	%
	 
	 
	-0.66
	%
	 
	 
	-0.80
	%
	 
	 
	-0.05
	%

	*CONFIDENTIAL
	 
	 
	1.39
	%
	 
	 
	1.40
	%
	 
	 
	1.39
	%
	 
	 
	1.37
	%
	 
	 
	1.39
	%
	 
	 
	1.00
	%
	 
	 
	2.13
	%
	 
	 
	0.79
	%
	 
	 
	1.85
	%
	 
	 
	1.34
	%

	*CONFIDENTIAL
	 
	 
	0.71
	%
	 
	 
	0.49
	%
	 
	 
	1.02
	%
	 
	 
	0.96
	%
	 
	 
	1.01
	%
	 
	 
	0.96
	%
	 
	 
	1.80
	%
	 
	 
	0.52
	%
	 
	 
	0.96
	%
	 
	 
	0.78
	%

	*CONFIDENTIAL
	 
	$
	3,251
	 
	 
	$
	5,893
	 
	 
	$
	4,760
	 
	 
	$
	2,498
	 
	 
	$
	4,447
	 
	 
	$
	1,171
	 
	 
	$
	3,397
	 
	 
	$
	1,713
	 
	 
	$
	4,320
	 
	 
	$
	3,585
	 

	*CONFIDENTIAL
	 
	$
	991
	 
	 
	$
	1,257
	 
	 
	$
	1,564
	 
	 
	$
	1,870
	 
	 
	$
	1,606
	 
	 
	$
	1,856
	 
	 
	$
	1,197
	 
	 
	$
	1,216
	 
	 
	$
	2,783
	 
	 
	$
	1,403
	 

	*CONFIDENTIAL
	 
	 
	0.42
	%
	 
	 
	0.30
	%
	 
	 
	0.46
	%
	 
	 
	1.03
	%
	 
	 
	0.50
	%
	 
	 
	1.59
	%
	 
	 
	0.75
	%
	 
	 
	0.56
	%
	 
	 
	1.19
	%
	 
	 
	0.52
	%

	Loans over 60 days
	 
	 
	N/A
	 
	 
	 
	N/A
	 
	 
	 
	3
	 
	 
	 
	N/A
	 
	 
	 
	0
	 
	 
	 
	N/A
	 
	 
	 
	N/A
	 
	 
	 
	3
	 
	 
	 
	N/A
	 
	 
	 
	6
	 

	Summary Headcount
	 
	 
	44
	 
	 
	 
	46
	 
	 
	 
	158
	 
	 
	 
	26
	 
	 
	 
	184
	 
	 
	 
	91
	 
	 
	 
	89
	 
	 
	 
	171
	 
	 
	 
	62
	 
	 
	 
	687
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	DECEMBER
PROFIT &
LOSS
REVIEW
	 
	PREFERRED
	 
	 
	FIRST CAPITAL
	 
	 
	PRINCETON
	 
	 
	LANDOVER
	 
	 
	PRINCETON 
CONSOLIDATED
	 
	 
	AXIOM
	 
	 
	SUNBELT
	 
	 
	NE MOVES
	 
	 
	LJ MORTGAGE
	 
	 
	TOTAL 
Ex Burnet
	 

	Revenue
	 
	 
	136.53
	 
	 
	 
	133.10
	 
	 
	 
	103.38
	 
	 
	 
	139.20
	 
	 
	 
	106.21
	 
	 
	 
	(20.69
	)
	 
	 
	151.44
	 
	 
	 
	135.13
	 
	 
	 
	184.76
	 
	 
	 
	124.92
	 

	*CONFIDENTIAL
	 
	 
	10.42
	 
	 
	 
	6.60
	 
	 
	 
	9.66
	 
	 
	 
	16.91
	 
	 
	 
	10.23
	 
	 
	 
	6.22
	 
	 
	 
	26.01
	 
	 
	 
	15.85
	 
	 
	 
	3.17
	 
	 
	 
	11.00
	 

	*CONFIDENTIAL
	 
	 
	(3.89
	)
	 
	 
	4.74
	 
	 
	 
	1.64
	 
	 
	 
	1.19
	 
	 
	 
	1.60
	 
	 
	 
	22.23
	 
	 
	 
	1.88
	 
	 
	 
	(11.46
	)
	 
	 
	6.49
	 
	 
	 
	0.47
	 

	*CONFIDENTIAL
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 

	*CONFIDENTIAL
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 

	*CONFIDENTIAL
	 
	 
	(4.19
	)
	 
	 
	(23.96
	)
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	(3.09
	)
	 
	 
	(8.01
	)

	*CONFIDENTIAL
	 
	 
	0.00
	 
	 
	 
	23.55
	 
	 
	 
	2.09
	 
	 
	 
	5.56
	 
	 
	 
	2.37
	 
	 
	 
	9.05
	 
	 
	 
	4.60
	 
	 
	 
	4.92
	 
	 
	 
	1.30
	 
	 
	 
	9.73
	 

	*CONFIDENTIAL
	 
	 
	0.00
	 
	 
	 
	(3.96
	)
	 
	 
	22.50
	 
	 
	 
	(25.81
	)
	 
	 
	18.69
	 
	 
	 
	83.66
	 
	 
	 
	29.54
	 
	 
	 
	(65.83
	)
	 
	 
	(7.52
	)
	 
	 
	(4.59
	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Gross Revenue
	 
	 
	135.85
	 
	 
	 
	140.06
	 
	 
	 
	139.27
	 
	 
	 
	137.04
	 
	 
	 
	139.09
	 
	 
	 
	100.48
	 
	 
	 
	213.46
	 
	 
	 
	78.60
	 
	 
	 
	185.11
	 
	 
	 
	133.52
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Commissions
	 
	 
	67.62
	 
	 
	 
	91.35
	 
	 
	 
	37.60
	 
	 
	 
	41.01
	 
	 
	 
	37.87
	 
	 
	 
	4.32
	 
	 
	 
	33.00
	 
	 
	 
	26.60
	 
	 
	 
	89.11
	 
	 
	 
	55.28
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Net Revenue
	 
	 
	71.25
	 
	 
	 
	48.71
	 
	 
	 
	101.67
	 
	 
	 
	96.03
	 
	 
	 
	101.23
	 
	 
	 
	96.15
	 
	 
	 
	180.46
	 
	 
	 
	52.00
	 
	 
	 
	96.00
	 
	 
	 
	78.24
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Indirect Costs
	 
	 
	16.37
	 
	 
	 
	10.74
	 
	 
	 
	21.15
	 
	 
	 
	31.55
	 
	 
	 
	21.97
	 
	 
	 
	76.25
	 
	 
	 
	32.23
	 
	 
	 
	25.67
	 
	 
	 
	58.45
	 
	 
	 
	22.60
	 

	*CONFIDENTIAL
	 
	 
	0.03
	 
	 
	 
	0.01
	 
	 
	 
	1.35
	 
	 
	 
	1.14
	 
	 
	 
	1.34
	 
	 
	 
	0.27
	 
	 
	 
	0.14
	 
	 
	 
	0.52
	 
	 
	 
	0.42
	 
	 
	 
	0.50
	 

	*CONFIDENTIAL
	 
	 
	0.21
	 
	 
	 
	0.00
	 
	 
	 
	1.40
	 
	 
	 
	0.00
	 
	 
	 
	1.29
	 
	 
	 
	3.13
	 
	 
	 
	0.00
	 
	 
	 
	0.53
	 
	 
	 
	1.21
	 
	 
	 
	0.61
	 





187






	
																																									
	*CONFIDENTIAL
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 

	*CONFIDENTIAL
	 
	 
	4.13
	 
	 
	 
	2.95
	 
	 
	 
	7.36
	 
	 
	 
	4.79
	 
	 
	 
	7.16
	 
	 
	 
	0.85
	 
	 
	 
	11.40
	 
	 
	 
	1.10
	 
	 
	 
	18.13
	 
	 
	 
	4.92
	 

	*CONFIDENTIAL
	 
	 
	1.70
	 
	 
	 
	0.33
	 
	 
	 
	1.16
	 
	 
	 
	8.85
	 
	 
	 
	1.76
	 
	 
	 
	2.64
	 
	 
	 
	1.25
	 
	 
	 
	1.68
	 
	 
	 
	9.62
	 
	 
	 
	1.57
	 

	*CONFIDENTIAL
	 
	 
	2.16
	 
	 
	 
	1.67
	 
	 
	 
	0.94
	 
	 
	 
	8.09
	 
	 
	 
	1.50
	 
	 
	 
	13.57
	 
	 
	 
	3.02
	 
	 
	 
	3.77
	 
	 
	 
	8.22
	 
	 
	 
	2.81
	 

	*CONFIDENTIAL
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.05
	 
	 
	 
	0.00
	 
	 
	 
	0.05
	 
	 
	 
	0.40
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.52
	 
	 
	 
	0.05
	 

	*CONFIDENTIAL
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.17
	 
	 
	 
	0.01
	 
	 
	 
	0.22
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	3.54
	 
	 
	 
	0.14
	 

	*CONFIDENTIAL
	 
	 
	2.06
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	1.75
	 
	 
	 
	0.18
	 
	 
	 
	1.08
	 
	 
	 
	0.36
	 

	*CONFIDENTIAL
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	26.66
	 
	 
	 
	15.70
	 
	 
	 
	33.42
	 
	 
	 
	54.59
	 
	 
	 
	35.09
	 
	 
	 
	97.33
	 
	 
	 
	19.79
	 
	 
	 
	33.44
	 
	 
	 
	101.20
	 
	 
	 
	33.56
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	2.76
	 
	 
	 
	3.20
	 
	 
	 
	3.00
	 
	 
	 
	9.49
	 
	 
	 
	3.51
	 
	 
	 
	15.74
	 
	 
	 
	5.99
	 
	 
	 
	1.93
	 
	 
	 
	1.94
	 
	 
	 
	3.57
	 

	*CONFIDENTIAL
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.29
	 
	 
	 
	0.00
	 
	 
	 
	0.27
	 
	 
	 
	0.86
	 
	 
	 
	0.00
	 
	 
	 
	0.68
	 
	 
	 
	0.00
	 
	 
	 
	0.23
	 

	*CONFIDENTIAL
	 
	 
	0.17
	 
	 
	 
	0.35
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	1.38
	 
	 
	 
	0.00
	 
	 
	 
	0.13
	 
	 
	 
	1.20
	 
	 
	 
	0.24
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	2.92
	 
	 
	 
	3.58
	 
	 
	 
	3.29
	 
	 
	 
	9.49
	 
	 
	 
	3.78
	 
	 
	 
	17.98
	 
	 
	 
	5.99
	 
	 
	 
	2.74
	 
	 
	 
	3.13
	 
	 
	 
	4.04
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	0.98
	 
	 
	 
	0.22
	 
	 
	 
	0.09
	 
	 
	 
	0.24
	 
	 
	 
	0.10
	 
	 
	 
	0.00
	 
	 
	 
	0.13
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.18
	 

	*CONFIDENTIAL
	 
	 
	0.02
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	2.87
	 
	 
	 
	0.86
	 
	 
	 
	0.56
	 
	 
	 
	5.11
	 
	 
	 
	0.46
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	1.00
	 
	 
	 
	0.22
	 
	 
	 
	0.09
	 
	 
	 
	0.24
	 
	 
	 
	0.10
	 
	 
	 
	2.87
	 
	 
	 
	0.99
	 
	 
	 
	0.56
	 
	 
	 
	5.11
	 
	 
	 
	0.64
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	3.87
	 
	 
	 
	0.69
	 
	 
	 
	2.39
	 
	 
	 
	4.15
	 
	 
	 
	2.53
	 
	 
	 
	8.70
	 
	 
	 
	1.75
	 
	 
	 
	1.05
	 
	 
	 
	1.73
	 
	 
	 
	1.87
	 

	*CONFIDENTIAL
	 
	 
	2.92
	 
	 
	 
	3.08
	 
	 
	 
	1.68
	 
	 
	 
	4.15
	 
	 
	 
	1.88
	 
	 
	 
	3.38
	 
	 
	 
	1.23
	 
	 
	 
	8.14
	 
	 
	 
	0.59
	 
	 
	 
	3.52
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	6.79
	 
	 
	 
	3.77
	 
	 
	 
	4.07
	 
	 
	 
	8.30
	 
	 
	 
	4.41
	 
	 
	 
	12.09
	 
	 
	 
	2.98
	 
	 
	 
	9.18
	 
	 
	 
	2.92
	 
	 
	 
	5.40
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	0.72
	 
	 
	 
	0.82
	 
	 
	 
	1.05
	 
	 
	 
	1.38
	 
	 
	 
	1.08
	 
	 
	 
	13.81
	 
	 
	 
	3.31
	 
	 
	 
	0.98
	 
	 
	 
	1.21
	 
	 
	 
	1.54
	 

	*CONFIDENTIAL
	 
	 
	0.83
	 
	 
	 
	0.79
	 
	 
	 
	1.35
	 
	 
	 
	0.86
	 
	 
	 
	1.31
	 
	 
	 
	1.43
	 
	 
	 
	2.25
	 
	 
	 
	1.24
	 
	 
	 
	0.96
	 
	 
	 
	1.16
	 

	*CONFIDENTIAL
	 
	 
	(0.01
	)
	 
	 
	0.11
	 
	 
	 
	0.30
	 
	 
	 
	0.47
	 
	 
	 
	0.31
	 
	 
	 
	0.65
	 
	 
	 
	0.00
	 
	 
	 
	0.09
	 
	 
	 
	0.39
	 
	 
	 
	0.17
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	1.54
	 
	 
	 
	1.72
	 
	 
	 
	2.70
	 
	 
	 
	2.72
	 
	 
	 
	2.70
	 
	 
	 
	15.89
	 
	 
	 
	5.56
	 
	 
	 
	2.31
	 
	 
	 
	2.56
	 
	 
	 
	2.86
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	0.42
	 
	 
	 
	1.82
	 
	 
	 
	1.56
	 
	 
	 
	8.35
	 
	 
	 
	2.09
	 
	 
	 
	9.45
	 
	 
	 
	1.73
	 
	 
	 
	1.82
	 
	 
	 
	1.96
	 
	 
	 
	2.03
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	0.42
	 
	 
	 
	1.82
	 
	 
	 
	1.56
	 
	 
	 
	8.35
	 
	 
	 
	2.09
	 
	 
	 
	9.45
	 
	 
	 
	1.73
	 
	 
	 
	1.82
	 
	 
	 
	1.96
	 
	 
	 
	2.03
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 





188






	
																																									
	*CONFIDENTIAL
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	1.19
	 
	 
	 
	0.09
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.02
	 

	*CONFIDENTIAL
	 
	 
	0.77
	 
	 
	 
	0.06
	 
	 
	 
	(0.86
	)
	 
	 
	13.79
	 
	 
	 
	0.29
	 
	 
	 
	1.63
	 
	 
	 
	6.91
	 
	 
	 
	1.90
	 
	 
	 
	1.16
	 
	 
	 
	1.15
	 

	*CONFIDENTIAL
	 
	 
	0.44
	 
	 
	 
	0.38
	 
	 
	 
	0.06
	 
	 
	 
	2.47
	 
	 
	 
	0.25
	 
	 
	 
	0.09
	 
	 
	 
	0.25
	 
	 
	 
	0.44
	 
	 
	 
	0.00
	 
	 
	 
	0.33
	 

	*CONFIDENTIAL
	 
	 
	0.68
	 
	 
	 
	0.01
	 
	 
	 
	0.35
	 
	 
	 
	0.46
	 
	 
	 
	0.36
	 
	 
	 
	0.19
	 
	 
	 
	0.00
	 
	 
	 
	0.03
	 
	 
	 
	0.00
	 
	 
	 
	0.16
	 

	*CONFIDENTIAL
	 
	 
	1.08
	 
	 
	 
	1.86
	 
	 
	 
	1.01
	 
	 
	 
	0.99
	 
	 
	 
	1.01
	 
	 
	 
	1.35
	 
	 
	 
	0.38
	 
	 
	 
	0.23
	 
	 
	 
	0.40
	 
	 
	 
	1.07
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	2.97
	 
	 
	 
	2.31
	 
	 
	 
	0.55
	 
	 
	 
	18.91
	 
	 
	 
	2.00
	 
	 
	 
	3.26
	 
	 
	 
	7.54
	 
	 
	 
	2.60
	 
	 
	 
	1.57
	 
	 
	 
	2.73
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.01
	 
	 
	 
	0.00
	 
	 
	 
	0.01
	 
	 
	 
	0.36
	 
	 
	 
	0.27
	 
	 
	 
	0.46
	 
	 
	 
	0.00
	 
	 
	 
	0.12
	 

	*CONFIDENTIAL
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.01
	 
	 
	 
	0.00
	 
	 
	 
	0.01
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 

	*CONFIDENTIAL
	 
	 
	0.00
	 
	 
	 
	0.77
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.39
	 
	 
	 
	0.04
	 
	 
	 
	0.01
	 
	 
	 
	0.28
	 

	*CONFIDENTIAL
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.01
	 
	 
	 
	0.01
	 
	 
	 
	0.01
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.44
	 
	 
	 
	0.00
	 
	 
	 
	0.09
	 

	*CONFIDENTIAL
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 

	*CONFIDENTIAL
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	0.00
	 
	 
	 
	0.77
	 
	 
	 
	0.03
	 
	 
	 
	0.01
	 
	 
	 
	0.03
	 
	 
	 
	0.36
	 
	 
	 
	0.66
	 
	 
	 
	0.95
	 
	 
	 
	0.01
	 
	 
	 
	0.50
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	0.02
	 
	 
	 
	0.00
	 
	 
	 
	0.05
	 
	 
	 
	0.00
	 
	 
	 
	0.04
	 
	 
	 
	0.02
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.01
	 

	*CONFIDENTIAL
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 

	*CONFIDENTIAL
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	2.21
	 
	 
	 
	1.38
	 
	 
	 
	0.49
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	0.02
	 
	 
	 
	0.00
	 
	 
	 
	0.05
	 
	 
	 
	0.00
	 
	 
	 
	0.04
	 
	 
	 
	0.02
	 
	 
	 
	0.00
	 
	 
	 
	2.21
	 
	 
	 
	1.38
	 
	 
	 
	0.50
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Expenses
	 
	 
	42.33
	 
	 
	 
	29.86
	 
	 
	 
	45.75
	 
	 
	 
	102.60
	 
	 
	 
	50.23
	 
	 
	 
	159.25
	 
	 
	 
	75.24
	 
	 
	 
	55.81
	 
	 
	 
	119.23
	 
	 
	 
	52.26
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Other Corporate Allocations
	 
	 
	0.66
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.00
	 
	 
	 
	0.05
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Controllable Expenses
	 
	 
	42.99
	 
	 
	 
	29.86
	 
	 
	 
	45.75
	 
	 
	 
	102.60
	 
	 
	 
	50.23
	 
	 
	 
	159.25
	 
	 
	 
	75.24
	 
	 
	 
	55.81
	 
	 
	 
	119.23
	 
	 
	 
	52.31
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	EBITDA before Executive Expenses
	 
	 
	28.27
	 
	 
	 
	18.85
	 
	 
	 
	55.92
	 
	 
	 
	(6.57
	)
	 
	 
	50.99
	 
	 
	 
	(63.09
	)
	 
	 
	105.22
	 
	 
	 
	(3.81
	)
	 
	 
	(23.22
	)
	 
	 
	25.93
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 





189






The Budget is equal to the 0&12 Forecast for the following pages.
 


	
		
	*
	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.







190






Confidential Treatment
 
	
																																																							
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	YTD PROFIT & 
LOSS REVIEW
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	 
	*CONFIDENTIAL
	 
	 
	TOTAL
	 

	Revenue/Key Drivers
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Application Units
	 
	 
	2,101
	

	 
	 
	 
	7,773
	

	 
	 
	 
	8,871
	

	 
	 
	 
	1,120
	

	 
	 
	 
	9,991
	

	 
	 
	 
	3,880
	

	 
	 
	 
	4,615
	

	 
	 
	 
	9,035
	

	 
	 
	 
	1,035
	

	 
	 
	 
	38,430
	

	 

	Total Application Dollars
	 
	$
	467,172
	

	 
	 
	$
	3,236,918
	

	 
	 
	$
	3,019,662
	

	 
	 
	$
	181,285
	

	 
	 
	$
	3,200,946
	

	 
	 
	$
	500,379
	

	 
	 
	$
	756,576
	

	 
	 
	$
	2,086,193
	

	 
	 
	$
	239,197
	

	 
	 
	$
	10,487,381
	

	 

	Total Closing Units
	 
	 
	2,592
	

	 
	 
	 
	6,606
	

	 
	 
	 
	6,464
	

	 
	 
	 
	883
	

	 
	 
	 
	7,347
	

	 
	 
	 
	2,793
	

	 
	 
	 
	3,879
	

	 
	 
	 
	7,813
	

	 
	 
	 
	817
	

	 
	 
	 
	31,847
	

	 

	Total Closing Dollars
	 
	$
	563,941
	

	 
	 
	$
	2,759,138
	

	 
	 
	$
	2,151,704
	

	 
	 
	$
	144,602
	

	 
	 
	$
	2,296,306
	

	 
	 
	$
	327,756
	

	 
	 
	$
	623,627
	

	 
	 
	$
	1,742,216
	

	 
	 
	$
	186,589
	

	 
	 
	$
	8,499,574
	

	 

	Average Loan Amount
	 
	 
	217,570
	

	 
	 
	 
	417,671
	

	 
	 
	 
	332,875
	

	 
	 
	 
	163,762
	

	 
	 
	 
	312,550
	

	 
	 
	 
	117,349
	

	 
	 
	 
	160,770
	

	 
	 
	 
	222,989
	

	 
	 
	 
	228,383
	

	 
	 
	 
	266,888
	

	 

	Purchase Closing Units
	 
	 
	2,080
	

	 
	 
	 
	4,397
	

	 
	 
	 
	4,646
	

	 
	 
	 
	792
	

	 
	 
	 
	5,438
	

	 
	 
	 
	2,163
	

	 
	 
	 
	3,428
	

	 
	 
	 
	6,708
	

	 
	 
	$
	589
	

	 
	 
	 
	24,803
	

	 

	Purchase Closing Dollars
	 
	$
	409,952
	

	 
	 
	$
	1,794,836
	

	 
	 
	$
	1,529,367
	

	 
	 
	$
	126,401
	

	 
	 
	$
	1,655,768
	

	 
	 
	$
	229,487
	

	 
	 
	$
	505,869
	

	 
	 
	$
	1,478,717
	

	 
	 
	$
	128,116
	

	 
	 
	$
	6,202,743
	

	 

	Average Loan Amount
	 
	 
	197,092
	

	 
	 
	 
	408,195
	

	 
	 
	 
	329,179
	

	 
	 
	 
	159,598
	

	 
	 
	 
	304,481
	

	 
	 
	 
	106,097
	

	 
	 
	 
	147,570
	

	 
	 
	 
	220,441
	

	 
	 
	 
	217,514
	

	 
	 
	 
	250,080
	

	 

	Refi Closings - Units
	 
	 
	512
	

	 
	 
	 
	2,209
	

	 
	 
	 
	1,818
	

	 
	 
	 
	91
	

	 
	 
	 
	1,909
	

	 
	 
	 
	630
	

	 
	 
	 
	451
	

	 
	 
	 
	1,105
	

	 
	 
	 
	228
	

	 
	 
	 
	7,044
	

	 

	Refi Closings - Dollars
	 
	$
	153,989
	

	 
	 
	$
	964,302
	

	 
	 
	$
	622,338
	

	 
	 
	$
	18,201
	

	 
	 
	$
	640,539
	

	 
	 
	$
	98,269
	

	 
	 
	$
	117,759
	

	 
	 
	$
	263,499
	

	 
	 
	$
	58,473
	

	 
	 
	$
	2,296,830
	

	 

	Average Loan Amount
	 
	 
	300,760
	

	 
	 
	 
	436,533
	

	 
	 
	 
	342,320
	

	 
	 
	 
	200,010
	

	 
	 
	 
	335,536
	

	 
	 
	 
	155,983
	

	 
	 
	 
	261,106
	

	 
	 
	 
	238,461
	

	 
	 
	 
	256,462
	

	 
	 
	 
	326,069
	

	 

	*CONFIDENTIAL
	 
	$
	269,803
	

	 
	 
	$
	107,394
	

	 
	 
	$
	176,579
	

	 
	 
	$
	12,255
	

	 
	 
	$
	188,834
	

	 
	 
	$
	46,102
	

	 
	 
	$
	30,316
	

	 
	 
	$
	308,241
	

	 
	 
	$
	12,127
	

	 
	 
	$
	962,818
	

	 

	*CONFIDENTIAL
	 
	 
	27.3
	

	%
	 
	 
	34.9
	

	%
	 
	 
	28.9
	

	%
	 
	 
	12.6
	

	%
	 
	 
	27.9
	

	%
	 
	 
	30.0
	

	%
	 
	 
	18.9
	

	%
	 
	 
	15.1
	

	%
	 
	 
	31.3
	

	%
	 
	 
	27.0
	

	%

	*CONFIDENTIAL
	 
	 
	18.0
	

	%
	 
	 
	22.2
	

	%
	 
	 
	19.4
	

	%
	 
	 
	5.4
	

	%
	 
	 
	0.0
	

	%
	 
	 
	17.0
	

	%
	 
	 
	16.5
	

	%
	 
	 
	21.9
	

	%
	 
	 
	15.9
	

	%
	 
	 
	N/A
	

	 





191






	
																																																							
	*CONFIDENTIAL
	 
	 
	47.8
	

	%
	 
	 
	3.9
	

	%
	 
	 
	8.2
	

	%
	 
	 
	8.5
	

	%
	 
	 
	8.2
	

	%
	 
	 
	14.1
	

	%
	 
	 
	4.9
	

	%
	 
	 
	17.7
	

	%
	 
	 
	6.5
	

	%
	 
	 
	11.3
	

	%

	*CONFIDENTIAL
	 
	 
	1.51
	

	%
	 
	 
	1.22
	

	%
	 
	 
	1.05
	

	%
	 
	 
	1.38
	

	%
	 
	 
	1.07
	

	%
	 
	 
	1.51
	

	%
	 
	 
	1.43
	

	%
	 
	 
	1.36
	

	%
	 
	 
	0.99
	

	%
	 
	 
	1.25
	

	%

	*CONFIDENTIAL
	 
	$
	(23
	

	)
	 
	$
	216
	

	 
	 
	$
	78
	

	 
	 
	$
	33
	

	 
	 
	$
	73
	

	 
	 
	$
	274
	

	 
	 
	$
	35
	

	 
	 
	$
	(241
	

	)
	 
	$
	143
	

	 
	 
	$
	33
	

	 

	*CONFIDENTIAL
	 
	 
	47.44
	

	%
	 
	 
	68.50
	

	%
	 
	 
	55.14
	

	%
	 
	 
	45.77
	

	%
	 
	 
	54.39
	

	%
	 
	 
	73.68
	

	%
	 
	 
	49.41
	

	%
	 
	 
	39.24
	

	%
	 
	 
	94.05
	

	%
	 
	 
	56.10
	

	%

	*CONFIDENTIAL
	 
	 
	0.00
	

	%
	 
	 
	0.06
	

	%
	 
	 
	0.42
	

	%
	 
	 
	0.67
	

	%
	 
	 
	0.44
	

	%
	 
	 
	0.88
	

	%
	 
	 
	0.71
	

	%
	 
	 
	0.07
	

	%
	 
	 
	0.98
	

	%
	 
	 
	0.26
	

	%

	*CONFIDENTIAL
	 
	 
	1.62
	

	%
	 
	 
	1.39
	

	%
	 
	 
	1.64
	

	%
	 
	 
	2.36
	

	%
	 
	 
	1.68
	

	%
	 
	 
	2.72
	

	%
	 
	 
	2.44
	

	%
	 
	 
	1.42
	

	%
	 
	 
	2.04
	

	%
	 
	 
	1.63
	

	%

	*CONFIDENTIAL
	 
	 
	0.91
	

	%
	 
	 
	0.56
	

	%
	 
	 
	1.05
	

	%
	 
	 
	1.73
	

	%
	 
	 
	1.10
	

	%
	 
	 
	1.61
	

	%
	 
	 
	1.73
	

	%
	 
	 
	0.89
	

	%
	 
	 
	1.11
	

	%
	 
	 
	0.93
	

	%

	*CONFIDENTIAL
	 
	$
	3,524
	

	 
	 
	$
	5,815
	

	 
	 
	$
	5,443
	

	 
	 
	$
	3,861
	

	 
	 
	$
	5,253
	

	 
	 
	$
	3,194
	

	 
	 
	$
	3,917
	

	 
	 
	$
	3,168
	

	 
	 
	$
	4,658
	

	 
	 
	$
	4,359
	

	 

	*CONFIDENTIAL
	 
	$
	1,051
	

	 
	 
	$
	1.075
	

	 
	 
	$
	1,605
	

	 
	 
	$
	1,864
	

	 
	 
	$
	1,636
	

	 
	 
	$
	1,733
	

	 
	 
	$
	1,433
	

	 
	 
	$
	1,336
	

	 
	 
	$
	3,012
	

	 
	 
	$
	1,417
	

	 

	*CONFIDENTIAL
	 
	 
	0.48
	

	%
	 
	 
	0.26
	

	%
	 
	 
	0.48
	

	%
	 
	 
	1.14
	

	%
	 
	 
	0.52
	

	%
	 
	 
	1.48
	

	%
	 
	 
	0.89
	

	%
	 
	 
	0.60
	

	%
	 
	 
	1.32
	

	%
	 
	 
	0.53
	

	%

	Loans over 60 days
	 
	 
	N/A
	

	 
	 
	 
	2
	

	 
	 
	 
	37
	

	 
	 
	 
	0
	

	 
	 
	 
	0
	

	 
	 
	 
	27
	

	 
	 
	 
	0
	

	 
	 
	 
	95
	

	 
	 
	 
	0
	

	 
	 
	 
	161
	

	 

	Summary Headcount
	 
	 
	44
	

	 
	 
	 
	46
	

	 
	 
	 
	158
	

	 
	 
	 
	26
	

	 
	 
	 
	184
	

	 
	 
	 
	91
	

	 
	 
	 
	89
	

	 
	 
	 
	171
	

	 
	 
	 
	62
	

	 
	 
	 
	687
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	YTD PROFIT & 
LOSS REVIEW
	 
	PREFERRED
	 
	 
	FIRST CAPITAL
	 
	 
	PRINCETON
	 
	 
	LANDOVER
	 
	 
	PRINCETON 
CONSOLIDATED
	 
	 
	AXIOM
	 
	 
	SUNBELT
	 
	 
	NE MOVES
	 
	 
	LI MORTGAGE
	 
	 
	TOTAL Ex 
Burnet
	 

	Revenue
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	8,488,556
	

	 
	 
	 
	33,561,716
	

	 
	 
	 
	22,656,297
	

	 
	 
	 
	1,989,371
	

	 
	 
	 
	24,645,669
	

	 
	 
	 
	4,955,781
	

	 
	 
	 
	8,945,863
	

	 
	 
	 
	23,627,519
	

	 
	 
	 
	1,853,877
	

	 
	 
	 
	106,078,982
	

	 

	*CONFIDENTIAL
	 
	 
	498,980
	

	 
	 
	 
	1,603,096
	

	 
	 
	 
	2,358,718
	

	 
	 
	 
	292,250
	

	 
	 
	 
	2,650,968
	

	 
	 
	 
	(50,476
	

	)
	 
	 
	1,431,062
	

	 
	 
	 
	1,306,870
	

	 
	 
	 
	96,966
	

	 
	 
	 
	7,537,466
	

	 

	*CONFIDENTIAL
	 
	 
	(59,411
	

	)
	 
	 
	1,425,218
	

	 
	 
	 
	504,883
	

	 
	 
	 
	29,248
	

	 
	 
	 
	534,131
	

	 
	 
	 
	765,487
	

	 
	 
	 
	137,650
	

	 
	 
	 
	(1,879,858
	

	)
	 
	 
	116,994
	

	 
	 
	 
	1,040,210
	

	 

	*CONFIDENTIAL
	 
	 
	(3,586
	

	)
	 
	 
	—
	

	 
	 
	 
	0
	

	 
	 
	 
	—
	

	 
	 
	 
	0
	

	 
	 
	 
	(86,067
	

	)
	 
	 
	—
	

	 
	 
	 
	(118,186
	

	)
	 
	 
	5,794
	

	 
	 
	 
	(202,045
	

	)

	*CONFIDENTIAL
	 
	 
	(95,798
	

	)
	 
	 
	—
	

	 
	 
	 
	(140,238
	

	)
	 
	 
	(13,488
	

	)
	 
	 
	(153,726
	

	)
	 
	 
	(49,786
	

	)
	 
	 
	(140,468
	

	)
	 
	 
	41,625
	

	 
	 
	 
	(28,022
	

	)
	 
	 
	(426,174
	

	)

	*CONFIDENTIAL
	 
	 
	307,053
	

	 
	 
	 
	(10,708
	

	)
	 
	 
	66,989
	

	 
	 
	 
	16,472
	

	 
	 
	 
	83,461
	

	 
	 
	 
	2,196
	

	 
	 
	 
	—
	

	 
	 
	 
	(147,753
	

	)
	 
	 
	(61,175
	

	)
	 
	 
	173,074
	

	 

	*CONFIDENTIAL
	 
	 
	(378
	

	)
	 
	 
	125,787
	

	 
	 
	 
	633,202
	

	 
	 
	 
	119,322
	

	 
	 
	 
	752,525
	

	 
	 
	 
	513,338
	

	 
	 
	 
	399,401
	

	 
	 
	 
	749,270
	

	 
	 
	 
	(5,650
	

	)
	 
	 
	2,534,293
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	1,711,311
	

	 
	 
	 
	9,104,316
	

	 
	 
	 
	976,018
	

	 
	 
	 
	10,080,334
	

	 
	 
	 
	2,871,062
	

	 
	 
	 
	4,419,422
	

	 
	 
	 
	1,170,021
	

	 
	 
	 
	1,827,191
	

	 
	 
	 
	22,079,341
	

	 

	Gross Revenue
	 
	 
	9,135,417
	

	 
	 
	 
	38,416,420
	

	 
	 
	 
	35,184,167
	

	 
	 
	 
	3,409,194
	

	 
	 
	 
	38,593,361
	

	 
	 
	 
	8,921,536
	

	 
	 
	 
	15,192,930
	

	 
	 
	 
	24,749,509
	

	 
	 
	 
	3,805,975
	

	 
	 
	 
	138,815,146
	

	 

	Commissions
	 
	 
	4,027,097
	

	 
	 
	 
	22,989,903
	

	 
	 
	 
	12,493,196
	

	 
	 
	 
	910,503
	

	 
	 
	 
	13,403,699
	

	 
	 
	 
	3,651,631
	

	 
	 
	 
	4,420,407
	

	 
	 
	 
	9,271,535
	

	 
	 
	 
	1,743,604
	

	 
	 
	 
	59,507,875
	

	 





192






	
																																																							
	Net Revenue
	 
	 
	5,108,319
	

	 
	 
	 
	15,426,517
	

	 
	 
	 
	22,690,971
	

	 
	 
	 
	2,498,692
	

	 
	 
	 
	25,189,662
	

	 
	 
	 
	5,269,904
	

	 
	 
	 
	10,772,523
	

	 
	 
	 
	15,477,974
	

	 
	 
	 
	2,062,371
	

	 
	 
	 
	79,307,271
	

	 

	Indirect Costs
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	1,047,634
	

	 
	 
	 
	2,862,432
	

	 
	 
	 
	3,924,385
	

	 
	 
	 
	459,321
	

	 
	 
	 
	4,383,706
	

	 
	 
	 
	2,106,171
	

	 
	 
	 
	2,210,890
	

	 
	 
	 
	4,317,908
	

	 
	 
	 
	1,403,771
	

	 
	 
	 
	18,332,513
	

	 

	*CONFIDENTIAL
	 
	 
	8,594
	

	 
	 
	 
	7,534
	

	 
	 
	 
	286,705
	

	 
	 
	 
	47,303
	

	 
	 
	 
	334,007
	

	 
	 
	 
	10,937
	

	 
	 
	 
	39,066
	

	 
	 
	 
	156,770
	

	 
	 
	 
	6,647
	

	 
	 
	 
	563,556
	

	 

	*CONFIDENTIAL
	 
	 
	3,497
	

	 
	 
	 
	116,506
	

	 
	 
	 
	280,363
	

	 
	 
	 
	8,395
	

	 
	 
	 
	288,758
	

	 
	 
	 
	116,491
	

	 
	 
	 
	77,534
	

	 
	 
	 
	158,970
	

	 
	 
	 
	20,302
	

	 
	 
	 
	782,058
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	205,637
	

	 
	 
	 
	484,519
	

	 
	 
	 
	1,597,934
	

	 
	 
	 
	107,085
	

	 
	 
	 
	1,705,019
	

	 
	 
	 
	16,515
	

	 
	 
	 
	417,719
	

	 
	 
	 
	113,352
	

	 
	 
	 
	86,252
	

	 
	 
	 
	3,029,013
	

	 

	*CONFIDENTIAL
	 
	 
	427,855
	

	 
	 
	 
	370,905
	

	 
	 
	 
	1,265,709
	

	 
	 
	 
	167,968
	

	 
	 
	 
	1,433,677
	

	 
	 
	 
	664,657
	

	 
	 
	 
	664,984
	

	 
	 
	 
	1,300,559
	

	 
	 
	 
	221,797
	

	 
	 
	 
	5,084,434
	

	 

	*CONFIDENTIAL
	 
	 
	260,879
	

	 
	 
	 
	254,443
	

	 
	 
	 
	1,031,744
	

	 
	 
	 
	140,706
	

	 
	 
	 
	1,172,449
	

	 
	 
	 
	439,303
	

	 
	 
	 
	446,975
	

	 
	 
	 
	933,625
	

	 
	 
	 
	195,202
	

	 
	 
	 
	3,702,877
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	(452
	

	)
	 
	 
	1,981
	

	 
	 
	 
	1,529
	

	 
	 
	 
	5,759
	

	 
	 
	 
	—
	

	 
	 
	 
	10,499
	

	 
	 
	 
	9,456
	

	 
	 
	 
	27,242
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	3,212
	

	 
	 
	 
	16,631
	

	 
	 
	 
	19,843
	

	 
	 
	 
	22,661
	

	 
	 
	 
	—
	

	 
	 
	 
	1,350
	

	 
	 
	 
	21,500
	

	 
	 
	 
	65,354
	

	 

	*CONFIDENTIAL
	 
	 
	15,879
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	58
	

	 
	 
	 
	58
	

	 
	 
	 
	—
	

	 
	 
	 
	33,653
	

	 
	 
	 
	88,940
	

	 
	 
	 
	17,581
	

	 
	 
	 
	156,110
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	1,969,976
	

	 
	 
	 
	4,096,339
	

	 
	 
	 
	8,389,599
	

	 
	 
	 
	949,446
	

	 
	 
	 
	9,339,045
	

	 
	 
	 
	3,382,494
	

	 
	 
	 
	3,890,821
	

	 
	 
	 
	7,081,974
	

	 
	 
	 
	1,982,509
	

	 
	 
	 
	31,743,158
	

	 

	*CONFIDENTIAL
	 
	 
	171,906
	

	 
	 
	 
	756,591
	

	 
	 
	 
	579,273
	

	 
	 
	 
	171,450
	

	 
	 
	 
	750,723
	

	 
	 
	 
	399,371
	

	 
	 
	 
	361,962
	

	 
	 
	 
	469,105
	

	 
	 
	 
	94,075
	

	 
	 
	 
	3,003,732
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	66,787
	

	 
	 
	 
	31,171
	

	 
	 
	 
	97,958
	

	 
	 
	 
	38,484
	

	 
	 
	 
	4,123
	

	 
	 
	 
	136,932
	

	 
	 
	 
	25,035
	

	 
	 
	 
	302,532
	

	 

	*CONFIDENTIAL
	 
	 
	875
	

	 
	 
	 
	45,470
	

	 
	 
	 
	2,033
	

	 
	 
	 
	71
	

	 
	 
	 
	2,103
	

	 
	 
	 
	22,360
	

	 
	 
	 
	2,452
	

	 
	 
	 
	13,686
	

	 
	 
	 
	8,446
	

	 
	 
	 
	95,393
	

	 

	*CONFIDENTIAL
	 
	 
	172,781
	

	 
	 
	 
	802,061
	

	 
	 
	 
	648,093
	

	 
	 
	 
	202,691
	

	 
	 
	 
	850,784
	

	 
	 
	 
	460,215
	

	 
	 
	 
	368,538
	

	 
	 
	 
	619,723
	

	 
	 
	 
	127,656
	

	 
	 
	 
	3,401,657
	

	 

	*CONFIDENTIAL
	 
	 
	11,208
	

	 
	 
	 
	72,612
	

	 
	 
	 
	26,749
	

	 
	 
	 
	3,336
	

	 
	 
	 
	30,085
	

	 
	 
	 
	—
	

	 
	 
	 
	11,777
	

	 
	 
	 
	10,152
	

	 
	 
	 
	1,092
	

	 
	 
	 
	136,926
	

	 

	*CONFIDENTIAL
	 
	 
	4,119
	

	 
	 
	 
	21,599
	

	 
	 
	 
	—
	

	 
	 
	 
	2,626
	

	 
	 
	 
	2,626
	

	 
	 
	 
	66,191
	

	 
	 
	 
	60,651
	

	 
	 
	 
	185,024
	

	 
	 
	 
	27,228
	

	 
	 
	 
	367,437
	

	 

	*CONFIDENTIAL
	 
	 
	15,327
	

	 
	 
	 
	94,211
	

	 
	 
	 
	26,749
	

	 
	 
	 
	5,962
	

	 
	 
	 
	32,710
	

	 
	 
	 
	66,191
	

	 
	 
	 
	72,428
	

	 
	 
	 
	195,176
	

	 
	 
	 
	28,320
	

	 
	 
	 
	504,363
	

	 

	*CONFIDENTIAL
	 
	 
	172,786
	

	 
	 
	 
	24,326
	

	 
	 
	 
	366,969
	

	 
	 
	 
	24,295
	

	 
	 
	 
	391,264
	

	 
	 
	 
	189,538
	

	 
	 
	 
	116,549
	

	 
	 
	 
	196,386
	

	 
	 
	 
	39,921
	

	 
	 
	 
	1,130,771
	

	 

	*CONFIDENTIAL
	 
	 
	84,092
	

	 
	 
	 
	665,976
	

	 
	 
	 
	107,836
	

	 
	 
	 
	66,898
	

	 
	 
	 
	174,734
	

	 
	 
	 
	37,941
	

	 
	 
	 
	130,835
	

	 
	 
	 
	644,940
	

	 
	 
	 
	28,259
	

	 
	 
	 
	1,766,776
	

	 

	*CONFIDENTIAL
	 
	 
	256,878
	

	 
	 
	 
	690,302
	

	 
	 
	 
	474,805
	

	 
	 
	 
	91,194
	

	 
	 
	 
	565,998
	

	 
	 
	 
	227,479
	

	 
	 
	 
	247,383
	

	 
	 
	 
	841,326
	

	 
	 
	 
	68,180
	

	 
	 
	 
	2,897,547
	

	 

	*CONFIDENTIAL
	 
	 
	54,116
	

	 
	 
	 
	220,334
	

	 
	 
	 
	171,300
	

	 
	 
	 
	32,713
	

	 
	 
	 
	204,013
	

	 
	 
	 
	353,886
	

	 
	 
	 
	203,886
	

	 
	 
	 
	164,578
	

	 
	 
	 
	29,048
	

	 
	 
	 
	1,229,860
	

	 





193






	
																																																							
	*CONFIDENTIAL
	 
	 
	65,779
	

	 
	 
	 
	185,235
	

	 
	 
	 
	171,097
	

	 
	 
	 
	19,098
	

	 
	 
	 
	190,195
	

	 
	 
	 
	21,918
	

	 
	 
	 
	136,066
	

	 
	 
	 
	262,946
	

	 
	 
	 
	26,296
	

	 
	 
	 
	888,435
	

	 

	*CONFIDENTIAL
	 
	 
	8,122
	

	 
	 
	 
	33,857
	

	 
	 
	 
	50,325
	

	 
	 
	 
	4,417
	

	 
	 
	 
	54,742
	

	 
	 
	 
	20,998
	

	 
	 
	 
	530
	

	 
	 
	 
	37,242
	

	 
	 
	 
	10,032
	

	 
	 
	 
	165,524
	

	 

	*CONFIDENTIAL
	 
	 
	128,017
	

	 
	 
	 
	439,426
	

	 
	 
	 
	392,722
	

	 
	 
	 
	56,229
	

	 
	 
	 
	446,951
	

	 
	 
	 
	396,801
	

	 
	 
	 
	340,482
	

	 
	 
	 
	464,766
	

	 
	 
	 
	65,376
	

	 
	 
	 
	2,283,819
	

	 

	*CONFIDENTIAL
	 
	 
	33,651
	

	 
	 
	 
	342,192
	

	 
	 
	 
	265,137
	

	 
	 
	 
	72,565
	

	 
	 
	 
	337,702
	

	 
	 
	 
	198,675
	

	 
	 
	 
	166,768
	

	 
	 
	 
	209,378
	

	 
	 
	 
	42,709
	

	 
	 
	 
	1,331,074
	

	 

	*CONFIDENTIAL
	 
	 
	33,651
	

	 
	 
	 
	342,192
	

	 
	 
	 
	265,137
	

	 
	 
	 
	72,565
	

	 
	 
	 
	337,702
	

	 
	 
	 
	198,675
	

	 
	 
	 
	166,768
	

	 
	 
	 
	209,378
	

	 
	 
	 
	42,709
	

	 
	 
	 
	1,331,074
	

	 

	*CONFIDENTIAL
	 
	 
	5,432
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	19,763
	

	 
	 
	 
	19,763
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	25,195
	

	 

	*CONFIDENTIAL
	 
	 
	25,904
	

	 
	 
	 
	38,877
	

	 
	 
	 
	(136,463
	

	)
	 
	 
	196,327
	

	 
	 
	 
	59,865
	

	 
	 
	 
	52,761
	

	 
	 
	 
	394,815
	

	 
	 
	 
	277,822
	

	 
	 
	 
	32,259
	

	 
	 
	 
	882,302
	

	 

	*CONFIDENTIAL
	 
	 
	45,210
	

	 
	 
	 
	91,584
	

	 
	 
	 
	2,627
	

	 
	 
	 
	29,883
	

	 
	 
	 
	32,510
	

	 
	 
	 
	6,178
	

	 
	 
	 
	15,439
	

	 
	 
	 
	90,593
	

	 
	 
	 
	8,287
	

	 
	 
	 
	289,801
	

	 

	*CONFIDENTIAL
	 
	 
	10,755
	

	 
	 
	 
	1,387
	

	 
	 
	 
	71,325
	

	 
	 
	 
	4,577
	

	 
	 
	 
	75,902
	

	 
	 
	 
	10,482
	

	 
	 
	 
	1,105
	

	 
	 
	 
	7,268
	

	 
	 
	 
	796
	

	 
	 
	 
	107,695
	

	 

	*CONFIDENTIAL
	 
	 
	58,815
	

	 
	 
	 
	467,662
	

	 
	 
	 
	219,173
	

	 
	 
	 
	14,803
	

	 
	 
	 
	233,976
	

	 
	 
	 
	30,413
	

	 
	 
	 
	59,966
	

	 
	 
	 
	55,124
	

	 
	 
	 
	25,459
	

	 
	 
	 
	931,414
	

	 

	*CONFIDENTIAL
	 
	 
	146,116
	

	 
	 
	 
	599,509
	

	 
	 
	 
	156,663
	

	 
	 
	 
	265,353
	

	 
	 
	 
	422,015
	

	 
	 
	 
	99,834
	

	 
	 
	 
	471,325
	

	 
	 
	 
	430,807
	

	 
	 
	 
	68,800
	

	 
	 
	 
	2,238,406
	

	 

	*CONFIDENTIAL
	 
	 
	85
	

	 
	 
	 
	—
	

	 
	 
	 
	703
	

	 
	 
	 
	90
	

	 
	 
	 
	793
	

	 
	 
	 
	7,243
	

	 
	 
	 
	10,252
	

	 
	 
	 
	78,954
	

	 
	 
	 
	240
	

	 
	 
	 
	97,566
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	11,966
	

	 
	 
	 
	—
	

	 
	 
	 
	11,966
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	2,554
	

	 
	 
	 
	500
	

	 
	 
	 
	15,020
	

	 

	*CONFIDENTIAL
	 
	 
	40
	

	 
	 
	 
	40,109
	

	 
	 
	 
	1
	

	 
	 
	 
	1,639
	

	 
	 
	 
	1,640
	

	 
	 
	 
	(0
	

	)
	 
	 
	(10,889
	

	)
	 
	 
	5,319
	

	 
	 
	 
	50,160
	

	 
	 
	 
	86,380
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	2,154
	

	 
	 
	 
	1,017
	

	 
	 
	 
	3,171
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	26,679
	

	 
	 
	 
	—
	

	 
	 
	 
	29,850
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	250
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	250
	

	 

	*CONFIDENTIAL
	 
	 
	125
	

	 
	 
	 
	40,109
	

	 
	 
	 
	14,823
	

	 
	 
	 
	2,746
	

	 
	 
	 
	17,569
	

	 
	 
	 
	7,493
	

	 
	 
	 
	(637
	

	)
	 
	 
	113,506
	

	 
	 
	 
	50,901
	

	 
	 
	 
	229,066
	

	 

	*CONFIDENTIAL
	 
	 
	1,255
	

	 
	 
	 
	—
	

	 
	 
	 
	6,018
	

	 
	 
	 
	75
	

	 
	 
	 
	6,093
	

	 
	 
	 
	771
	

	 
	 
	 
	—
	

	 
	 
	 
	117,981
	

	 
	 
	 
	742
	

	 
	 
	 
	126,842
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	360,000
	

	 
	 
	 
	28,000
	

	 
	 
	 
	388,000
	

	 

	*CONFIDENTIAL
	 
	 
	1,255
	

	 
	 
	 
	—
	

	 
	 
	 
	6,018
	

	 
	 
	 
	75
	

	 
	 
	 
	6,093
	

	 
	 
	 
	771
	

	 
	 
	 
	—
	

	 
	 
	 
	477,981
	

	 
	 
	 
	28,742
	

	 
	 
	 
	514,842
	

	 

	Total Expenses
	 
	 
	2,724,126
	

	 
	 
	 
	7,104,150
	

	 
	 
	 
	10,374,608
	

	 
	 
	 
	1,646,260
	

	 
	 
	 
	12,020,868
	

	 
	 
	 
	4,839,951
	

	 
	 
	 
	5,557,108
	

	 
	 
	 
	10,434,636
	

	 
	 
	 
	2,461,093
	

	 
	 
	 
	45,141,932
	

	 

	Other Corporate Allocations
	 
	 
	42,000
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	42,000
	

	 





194






	
																																																							
	Total Controllable Expenses
	 
	 
	2,766,126
	

	 
	 
	 
	7,104,150
	

	 
	 
	 
	10,374,608
	

	 
	 
	 
	1,646,260
	

	 
	 
	 
	12,020,868
	

	 
	 
	 
	4,839,951
	

	 
	 
	 
	5,557,108
	

	 
	 
	 
	10,434,636
	

	 
	 
	 
	2,461,093
	

	 
	 
	 
	45,183,932
	

	 

	EBITDA before Executive Expenses
	 
	 
	2,342,193
	

	 
	 
	 
	8,322,367
	

	 
	 
	 
	12,316,363
	

	 
	 
	 
	852,432
	

	 
	 
	 
	13,168,795
	

	 
	 
	 
	429,953
	

	 
	 
	 
	5,215,415
	

	 
	 
	 
	5,043,338
	

	 
	 
	 
	(398,722
	

	)
	 
	 
	34,123,339
	

	 




The Budget is equal to the 0&12 Forecast for the following pages.


 


	
		
	*
	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.






Confidential Treatment


 
	
																															
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
PROFIT & LOSS REVIEW
	 
	Dec-04
	 
	 
	BUDGET
	 
	 
	FORECAST
	 
	 
	BUDGET 
VOLUME 
ACTUALS
	 
	 
	BUDGET 
VARIANCE
	 
	 
	BUDGET 
PRODUCTIVITY 
VARIANCE
	 

	Revenue/Key Drivers
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Application Units
	 
	 
	136
	

	 
	 
	 
	290
	

	 
	 
	 
	172
	

	 
	 
	 
	138
	

	 
	 
	 
	(154
	

	)
	 
	 
	—
	

	 

	Total Application Dollars
	 
	$
	32,035
	

	 
	 
	$
	56,613
	

	 
	 
	$
	38,000
	

	 
	 
	$
	32,035
	

	 
	 
	$
	(24,578
	

	)
	 
	$
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Closing Units
	 
	 
	226
	

	 
	 
	 
	174
	

	 
	 
	 
	165
	

	 
	 
	 
	226
	

	 
	 
	 
	52
	

	 
	 
	 
	—
	

	 

	Total Closing Dollars
	 
	$
	52,902
	

	 
	 
	$
	33,930
	

	 
	 
	$
	35,600
	

	 
	 
	$
	52,902
	

	 
	 
	$
	18,972
	

	 
	 
	$
	—
	

	 

	Average Loan Amount
	 
	 
	234,080
	

	 
	 
	 
	195,000
	

	 
	 
	 
	215,758
	

	 
	 
	 
	234,080
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Purchase Closing Units
	 
	 
	171
	

	 
	 
	 
	153
	

	 
	 
	 
	124
	

	 
	 
	 
	171
	

	 
	 
	 
	18
	

	 
	 
	 
	—
	

	 

	Purchase Closing Dollars
	 
	$
	4,006
	

	 
	 
	$
	29,852
	

	 
	 
	$
	26,788
	

	 
	 
	$
	4,006
	

	 
	 
	$
	(25,847
	

	)
	 
	$
	—
	

	 

	Average Loan Amount
	 
	 
	23,425
	

	 
	 
	 
	195,000
	

	 
	 
	 
	218,471
	

	 
	 
	 
	23,425
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Refi Closings - Units
	 
	 
	55
	

	 
	 
	 
	21
	

	 
	 
	 
	41
	

	 
	 
	 
	55
	

	 
	 
	 
	34
	

	 
	 
	 
	—
	

	 

	Refi Closings - Dollars
	 
	$
	48,898
	

	 
	 
	$
	4,076
	

	 
	 
	$
	8,812
	

	 
	 
	$
	48,896
	

	 
	 
	$
	44,819
	

	 
	 
	$
	—
	

	 

	Average Loan Amount
	 
	 
	889,027
	

	 
	 
	 
	195,000
	

	 
	 
	 
	213,619
	

	 
	 
	 
	889,027
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	$
	33,068
	

	 
	 
	 
	 
	 
	 
	$
	17,200
	

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 





195






	
																															
	*CONFIDENTIAL
	 
	 
	92.4
	

	%
	 
	 
	12.0
	

	%
	 
	 
	24.8
	

	%
	 
	 
	92.4
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	15.2
	

	%
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	62.5
	

	%
	 
	 
	 
	 
	 
	 
	48.3
	

	%
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	1.37
	

	%
	 
	 
	1.50
	

	%
	 
	 
	1.50
	

	%
	 
	 
	1.50
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	(91
	

	)
	 
	 
	(45
	

	)
	 
	 
	(50
	

	)
	 
	 
	(54
	

	)
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	49.53
	

	%
	 
	 
	42.00
	

	%
	 
	 
	48.00
	

	%
	 
	 
	42.00
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	0.00
	

	%
	 
	 
	0.00
	

	%
	 
	 
	0.00
	

	%
	 
	 
	0.00
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	1.39
	

	%
	 
	 
	1.71
	

	%
	 
	 
	1.64
	

	%
	 
	 
	1.71
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	0.71
	

	%
	 
	 
	1.08
	

	%
	 
	 
	0.92
	

	%
	 
	 
	1.08
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	$
	3,251
	

	 
	 
	$
	3,336
	

	 
	 
	$
	3,548
	

	 
	 
	$
	4,004
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	$
	991
	

	 
	 
	$
	1,425
	

	 
	 
	$
	1,349
	

	 
	 
	$
	1,220
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	0.42
	

	%
	 
	 
	0.73
	

	%
	 
	 
	0.63
	

	%
	 
	 
	0.52
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	Loans over 60 days
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	Summary Headcount
	 
	 
	44
	

	 
	 
	 
	50
	

	 
	 
	 
	43
	

	 
	 
	 
	50
	

	 
	 
	 
	(6
	

	)
	 
	 
	(6
	

	)

	 
	 
	 
	 
	 
	 
	 

	PROFIT & LOSS REVIEW
	 
	Dec-04
	 
	 
	BUDGET
	 
	 
	FORECAST
	 
	 
	BUDGET 
VOLUME 
ACTUALS
	 
	 
	BUDGET 
VARIANCE
	 
	 
	BUDGET 
PRODUCTIVITY 
VARIANCE
	 

	Revenue
	 
	 
	722,261
	

	 
	 
	 
	508,950
	

	 
	 
	 
	534,000
	

	 
	 
	 
	793,532
	

	 
	 
	 
	213,311
	

	 
	 
	 
	(71,271
	

	)

	*CONFIDENTIAL
	 
	 
	55,140
	

	 
	 
	 
	50,830
	

	 
	 
	 
	31,139
	

	 
	 
	 
	79,252
	

	 
	 
	 
	4,310
	

	 
	 
	 
	(24,112
	

	)

	*CONFIDENTIAL
	 
	 
	(20,564
	

	)
	 
	 
	(7,830
	

	)
	 
	 
	(8,250
	

	)
	 
	 
	(12,208
	

	)
	 
	 
	(12,734
	

	)
	 
	 
	(8,355
	

	)

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	(22,149
	

	)
	 
	 
	16,500
	

	 
	 
	 
	28,500
	

	 
	 
	 
	25,726
	

	 
	 
	 
	(38,649
	

	)
	 
	 
	(47,875
	

	)

	*CONFIDENTIAL
	 
	 
	0
	

	 
	 
	 
	12,000
	

	 
	 
	 
	—
	

	 
	 
	 
	18,710
	

	 
	 
	 
	(12,000
	

	)
	 
	 
	(18,710
	

	)

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Gross Revenue
	 
	 
	734,689
	

	 
	 
	 
	580,450
	

	 
	 
	 
	585,359
	

	 
	 
	 
	905,012
	

	 
	 
	 
	154,239
	

	 
	 
	 
	(170,323
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Commissions
	 
	 
	357,744
	

	 
	 
	 
	213,759
	

	 
	 
	 
	256,320
	

	 
	 
	 
	333,283
	

	 
	 
	 
	143,985
	

	 
	 
	 
	24,460
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Net Revenue
	 
	 
	376,946
	

	 
	 
	 
	366,691
	

	 
	 
	 
	329,069
	

	 
	 
	 
	571,728
	

	 
	 
	 
	10,254
	

	 
	 
	 
	(194,763
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Indirect Costs
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	86,591
	

	 
	 
	 
	100,555
	

	 
	 
	 
	93,373
	

	 
	 
	 
	100,555
	

	 
	 
	 
	(13,984
	

	)
	 
	 
	(13,964
	

	)

	*CONFIDENTIAL
	 
	 
	169
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	169
	

	 
	 
	 
	169
	

	 

	*CONFIDENTIAL
	 
	 
	1,137
	

	 
	 
	 
	250
	

	 
	 
	 
	250
	

	 
	 
	 
	390
	

	 
	 
	 
	887
	

	 
	 
	 
	747
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	21,582
	

	 
	 
	 
	13,003
	

	 
	 
	 
	18.838
	

	 
	 
	 
	20,274
	

	 
	 
	 
	8,549
	

	 
	 
	 
	1,579
	

	 





196






	
																															
	*CONFIDENTIAL
	 
	 
	8,990
	

	 
	 
	 
	25,145
	

	 
	 
	 
	24.478
	

	 
	 
	 
	25,145
	

	 
	 
	 
	(16,155
	

	)
	 
	 
	(16,155
	

	)

	*CONFIDENTIAL
	 
	 
	11,451
	

	 
	 
	 
	30,359
	

	 
	 
	 
	15.141
	

	 
	 
	 
	30,359
	

	 
	 
	 
	(18,908
	

	)
	 
	 
	(18,908
	

	)

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	10,873
	

	 
	 
	 
	5,500
	

	 
	 
	 
	5,500
	

	 
	 
	 
	5,500
	

	 
	 
	 
	5,373
	

	 
	 
	 
	5,373
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	141,063
	

	 
	 
	 
	174,812
	

	 
	 
	 
	157,580
	

	 
	 
	 
	182,222
	

	 
	 
	 
	(33,748
	

	)
	 
	 
	(41,159
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	14,579
	

	 
	 
	 
	15,125
	

	 
	 
	 
	15,125
	

	 
	 
	 
	15,125
	

	 
	 
	 
	(546
	

	)
	 
	 
	(546
	

	)

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	875
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	875
	

	 
	 
	 
	875
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	15,454
	

	 
	 
	 
	15,125
	

	 
	 
	 
	15,125
	

	 
	 
	 
	15,125
	

	 
	 
	 
	329
	

	 
	 
	 
	329
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	5,206
	

	 
	 
	 
	1,500
	

	 
	 
	 
	1,500
	

	 
	 
	 
	1,500
	

	 
	 
	 
	3,706
	

	 
	 
	 
	3,706
	

	 

	*CONFIDENTIAL
	 
	 
	100
	

	 
	 
	 
	4,950
	

	 
	 
	 
	4,900
	

	 
	 
	 
	4,950
	

	 
	 
	 
	(4,850
	

	)
	 
	 
	(4,850
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	5,306
	

	 
	 
	 
	6,450
	

	 
	 
	 
	6,400
	

	 
	 
	 
	6,450
	

	 
	 
	 
	(1,144
	

	)
	 
	 
	(1,144
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	20,484
	

	 
	 
	 
	8,100
	

	 
	 
	 
	12,000
	

	 
	 
	 
	12,629
	

	 
	 
	 
	12,384
	

	 
	 
	 
	7,855
	

	 

	*CONFIDENTIAL
	 
	 
	15,447
	

	 
	 
	 
	7,250
	

	 
	 
	 
	7,250
	

	 
	 
	 
	7,250
	

	 
	 
	 
	6,197
	

	 
	 
	 
	8,197
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	35,931
	

	 
	 
	 
	15,350
	

	 
	 
	 
	19,250
	

	 
	 
	 
	19,879
	

	 
	 
	 
	20,581
	

	 
	 
	 
	16,052
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	3,822
	

	 
	 
	 
	12,320
	

	 
	 
	 
	4,500
	

	 
	 
	 
	19,209
	

	 
	 
	 
	(8.498
	

	)
	 
	 
	(15,387
	

	)

	*CONFIDENTIAL
	 
	 
	4,398
	

	 
	 
	 
	7,169
	

	 
	 
	 
	5,002
	

	 
	 
	 
	11,178
	

	 
	 
	 
	(2,771
	

	)
	 
	 
	(6,779
	

	)

	*CONFIDENTIAL
	 
	 
	(63
	

	)
	 
	 
	1,200
	

	 
	 
	 
	1,200
	

	 
	 
	 
	1,871
	

	 
	 
	 
	(1,263
	

	)
	 
	 
	(1,934
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	8,157
	

	 
	 
	 
	20,689
	

	 
	 
	 
	10,702
	

	 
	 
	 
	32,258
	

	 
	 
	 
	(12,532
	

	)
	 
	 
	(24,101
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	2,202
	

	 
	 
	 
	7,106
	

	 
	 
	 
	2,975
	

	 
	 
	 
	11,079
	

	 
	 
	 
	(4,904
	

	)
	 
	 
	(8,877
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	2,202
	

	 
	 
	 
	7,106
	

	 
	 
	 
	2,975
	

	 
	 
	 
	11,079
	

	 
	 
	 
	(4,904
	

	)
	 
	 
	(8,877
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	750
	

	 
	 
	 
	750
	

	 
	 
	 
	1,169
	

	 
	 
	 
	(750
	

	)
	 
	 
	(1,169
	

	)





197






	
																															
	*CONFIDENTIAL
	 
	 
	4,085
	

	 
	 
	 
	2,308
	

	 
	 
	 
	2,308
	

	 
	 
	 
	2,308
	

	 
	 
	 
	1,777
	

	 
	 
	 
	1,777
	

	 

	*CONFIDENTIAL
	 
	 
	2,322
	

	 
	 
	 
	—
	

	 
	 
	 
	2,500
	

	 
	 
	 
	—
	

	 
	 
	 
	2,322
	

	 
	 
	 
	2,322
	

	 

	*CONFIDENTIAL
	 
	 
	3,584
	

	 
	 
	 
	650
	

	 
	 
	 
	650
	

	 
	 
	 
	650
	

	 
	 
	 
	2,934
	

	 
	 
	 
	2,934
	

	 

	*CONFIDENTIAL
	 
	 
	5,695
	

	 
	 
	 
	4,380
	

	 
	 
	 
	4,158
	

	 
	 
	 
	4,380
	

	 
	 
	 
	1,315
	

	 
	 
	 
	1,315
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	15,686
	

	 
	 
	 
	8,088
	

	 
	 
	 
	10,366
	

	 
	 
	 
	8,507
	

	 
	 
	 
	7,598
	

	 
	 
	 
	7,179
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	250
	

	 
	 
	 
	250
	

	 
	 
	 
	250
	

	 
	 
	 
	250
	

	 
	 
	 
	250
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	250
	

	 
	 
	 
	250
	

	 
	 
	 
	250
	

	 
	 
	 
	(250
	

	)
	 
	 
	(250
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	114
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	114
	

	 
	 
	 
	114
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	114
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	114
	

	 
	 
	 
	114
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Expenses
	 
	 
	223,914
	

	 
	 
	 
	247,870
	

	 
	 
	 
	222,648
	

	 
	 
	 
	275,771
	

	 
	 
	 
	(23,956
	

	)
	 
	 
	(51,857
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Allocation
	 
	 
	3,500
	

	 
	 
	 
	—
	

	 
	 
	 
	3,500
	

	 
	 
	 
	—
	

	 
	 
	 
	3,500
	

	 
	 
	 
	3,500
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Controllable Expenses
	 
	 
	227,414
	

	 
	 
	 
	247,870
	

	 
	 
	 
	226,148
	

	 
	 
	 
	275,771
	

	 
	 
	 
	(20,456
	

	)
	 
	 
	(48,357
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	EBITDA before Executive Expenses
	 
	 
	149,531
	

	 
	 
	 
	118,821
	

	 
	 
	 
	102,920
	

	 
	 
	 
	295,957
	

	 
	 
	 
	30,710
	

	 
	 
	 
	(146,426
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	EBITDA before Executive Expenses-BPS
	 
	 
	28.27
	

	 
	 
	 
	22.46
	

	 
	 
	 
	19.45
	

	 
	 
	 
	55.94
	

	 
	 
	 
	 
	 
	 
	 
	 
	 




The Budget is equal to the 0&12 Forecast for the following pages.
 


	
		
	*
	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.







198






Confidential Treatment
 
	
		
	*
	YTD total only includes actual expenses.




 
	
																																															
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
YTD PROFIT & LOSS REVIEW
	 
	Jan-04
	 
	 
	Feb-04
	 
	 
	Mar-04
	 
	 
	Apr-04
	 
	 
	May-04
	 
	 
	Jun-04
	 
	 
	Jul-04
	 
	 
	Aug-04
	 
	 
	Sep-04
	 

	Revenue/Key Drivers
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Application Units
	 
	 
	161
	

	 
	 
	 
	159
	

	 
	 
	 
	270
	

	 
	 
	 
	133
	

	 
	 
	 
	131
	

	 
	 
	 
	197
	

	 
	 
	 
	164
	

	 
	 
	 
	224
	

	 
	 
	 
	191
	

	 

	Total Application Dollars
	 
	$
	32,087
	

	 
	 
	$
	34,584
	

	 
	 
	$
	56,877
	

	 
	 
	$
	31,817
	

	 
	 
	$
	26,089
	

	 
	 
	$
	42,698
	

	 
	 
	$
	35,469
	

	 
	 
	$
	48,198
	

	 
	 
	$
	48,748
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Closing Units
	 
	 
	118
	

	 
	 
	 
	166
	

	 
	 
	 
	222
	

	 
	 
	 
	255
	

	 
	 
	 
	278
	

	 
	 
	 
	272
	

	 
	 
	 
	249
	

	 
	 
	 
	195
	

	 
	 
	 
	209
	

	 

	Total Closing Dollars
	 
	$
	21,424
	

	 
	 
	$
	32,926
	

	 
	 
	$
	44,051
	

	 
	 
	$
	51,871
	

	 
	 
	$
	60,851
	

	 
	 
	$
	65,207
	

	 
	 
	$
	55,163
	

	 
	 
	$
	42,707
	

	 
	 
	$
	45,739
	

	 

	Average Loan Amount
	 
	 
	181,559
	

	 
	 
	 
	198,351
	

	 
	 
	 
	198,428
	

	 
	 
	 
	202,633
	

	 
	 
	 
	218,888
	

	 
	 
	 
	239,731
	

	 
	 
	 
	221,536
	

	 
	 
	 
	219,008
	

	 
	 
	 
	218,848
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Purchase Closing Units
	 
	 
	95
	

	 
	 
	 
	121
	

	 
	 
	 
	159
	

	 
	 
	 
	184
	

	 
	 
	 
	215
	

	 
	 
	 
	237
	

	 
	 
	 
	238
	

	 
	 
	 
	173
	

	 
	 
	 
	172
	

	 

	Purchase Closing Dollars
	 
	$
	16,846
	

	 
	 
	$
	24,107
	

	 
	 
	$
	29,609
	

	 
	 
	$
	35,88
	

	 
	 
	$
	44,539
	

	 
	 
	$
	58,314
	

	 
	 
	$
	53,207
	

	 
	 
	$
	38,184
	

	 
	 
	$
	36,332
	

	 

	Average Loan Amount
	 
	 
	177,326
	

	 
	 
	 
	199,234
	

	 
	 
	 
	186,223
	

	 
	 
	 
	195,006
	

	 
	 
	 
	207,157
	

	 
	 
	 
	237,611
	

	 
	 
	 
	223,558
	

	 
	 
	 
	220,718
	

	 
	 
	 
	211,231
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Refi Closings – Units
	 
	 
	23
	

	 
	 
	 
	45
	

	 
	 
	 
	63
	

	 
	 
	 
	71
	

	 
	 
	 
	63
	

	 
	 
	 
	35
	

	 
	 
	 
	11
	

	 
	 
	 
	22
	

	 
	 
	 
	37
	

	 

	Refi Closings – Dollars
	 
	$
	4,578
	

	 
	 
	$
	8,819
	

	 
	 
	$
	14,442
	

	 
	 
	$
	15,790
	

	 
	 
	$
	16,312
	

	 
	 
	$
	8,893
	

	 
	 
	$
	1,956
	

	 
	 
	$
	4,522
	

	 
	 
	$
	9,407
	

	 

	Average Loan Amount
	 
	 
	199,043
	

	 
	 
	 
	195,978
	

	 
	 
	 
	229,233
	

	 
	 
	 
	222,399
	

	 
	 
	 
	258,925
	

	 
	 
	 
	254,082
	

	 
	 
	 
	177,800
	

	 
	 
	 
	205,567
	

	 
	 
	 
	254,255
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	$
	9,687
	

	 
	 
	$
	9,336
	

	 
	 
	$
	13,696
	

	 
	 
	$
	21,452
	

	 
	 
	$
	26,977
	

	 
	 
	$
	32,251
	

	 
	 
	$
	27,595
	

	 
	 
	$
	23,513
	

	 
	 
	$
	23,759
	

	 

	*CONFIDENTIAL
	 
	 
	21.4
	

	%
	 
	 
	26.8
	

	%
	 
	 
	32.8
	

	%
	 
	 
	30.6
	

	%
	 
	 
	26.8
	

	%
	 
	 
	13.6
	

	%
	 
	 
	3.5
	

	%
	 
	 
	10.6
	

	%
	 
	 
	20.6
	

	%

	*CONFIDENTIAL
	 
	 
	19.1
	

	%
	 
	 
	17.5
	

	%
	 
	 
	18.3
	

	%
	 
	 
	19.4
	

	%
	 
	 
	19.4
	

	%
	 
	 
	16.1
	

	%
	 
	 
	18.3
	

	%
	 
	 
	14.7
	

	%
	 
	 
	19.5
	

	%

	*CONFIDENTIAL
	 
	 
	45.2
	

	%
	 
	 
	28.4
	

	%
	 
	 
	31.1
	

	%
	 
	 
	41.5
	

	%
	 
	 
	44.3
	

	%
	 
	 
	49.5
	

	%
	 
	 
	50.0
	

	%
	 
	 
	55.1
	

	%
	 
	 
	51.9
	

	%

	*CONFIDENTIAL
	 
	 
	1.77
	

	%
	 
	 
	1.70
	

	%
	 
	 
	1.59
	

	%
	 
	 
	1.44
	

	%
	 
	 
	1.45
	

	%
	 
	 
	1.33
	

	%
	 
	 
	1.51
	

	%
	 
	 
	1.70
	

	%
	 
	 
	1.53
	

	%

	*CONFIDENTIAL
	 
	 
	3
	

	 
	 
	 
	(0
	

	)
	 
	 
	(2
	

	)
	 
	 
	(3
	

	)
	 
	 
	1
	

	 
	 
	 
	(1
	

	)
	 
	 
	(13
	

	)
	 
	 
	(25
	

	)
	 
	 
	(14
	

	)

	*CONFIDENTIAL
	 
	 
	48.06
	

	%
	 
	 
	43.45
	

	%
	 
	 
	44,27
	

	%
	 
	 
	50.15
	

	%
	 
	 
	45.82
	

	%
	 
	 
	53.03
	

	%
	 
	 
	48.11
	

	%
	 
	 
	48.88
	

	%
	 
	 
	47.95
	

	%

	*CONFIDENTIAL
	 
	 
	0.00
	

	%
	 
	 
	0.00
	

	%
	 
	 
	0.00
	

	%
	 
	 
	0.00
	

	%
	 
	 
	0.00
	

	%
	 
	 
	0.00
	

	%
	 
	 
	0.00
	

	%
	 
	 
	0.00
	

	%
	 
	 
	0.00
	

	%

	*CONFIDENTIAL
	 
	 
	2.05
	

	%
	 
	 
	1.86
	

	%
	 
	 
	1.68
	

	%
	 
	 
	1.61
	

	%
	 
	 
	1.53
	

	%
	 
	 
	1.53
	

	%
	 
	 
	1.62
	

	%
	 
	 
	1.71
	

	%
	 
	 
	1.62
	

	%

	*CONFIDENTIAL
	 
	 
	1.20
	

	%
	 
	 
	1.12
	

	%
	 
	 
	0.98
	

	%
	 
	 
	0.89
	

	%
	 
	 
	0.86
	

	%
	 
	 
	0.82
	

	%
	 
	 
	0.90
	

	%
	 
	 
	0.92
	

	%
	 
	 
	0.89
	

	%

	*CONFIDENTIAL
	 
	$
	3,728
	

	 
	 
	$
	3,681
	

	 
	 
	$
	3,341
	

	 
	 
	$
	3,259
	

	 
	 
	$
	3,345
	

	 
	 
	$
	3,662
	

	 
	 
	$
	3,598
	

	 
	 
	$
	3,751
	

	 
	 
	$
	3,547
	

	 





199






	
																																															
	*CONFIDENTIAL
	 
	$
	1,788
	

	 
	 
	$
	1,218
	

	 
	 
	$
	1,135
	

	 
	 
	$
	949
	

	 
	 
	 
	852
	

	 
	 
	$
	991
	

	 
	 
	$
	1,016
	

	 
	 
	$
	990
	

	 
	 
	$
	1,058
	

	 

	*CONFIDENTIAL
	 
	 
	0.98
	

	%
	 
	 
	0.61
	

	%
	 
	 
	0.57
	

	%
	 
	 
	0.47
	

	%
	 
	 
	0.39
	

	%
	 
	 
	0.41
	

	%
	 
	 
	0.48
	

	%
	 
	 
	0.45
	

	%
	 
	 
	0.46
	

	%

	Loans over 60 days
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 

	Summary Headcount
	 
	 
	43
	

	 
	 
	 
	44
	

	 
	 
	 
	44
	

	 
	 
	 
	45
	

	 
	 
	 
	44
	

	 
	 
	 
	44
	

	 
	 
	 
	42
	

	 
	 
	 
	43
	

	 
	 
	 
	43
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	YTD PROFIT & LOSS REVIEW
	 
	Jan-04
	 
	 
	Feb-04
	 
	 
	Mar-04
	 
	 
	Apr-04
	 
	 
	May-04
	 
	 
	Jun-04
	 
	 
	Jul-04
	 
	 
	Aug-04
	 
	 
	Sep-04
	 

	Revenue
	 
	 
	379,766
	

	 
	 
	 
	559,581
	

	 
	 
	 
	699,811
	

	 
	 
	 
	744,577
	

	 
	 
	 
	881,556
	

	 
	 
	 
	869,223
	

	 
	 
	 
	835,479
	

	 
	 
	 
	728,087
	

	 
	 
	 
	698,059
	

	 

	*CONFIDENTIAL
	 
	 
	14,316
	

	 
	 
	 
	28,277
	

	 
	 
	 
	47,251
	

	 
	 
	 
	51,848
	

	 
	 
	 
	52,978
	

	 
	 
	 
	54,519
	

	 
	 
	 
	38,901
	

	 
	 
	 
	39,815
	

	 
	 
	 
	40,925
	

	 

	*CONFIDENTIAL
	 
	 
	325
	

	 
	 
	 
	(1
	

	)
	 
	 
	(464
	

	)
	 
	 
	(688
	

	)
	 
	 
	218
	

	 
	 
	 
	(190
	

	)
	 
	 
	(3,172
	

	)
	 
	 
	(4,803
	

	)
	 
	 
	(2,993
	

	)

	*CONFIDENTIAL
	 
	 
	(1,993
	

	)
	 
	 
	425
	

	 
	 
	 
	(790
	

	)
	 
	 
	(120
	

	)
	 
	 
	(1,065
	

	)
	 
	 
	(43
	

	)
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	(12,475
	

	)
	 
	 
	(13,258
	

	)
	 
	 
	(12,572
	

	)
	 
	 
	(12,573
	

	)
	 
	 
	(10,996
	

	)
	 
	 
	(506
	

	)
	 
	 
	(30,175
	

	)
	 
	 
	(3,245
	

	)

	*CONFIDENTIAL
	 
	 
	26,700
	

	 
	 
	 
	13,469
	

	 
	 
	 
	52,111
	

	 
	 
	 
	48,179
	

	 
	 
	 
	8,744
	

	 
	 
	 
	83,459
	

	 
	 
	 
	25,127
	

	 
	 
	 
	457
	

	 
	 
	 
	8,483
	

	 

	*CONFIDENTIAL
	 
	 
	20,738
	

	 
	 
	 
	21,802
	

	 
	 
	 
	(42,916
	

	)
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	(0
	

	)
	 
	 
	(1
	

	)

	*CONFIDENTIAL
	 
	 
	 
	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Gross Revenue
	 
	 
	439,852
	

	 
	 
	 
	811,078
	

	 
	 
	 
	741,747
	

	 
	 
	 
	831,046
	

	 
	 
	 
	929,658
	

	 
	 
	 
	995,972
	

	 
	 
	 
	895,829
	

	 
	 
	 
	731,361
	

	 
	 
	 
	741,229
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Commissions
	 
	 
	182,523
	

	 
	 
	 
	243,146
	

	 
	 
	 
	309,792
	

	 
	 
	 
	373,407
	

	 
	 
	 
	403,918
	

	 
	 
	 
	460,917
	

	 
	 
	 
	401,908
	

	 
	 
	 
	340,381
	

	 
	 
	 
	334,698
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Net Revenue
	 
	 
	257,329
	

	 
	 
	 
	367,932
	

	 
	 
	 
	431,965
	

	 
	 
	 
	457,639
	

	 
	 
	 
	525,940
	

	 
	 
	 
	535,055
	

	 
	 
	 
	493,922
	

	 
	 
	 
	390,980
	

	 
	 
	 
	406,530
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Indirect Costs
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	86,803
	

	 
	 
	 
	74,742
	

	 
	 
	 
	95,608
	

	 
	 
	 
	79,231
	

	 
	 
	 
	82,817
	

	 
	 
	 
	95,249
	

	 
	 
	 
	83,115
	

	 
	 
	 
	90,546
	

	 
	 
	 
	93,170
	

	 

	*CONFIDENTIAL
	 
	 
	6552
	

	 
	 
	 
	23
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	76
	

	 
	 
	 
	804
	

	 
	 
	 
	382
	

	 
	 
	 
	203
	

	 

	*CONFIDENTIAL
	 
	 
	64
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	640
	

	 
	 
	 
	533
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	203
	

	 
	 
	 
	148
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	11,352
	

	 
	 
	 
	8,744
	

	 
	 
	 
	16,094
	

	 
	 
	 
	16,606
	

	 
	 
	 
	19,139
	

	 
	 
	 
	25,964
	

	 
	 
	 
	25,033
	

	 
	 
	 
	15,953
	

	 
	 
	 
	18,164
	

	 

	*CONFIDENTIAL
	 
	 
	35,866
	

	 
	 
	 
	31,961
	

	 
	 
	 
	36,819
	

	 
	 
	 
	43,767
	

	 
	 
	 
	42,909
	

	 
	 
	 
	47,987
	

	 
	 
	 
	44,794
	

	 
	 
	 
	37,744
	

	 
	 
	 
	31,416
	

	 

	*CONFIDENTIAL
	 
	 
	34,564
	

	 
	 
	 
	20,495
	

	 
	 
	 
	23,634
	

	 
	 
	 
	29,318
	

	 
	 
	 
	29,367
	

	 
	 
	 
	31,858
	

	 
	 
	 
	24,528
	

	 
	 
	 
	18,431
	

	 
	 
	 
	13,770
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	(75
	

	)
	 
	 
	975
	

	 
	 
	 
	25
	

	 
	 
	 
	399
	

	 
	 
	 
	2,578
	

	 
	 
	 
	3,503
	

	 
	 
	 
	1,244
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 





200






	
																																															
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	175,128
	

	 
	 
	 
	136,940
	

	 
	 
	 
	172,150
	

	 
	 
	 
	169,960
	

	 
	 
	 
	177,343
	

	 
	 
	 
	204,635
	

	 
	 
	 
	179,516
	

	 
	 
	 
	363,258
	

	 
	 
	 
	156,871
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	13,981
	

	 
	 
	 
	13,981
	

	 
	 
	 
	13,981
	

	 
	 
	 
	14,978
	

	 
	 
	 
	14,180
	

	 
	 
	 
	14,180
	

	 
	 
	 
	28,659
	

	 
	 
	 
	(351
	

	)
	 
	 
	14,579
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	13,981
	

	 
	 
	 
	13,981
	

	 
	 
	 
	13,981
	

	 
	 
	 
	14,976
	

	 
	 
	 
	14,180
	

	 
	 
	 
	14,180
	

	 
	 
	 
	28,659
	

	 
	 
	 
	(351
	

	)
	 
	 
	14,579
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	879
	

	 
	 
	 
	—
	

	 
	 
	 
	579
	

	 
	 
	 
	310
	

	 
	 
	 
	(0
	

	)
	 
	 
	1,707
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	600
	

	 

	*CONFIDENTIAL
	 
	 
	(4,028
	

	)
	 
	 
	1,355
	

	 
	 
	 
	1,088
	

	 
	 
	 
	50
	

	 
	 
	 
	2,059
	

	 
	 
	 
	698
	

	 
	 
	 
	1,191
	

	 
	 
	 
	24
	

	 
	 
	 
	149
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	(3,149
	

	)
	 
	 
	1,365
	

	 
	 
	 
	1,697
	

	 
	 
	 
	360
	

	 
	 
	 
	2,053
	

	 
	 
	 
	2,404
	

	 
	 
	 
	1,191
	

	 
	 
	 
	24
	

	 
	 
	 
	749
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	7,996
	

	 
	 
	 
	17,061
	

	 
	 
	 
	11,590
	

	 
	 
	 
	11,851
	

	 
	 
	 
	13,113
	

	 
	 
	 
	14,443
	

	 
	 
	 
	15,323
	

	 
	 
	 
	11,783
	

	 
	 
	 
	14,927
	

	 

	*CONFIDENTIAL
	 
	 
	2,368
	

	 
	 
	 
	14,562
	

	 
	 
	 
	11,693
	

	 
	 
	 
	7,249
	

	 
	 
	 
	5,425
	

	 
	 
	 
	3,870
	

	 
	 
	 
	4,041
	

	 
	 
	 
	2,919
	

	 
	 
	 
	8,129
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	10,364
	

	 
	 
	 
	31,624
	

	 
	 
	 
	23,283
	

	 
	 
	 
	19,100
	

	 
	 
	 
	16,538
	

	 
	 
	 
	18,314
	

	 
	 
	 
	19,365
	

	 
	 
	 
	14,702
	

	 
	 
	 
	23,058
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	4,530
	

	 
	 
	 
	3,512
	

	 
	 
	 
	7,286
	

	 
	 
	 
	3,737
	

	 
	 
	 
	4,248
	

	 
	 
	 
	5,101
	

	 
	 
	 
	4,678
	

	 
	 
	 
	2,724
	

	 
	 
	 
	5,256
	

	 

	*CONFIDENTIAL
	 
	 
	2,775
	

	 
	 
	 
	4,745
	

	 
	 
	 
	7,266
	

	 
	 
	 
	7,745
	

	 
	 
	 
	7,626
	

	 
	 
	 
	5,659
	

	 
	 
	 
	4,883
	

	 
	 
	 
	3,762
	

	 
	 
	 
	5,082
	

	 

	*CONFIDENTIAL
	 
	 
	694
	

	 
	 
	 
	907
	

	 
	 
	 
	272
	

	 
	 
	 
	1,814
	

	 
	 
	 
	—
	

	 
	 
	 
	309
	

	 
	 
	 
	871
	

	 
	 
	 
	442
	

	 
	 
	 
	500
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	7,899
	

	 
	 
	 
	9,164
	

	 
	 
	 
	14,824
	

	 
	 
	 
	13,295
	

	 
	 
	 
	11,874
	

	 
	 
	 
	11,069
	

	 
	 
	 
	10,432
	

	 
	 
	 
	6,928
	

	 
	 
	 
	10,838
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	1,801
	

	 
	 
	 
	2,646
	

	 
	 
	 
	2,981
	

	 
	 
	 
	3,778
	

	 
	 
	 
	4,699
	

	 
	 
	 
	4,172
	

	 
	 
	 
	2,665
	

	 
	 
	 
	1,689
	

	 
	 
	 
	1,648
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	1,801
	

	 
	 
	 
	2,646
	

	 
	 
	 
	2,981
	

	 
	 
	 
	3,778
	

	 
	 
	 
	4,699
	

	 
	 
	 
	4,172
	

	 
	 
	 
	2,665
	

	 
	 
	 
	1,689
	

	 
	 
	 
	1,648
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	1,561
	

	 
	 
	 
	1,477
	

	 
	 
	 
	895
	

	 
	 
	 
	522
	

	 
	 
	 
	287
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	389
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	1,150
	

	 
	 
	 
	1,150
	

	 
	 
	 
	1,150
	

	 
	 
	 
	2,760
	

	 
	 
	 
	1,150
	

	 
	 
	 
	1,150
	

	 
	 
	 
	1,677
	

	 
	 
	 
	2,140
	

	 
	 
	 
	3,224
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	100
	

	 
	 
	 
	13,683
	

	 
	 
	 
	6,851
	

	 
	 
	 
	2,737
	

	 
	 
	 
	6,081
	

	 
	 
	 
	2,222
	

	 
	 
	 
	2,222
	

	 
	 
	 
	2,222
	

	 





201






	
																																															
	*CONFIDENTIAL
	 
	 
	120
	

	 
	 
	 
	1,285
	

	 
	 
	 
	3,398
	

	 
	 
	 
	988
	

	 
	 
	 
	664
	

	 
	 
	 
	623
	

	 
	 
	 
	198
	

	 
	 
	 
	(1,152
	

	)
	 
	 
	461
	

	 

	*CONFIDENTIAL
	 
	 
	1,719
	

	 
	 
	 
	2,496
	

	 
	 
	 
	3,938
	

	 
	 
	 
	7,393
	

	 
	 
	 
	3,280
	

	 
	 
	 
	6,870
	

	 
	 
	 
	7,141
	

	 
	 
	 
	3,094
	

	 
	 
	 
	7,342
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	4,850
	

	 
	 
	 
	8,508
	

	 
	 
	 
	23,064
	

	 
	 
	 
	20,514
	

	 
	 
	 
	8,119
	

	 
	 
	 
	14,724
	

	 
	 
	 
	11,239
	

	 
	 
	 
	6,694
	

	 
	 
	 
	13,269
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	(2
	

	)
	 
	 
	(14
	

	)
	 
	 
	—
	

	 
	 
	 
	88
	

	 
	 
	 
	—
	

	 
	 
	 
	12
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	(0
	

	)
	 
	 
	—
	

	 
	 
	 
	39
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	(2
	

	)
	 
	 
	(14
	

	)
	 
	 
	39
	

	 
	 
	 
	88
	

	 
	 
	 
	—
	

	 
	 
	 
	12
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	7
	

	 
	 
	 
	46
	

	 
	 
	 
	24
	

	 
	 
	 
	1
	

	 
	 
	 
	57
	

	 
	 
	 
	30
	

	 
	 
	 
	15
	

	 
	 
	 
	28
	

	 
	 
	 
	41
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	7
	

	 
	 
	 
	46
	

	 
	 
	 
	24
	

	 
	 
	 
	1
	

	 
	 
	 
	57
	

	 
	 
	 
	30
	

	 
	 
	 
	15
	

	 
	 
	 
	28
	

	 
	 
	 
	41
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Expenses
	 
	 
	210,979
	

	 
	 
	 
	202,251
	

	 
	 
	 
	252,044
	

	 
	 
	 
	242,074
	

	 
	 
	 
	236,863
	

	 
	 
	 
	269,539
	

	 
	 
	 
	253,081
	

	 
	 
	 
	192,973
	

	 
	 
	 
	221,051
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Allocation
	 
	 
	3,500
	

	 
	 
	 
	3,500
	

	 
	 
	 
	3,500
	

	 
	 
	 
	3,500
	

	 
	 
	 
	3,500
	

	 
	 
	 
	3,500
	

	 
	 
	 
	3,500
	

	 
	 
	 
	3,500
	

	 
	 
	 
	3,500
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Controllable Expenses
	 
	 
	214,479
	

	 
	 
	 
	205,751
	

	 
	 
	 
	255,544
	

	 
	 
	 
	245,574
	

	 
	 
	 
	240,363
	

	 
	 
	 
	273,039
	

	 
	 
	 
	256,581
	

	 
	 
	 
	196,473
	

	 
	 
	 
	224,551
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	EBITDA before Executive Expenses
	 
	 
	42,850
	

	 
	 
	 
	162,181
	

	 
	 
	 
	176,411
	

	 
	 
	 
	212,085
	

	 
	 
	 
	285,577
	

	 
	 
	 
	262,016
	

	 
	 
	 
	237,341
	

	 
	 
	 
	194,507
	

	 
	 
	 
	181,980
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	EBITDA before Executive Expenses-BPS
	 
	 
	20.00
	

	 
	 
	 
	49.26
	

	 
	 
	 
	40.05
	

	 
	 
	 
	41.04
	

	 
	 
	 
	46.93
	

	 
	 
	 
	40.18
	

	 
	 
	 
	43.03
	

	 
	 
	 
	45.55
	

	 
	 
	 
	39.79
	

	 




 
	
																																									
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	YTD PROFIT & LOSS 
REVIEW
	 
	Oct-04
	 
	 
	Nov-04
	 
	 
	Dec-04
	 
	 
	YTD
	 
	 
	BUDGET
	 
	 
	BUDGET 
VOLUME 
ACTUALS
	 
	 
	BUDGET 
VARIANCE
	 
	 
	BUDGET 
PRODUCTIVITY
	 

	Revenue/Key Drivers
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Application Units
	 
	 
	148
	

	 
	 
	 
	187
	

	 
	 
	 
	136
	

	 
	 
	 
	2,101
	

	 
	 
	 
	3,004
	

	 
	 
	 
	2,101
	

	 
	 
	 
	(903
	

	)
	 
	 
	—
	

	 

	Total Application Dollars
	 
	$
	34,421
	

	 
	 
	$
	44,150
	

	 
	 
	$
	32,035
	

	 
	 
	$
	467,172
	

	 
	 
	$
	585,794
	

	 
	 
	$
	467,172
	

	 
	 
	$
	(118,622
	

	)
	 
	$
	—
	

	 





202






	
																																									
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Closing Units
	 
	 
	193
	

	 
	 
	 
	209
	

	 
	 
	 
	226
	

	 
	 
	 
	2,592
	

	 
	 
	 
	2,343
	

	 
	 
	 
	2,592
	

	 
	 
	 
	249
	

	 
	 
	 
	—
	

	 

	Total Closing Dollars
	 
	$
	42,697
	

	 
	 
	$
	46,603
	

	 
	 
	$
	52,902
	

	 
	 
	$
	563,941
	

	 
	 
	$
	456,885
	

	 
	 
	$
	563,941
	

	 
	 
	$
	107,056
	

	 
	 
	$
	—
	

	 

	Average Loan Amount
	 
	 
	221,228
	

	 
	 
	 
	232,550
	

	 
	 
	 
	234,080
	

	 
	 
	 
	217,570
	

	 
	 
	 
	195,000
	

	 
	 
	 
	217,570
	

	 
	 
	 
	22,570
	

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Purchase Closing Units
	 
	 
	154
	

	 
	 
	 
	161
	

	 
	 
	 
	171
	

	 
	 
	 
	2,080
	

	 
	 
	 
	2,153
	

	 
	 
	 
	2,080
	

	 
	 
	 
	(73
	

	)
	 
	 
	—
	

	 

	Purchase Closing Dollars
	 
	$
	33,483
	

	 
	 
	$
	37,444
	

	 
	 
	$
	4,006
	

	 
	 
	$
	409,952
	

	 
	 
	$
	419,799
	

	 
	 
	$
	409,952
	

	 
	 
	$
	(9,847
	

	)
	 
	$
	—
	

	 

	Average Loan Amount
	 
	 
	217,420
	

	 
	 
	 
	232,574
	

	 
	 
	 
	23,425
	

	 
	 
	 
	197,092
	

	 
	 
	 
	195,000
	

	 
	 
	 
	197,092
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Refi Closings – Units
	 
	 
	39
	

	 
	 
	 
	48
	

	 
	 
	 
	55
	

	 
	 
	 
	512
	

	 
	 
	 
	190
	

	 
	 
	 
	512
	

	 
	 
	 
	322
	

	 
	 
	 
	—
	

	 

	Refi Closings – Dollars
	 
	$
	9,214
	

	 
	 
	$
	11,159
	

	 
	 
	$
	48,896
	

	 
	 
	$
	153,989
	

	 
	 
	$
	37,086
	

	 
	 
	$
	153,989
	

	 
	 
	$
	116,903
	

	 
	 
	$
	—
	

	 

	Average Loan Amount
	 
	 
	236,264
	

	 
	 
	 
	232,470
	

	 
	 
	 
	889,027
	

	 
	 
	 
	300,760
	

	 
	 
	 
	195,000
	

	 
	 
	 
	300,760
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	$
	20,367
	

	 
	 
	$
	28,102
	

	 
	 
	$
	33,068
	

	 
	 
	$
	269,803
	

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	21.6
	

	%
	 
	 
	23.0
	

	%
	 
	 
	92.4
	

	%
	 
	 
	27.3
	

	%
	 
	 
	8.1
	

	%
	 
	 
	27.3
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	18.4
	

	%
	 
	 
	22.4
	

	%
	 
	 
	15.2
	

	%
	 
	 
	18.0
	

	%
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	47.7
	

	%
	 
	 
	57.8
	

	%
	 
	 
	62.5
	

	%
	 
	 
	47.8
	

	%
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	1.48
	

	%
	 
	 
	1.52
	

	%
	 
	 
	1.37
	

	%
	 
	 
	1.51
	

	%
	 
	 
	1.50
	

	%
	 
	 
	1.50
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	(75
	

	)
	 
	 
	(61
	

	)
	 
	 
	(91
	

	)
	 
	 
	(23
	

	)
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	45.01
	

	%
	 
	 
	45.15
	

	%
	 
	 
	49.53
	

	%
	 
	 
	47.44
	

	%
	 
	 
	42.00
	

	%
	 
	 
	42.00
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	0.00
	

	%
	 
	 
	0.00
	

	%
	 
	 
	0.00
	

	%
	 
	 
	0.00
	

	%
	 
	 
	0.00
	

	%
	 
	 
	0.00
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	1.66
	

	%
	 
	 
	1.59
	

	%
	 
	 
	1.39
	

	%
	 
	 
	1.62
	

	%
	 
	 
	1.70
	

	%
	 
	 
	1.70
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	0.99
	

	%
	 
	 
	0.91
	

	%
	 
	 
	0.71
	

	%
	 
	 
	0.91
	

	%
	 
	 
	1.07
	

	%
	 
	 
	1.07
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	$
	3,672
	

	 
	 
	$
	3,704
	

	 
	 
	$
	3,251
	

	 
	 
	$
	3,524
	

	 
	 
	$
	3,318
	

	 
	 
	$
	3,702
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	$
	1,147
	

	 
	 
	$
	947
	

	 
	 
	$
	991
	

	 
	 
	$
	1,051
	

	 
	 
	$
	1,194
	

	 
	 
	$
	1,124
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	0.52
	

	%
	 
	 
	0.41
	

	%
	 
	 
	0.42
	

	%
	 
	 
	0.48
	

	%
	 
	 
	0.61
	

	%
	 
	 
	0.52
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	Loans over 60 days
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	 
	 
	 
	 
	 
	 





203






	
																																									
	Summary Headcount
	 
	 
	44
	

	 
	 
	 
	43
	

	 
	 
	 
	44
	

	 
	 
	 
	44
	

	 
	 
	 
	50
	

	 
	 
	 
	50
	

	 
	 
	 
	—
	

	 
	 
	 
	(6
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 

	YTD PROFIT & LOSS 
REVIEW
	 
	Oct-04
	 
	 
	Nov-04
	 
	 
	Dec-04
	 
	 
	YTD
	 
	 
	BUDGET
	 
	 
	BUDGET 
VOLUME 
ACTUALS
	 
	 
	BUDGET 
VARIANCE
	 
	 
	BUDGET 
PRODUCTIVITY
	 

	Revenue
	 
	 
	633,972
	

	 
	 
	 
	738,204
	

	 
	 
	 
	722,281
	

	 
	 
	 
	8,488,556
	

	 
	 
	 
	6,853,275
	

	 
	 
	 
	8,459,113
	

	 
	 
	 
	1,635,281
	

	 
	 
	 
	29,443
	

	 

	*CONFIDENTIAL
	 
	 
	37,875
	

	 
	 
	 
	37,335
	

	 
	 
	 
	55,140
	

	 
	 
	 
	498,980
	

	 
	 
	 
	691,165
	

	 
	 
	 
	853,141
	

	 
	 
	 
	(192,205
	

	)
	 
	 
	(354,161
	

	)

	*CONFIDENTIAL
	 
	 
	(14,398
	

	)
	 
	 
	(12,704
	

	)
	 
	 
	(20,564
	

	)
	 
	 
	(59,411
	

	)
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	(59,411
	

	)
	 
	 
	(59,411
	

	)

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	(3,586
	

	)
	 
	 
	(6,000
	

	)
	 
	 
	(7,408
	

	)
	 
	 
	2,414
	

	 
	 
	 
	3,820
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	(95,798
	

	)
	 
	 
	(105,435
	

	)
	 
	 
	(130,140
	

	)
	 
	 
	9,637
	

	 
	 
	 
	34,343
	

	 

	*CONFIDENTIAL
	 
	 
	51,213
	

	 
	 
	 
	11,260
	

	 
	 
	 
	(22,149
	

	)
	 
	 
	307,053
	

	 
	 
	 
	198,000
	

	 
	 
	 
	244,395
	

	 
	 
	 
	109,053
	

	 
	 
	 
	62,658
	

	 

	*CONFIDENTIAL
	 
	 
	(0
	

	)
	 
	 
	(0
	

	)
	 
	 
	0
	

	 
	 
	 
	(378
	

	)
	 
	 
	144,000
	

	 
	 
	 
	177,742
	

	 
	 
	 
	(144,378
	

	)
	 
	 
	(178,120
	

	)

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Gross Revenue
	 
	 
	708,662
	

	 
	 
	 
	774,095
	

	 
	 
	 
	734,689
	

	 
	 
	 
	9,135,417
	

	 
	 
	 
	7,775,025
	

	 
	 
	 
	9,596,844
	

	 
	 
	 
	1,380,392
	

	 
	 
	 
	(461,428
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Commissions
	 
	 
	285,361
	

	 
	 
	 
	333,301
	

	 
	 
	 
	357,744
	

	 
	 
	 
	4,027,097
	

	 
	 
	 
	2,878,376
	

	 
	 
	 
	3,552,827
	

	 
	 
	 
	1,148,722
	

	 
	 
	 
	474,270
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Net Revenue
	 
	 
	423,300
	

	 
	 
	 
	440,794
	

	 
	 
	 
	376,945
	

	 
	 
	 
	5,108,319
	

	 
	 
	 
	4,895,650
	

	 
	 
	 
	6,044,017
	

	 
	 
	 
	211,670
	

	 
	 
	 
	(935,698
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Indirect Costs
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	91,508
	

	 
	 
	 
	88,254
	

	 
	 
	 
	66,591
	

	 
	 
	 
	1,047,634
	

	 
	 
	 
	1,129,704
	

	 
	 
	 
	1,129,704
	

	 
	 
	 
	(82,070
	

	)
	 
	 
	(82,070
	

	)

	*CONFIDENTIAL
	 
	 
	241
	

	 
	 
	 
	145
	

	 
	 
	 
	169
	

	 
	 
	 
	6,594
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	8,594
	

	 
	 
	 
	8,594
	

	 

	*CONFIDENTIAL
	 
	 
	376
	

	 
	 
	 
	396
	

	 
	 
	 
	1,137
	

	 
	 
	 
	3,497
	

	 
	 
	 
	3,000
	

	 
	 
	 
	3,000
	

	 
	 
	 
	497
	

	 
	 
	 
	497
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	14,850
	

	 
	 
	 
	11,888
	

	 
	 
	 
	21,852
	

	 
	 
	 
	205,637
	

	 
	 
	 
	116,299
	

	 
	 
	 
	143,549
	

	 
	 
	 
	99,339
	

	 
	 
	 
	62,088
	

	 

	*CONFIDENTIAL
	 
	 
	36,874
	

	 
	 
	 
	28,727
	

	 
	 
	 
	8,990
	

	 
	 
	 
	427,855
	

	 
	 
	 
	320,646
	

	 
	 
	 
	320,648
	

	 
	 
	 
	107,206
	

	 
	 
	 
	107,208
	

	 

	*CONFIDENTIAL
	 
	 
	12,531
	

	 
	 
	 
	10,938
	

	 
	 
	 
	11,451
	

	 
	 
	 
	280,879
	

	 
	 
	 
	381,994
	

	 
	 
	 
	381,994
	

	 
	 
	 
	(121,115
	

	)
	 
	 
	(121,115
	

	)

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	216
	

	 
	 
	 
	(3,860
	

	)
	 
	 
	10,873
	

	 
	 
	 
	15,879
	

	 
	 
	 
	16,000
	

	 
	 
	 
	16,000
	

	 
	 
	 
	(121
	

	)
	 
	 
	(121
	

	)





204






	
																																									
	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	156,595
	

	 
	 
	 
	136,487
	

	 
	 
	 
	141,065
	

	 
	 
	 
	1,969,976
	

	 
	 
	 
	1,867,463
	

	 
	 
	 
	1,994,694
	

	 
	 
	 
	2,333
	

	 
	 
	 
	(24,918
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	14,579
	

	 
	 
	 
	14,579
	

	 
	 
	 
	14,579
	

	 
	 
	 
	171,906
	

	 
	 
	 
	178,989
	

	 
	 
	 
	178,989
	

	 
	 
	 
	(7,083
	

	)
	 
	 
	(7,083
	

	)

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	875
	

	 
	 
	 
	875
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	875
	

	 
	 
	 
	875
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	14,579
	

	 
	 
	 
	14,579
	

	 
	 
	 
	15,454
	

	 
	 
	 
	172,781
	

	 
	 
	 
	178,989
	

	 
	 
	 
	178,989
	

	 
	 
	 
	(6,208
	

	)
	 
	 
	(6,208
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	1,927
	

	 
	 
	 
	—
	

	 
	 
	 
	5,206
	

	 
	 
	 
	11,208
	

	 
	 
	 
	6,000
	

	 
	 
	 
	6,000
	

	 
	 
	 
	5,208
	

	 
	 
	 
	5,208
	

	 

	*CONFIDENTIAL
	 
	 
	509
	

	 
	 
	 
	930
	

	 
	 
	 
	100
	

	 
	 
	 
	4,119
	

	 
	 
	 
	44,550
	

	 
	 
	 
	44,550
	

	 
	 
	 
	(40,431
	

	)
	 
	 
	(40,431
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	2,437
	

	 
	 
	 
	930
	

	 
	 
	 
	8,306
	

	 
	 
	 
	15,327
	

	 
	 
	 
	50,560
	

	 
	 
	 
	50,560
	

	 
	 
	 
	(35,223
	

	)
	 
	 
	(35,223
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	14,687
	

	 
	 
	 
	19,526
	

	 
	 
	 
	20,484
	

	 
	 
	 
	172,766
	

	 
	 
	 
	106,000
	

	 
	 
	 
	130,838
	

	 
	 
	 
	66,786
	

	 
	 
	 
	41,949
	

	 

	*CONFIDENTIAL
	 
	 
	4,539
	

	 
	 
	 
	3,850
	

	 
	 
	 
	15,447
	

	 
	 
	 
	84,092
	

	 
	 
	 
	109,000
	

	 
	 
	 
	109,000
	

	 
	 
	 
	(24,908
	

	)
	 
	 
	(24,908
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	19,226
	

	 
	 
	 
	25,375
	

	 
	 
	 
	35,931
	

	 
	 
	 
	258,878
	

	 
	 
	 
	215,000
	

	 
	 
	 
	239,838
	

	 
	 
	 
	41,878
	

	 
	 
	 
	17,041
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	4,718
	

	 
	 
	 
	4,503
	

	 
	 
	 
	3,822
	

	 
	 
	 
	54,116
	

	 
	 
	 
	110,880
	

	 
	 
	 
	138,861
	

	 
	 
	 
	(58,764
	

	)
	 
	 
	(82,745
	

	)

	*CONFIDENTIAL
	 
	 
	5,454
	

	 
	 
	 
	6,385
	

	 
	 
	 
	4,398
	

	 
	 
	 
	65,779
	

	 
	 
	 
	79,336
	

	 
	 
	 
	97,926
	

	 
	 
	 
	(13,557
	

	)
	 
	 
	(32,146
	

	)

	*CONFIDENTIAL
	 
	 
	1,800
	

	 
	 
	 
	577
	

	 
	 
	 
	(63
	

	)
	 
	 
	8,122
	

	 
	 
	 
	8,000
	

	 
	 
	 
	9,875
	

	 
	 
	 
	122
	

	 
	 
	 
	(1,753
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	11,973
	

	 
	 
	 
	11,465
	

	 
	 
	 
	8,157
	

	 
	 
	 
	128,017
	

	 
	 
	 
	198,216
	

	 
	 
	 
	244,661
	

	 
	 
	 
	(70,199
	

	)
	 
	 
	(116,644
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	2,662
	

	 
	 
	 
	2,707
	

	 
	 
	 
	2,202
	

	 
	 
	 
	33,651
	

	 
	 
	 
	63,954
	

	 
	 
	 
	78,940
	

	 
	 
	 
	(30,303
	

	)
	 
	 
	(45,289
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	2,662
	

	 
	 
	 
	2,707
	

	 
	 
	 
	2,202
	

	 
	 
	 
	33,651
	

	 
	 
	 
	63,954
	

	 
	 
	 
	78,940
	

	 
	 
	 
	(30,303
	

	)
	 
	 
	(45,289
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	5,432
	

	 
	 
	 
	6,750
	

	 
	 
	 
	8,332
	

	 
	 
	 
	(1,318
	

	)
	 
	 
	(2,900
	

	)





205






	
																																									
	*CONFIDENTIAL
	 
	 
	3,630
	

	 
	 
	 
	2,638
	

	 
	 
	 
	4,065
	

	 
	 
	 
	25,904
	

	 
	 
	 
	27,696
	

	 
	 
	 
	27,696
	

	 
	 
	 
	(1,792
	

	)
	 
	 
	(1,792
	

	)

	*CONFIDENTIAL
	 
	 
	2,547
	

	 
	 
	 
	2,222
	

	 
	 
	 
	2,322
	

	 
	 
	 
	45,210
	

	 
	 
	 
	42,000
	

	 
	 
	 
	42,000
	

	 
	 
	 
	3,210
	

	 
	 
	 
	3,210
	

	 

	*CONFIDENTIAL
	 
	 
	418
	

	 
	 
	 
	148
	

	 
	 
	 
	3,584
	

	 
	 
	 
	10,755
	

	 
	 
	 
	7,800
	

	 
	 
	 
	7,800
	

	 
	 
	 
	2,955
	

	 
	 
	 
	2,955
	

	 

	*CONFIDENTIAL
	 
	 
	5,948
	

	 
	 
	 
	3,898
	

	 
	 
	 
	5,695
	

	 
	 
	 
	58,815
	

	 
	 
	 
	37,840
	

	 
	 
	 
	37,840
	

	 
	 
	 
	20,975
	

	 
	 
	 
	20,975
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	12,543
	

	 
	 
	 
	8,906
	

	 
	 
	 
	15,686
	

	 
	 
	 
	146,116
	

	 
	 
	 
	122,086
	

	 
	 
	 
	123,868
	

	 
	 
	 
	24,030
	

	 
	 
	 
	22,448
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	85
	

	 
	 
	 
	—
	

	 
	 
	 
	85
	

	 
	 
	 
	85
	

	 
	 
	 
	85
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	1,000
	

	 
	 
	 
	1,000
	

	 
	 
	 
	(1,000
	

	)
	 
	 
	(1,000
	

	)

	*CONFIDENTIAL
	 
	 
	1,096
	

	 
	 
	 
	(1,096
	

	)
	 
	 
	—
	

	 
	 
	 
	40
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	40
	

	 
	 
	 
	40
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	1,098
	

	 
	 
	 
	(1,096
	

	)
	 
	 
	—
	

	 
	 
	 
	125
	

	 
	 
	 
	1,000
	

	 
	 
	 
	1,000
	

	 
	 
	 
	(875
	

	)
	 
	 
	(875
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	244
	

	 
	 
	 
	648
	

	 
	 
	 
	114
	

	 
	 
	 
	1,255
	

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	1,255
	

	 
	 
	 
	1,255
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	244
	

	 
	 
	 
	648
	

	 
	 
	 
	114
	

	 
	 
	 
	1,255
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	1,255
	

	 
	 
	 
	1,255
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Expenses
	 
	 
	221,358
	

	 
	 
	 
	198,002
	

	 
	 
	 
	223,914
	

	 
	 
	 
	2,724,126
	

	 
	 
	 
	2,797,438
	

	 
	 
	 
	2,912,539
	

	 
	 
	 
	(73,312
	

	)
	 
	 
	(188,412
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Allocation
	 
	 
	3,500
	

	 
	 
	 
	3,500
	

	 
	 
	 
	3,500
	

	 
	 
	 
	42,000
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	42,000
	

	 
	 
	 
	42,000
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Controllable Expenses
	 
	 
	224,858
	

	 
	 
	 
	201,502
	

	 
	 
	 
	227,414
	

	 
	 
	 
	2,766,126
	

	 
	 
	 
	2,797,438
	

	 
	 
	 
	2,912,539
	

	 
	 
	 
	(31,312
	

	)
	 
	 
	(146,412
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	EBITDA before Executive Expenses
	 
	 
	198.442
	

	 
	 
	 
	239,292
	

	 
	 
	 
	149,531
	

	 
	 
	 
	2,342,193
	

	 
	 
	 
	2,099,212
	

	 
	 
	 
	3,131,479
	

	 
	 
	 
	242,982
	

	 
	 
	 
	(789,285
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	EBITDA before Executive Expenses-BPS
	 
	 
	46.48
	

	 
	 
	 
	49.23
	

	 
	 
	 
	28.27
	

	 
	 
	 
	41.83
	

	 
	 
	 
	45.95
	

	 
	 
	 
	55.53
	

	 
	 
	 
	 
	 
	 
	 
	 
	 





206






The Budget is equal to the 0 &12 Forecast for the following pages.
 


	
		
	*
	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.






Confidential Treatment


 
	
																															
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
PROFIT & LOSS REVIEW
	 
	Dec-04
	 
	 
	BUDGET
	 
	 
	FORECAST
	 
	 
	BUDGET VOLUME 
ACTUALS
	 
	 
	BUDGET 
VARIANCE
	 
	 
	BUDGET PRODUCTIVITY 
VARIANCE
	 

	Revenue/Key Drivers
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Application Units
	 
	 
	523
	

	 
	 
	 
	522
	

	 
	 
	 
	518
	

	 
	 
	 
	523
	

	 
	 
	 
	1
	

	 
	 
	 
	—
	

	 

	Total Application Dollars
	 
	$
	218,206
	

	 
	 
	$
	185,471
	

	 
	 
	$
	225,000
	

	 
	 
	$
	218,206
	

	 
	 
	$
	32,735
	

	 
	 
	$
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Closing Units
	 
	 
	517
	

	 
	 
	 
	454
	

	 
	 
	 
	438
	

	 
	 
	 
	517
	

	 
	 
	 
	63
	

	 
	 
	 
	—
	

	 

	Total Closing Dollars
	 
	$
	217,532
	

	 
	 
	$
	165,528
	

	 
	 
	$
	190,000
	

	 
	 
	$
	217,532
	

	 
	 
	$
	52,004
	

	 
	 
	$
	—
	

	 

	Average Loan Amount
	 
	 
	420,759
	

	 
	 
	 
	364,599
	

	 
	 
	 
	433,790
	

	 
	 
	 
	420,759
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Purchase Closing Units
	 
	 
	345
	

	 
	 
	 
	364
	

	 
	 
	 
	372
	

	 
	 
	 
	345
	

	 
	 
	 
	(19
	

	)
	 
	 
	—
	

	 

	Purchase Closing Dollars
	 
	$
	136,713
	

	 
	 
	$
	132,534
	

	 
	 
	$
	181,500
	

	 
	 
	$
	136,713
	

	 
	 
	$
	4,179
	

	 
	 
	$
	—
	

	 

	Average Loan Amount
	 
	 
	396,269
	

	 
	 
	 
	364,599
	

	 
	 
	 
	433,790
	

	 
	 
	 
	396,269
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Refi Closings - Units
	 
	 
	172
	

	 
	 
	 
	90
	

	 
	 
	 
	66
	

	 
	 
	 
	172
	

	 
	 
	 
	82
	

	 
	 
	 
	—
	

	 

	Refi Closings - Dollars
	 
	$
	80,820
	

	 
	 
	$
	32,994
	

	 
	 
	$
	28,500
	

	 
	 
	$
	80,820
	

	 
	 
	$
	47,826
	

	 
	 
	$
	—
	

	 

	Average Loan Amount
	 
	 
	469,881
	

	 
	 
	 
	364,599
	

	 
	 
	 
	433,790
	

	 
	 
	 
	469,881
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	$
	19,613
	

	 
	 
	 
	 
	 
	 
	$
	10,000
	

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	37.2
	

	%
	 
	 
	19.9
	

	%
	 
	 
	15.0
	

	%
	 
	 
	37.2
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	20.7
	

	%
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	9.0
	

	%
	 
	 
	 
	 
	 
	 
	5.3
	

	%
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	1.33
	

	%
	 
	 
	1.35
	

	%
	 
	 
	1.25
	

	%
	 
	 
	1.35
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	199
	

	 
	 
	 
	180
	

	 
	 
	 
	225
	

	 
	 
	 
	206
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	68.64
	

	%
	 
	 
	70.27
	

	%
	 
	 
	70.19
	

	%
	 
	 
	70.27
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	-0.04
	

	%
	 
	 
	0.11
	

	%
	 
	 
	0.11
	

	%
	 
	 
	0.11
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	1.40
	

	%
	 
	 
	1.64
	

	%
	 
	 
	1.48
	

	%
	 
	 
	1.54
	

	%
	 
	 
	 
	 
	 
	 
	 
	 





207






	
																															
	*CONFIDENTIAL
	 
	 
	0.49
	

	%
	 
	 
	0.69
	

	%
	 
	 
	0.61
	

	%
	 
	 
	0.69
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	$
	5,893
	

	 
	 
	$
	5,976
	

	 
	 
	$
	6,438
	

	 
	 
	 
	6,896
	

	 
	 
	 
	6,696
	

	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	$
	1,257
	

	 
	 
	$
	1,217
	

	 
	 
	$
	1,435
	

	 
	 
	 
	1,123
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	0.30
	

	%
	 
	 
	0.33
	

	%
	 
	 
	0.33
	

	%
	 
	 
	0.27
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	Loans over 60 days
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	Summary Headcount
	 
	 
	48
	

	 
	 
	 
	48
	

	 
	 
	 
	48
	

	 
	 
	 
	48
	

	 
	 
	 
	(2
	

	)
	 
	 
	(2
	

	)

	 
	 
	 
	 
	 
	 
	 

	PROFIT & LOSS REVIEW
	 
	Dec-04
	 
	 
	BUDGET
	 
	 
	FORECAST
	 
	 
	BUDGET VOLUME 
ACTUALS
	 
	 
	BUDGET 
VARIANCE
	 
	 
	BUDGET PRODUCTIVITY 
VARIANCE
	 

	Revenue
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	2,895,264
	

	 
	 
	 
	2,234,628
	

	 
	 
	 
	2,375,000
	

	 
	 
	 
	2,936,689
	

	 
	 
	 
	860,836
	

	 
	 
	 
	(41,425
	

	)

	*CONFIDENTIAL
	 
	 
	143,546
	

	 
	 
	 
	115,770
	

	 
	 
	 
	111,690
	

	 
	 
	 
	152,142
	

	 
	 
	 
	27,776
	

	 
	 
	 
	(8,596
	

	)

	*CONFIDENTIAL
	 
	 
	103,105
	

	 
	 
	 
	81,764
	

	 
	 
	 
	98,503
	

	 
	 
	 
	107,452
	

	 
	 
	 
	21,341
	

	 
	 
	 
	(4,347
	

	)

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	(521,244
	

	)
	 
	 
	107,109
	

	 
	 
	 
	35,000
	

	 
	 
	 
	140,760
	

	 
	 
	 
	(628,353
	

	)
	 
	 
	(662,004
	

	)

	*CONFIDENTIAL
	 
	 
	521,302
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	512,302
	

	 
	 
	 
	512,302
	

	 

	*CONFIDENTIAL
	 
	 
	(86,164
	

	)
	 
	 
	173,804
	

	 
	 
	 
	199,500
	

	 
	 
	 
	228,499
	

	 
	 
	 
	(259,959
	

	)
	 
	 
	(314,573
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Gross Revenue
	 
	 
	3,046,607
	

	 
	 
	 
	2,713,076
	

	 
	 
	 
	2,819,693
	

	 
	 
	 
	3,565,452
	

	 
	 
	 
	333,732
	

	 
	 
	 
	(518,644
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Commissions
	 
	 
	1,987,184
	

	 
	 
	 
	1,570,227
	

	 
	 
	 
	1,667,084
	

	 
	 
	 
	2,063,551
	

	 
	 
	 
	416,957
	

	 
	 
	 
	(76,367
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Net Revenue
	 
	 
	1,059,624
	

	 
	 
	 
	1,142,848
	

	 
	 
	 
	1,152,809
	

	 
	 
	 
	1,501,901
	

	 
	 
	 
	(63,225
	

	)
	 
	 
	(442,277
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Indirect Costs
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	233,564
	

	 
	 
	 
	237,021
	

	 
	 
	 
	231,798
	

	 
	 
	 
	237,021
	

	 
	 
	 
	(3,467
	

	)
	 
	 
	(3,467
	

	)

	*CONFIDENTIAL
	 
	 
	259
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	259
	

	 
	 
	 
	259
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	17,000
	

	 
	 
	 
	10,000
	

	 
	 
	 
	22,341
	

	 
	 
	 
	(17,000
	

	)
	 
	 
	(22,341
	

	)

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	64,260
	

	 
	 
	 
	23,334
	

	 
	 
	 
	30,670
	

	 
	 
	 
	30,665
	

	 
	 
	 
	40,928
	

	 
	 
	 
	33,595
	

	 

	*CONFIDENTIAL
	 
	 
	7,117
	

	 
	 
	 
	30,433
	

	 
	 
	 
	34,770
	

	 
	 
	 
	30,433
	

	 
	 
	 
	(23,316
	

	)
	 
	 
	(23,316
	

	)

	*CONFIDENTIAL
	 
	 
	36,320
	

	 
	 
	 
	14,346
	

	 
	 
	 
	14,030
	

	 
	 
	 
	14,346
	

	 
	 
	 
	21,974
	

	 
	 
	 
	21,974
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 





208






	
																															
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	341,511
	

	 
	 
	 
	322,135
	

	 
	 
	 
	321,267
	

	 
	 
	 
	334,806
	

	 
	 
	 
	19,376
	

	 
	 
	 
	6,705
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	69,634
	

	 
	 
	 
	66,423
	

	 
	 
	 
	66,423
	

	 
	 
	 
	66,423
	

	 
	 
	 
	3,211
	

	 
	 
	 
	3,211
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	7,702
	

	 
	 
	 
	5,056
	

	 
	 
	 
	5,056
	

	 
	 
	 
	5,056
	

	 
	 
	 
	2,646
	

	 
	 
	 
	2,646
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	77,336
	

	 
	 
	 
	71,479
	

	 
	 
	 
	71,479
	

	 
	 
	 
	71,479
	

	 
	 
	 
	5,857
	

	 
	 
	 
	5,857
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	4,690
	

	 
	 
	 
	2,083
	

	 
	 
	 
	3,500
	

	 
	 
	 
	2,083
	

	 
	 
	 
	2,607
	

	 
	 
	 
	2,607
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	4,690
	

	 
	 
	 
	2,083
	

	 
	 
	 
	3,500
	

	 
	 
	 
	2,083
	

	 
	 
	 
	2,607
	

	 
	 
	 
	2,607
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	15,000
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	15,000
	

	 
	 
	 
	15,000
	

	 

	*CONFIDENTIAL
	 
	 
	67,039
	

	 
	 
	 
	54,629
	

	 
	 
	 
	54,629
	

	 
	 
	 
	54,629
	

	 
	 
	 
	12,410
	

	 
	 
	 
	12,410
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	82,039
	

	 
	 
	 
	54,629
	

	 
	 
	 
	54,629
	

	 
	 
	 
	54,629
	

	 
	 
	 
	27,410
	

	 
	 
	 
	27,410
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	17,886
	

	 
	 
	 
	17,813
	

	 
	 
	 
	17,813
	

	 
	 
	 
	23,409
	

	 
	 
	 
	53
	

	 
	 
	 
	(5,544
	

	)

	*CONFIDENTIAL
	 
	 
	17,273
	

	 
	 
	 
	9,648
	

	 
	 
	 
	12,860
	

	 
	 
	 
	12,679
	

	 
	 
	 
	7,625
	

	 
	 
	 
	4,594
	

	 

	*CONFIDENTIAL
	 
	 
	2,368
	

	 
	 
	 
	3,583
	

	 
	 
	 
	3,583
	

	 
	 
	 
	4,709
	

	 
	 
	 
	(1,215
	

	)
	 
	 
	(2,341
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	37,506
	

	 
	 
	 
	31,044
	

	 
	 
	 
	34,256
	

	 
	 
	 
	40,797
	

	 
	 
	 
	6,462
	

	 
	 
	 
	(3,291
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	39,501
	

	 
	 
	 
	18,217
	

	 
	 
	 
	22,920
	

	 
	 
	 
	23,940
	

	 
	 
	 
	21,284
	

	 
	 
	 
	15,561
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	39,501
	

	 
	 
	 
	18,217
	

	 
	 
	 
	22,920
	

	 
	 
	 
	23,940
	

	 
	 
	 
	21,284
	

	 
	 
	 
	15,561
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	1,300
	

	 
	 
	 
	7,133
	

	 
	 
	 
	2,500
	

	 
	 
	 
	7,133
	

	 
	 
	 
	(5,833
	

	)
	 
	 
	(5,833
	

	)

	*CONFIDENTIAL
	 
	 
	8,335
	

	 
	 
	 
	2,500
	

	 
	 
	 
	9,000
	

	 
	 
	 
	2,500
	

	 
	 
	 
	5,835
	

	 
	 
	 
	5,835
	

	 

	*CONFIDENTIAL
	 
	 
	233
	

	 
	 
	 
	100
	

	 
	 
	 
	100
	

	 
	 
	 
	100
	

	 
	 
	 
	133
	

	 
	 
	 
	133
	

	 

	*CONFIDENTIAL
	 
	 
	40,477
	

	 
	 
	 
	43,356
	

	 
	 
	 
	43,356
	

	 
	 
	 
	43,358
	

	 
	 
	 
	(2,909
	

	)
	 
	 
	(2,909
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	50,315
	

	 
	 
	 
	53,089
	

	 
	 
	 
	54,966
	

	 
	 
	 
	53,089
	

	 
	 
	 
	(2,774
	

	)
	 
	 
	(2,774
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	16,731
	

	 
	 
	 
	—
	

	 
	 
	 
	65,365
	

	 
	 
	 
	—
	

	 
	 
	 
	16,731
	

	 
	 
	 
	16,731
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	16,731
	

	 
	 
	 
	—
	

	 
	 
	 
	65,365
	

	 
	 
	 
	—
	

	 
	 
	 
	16,731
	

	 
	 
	 
	16,731
	

	 





209






	
																															
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Expenses
	 
	 
	649,630
	

	 
	 
	 
	552,676
	

	 
	 
	 
	628,372
	

	 
	 
	 
	580,824
	

	 
	 
	 
	96,954
	

	 
	 
	 
	68,806
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Other Corporate Allocations
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Controllable Expenses
	 
	 
	649,630
	

	 
	 
	 
	552,676
	

	 
	 
	 
	628,372
	

	 
	 
	 
	580,824
	

	 
	 
	 
	96,954
	

	 
	 
	 
	68,806
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	EBITDA before Executive Expenses
	 
	 
	409,994
	

	 
	 
	 
	690,173
	

	 
	 
	 
	524,237
	

	 
	 
	 
	921,077
	

	 
	 
	 
	(180,179
	

	)
	 
	 
	(511,083
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	EBITDA before Executive Expenses-BPS
	 
	 
	18.85
	

	 
	 
	 
	27.13
	

	 
	 
	 
	24.10
	

	 
	 
	 
	42.34
	

	 
	 
	 
	 
	 
	 
	 
	 
	 




The Budget is equal to the 0&12 Forecast for the following pages.


 


	
		
	*
	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.







210






Confidential Treatment
 
	
		
	*
	YTD total only include actual expenses.




*CONFIDENTIAL 
	
																																									
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	YTD PROFIT & LOSS REVIEW
	 
	Jan-04
	 
	 
	Feb-04
	 
	 
	Mar-04
	 
	 
	Apr-04
	 
	 
	May-04
	 
	 
	Jun-04
	 
	 
	Jul-04
	 
	 
	Aug-04
	 

	Revenue/Key Drivers
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Application Units
	 
	 
	490
	

	 
	 
	 
	605
	

	 
	 
	 
	899
	

	 
	 
	 
	837
	

	 
	 
	 
	645
	

	 
	 
	 
	713
	

	 
	 
	 
	606
	

	 
	 
	 
	594
	

	 

	Total Application Dollars
	 
	$
	208,212
	

	 
	 
	$
	250,961
	

	 
	 
	$
	367,119
	

	 
	 
	$
	347,909
	

	 
	 
	$
	271,296
	

	 
	 
	$
	299,724
	

	 
	 
	$
	249,386
	

	 
	 
	$
	233,761
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Closing Units
	 
	 
	354
	

	 
	 
	 
	429
	

	 
	 
	 
	643
	

	 
	 
	 
	670
	

	 
	 
	 
	857
	

	 
	 
	 
	660
	

	 
	 
	 
	566
	

	 
	 
	 
	559
	

	 

	Total Closing Dollars
	 
	$
	136,226
	

	 
	 
	$
	173,622
	

	 
	 
	$
	261,812
	

	 
	 
	$
	279,036
	

	 
	 
	$
	303,013
	

	 
	 
	$
	276,128
	

	 
	 
	$
	233,652
	

	 
	 
	$
	227,399
	

	 

	Average Loan Amount
	 
	 
	364,818
	

	 
	 
	 
	404,713
	

	 
	 
	 
	407,173
	

	 
	 
	 
	416,475
	

	 
	 
	 
	461,207
	

	 
	 
	 
	418,376
	

	 
	 
	 
	412,812
	

	 
	 
	 
	406,797
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Purchase Closing Units
	 
	 
	241
	

	 
	 
	 
	270
	

	 
	 
	 
	407
	

	 
	 
	 
	399
	

	 
	 
	 
	383
	

	 
	 
	 
	485
	

	 
	 
	 
	416
	

	 
	 
	 
	389
	

	 

	Purchase Closing Dollars
	 
	$
	90,787
	

	 
	 
	$
	102,626
	

	 
	 
	$
	160,038
	

	 
	 
	$
	163,986
	

	 
	 
	$
	172,082
	

	 
	 
	$
	192,894
	

	 
	 
	$
	167,338
	

	 
	 
	$
	153,886
	

	 

	Average Loan Amount
	 
	 
	376,709
	

	 
	 
	 
	380,098
	

	 
	 
	 
	393,215
	

	 
	 
	 
	410,993
	

	 
	 
	 
	449,301
	

	 
	 
	 
	414,825
	

	 
	 
	 
	402,256
	

	 
	 
	 
	395,593
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Refi Closings - Units
	 
	 
	113
	

	 
	 
	 
	159
	

	 
	 
	 
	236
	

	 
	 
	 
	271
	

	 
	 
	 
	274
	

	 
	 
	 
	195
	

	 
	 
	 
	150
	

	 
	 
	 
	170
	

	 

	Refi Closings - Dollars
	 
	$
	45,439
	

	 
	 
	$
	70,995
	

	 
	 
	$
	101,774
	

	 
	 
	$
	115,052
	

	 
	 
	$
	130,931
	

	 
	 
	$
	83,235
	

	 
	 
	$
	66,313
	

	 
	 
	$
	73,514
	

	 

	Average Loan Amount
	 
	 
	402,113
	

	 
	 
	 
	446,512
	

	 
	 
	 
	431,246
	

	 
	 
	 
	424,546
	

	 
	 
	 
	477,850
	

	 
	 
	 
	426,845
	

	 
	 
	 
	442,088
	

	 
	 
	 
	432,434
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	$
	1,266
	

	 
	 
	$
	921
	

	 
	 
	$
	1,475
	

	 
	 
	$
	4,658
	

	 
	 
	$
	5,479
	

	 
	 
	$
	16,280
	

	 
	 
	$
	11,396
	

	 
	 
	$
	8,895
	

	 

	*CONFIDENTIAL
	 
	 
	33.4
	

	%
	 
	 
	40.9
	

	%
	 
	 
	38.9
	

	%
	 
	 
	41.2
	

	%
	 
	 
	43.2
	

	%
	 
	 
	30.1
	

	%
	 
	 
	28.4
	

	%
	 
	 
	32.3
	

	%

	*CONFIDENTIAL
	 
	 
	19.6
	

	%
	 
	 
	22.8
	

	%
	 
	 
	21.8
	

	%
	 
	 
	20.6
	

	%
	 
	 
	22.4
	

	%
	 
	 
	23.9
	

	%
	 
	 
	23.6
	

	%
	 
	 
	22.1
	

	%

	*CONFIDENTIAL
	 
	 
	0.9
	

	%
	 
	 
	0.5
	

	%
	 
	 
	0.6
	

	%
	 
	 
	1.7
	

	%
	 
	 
	1.8
	

	%
	 
	 
	5.9
	

	%
	 
	 
	4.9
	

	%
	 
	 
	3.9
	

	%

	*CONFIDENTIAL
	 
	 
	1.21
	

	%
	 
	 
	1.31
	

	%
	 
	 
	1.22
	

	%
	 
	 
	1.23
	

	%
	 
	 
	1.04
	

	%
	 
	 
	1.04
	

	%
	 
	 
	1.22
	

	%
	 
	 
	1.20
	

	%

	*CONFIDENTIAL
	 
	 
	319
	

	 
	 
	 
	211
	

	 
	 
	 
	211
	

	 
	 
	 
	211
	

	 
	 
	 
	244
	

	 
	 
	 
	178
	

	 
	 
	 
	227
	

	 
	 
	 
	287
	

	 

	*CONFIDENTIAL
	 
	 
	67.08
	

	%
	 
	 
	69.26
	

	%
	 
	 
	65.73
	

	%
	 
	 
	68.97
	

	%
	 
	 
	70.82
	

	%
	 
	 
	67.28
	

	%
	 
	 
	67.19
	

	%
	 
	 
	69.42
	

	%

	*CONFIDENTIAL
	 
	 
	0.05
	

	%
	 
	 
	0.03
	

	%
	 
	 
	0.06
	

	%
	 
	 
	0.05
	

	%
	 
	 
	0.06
	

	%
	 
	 
	0.05
	

	%
	 
	 
	0.10
	

	%
	 
	 
	0.13
	

	%

	*CONFIDENTIAL
	 
	 
	1.50
	

	%
	 
	 
	1.41
	

	%
	 
	 
	1.37
	

	%
	 
	 
	1.39
	

	%
	 
	 
	1.22
	

	%
	 
	 
	1.19
	

	%
	 
	 
	1.46
	

	%
	 
	 
	1.47
	

	%

	*CONFIDENTIAL
	 
	 
	0.69
	

	%
	 
	 
	0.51
	

	%
	 
	 
	0.57
	

	%
	 
	 
	0.54
	

	%
	 
	 
	0.46
	

	%
	 
	 
	0.48
	

	%
	 
	 
	0.64
	

	%
	 
	 
	0.63
	

	%

	*CONFIDENTIAL
	 
	$
	5,782
	

	 
	 
	$
	5,725
	

	 
	 
	$
	5,596
	

	 
	 
	$
	5,786
	

	 
	 
	$
	5,634
	

	 
	 
	$
	4,962
	

	 
	 
	$
	6,021
	

	 
	 
	$
	5,962
	

	 

	*CONFIDENTIAL
	 
	$
	1,515
	

	 
	 
	$
	1,219
	

	 
	 
	$
	977
	

	 
	 
	$
	888
	

	 
	 
	$
	911
	

	 
	 
	$
	936
	

	 
	 
	$
	1,130
	

	 
	 
	$
	1,050
	

	 

	*CONFIDENTIAL
	 
	 
	0.39
	

	%
	 
	 
	0.30
	

	%
	 
	 
	0.24
	

	%
	 
	 
	0.21
	

	%
	 
	 
	0.20
	

	%
	 
	 
	0.22
	

	%
	 
	 
	0.27
	

	%
	 
	 
	0.26
	

	%

	Loans over 60 days
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	2
	

	 
	 
	 
	N/A
	

	 

	Summary Headcount
	 
	 
	44
	

	 
	 
	 
	48
	

	 
	 
	 
	48
	

	 
	 
	 
	47
	

	 
	 
	 
	49
	

	 
	 
	 
	50
	

	 
	 
	 
	50
	

	 
	 
	 
	50
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	YTD PROFIT & LOSS REVIEW
	 
	Jan-04
	 
	 
	Feb-04
	 
	 
	Mar-04
	 
	 
	Apr-04
	 
	 
	May-04
	 
	 
	Jun-04
	 
	 
	Jul-04
	 
	 
	Aug-04
	 

	Revenue
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	1,650,827
	

	 
	 
	 
	2,277,680
	

	 
	 
	 
	3,184,571
	

	 
	 
	 
	3,424,794
	

	 
	 
	 
	3,163,833
	

	 
	 
	 
	2,887,715
	

	 
	 
	 
	2,847,966
	

	 
	 
	 
	2,737,303
	

	 

	*CONFIDENTIAL
	 
	 
	52,211
	

	 
	 
	 
	118,765
	

	 
	 
	 
	154,983
	

	 
	 
	 
	152,413
	

	 
	 
	 
	151,281
	

	 
	 
	 
	135,264
	

	 
	 
	 
	157,918
	

	 
	 
	 
	139,208
	

	 

	*CONFIDENTIAL
	 
	 
	112,939
	

	 
	 
	 
	90,543
	

	 
	 
	 
	135,513
	

	 
	 
	 
	141,515
	

	 
	 
	 
	147,238
	

	 
	 
	 
	117,520
	

	 
	 
	 
	128,565
	

	 
	 
	 
	160,395
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	50,502
	

	 
	 
	 
	 
	 
	 
	 
	51,885
	

	 
	 
	 
	49,511
	

	 
	 
	 
	79,922
	

	 
	 
	 
	51,955
	

	 
	 
	 
	70,276
	

	 
	 
	 
	31,753
	

	 





211






	
																																									
	*CONFIDENTIAL
	 
	 
	109,041
	

	 
	 
	 
	(109,041
	

	)
	 
	 
	(81,167
	

	)
	 
	 
	(34,104
	

	)
	 
	 
	(31,381
	

	)
	 
	 
	(35,668
	

	)
	 
	 
	(32,631
	

	)
	 
	 
	(35,106
	

	)

	*CONFIDENTIAL
	 
	 
	71,413
	

	 
	 
	 
	48,652
	

	 
	 
	 
	152,505
	

	 
	 
	 
	142,822
	

	 
	 
	 
	190,551
	

	 
	 
	 
	128,072
	

	 
	 
	 
	235,656
	

	 
	 
	 
	298,936
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Gross Revenue
	 
	 
	2,046,933
	

	 
	 
	 
	2,465,845
	

	 
	 
	 
	3,598,290
	

	 
	 
	 
	3,876,951
	

	 
	 
	 
	3,701,444
	

	 
	 
	 
	3,274,858
	

	 
	 
	 
	3,407,751
	

	 
	 
	 
	3,332,489
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Commissions
	 
	 
	1,107,346
	

	 
	 
	 
	1,577,605
	

	 
	 
	 
	2,093,284
	

	 
	 
	 
	2,361,952
	

	 
	 
	 
	2,240,544
	

	 
	 
	 
	1,936,238
	

	 
	 
	 
	1,913,520
	

	 
	 
	 
	1,900,106
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Net Revenue
	 
	 
	939,587
	

	 
	 
	 
	678,240
	

	 
	 
	 
	1,505,006
	

	 
	 
	 
	1,514,999
	

	 
	 
	 
	1,460,900
	

	 
	 
	 
	1,338,820
	

	 
	 
	 
	1,494,230
	

	 
	 
	 
	1,432,382
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Indirect Costs
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	236,565
	

	 
	 
	 
	216,620
	

	 
	 
	 
	267,027
	

	 
	 
	 
	243,805
	

	 
	 
	 
	232,697
	

	 
	 
	 
	241,925
	

	 
	 
	 
	246,763
	

	 
	 
	 
	233,962
	

	 

	*CONFIDENTIAL
	 
	 
	2,105
	

	 
	 
	 
	406
	

	 
	 
	 
	204
	

	 
	 
	 
	957
	

	 
	 
	 
	1,181
	

	 
	 
	 
	931
	

	 
	 
	 
	1,244
	

	 
	 
	 
	166
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	15,608
	

	 
	 
	 
	12,401
	

	 
	 
	 
	43,415
	

	 
	 
	 
	15,016
	

	 
	 
	 
	10,187
	

	 
	 
	 
	13,296
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	35,773
	

	 
	 
	 
	21,834
	

	 
	 
	 
	47,554
	

	 
	 
	 
	37,122
	

	 
	 
	 
	36,895
	

	 
	 
	 
	39,221
	

	 
	 
	 
	47,633
	

	 
	 
	 
	37,869
	

	 

	*CONFIDENTIAL
	 
	 
	33,832
	

	 
	 
	 
	29,768
	

	 
	 
	 
	37,764
	

	 
	 
	 
	36,297
	

	 
	 
	 
	34,396
	

	 
	 
	 
	35,569
	

	 
	 
	 
	38,035
	

	 
	 
	 
	32,984
	

	 

	*CONFIDENTIAL
	 
	 
	25,501
	

	 
	 
	 
	13,908
	

	 
	 
	 
	23,713
	

	 
	 
	 
	22,498
	

	 
	 
	 
	20,652
	

	 
	 
	 
	21,121
	

	 
	 
	 
	25,007
	

	 
	 
	 
	17,891
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	333,776
	

	 
	 
	 
	282,535
	

	 
	 
	 
	391,870
	

	 
	 
	 
	353,079
	

	 
	 
	 
	371,237
	

	 
	 
	 
	353,785
	

	 
	 
	 
	388,869
	

	 
	 
	 
	336,169
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	46,283
	

	 
	 
	 
	46,283
	

	 
	 
	 
	46,163
	

	 
	 
	 
	58,408
	

	 
	 
	 
	76,043
	

	 
	 
	 
	70,483
	

	 
	 
	 
	67,201
	

	 
	 
	 
	67,221
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	4,572
	

	 
	 
	 
	923
	

	 
	 
	 
	2,145
	

	 
	 
	 
	1,240
	

	 
	 
	 
	2,842
	

	 
	 
	 
	4,408
	

	 
	 
	 
	9,121
	

	 
	 
	 
	2,378
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	50,856
	

	 
	 
	 
	47,208
	

	 
	 
	 
	48,328
	

	 
	 
	 
	59,648
	

	 
	 
	 
	78,885
	

	 
	 
	 
	74,891
	

	 
	 
	 
	76,322
	

	 
	 
	 
	69,599
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	3,418
	

	 
	 
	 
	3,772
	

	 
	 
	 
	5,659
	

	 
	 
	 
	9,115
	

	 
	 
	 
	10,378
	

	 
	 
	 
	8,557
	

	 
	 
	 
	19,418
	

	 
	 
	 
	1,757
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	10,493
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	3,418
	

	 
	 
	 
	3,772
	

	 
	 
	 
	5,659
	

	 
	 
	 
	9,115
	

	 
	 
	 
	10,378
	

	 
	 
	 
	19,050
	

	 
	 
	 
	19,418
	

	 
	 
	 
	1,757
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	8,132
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	1,194
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	45,995
	

	 
	 
	 
	50,192
	

	 
	 
	 
	50,697
	

	 
	 
	 
	53,189
	

	 
	 
	 
	57,843
	

	 
	 
	 
	55,089
	

	 
	 
	 
	53,244
	

	 
	 
	 
	60,244
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	45,995
	

	 
	 
	 
	58,324
	

	 
	 
	 
	50,697
	

	 
	 
	 
	53,189
	

	 
	 
	 
	57,843
	

	 
	 
	 
	55,089
	

	 
	 
	 
	54,438
	

	 
	 
	 
	60,244
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	15,508
	

	 
	 
	 
	17,615
	

	 
	 
	 
	19,056
	

	 
	 
	 
	18,431
	

	 
	 
	 
	19,359
	

	 
	 
	 
	17,407
	

	 
	 
	 
	20,984
	

	 
	 
	 
	18,615
	

	 

	*CONFIDENTIAL
	 
	 
	10,791
	

	 
	 
	 
	13,282
	

	 
	 
	 
	15,985
	

	 
	 
	 
	20,519
	

	 
	 
	 
	19,360
	

	 
	 
	 
	16,602
	

	 
	 
	 
	11,618
	

	 
	 
	 
	13,742
	

	 

	*CONFIDENTIAL
	 
	 
	2,168
	

	 
	 
	 
	5,185
	

	 
	 
	 
	500
	

	 
	 
	 
	5,382
	

	 
	 
	 
	2,488
	

	 
	 
	 
	3,011
	

	 
	 
	 
	2,160
	

	 
	 
	 
	3,376
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	28,467
	

	 
	 
	 
	35,082
	

	 
	 
	 
	35,542
	

	 
	 
	 
	44,332
	

	 
	 
	 
	41,207
	

	 
	 
	 
	37,220
	

	 
	 
	 
	34,762
	

	 
	 
	 
	35,734
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	20,197
	

	 
	 
	 
	21,360
	

	 
	 
	 
	35,741
	

	 
	 
	 
	31,215
	

	 
	 
	 
	25,155
	

	 
	 
	 
	32,983
	

	 
	 
	 
	28,607
	

	 
	 
	 
	29,353
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	20,197
	

	 
	 
	 
	21,260
	

	 
	 
	 
	35,741
	

	 
	 
	 
	31,215
	

	 
	 
	 
	25,155
	

	 
	 
	 
	32,983
	

	 
	 
	 
	28,807
	

	 
	 
	 
	29,353
	

	 





212






	
																																									
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	(4,000
	

	)
	 
	 
	2,300
	

	 
	 
	 
	23,895
	

	 
	 
	 
	2,005
	

	 
	 
	 
	1,150
	

	 
	 
	 
	2,037
	

	 
	 
	 
	1,219
	

	 
	 
	 
	2,813
	

	 

	*CONFIDENTIAL
	 
	 
	5,430
	

	 
	 
	 
	7,237
	

	 
	 
	 
	6,420
	

	 
	 
	 
	5,770
	

	 
	 
	 
	5,195
	

	 
	 
	 
	5,170
	

	 
	 
	 
	12,766
	

	 
	 
	 
	9,000
	

	 

	*CONFIDENTIAL
	 
	 
	100
	

	 
	 
	 
	75
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	58
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	44,720
	

	 
	 
	 
	53,185
	

	 
	 
	 
	32,158
	

	 
	 
	 
	36,907
	

	 
	 
	 
	7,314
	

	 
	 
	 
	37,217
	

	 
	 
	 
	43,314
	

	 
	 
	 
	42,523
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	46,250
	

	 
	 
	 
	62,796
	

	 
	 
	 
	62,273
	

	 
	 
	 
	44,683
	

	 
	 
	 
	13,659
	

	 
	 
	 
	44,482
	

	 
	 
	 
	57,300
	

	 
	 
	 
	54,336
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	7,296
	

	 
	 
	 
	10,929
	

	 
	 
	 
	211
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	7,296
	

	 
	 
	 
	10,929
	

	 
	 
	 
	211
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Expenses
	 
	 
	536,254
	

	 
	 
	 
	522,904
	

	 
	 
	 
	628,321
	

	 
	 
	 
	595,262
	

	 
	 
	 
	598,363
	

	 
	 
	 
	617,499
	

	 
	 
	 
	639,717
	

	 
	 
	 
	587,192
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Other Corporate Allocations
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Controllable Expenses
	 
	 
	536,254
	

	 
	 
	 
	522,904
	

	 
	 
	 
	628,321
	

	 
	 
	 
	595,262
	

	 
	 
	 
	598,363
	

	 
	 
	 
	617,499
	

	 
	 
	 
	639,717
	

	 
	 
	 
	587,192
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	EBITDA before Executive Expenses
	 
	 
	403,333
	

	 
	 
	 
	355,337
	

	 
	 
	 
	876,685
	

	 
	 
	 
	919,737
	

	 
	 
	 
	862,536
	

	 
	 
	 
	721,121
	

	 
	 
	 
	854,513
	

	 
	 
	 
	845,190
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	EBITDA before Executive Expenses - BPS
	 
	 
	29.61
	

	 
	 
	 
	20.47
	

	 
	 
	 
	33.49
	

	 
	 
	 
	32.96
	

	 
	 
	 
	28.47
	

	 
	 
	 
	26.12
	

	 
	 
	 
	36.57
	

	 
	 
	 
	37.17
	

	 

	The Budget is equal to the 0&12 Forecast for the following pages.
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 




 
	
																																														
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	YTD PROFIT & LOSS 
REVIEW
	 
	Sep-04
	 
	 
	Oct-04
	 
	 
	Nov-04
	 
	 
	Dec-04
	 
	 
	YTD*
	 
	 
	BUDGET
	 
	 
	BUDGET 
VOLUME 
ACTUALS
	 
	 
	BUDGET 
VARIANCE
	 
	 
	BUDGET 
PRODUCTIVITY
	 

	Revenue/Key Drivers
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Application Units
	 
	 
	625
	

	 
	 
	 
	634
	

	 
	 
	 
	602
	

	 
	 
	 
	523
	

	 
	 
	 
	7,773
	

	 
	 
	 
	5,989
	

	 
	 
	 
	7,773
	

	 
	 
	 
	1,784
	

	 
	 
	 
	—
	

	 

	Total Application Dollars
	 
	$
	253,591
	

	 
	 
	$
	288,832
	

	 
	 
	$
	247,919
	

	 
	 
	$
	218,206
	

	 
	 
	$
	3,236,918
	

	 
	 
	$
	2,318,388
	

	 
	 
	$
	3,236,918
	

	 
	 
	$
	918,530
	

	 
	 
	$
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Closing Units
	 
	 
	502
	

	 
	 
	 
	522
	

	 
	 
	 
	527
	

	 
	 
	 
	517
	

	 
	 
	 
	6,606
	

	 
	 
	 
	5,210
	

	 
	 
	 
	6,606
	

	 
	 
	 
	1,396
	

	 
	 
	 
	—
	

	 

	Total Closing Dollars
	 
	$
	196,425
	

	 
	 
	$
	225,510
	

	 
	 
	$
	228,779
	

	 
	 
	$
	217,532
	

	 
	 
	$
	2,759,138
	

	 
	 
	$
	1,900,000
	

	 
	 
	$
	2,759,138
	

	 
	 
	$
	859,138
	

	 
	 
	$
	—
	

	 

	Average Loan Amount
	 
	 
	391,285
	

	 
	 
	 
	432,012
	

	 
	 
	 
	434,116
	

	 
	 
	 
	420,759
	

	 
	 
	 
	417,671
	

	 
	 
	 
	364,683
	

	 
	 
	 
	417,671
	

	 
	 
	 
	52,988
	

	 
	 
	 
	 
	 





213






	
																																														
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Purchase Closing Units
	 
	 
	353
	

	 
	 
	 
	364
	

	 
	 
	 
	365
	

	 
	 
	 
	345
	

	 
	 
	 
	4,397
	

	 
	 
	 
	3,915
	

	 
	 
	 
	4,397
	

	 
	 
	 
	482
	

	 
	 
	 
	—
	

	 

	Purchase Closing Dollars
	 
	$
	144,769
	

	 
	 
	$
	158,510
	

	 
	 
	$
	151,206
	

	 
	 
	$
	136,713
	

	 
	 
	$
	1,794,836
	

	 
	 
	$
	1,427,668
	

	 
	 
	$
	1,794,836
	

	 
	 
	$
	367,167
	

	 
	 
	$
	—
	

	 

	Average Loan Amount
	 
	 
	410,111
	

	 
	 
	 
	435,466
	

	 
	 
	 
	414,263
	

	 
	 
	 
	396,269
	

	 
	 
	 
	408,195
	

	 
	 
	 
	364,683
	

	 
	 
	 
	408,195
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Refi Closings - Units
	 
	 
	149
	

	 
	 
	 
	158
	

	 
	 
	 
	182
	

	 
	 
	 
	172
	

	 
	 
	 
	2,209
	

	 
	 
	 
	1,295
	

	 
	 
	 
	2,209
	

	 
	 
	 
	914
	

	 
	 
	 
	—
	

	 

	Refi Closings - Dollars
	 
	$
	51,656
	

	 
	 
	$
	67,001
	

	 
	 
	$
	77,573
	

	 
	 
	$
	80,820
	

	 
	 
	$
	964,302
	

	 
	 
	$
	472,332
	

	 
	 
	$
	964,302
	

	 
	 
	$
	491,971
	

	 
	 
	$
	—
	

	 

	Average Loan Amount
	 
	 
	346,684
	

	 
	 
	 
	424,054
	

	 
	 
	 
	478,847
	

	 
	 
	 
	469,881
	

	 
	 
	 
	436,533
	

	 
	 
	 
	364,685
	

	 
	 
	 
	436,533
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	$
	7,952
	

	 
	 
	$
	9,174
	

	 
	 
	$
	20,286
	

	 
	 
	$
	19,613
	

	 
	 
	$
	107,394
	

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	26.3
	

	%
	 
	 
	29.7
	

	%
	 
	 
	33.9
	

	%
	 
	 
	37.2
	

	%
	 
	 
	34.9
	

	%
	 
	 
	0.0
	

	%
	 
	 
	34.9
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	20.8
	

	%
	 
	 
	25.1
	

	%
	 
	 
	23.2
	

	%
	 
	 
	20.7
	

	%
	 
	 
	22.2
	

	%
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	4.0
	

	%
	 
	 
	4.1
	

	%
	 
	 
	8.9
	

	%
	 
	 
	9.0
	

	%
	 
	 
	3.9
	

	%
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	1.29
	

	%
	 
	 
	1.30
	

	%
	 
	 
	1.32
	

	%
	 
	 
	1.33
	

	%
	 
	 
	1.22
	

	%
	 
	 
	1.35
	

	%
	 
	 
	1.35
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	181
	

	 
	 
	 
	196
	

	 
	 
	 
	179
	

	 
	 
	 
	199
	

	 
	 
	 
	216
	

	 
	 
	 
	177
	

	 
	 
	 
	203
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	69.32
	

	%
	 
	 
	66.87
	

	%
	 
	 
	71.01
	

	%
	 
	 
	68.64
	

	%
	 
	 
	68.50
	

	%
	 
	 
	70.33
	

	%
	 
	 
	70.33
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	0.06
	

	%
	 
	 
	0.08
	

	%
	 
	 
	0.11
	

	%
	 
	 
	0.04
	

	%
	 
	 
	0.06
	

	%
	 
	 
	0.11
	

	%
	 
	 
	0.11
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	1.46
	

	%
	 
	 
	1.48
	

	%
	 
	 
	1.52
	

	%
	 
	 
	1.40
	

	%
	 
	 
	1.39
	

	%
	 
	 
	1.64
	

	%
	 
	 
	1.64
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	0.56
	

	%
	 
	 
	0.61
	

	%
	 
	 
	0.58
	

	%
	 
	 
	0.49
	

	%
	 
	 
	0.56
	

	%
	 
	 
	0.69
	

	%
	 
	 
	0.69
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	$
	5,703
	

	 
	 
	$
	6,403
	

	 
	 
	$
	6,584
	

	 
	 
	$
	5,893
	

	 
	 
	$
	5,815
	

	 
	 
	$
	5,995
	

	 
	 
	$
	6,866
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	$
	1,156
	

	 
	 
	$
	1,081
	

	 
	 
	$
	1,109
	

	 
	 
	$
	1,257
	

	 
	 
	$
	1,075
	

	 
	 
	$
	1,287
	

	 
	 
	$
	1,076
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	0.30
	

	%
	 
	 
	0.25
	

	%
	 
	 
	0.26
	

	%
	 
	 
	0.30
	

	%
	 
	 
	0.26
	

	%
	 
	 
	0.35
	

	%
	 
	 
	0.26
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	Loans over 60 days
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	2
	

	 
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	Summary Headcount
	 
	 
	49
	

	 
	 
	 
	49
	

	 
	 
	 
	48
	

	 
	 
	 
	46
	

	 
	 
	 
	46
	

	 
	 
	 
	48
	

	 
	 
	 
	48
	

	 
	 
	 
	—
	

	 
	 
	 
	(2
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	YTD PROFIT & LOSS 
REVIEW
	 
	Sep-04
	 
	 
	Oct-04
	 
	 
	Nov-04
	 
	 
	Dec-04
	 
	 
	YTD*
	 
	 
	BUDGET
	 
	 
	BUDGET 
VOLUME 
ACTUALS
	 
	 
	BUDGET 
VARIANCE
	 
	 
	BUDGET 
PRODUCTIVITY
	 

	Revenue
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	2,538,522
	

	 
	 
	 
	2,939,943
	

	 
	 
	 
	3,023,299
	

	 
	 
	 
	2,895,264
	

	 
	 
	 
	33,561,716
	

	 
	 
	 
	25,650,000
	

	 
	 
	 
	37,248,358
	

	 
	 
	 
	7,911,716
	

	 
	 
	 
	(3,686,642
	

	)

	*CONFIDENTIAL
	 
	 
	131,377
	

	 
	 
	 
	133,035
	

	 
	 
	 
	133,095
	

	 
	 
	 
	143,546
	

	 
	 
	 
	1,603,096
	

	 
	 
	 
	1,328,550
	

	 
	 
	 
	1,929,291
	

	 
	 
	 
	274,546
	

	 
	 
	 
	(326,195
	

	)

	*CONFIDENTIAL
	 
	 
	91,055
	

	 
	 
	 
	102,455
	

	 
	 
	 
	94,375
	

	 
	 
	 
	103,105
	

	 
	 
	 
	1,425,218
	

	 
	 
	 
	922,116
	

	 
	 
	 
	1,339,076
	

	 
	 
	 
	503,102
	

	 
	 
	 
	86,142
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	25,323
	

	 
	 
	 
	42,102
	

	 
	 
	 
	28,061
	

	 
	 
	 
	(521,244
	

	)
	 
	 
	(10,708
	

	)
	 
	 
	1,338,864
	

	 
	 
	 
	1,944,268
	

	 
	 
	 
	(1,349,572
	

	)
	 
	 
	(1,954,976
	

	)

	*CONFIDENTIAL
	 
	 
	(40,864
	

	)
	 
	 
	(44,667
	

	)
	 
	 
	(50,927
	

	)
	 
	 
	512,302
	

	 
	 
	 
	125,787
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	125,787
	

	 
	 
	 
	125,787
	

	 

	*CONFIDENTIAL
	 
	 
	117,339
	

	 
	 
	 
	169,681
	

	 
	 
	 
	241,848
	

	 
	 
	 
	(86,164
	

	)
	 
	 
	1,711,311
	

	 
	 
	 
	1,995,00
	

	 
	 
	 
	2,897,095
	

	 
	 
	 
	(283,669
	

	)
	 
	 
	(1,185,784
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Gross Revenue
	 
	 
	2,862,752
	

	 
	 
	 
	3,342,549
	

	 
	 
	 
	3,469,751
	

	 
	 
	 
	3,046,807
	

	 
	 
	 
	38,416,420
	

	 
	 
	 
	31,234,530
	

	 
	 
	 
	45,358,088
	

	 
	 
	 
	7,181,890
	

	 
	 
	 
	(6,941,668
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Commissions
	 
	 
	1,759,600
	

	 
	 
	 
	1,985,825
	

	 
	 
	 
	2,146,699
	

	 
	 
	 
	1,967,184
	

	 
	 
	 
	22,989,903
	

	 
	 
	 
	18,038,500
	

	 
	 
	 
	26,195,107
	

	 
	 
	 
	4,951,403
	

	 
	 
	 
	(3,205,205
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Net Revenue
	 
	 
	1,103,152
	

	 
	 
	 
	1,378,724
	

	 
	 
	 
	1,323,052
	

	 
	 
	 
	1,059,624
	

	 
	 
	 
	15,428,517
	

	 
	 
	 
	13,196,030
	

	 
	 
	 
	19,162,960
	

	 
	 
	 
	2,230,487
	

	 
	 
	 
	(3,736,463
	

	)





214






	
																																														
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Indirect Costs
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	239,930
	

	 
	 
	 
	229,256
	

	 
	 
	 
	240,329
	

	 
	 
	 
	233,554
	

	 
	 
	 
	2,862,432
	

	 
	 
	 
	2,830,633
	

	 
	 
	 
	2,830,633
	

	 
	 
	 
	31,799
	

	 
	 
	 
	31,799
	

	 

	*CONFIDENTIAL
	 
	 
	72
	

	 
	 
	 
	8
	

	 
	 
	 
	0
	

	 
	 
	 
	259
	

	 
	 
	 
	7,534
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	7,534
	

	 
	 
	 
	7,534
	

	 

	*CONFIDENTIAL
	 
	 
	6,231
	

	 
	 
	 
	350
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	116,506
	

	 
	 
	 
	204,000
	

	 
	 
	 
	204,000
	

	 
	 
	 
	(87,494
	

	)
	 
	 
	(87,494
	

	)

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	40,802
	

	 
	 
	 
	36,265
	

	 
	 
	 
	37,293
	

	 
	 
	 
	64,260
	

	 
	 
	 
	484,519
	

	 
	 
	 
	280,000
	

	 
	 
	 
	406,610
	

	 
	 
	 
	204,519
	

	 
	 
	 
	77,910
	

	 

	*CONFIDENTIAL
	 
	 
	26,074
	

	 
	 
	 
	30,048
	

	 
	 
	 
	29,020
	

	 
	 
	 
	7,117
	

	 
	 
	 
	370,905
	

	 
	 
	 
	363,453
	

	 
	 
	 
	363,453
	

	 
	 
	 
	7,452
	

	 
	 
	 
	7,452
	

	 

	*CONFIDENTIAL
	 
	 
	17,604
	

	 
	 
	 
	15,447
	

	 
	 
	 
	14,780
	

	 
	 
	 
	36,320
	

	 
	 
	 
	254,443
	

	 
	 
	 
	279,760
	

	 
	 
	 
	279,760
	

	 
	 
	 
	(25,317
	

	)
	 
	 
	(25,317
	

	)

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	330,714
	

	 
	 
	 
	311,373
	

	 
	 
	 
	321,422
	

	 
	 
	 
	341,511
	

	 
	 
	 
	4,096,339
	

	 
	 
	 
	3,957,846
	

	 
	 
	 
	4,084,456
	

	 
	 
	 
	138,493
	

	 
	 
	 
	11,863
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	70,684
	

	 
	 
	 
	70,684
	

	 
	 
	 
	67,484
	

	 
	 
	 
	89,634
	

	 
	 
	 
	756,591
	

	 
	 
	 
	756,730
	

	 
	 
	 
	756,730
	

	 
	 
	 
	(139
	

	)
	 
	 
	(139
	

	)

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	722
	

	 
	 
	 
	6,374
	

	 
	 
	 
	3,043
	

	 
	 
	 
	7,702
	

	 
	 
	 
	45,470
	

	 
	 
	 
	60,672
	

	 
	 
	 
	60,672
	

	 
	 
	 
	(15,202
	

	)
	 
	 
	(15,202
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	71,405
	

	 
	 
	 
	77,058
	

	 
	 
	 
	70,527
	

	 
	 
	 
	77,336
	

	 
	 
	 
	802,081
	

	 
	 
	 
	817,402
	

	 
	 
	 
	617,402
	

	 
	 
	 
	(15,341
	

	)
	 
	 
	(15,341
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	2,364
	

	 
	 
	 
	2,549
	

	 
	 
	 
	934
	

	 
	 
	 
	4,690
	

	 
	 
	 
	72,612
	

	 
	 
	 
	24,996
	

	 
	 
	 
	24,996
	

	 
	 
	 
	47,616
	

	 
	 
	 
	47,616
	

	 

	*CONFIDENTIAL
	 
	 
	4,444
	

	 
	 
	 
	—
	

	 
	 
	 
	6,663
	

	 
	 
	 
	—
	

	 
	 
	 
	21,599
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	21,599
	

	 
	 
	 
	21,599
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	6,808
	

	 
	 
	 
	2,549
	

	 
	 
	 
	7,596
	

	 
	 
	 
	4,690
	

	 
	 
	 
	24,211
	

	 
	 
	 
	24,996
	

	 
	 
	 
	24,996
	

	 
	 
	 
	69,215
	

	 
	 
	 
	69,215
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	15,000
	

	 
	 
	 
	24,326
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	24,326
	

	 
	 
	 
	24,326
	

	 

	*CONFIDENTIAL
	 
	 
	54,916
	

	 
	 
	 
	57,904
	

	 
	 
	 
	59,625
	

	 
	 
	 
	67,036
	

	 
	 
	 
	665,976
	

	 
	 
	 
	655,548
	

	 
	 
	 
	655,548
	

	 
	 
	 
	10,428
	

	 
	 
	 
	10,428
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	54,916
	

	 
	 
	 
	57,904
	

	 
	 
	 
	59,625
	

	 
	 
	 
	82,039
	

	 
	 
	 
	680,302
	

	 
	 
	 
	655,548
	

	 
	 
	 
	655,548
	

	 
	 
	 
	34,754
	

	 
	 
	 
	34,754
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	17,898
	

	 
	 
	 
	19,282
	

	 
	 
	 
	18,312
	

	 
	 
	 
	17,866
	

	 
	 
	 
	220,334
	

	 
	 
	 
	213,756
	

	 
	 
	 
	310,412
	

	 
	 
	 
	6,578
	

	 
	 
	 
	(90,078
	

	)

	*CONFIDENTIAL
	 
	 
	14,927
	

	 
	 
	 
	14,287
	

	 
	 
	 
	16,649
	

	 
	 
	 
	17,273
	

	 
	 
	 
	185,235
	

	 
	 
	 
	119,830
	

	 
	 
	 
	174,014
	

	 
	 
	 
	65,405
	

	 
	 
	 
	11,221
	

	 

	*CONFIDENTIAL
	 
	 
	2,055
	

	 
	 
	 
	2,157
	

	 
	 
	 
	3,007
	

	 
	 
	 
	2,368
	

	 
	 
	 
	33,857
	

	 
	 
	 
	42,998
	

	 
	 
	 
	62,438
	

	 
	 
	 
	(9,139
	

	)
	 
	 
	(28,580
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	34,850
	

	 
	 
	 
	35,726
	

	 
	 
	 
	37,968
	

	 
	 
	 
	37,586
	

	 
	 
	 
	439,426
	

	 
	 
	 
	376,582
	

	 
	 
	 
	548,864
	

	 
	 
	 
	52,844
	

	 
	 
	 
	(107,438
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	27,036
	

	 
	 
	 
	25,730
	

	 
	 
	 
	27,415
	

	 
	 
	 
	39,501
	

	 
	 
	 
	342,192
	

	 
	 
	 
	224,992
	

	 
	 
	 
	326,728
	

	 
	 
	 
	117,200
	

	 
	 
	 
	15,464
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	27,036
	

	 
	 
	 
	25,730
	

	 
	 
	 
	27,415
	

	 
	 
	 
	39,501
	

	 
	 
	 
	342,192
	

	 
	 
	 
	224,992
	

	 
	 
	 
	326,728
	

	 
	 
	 
	117,200
	

	 
	 
	 
	15,464
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	2,332
	

	 
	 
	 
	2,250
	

	 
	 
	 
	1,775
	

	 
	 
	 
	1,300
	

	 
	 
	 
	38,877
	

	 
	 
	 
	85,596
	

	 
	 
	 
	85,596
	

	 
	 
	 
	(46,719
	

	)
	 
	 
	(46,719
	

	)

	*CONFIDENTIAL
	 
	 
	8,060
	

	 
	 
	 
	8,000
	

	 
	 
	 
	10,199
	

	 
	 
	 
	8,335
	

	 
	 
	 
	91,584
	

	 
	 
	 
	41,630
	

	 
	 
	 
	41,830
	

	 
	 
	 
	49,754
	

	 
	 
	 
	49,754
	

	 

	*CONFIDENTIAL
	 
	 
	185
	

	 
	 
	 
	568
	

	 
	 
	 
	168
	

	 
	 
	 
	233
	

	 
	 
	 
	1,387
	

	 
	 
	 
	1,200
	

	 
	 
	 
	1,200
	

	 
	 
	 
	187
	

	 
	 
	 
	187
	

	 

	*CONFIDENTIAL
	 
	 
	44,066
	

	 
	 
	 
	43,070
	

	 
	 
	 
	42,741
	

	 
	 
	 
	40,447
	

	 
	 
	 
	467,662
	

	 
	 
	 
	520,272
	

	 
	 
	 
	520,272
	

	 
	 
	 
	(52,610
	

	)
	 
	 
	(52,610
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	54,643
	

	 
	 
	 
	53,888
	

	 
	 
	 
	54,884
	

	 
	 
	 
	50,315
	

	 
	 
	 
	599,509
	

	 
	 
	 
	648,898
	

	 
	 
	 
	648,898
	

	 
	 
	 
	(49,389
	

	)
	 
	 
	(49,389
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 





215






	
																																														
	

*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	(2
	

	)
	 
	 
	4,944
	

	 
	 
	 
	16,731
	

	 
	 
	 
	40,109
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	40,109
	

	 
	 
	 
	40,109
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	

*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	

*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	(2
	

	)
	 
	 
	4,944
	

	 
	 
	 
	16,731
	

	 
	 
	 
	40,109
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	40,109
	

	 
	 
	 
	40,109
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	

*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Expenses
	 
	 
	560,403
	

	 
	 
	 
	564,226
	

	 
	 
	 
	584,380
	

	 
	 
	 
	649,630
	

	 
	 
	 
	7,104,150
	

	 
	 
	 
	6,706,264
	

	 
	 
	 
	7,104,892
	

	 
	 
	 
	397,886
	

	 
	 
	 
	(742
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Other Corporate Allocations
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Controllable Expenses
	 
	 
	580,403
	

	 
	 
	 
	564,226
	

	 
	 
	 
	584,380
	

	 
	 
	 
	649,630
	

	 
	 
	 
	7,104,150
	

	 
	 
	 
	6,706,264
	

	 
	 
	 
	7,104,892
	

	 
	 
	 
	397,886
	

	 
	 
	 
	(742
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	EBITDA before Executive Expenses
	 
	 
	522,749
	

	 
	 
	 
	812,499
	

	 
	 
	 
	738,672
	

	 
	 
	 
	409,994
	

	 
	 
	 
	8,322,367
	

	 
	 
	 
	6,469,766
	

	 
	 
	 
	12,058,088
	

	 
	 
	 
	1,832,601
	

	 
	 
	 
	(3,735,721
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	EBITDA before Executive Expenses - BPS
	 
	 
	26.61
	

	 
	 
	 
	36.03
	

	 
	 
	 
	32.29
	

	 
	 
	 
	18.85
	

	 
	 
	 
	30.16
	

	 
	 
	 
	34.16
	

	 
	 
	 
	43.7
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	The Budget is equal to the 0&12 Forecast for the following pages.
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 






 


	
		
	*
	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.







216






Confidential Treatment


 
	
																															
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
PROFIT & LOSS REVIEW
	 
	Dec-04
	 
	 
	BUDGET
	 
	 
	FORECAST
	 
	 
	BUDGET 
VOLUME 
ACTUALS
	 
	 
	BUDGET 
VARIANCE
	 
	 
	BUDGET 
PRODUCTIVITY 
VARIANCE
	 

	Revenue/Key Drivers
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Application Units
	 
	 
	565
	

	 
	 
	 
	363
	

	 
	 
	 
	550
	

	 
	 
	 
	565
	

	 
	 
	 
	202
	

	 
	 
	 
	 
	 

	Total Application Dollars
	 
	$
	201,851
	

	 
	 
	$
	106,967
	

	 
	 
	$
	195,250
	

	 
	 
	$
	201,851
	

	 
	 
	$
	94,884
	

	 
	 
	$
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Closing Units
	 
	 
	492
	

	 
	 
	 
	468
	

	 
	 
	 
	478
	

	 
	 
	 
	492
	

	 
	 
	 
	26
	

	 
	 
	 
	—
	

	 

	Total Closing Dollars
	 
	$
	168,170
	

	 
	 
	$
	137,470
	

	 
	 
	$
	170,000
	

	 
	 
	$
	168,170
	

	 
	 
	$
	30,700
	

	 
	 
	$
	—
	

	 

	Average Loan Amount
	 
	 
	341,810
	

	 
	 
	 
	295,000
	

	 
	 
	 
	355,649
	

	 
	 
	 
	341,810
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Purchase Closing Units
	 
	 
	339
	

	 
	 
	 
	388
	

	 
	 
	 
	382
	

	 
	 
	 
	339
	

	 
	 
	 
	(29
	

	)
	 
	 
	—
	

	 

	Purchase Closing Dollars
	 
	$
	113,988
	

	 
	 
	$
	108,601
	

	 
	 
	$
	136,000
	

	 
	 
	$
	113,988
	

	 
	 
	$
	5,387
	

	 
	 
	$
	—
	

	 

	Average Loan Amount
	 
	 
	336,249
	

	 
	 
	 
	295,000
	

	 
	 
	 
	355,649
	

	 
	 
	 
	336,249
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Refi Closing - Units
	 
	 
	153
	

	 
	 
	 
	98
	

	 
	 
	 
	96
	

	 
	 
	 
	153
	

	 
	 
	 
	55
	

	 
	 
	 
	—
	

	 

	Refi Closing - Dollars
	 
	$
	54,182
	

	 
	 
	$
	28,869
	

	 
	 
	$
	34,000
	

	 
	 
	$
	54,182
	

	 
	 
	$
	25,313
	

	 
	 
	$
	—
	

	 

	Average Loan Amount
	 
	 
	354,131
	

	 
	 
	 
	295,000
	

	 
	 
	 
	355,649
	

	 
	 
	 
	354,131
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	$
	18,726
	

	 
	 
	 
	 
	 
	 
	$
	17,000
	

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	32.2
	

	%
	 
	 
	21.00
	

	%
	 
	 
	20.0
	

	%
	 
	 
	32.2
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	19.3
	

	%
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	11.1
	

	%
	 
	 
	 
	 
	 
	 
	10.0
	

	%
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	1.03
	

	%
	 
	 
	1.17
	

	%
	 
	 
	1.10
	

	%
	 
	 
	1.17
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	56
	

	 
	 
	 
	102
	

	 
	 
	 
	58
	

	 
	 
	 
	119
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	36.37
	

	%
	 
	 
	58.50
	

	%
	 
	 
	57.50
	

	%
	 
	 
	58.50
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	0.22
	

	%
	 
	 
	0.43
	

	%
	 
	 
	0.55
	

	%
	 
	 
	0.43
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	1.39
	

	%
	 
	 
	1.82
	

	%
	 
	 
	1.83
	

	%
	 
	 
	1.82
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	1.02
	

	%
	 
	 
	1.14
	

	%
	 
	 
	1.20
	

	%
	 
	 
	1.14
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	$
	4,760
	

	 
	 
	$
	5,374
	

	 
	 
	$
	6,515
	

	 
	 
	$
	6,227
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	$
	1,564
	

	 
	 
	$
	1,646
	

	 
	 
	$
	2,211
	

	 
	 
	$
	1,635
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	0.46
	

	%
	 
	 
	0.56
	

	%
	 
	 
	0.62
	

	%
	 
	 
	0.48
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	Loans over 60 Days
	 
	 
	3
	

	 
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	Summary Headcount
	 
	 
	158
	

	 
	 
	 
	146
	

	 
	 
	 
	159
	

	 
	 
	 
	146
	

	 
	 
	 
	12
	

	 
	 
	 
	12
	

	 

	 
	 
	 
	 
	 
	 
	 





217






	
																															
	PROFIT & LOSS REVIEW
	 
	Dec-04
	 
	 
	BUDGET
	 
	 
	FORECAST
	 
	 
	BUDGET 
VOLUME 
ACTUALS
	 
	 
	BUDGET 
VARIANCE
	 
	 
	BUDGET 
PRODUCTIVITY 
VARIANCE
	 

	Revenue
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	1,738,622
	

	 
	 
	 
	1,608,399
	

	 
	 
	 
	1,870,000
	

	 
	 
	 
	1,967,593
	

	 
	 
	 
	130,223
	

	 
	 
	 
	(228,972
	

	)

	*CONFIDENTIAL
	 
	 
	162,415
	

	 
	 
	 
	163,100
	

	 
	 
	 
	167,300
	

	 
	 
	 
	199,524
	

	 
	 
	 
	(685
	

	)
	 
	 
	(37,109
	

	)

	*CONFIDENTIAL
	 
	 
	27,534
	

	 
	 
	 
	47,672
	

	 
	 
	 
	27,724
	

	 
	 
	 
	58,318
	

	 
	 
	 
	(20,138
	

	)
	 
	 
	(30,785
	

	)

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	(2,563
	

	)
	 
	 
	17,000
	

	 
	 
	 
	(3,135
	

	)
	 
	 
	2,563
	

	 
	 
	 
	3,135
	

	 

	*CONFIDENTIAL
	 
	 
	35,188
	

	 
	 
	 
	93,899
	

	 
	 
	 
	96,317
	

	 
	 
	 
	114,869
	

	 
	 
	 
	(58,711
	

	)
	 
	 
	(79,681
	

	)

	*CONFIDENTIAL
	 
	 
	378,354
	

	 
	 
	 
	593,968
	

	 
	 
	 
	935,982
	

	 
	 
	 
	726,615
	

	 
	 
	 
	(215,614
	

	)
	 
	 
	(348,262
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Gross Revenue
	 
	 
	2,342,112
	

	 
	 
	 
	2,504,475
	

	 
	 
	 
	3,114,323
	

	 
	 
	 
	3,063,784
	

	 
	 
	 
	(162,362
	

	)
	 
	 
	(721,672
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Commissions
	 
	 
	632,298
	

	 
	 
	 
	940,913
	

	 
	 
	 
	1,075,250
	

	 
	 
	 
	1,151,042
	

	 
	 
	 
	(308,815
	

	)
	 
	 
	(518,744
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Net Revenue
	 
	 
	1,709,814
	

	 
	 
	 
	1,583,561
	

	 
	 
	 
	2,039,073
	

	 
	 
	 
	1,912,742
	

	 
	 
	 
	145,253
	

	 
	 
	 
	(202,928
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Indirect Costs
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	355,726
	

	 
	 
	 
	335,541
	

	 
	 
	 
	354,924
	

	 
	 
	 
	335,541
	

	 
	 
	 
	20,185
	

	 
	 
	 
	20,185
	

	 

	*CONFIDENTIAL
	 
	 
	22,773
	

	 
	 
	 
	6,711
	

	 
	 
	 
	12,000
	

	 
	 
	 
	6,711
	

	 
	 
	 
	16,062
	

	 
	 
	 
	16,062
	

	 

	*CONFIDENTIAL
	 
	 
	23,544
	

	 
	 
	 
	—
	

	 
	 
	 
	25,000
	

	 
	 
	 
	—
	

	 
	 
	 
	23,544
	

	 
	 
	 
	23,544
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	123,847
	

	 
	 
	 
	103,103
	

	 
	 
	 
	122,400
	

	 
	 
	 
	126,128
	

	 
	 
	 
	20,744
	

	 
	 
	 
	(2,281
	

	)

	*CONFIDENTIAL
	 
	 
	19,430
	

	 
	 
	 
	92,400
	

	 
	 
	 
	85,392
	

	 
	 
	 
	92,400
	

	 
	 
	 
	(72,970
	

	)
	 
	 
	(72,970
	

	)

	*CONFIDENTIAL
	 
	 
	15,782
	

	 
	 
	 
	63,460
	

	 
	 
	 
	71,501
	

	 
	 
	 
	63,460
	

	 
	 
	 
	(47,678
	

	)
	 
	 
	(47,678
	

	)

	*CONFIDENTIAL
	 
	 
	891
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	891
	

	 
	 
	 
	891
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	561,992
	

	 
	 
	 
	601,214
	

	 
	 
	 
	671,217
	

	 
	 
	 
	624,239
	

	 
	 
	 
	(39,222
	

	)
	 
	 
	(62,247
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	50,389
	

	 
	 
	 
	53,700
	

	 
	 
	 
	50,500
	

	 
	 
	 
	53,700
	

	 
	 
	 
	(3,311
	

	)
	 
	 
	(3,311
	

	)

	*CONFIDENTIAL
	 
	 
	4,878
	

	 
	 
	 
	5,109
	

	 
	 
	 
	5,600
	

	 
	 
	 
	5,109
	

	 
	 
	 
	(231
	

	)
	 
	 
	(231
	

	)

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	300
	

	 
	 
	 
	300
	

	 
	 
	 
	300
	

	 
	 
	 
	(300
	

	)
	 
	 
	(300
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	55,268
	

	 
	 
	 
	59,109
	

	 
	 
	 
	56,400
	

	 
	 
	 
	59,109
	

	 
	 
	 
	(3,842
	

	)
	 
	 
	(3,842
	

	)





218






	
																															
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	1,490
	

	 
	 
	 
	2,500
	

	 
	 
	 
	2,500
	

	 
	 
	 
	2,500
	

	 
	 
	 
	(1,010
	

	)
	 
	 
	(1,010
	

	)

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	7,000
	

	 
	 
	 
	—
	

	 
	 
	 
	7,000
	

	 
	 
	 
	(7,000
	

	)
	 
	 
	(7,000
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	1,490
	

	 
	 
	 
	9,500
	

	 
	 
	 
	2,500
	

	 
	 
	 
	9,500
	

	 
	 
	 
	(6,010
	

	)
	 
	 
	(8,010
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	40,210
	

	 
	 
	 
	24,770
	

	 
	 
	 
	24,770
	

	 
	 
	 
	30,302
	

	 
	 
	 
	15,440
	

	 
	 
	 
	9,908
	

	 

	*CONFIDENTIAL
	 
	 
	28,308
	

	 
	 
	 
	15,000
	

	 
	 
	 
	17,000
	

	 
	 
	 
	15,000
	

	 
	 
	 
	13,308
	

	 
	 
	 
	13,308
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	68,517
	

	 
	 
	 
	39,770
	

	 
	 
	 
	41,770
	

	 
	 
	 
	45,302
	

	 
	 
	 
	28,747
	

	 
	 
	 
	23,216
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	17,657
	

	 
	 
	 
	11,874
	

	 
	 
	 
	13,500
	

	 
	 
	 
	14,525
	

	 
	 
	 
	5,783
	

	 
	 
	 
	3,132
	

	 

	*CONFIDENTIAL
	 
	 
	22,725
	

	 
	 
	 
	8,094
	

	 
	 
	 
	15,890
	

	 
	 
	 
	9,902
	

	 
	 
	 
	14,631
	

	 
	 
	 
	12,824
	

	 

	*CONFIDENTIAL
	 
	 
	4,972
	

	 
	 
	 
	4,399
	

	 
	 
	 
	5,440
	

	 
	 
	 
	5,381
	

	 
	 
	 
	573
	

	 
	 
	 
	(409
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	45,364
	

	 
	 
	 
	24,366
	

	 
	 
	 
	34,830
	

	 
	 
	 
	28,808
	

	 
	 
	 
	20,988
	

	 
	 
	 
	15,546
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	26,219
	

	 
	 
	 
	13,980
	

	 
	 
	 
	14,340
	

	 
	 
	 
	17,102
	

	 
	 
	 
	12,239
	

	 
	 
	 
	9,117
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	26,219
	

	 
	 
	 
	13,980
	

	 
	 
	 
	14,340
	

	 
	 
	 
	17,102
	

	 
	 
	 
	12,239
	

	 
	 
	 
	9,117
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	(14,538
	

	)
	 
	 
	2,500
	

	 
	 
	 
	(11,100
	

	)
	 
	 
	2500
	

	 
	 
	 
	(17,038
	

	)
	 
	 
	(17,038
	

	)

	*CONFIDENTIAL
	 
	 
	965
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	965
	

	 
	 
	 
	965
	

	 

	*CONFIDENTIAL
	 
	 
	5,846
	

	 
	 
	 
	6,000
	

	 
	 
	 
	6,000
	

	 
	 
	 
	6,000
	

	 
	 
	 
	(155
	

	)
	 
	 
	(155
	

	)

	*CONFIDENTIAL
	 
	 
	16,965
	

	 
	 
	 
	7,800
	

	 
	 
	 
	20,000
	

	 
	 
	 
	7,800
	

	 
	 
	 
	9,165
	

	 
	 
	 
	9,165
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	9,236
	

	 
	 
	 
	16,300
	

	 
	 
	 
	14,900
	

	 
	 
	 
	16,300
	

	 
	 
	 
	(7,062
	

	)
	 
	 
	(7,062
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	107
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	107
	

	 
	 
	 
	107
	

	 

	*CONFIDENTIAL
	 
	 
	228
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	228
	

	 
	 
	 
	228
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	218,977
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	193
	

	 
	 
	 
	1,734
	

	 
	 
	 
	1,778
	

	 
	 
	 
	2,121
	

	 
	 
	 
	(1,540
	

	)
	 
	 
	(1,927
	

	)

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	528
	

	 
	 
	 
	1,734
	

	 
	 
	 
	220,755
	

	 
	 
	 
	2,121
	

	 
	 
	 
	(1,206
	

	)
	 
	 
	(1,593
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	760
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	760
	

	 
	 
	 
	760
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	760
	

	 
	 
	 
	1,000
	

	 
	 
	 
	—
	

	 
	 
	 
	1,000
	

	 
	 
	 
	(240
	

	)
	 
	 
	(240
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Expenses
	 
	 
	769,366
	

	 
	 
	 
	766,973
	

	 
	 
	 
	1,056,712
	

	 
	 
	 
	804,481
	

	 
	 
	 
	2,393
	

	 
	 
	 
	(35,115
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 





219






	
																															
	Other Corporate Allocations
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Controllable Expenses
	 
	 
	769,366
	

	 
	 
	 
	786,973
	

	 
	 
	 
	1,056,712
	

	 
	 
	 
	804,481
	

	 
	 
	 
	2,393
	

	 
	 
	 
	(35,115
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	EBITDA before Executive Expenses
	 
	 
	940,448
	

	 
	 
	 
	796,588
	

	 
	 
	 
	982,360
	

	 
	 
	 
	1,108,261
	

	 
	 
	 
	143,860
	

	 
	 
	 
	(157,813
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	EBITDA before Executive Expenses-BPS
	 
	 
	55.92
	

	 
	 
	 
	47.37
	

	 
	 
	 
	58.41
	

	 
	 
	 
	65.90
	

	 
	 
	 
	 
	 
	 
	 
	 
	 




The Budget is equal to the 0&12 Forecast for the following pages.
 


	
		
	*
	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.








Confidential Treatment


		
	*
	YTD total only includes actual expense


 
	
																																									
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
YTD PROFIT & LOSS REVIEW
	 
	Jan-04
	 
	 
	Feb-04
	 
	 
	Mar-04
	 
	 
	Apr-04
	 
	 
	May-04
	 
	 
	Jun-04
	 
	 
	Jul-04
	 
	 
	Aug-04
	 

	Revenue/Key Drivers
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Application Units
	 
	 
	523
	

	 
	 
	 
	844
	

	 
	 
	 
	1,065
	

	 
	 
	 
	921
	

	 
	 
	 
	784
	

	 
	 
	 
	787
	

	 
	 
	 
	858
	

	 
	 
	 
	692
	

	 

	Total Application Dollars
	 
	$
	160,078
	

	 
	 
	$
	283,939
	

	 
	 
	$
	377,650
	

	 
	 
	$
	321,915
	

	 
	 
	$
	259,361
	

	 
	 
	$
	253,958
	

	 
	 
	$
	215,848
	

	 
	 
	$
	229,086
	

	 

	Total Closing Units
	 
	 
	278
	

	 
	 
	 
	408
	

	 
	 
	 
	670
	

	 
	 
	 
	685
	

	 
	 
	 
	595
	

	 
	 
	 
	624
	

	 
	 
	 
	525
	

	 
	 
	 
	596
	

	 

	Total Closing Dollars
	 
	$
	82,288
	

	 
	 
	$
	126,602
	

	 
	 
	$
	220,474
	

	 
	 
	$
	244,725
	

	 
	 
	$
	203,339
	

	 
	 
	$
	207,105
	

	 
	 
	$
	170,205
	

	 
	 
	$
	188,452
	

	 

	Average Loan Amount
	 
	 
	296,001
	

	 
	 
	 
	310,299
	

	 
	 
	 
	329,065
	

	 
	 
	 
	357,326
	

	 
	 
	 
	341,746
	

	 
	 
	 
	331,899
	

	 
	 
	 
	324,200
	

	 
	 
	 
	316,194
	

	 

	Purchase Closing Units
	 
	 
	202
	

	 
	 
	 
	282
	

	 
	 
	 
	463
	

	 
	 
	 
	431
	

	 
	 
	 
	419
	

	 
	 
	 
	482
	

	 
	 
	 
	423
	

	 
	 
	 
	482
	

	 

	Purchase Closing Dollars
	 
	$
	59,278
	

	 
	 
	$
	77,831
	

	 
	 
	$
	147,655
	

	 
	 
	$
	149,540
	

	 
	 
	$
	144,679
	

	 
	 
	$
	154,603
	

	 
	 
	$
	143,496
	

	 
	 
	$
	150,125
	

	 

	Average Loan Amount
	 
	 
	293,455
	

	 
	 
	 
	297,064
	

	 
	 
	 
	318,694
	

	 
	 
	 
	346,960
	

	 
	 
	 
	345,295
	

	 
	 
	 
	320,752
	

	 
	 
	 
	339,235
	

	 
	 
	 
	324,947
	

	 

	Refi Closings - Units
	 
	 
	76
	

	 
	 
	 
	146
	

	 
	 
	 
	207
	

	 
	 
	 
	254
	

	 
	 
	 
	176
	

	 
	 
	 
	142
	

	 
	 
	 
	102
	

	 
	 
	 
	134
	

	 

	Refi Closings - Dollars
	 
	$
	23,010
	

	 
	 
	$
	48,771
	

	 
	 
	$
	72,916
	

	 
	 
	$
	95,188
	

	 
	 
	$
	58,660
	

	 
	 
	$
	52,503
	

	 
	 
	$
	26,709
	

	 
	 
	$
	38,327
	

	 

	Average Loan Amount
	 
	 
	302,767
	

	 
	 
	 
	334,049
	

	 
	 
	 
	352,263
	

	 
	 
	 
	374,747
	

	 
	 
	 
	333,296
	

	 
	 
	 
	369,736
	

	 
	 
	 
	261,848
	

	 
	 
	 
	286,019
	

	 

	*CONFIDENTIAL
	 
	$
	1,685
	

	 
	 
	$
	3,062
	

	 
	 
	$
	3,460
	

	 
	 
	$
	21,741
	

	 
	 
	$
	20,973
	

	 
	 
	$
	23,125
	

	 
	 
	$
	13,172
	

	 
	 
	$
	5,964
	

	 

	*CONFIDENTIAL
	 
	 
	26.0
	

	%
	 
	 
	38.5
	

	%
	 
	 
	33.1
	

	%
	 
	 
	38.9
	

	%
	 
	 
	28.8
	

	%
	 
	 
	25.4
	

	%
	 
	 
	15.7
	

	%
	 
	 
	20.3
	

	%

	*CONFIDENTIAL
	 
	 
	18.4
	

	%
	 
	 
	21.8
	

	%
	 
	 
	22.7
	

	%
	 
	 
	19.2
	

	%
	 
	 
	20.6
	

	%
	 
	 
	20.3
	

	%
	 
	 
	16.7
	

	%
	 
	 
	19.4
	

	%

	*CONFIDENTIAL
	 
	 
	2.0
	

	%
	 
	 
	2.4
	

	%
	 
	 
	1.6
	

	%
	 
	 
	8.9
	

	%
	 
	 
	10.3
	

	%
	 
	 
	11.2
	

	%
	 
	 
	7.7
	

	%
	 
	 
	3.2
	

	%

	*CONFIDENTIAL
	 
	 
	1.12
	

	%
	 
	 
	1.09
	

	%
	 
	 
	1.08
	

	%
	 
	 
	1.00
	

	%
	 
	 
	0.99
	

	%
	 
	 
	1.04
	

	%
	 
	 
	1.08
	

	%
	 
	 
	1.05
	

	%

	*CONFIDENTIAL
	 
	 
	35
	

	 
	 
	 
	89
	

	 
	 
	 
	57
	

	 
	 
	 
	54
	

	 
	 
	 
	101
	

	 
	 
	 
	79
	

	 
	 
	 
	(26
	

	)
	 
	 
	136
	

	 

	*CONFIDENTIAL
	 
	 
	35.69
	

	%
	 
	 
	58.72
	

	%
	 
	 
	60.87
	

	%
	 
	 
	77.21
	

	%
	 
	 
	25.04
	

	%
	 
	 
	51.35
	

	%
	 
	 
	60.37
	

	%
	 
	 
	60.98
	

	%

	*CONFIDENTIAL
	 
	 
	0.54
	

	%
	 
	 
	0.34
	

	%
	 
	 
	0.42
	

	%
	 
	 
	0.43
	

	%
	 
	 
	0.45
	

	%
	 
	 
	0.55
	

	%
	 
	 
	0.43
	

	%
	 
	 
	0.42
	

	%

	*CONFIDENTIAL
	 
	 
	1.95
	

	%
	 
	 
	1.45
	

	%
	 
	 
	1.71
	

	%
	 
	 
	1.56
	

	%
	 
	 
	1.62
	

	%
	 
	 
	1.74
	

	%
	 
	 
	1.65
	

	%
	 
	 
	1.65
	

	%





220






	
																																									
	*CONFIDENTIAL
	 
	 
	1.32
	

	%
	 
	 
	0.80
	

	%
	 
	 
	1.05
	

	%
	 
	 
	0.79
	

	%
	 
	 
	1.37
	

	%
	 
	 
	1.21
	

	%
	 
	 
	1.00
	

	%
	 
	 
	1.01
	

	%

	*CONFIDENTIAL
	 
	$
	5,757
	

	 
	 
	$
	4,486
	

	 
	 
	$
	5,618
	

	 
	 
	$
	5,563
	

	 
	 
	$
	5,536
	

	 
	 
	$
	5,783
	

	 
	 
	$
	5,337
	

	 
	 
	$
	5,205
	

	 

	*CONFIDENTIAL
	 
	$
	3,142
	

	 
	 
	$
	1,937
	

	 
	 
	$
	1,483
	

	 
	 
	$
	1,417
	

	 
	 
	$
	1,627
	

	 
	 
	$
	1,419
	

	 
	 
	$
	1,670
	

	 
	 
	$
	1,336
	

	 

	*CONFIDENTIAL
	 
	 
	1.06
	

	%
	 
	 
	0.62
	

	%
	 
	 
	0.44
	

	%
	 
	 
	0.40
	

	%
	 
	 
	0.48
	

	%
	 
	 
	0.43
	

	%
	 
	 
	0.52
	

	%
	 
	 
	0.42
	

	%

	Loans over 60 days
	 
	 
	1
	

	 
	 
	 
	1
	

	 
	 
	 
	0
	

	 
	 
	 
	0
	

	 
	 
	 
	2
	

	 
	 
	 
	1
	

	 
	 
	 
	2
	

	 
	 
	 
	0
	

	 

	Summary Headcount
	 
	 
	144
	

	 
	 
	 
	148
	

	 
	 
	 
	148
	

	 
	 
	 
	149
	

	 
	 
	 
	150
	

	 
	 
	 
	147
	

	 
	 
	 
	154
	

	 
	 
	 
	158
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	YTD PROFIT & LOSS REVIEW
	 
	Jan-04
	 
	 
	Feb-04
	 
	 
	Mar-04
	 
	 
	Apr-04
	 
	 
	May-04
	 
	 
	Jun-04
	 
	 
	Jul-04
	 
	 
	Aug-04
	 

	Revenue
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	919,881
	

	 
	 
	 
	1,386,212
	

	 
	 
	 
	2,370,527
	

	 
	 
	 
	2,435,941
	

	 
	 
	 
	2,008,486
	

	 
	 
	 
	2,148,589
	

	 
	 
	 
	1,830,078
	

	 
	 
	 
	1,971,906
	

	 

	*CONFIDENTIAL
	 
	 
	104,668
	

	 
	 
	 
	164,659
	

	 
	 
	 
	268,513
	

	 
	 
	 
	277,300
	

	 
	 
	 
	238,306
	

	 
	 
	 
	190,111
	

	 
	 
	 
	183,442
	

	 
	 
	 
	213,234
	

	 

	*CONFIDENTIAL
	 
	 
	9,704
	

	 
	 
	 
	36,327
	

	 
	 
	 
	38,267
	

	 
	 
	 
	36,741
	

	 
	 
	 
	59,850
	

	 
	 
	 
	49,096
	

	 
	 
	 
	13,720
	

	 
	 
	 
	81,342
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	(4,909
	

	)
	 
	 
	(22,027
	

	)
	 
	 
	(20,590
	

	)
	 
	 
	(31,861
	

	)
	 
	 
	(11,920
	

	)
	 
	 
	(14,752
	

	)
	 
	 
	(12,743
	

	)
	 
	 
	(7,090
	

	)

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	66,989
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	123,077
	

	 
	 
	 
	(160,445
	

	)
	 
	 
	181,848
	

	 
	 
	 
	46,732
	

	 
	 
	 
	75,130
	

	 
	 
	 
	98,600
	

	 
	 
	 
	22,460
	

	 
	 
	 
	54,930
	

	 

	*CONFIDENTIAL
	 
	 
	448,352
	

	 
	 
	 
	425,666
	

	 
	 
	 
	925,296
	

	 
	 
	 
	1,045,541
	

	 
	 
	 
	924,041
	

	 
	 
	 
	1,136,836
	

	 
	 
	 
	725,557
	

	 
	 
	 
	788,149
	

	 

	Gross Revenue
	 
	 
	1,800,573
	

	 
	 
	 
	1,830,392,
	

	 
	 
	 
	3,763,661
	

	 
	 
	 
	3,810,394
	

	 
	 
	 
	3,293,693
	

	 
	 
	 
	3,508,480
	

	 
	 
	 
	2,602,063
	

	 
	 
	 
	3,102,471
	

	 

	Commissions
	 
	 
	512,204
	

	 
	 
	 
	813,918
	

	 
	 
	 
	1,442,843
	

	 
	 
	 
	1,880,847
	

	 
	 
	 
	502,902
	

	 
	 
	 
	1,103,282
	

	 
	 
	 
	1,104,830
	

	 
	 
	 
	1,202,429
	

	 

	Net Revenue
	 
	 
	1,068,369
	

	 
	 
	 
	1,016,474
	

	 
	 
	 
	2,321,018
	

	 
	 
	 
	1,929,547
	

	 
	 
	 
	2,750,921
	

	 
	 
	 
	2,505,198
	

	 
	 
	 
	1,697,232
	

	 
	 
	 
	1,900,042
	

	 

	Indirect Costs
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	338,784
	

	 
	 
	 
	284,977
	

	 
	 
	 
	355,723
	

	 
	 
	 
	324,971
	

	 
	 
	 
	305,022
	

	 
	 
	 
	334,852
	

	 
	 
	 
	331,660
	

	 
	 
	 
	333,003
	

	 

	*CONFIDENTIAL
	 
	 
	55,854
	

	 
	 
	 
	15,567
	

	 
	 
	 
	27,561
	

	 
	 
	 
	33,797
	

	 
	 
	 
	29,237
	

	 
	 
	 
	22,043
	

	 
	 
	 
	26,559
	

	 
	 
	 
	12,173
	

	 

	*CONFIDENTIAL
	 
	 
	12,548
	

	 
	 
	 
	16,798
	

	 
	 
	 
	26,040
	

	 
	 
	 
	19,301
	

	 
	 
	 
	33,954
	

	 
	 
	 
	24,627
	

	 
	 
	 
	28,604
	

	 
	 
	 
	30,697
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	55,059
	

	 
	 
	 
	97,592
	

	 
	 
	 
	172,168
	

	 
	 
	 
	177,874
	

	 
	 
	 
	150,973
	

	 
	 
	 
	150,113
	

	 
	 
	 
	122,099
	

	 
	 
	 
	140,142
	

	 

	*CONFIDENTIAL
	 
	 
	144,030
	

	 
	 
	 
	79,646
	

	 
	 
	 
	122,700
	

	 
	 
	 
	130,173
	

	 
	 
	 
	123,844
	

	 
	 
	 
	123,542
	

	 
	 
	 
	134,696
	

	 
	 
	 
	75,774
	

	 

	*CONFIDENTIAL
	 
	 
	137,506
	

	 
	 
	 
	95,463
	

	 
	 
	 
	137,395
	

	 
	 
	 
	138,837
	

	 
	 
	 
	84,319
	

	 
	 
	 
	59,969
	

	 
	 
	 
	62,109
	

	 
	 
	 
	56,623
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	86
	

	 
	 
	 
	400
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	44
	

	 
	 
	 
	203
	

	 
	 
	 
	413
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	1,637
	

	 
	 
	 
	—
	

	 
	 
	 
	138
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	743,762
	

	 
	 
	 
	590,130
	

	 
	 
	 
	641,987
	

	 
	 
	 
	824,953
	

	 
	 
	 
	728,984
	

	 
	 
	 
	715,189
	

	 
	 
	 
	726,088
	

	 
	 
	 
	858,824
	

	 

	*CONFIDENTIAL
	 
	 
	49,706
	

	 
	 
	 
	49,145
	

	 
	 
	 
	49,378
	

	 
	 
	 
	42,460
	

	 
	 
	 
	48,027
	

	 
	 
	 
	47,866
	

	 
	 
	 
	47,765
	

	 
	 
	 
	50,320
	

	 

	*CONFIDENTIAL
	 
	 
	(6,608
	

	)
	 
	 
	30,458
	

	 
	 
	 
	3,918
	

	 
	 
	 
	425
	

	 
	 
	 
	1,817
	

	 
	 
	 
	5,546
	

	 
	 
	 
	5,499
	

	 
	 
	 
	6,868
	

	 

	*CONFIDENTIAL
	 
	 
	90
	

	 
	 
	 
	125
	

	 
	 
	 
	716
	

	 
	 
	 
	(103
	

	)
	 
	 
	90
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	43,189
	

	 
	 
	 
	79,728
	

	 
	 
	 
	54,012
	

	 
	 
	 
	42,762
	

	 
	 
	 
	49,935
	

	 
	 
	 
	53,212
	

	 
	 
	 
	53,264
	

	 
	 
	 
	57,188
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	2,127
	

	 
	 
	 
	5,342
	

	 
	 
	 
	1,528
	

	 
	 
	 
	2,803
	

	 
	 
	 
	206
	

	 
	 
	 
	(897
	

	)
	 
	 
	487
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	 
	 
	 
	 
	2,127
	

	 
	 
	 
	5,342
	

	 
	 
	 
	1,528
	

	 
	 
	 
	2,803
	

	 
	 
	 
	206
	

	 
	 
	 
	(897
	

	)
	 
	 
	487
	

	 

	*CONFIDENTIAL
	 
	 
	20,491
	

	 
	 
	 
	39,891
	

	 
	 
	 
	15,281
	

	 
	 
	 
	26,547
	

	 
	 
	 
	61,875
	

	 
	 
	 
	18,479
	

	 
	 
	 
	33,313
	

	 
	 
	 
	13,300
	

	 

	*CONFIDENTIAL
	 
	 
	3,459
	

	 
	 
	 
	8,532
	

	 
	 
	 
	6,540
	

	 
	 
	 
	7,537
	

	 
	 
	 
	7,405
	

	 
	 
	 
	5,021
	

	 
	 
	 
	9,997
	

	 
	 
	 
	7,296
	

	 

	*CONFIDENTIAL
	 
	 
	23,950
	

	 
	 
	 
	48,423
	

	 
	 
	 
	21,820
	

	 
	 
	 
	34,084
	

	 
	 
	 
	69,280
	

	 
	 
	 
	23,500
	

	 
	 
	 
	43,310
	

	 
	 
	 
	20,596
	

	 

	*CONFIDENTIAL
	 
	 
	10,625
	

	 
	 
	 
	11,741
	

	 
	 
	 
	16,148
	

	 
	 
	 
	17,026
	

	 
	 
	 
	13,181
	

	 
	 
	 
	15,391
	

	 
	 
	 
	13,334
	

	 
	 
	 
	13,223
	

	 

	*CONFIDENTIAL
	 
	 
	10,057
	

	 
	 
	 
	11,699
	

	 
	 
	 
	16,795
	

	 
	 
	 
	18,056
	

	 
	 
	 
	17,616
	

	 
	 
	 
	13,880
	

	 
	 
	 
	14,617
	

	 
	 
	 
	13,643
	

	 

	*CONFIDENTIAL
	 
	 
	7,508
	

	 
	 
	 
	8,569
	

	 
	 
	 
	3,002
	

	 
	 
	 
	8,056
	

	 
	 
	 
	6
	

	 
	 
	 
	1,537
	

	 
	 
	 
	3,000
	

	 
	 
	 
	3,066
	

	 

	*CONFIDENTIAL
	 
	 
	28,189
	

	 
	 
	 
	32,010
	

	 
	 
	 
	35,946
	

	 
	 
	 
	43,144
	

	 
	 
	 
	31,003
	

	 
	 
	 
	30,807
	

	 
	 
	 
	30,952
	

	 
	 
	 
	29,932
	

	 

	*CONFIDENTIAL
	 
	 
	12,032
	

	 
	 
	 
	28,256
	

	 
	 
	 
	26,892
	

	 
	 
	 
	22,896
	

	 
	 
	 
	20,933
	

	 
	 
	 
	53,928
	

	 
	 
	 
	12,083
	

	 
	 
	 
	17,140
	

	 

	*CONFIDENTIAL
	 
	 
	12,032
	

	 
	 
	 
	26,256
	

	 
	 
	 
	26,692
	

	 
	 
	 
	22,656
	

	 
	 
	 
	20,933
	

	 
	 
	 
	53,925
	

	 
	 
	 
	12,083
	

	 
	 
	 
	17,140
	

	 





221






	
																																									
	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	(9,850
	

	)
	 
	 
	(12,600
	

	)
	 
	 
	(21,600
	

	)
	 
	 
	(23,650
	

	)
	 
	 
	41,743
	

	 
	 
	 
	(23,130
	

	)
	 
	 
	(17,488
	

	)
	 
	 
	(14,500
	

	)

	*CONFIDENTIAL
	 
	 
	7,007
	

	 
	 
	 
	(1,388
	

	)
	 
	 
	(10,527
	

	)
	 
	 
	500
	

	 
	 
	 
	1,411
	

	 
	 
	 
	—
	

	 
	 
	 
	(400
	

	)
	 
	 
	215
	

	 

	*CONFIDENTIAL
	 
	 
	6,478
	

	 
	 
	 
	4,511
	

	 
	 
	 
	6,859
	

	 
	 
	 
	5,311
	

	 
	 
	 
	5,409
	

	 
	 
	 
	5,189
	

	 
	 
	 
	6,615
	

	 
	 
	 
	5,758
	

	 

	*CONFIDENTIAL
	 
	 
	17,803
	

	 
	 
	 
	17,742
	

	 
	 
	 
	19,072
	

	 
	 
	 
	16,627
	

	 
	 
	 
	16,247
	

	 
	 
	 
	20,671
	

	 
	 
	 
	22,263
	

	 
	 
	 
	19,593
	

	 

	*CONFIDENTIAL
	 
	 
	21,436
	

	 
	 
	 
	8,285
	

	 
	 
	 
	(6,196
	

	)
	 
	 
	566
	

	 
	 
	 
	64,809
	

	 
	 
	 
	2,730
	

	 
	 
	 
	10,990
	

	 
	 
	 
	11,067
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	283
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	14
	

	 
	 
	 
	(0
	

	)
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	125
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	167
	

	 
	 
	 
	—
	

	 
	 
	 
	5,100
	

	 
	 
	 
	—
	

	 
	 
	 
	600
	

	 

	*CONFIDENTIAL
	 
	 
	0
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	251
	

	 
	 
	 
	469
	

	 
	 
	 
	144
	

	 
	 
	 
	90
	

	 
	 
	 
	145
	

	 
	 
	 
	186
	

	 
	 
	 
	164
	

	 
	 
	 
	(37
	

	)

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	376
	

	 
	 
	 
	469
	

	 
	 
	 
	427
	

	 
	 
	 
	257
	

	 
	 
	 
	145
	

	 
	 
	 
	5,300
	

	 
	 
	 
	184
	

	 
	 
	 
	564
	

	 

	*CONFIDENTIAL
	 
	 
	432
	

	 
	 
	 
	715
	

	 
	 
	 
	300
	

	 
	 
	 
	381
	

	 
	 
	 
	410
	

	 
	 
	 
	625
	

	 
	 
	 
	840
	

	 
	 
	 
	240
	

	 

	*CONFIDENTIAL
	 
	 
	432
	

	 
	 
	 
	715
	

	 
	 
	 
	300
	

	 
	 
	 
	381
	

	 
	 
	 
	410
	

	 
	 
	 
	625
	

	 
	 
	 
	840
	

	 
	 
	 
	240
	

	 

	Total Expenses
	 
	 
	873,386
	

	 
	 
	 
	790,142
	

	 
	 
	 
	980,530
	

	 
	 
	 
	970,613
	

	 
	 
	 
	968,302
	

	 
	 
	 
	885,496
	

	 
	 
	 
	876,614
	

	 
	 
	 
	796,038
	

	 

	Other Corporate Allocations
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	Total Controllable Expenses
	 
	 
	873,386
	

	 
	 
	 
	790,142
	

	 
	 
	 
	980,530
	

	 
	 
	 
	970,613
	

	 
	 
	 
	968,302
	

	 
	 
	 
	885,498
	

	 
	 
	 
	876,614
	

	 
	 
	 
	796,038
	

	 

	EBITDA before Executive Expenses
	 
	 
	214,963
	

	 
	 
	 
	226,332
	

	 
	 
	 
	1,340,486
	

	 
	 
	 
	958,934
	

	 
	 
	 
	1,822,689
	

	 
	 
	 
	1,619,702
	

	 
	 
	 
	620,419
	

	 
	 
	 
	1,104,004
	

	 

	EBITDA before Executive Expenses - BPS
	 
	 
	26.13
	

	 
	 
	 
	17.68
	

	 
	 
	 
	60,80
	

	 
	 
	 
	39.18
	

	 
	 
	 
	89.64
	

	 
	 
	 
	78.21
	

	 
	 
	 
	48.20
	

	 
	 
	 
	58.58
	

	 

	The Budget is equal to the 0&12 Forecast for the following pages.
	 




 
	
																																														
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	YTD PROFIT & LOSS REVIEW
	 
	Sep-04
	 
	 
	Oct-04
	 
	 
	Nov-04
	 
	 
	Dec-04
	 
	 
	YTD*
	 
	 
	BUDGET
	 
	 
	BUDGET 
VOLUME 
ACTUALS
	 
	 
	BUDGET 
VARIANCE
	 
	 
	BUDGET 
PRODUCTIVITY
	 

	Revenue/Key Drivers
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Application Units
	 
	 
	722
	

	 
	 
	 
	699
	

	 
	 
	 
	611
	

	 
	 
	 
	565
	

	 
	 
	 
	8,871
	

	 
	 
	 
	6,836
	

	 
	 
	 
	8,871
	

	 
	 
	 
	2,235
	

	 
	 
	 
	—
	

	 

	Total Application Dollars
	 
	$
	240,482
	

	 
	 
	$
	247,222
	

	 
	 
	$
	228,290
	

	 
	 
	$
	201,851
	

	 
	 
	$
	3,019,662
	

	 
	 
	$
	1,956,443
	

	 
	 
	$
	3,019,662
	

	 
	 
	$
	1,063,218
	

	 
	 
	$
	—
	

	 

	Total Closing Units
	 
	 
	505
	

	 
	 
	 
	521
	

	 
	 
	 
	565
	

	 
	 
	 
	492
	

	 
	 
	 
	6,464
	

	 
	 
	 
	5,637
	

	 
	 
	 
	6,464
	

	 
	 
	 
	827
	

	 
	 
	 
	—
	

	 

	Total Closing Dollars
	 
	$
	164,208
	

	 
	 
	$
	174,850
	

	 
	 
	$
	201,286
	

	 
	 
	$
	168,170
	

	 
	 
	$
	2,151,704
	

	 
	 
	$
	1,662,030
	

	 
	 
	$
	2,151,704
	

	 
	 
	$
	489,674
	

	 
	 
	$
	—
	

	 

	Average Loan Amount
	 
	 
	325,164
	

	 
	 
	 
	335,605
	

	 
	 
	 
	356,258
	

	 
	 
	 
	341,810
	

	 
	 
	 
	332,875
	

	 
	 
	 
	294,836
	

	 
	 
	 
	332,875
	

	 
	 
	 
	38,039
	

	 
	 
	 
	 
	 

	Purchase Closing Units
	 
	 
	372
	

	 
	 
	 
	286
	

	 
	 
	 
	405
	

	 
	 
	 
	339
	

	 
	 
	 
	4,646
	

	 
	 
	 
	4,453
	

	 
	 
	 
	4,646
	

	 
	 
	 
	193
	

	 
	 
	 
	—
	

	 

	Purchase Closing Dollars
	 
	$
	120,353
	

	 
	 
	$
	127,549
	

	 
	 
	$
	140,370
	

	 
	 
	$
	113,988
	

	 
	 
	$
	1,529,367
	

	 
	 
	$
	1,313,004
	

	 
	 
	$
	1,529,367
	

	 
	 
	$
	216,363
	

	 
	 
	$
	—
	

	 

	Average Loan Amount
	 
	 
	323,528
	

	 
	 
	 
	330,438
	

	 
	 
	 
	346,592
	

	 
	 
	 
	336,249
	

	 
	 
	 
	329,179
	

	 
	 
	 
	294,836
	

	 
	 
	 
	329,179
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	Refi Closings - Units
	 
	 
	133
	

	 
	 
	 
	135
	

	 
	 
	 
	160
	

	 
	 
	 
	153
	

	 
	 
	 
	1,818
	

	 
	 
	 
	1,184
	

	 
	 
	 
	1,618
	

	 
	 
	 
	634
	

	 
	 
	 
	—
	

	 

	Refi Closings - Dollars
	 
	$
	43,855
	

	 
	 
	$
	47,301
	

	 
	 
	$
	60,917
	

	 
	 
	$
	54,182
	

	 
	 
	$
	622,338
	

	 
	 
	$
	349,026
	

	 
	 
	$
	622,336
	

	 
	 
	$
	273,311
	

	 
	 
	$
	—
	

	 

	Average Loan Amount
	 
	 
	329,737
	

	 
	 
	 
	350,376
	

	 
	 
	 
	380,730
	

	 
	 
	 
	354,131
	

	 
	 
	 
	342,320
	

	 
	 
	 
	294,836
	

	 
	 
	 
	342,320
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	$
	21,154
	

	 
	 
	$
	23,032
	

	 
	 
	$
	20,486
	

	 
	 
	$
	18,726
	

	 
	 
	$
	176,579
	

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	28.7
	

	%
	 
	 
	27.1
	

	%
	 
	 
	30.3
	

	%
	 
	 
	32.2
	

	%
	 
	 
	28.9
	

	%
	 
	 
	21.0
	

	%
	 
	 
	28.9
	

	%
	 
	 
	 
	 
	 
	 
	 
	 





222






	
																																														
	*CONFIDENTIAL
	 
	 
	16.4
	

	%
	 
	 
	19.9
	

	%
	 
	 
	20.3
	

	%
	 
	 
	19.3
	

	%
	 
	 
	19.4
	

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	12.9
	

	%
	 
	 
	13.2
	

	%
	 
	 
	10.2
	

	%
	 
	 
	11.1
	

	%
	 
	 
	8.2
	

	%
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	1.12
	

	%
	 
	 
	1.06
	

	%
	 
	 
	1.07
	

	%
	 
	 
	1.03
	

	%
	 
	 
	1.05
	

	%
	 
	 
	1.17
	

	%
	 
	 
	1.17
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	145
	

	 
	 
	 
	109
	

	 
	 
	 
	88
	

	 
	 
	 
	56
	

	 
	 
	 
	78
	

	 
	 
	 
	102
	

	 
	 
	 
	115
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	53.41
	

	%
	 
	 
	57.90
	

	%
	 
	 
	57.68
	

	%
	 
	 
	36.37
	

	%
	 
	 
	65.14
	

	%
	 
	 
	58.50
	

	%
	 
	 
	58.50
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	0.50
	

	%
	 
	 
	0.42
	

	%
	 
	 
	0.38
	

	%
	 
	 
	0.22
	

	%
	 
	 
	0.42
	

	%
	 
	 
	0.46
	

	%
	 
	 
	0.46
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	1.75
	

	%
	 
	 
	1.69
	

	%
	 
	 
	1.59
	

	%
	 
	 
	1.39
	

	%
	 
	 
	1.64
	

	%
	 
	 
	1.85
	

	%
	 
	 
	1.65
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	1.15
	

	%
	 
	 
	1.07
	

	%
	 
	 
	0.98
	

	%
	 
	 
	1.02
	

	%
	 
	 
	1.05
	

	%
	 
	 
	1.17
	

	%
	 
	 
	1.17
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	$
	5,691
	

	 
	 
	$
	5,857
	

	 
	 
	$
	5,680
	

	 
	 
	$
	4,760
	

	 
	 
	$
	5,443
	

	 
	 
	$
	5,468
	

	 
	 
	$
	6,174
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	$
	1,591
	

	 
	 
	$
	1,535
	

	 
	 
	$
	1,523
	

	 
	 
	$
	1,564
	

	 
	 
	$
	1,605
	

	 
	 
	$
	1,689
	

	 
	 
	$
	1,566
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	0.49
	

	%
	 
	 
	0.46
	

	%
	 
	 
	0.43
	

	%
	 
	 
	0.46
	

	%
	 
	 
	0.48
	

	%
	 
	 
	0.57
	

	%
	 
	 
	0.47
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	Loans over 60 days
	 
	 
	18
	

	 
	 
	 
	8
	

	 
	 
	 
	1
	

	 
	 
	 
	3
	

	 
	 
	 
	37
	

	 
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	Summary Headcount
	 
	 
	156
	

	 
	 
	 
	159
	

	 
	 
	 
	159
	

	 
	 
	 
	158
	

	 
	 
	 
	158
	

	 
	 
	 
	146
	

	 
	 
	 
	146
	

	 
	 
	 
	 
	 
	 
	 
	12
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	YTD PROFIT & LOSS REVIEW
	 
	Sep-04
	 
	 
	Oct-04
	 
	 
	Nov-04
	 
	 
	Dec-04
	 
	 
	YTD*
	 
	 
	BUDGET
	 
	 
	BUDGET 
VOLUME 
ACTUALS
	 
	 
	BUDGET 
VARIANCE
	 
	 
	BUDGET 
PRODUCTIVITY
	 

	Revenue
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	1,837,612
	

	 
	 
	 
	1,857,693
	

	 
	 
	 
	2,150,551
	

	 
	 
	 
	1,738,622
	

	 
	 
	 
	22,656,297
	

	 
	 
	 
	‘19,445,751
	

	 
	 
	 
	25,174,941
	

	 
	 
	 
	3,210,548
	

	 
	 
	 
	(2,518,643
	

	)

	*CONFIDENTIAL
	 
	 
	170,855
	

	 
	 
	 
	184,362
	

	 
	 
	 
	200,853
	

	 
	 
	 
	162,415
	

	 
	 
	 
	2,358,718
	

	 
	 
	 
	1,972,997
	

	 
	 
	 
	2,554,269
	

	 
	 
	 
	385,721
	

	 
	 
	 
	(195,572
	

	)

	*CONFIDENTIAL
	 
	 
	73,172
	

	 
	 
	 
	56,669
	

	 
	 
	 
	49,902
	

	 
	 
	 
	27,534
	

	 
	 
	 
	504,883
	

	 
	 
	 
	576,679
	

	 
	 
	 
	746,582
	

	 
	 
	 
	(71,796
	

	)
	 
	 
	(241,700
	

	)

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	0
	

	 
	 
	 
	—
	

	 
	 
	 
	0
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	0
	

	 
	 
	 
	0
	

	 

	*CONFIDENTIAL
	 
	 
	(14,346
	

	)
	 
	 
	—
	

	 
	 
	 
	0
	

	 
	 
	 
	—
	

	 
	 
	 
	(140,238
	

	)
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	(140,238
	

	)
	 
	 
	(140,238
	

	)

	*CONFIDENTIAL
	 
	 
	(82,005
	

	)
	 
	 
	70,853
	

	 
	 
	 
	11,152
	

	 
	 
	 
	—
	

	 
	 
	 
	66,989
	

	 
	 
	 
	(31,097
	

	)
	 
	 
	(40,259
	

	)
	 
	 
	98,085
	

	 
	 
	 
	107,247
	

	 

	*CONFIDENTIAL
	 
	 
	73,630
	

	 
	 
	 
	49,560
	

	 
	 
	 
	32,492
	

	 
	 
	 
	35,188
	

	 
	 
	 
	633,202
	

	 
	 
	 
	1,135,682
	

	 
	 
	 
	1,470,541
	

	 
	 
	 
	(502,680
	

	)
	 
	 
	(837,339
	

	)

	*CONFIDENTIAL
	 
	 
	814,724
	

	 
	 
	 
	727,712
	

	 
	 
	 
	764,089
	

	 
	 
	 
	378,354
	

	 
	 
	 
	9,104,316
	

	 
	 
	 
	7,724,967
	

	 
	 
	 
	10,000,930
	

	 
	 
	 
	1,379,349
	

	 
	 
	 
	(896,614
	

	)

	Gross Revenue
	 
	 
	2,873,641
	

	 
	 
	 
	2,947,048
	

	 
	 
	 
	3,209,039
	

	 
	 
	 
	2,342,112
	

	 
	 
	 
	35,184,167
	

	 
	 
	 
	30,825,180
	

	 
	 
	 
	39,907,025
	

	 
	 
	 
	4,358,987
	

	 
	 
	 
	(4,722,858
	

	)

	Commissions
	 
	 
	961,519
	

	 
	 
	 
	1,075,664
	

	 
	 
	 
	1,240,460
	

	 
	 
	 
	632,298
	

	 
	 
	 
	12,493,196
	

	 
	 
	 
	11,375,764
	

	 
	 
	 
	14,727,340
	

	 
	 
	 
	1,117,431
	

	 
	 
	 
	(2,234,144
	

	)

	Net Revenue
	 
	 
	1,692,322
	

	 
	 
	 
	1,871,664
	

	 
	 
	 
	1,968,579
	

	 
	 
	 
	1,709,814
	

	 
	 
	 
	22,690,971
	

	 
	 
	 
	19,449,415
	

	 
	 
	 
	25,179,685
	

	 
	 
	 
	3,241,555
	

	 
	 
	 
	(2,488,714
	

	)

	Indirect Costs
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	338,503
	

	 
	 
	 
	304,599
	

	 
	 
	 
	316,545
	

	 
	 
	 
	355,726
	

	 
	 
	 
	3,924,385
	

	 
	 
	 
	3,792,384
	

	 
	 
	 
	3,792,384
	

	 
	 
	 
	132,001
	

	 
	 
	 
	132,001
	

	 

	*CONFIDENTIAL
	 
	 
	12,117
	

	 
	 
	 
	12,845
	

	 
	 
	 
	16,180
	

	 
	 
	 
	22,773
	

	 
	 
	 
	286,705
	

	 
	 
	 
	75,848
	

	 
	 
	 
	75,848
	

	 
	 
	 
	210,857
	

	 
	 
	 
	210,857
	

	 

	*CONFIDENTIAL
	 
	 
	20,955
	

	 
	 
	 
	26,708
	

	 
	 
	 
	16,590
	

	 
	 
	 
	23,544
	

	 
	 
	 
	280,363
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	280,363
	

	 
	 
	 
	280,363
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	124,333
	

	 
	 
	 
	139,896
	

	 
	 
	 
	143,838
	

	 
	 
	 
	123,847
	

	 
	 
	 
	1,597,934
	

	 
	 
	 
	1,246,523
	

	 
	 
	 
	1,613,778
	

	 
	 
	 
	351,411
	

	 
	 
	 
	(15,844
	

	)

	*CONFIDENTIAL
	 
	 
	115,510
	

	 
	 
	 
	108,196
	

	 
	 
	 
	88,169
	

	 
	 
	 
	19,430
	

	 
	 
	 
	12,265,709
	

	 
	 
	 
	1,263,800
	

	 
	 
	 
	1,263,800
	

	 
	 
	 
	1,909
	

	 
	 
	 
	1,909
	

	 





223






	
																																														
	*CONFIDENTIAL
	 
	 
	72,607
	

	 
	 
	 
	62,617
	

	 
	 
	 
	78,514
	

	 
	 
	 
	15,782
	

	 
	 
	 
	1,031,744
	

	 
	 
	 
	1,144,091
	

	 
	 
	 
	1,144,091
	

	 
	 
	 
	(112,347
	

	)
	 
	 
	(112,347
	

	)

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	(2,489
	

	)
	 
	 
	—
	

	 
	 
	 
	891
	

	 
	 
	 
	(452
	

	)
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	(452
	

	)
	 
	 
	(452
	

	)

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	1,438
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	3,212
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	3,212
	

	 
	 
	 
	3,212
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	684,025
	

	 
	 
	 
	853,809
	

	 
	 
	 
	859,836
	

	 
	 
	 
	561,992
	

	 
	 
	 
	8,389,599
	

	 
	 
	 
	7,522,643
	

	 
	 
	 
	7,889,900
	

	 
	 
	 
	866,954
	

	 
	 
	 
	499,698
	

	 

	*CONFIDENTIAL
	 
	 
	48,135
	

	 
	 
	 
	46,946
	

	 
	 
	 
	49,334
	

	 
	 
	 
	50,389
	

	 
	 
	 
	579,273
	

	 
	 
	 
	636,000
	

	 
	 
	 
	636,000
	

	 
	 
	 
	(56,727
	

	)
	 
	 
	(56,727
	

	)

	*CONFIDENTIAL
	 
	 
	5,487
	

	 
	 
	 
	4,549
	

	 
	 
	 
	3,950
	

	 
	 
	 
	4,678
	

	 
	 
	 
	66,787
	

	 
	 
	 
	66,982
	

	 
	 
	 
	66,982
	

	 
	 
	 
	(195
	

	)
	 
	 
	(195
	

	)

	*CONFIDENTIAL
	 
	 
	961
	

	 
	 
	 
	154
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	2,033
	

	 
	 
	 
	3,600
	

	 
	 
	 
	3,600
	

	 
	 
	 
	(1,567
	

	)
	 
	 
	(1,567
	

	)

	*CONFIDENTIAL
	 
	 
	54,583
	

	 
	 
	 
	51,649
	

	 
	 
	 
	53,284
	

	 
	 
	 
	35,368
	

	 
	 
	 
	648,093
	

	 
	 
	 
	706,582
	

	 
	 
	 
	706,582
	

	 
	 
	 
	(58,490
	

	)
	 
	 
	(58,490
	

	)

	*CONFIDENTIAL
	 
	 
	394
	

	 
	 
	 
	1,351
	

	 
	 
	 
	11,917
	

	 
	 
	 
	1,490
	

	 
	 
	 
	26,749
	

	 
	 
	 
	30,000
	

	 
	 
	 
	30,000
	

	 
	 
	 
	(3,251
	

	)
	 
	 
	(3,251
	

	)

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	89,600
	

	 
	 
	 
	89,600
	

	 
	 
	 
	(89,600
	

	)
	 
	 
	(89,600
	

	)

	*CONFIDENTIAL
	 
	 
	394
	

	 
	 
	 
	1,351
	

	 
	 
	 
	11,917
	

	 
	 
	 
	1,490
	

	 
	 
	 
	26,749
	

	 
	 
	 
	119,600
	

	 
	 
	 
	119,600
	

	 
	 
	 
	(92,851
	

	)
	 
	 
	92,851
	

	 

	*CONFIDENTIAL
	 
	 
	22,448
	

	 
	 
	 
	26,629
	

	 
	 
	 
	48,506
	

	 
	 
	 
	40,120
	

	 
	 
	 
	386,969
	

	 
	 
	 
	367,240
	

	 
	 
	 
	475,438
	

	 
	 
	 
	(271
	

	)
	 
	 
	108,469
	

	 

	*CONFIDENTIAL
	 
	 
	5,981
	

	 
	 
	 
	8,652
	

	 
	 
	 
	9,108
	

	 
	 
	 
	28,308
	

	 
	 
	 
	107,836
	

	 
	 
	 
	70,000
	

	 
	 
	 
	70,000
	

	 
	 
	 
	37,836
	

	 
	 
	 
	37,836
	

	 

	*CONFIDENTIAL
	 
	 
	26,429
	

	 
	 
	 
	35,280
	

	 
	 
	 
	57,614
	

	 
	 
	 
	68,517
	

	 
	 
	 
	474,805
	

	 
	 
	 
	437,240
	

	 
	 
	 
	545,438
	

	 
	 
	 
	37,585
	

	 
	 
	 
	70,633
	

	 

	*CONFIDENTIAL
	 
	 
	10,025
	

	 
	 
	 
	14,895
	

	 
	 
	 
	18,052
	

	 
	 
	 
	17,657
	

	 
	 
	 
	171,300
	

	 
	 
	 
	143,102
	

	 
	 
	 
	185,263
	

	 
	 
	 
	28,198
	

	 
	 
	 
	(13,963
	

	)

	*CONFIDENTIAL
	 
	 
	2,924
	

	 
	 
	 
	10,903
	

	 
	 
	 
	17,982
	

	 
	 
	 
	22,725
	

	 
	 
	 
	171,097
	

	 
	 
	 
	113,434
	

	 
	 
	 
	146,856
	

	 
	 
	 
	37,663
	

	 
	 
	 
	24,243
	

	 

	*CONFIDENTIAL
	 
	 
	3,011
	

	 
	 
	 
	2,038
	

	 
	 
	 
	5,556
	

	 
	 
	 
	4,972
	

	 
	 
	 
	50,325
	

	 
	 
	 
	53,185
	

	 
	 
	 
	68,855
	

	 
	 
	 
	(2,860
	

	)
	 
	 
	(18,530
	

	)

	*CONFIDENTIAL
	 
	 
	15,961
	

	 
	 
	 
	27,838
	

	 
	 
	 
	41,590
	

	 
	 
	 
	45,354
	

	 
	 
	 
	392,722
	

	 
	 
	 
	309,721
	

	 
	 
	 
	400,972
	

	 
	 
	 
	63,001
	

	 
	 
	 
	(8,250
	

	)

	*CONFIDENTIAL
	 
	 
	5,239
	

	 
	 
	 
	17,046
	

	 
	 
	 
	22,473
	

	 
	 
	 
	26,219
	

	 
	 
	 
	265,127
	

	 
	 
	 
	169,114
	

	 
	 
	 
	218,939
	

	 
	 
	 
	96,023
	

	 
	 
	 
	46,198
	

	 

	*CONFIDENTIAL
	 
	 
	5,239
	

	 
	 
	 
	17,046
	

	 
	 
	 
	22,473
	

	 
	 
	 
	26,219
	

	 
	 
	 
	265,127
	

	 
	 
	 
	169,114
	

	 
	 
	 
	218,939
	

	 
	 
	 
	96,023
	

	 
	 
	 
	46,198
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	(13,550
	

	)
	 
	 
	(14,600
	

	)
	 
	 
	(12,300
	

	)
	 
	 
	(14,538
	

	)
	 
	 
	(136,463
	

	)
	 
	 
	30,000
	

	 
	 
	 
	30,000
	

	 
	 
	 
	(166,463
	

	)
	 
	 
	(166,463
	

	)

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	5,000
	

	 
	 
	 
	(175
	

	)
	 
	 
	965
	

	 
	 
	 
	2,627
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	2,627
	

	 
	 
	 
	2,627
	

	 

	*CONFIDENTIAL
	 
	 
	5,208
	

	 
	 
	 
	4,850
	

	 
	 
	 
	9,263
	

	 
	 
	 
	5,846
	

	 
	 
	 
	71,325
	

	 
	 
	 
	72,000
	

	 
	 
	 
	72,000
	

	 
	 
	 
	(675
	

	)
	 
	 
	(675
	

	)

	*CONFIDENTIAL
	 
	 
	16,958
	

	 
	 
	 
	16,728
	

	 
	 
	 
	16,504
	

	 
	 
	 
	16,965
	

	 
	 
	 
	219,173
	

	 
	 
	 
	93,600
	

	 
	 
	 
	93,600
	

	 
	 
	 
	125,573
	

	 
	 
	 
	125,573
	

	 

	*CONFIDENTIAL
	 
	 
	8,676
	

	 
	 
	 
	11,787
	

	 
	 
	 
	13,311
	

	 
	 
	 
	9,236
	

	 
	 
	 
	156,683
	

	 
	 
	 
	195,600
	

	 
	 
	 
	195,600
	

	 
	 
	 
	(38,937
	

	)
	 
	 
	(38,937
	

	)

	*CONFIDENTIAL
	 
	 
	0
	

	 
	 
	 
	259
	

	 
	 
	 
	40
	

	 
	 
	 
	107
	

	 
	 
	 
	703
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	703
	

	 
	 
	 
	703
	

	 

	*CONFIDENTIAL
	 
	 
	5,600
	

	 
	 
	 
	—
	

	 
	 
	 
	147
	

	 
	 
	 
	226
	

	 
	 
	 
	11,966
	

	 
	 
	 
	16,500
	

	 
	 
	 
	16,500
	

	 
	 
	 
	(4,534
	

	)
	 
	 
	(4,534
	

	)

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	1
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	1
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	1
	

	 
	 
	 
	1
	

	 

	*CONFIDENTIAL
	 
	 
	200
	

	 
	 
	 
	20
	

	 
	 
	 
	308
	

	 
	 
	 
	193
	

	 
	 
	 
	2,154
	

	 
	 
	 
	20,970
	

	 
	 
	 
	27,148
	

	 
	 
	 
	(16,616
	

	)
	 
	 
	(24,995
	

	)

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 





224






	
																																														
	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	5,800
	

	 
	 
	 
	280
	

	 
	 
	 
	495
	

	 
	 
	 
	526
	

	 
	 
	 
	14,823
	

	 
	 
	 
	37,470
	

	 
	 
	 
	43,648
	

	 
	 
	 
	(22,647
	

	)
	 
	 
	(28,825
	

	)

	*CONFIDENTIAL
	 
	 
	494
	

	 
	 
	 
	820
	

	 
	 
	 
	—
	

	 
	 
	 
	760
	

	 
	 
	 
	6,018
	

	 
	 
	 
	—
	

	 
	 
	 
	 
	 
	 
	 
	6,018
	

	 
	 
	 
	6,018
	

	 

	*CONFIDENTIAL
	 
	 
	494
	

	 
	 
	 
	820
	

	 
	 
	 
	—
	

	 
	 
	 
	760
	

	 
	 
	 
	6,018
	

	 
	 
	 
	25,000
	

	 
	 
	 
	—
	

	 
	 
	 
	(18,982
	

	)
	 
	 
	6,018
	

	 

	Total Expenses
	 
	 
	803,541
	

	 
	 
	 
	799,861
	

	 
	 
	 
	860,521
	

	 
	 
	 
	769,366
	

	 
	 
	 
	10,374,606
	

	 
	 
	 
	9,522,972
	

	 
	 
	 
	10,120,680
	

	 
	 
	 
	851,636
	

	 
	 
	 
	253,928
	

	 

	Other Corporate Allocations
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	Total Controllable Expenses
	 
	 
	803,541
	

	 
	 
	 
	799,861
	

	 
	 
	 
	860,521
	

	 
	 
	 
	769,364
	

	 
	 
	 
	10,374,608
	

	 
	 
	 
	9,522,972
	

	 
	 
	 
	10,120,680
	

	 
	 
	 
	851,638
	

	 
	 
	 
	253,828
	

	 

	EBITDA before Executive Expenses
	 
	 
	1,088,781
	

	 
	 
	 
	1,071,524
	

	 
	 
	 
	1,108,058
	

	 
	 
	 
	940,448
	

	 
	 
	 
	12,316,363
	

	 
	 
	 
	9,926,443
	

	 
	 
	 
	15,0595,005
	

	 
	 
	 
	2,389,920
	

	 
	 
	 
	(2,742,642
	

	)

	EBITDA before Executive Expenses - BPS
	 
	 
	66.31
	

	 
	 
	 
	61.28
	

	 
	 
	 
	55.05
	

	 
	 
	 
	55.02
	

	 
	 
	 
	57.24
	

	 
	 
	 
	50.72
	

	 
	 
	 
	69.99
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	The Budget is equal to the 0&12 Forecast for the following pages.
	 






 


	
		
	*
	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.






Confidential Treatment
 
	
																															
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
PROFIT & LOSS REVIEW
	 
	Dec-04
	 
	 
	BUDGET
	 
	 
	FORECAST
	 
	 
	BUDGET VOLUME 
ACTUALS
	 
	 
	BUDGET 
VARIANCE
	 
	 
	BUDGET PRODUCTIVITY 
VARIANCE
	 

	Revenue/Key Drivers
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Application Units
	 
	 
	85
	

	 
	 
	 
	175
	

	 
	 
	 
	80
	

	 
	 
	 
	85
	

	 
	 
	 
	(90
	

	)
	 
	 
	—
	

	 

	Total Application Dollars
	 
	$
	14,106
	

	 
	 
	$
	34,125
	

	 
	 
	$
	15,000
	

	 
	 
	$
	14,106
	

	 
	 
	$
	20,019
	

	 
	 
	$
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Closing Units
	 
	 
	79
	

	 
	 
	 
	159
	

	 
	 
	 
	64
	

	 
	 
	 
	79
	

	 
	 
	 
	(80
	

	)
	 
	 
	—
	

	 

	Total Closing Dollars
	 
	$
	14, 397
	

	 
	 
	$
	31,000
	

	 
	 
	$
	12,000
	

	 
	 
	$
	14,397
	

	 
	 
	$
	(16,603
	

	)
	 
	$
	—
	

	 

	Average Loan Amount
	 
	 
	182,242
	

	 
	 
	 
	195,000
	

	 
	 
	 
	187,500
	

	 
	 
	 
	182,242
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Purchase Closing Units
	 
	 
	70
	

	 
	 
	 
	127
	

	 
	 
	 
	47
	

	 
	 
	 
	70
	

	 
	 
	 
	(57
	

	)
	 
	 
	—
	

	 

	Purchase Closing Dollars
	 
	$
	12,545
	

	 
	 
	$
	24,800
	

	 
	 
	$
	75,520
	

	 
	 
	$
	12,545
	

	 
	 
	$
	(12,255
	

	)
	 
	$
	—
	

	 

	Average Loan Amount
	 
	 
	179,210
	

	 
	 
	 
	195,000
	

	 
	 
	 
	160,000
	

	 
	 
	 
	179,210
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 





225






	
																															
	Refi Closing — Units
	 
	 
	9
	

	 
	 
	 
	32
	

	 
	 
	 
	17
	

	 
	 
	 
	9
	

	 
	 
	 
	(23
	

	)
	 
	 
	—
	

	 

	Refi Closing — Dollars
	 
	$
	1,852
	

	 
	 
	$
	6,200
	

	 
	 
	$
	4,480
	

	 
	 
	$
	1,852
	

	 
	 
	$
	(4,348
	

	)
	 
	$
	—
	

	 

	Average Loan Amount
	 
	 
	205,828
	

	 
	 
	 
	195,000
	

	 
	 
	 
	263,529
	

	 
	 
	 
	205,828
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	$
	1,985
	

	 
	 
	 
	 
	 
	 
	$
	960
	

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	12.9
	

	%
	 
	 
	20.0
	

	%
	 
	 
	37.3
	

	%
	 
	 
	12.9
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	6.4
	

	%
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	13.8
	

	%
	 
	 
	 
	 
	 
	 
	8.0
	

	%
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	1.39
	

	%
	 
	 
	1.30
	

	%
	 
	 
	1.30
	

	%
	 
	 
	1.30
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	22
	

	 
	 
	 
	168
	

	 
	 
	 
	128
	

	 
	 
	 
	157
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	29.46
	

	%
	 
	 
	52.50
	

	%
	 
	 
	52.50
	

	%
	 
	 
	52.50
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	-0.28
	

	%
	 
	 
	0.55
	

	%
	 
	 
	0.64
	

	%
	 
	 
	0.55
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	1.37
	

	%
	 
	 
	2.11
	

	%
	 
	 
	2.26
	

	%
	 
	 
	2.11
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	0.96
	

	%
	 
	 
	1.43
	

	%
	 
	 
	1.57
	

	%
	 
	 
	1.43
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	$
	2,498
	

	 
	 
	 
	4,117
	

	 
	 
	$
	4,230
	

	 
	 
	$
	3,847
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	$
	1,870
	

	 
	 
	$
	818
	

	 
	 
	$
	3,977
	

	 
	 
	$
	1,433
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	1.03
	

	%
	 
	 
	0.42
	

	%
	 
	 
	2.12
	

	%
	 
	 
	0.79
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	Loans over 60 days
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	Summary Headcount
	 
	 
	26
	

	 
	 
	 
	29
	

	 
	 
	 
	26
	

	 
	 
	 
	29
	

	 
	 
	 
	(3
	

	)
	 
	 
	(3
	

	)

	 
	 
	 
	 
	 
	 
	 

	PROFIT & LOSS REVIEW
	 
	Dec-04
	 
	 
	BUDGET
	 
	 
	FORECAST
	 
	 
	BUDGET VOLUME 
ACTUALS
	 
	 
	BUDGET 
VARIANCE
	 
	 
	BUDGET PRODUCTIVITY 
VARIANCE
	 

	Revenue
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	200,410
	

	 
	 
	 
	403,000
	

	 
	 
	 
	156,000
	

	 
	 
	 
	187,163
	

	 
	 
	 
	(202,590
	

	)
	 
	 
	13,247
	

	 

	*CONFIDENTIAL
	 
	 
	24,341
	

	 
	 
	 
	31,795
	

	 
	 
	 
	19,200
	

	 
	 
	 
	14,766
	

	 
	 
	 
	(7,454
	

	)
	 
	 
	9,574
	

	 

	*CONFIDENTIAL
	 
	 
	1,712
	

	 
	 
	 
	26,692
	

	 
	 
	 
	8,160
	

	 
	 
	 
	12,396
	

	 
	 
	 
	(24,980
	

	)
	 
	 
	(10,685
	

	)

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	7,999
	

	 
	 
	 
	23,210
	

	 
	 
	 
	10,880
	

	 
	 
	 
	10,779
	

	 
	 
	 
	(15,211
	

	)
	 
	 
	(2,780
	

	)

	*CONFIDENTIAL
	 
	 
	(37,156
	

	)
	 
	 
	169,725
	

	 
	 
	 
	76,500
	

	 
	 
	 
	78,824
	

	 
	 
	 
	(206,881
	

	)
	 
	 
	(115,980
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Gross Revenue
	 
	 
	197,306
	

	 
	 
	 
	654,422
	

	 
	 
	 
	270,740
	

	 
	 
	 
	303,929
	

	 
	 
	 
	(457,116
	

	)
	 
	 
	(106,624
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Commissions
	 
	 
	59,046
	

	 
	 
	 
	211,575
	

	 
	 
	 
	81,900
	

	 
	 
	 
	98,261
	

	 
	 
	 
	(152,529
	

	)
	 
	 
	(39,215
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Net Revenue
	 
	 
	138,260
	

	 
	 
	 
	442,847
	

	 
	 
	 
	188,840
	

	 
	 
	 
	205,669
	

	 
	 
	 
	(304,587
	

	)
	 
	 
	(57,409
	

	)





226






	
																															
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Indirect Costs
	 
	 
	45,426
	

	 
	 
	 
	43,354
	

	 
	 
	 
	47,861
	

	 
	 
	 
	43,354
	

	 
	 
	 
	2,072
	

	 
	 
	 
	2,072
	

	 

	*CONFIDENTIAL
	 
	 
	1,638
	

	 
	 
	 
	2,000
	

	 
	 
	 
	2,000
	

	 
	 
	 
	2,000
	

	 
	 
	 
	(362
	

	)
	 
	 
	(362
	

	)

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	6,894
	

	 
	 
	 
	23,429
	

	 
	 
	 
	9,180
	

	 
	 
	 
	10,881
	

	 
	 
	 
	(15,535
	

	)
	 
	 
	(3,987
	

	)

	*CONFIDENTIAL
	 
	 
	12,739
	

	 
	 
	 
	14,000
	

	 
	 
	 
	21,069
	

	 
	 
	 
	14,000
	

	 
	 
	 
	(1,261
	

	)
	 
	 
	(1,261
	

	)

	*CONFIDENTIAL
	 
	 
	11,651
	

	 
	 
	 
	22,269
	

	 
	 
	 
	12,505
	

	 
	 
	 
	22,269
	

	 
	 
	 
	(10,618
	

	)
	 
	 
	(10,618
	

	)

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	244
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	244
	

	 
	 
	 
	244
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	78,591
	

	 
	 
	 
	105,052
	

	 
	 
	 
	92,614
	

	 
	 
	 
	92,504
	

	 
	 
	 
	(26,461
	

	)
	 
	 
	(13,913
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	13,665
	

	 
	 
	 
	14,500
	

	 
	 
	 
	12,500
	

	 
	 
	 
	14,500
	

	 
	 
	 
	(835
	

	)
	 
	 
	(835
	

	)

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	13,665
	

	 
	 
	 
	14,500
	

	 
	 
	 
	12,500
	

	 
	 
	 
	14,500
	

	 
	 
	 
	(835
	

	)
	 
	 
	(835
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	350
	

	 
	 
	 
	250
	

	 
	 
	 
	250
	

	 
	 
	 
	250
	

	 
	 
	 
	100
	

	 
	 
	 
	100
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	2,175
	

	 
	 
	 
	3,482
	

	 
	 
	 
	2,175
	

	 
	 
	 
	(2,175
	

	)
	 
	 
	(2,175
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	350
	

	 
	 
	 
	2,425
	

	 
	 
	 
	3,732
	

	 
	 
	 
	2,425
	

	 
	 
	 
	(2,075
	

	)
	 
	 
	(2,075
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	5,969
	

	 
	 
	 
	—
	

	 
	 
	 
	2,000
	

	 
	 
	 
	—
	

	 
	 
	 
	5,969
	

	 
	 
	 
	5,969
	

	 

	*CONFIDENTIAL
	 
	 
	5,981
	

	 
	 
	 
	—
	

	 
	 
	 
	6,000
	

	 
	 
	 
	—
	

	 
	 
	 
	5,981
	

	 
	 
	 
	5,981
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	11,951
	

	 
	 
	 
	 
	 
	 
	 
	8,000
	

	 
	 
	 
	 
	 
	 
	 
	11,951
	

	 
	 
	 
	11,951
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	1,994
	

	 
	 
	 
	7,949
	

	 
	 
	 
	3,200
	

	 
	 
	 
	3,692
	

	 
	 
	 
	(5,955
	

	)
	 
	 
	(1,698
	

	)

	*CONFIDENTIAL
	 
	 
	1,237
	

	 
	 
	 
	—
	

	 
	 
	 
	1,216
	

	 
	 
	 
	—
	

	 
	 
	 
	1,237
	

	 
	 
	 
	1,237
	

	 

	*CONFIDENTIAL
	 
	 
	683
	

	 
	 
	 
	—
	

	 
	 
	 
	320
	

	 
	 
	 
	—
	

	 
	 
	 
	683
	

	 
	 
	 
	683
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	3,914
	

	 
	 
	 
	7,949
	

	 
	 
	 
	4,736
	

	 
	 
	 
	3,692
	

	 
	 
	 
	(4,034
	

	)
	 
	 
	223
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	12,020
	

	 
	 
	 
	—
	

	 
	 
	 
	1,920
	

	 
	 
	 
	—
	

	 
	 
	 
	12,020
	

	 
	 
	 
	12,020
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 





227






	
																															
	*CONFIDENTIAL
	 
	 
	12,020
	

	 
	 
	 
	—
	

	 
	 
	 
	1,920
	

	 
	 
	 
	—
	

	 
	 
	 
	12,020
	

	 
	 
	 
	12,020
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	1,718
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	1,718
	

	 
	 
	 
	1,718
	

	 

	*CONFIDENTIAL
	 
	 
	19,850
	

	 
	 
	 
	—
	

	 
	 
	 
	15,800
	

	 
	 
	 
	—
	

	 
	 
	 
	19,850
	

	 
	 
	 
	19,850
	

	 

	*CONFIDENTIAL
	 
	 
	3,562
	

	 
	 
	 
	—
	

	 
	 
	 
	4,061
	

	 
	 
	 
	—
	

	 
	 
	 
	3,562
	

	 
	 
	 
	3,582
	

	 

	*CONFIDENTIAL
	 
	 
	658
	

	 
	 
	 
	100
	

	 
	 
	 
	750
	

	 
	 
	 
	100
	

	 
	 
	 
	558
	

	 
	 
	 
	558
	

	 

	*CONFIDENTIAL
	 
	 
	1,432
	

	 
	 
	 
	—
	

	 
	 
	 
	12,000
	

	 
	 
	 
	—
	

	 
	 
	 
	1,432
	

	 
	 
	 
	1,432
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	27,221
	

	 
	 
	 
	100
	

	 
	 
	 
	32,411
	

	 
	 
	 
	100
	

	 
	 
	 
	27,121
	

	 
	 
	 
	27,121
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	98,539
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	9
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	9
	

	 
	 
	 
	9
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	9
	

	 
	 
	 
	—
	

	 
	 
	 
	98,539
	

	 
	 
	 
	—
	

	 
	 
	 
	9
	

	 
	 
	 
	9
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	100
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	100
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Expenses
	 
	 
	147,721
	

	 
	 
	 
	130,026
	

	 
	 
	 
	254,552
	

	 
	 
	 
	113,321
	

	 
	 
	 
	17,695
	

	 
	 
	 
	34,500
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Other Corporate Allocations
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Controllable Expenses
	 
	 
	147,721
	

	 
	 
	 
	130,026
	

	 
	 
	 
	254,552
	

	 
	 
	 
	113,321
	

	 
	 
	 
	17,695
	

	 
	 
	 
	34,500
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	EBITDA before Executive Expenses
	 
	 
	(9,460
	

	)
	 
	 
	312,821
	

	 
	 
	 
	(65,712
	

	)
	 
	 
	92,448
	

	 
	 
	 
	(332,282
	

	)
	 
	 
	(101,909
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	EBITDA before Executive Expenses-BPS
	 
	 
	(6.57
	

	)
	 
	 
	217.28
	

	 
	 
	 
	(45.64
	

	)
	 
	 
	64.21
	

	 
	 
	 
	 
	 
	 
	 
	 
	 




 


	
		
	*
	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.






Confidential Treatment

228






 
	
		
	*
	YTD total only includes actual expenses.




 
	
																																														
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
YTD PROFIT & LOSS REVIEW
	 
	Jan-04
	 
	 
	Feb-04
	 
	 
	Mar-04
	 
	 
	Apr-04
	 
	 
	May-04
	 
	 
	Jun-04
	 
	 
	Jul-04
	 
	 
	Aug-04
	 
	 
	Sep-04
	 

	Revenue/Key Drivers
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Application Units
	 
	 
	59
	

	 
	 
	 
	75
	

	 
	 
	 
	103
	

	 
	 
	 
	90
	

	 
	 
	 
	90
	

	 
	 
	 
	118
	

	 
	 
	 
	112
	

	 
	 
	 
	121
	

	 
	 
	 
	98
	

	 

	Total Application Dollars
	 
	$
	10,016
	

	 
	 
	$
	12,296
	

	 
	 
	$
	17,246
	

	 
	 
	$
	13,288
	

	 
	 
	$
	14,464
	

	 
	 
	$
	19,328
	

	 
	 
	$
	181,168
	

	 
	 
	$
	19,436
	

	 
	 
	$
	14,706
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Closing Units
	 
	 
	32
	

	 
	 
	 
	43
	

	 
	 
	 
	77
	

	 
	 
	 
	92
	

	 
	 
	 
	83
	

	 
	 
	 
	93
	

	 
	 
	 
	87
	

	 
	 
	 
	93
	

	 
	 
	 
	72
	

	 

	Total Closing Dollars
	 
	$
	5,432
	

	 
	 
	$
	6,746
	

	 
	 
	$
	11,770
	

	 
	 
	$
	16,449
	

	 
	 
	$
	13,151
	

	 
	 
	$
	13,923
	

	 
	 
	$
	14,462
	

	 
	 
	$
	15,023
	

	 
	 
	$
	10,774
	

	 

	Average Loan Amount
	 
	 
	169,761
	

	 
	 
	 
	156,880
	

	 
	 
	 
	162,854
	

	 
	 
	 
	178,799
	

	 
	 
	 
	158,443
	

	 
	 
	 
	149,709
	

	 
	 
	 
	166,235
	

	 
	 
	 
	161,534
	

	 
	 
	 
	149,634
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Purchase Closing Units
	 
	 
	22
	

	 
	 
	 
	38
	

	 
	 
	 
	71
	

	 
	 
	 
	81
	

	 
	 
	 
	73
	

	 
	 
	 
	83
	

	 
	 
	 
	75
	

	 
	 
	 
	88
	

	 
	 
	 
	68
	

	 

	Purchase Closing Dollars
	 
	$
	3,686
	

	 
	 
	$
	5,493
	

	 
	 
	$
	10,934
	

	 
	 
	$
	14,356
	

	 
	 
	$
	10,471
	

	 
	 
	$
	12,351
	

	 
	 
	$
	11,601
	

	 
	 
	$
	14,077
	

	 
	 
	$
	10,153
	

	 

	Average Loan Amount
	 
	 
	167,533
	

	 
	 
	 
	144,562
	

	 
	 
	 
	153,996
	

	 
	 
	 
	177,233
	

	 
	 
	 
	143,439
	

	 
	 
	 
	148,805
	

	 
	 
	 
	157,347
	

	 
	 
	 
	159,965
	

	 
	 
	 
	149,310
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Refi Closings - Units
	 
	 
	10
	

	 
	 
	 
	5
	

	 
	 
	 
	6
	

	 
	 
	 
	11
	

	 
	 
	 
	10
	

	 
	 
	 
	10
	

	 
	 
	 
	12
	

	 
	 
	 
	5
	

	 
	 
	 
	4
	

	 

	Refe Closings - Dollars
	 
	$
	1,747
	

	 
	 
	$
	1,253
	

	 
	 
	$
	836
	

	 
	 
	$
	2,094
	

	 
	 
	$
	2,680
	

	 
	 
	$
	1,572
	

	 
	 
	$
	2,861
	

	 
	 
	$
	946
	

	 
	 
	$
	621
	

	 

	Average Loan Amount
	 
	 
	174,685
	

	 
	 
	 
	250,500
	

	 
	 
	 
	139,340
	

	 
	 
	 
	190,327
	

	 
	 
	 
	267,970
	

	 
	 
	 
	157,215
	

	 
	 
	 
	221,783
	

	 
	 
	 
	189,150
	

	 
	 
	 
	155,150
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	$
	—
	

	 
	 
	$
	—
	

	 
	 
	$
	—
	

	 
	 
	$
	2,468
	

	 
	 
	$
	1,916
	

	 
	 
	$
	1,960
	

	 
	 
	$
	644
	

	 
	 
	$
	151
	

	 
	 
	$
	732
	

	 

	*CONFIDENTIAL
	 
	 
	32.2
	

	%
	 
	 
	16.6
	

	%
	 
	 
	7.1
	

	%
	 
	 
	12.7
	

	%
	 
	 
	20.4
	

	%
	 
	 
	11.3
	

	%
	 
	 
	1X.4
	

	%
	 
	 
	6.3
	

	%
	 
	 
	5.8
	

	%

	*CONFIDENTIAL
	 
	 
	3.3
	

	%
	 
	 
	5.2
	

	%
	 
	 
	5.8
	

	%
	 
	 
	5.9
	

	%
	 
	 
	6.0
	

	%
	 
	 
	5.5
	

	%
	 
	 
	5.4
	

	%
	 
	 
	5.5
	

	%
	 
	 
	4.2
	

	%

	*CONFIDENTIAL
	 
	 
	0.0
	

	%
	 
	 
	0.0
	

	%
	 
	 
	0.0
	

	%
	 
	 
	15.0
	

	%
	 
	 
	14.6
	

	%
	 
	 
	14.1
	

	%
	 
	 
	4.5
	

	%
	 
	 
	1.0
	

	%
	 
	 
	6.8
	

	%

	*CONFIDENTIAL
	 
	 
	1.36
	

	%
	 
	 
	1.52
	

	%
	 
	 
	1.60
	

	%
	 
	 
	1.29
	

	%
	 
	 
	1.1X
	

	%
	 
	 
	1.21
	

	%
	 
	 
	1.36
	

	%
	 
	 
	1.51
	

	%
	 
	 
	1.40
	

	%

	*CONFIDENTIAL
	 
	 
	96
	

	 
	 
	 
	128
	

	 
	 
	 
	106
	

	 
	 
	 
	48
	

	 
	 
	 
	119
	

	 
	 
	 
	30
	

	 
	 
	 
	(136
	

	)
	 
	 
	63
	

	 
	 
	 
	(27
	

	)

	*CONFIDENTIAL
	 
	 
	65.10
	

	%
	 
	 
	34.91
	

	%
	 
	 
	46.72
	

	%
	 
	 
	49.03
	

	%
	 
	 
	48.32
	

	%
	 
	 
	45.57
	

	%
	 
	 
	52.91
	

	%
	 
	 
	42.79
	

	%
	 
	 
	46.72
	

	%

	*CONFIDENTIAL
	 
	 
	0.54
	

	%
	 
	 
	0.78
	

	%
	 
	 
	0.68
	

	%
	 
	 
	0.72
	

	%
	 
	 
	0.80
	

	%
	 
	 
	0.99
	

	%
	 
	 
	0.57
	

	%
	 
	 
	0.64
	

	%
	 
	 
	1.01
	

	%

	*CONFIDENTIAL
	 
	 
	2.07
	

	%
	 
	 
	2.48
	

	%
	 
	 
	2.52
	

	%
	 
	 
	2.45
	

	%
	 
	 
	2.37
	

	%
	 
	 
	2.53
	

	%
	 
	 
	2.22
	

	%
	 
	 
	2.49
	

	%
	 
	 
	2.75
	

	%

	*CONFIDENTIAL
	 
	 
	1.19
	

	%
	 
	 
	1.95
	

	%
	 
	 
	1.78
	

	%
	 
	 
	1.82
	

	%
	 
	 
	1.80
	

	%
	 
	 
	1.98
	

	%
	 
	 
	1.50
	

	%
	 
	 
	1.84
	

	%
	 
	 
	2.10
	

	%

	*CONFIDENTIAL
	 
	$
	3,516
	

	 
	 
	$
	3,896
	

	 
	 
	$
	3,855
	

	 
	 
	$
	4,384
	

	 
	 
	$
	3,755
	

	 
	 
	$
	3,791
	

	 
	 
	$
	3,692
	

	 
	 
	$
	4,016
	

	 
	 
	$
	4,120
	

	 

	*CONFIDENTIAL
	 
	$
	4,330
	

	 
	 
	$
	2,246
	

	 
	 
	$
	1,847
	

	 
	 
	$
	1,684
	

	 
	 
	$
	972
	

	 
	 
	$
	1,796
	

	 
	 
	$
	1,778
	

	 
	 
	$
	1,549
	

	 
	 
	$
	1,570
	

	 

	*CONFIDENTIAL
	 
	 
	2.55
	

	%
	 
	 
	1.43
	

	%
	 
	 
	1.21
	

	%
	 
	 
	0.94
	

	%
	 
	 
	0.61
	

	%
	 
	 
	1.20
	

	%
	 
	 
	1.07
	

	%
	 
	 
	0.96
	

	%
	 
	 
	1.25
	

	%

	Loans over 60 days
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 

	Summary Headcount
	 
	 
	21
	

	 
	 
	 
	21
	

	 
	 
	 
	22
	

	 
	 
	 
	21
	

	 
	 
	 
	22
	

	 
	 
	 
	24
	

	 
	 
	 
	24
	

	 
	 
	 
	22
	

	 
	 
	 
	24
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	YTD PROFIT & LOSS REVIEW
	 
	Jan-04
	 
	 
	Feb-04
	 
	 
	Mar-04
	 
	 
	Apr-04
	 
	 
	May-04
	 
	 
	Jun-04
	 
	 
	Jul-04
	 
	 
	Aug-04
	 
	 
	Sep-04
	 

	Revenue
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	73,851
	

	 
	 
	 
	102,505
	

	 
	 
	 
	188,013
	

	 
	 
	 
	212,756
	

	 
	 
	 
	155,398
	

	 
	 
	 
	169,101
	

	 
	 
	 
	197,134
	

	 
	 
	 
	226,438
	

	 
	 
	 
	150,585
	

	 

	*CONFIDENTIAL
	 
	 
	11,230
	

	 
	 
	 
	14,595
	

	 
	 
	 
	27,339
	

	 
	 
	 
	30,050
	

	 
	 
	 
	29,715
	

	 
	 
	 
	32,023
	

	 
	 
	 
	26,913
	

	 
	 
	 
	30,575
	

	 
	 
	 
	24,254
	

	 

	*CONFIDENTIAL
	 
	 
	3,069
	

	 
	 
	 
	5,499
	

	 
	 
	 
	8,124
	

	 
	 
	 
	4,235
	

	 
	 
	 
	9,906
	

	 
	 
	 
	2,779
	

	 
	 
	 
	(11,856
	

	)
	 
	 
	7,70X
	

	 
	 
	 
	(1,940
	

	)

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	(633
	

	)
	 
	 
	(1,892
	

	)
	 
	 
	(1,663
	

	)
	 
	 
	(1,848
	

	)
	 
	 
	(1,740
	

	)
	 
	 
	(2,381
	

	)
	 
	 
	(1,329
	

	)
	 
	 
	(2,004
	

	)





229






	
																																														
	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	16,472
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	(4,832
	

	)
	 
	 
	(6,630
	

	)
	 
	 
	(5,278
	

	)
	 
	 
	40,225
	

	 
	 
	 
	13,730
	

	 
	 
	 
	12,054
	

	 
	 
	 
	12,656
	

	 
	 
	 
	14,085
	

	 
	 
	 
	17,080
	

	 

	*CONFIDENTIAL
	 
	 
	29,270
	

	 
	 
	 
	52,295
	

	 
	 
	 
	80,159
	

	 
	 
	 
	117,707
	

	 
	 
	 
	104,727
	

	 
	 
	 
	138,310
	

	 
	 
	 
	82,263
	

	 
	 
	 
	96,054
	

	 
	 
	 
	10X,720
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Gross Revenue
	 
	 
	112,588
	

	 
	 
	 
	187,631
	

	 
	 
	 
	296,825
	

	 
	 
	 
	403,310
	

	 
	 
	 
	311,62X
	

	 
	 
	 
	352,527
	

	 
	 
	 
	321,202
	

	 
	 
	 
	373,530
	

	 
	 
	 
	296,676
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Commissions
	 
	 
	48,079
	

	 
	 
	 
	35,786
	

	 
	 
	 
	87,840
	

	 
	 
	 
	104,315
	

	 
	 
	 
	75,095
	

	 
	 
	 
	77,062
	

	 
	 
	 
	104,304
	

	 
	 
	 
	96,891
	

	 
	 
	 
	70,344
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Net Revenue
	 
	 
	64,509
	

	 
	 
	 
	131,845
	

	 
	 
	 
	208,X85
	

	 
	 
	 
	29X,99X
	

	 
	 
	 
	236,533
	

	 
	 
	 
	275,465
	

	 
	 
	 
	216,898
	

	 
	 
	 
	278,640
	

	 
	 
	 
	226,332
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Indirect Costs
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	49,393
	

	 
	 
	 
	12,262
	

	 
	 
	 
	32,840
	

	 
	 
	 
	26,629
	

	 
	 
	 
	43,241
	

	 
	 
	 
	48,021
	

	 
	 
	 
	40,441
	

	 
	 
	 
	37,002
	

	 
	 
	 
	39,468
	

	 

	*CONFIDENTIAL
	 
	 
	931
	

	 
	 
	 
	6,522
	

	 
	 
	 
	5,189
	

	 
	 
	 
	2,271
	

	 
	 
	 
	4,467
	

	 
	 
	 
	1,902
	

	 
	 
	 
	6,804
	

	 
	 
	 
	7,235
	

	 
	 
	 
	5,241
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	7,640
	

	 
	 
	 
	(325
	

	)
	 
	 
	—
	

	 
	 
	 
	1,080
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	7,402
	

	 
	 
	 
	2,792
	

	 
	 
	 
	9,707
	

	 
	 
	 
	11,966
	

	 
	 
	 
	11,015
	

	 
	 
	 
	12,267
	

	 
	 
	 
	11,814
	

	 
	 
	 
	9,403
	

	 
	 
	 
	8,691
	

	 

	*CONFIDENTIAL
	 
	 
	17,269
	

	 
	 
	 
	16,364
	

	 
	 
	 
	19,034
	

	 
	 
	 
	10,938
	

	 
	 
	 
	X,866
	

	 
	 
	 
	13,593
	

	 
	 
	 
	14,683
	

	 
	 
	 
	13,122
	

	 
	 
	 
	11,944
	

	 

	*CONFIDENTIAL
	 
	 
	10,636
	

	 
	 
	 
	5,61X
	

	 
	 
	 
	13,903
	

	 
	 
	 
	13,779
	

	 
	 
	 
	13,860
	

	 
	 
	 
	12,960
	

	 
	 
	 
	14,326
	

	 
	 
	 
	12,915
	

	 
	 
	 
	10,072
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	163
	

	 
	 
	 
	208
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	1,189
	

	 
	 
	 
	7,500
	

	 
	 
	 
	469
	

	 
	 
	 
	844
	

	 
	 
	 
	—
	

	 
	 
	 
	560
	

	 
	 
	 
	111
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	58
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	85,631
	

	 
	 
	 
	43,720
	

	 
	 
	 
	82,070
	

	 
	 
	 
	80,724
	

	 
	 
	 
	81,593
	

	 
	 
	 
	89,64X
	

	 
	 
	 
	89,149
	

	 
	 
	 
	80,236
	

	 
	 
	 
	75,527
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	20,635
	

	 
	 
	 
	20,665
	

	 
	 
	 
	12,665
	

	 
	 
	 
	12,665
	

	 
	 
	 
	13,165
	

	 
	 
	 
	12,165
	

	 
	 
	 
	13,665
	

	 
	 
	 
	13,165
	

	 
	 
	 
	12,665
	

	 

	*CONFIDENTIAL
	 
	 
	1,736
	

	 
	 
	 
	2,700
	

	 
	 
	 
	5,024
	

	 
	 
	 
	5,838
	

	 
	 
	 
	4,671
	

	 
	 
	 
	6,401
	

	 
	 
	 
	4,801
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	22,371
	

	 
	 
	 
	23,365
	

	 
	 
	 
	17,689
	

	 
	 
	 
	18,603
	

	 
	 
	 
	17,836
	

	 
	 
	 
	18,588
	

	 
	 
	 
	18,466
	

	 
	 
	 
	13,165
	

	 
	 
	 
	12,665
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	930
	

	 
	 
	 
	38
	

	 
	 
	 
	1,607
	

	 
	 
	 
	(175
	

	)
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	2,475
	

	 
	 
	 
	151
	

	 
	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	930
	

	 
	 
	 
	38
	

	 
	 
	 
	4,082
	

	 
	 
	 
	(26
	

	)
	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	1,000
	

	 
	 
	 
	172
	

	 
	 
	 
	1,444
	

	 
	 
	 
	905
	

	 
	 
	 
	1,037
	

	 
	 
	 
	2,930
	

	 
	 
	 
	3,593
	

	 
	 
	 
	2,513
	

	 
	 
	 
	1,831
	

	 

	*CONFIDENTIAL
	 
	 
	6,152
	

	 
	 
	 
	6,245
	

	 
	 
	 
	4,636
	

	 
	 
	 
	6,524
	

	 
	 
	 
	4,203
	

	 
	 
	 
	8,489
	

	 
	 
	 
	6,394
	

	 
	 
	 
	6,716
	

	 
	 
	 
	3,817
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	7,152
	

	 
	 
	 
	6,417
	

	 
	 
	 
	6,080
	

	 
	 
	 
	7,429
	

	 
	 
	 
	5,241
	

	 
	 
	 
	11,419
	

	 
	 
	 
	9,986
	

	 
	 
	 
	9,229
	

	 
	 
	 
	5,546
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	2,028
	

	 
	 
	 
	1,835
	

	 
	 
	 
	2,572
	

	 
	 
	 
	3,725
	

	 
	 
	 
	2,687
	

	 
	 
	 
	2,637
	

	 
	 
	 
	3,086
	

	 
	 
	 
	3,320
	

	 
	 
	 
	3,368
	

	 

	*CONFIDENTIAL
	 
	 
	460
	

	 
	 
	 
	504
	

	 
	 
	 
	1,114
	

	 
	 
	 
	1,725
	

	 
	 
	 
	2,744
	

	 
	 
	 
	1,479
	

	 
	 
	 
	1,419
	

	 
	 
	 
	1,693
	

	 
	 
	 
	1,158
	

	 

	*CONFIDENTIAL
	 
	 
	498
	

	 
	 
	 
	543
	

	 
	 
	 
	200
	

	 
	 
	 
	708
	

	 
	 
	 
	37
	

	 
	 
	 
	(434
	

	)
	 
	 
	719
	

	 
	 
	 
	282
	

	 
	 
	 
	420
	

	 





230






	
																																														
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	2,965
	

	 
	 
	 
	2,582
	

	 
	 
	 
	3,886
	

	 
	 
	 
	6,158
	

	 
	 
	 
	5,X67
	

	 
	 
	 
	3,882
	

	 
	 
	 
	5,224
	

	 
	 
	 
	5,296
	

	 
	 
	 
	4,944
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	6,144
	

	 
	 
	 
	3,475
	

	 
	 
	 
	3,648
	

	 
	 
	 
	8,744
	

	 
	 
	 
	4,188
	

	 
	 
	 
	5,905
	

	 
	 
	 
	3,803
	

	 
	 
	 
	3,676
	

	 
	 
	 
	5,852
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	6,144
	

	 
	 
	 
	3,475
	

	 
	 
	 
	3,648
	

	 
	 
	 
	8,744
	

	 
	 
	 
	4,188
	

	 
	 
	 
	5,905
	

	 
	 
	 
	3,803
	

	 
	 
	 
	3,676
	

	 
	 
	 
	5,852
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	876
	

	 
	 
	 
	876
	

	 
	 
	 
	1,142
	

	 
	 
	 
	1,090
	

	 
	 
	 
	1,544
	

	 
	 
	 
	1,886
	

	 
	 
	 
	1,X89
	

	 
	 
	 
	1,910
	

	 
	 
	 
	3,012
	

	 

	*CONFIDENTIAL
	 
	 
	12,240
	

	 
	 
	 
	14,900
	

	 
	 
	 
	24,900
	

	 
	 
	 
	31,150
	

	 
	 
	 
	(38,350
	

	)
	 
	 
	33,124
	

	 
	 
	 
	19,971
	

	 
	 
	 
	22,800
	

	 
	 
	 
	18,743
	

	 

	*CONFIDENTIAL
	 
	 
	210
	

	 
	 
	 
	21
	

	 
	 
	 
	165
	

	 
	 
	 
	27
	

	 
	 
	 
	275
	

	 
	 
	 
	(230
	

	)
	 
	 
	(20
	

	)
	 
	 
	6,734
	

	 
	 
	 
	5,994
	

	 

	*CONFIDENTIAL
	 
	 
	250
	

	 
	 
	 
	—
	

	 
	 
	 
	514
	

	 
	 
	 
	250
	

	 
	 
	 
	—
	

	 
	 
	 
	925
	

	 
	 
	 
	750
	

	 
	 
	 
	—
	

	 
	 
	 
	400
	

	 

	*CONFIDENTIAL
	 
	 
	579
	

	 
	 
	 
	958
	

	 
	 
	 
	736
	

	 
	 
	 
	1,241
	

	 
	 
	 
	804
	

	 
	 
	 
	1,722
	

	 
	 
	 
	1,097
	

	 
	 
	 
	1,039
	

	 
	 
	 
	1,641
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	14,155
	

	 
	 
	 
	16,756
	

	 
	 
	 
	27,458
	

	 
	 
	 
	33,758
	

	 
	 
	 
	35,728
	

	 
	 
	 
	37,429
	

	 
	 
	 
	23,687
	

	 
	 
	 
	32,283
	

	 
	 
	 
	29,7XX
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	63
	

	 
	 
	 
	23
	

	 
	 
	 
	100
	

	 
	 
	 
	(100
	

	)
	 
	 
	—
	

	 
	 
	 
	4
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	75
	

	 
	 
	 
	(40
	

	)
	 
	 
	1,266
	

	 
	 
	 
	(274
	

	)
	 
	 
	612
	

	 
	 
	 
	(115
	

	)
	 
	 
	115
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	300
	

	 
	 
	 
	161
	

	 
	 
	 
	152
	

	 
	 
	 
	174
	

	 
	 
	 
	195
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	138
	

	 
	 
	 
	(17
	

	)
	 
	 
	1,366
	

	 
	 
	 
	(374
	

	)
	 
	 
	912
	

	 
	 
	 
	50
	

	 
	 
	 
	267
	

	 
	 
	 
	174
	

	 
	 
	 
	195
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	75
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	75
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Expenses
	 
	 
	138,576
	

	 
	 
	 
	96,596
	

	 
	 
	 
	142,198
	

	 
	 
	 
	154,941
	

	 
	 
	 
	80,640
	

	 
	 
	 
	167,010
	

	 
	 
	 
	154,664
	

	 
	 
	 
	144,036
	

	 
	 
	 
	134,620
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Other Corporate Allocations
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Controllable Expenses
	 
	 
	138,576
	

	 
	 
	 
	96,596
	

	 
	 
	 
	142,198
	

	 
	 
	 
	154,941
	

	 
	 
	 
	80,640
	

	 
	 
	 
	167,010
	

	 
	 
	 
	154,664
	

	 
	 
	 
	144,036
	

	 
	 
	 
	134,620
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	EBITDA before Executive Expenses
	 
	 
	(74,067
	

	)
	 
	 
	35,249
	

	 
	 
	 
	66,787
	

	 
	 
	 
	144,054
	

	 
	 
	 
	155,894
	

	 
	 
	 
	108,455
	

	 
	 
	 
	62,235
	

	 
	 
	 
	132,604
	

	 
	 
	 
	91,712
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	EBITDA before Executive Expenses-BPS
	 
	 
	(136.34
	

	)
	 
	 
	52.25
	

	 
	 
	 
	56.74
	

	 
	 
	 
	87.57
	

	 
	 
	 
	118.54
	

	 
	 
	 
	77.90
	

	 
	 
	 
	43.03
	

	 
	 
	 
	88.27
	

	 
	 
	 
	85.13
	

	 




 
	
																																									
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	YTD PROFIT & LOSS REVIEW
	 
	Oct-04
	 
	 
	Nov-04
	 
	 
	Dec-04
	 
	 
	YTD*
	 
	 
	BUDGET
	 
	 
	BUDGET 
VOLUME 
ACTUALS
	 
	 
	BUDGET 
VARIANCE
	 
	 
	BUDGET 
PRODUCTIVITY
	 

	Revenue/Key Drivers
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Application Units
	 
	 
	75
	

	 
	 
	 
	94
	

	 
	 
	 
	85
	

	 
	 
	 
	1,120
	

	 
	 
	 
	1,861
	

	 
	 
	 
	1,120
	

	 
	 
	 
	(741
	

	)
	 
	 
	—
	

	 

	Total Application Dollars
	 
	$
	13,139
	

	 
	 
	$
	15,092
	

	 
	 
	$
	14,106
	

	 
	 
	$
	181,285
	

	 
	 
	$
	362,875
	

	 
	 
	$
	181,285
	

	 
	 
	$
	(181,590
	

	)
	 
	$
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 





231






	
																																									
	Total Closing Units
	 
	 
	70
	

	 
	 
	 
	62
	

	 
	 
	 
	79
	

	 
	 
	 
	883
	

	 
	 
	 
	1,390
	

	 
	 
	 
	863
	

	 
	 
	 
	(507
	

	)
	 
	 
	—
	

	 

	Total Closing Dollars
	 
	$
	10,785
	

	 
	 
	$
	11,690
	

	 
	 
	$
	14,397
	

	 
	 
	$
	144,602
	

	 
	 
	$
	271,000
	

	 
	 
	$
	144,602
	

	 
	 
	$
	(126,398
	

	)
	 
	$
	—
	

	 

	Average Loan Amount
	 
	 
	154,072
	

	 
	 
	 
	188,548
	

	 
	 
	 
	182,242
	

	 
	 
	 
	163,762
	

	 
	 
	 
	195,000
	

	 
	 
	 
	163,762
	

	 
	 
	 
	(31,238
	

	)
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Purchase Closing Units
	 
	 
	64
	

	 
	 
	 
	59
	

	 
	 
	 
	70
	

	 
	 
	 
	792
	

	 
	 
	 
	1,112
	

	 
	 
	 
	792
	

	 
	 
	 
	(320
	

	)
	 
	 
	—
	

	 

	Purchase Closing Dollars
	 
	$
	9,549
	

	 
	 
	$
	10,985
	

	 
	 
	$
	12,545
	

	 
	 
	$
	126,401
	

	 
	 
	$
	216,800
	

	 
	 
	$
	126,401
	

	 
	 
	$
	(90,399
	

	)
	 
	$
	—
	

	 

	Average Loan Amount
	 
	 
	149,211
	

	 
	 
	 
	186,194
	

	 
	 
	 
	179,210
	

	 
	 
	 
	159,598
	

	 
	 
	 
	195,000
	

	 
	 
	 
	159,598
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Refi Closings - Units
	 
	 
	6
	

	 
	 
	 
	3
	

	 
	 
	 
	9
	

	 
	 
	 
	91
	

	 
	 
	 
	278
	

	 
	 
	 
	91
	

	 
	 
	 
	(187
	

	)
	 
	 
	—
	

	 

	Refe Closings - Dollars
	 
	$
	1,238
	

	 
	 
	$
	705
	

	 
	 
	$
	1,852
	

	 
	 
	$
	18,201
	

	 
	 
	$
	54,200
	

	 
	 
	$
	18,201
	

	 
	 
	$
	(35,999
	

	)
	 
	$
	—
	

	 

	Average Loan Amount
	 
	 
	205,931
	

	 
	 
	 
	234,833
	

	 
	 
	 
	205,828
	

	 
	 
	 
	200,010
	

	 
	 
	 
	195,000
	

	 
	 
	 
	200,010
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	$
	1,423
	

	 
	 
	$
	976
	

	 
	 
	$
	1,985
	

	 
	 
	$
	12,255
	

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	11.5
	

	%
	 
	 
	6.0
	

	%
	 
	 
	12.9
	

	%
	 
	 
	12.6
	

	%
	 
	 
	20.0
	

	%
	 
	 
	12.6
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	5.3
	

	%
	 
	 
	5.4
	

	%
	 
	 
	6.4
	

	%
	 
	 
	5.4
	

	%
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	13.2
	

	%
	 
	 
	8.3
	

	%
	 
	 
	13.8
	

	%
	 
	 
	8.5
	

	%
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	1.29
	

	%
	 
	 
	1.49
	

	%
	 
	 
	1.39
	

	%
	 
	 
	1.38
	

	%
	 
	 
	1.29
	

	%
	 
	 
	1.29
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	5
	

	 
	 
	 
	(6
	

	)
	 
	 
	22
	

	 
	 
	 
	33
	

	 
	 
	 
	167
	

	 
	 
	 
	140
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	47.78
	

	%
	 
	 
	49.00
	

	%
	 
	 
	29.46
	

	%
	 
	 
	45.77
	

	%
	 
	 
	52.50
	

	%
	 
	 
	52.50
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	1.01
	

	%
	 
	 
	0.81
	

	%
	 
	 
	-0.26
	

	%
	 
	 
	0.67
	

	%
	 
	 
	0.54
	

	%
	 
	 
	0.54
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	2.59
	

	%
	 
	 
	2.54
	

	%
	 
	 
	1.37
	

	%
	 
	 
	2.36
	

	%
	 
	 
	2.10
	

	%
	 
	 
	2.10
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	1.98
	

	%
	 
	 
	1.81
	

	%
	 
	 
	0.96
	

	%
	 
	 
	1.73
	

	%
	 
	 
	1.42
	

	%
	 
	 
	1.42
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	$
	3,993
	

	 
	 
	$
	4,782
	

	 
	 
	$
	2,498
	

	 
	 
	$
	3,861
	

	 
	 
	$
	4,099
	

	 
	 
	$
	3,442
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	$
	1,954
	

	 
	 
	$
	2,395
	

	 
	 
	$
	1,870
	

	 
	 
	$
	1,884
	

	 
	 
	$
	865
	

	 
	 
	$
	1,216
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	1.27
	

	%
	 
	 
	1.27
	

	%
	 
	 
	1.03
	

	%
	 
	 
	1.14
	

	%
	 
	 
	0.44
	

	%
	 
	 
	0.74
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	—
	

	 
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	24
	

	 
	 
	 
	26
	

	 
	 
	 
	26
	

	 
	 
	 
	26
	

	 
	 
	 
	29
	

	 
	 
	 
	29
	

	 
	 
	 
	—
	

	 
	 
	 
	(3
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	YTD PROFIT & LOSS REVIEW
	 
	Oct-04
	 
	 
	Nov-04
	 
	 
	Dec-04
	 
	 
	YTD*
	 
	 
	BUDGET
	 
	 
	BUDGET 
VOLUME 
ACTUALS
	 
	 
	BUDGET 
VARIANCE
	 
	 
	BUDGET 
PRODUCTIVITY
	 

	Revenue
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	139,048
	

	 
	 
	 
	174,154
	

	 
	 
	 
	200,410
	

	 
	 
	 
	1,989,371
	

	 
	 
	 
	3,507,500
	

	 
	 
	 
	1,871,558
	

	 
	 
	 
	(1,518,129
	

	)
	 
	 
	117,814
	

	 

	*CONFIDENTIAL
	 
	 
	21,470
	

	 
	 
	 
	19,745
	

	 
	 
	 
	24,341
	

	 
	 
	 
	292,250
	

	 
	 
	 
	277,949
	

	 
	 
	 
	148,310
	

	 
	 
	 
	14,302
	

	 
	 
	 
	143,940
	

	 

	*CONFIDENTIAL
	 
	 
	372
	

	 
	 
	 
	(359
	

	)
	 
	 
	1,712
	

	 
	 
	 
	29,248
	

	 
	 
	 
	232,241
	

	 
	 
	 
	123,921
	

	 
	 
	 
	(202,993
	

	)
	 
	 
	(94,673
	

	)

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	(13,488
	

	)
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	(13,488
	

	)
	 
	 
	(13,488
	

	)

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	16,472
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	16,472
	

	 
	 
	 
	16,472
	

	 

	*CONFIDENTIAL
	 
	 
	9,898
	

	 
	 
	 
	8,335
	

	 
	 
	 
	7,999
	

	 
	 
	 
	119,322
	

	 
	 
	 
	201,949
	

	 
	 
	 
	107,757
	

	 
	 
	 
	(82,626
	

	)
	 
	 
	11,565
	

	 

	*CONFIDENTIAL
	 
	 
	108,702
	

	 
	 
	 
	94,606
	

	 
	 
	 
	(37,156
	

	)
	 
	 
	976,018
	

	 
	 
	 
	1,476,750
	

	 
	 
	 
	787,975
	

	 
	 
	 
	(500,732
	

	)
	 
	 
	188,043
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Gross Revenue
	 
	 
	279,49X
	

	 
	 
	 
	295,482
	

	 
	 
	 
	197,305
	

	 
	 
	 
	3,409,194
	

	 
	 
	 
	5,596,388
	

	 
	 
	 
	3,039,521
	

	 
	 
	 
	(2,287,194
	

	)
	 
	 
	369,674
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Commissions
	 
	 
	66,406
	

	 
	 
	 
	85,336
	

	 
	 
	 
	59,046
	

	 
	 
	 
	910,503
	

	 
	 
	 
	1,841,438
	

	 
	 
	 
	982,588
	

	 
	 
	 
	(930,935
	

	)
	 
	 
	(72,065
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Net Revenue
	 
	 
	213,084
	

	 
	 
	 
	211,14X
	

	 
	 
	 
	138,260
	

	 
	 
	 
	2,4X8,692
	

	 
	 
	 
	3,854,951
	

	 
	 
	 
	2,056,953
	

	 
	 
	 
	(1,356,259
	

	)
	 
	 
	441,739
	

	 





232






	
																																									
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Indirect Costs
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	39,345
	

	 
	 
	 
	45,252
	

	 
	 
	 
	45,426
	

	 
	 
	 
	459,321
	

	 
	 
	 
	416,412
	

	 
	 
	 
	416,412
	

	 
	 
	 
	42,909
	

	 
	 
	 
	42,909
	

	 

	*CONFIDENTIAL
	 
	 
	3,194
	

	 
	 
	 
	1,907
	

	 
	 
	 
	1,838
	

	 
	 
	 
	47,303
	

	 
	 
	 
	21,000
	

	 
	 
	 
	21,000
	

	 
	 
	 
	26,303
	

	 
	 
	 
	26,303
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	8,395
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	8,395
	

	 
	 
	 
	8,395
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	7,628
	

	 
	 
	 
	7,506
	

	 
	 
	 
	6,894
	

	 
	 
	 
	107,085
	

	 
	 
	 
	206,363
	

	 
	 
	 
	110,113
	

	 
	 
	 
	(99,278
	

	)
	 
	 
	(3,028
	

	)

	*CONFIDENTIAL
	 
	 
	13,235
	

	 
	 
	 
	16,182
	

	 
	 
	 
	12,739
	

	 
	 
	 
	167,988
	

	 
	 
	 
	129,500
	

	 
	 
	 
	129,500
	

	 
	 
	 
	38,468
	

	 
	 
	 
	38,468
	

	 

	*CONFIDENTIAL
	 
	 
	9,568
	

	 
	 
	 
	11,416
	

	 
	 
	 
	11,651
	

	 
	 
	 
	140,706
	

	 
	 
	 
	197,137
	

	 
	 
	 
	197,137
	

	 
	 
	 
	(56,431
	

	)
	 
	 
	(56,431
	

	)

	*CONFIDENTIAL
	 
	 
	1,610
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	1,981
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	1,981
	

	 
	 
	 
	1,981
	

	 

	*CONFIDENTIAL
	 
	 
	114
	

	 
	 
	 
	5,600
	

	 
	 
	 
	244
	

	 
	 
	 
	16,631
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	16,631
	

	 
	 
	 
	16,631
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	58
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	58
	

	 
	 
	 
	58
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	74,695
	

	 
	 
	 
	87,663
	

	 
	 
	 
	78,591
	

	 
	 
	 
	949,446
	

	 
	 
	 
	970,413
	

	 
	 
	 
	874,162
	

	 
	 
	 
	(20,968
	

	)
	 
	 
	75,284
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	12,665
	

	 
	 
	 
	13,665
	

	 
	 
	 
	13,665
	

	 
	 
	 
	171,450
	

	 
	 
	 
	138,000
	

	 
	 
	 
	138,000
	

	 
	 
	 
	33,450
	

	 
	 
	 
	33,450
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	31,171
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	31,171
	

	 
	 
	 
	31,171
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	71
	

	 
	 
	 
	—
	

	 
	 
	 
	71
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	71
	

	 
	 
	 
	71
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	12,665
	

	 
	 
	 
	13,736
	

	 
	 
	 
	13,665
	

	 
	 
	 
	202,691
	

	 
	 
	 
	138,000
	

	 
	 
	 
	138,000
	

	 
	 
	 
	64,691
	

	 
	 
	 
	64,691
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	566
	

	 
	 
	 
	—
	

	 
	 
	 
	350
	

	 
	 
	 
	3,336
	

	 
	 
	 
	3,000
	

	 
	 
	 
	3,000
	

	 
	 
	 
	336
	

	 
	 
	 
	336
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	2,626
	

	 
	 
	 
	20,700
	

	 
	 
	 
	20,700
	

	 
	 
	 
	(18,075
	

	)
	 
	 
	(18,075
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	586
	

	 
	 
	 
	—
	

	 
	 
	 
	350
	

	 
	 
	 
	5,962
	

	 
	 
	 
	23,700
	

	 
	 
	 
	23,700
	

	 
	 
	 
	(17,738
	

	)
	 
	 
	(17,738
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	2,160
	

	 
	 
	 
	742
	

	 
	 
	 
	5,969
	

	 
	 
	 
	24,295
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	24,295
	

	 
	 
	 
	24,295
	

	 

	*CONFIDENTIAL
	 
	 
	6,269
	

	 
	 
	 
	1,472
	

	 
	 
	 
	5,981
	

	 
	 
	 
	66,898
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	66,898
	

	 
	 
	 
	66,898
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	8,429
	

	 
	 
	 
	2,214
	

	 
	 
	 
	11,951
	

	 
	 
	 
	91,194
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	91,194
	

	 
	 
	 
	91,194
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	2,710
	

	 
	 
	 
	2,354
	

	 
	 
	 
	1,994
	

	 
	 
	 
	32,713
	

	 
	 
	 
	69,487
	

	 
	 
	 
	37,077
	

	 
	 
	 
	(36,774
	

	)
	 
	 
	(4,364
	

	)

	*CONFIDENTIAL
	 
	 
	2,189
	

	 
	 
	 
	3,377
	

	 
	 
	 
	1,237
	

	 
	 
	 
	19,098
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	19,098
	

	 
	 
	 
	19,098
	

	 

	*CONFIDENTIAL
	 
	 
	489
	

	 
	 
	 
	272
	

	 
	 
	 
	683
	

	 
	 
	 
	4,417
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	4,417
	

	 
	 
	 
	4,417
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	5,388
	

	 
	 
	 
	6,003
	

	 
	 
	 
	3,914
	

	 
	 
	 
	56,229
	

	 
	 
	 
	68,487
	

	 
	 
	 
	37,077
	

	 
	 
	 
	(13,259
	

	)
	 
	 
	19,151
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	5,974
	

	 
	 
	 
	9,135
	

	 
	 
	 
	12,020
	

	 
	 
	 
	72,565
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	72,565
	

	 
	 
	 
	72,565
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	5,974
	

	 
	 
	 
	9,135
	

	 
	 
	 
	12,020
	

	 
	 
	 
	72,565
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	72,565
	

	 
	 
	 
	72,565
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	1,939
	

	 
	 
	 
	1,878
	

	 
	 
	 
	1,718
	

	 
	 
	 
	19,783
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	19,763
	

	 
	 
	 
	19,763
	

	 

	*CONFIDENTIAL
	 
	 
	19,X50
	

	 
	 
	 
	17,350
	

	 
	 
	 
	19,850
	

	 
	 
	 
	196,327
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	196,327
	

	 
	 
	 
	196,327
	

	 

	*CONFIDENTIAL
	 
	 
	4,313
	

	 
	 
	 
	8,832
	

	 
	 
	 
	3,562
	

	 
	 
	 
	29,883
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	29,883
	

	 
	 
	 
	29,883
	

	 

	*CONFIDENTIAL
	 
	 
	830
	

	 
	 
	 
	—
	

	 
	 
	 
	658
	

	 
	 
	 
	4,577
	

	 
	 
	 
	1,200
	

	 
	 
	 
	1,200
	

	 
	 
	 
	3,377
	

	 
	 
	 
	3,377
	

	 

	*CONFIDENTIAL
	 
	 
	2,122
	

	 
	 
	 
	1,432
	

	 
	 
	 
	1,432
	

	 
	 
	 
	14,803
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	14,803
	

	 
	 
	 
	14,803
	

	 





233






	
																																									
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	29,054
	

	 
	 
	 
	29,492
	

	 
	 
	 
	27,221
	

	 
	 
	 
	265,353
	

	 
	 
	 
	1,200
	

	 
	 
	 
	1,200
	

	 
	 
	 
	264,153
	

	 
	 
	 
	264,153
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	90
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	90
	

	 
	 
	 
	90
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	1,639
	

	 
	 
	 
	 
	 
	 
	 
	—
	

	 
	 
	 
	1,639
	

	 
	 
	 
	1,639
	

	 

	*CONFIDENTIAL
	 
	 
	(3
	

	)
	 
	 
	29
	

	 
	 
	 
	9
	

	 
	 
	 
	1,017
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	1,017
	

	 
	 
	 
	1,017
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	 
	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	(3
	

	)
	 
	 
	29
	

	 
	 
	 
	9
	

	 
	 
	 
	2,746
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	2,746
	

	 
	 
	 
	2,746
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	75
	

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	75
	

	 
	 
	 
	75
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	75
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	75
	

	 
	 
	 
	75
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Expenses
	 
	 
	136,787
	

	 
	 
	 
	148,472
	

	 
	 
	 
	147,721
	

	 
	 
	 
	1,646,260
	

	 
	 
	 
	1,202,800
	

	 
	 
	 
	1,074,140
	

	 
	 
	 
	443,460
	

	 
	 
	 
	572,120
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Other Corporate Allocations
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Controllable Expenses
	 
	 
	136,787
	

	 
	 
	 
	148,472
	

	 
	 
	 
	147,721
	

	 
	 
	 
	1,646,260
	

	 
	 
	 
	12,020,800
	

	 
	 
	 
	1,074,140
	

	 
	 
	 
	443,460
	

	 
	 
	 
	572,120
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	EBITDA before Executive Expenses
	 
	 
	76,297
	

	 
	 
	 
	62,674
	

	 
	 
	 
	(9,460
	

	)
	 
	 
	852,432
	

	 
	 
	 
	2,852,151
	

	 
	 
	 
	982,813
	

	 
	 
	 
	(1,799,719
	

	)
	 
	 
	(130,382
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	EBITDA before Executive Expenses-BPS
	 
	 
	70.74
	

	 
	 
	 
	53.61
	

	 
	 
	 
	(6.57
	

	)
	 
	 
	58.95
	

	 
	 
	 
	97.87
	

	 
	 
	 
	67.97
	

	 
	 
	 
	 
	 
	 
	 
	 
	 




The Budget is equal to the 0 & 12 Forecast for the following pages.
 


	
		
	*
	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.







234






Confidential Treatment
 
	
																															
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
PROFIT & LOSS REVIEW
	 
	Dec-04
	 
	 
	BUDGET
	 
	 
	FORECAST
	 
	 
	BUDGET VOLUME 
ACTUALS
	 
	 
	BUDGET 
VARIANCE
	 
	 
	BUDGET PRODUCTIVITY 
VARIANCE
	 

	Revenue/Key Drivers
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Application Units
	 
	 
	650
	

	 
	 
	 
	538
	

	 
	 
	 
	630
	

	 
	 
	 
	650
	

	 
	 
	 
	112
	

	 
	 
	 
	—
	

	 

	Total Application Dollars
	 
	$
	215,957
	

	 
	 
	$
	141,092
	

	 
	 
	$
	210,250
	

	 
	 
	$
	215,957
	

	 
	 
	$
	74,865
	

	 
	 
	$
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Closing Units
	 
	 
	571
	

	 
	 
	 
	625
	

	 
	 
	 
	542
	

	 
	 
	 
	571
	

	 
	 
	 
	(54
	

	)
	 
	 
	—
	

	 

	Total Closing Dollars
	 
	$
	182,568
	

	 
	 
	$
	168,470
	

	 
	 
	$
	182,000
	

	 
	 
	$
	182,568
	

	 
	 
	$
	14,098
	

	 
	 
	$
	—
	

	 

	Average Loan Amount
	 
	 
	524,052
	

	 
	 
	 
	490,000
	

	 
	 
	 
	543,149
	

	 
	 
	 
	319,733
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Purchase Closing Units
	 
	 
	409
	

	 
	 
	 
	495
	

	 
	 
	 
	429
	

	 
	 
	 
	409
	

	 
	 
	 
	(86
	

	)
	 
	 
	—
	

	 

	Purchase Closing Dollars
	 
	$
	126,533
	

	 
	 
	$
	133,401
	

	 
	 
	$
	143,520
	

	 
	 
	$
	126,533
	

	 
	 
	$
	(6,868
	

	)
	 
	$
	—
	

	 

	Average Loan Amount
	 
	 
	515,459
	

	 
	 
	 
	490,000
	

	 
	 
	 
	515,649
	

	 
	 
	 
	309,372
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Refi Closings — Units
	 
	 
	162
	

	 
	 
	 
	130
	

	 
	 
	 
	113
	

	 
	 
	 
	162
	

	 
	 
	 
	32
	

	 
	 
	 
	—
	

	 

	Refi Closings — Dollars
	 
	$
	55,034
	

	 
	 
	$
	35,069
	

	 
	 
	$
	38,480
	

	 
	 
	$
	56,034
	

	 
	 
	$
	20,986
	

	 
	 
	$
	—
	

	 

	Average Loan Amount
	 
	 
	559,959
	

	 
	 
	 
	490,000
	

	 
	 
	 
	619,178
	

	 
	 
	 
	345,892
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	$
	20,712
	

	 
	 
	 
	 
	 
	 
	$
	17,960
	

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	30.7
	

	%
	 
	 
	20.8
	

	%
	 
	 
	21.1
	

	%
	 
	 
	30.7
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	11.3
	

	%
	 
	 
	 
	 
	 
	 
	9.9
	

	%
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	1.08
	

	%
	 
	 
	1.19
	

	%
	 
	 
	1.11
	

	%
	 
	 
	1.19
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	51
	

	 
	 
	 
	119
	

	 
	 
	 
	66
	

	 
	 
	 
	141
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	35.65
	

	%
	 
	 
	57.30
	

	%
	 
	 
	57.12
	

	%
	 
	 
	57.30
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	0.19
	

	%
	 
	 
	0.45
	

	%
	 
	 
	0.56
	

	%
	 
	 
	0.45
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	1.39
	

	%
	 
	 
	1.88
	

	%
	 
	 
	1.88
	

	%
	 
	 
	1.88
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	1.01
	

	%
	 
	 
	1.19
	

	%
	 
	 
	1.22
	

	%
	 
	 
	1.19
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	$
	4,447
	

	 
	 
	$
	5,054
	

	 
	 
	$
	6,246
	

	 
	 
	$
	5,995
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	$
	1,606
	

	 
	 
	$
	1,435
	

	 
	 
	$
	2,419
	

	 
	 
	$
	1,600
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	0.50
	

	%
	 
	 
	0.53
	

	%
	 
	 
	0.72
	

	%
	 
	 
	0.50
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	Loans over 60 days
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	Summary Headcount
	 
	 
	134
	

	 
	 
	 
	175
	

	 
	 
	 
	135
	

	 
	 
	 
	175
	

	 
	 
	 
	9
	

	 
	 
	 
	9
	

	 

	 
	 
	 
	 
	 
	 
	 





235






	
																															
	PROFIT & LOSS REVIEW
	 
	Dec-04
	 
	 
	BUDGET
	 
	 
	FORECAST
	 
	 
	BUDGET VOLUME 
ACTUALS
	 
	 
	BUDGET 
VARIANCE
	 
	 
	BUDGET PRODUCTIVITY 
VARIANCE
	 

	Revenue
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	1,939,032
	

	 
	 
	 
	2.011,399
	

	 
	 
	 
	2,026,000
	

	 
	 
	 
	2,179,712
	

	 
	 
	 
	(72,367
	

	)
	 
	 
	(240,680
	

	)

	*CONFIDENTIAL
	 
	 
	186,756
	

	 
	 
	 
	194,895
	

	 
	 
	 
	186,500
	

	 
	 
	 
	211,204
	

	 
	 
	 
	(8,7139
	

	)
	 
	 
	(24,448
	

	)

	*CONFIDENTIAL
	 
	 
	29,246
	

	 
	 
	 
	74,364
	

	 
	 
	 
	35,884
	

	 
	 
	 
	80,586
	

	 
	 
	 
	(45,119
	

	)
	 
	 
	(51,341
	

	)

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	(2,563
	

	)
	 
	 
	17,000
	

	 
	 
	 
	(2,777
	

	)
	 
	 
	2,563
	

	 
	 
	 
	2,777
	

	 

	*CONFIDENTIAL
	 
	 
	43,187.50
	

	 
	 
	 
	117,109
	

	 
	 
	 
	107,197
	

	 
	 
	 
	126,909
	

	 
	 
	 
	(73,922
	

	)
	 
	 
	(83,721
	

	)

	*CONFIDENTIAL
	 
	 
	341,197
	

	 
	 
	 
	763,693
	

	 
	 
	 
	1,012,482
	

	 
	 
	 
	827,598
	

	 
	 
	 
	(422,495
	

	)
	 
	 
	(486,401
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Gross Revenue
	 
	 
	2,539,418
	

	 
	 
	 
	3,158,896
	

	 
	 
	 
	3,385,063
	

	 
	 
	 
	3,429,232
	

	 
	 
	 
	(619,479
	

	)
	 
	 
	(883,814
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Commissions
	 
	 
	691,344
	

	 
	 
	 
	1,152,488
	

	 
	 
	 
	1,157,150
	

	 
	 
	 
	1,248,928
	

	 
	 
	 
	(481,145
	

	)
	 
	 
	(557,585
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Net Revenue
	 
	 
	1,848,074
	

	 
	 
	 
	2,006,408
	

	 
	 
	 
	2,227,913
	

	 
	 
	 
	2,174,304
	

	 
	 
	 
	(158,334
	

	)
	 
	 
	(326,230
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Indirect Costs
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	401,153
	

	 
	 
	 
	378,896
	

	 
	 
	 
	402,785
	

	 
	 
	 
	378,896
	

	 
	 
	 
	22,257
	

	 
	 
	 
	22,257
	

	 

	*CONFIDENTIAL
	 
	 
	24,411
	

	 
	 
	 
	8,711
	

	 
	 
	 
	14,000
	

	 
	 
	 
	8,711
	

	 
	 
	 
	15,700
	

	 
	 
	 
	15,700
	

	 

	*CONFIDENTIAL
	 
	 
	23,544
	

	 
	 
	 
	—
	

	 
	 
	 
	25,000
	

	 
	 
	 
	—
	

	 
	 
	 
	23,644
	

	 
	 
	 
	23,544
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	130,740
	

	 
	 
	 
	126,531
	

	 
	 
	 
	131,580
	

	 
	 
	 
	137,119
	

	 
	 
	 
	4,209
	

	 
	 
	 
	(6,379
	

	)

	*CONFIDENTIAL
	 
	 
	32,168
	

	 
	 
	 
	106,400
	

	 
	 
	 
	106,460
	

	 
	 
	 
	106,400
	

	 
	 
	 
	(74,232
	

	)
	 
	 
	(74,232
	

	)

	*CONFIDENTIAL
	 
	 
	27,432
	

	 
	 
	 
	85,728
	

	 
	 
	 
	84,006
	

	 
	 
	 
	85,728
	

	 
	 
	 
	(58,296
	

	)
	 
	 
	(58,296
	

	)

	*CONFIDENTIAL
	 
	 
	891
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	891
	

	 
	 
	 
	891
	

	 

	*CONFIDENTIAL
	 
	 
	244
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	244
	

	 
	 
	 
	244
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	640,583
	

	 
	 
	 
	706,266
	

	 
	 
	 
	763,831
	

	 
	 
	 
	716,854
	

	 
	 
	 
	(65,683
	

	)
	 
	 
	(76,271
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	64,054
	

	 
	 
	 
	68,200
	

	 
	 
	 
	63,000
	

	 
	 
	 
	88,200
	

	 
	 
	 
	(4,146
	

	)
	 
	 
	(4,146
	

	)

	*CONFIDENTIAL
	 
	 
	4,878
	

	 
	 
	 
	5,109
	

	 
	 
	 
	5,600
	

	 
	 
	 
	5,109
	

	 
	 
	 
	(231
	

	)
	 
	 
	(231
	

	)

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	300
	

	 
	 
	 
	300
	

	 
	 
	 
	300
	

	 
	 
	 
	(300
	

	)
	 
	 
	(300
	

	)





236






	
																															
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	68,933
	

	 
	 
	 
	73,609
	

	 
	 
	 
	68,900
	

	 
	 
	 
	73,609
	

	 
	 
	 
	(4,677
	

	)
	 
	 
	(4,677
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	1,840
	

	 
	 
	 
	2,750
	

	 
	 
	 
	2,750
	

	 
	 
	 
	2,750
	

	 
	 
	 
	(910
	

	)
	 
	 
	(910
	

	)

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	9,175
	

	 
	 
	 
	3,482
	

	 
	 
	 
	9,175
	

	 
	 
	 
	(9,175
	

	)
	 
	 
	(9,175
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	1,840
	

	 
	 
	 
	11,925
	

	 
	 
	 
	6,232
	

	 
	 
	 
	11,925
	

	 
	 
	 
	(10,085
	

	)
	 
	 
	(10,085
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	46,179
	

	 
	 
	 
	24,770
	

	 
	 
	 
	26,770
	

	 
	 
	 
	26,843
	

	 
	 
	 
	21,409
	

	 
	 
	 
	19,336
	

	 

	*CONFIDENTIAL
	 
	 
	34,289
	

	 
	 
	 
	15,000
	

	 
	 
	 
	23,000
	

	 
	 
	 
	15,000
	

	 
	 
	 
	19,289
	

	 
	 
	 
	19,289
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	80,468
	

	 
	 
	 
	39,770
	

	 
	 
	 
	49,770
	

	 
	 
	 
	41,843
	

	 
	 
	 
	40,898
	

	 
	 
	 
	38,625
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	19,851
	

	 
	 
	 
	19,822
	

	 
	 
	 
	16,700
	

	 
	 
	 
	21,481
	

	 
	 
	 
	(172
	

	)
	 
	 
	(1,830
	

	)

	*CONFIDENTIAL
	 
	 
	23,963
	

	 
	 
	 
	8,094
	

	 
	 
	 
	17,106
	

	 
	 
	 
	8,771
	

	 
	 
	 
	15,869
	

	 
	 
	 
	15,191
	

	 

	*CONFIDENTIAL
	 
	 
	5,655
	

	 
	 
	 
	4,399
	

	 
	 
	 
	5,760
	

	 
	 
	 
	4,767
	

	 
	 
	 
	1,256
	

	 
	 
	 
	888
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	49,268
	

	 
	 
	 
	32,315
	

	 
	 
	 
	39,565
	

	 
	 
	 
	35,019
	

	 
	 
	 
	16,953
	

	 
	 
	 
	14,249
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	38,239
	

	 
	 
	 
	13,980
	

	 
	 
	 
	16,260
	

	 
	 
	 
	15,150
	

	 
	 
	 
	24,259
	

	 
	 
	 
	23,089
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	38,239
	

	 
	 
	 
	13,980
	

	 
	 
	 
	16,260
	

	 
	 
	 
	15,150
	

	 
	 
	 
	24,259
	

	 
	 
	 
	23,089
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	1,718
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	1,718
	

	 
	 
	 
	1,718
	

	 

	*CONFIDENTIAL
	 
	 
	5,313
	

	 
	 
	 
	2,500
	

	 
	 
	 
	4,500
	

	 
	 
	 
	2,500
	

	 
	 
	 
	2,813
	

	 
	 
	 
	2,813
	

	 

	*CONFIDENTIAL
	 
	 
	4,527
	

	 
	 
	 
	—
	

	 
	 
	 
	4,061
	

	 
	 
	 
	—
	

	 
	 
	 
	4,527
	

	 
	 
	 
	4,527
	

	 

	*CONFIDENTIAL
	 
	 
	6,504
	

	 
	 
	 
	6,100
	

	 
	 
	 
	6,750
	

	 
	 
	 
	6,100
	

	 
	 
	 
	404
	

	 
	 
	 
	404
	

	 

	*CONFIDENTIAL
	 
	 
	18,397
	

	 
	 
	 
	7,800
	

	 
	 
	 
	32,000
	

	 
	 
	 
	7,800
	

	 
	 
	 
	10,597
	

	 
	 
	 
	10,597
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	36,459
	

	 
	 
	 
	16,400
	

	 
	 
	 
	47,311
	

	 
	 
	 
	16,400
	

	 
	 
	 
	20,059
	

	 
	 
	 
	20,059
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	107
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	107
	

	 
	 
	 
	107
	

	 

	*CONFIDENTIAL
	 
	 
	228
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	228
	

	 
	 
	 
	228
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	317,516
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	202
	

	 
	 
	 
	1,734
	

	 
	 
	 
	1,778
	

	 
	 
	 
	1,879
	

	 
	 
	 
	(1,531
	

	)
	 
	 
	(1,676
	

	)

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	537
	

	 
	 
	 
	1,734
	

	 
	 
	 
	319,294
	

	 
	 
	 
	1,879
	

	 
	 
	 
	(1,197
	

	)
	 
	 
	(1,342
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	760
	

	 
	 
	 
	—
	

	 
	 
	 
	100
	

	 
	 
	 
	—
	

	 
	 
	 
	760
	

	 
	 
	 
	760
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	760
	

	 
	 
	 
	1,000
	

	 
	 
	 
	100
	

	 
	 
	 
	1,000
	

	 
	 
	 
	(240
	

	)
	 
	 
	(240
	

	)





237






	
																															
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Expenses
	 
	 
	917,087
	

	 
	 
	 
	896,999
	

	 
	 
	 
	1,311,264
	

	 
	 
	 
	913,679
	

	 
	 
	 
	20,087
	

	 
	 
	 
	3,408
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Other Corporated Allocations
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Controllable Expenses
	 
	 
	917,087
	

	 
	 
	 
	896,999
	

	 
	 
	 
	1,311,264
	

	 
	 
	 
	913,679
	

	 
	 
	 
	20,087
	

	 
	 
	 
	3,408
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	EBITDA Before Executive Expenses
	 
	 
	930,988
	

	 
	 
	 
	1,109,409
	

	 
	 
	 
	916,649
	

	 
	 
	 
	1,260,625
	

	 
	 
	 
	(178,421
	

	)
	 
	 
	(329,637
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	EBITDA Before Executive Expenses-BPS
	 
	 
	50.99
	

	 
	 
	 
	60.77
	

	 
	 
	 
	50.21
	

	 
	 
	 
	69.05
	

	 
	 
	 
	 
	 
	 
	 
	 
	 




 


	
		
	*
	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.






Confidential Treatment
 
	
																																															
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	YTD PROFIT & LOSS REVIEW
	 
	Jan-04
	 
	 
	Feb-04
	 
	 
	Mar-04
	 
	 
	Apr-04
	 
	 
	May-04
	 
	 
	Jun-04
	 
	 
	Jul-04
	 
	 
	Aug-04
	 
	 
	Sep-04
	 

	Revenue/Key Drivers
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Application Units
	 
	 
	582
	

	 
	 
	 
	919
	

	 
	 
	 
	1,168
	

	 
	 
	 
	1,011
	

	 
	 
	 
	874
	

	 
	 
	 
	905
	

	 
	 
	 
	770
	

	 
	 
	 
	813
	

	 
	 
	 
	820
	

	 

	Total Application Dollars
	 
	$
	170,095
	

	 
	 
	$
	296,235
	

	 
	 
	$
	

	394,897
	$
	 
	 
	$
	335,203
	

	 
	 
	$
	273,825
	

	 
	 
	$
	273,286
	

	 
	 
	$
	234,015
	

	 
	 
	$
	248,502
	

	 
	 
	$
	255,188
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Closing Units
	 
	 
	310
	

	 
	 
	 
	451
	

	 
	 
	 
	747
	

	 
	 
	 
	777
	

	 
	 
	 
	678
	

	 
	 
	 
	717
	

	 
	 
	 
	612
	

	 
	 
	 
	689
	

	 
	 
	 
	577
	

	 

	Total Closing Dollars
	 
	$
	87,721
	

	 
	 
	$
	133,348
	

	 
	 
	$
	232,243
	

	 
	 
	$
	261,175
	

	 
	 
	$
	216,499
	

	 
	 
	$
	221,028
	

	 
	 
	$
	184,667
	

	 
	 
	$
	203,474
	

	 
	 
	$
	174,981
	

	 

	Average Loan Amount
	 
	 
	465,762
	

	 
	 
	 
	467,179
	

	 
	 
	 
	481,919
	

	 
	 
	 
	536,062
	

	 
	 
	 
	500,189
	

	 
	 
	 
	481,609
	

	 
	 
	 
	490,435
	

	 
	 
	 
	477,729
	

	 
	 
	 
	474,798
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Purchase Closing Units
	 
	 
	224
	

	 
	 
	 
	300
	

	 
	 
	 
	534
	

	 
	 
	 
	512
	

	 
	 
	 
	492
	

	 
	 
	 
	565
	

	 
	 
	 
	498
	

	 
	 
	 
	550
	

	 
	 
	 
	440
	

	 

	Purchase Closing Dollars
	 
	$
	62,964
	

	 
	 
	$
	83,324
	

	 
	 
	$
	158,489
	

	 
	 
	$
	163,896
	

	 
	 
	$
	155,150
	

	 
	 
	$
	169,953
	

	 
	 
	$
	155,298
	

	 
	 
	$
	164,202
	

	 
	 
	$
	130,506
	

	 

	Average Loan Amount
	 
	 
	460,987
	

	 
	 
	 
	441,626
	

	 
	 
	 
	472,690
	

	 
	 
	 
	524,193
	

	 
	 
	 
	488,735
	

	 
	 
	 
	469,558
	

	 
	 
	 
	496,562
	

	 
	 
	 
	484,912
	

	 
	 
	 
	472,838
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Refi Closing - Units
	 
	 
	86
	

	 
	 
	 
	151
	

	 
	 
	 
	213
	

	 
	 
	 
	265
	

	 
	 
	 
	186
	

	 
	 
	 
	152
	

	 
	 
	 
	114
	

	 
	 
	 
	139
	

	 
	 
	 
	137
	

	 





238






	
																																															
	Refi Closing - Dollars
	 
	$
	24,757
	

	 
	 
	$
	50,024
	

	 
	 
	$
	73,754
	

	 
	 
	$
	97,279
	

	 
	 
	$
	61,340
	

	 
	 
	$
	54,075
	

	 
	 
	$
	29,370
	

	 
	 
	$
	39,272
	

	 
	 
	$
	44,476
	

	 

	Average Loan Amount
	 
	 
	477,432
	

	 
	 
	 
	584,549
	

	 
	 
	 
	491,603
	

	 
	 
	 
	565,074
	

	 
	 
	 
	601,266
	

	 
	 
	 
	526,951
	

	 
	 
	 
	483,631
	

	 
	 
	 
	475,169
	

	 
	 
	 
	484,887
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	$
	1,685
	

	 
	 
	$
	3,062
	

	 
	 
	$
	3,460
	

	 
	 
	$
	24,208
	

	 
	 
	$
	22,889
	

	 
	 
	$
	25,085
	

	 
	 
	$
	13,816
	

	 
	 
	$
	6,114
	

	 
	 
	$
	21,886
	

	 

	*CONFIDENTIAL
	 
	 
	28.2
	

	%
	 
	 
	37.5
	

	%
	 
	 
	31.8
	

	%
	 
	 
	37.2
	

	%
	 
	 
	28.3
	

	%
	 
	 
	24.5
	

	%
	 
	 
	15.9
	

	%
	 
	 
	19.3
	

	%
	 
	 
	25.4
	

	%

	*CONFIDENTIAL
	 
	 
	NA
	

	 
	 
	 
	NA
	

	 
	 
	 
	NA
	

	 
	 
	 
	NA
	

	 
	 
	 
	NA
	

	 
	 
	 
	NA
	

	 
	 
	 
	NA
	

	 
	 
	 
	NA
	

	 
	 
	 
	NA
	

	 

	*CONFIDENTIAL
	 
	 
	1.9
	

	%
	 
	 
	2.3
	

	%
	 
	 
	1.5
	

	%
	 
	 
	9.3
	

	%
	 
	 
	10.8
	

	%
	 
	 
	11.3
	

	%
	 
	 
	7.5
	

	%
	 
	 
	3.0
	

	%
	 
	 
	12.5
	

	%

	*CONFIDENTIAL
	 
	 
	1.13
	

	%
	 
	 
	1.12
	

	%
	 
	 
	1.10
	

	%
	 
	 
	1.01
	

	%
	 
	 
	1.00
	

	%
	 
	 
	1.05
	

	%
	 
	 
	1.10
	

	%
	 
	 
	1.08
	

	%
	 
	 
	1.14
	

	%

	*CONFIDENTIAL
	 
	 
	41
	

	 
	 
	 
	93
	

	 
	 
	 
	62
	

	 
	 
	 
	53
	

	 
	 
	 
	103
	

	 
	 
	 
	72
	

	 
	 
	 
	(42
	

	)
	 
	 
	129
	

	 
	 
	 
	123
	

	 

	*CONFIDENTIAL
	 
	 
	56.39
	

	%
	 
	 
	57.08
	

	%
	 
	 
	59.83
	

	%
	 
	 
	74.95
	

	%
	 
	 
	26.71
	

	%
	 
	 
	50.93
	

	%
	 
	 
	59.65
	

	%
	 
	 
	59.10
	

	%
	 
	 
	52.90
	

	%

	*CONFIDENTIAL
	 
	 
	0.54
	

	%
	 
	 
	0.36
	

	%
	 
	 
	0.43
	

	%
	 
	 
	0.45
	

	%
	 
	 
	0.48
	

	%
	 
	 
	0.58
	

	%
	 
	 
	0.44
	

	%
	 
	 
	0.43
	

	%
	 
	 
	0.53
	

	%

	*CONFIDENTIAL
	 
	 
	1.95
	

	%
	 
	 
	1.50
	

	%
	 
	 
	1.75
	

	%
	 
	 
	1.61
	

	%
	 
	 
	1.67
	

	%
	 
	 
	1.79
	

	%
	 
	 
	1.69
	

	%
	 
	 
	1.71
	

	%
	 
	 
	1.81
	

	%

	*CONFIDENTIAL
	 
	 
	1.31
	

	%
	 
	 
	0.86
	

	%
	 
	 
	1.09
	

	%
	 
	 
	0.85
	

	%
	 
	 
	1.40
	

	%
	 
	 
	1.26
	

	%
	 
	 
	1.04
	

	%
	 
	 
	1.07
	

	%
	 
	 
	1.21
	

	%

	*CONFIDENTIAL
	 
	$
	5,526
	

	 
	 
	$
	4,430
	

	 
	 
	$
	5,436
	

	 
	 
	$
	5,423
	

	 
	 
	$
	5,318
	

	 
	 
	$
	5,524
	

	 
	 
	$
	5,103
	

	 
	 
	$
	5,045
	

	 
	 
	$
	5,495
	

	 

	*CONFIDENTIAL
	 
	$
	3,264
	

	 
	 
	$
	1,966
	

	 
	 
	$
	1,503
	

	 
	 
	$
	1,449
	

	 
	 
	$
	1,547
	

	 
	 
	$
	1,468
	

	 
	 
	$
	1,685
	

	 
	 
	$
	1,364
	

	 
	 
	$
	1,626
	

	 

	*CONFIDENTIAL
	 
	 
	1.15
	

	%
	 
	 
	0.66
	

	%
	 
	 
	0.48
	

	%
	 
	 
	0.43
	

	%
	 
	 
	0.48
	

	%
	 
	 
	0.48
	

	%
	 
	 
	0.56
	

	%
	 
	 
	0.46
	

	%
	 
	 
	0.54
	

	%

	Loans over 60 days
	 
	 
	NA
	

	 
	 
	 
	NA
	

	 
	 
	 
	NA
	

	 
	 
	 
	NA
	

	 
	 
	 
	NA
	

	 
	 
	 
	NA
	

	 
	 
	 
	NA
	

	 
	 
	 
	NA
	

	 
	 
	 
	NA
	

	 

	Summary Headcount
	 
	 
	165
	

	 
	 
	 
	169
	

	 
	 
	 
	170
	

	 
	 
	 
	170
	

	 
	 
	 
	172
	

	 
	 
	 
	171
	

	 
	 
	 
	178
	

	 
	 
	 
	180
	

	 
	 
	 
	180
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	YTD PROFIT AND LOSS REVIEW
	 
	Jan-04
	 
	 
	Feb-04
	 
	 
	Mar-04
	 
	 
	Apr-04
	 
	 
	May-04
	 
	 
	Jun-04
	 
	 
	Jul-04
	 
	 
	Aug-04
	 
	 
	Sep-04
	 

	Revenue
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	993,532
	

	 
	 
	 
	1,488,717
	

	 
	 
	 
	2,558,540
	

	 
	 
	 
	2,848,697
	

	 
	 
	 
	2,163,882
	

	 
	 
	 
	2,317,690
	

	 
	 
	 
	2,027,213
	

	 
	 
	 
	2,198,344
	

	 
	 
	 
	1,988,376
	

	 

	*CONFIDENTIAL
	 
	 
	115,898
	

	 
	 
	 
	179,254
	

	 
	 
	 
	295,852
	

	 
	 
	 
	307,350
	

	 
	 
	 
	268,021
	

	 
	 
	 
	222,134
	

	 
	 
	 
	210,355
	

	 
	 
	 
	243,809
	

	 
	 
	 
	195,109
	

	 

	*CONFIDENTIAL
	 
	 
	12,773
	

	 
	 
	 
	41,826
	

	 
	 
	 
	46,391
	

	 
	 
	 
	40,976
	

	 
	 
	 
	69,756
	

	 
	 
	 
	51,875
	

	 
	 
	 
	(25,576
	

	)
	 
	 
	89,050
	

	 
	 
	 
	71,232
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	(4,909
	

	)
	 
	 
	(22,660
	

	)
	 
	 
	(22,462
	

	)
	 
	 
	(33,524
	

	)
	 
	 
	13,766
	

	 
	 
	 
	(16,492
	

	)
	 
	 
	(15,124
	

	)
	 
	 
	(8,419
	

	)
	 
	 
	(16,350
	

	)

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	83,461
	

	 
	 
	 
	—
	

	 
	 
	 
	(82,005
	

	)

	*CONFIDENTIAL
	 
	 
	116,245
	

	 
	 
	 
	(167,075
	

	)
	 
	 
	176,570
	

	 
	 
	 
	86,957
	

	 
	 
	 
	88,860
	

	 
	 
	 
	110,654
	

	 
	 
	 
	35,116
	

	 
	 
	 
	69,014
	

	 
	 
	 
	90,710
	

	 





239






	
																																															
	*CONFIDENTIAL
	 
	 
	477,622
	

	 
	 
	 
	477,961
	

	 
	 
	 
	1,005,815
	

	 
	 
	 
	1,163,248
	

	 
	 
	 
	1,028,768
	

	 
	 
	 
	1,275,146
	

	 
	 
	 
	807,821
	

	 
	 
	 
	884,203
	

	 
	 
	 
	923,444
	

	 

	Gross Revenue
	 
	 
	1,713,161
	

	 
	 
	 
	1,998,023
	

	 
	 
	 
	4,060,686
	

	 
	 
	 
	4,213,704
	

	 
	 
	 
	3,605,521
	

	 
	 
	 
	3,961,007
	

	 
	 
	 
	3,123,265
	

	 
	 
	 
	3,476,001
	

	 
	 
	 
	3,170,516
	

	 

	Commissions
	 
	 
	560,283
	

	 
	 
	 
	849,704
	

	 
	 
	 
	1,530,683
	

	 
	 
	 
	1,985,162
	

	 
	 
	 
	577,997
	

	 
	 
	 
	1,180,345
	

	 
	 
	 
	1,209,134
	

	 
	 
	 
	1,299,319
	

	 
	 
	 
	1,051,863
	

	 

	Net Revenue
	 
	 
	1,152,878
	

	 
	 
	 
	1,145,319
	

	 
	 
	 
	2,530,003
	

	 
	 
	 
	2,228,542
	

	 
	 
	 
	3,027,524
	

	 
	 
	 
	2,780,662
	

	 
	 
	 
	1,914,131
	

	 
	 
	 
	2,176,682
	

	 
	 
	 
	2,118,854
	

	 

	Indirect Costs
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	388,177
	

	 
	 
	 
	297,238
	

	 
	 
	 
	388,564
	

	 
	 
	 
	351,600
	

	 
	 
	 
	348,263
	

	 
	 
	 
	382,873
	

	 
	 
	 
	372,121
	

	 
	 
	 
	370,004
	

	 
	 
	 
	377,971
	

	 

	*CONFIDENTIAL
	 
	 
	56,784
	

	 
	 
	 
	22,069
	

	 
	 
	 
	32,750
	

	 
	 
	 
	36,069
	

	 
	 
	 
	33,704
	

	 
	 
	 
	23,945
	

	 
	 
	 
	33,363
	

	 
	 
	 
	19,408
	

	 
	 
	 
	17,358
	

	 

	*CONFIDENTIAL
	 
	 
	12,548
	

	 
	 
	 
	16,798
	

	 
	 
	 
	26,040
	

	 
	 
	 
	26,941
	

	 
	 
	 
	33,629
	

	 
	 
	 
	24,627
	

	 
	 
	 
	29,684
	

	 
	 
	 
	30,697
	

	 
	 
	 
	20,955
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	62,461
	

	 
	 
	 
	100,384
	

	 
	 
	 
	181,875
	

	 
	 
	 
	189,840
	

	 
	 
	 
	161,988
	

	 
	 
	 
	162,380
	

	 
	 
	 
	133,914
	

	 
	 
	 
	149,545
	

	 
	 
	 
	133,024
	

	 

	*CONFIDENTIAL
	 
	 
	161,299
	

	 
	 
	 
	96,011
	

	 
	 
	 
	141,733
	

	 
	 
	 
	141,110
	

	 
	 
	 
	132,709
	

	 
	 
	 
	137,135
	

	 
	 
	 
	149,379
	

	 
	 
	 
	88,896
	

	 
	 
	 
	127,454
	

	 

	*CONFIDENTIAL
	 
	 
	148,144
	

	 
	 
	 
	101,081
	

	 
	 
	 
	151,299
	

	 
	 
	 
	152,616
	

	 
	 
	 
	96,179
	

	 
	 
	 
	72,929
	

	 
	 
	 
	96,435
	

	 
	 
	 
	79,538
	

	 
	 
	 
	82,679
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	249
	

	 
	 
	 
	608
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	44
	

	 
	 
	 
	203
	

	 
	 
	 
	413
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	1,189
	

	 
	 
	 
	7,500
	

	 
	 
	 
	2,106
	

	 
	 
	 
	844
	

	 
	 
	 
	136
	

	 
	 
	 
	560
	

	 
	 
	 
	111
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	58
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	829,413
	

	 
	 
	 
	633,850
	

	 
	 
	 
	924,057
	

	 
	 
	 
	906,675
	

	 
	 
	 
	810,578
	

	 
	 
	 
	804,835
	

	 
	 
	 
	815,237
	

	 
	 
	 
	739,061
	

	 
	 
	 
	759,552
	

	 

	*CONFIDENTIAL
	 
	 
	70,341
	

	 
	 
	 
	69,810
	

	 
	 
	 
	62,043
	

	 
	 
	 
	55,125
	

	 
	 
	 
	61,192
	

	 
	 
	 
	59,831
	

	 
	 
	 
	61,430
	

	 
	 
	 
	63,485
	

	 
	 
	 
	60,800
	

	 

	*CONFIDENTIAL
	 
	 
	(4,872
	

	)
	 
	 
	33,157
	

	 
	 
	 
	8,942
	

	 
	 
	 
	6,263
	

	 
	 
	 
	6,469
	

	 
	 
	 
	11,946
	

	 
	 
	 
	10,300
	

	 
	 
	 
	8,866
	

	 
	 
	 
	5,487
	

	 

	*CONFIDENTIAL
	 
	 
	90
	

	 
	 
	 
	125
	

	 
	 
	 
	716
	

	 
	 
	 
	(103
	

	)
	 
	 
	90
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	961
	

	 

	*CONFIDENTIAL
	 
	 
	65,559
	

	 
	 
	 
	103,082
	

	 
	 
	 
	71,702
	

	 
	 
	 
	61,285
	

	 
	 
	 
	67,771
	

	 
	 
	 
	71,778
	

	 
	 
	 
	71,730
	

	 
	 
	 
	70,353
	

	 
	 
	 
	67,248
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	2,127
	

	 
	 
	 
	5,342
	

	 
	 
	 
	1,528
	

	 
	 
	 
	3,733
	

	 
	 
	 
	244
	

	 
	 
	 
	710
	

	 
	 
	 
	312
	

	 
	 
	 
	394
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	2,475
	

	 
	 
	 
	151
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	2,127
	

	 
	 
	 
	5,342
	

	 
	 
	 
	1,528
	

	 
	 
	 
	3,733
	

	 
	 
	 
	244
	

	 
	 
	 
	3,185
	

	 
	 
	 
	463
	

	 
	 
	 
	394
	

	 

	*CONFIDENTIAL
	 
	 
	21,491
	

	 
	 
	 
	40,063
	

	 
	 
	 
	16,724
	

	 
	 
	 
	27,452
	

	 
	 
	 
	62,912
	

	 
	 
	 
	21,409
	

	 
	 
	 
	36,905
	

	 
	 
	 
	15,813
	

	 
	 
	 
	24,279
	

	 

	*CONFIDENTIAL
	 
	 
	9,611
	

	 
	 
	 
	14,777
	

	 
	 
	 
	11,176
	

	 
	 
	 
	14,061
	

	 
	 
	 
	11,609
	

	 
	 
	 
	13,510
	

	 
	 
	 
	16,391
	

	 
	 
	 
	14,012
	

	 
	 
	 
	9,799
	

	 

	*CONFIDENTIAL
	 
	 
	31,102
	

	 
	 
	 
	54,839
	

	 
	 
	 
	27,900
	

	 
	 
	 
	41,513
	

	 
	 
	 
	74,521
	

	 
	 
	 
	34,919
	

	 
	 
	 
	53,296
	

	 
	 
	 
	29,825
	

	 
	 
	 
	34,077
	

	 





240






	
																																															
	*CONFIDENTIAL
	 
	 
	12,653
	

	 
	 
	 
	13,576
	

	 
	 
	 
	18,721
	

	 
	 
	 
	20,750
	

	 
	 
	 
	16,068
	

	 
	 
	 
	18,226
	

	 
	 
	 
	16,420
	

	 
	 
	 
	18,544
	

	 
	 
	 
	13,391
	

	 

	*CONFIDENTIAL
	 
	 
	10,517
	

	 
	 
	 
	12,203
	

	 
	 
	 
	17,909
	

	 
	 
	 
	19,761
	

	 
	 
	 
	20,559
	

	 
	 
	 
	15,358
	

	 
	 
	 
	16,036
	

	 
	 
	 
	15,336
	

	 
	 
	 
	4,082
	

	 

	*CONFIDENTIAL
	 
	 
	8,004
	

	 
	 
	 
	9,112
	

	 
	 
	 
	3,202
	

	 
	 
	 
	8,770
	

	 
	 
	 
	43
	

	 
	 
	 
	1,103
	

	 
	 
	 
	3,719
	

	 
	 
	 
	3,348
	

	 
	 
	 
	3,431
	

	 

	*CONFIDENTIAL
	 
	 
	31,173
	

	 
	 
	 
	34,891
	

	 
	 
	 
	39,832
	

	 
	 
	 
	49,302
	

	 
	 
	 
	36,670
	

	 
	 
	 
	34,689
	

	 
	 
	 
	36,175
	

	 
	 
	 
	33,228
	

	 
	 
	 
	20,905
	

	 

	*CONFIDENTIAL
	 
	 
	18,176
	

	 
	 
	 
	31,731
	

	 
	 
	 
	30,540
	

	 
	 
	 
	31,641
	

	 
	 
	 
	25,121
	

	 
	 
	 
	59,831
	

	 
	 
	 
	15,886
	

	 
	 
	 
	20,816
	

	 
	 
	 
	11,091
	

	 

	*CONFIDENTIAL
	 
	 
	18,176
	

	 
	 
	 
	31,731
	

	 
	 
	 
	30,540
	

	 
	 
	 
	31,641
	

	 
	 
	 
	25,121
	

	 
	 
	 
	59,831
	

	 
	 
	 
	15,886
	

	 
	 
	 
	20,816
	

	 
	 
	 
	11,091
	

	 

	*CONFIDENTIAL
	 
	 
	876
	

	 
	 
	 
	876
	

	 
	 
	 
	1,142
	

	 
	 
	 
	1,090
	

	 
	 
	 
	1,544
	

	 
	 
	 
	1,889
	

	 
	 
	 
	1,889
	

	 
	 
	 
	1,910
	

	 
	 
	 
	3,012
	

	 

	*CONFIDENTIAL
	 
	 
	2,390
	

	 
	 
	 
	2,300
	

	 
	 
	 
	3,300
	

	 
	 
	 
	7,300
	

	 
	 
	 
	3,393
	

	 
	 
	 
	9,993
	

	 
	 
	 
	2,484
	

	 
	 
	 
	8,100
	

	 
	 
	 
	5,193
	

	 

	*CONFIDENTIAL
	 
	 
	7,217
	

	 
	 
	 
	(1,347
	

	)
	 
	 
	(10,362
	

	)
	 
	 
	527
	

	 
	 
	 
	1,686
	

	 
	 
	 
	(230
	

	)
	 
	 
	(420
	

	)
	 
	 
	6,949
	

	 
	 
	 
	5,994
	

	 

	*CONFIDENTIAL
	 
	 
	6,728
	

	 
	 
	 
	4,511
	

	 
	 
	 
	7,373
	

	 
	 
	 
	5,561
	

	 
	 
	 
	5,409
	

	 
	 
	 
	6,114
	

	 
	 
	 
	7,365
	

	 
	 
	 
	5,758
	

	 
	 
	 
	5,608
	

	 

	*CONFIDENTIAL
	 
	 
	18,382
	

	 
	 
	 
	18,701
	

	 
	 
	 
	19,809
	

	 
	 
	 
	19,868
	

	 
	 
	 
	17,050
	

	 
	 
	 
	22,393
	

	 
	 
	 
	23,359
	

	 
	 
	 
	20,632
	

	 
	 
	 
	18,598
	

	 

	*CONFIDENTIAL
	 
	 
	35,593
	

	 
	 
	 
	25,041
	

	 
	 
	 
	21,262
	

	 
	 
	 
	34,346
	

	 
	 
	 
	29,081
	

	 
	 
	 
	40,159
	

	 
	 
	 
	34,677
	

	 
	 
	 
	43,350
	

	 
	 
	 
	38,404
	

	 

	*CONFIDENTIAL
	 
	 
	63
	

	 
	 
	 
	23
	

	 
	 
	 
	383
	

	 
	 
	 
	(100
	

	)
	 
	 
	—
	

	 
	 
	 
	18
	

	 
	 
	 
	(0
	

	)
	 
	 
	—
	

	 
	 
	 
	0
	

	 

	*CONFIDENTIAL
	 
	 
	125
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	167
	

	 
	 
	 
	—
	

	 
	 
	 
	5,100
	

	 
	 
	 
	—
	

	 
	 
	 
	800
	

	 
	 
	 
	5,600
	

	 

	*CONFIDENTIAL
	 
	 
	75
	

	 
	 
	 
	(40
	

	)
	 
	 
	1,266
	

	 
	 
	 
	(274
	

	)
	 
	 
	612
	

	 
	 
	 
	(115
	

	)
	 
	 
	115
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	251
	

	 
	 
	 
	469
	

	 
	 
	 
	144
	

	 
	 
	 
	90
	

	 
	 
	 
	445
	

	 
	 
	 
	347
	

	 
	 
	 
	336
	

	 
	 
	 
	138
	

	 
	 
	 
	395
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	514
	

	 
	 
	 
	452
	

	 
	 
	 
	1,793
	

	 
	 
	 
	(117
	

	)
	 
	 
	1,057
	

	 
	 
	 
	5,350
	

	 
	 
	 
	451
	

	 
	 
	 
	738
	

	 
	 
	 
	5,995
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	432
	

	 
	 
	 
	715
	

	 
	 
	 
	300
	

	 
	 
	 
	381
	

	 
	 
	 
	410
	

	 
	 
	 
	700
	

	 
	 
	 
	840
	

	 
	 
	 
	240
	

	 
	 
	 
	494
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	432
	

	 
	 
	 
	715
	

	 
	 
	 
	300
	

	 
	 
	 
	381
	

	 
	 
	 
	410
	

	 
	 
	 
	700
	

	 
	 
	 
	840
	

	 
	 
	 
	240
	

	 
	 
	 
	494
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Expenses
	 
	 
	1,011,961
	

	 
	 
	 
	886,739
	

	 
	 
	 
	1,122,727
	

	 
	 
	 
	1,125,554
	

	 
	 
	 
	1,048,942
	

	 
	 
	 
	1,052,506
	

	 
	 
	 
	1,031,477
	

	 
	 
	 
	940,074
	

	 
	 
	 
	936,161
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Other Corporate Allocations
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 





241






	
																																															
	Total Controllable Expenses
	 
	 
	1,011,961
	

	 
	 
	 
	886,739
	

	 
	 
	 
	1,122,727
	

	 
	 
	 
	1,125,554
	

	 
	 
	 
	1,048,942
	

	 
	 
	 
	1,052,506
	

	 
	 
	 
	1,031,477
	

	 
	 
	 
	940,074
	

	 
	 
	 
	936,161
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	EBITDA before Executive Expenses
	 
	 
	140,916
	

	 
	 
	 
	261,580
	

	 
	 
	 
	1,407,276
	

	 
	 
	 
	1,102,989
	

	 
	 
	 
	1,978,583
	

	 
	 
	 
	1,728,156
	

	 
	 
	 
	882,653
	

	 
	 
	 
	1,236,608
	

	 
	 
	 
	1,180,493
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	EBITDA before Executive Expenses-BPS
	 
	 
	16.06
	

	 
	 
	 
	19.62
	

	 
	 
	 
	60.59
	

	 
	 
	 
	42.23
	

	 
	 
	 
	91.39
	

	 
	 
	 
	78.19
	

	 
	 
	 
	47.80
	

	 
	 
	 
	60.77
	

	 
	 
	 
	67.46
	

	 




 
	
																																											
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	YTD PROFIT & LOSS REVIEW
	 
	Oct-04
	 
	 
	Nov-04
	 
	 
	Dec-04
	 
	 
	YTD*
	 
	 
	BUDGET
	 
	 
	BUDGET 
VOLUME 
ACTUALS
	 
	 
	BUDGET 
VARIANCE
	 
	 
	PRODUCTIVITY 
VARIANCE
	 

	Revenue/Key Drivers
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Application Units
	 
	 
	774
	

	 
	 
	 
	705
	

	 
	 
	 
	650
	

	 
	 
	 
	9,991
	

	 
	 
	 
	8,497
	

	 
	 
	 
	9,991
	

	 
	 
	 
	1,494
	

	 
	 
	 
	—
	

	 

	Total Application Dollars
	 
	$
	260,361
	

	 
	 
	$
	243,382
	

	 
	 
	$
	215,957
	

	 
	 
	$
	3,200,946
	

	 
	 
	$
	2,319,318
	

	 
	 
	$
	3,200,946
	

	 
	 
	$
	881,628
	

	 
	 
	$
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Closing Units
	 
	 
	591
	

	 
	 
	 
	627
	

	 
	 
	 
	571
	

	 
	 
	 
	7,347
	

	 
	 
	 
	7,027
	

	 
	 
	 
	7,347
	

	 
	 
	 
	320
	

	 
	 
	 
	—
	

	 

	Total Closing Dollars
	 
	$
	165,635
	

	 
	 
	$
	212,976
	

	 
	 
	$
	182,588
	

	 
	 
	$
	2,296,308
	

	 
	 
	$
	1,933,030
	

	 
	 
	$
	2,296,306
	

	 
	 
	$
	363,276
	

	 
	 
	$
	—
	

	 

	Average Loan Amount
	 
	 
	489,677
	

	 
	 
	 
	544,807
	

	 
	 
	 
	524,052
	

	 
	 
	 
	312,550
	

	 
	 
	 
	275,091
	

	 
	 
	 
	312,550
	

	 
	 
	 
	37,459
	

	 
	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Purchase Closing Units
	 
	 
	450
	

	 
	 
	 
	464
	

	 
	 
	 
	409
	

	 
	 
	 
	5,438
	

	 
	 
	 
	5,565
	

	 
	 
	 
	5,438
	

	 
	 
	 
	(127
	

	)
	 
	 
	—
	

	 

	 
	 
	$
	137,099
	

	 
	 
	$
	151,355
	

	 
	 
	$
	126,533
	

	 
	 
	$
	1,655,768
	

	 
	 
	$
	1,529,804
	

	 
	 
	$
	1,655,768
	

	 
	 
	$
	125,964
	

	 
	 
	$
	—
	

	 

	Average Loan Amount
	 
	 
	479,649
	

	 
	 
	 
	532,786
	

	 
	 
	 
	515,459
	

	 
	 
	 
	304,481
	

	 
	 
	 
	274,891
	

	 
	 
	 
	304,481
	

	 
	 
	 
	29,590
	

	 
	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Refi Closings - Units
	 
	 
	141
	

	 
	 
	 
	163
	

	 
	 
	 
	162
	

	 
	 
	 
	1,909
	

	 
	 
	 
	1,462
	

	 
	 
	 
	1,908
	

	 
	 
	 
	447
	

	 
	 
	 
	—
	

	 

	Refi Closings - Dollars
	 
	$
	48,538
	

	 
	 
	$
	61,621
	

	 
	 
	$
	56,034
	

	 
	 
	$
	640,539
	

	 
	 
	$
	403,226
	

	 
	 
	$
	640,539
	

	 
	 
	$
	237,312
	

	 
	 
	$
	—
	

	 

	Average Loan Amount
	 
	 
	556,307
	

	 
	 
	 
	615,563
	

	 
	 
	 
	559,959
	

	 
	 
	 
	335,536
	

	 
	 
	 
	275,852
	

	 
	 
	 
	335,536
	

	 
	 
	 
	59,684
	

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	$
	24,455
	

	 
	 
	$
	21,461
	

	 
	 
	$
	20,712
	

	 
	 
	$
	188,834
	

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	26.1
	

	%
	 
	 
	28.9
	

	%
	 
	 
	30.7
	

	%
	 
	 
	27.9
	

	%
	 
	 
	20.9
	

	%
	 
	 
	27.9
	

	%
	 
	 
	7.03
	

	%
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	NA
	

	 
	 
	 
	NA
	

	 
	 
	 
	NA
	

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	13.2
	

	%
	 
	 
	10.1
	

	%
	 
	 
	11.3
	

	%
	 
	 
	8.2
	

	%
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 





242






	
																																											
	*CONFIDENTIAL
	 
	 
	1.08
	

	%
	 
	 
	1.09
	

	%
	 
	 
	1.06
	

	%
	 
	 
	1.07
	

	%
	 
	 
	1.19
	

	%
	 
	 
	1.18
	

	%
	 
	 
	(0
	

	)
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	97
	

	 
	 
	 
	79
	

	 
	 
	 
	51
	

	 
	 
	 
	73
	

	 
	 
	 
	115
	

	 
	 
	 
	118
	

	 
	 
	$
	(42
	

	)
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	57.19
	

	%
	 
	 
	57.03
	

	%
	 
	 
	35.65
	

	%
	 
	 
	54.39
	

	%
	 
	 
	57.58
	

	%
	 
	 
	58.08
	

	%
	 
	 
	-3.2
	

	%
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	0.45
	

	%
	 
	 
	0.40
	

	%
	 
	 
	0.19
	

	%
	 
	 
	0.44
	

	%
	 
	 
	0.48
	

	%
	 
	 
	0.47
	

	%
	 
	 
	-0.04
	

	%
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	1.74
	

	%
	 
	 
	1.65
	

	%
	 
	 
	1.39
	

	%
	 
	 
	1.68
	

	%
	 
	 
	1.89
	

	%
	 
	 
	1.87
	

	%
	 
	 
	-0.21
	

	%
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	1.12
	

	%
	 
	 
	1.02
	

	%
	 
	 
	1.01
	

	%
	 
	 
	1.10
	

	%
	 
	 
	1.21
	

	%
	 
	 
	1.19
	

	%
	 
	 
	-0.11
	

	%
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	$
	5,459
	

	 
	 
	$
	5,591
	

	 
	 
	$
	4,447
	

	 
	 
	$
	5,253
	

	 
	 
	$
	5,197
	

	 
	 
	$
	5,845
	

	 
	 
	$
	56
	

	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	$
	1,585
	

	 
	 
	$
	1,609
	

	 
	 
	$
	1,608
	

	 
	 
	$
	1,638
	

	 
	 
	$
	1,526
	

	 
	 
	$
	1,524
	

	 
	 
	$
	110
	

	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	0.50
	

	%
	 
	 
	0.47
	

	%
	 
	 
	0.50
	

	%
	 
	 
	0.52
	

	%
	 
	 
	0.55
	

	%
	 
	 
	0.49
	

	%
	 
	 
	-0.03
	

	%
	 
	 
	 
	 

	Loans over 60 days
	 
	 
	NA
	

	 
	 
	 
	NA
	

	 
	 
	 
	NA
	

	 
	 
	 
	 
	 
	 
	 
	NA
	

	 
	 
	 
	NA
	

	 
	 
	 
	NA
	

	 
	 
	 
	 
	 

	Summary Headcount
	 
	 
	183
	

	 
	 
	 
	185
	

	 
	 
	 
	184
	

	 
	 
	 
	184
	

	 
	 
	 
	175
	

	 
	 
	 
	175
	

	 
	 
	 
	9
	

	 
	 
	 
	9
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	YTD PROFIT AND LOSS REVIEW
	 
	Oct-04
	 
	 
	Nov-04
	 
	 
	Dec-04
	 
	 
	YTD*
	 
	 
	BUDGET
	 
	 
	BUDGET 
VOLUME 
ACTUALS
	 
	 
	BUDGET 
VARIANCE
	 
	 
	PRODUCTIVITY 
VARIANCE
	 

	Revenue
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	1,996,941
	

	 
	 
	 
	2,324,705
	

	 
	 
	 
	1,939,032
	

	 
	 
	 
	24,645,669
	

	 
	 
	 
	22,953,251
	

	 
	 
	 
	27,046,498
	

	 
	 
	 
	1,692,418
	

	 
	 
	 
	(2,400,829
	

	)

	*CONFIDENTIAL
	 
	 
	205,832
	

	 
	 
	 
	220,598
	

	 
	 
	 
	186,756
	

	 
	 
	 
	2,650,968
	

	 
	 
	 
	2,250,945
	

	 
	 
	 
	2,702,599
	

	 
	 
	 
	400,023
	

	 
	 
	 
	(51,631
	

	)

	*CONFIDENTIAL
	 
	 
	57,040
	

	 
	 
	 
	49,543
	

	 
	 
	 
	29,245
	

	 
	 
	 
	534,131
	

	 
	 
	 
	808,920
	

	 
	 
	 
	870,503
	

	 
	 
	 
	(274,789
	

	)
	 
	 
	(336,372
	

	)

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	0
	

	 
	 
	 
	—
	

	 
	 
	 
	0
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	0
	

	 
	 
	 
	0
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	0
	

	 
	 
	 
	—
	

	 
	 
	 
	(153,726
	

	)
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	(153,726
	

	)
	 
	 
	(153,726
	

	)

	*CONFIDENTIAL
	 
	 
	70,853
	

	 
	 
	 
	11,152
	

	 
	 
	 
	—
	

	 
	 
	 
	83,461
	

	 
	 
	 
	(31,097
	

	)
	 
	 
	(40,259
	

	)
	 
	 
	114,557
	

	 
	 
	 
	123,719
	

	 

	*CONFIDENTIAL
	 
	 
	59,458
	

	 
	 
	 
	40,827
	

	 
	 
	 
	43,189
	

	 
	 
	 
	752,525
	

	 
	 
	 
	1,337,831
	

	 
	 
	 
	1,578,298
	

	 
	 
	 
	(585,307
	

	)
	 
	 
	(825,774
	

	)

	*CONFIDENTIAL
	 
	 
	836,414
	

	 
	 
	 
	856,695
	

	 
	 
	 
	341,197
	

	 
	 
	 
	10,080,334
	

	 
	 
	 
	9,201,717
	

	 
	 
	 
	10,788,905
	

	 
	 
	 
	878,617
	

	 
	 
	 
	(708,571
	

	)

	Gross Revenue
	 
	 
	3,226,538
	

	 
	 
	 
	3,505,520
	

	 
	 
	 
	2,539,418
	

	 
	 
	 
	38,593,381
	

	 
	 
	 
	36,521,568
	

	 
	 
	 
	42,946,546
	

	 
	 
	 
	2,071,793
	

	 
	 
	 
	(4,353,185
	

	)

	Commissions
	 
	 
	1,142,069
	

	 
	 
	 
	1,325,796
	

	 
	 
	 
	691,344
	

	 
	 
	 
	13,403,699
	

	 
	 
	 
	13,217,202
	

	 
	 
	 
	15,709,908
	

	 
	 
	 
	186,497
	

	 
	 
	 
	(2,306,209
	

	)

	Net Revenue
	 
	 
	2,084,469
	

	 
	 
	 
	2,179,725
	

	 
	 
	 
	1,848,074
	

	 
	 
	 
	25,189,862
	

	 
	 
	 
	23,304,366
	

	 
	 
	 
	27,236,636
	

	 
	 
	 
	1,885,296
	

	 
	 
	 
	(2,046,975
	

	)

	Indirect Costs
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	0
	

	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	343,945
	

	 
	 
	 
	361,797
	

	 
	 
	 
	401,153
	

	 
	 
	 
	4,363,706
	

	 
	 
	 
	4,208,796
	

	 
	 
	 
	4,208,796
	

	 
	 
	 
	174,910
	

	 
	 
	 
	174,910
	

	 





243






	
																																											
	*CONFIDENTIAL
	 
	 
	16,040
	

	 
	 
	 
	16,088
	

	 
	 
	 
	24,411
	

	 
	 
	 
	334,007
	

	 
	 
	 
	96,848
	

	 
	 
	 
	96,848
	

	 
	 
	 
	237,160
	

	 
	 
	 
	237,160
	

	 

	*CONFIDENTIAL
	 
	 
	26,706
	

	 
	 
	 
	16,590
	

	 
	 
	 
	23,544
	

	 
	 
	 
	288,758
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	258,758
	

	 
	 
	 
	288,758
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	147,524
	

	 
	 
	 
	151,344
	

	 
	 
	 
	130,740
	

	 
	 
	 
	1,705,019
	

	 
	 
	 
	1,452,886
	

	 
	 
	 
	1,723,891
	

	 
	 
	 
	252,133
	

	 
	 
	 
	(18,872
	

	)

	*CONFIDENTIAL
	 
	 
	121,431
	

	 
	 
	 
	104,351
	

	 
	 
	 
	32,166
	

	 
	 
	 
	1,433,677
	

	 
	 
	 
	1,393,300
	

	 
	 
	 
	1,393,300
	

	 
	 
	 
	40,377
	

	 
	 
	 
	40,377
	

	 

	*CONFIDENTIAL
	 
	 
	72,186
	

	 
	 
	 
	89,931
	

	 
	 
	 
	27,432
	

	 
	 
	 
	1,172,449
	

	 
	 
	 
	1,341,228
	

	 
	 
	 
	1,341,228
	

	 
	 
	 
	(166,779
	

	)
	 
	 
	(168,779
	

	)

	*CONFIDENTIAL
	 
	 
	(879
	

	)
	 
	 
	—
	

	 
	 
	 
	891
	

	 
	 
	 
	1,529
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	1,529
	

	 
	 
	 
	1,529
	

	 

	*CONFIDENTIAL
	 
	 
	1,552
	

	 
	 
	 
	5,600
	

	 
	 
	 
	244
	

	 
	 
	 
	19,643
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	19,643
	

	 
	 
	 
	19,843
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	58
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	58
	

	 
	 
	 
	58
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	726,504
	

	 
	 
	 
	747,700
	

	 
	 
	 
	640,583
	

	 
	 
	 
	9,339,045
	

	 
	 
	 
	8,493,057
	

	 
	 
	 
	8,764,063
	

	 
	 
	 
	845,988
	

	 
	 
	 
	574,982
	

	 

	*CONFIDENTIAL
	 
	 
	59,611
	

	 
	 
	 
	62,999
	

	 
	 
	 
	64,054
	

	 
	 
	 
	750,723
	

	 
	 
	 
	774,000
	

	 
	 
	 
	774,000
	

	 
	 
	 
	(23,227
	

	)
	 
	 
	(23,227
	

	)

	*CONFIDENTIAL
	 
	 
	4,549
	

	 
	 
	 
	3,950
	

	 
	 
	 
	4,878
	

	 
	 
	 
	97,958
	

	 
	 
	 
	66,982
	

	 
	 
	 
	66,982
	

	 
	 
	 
	30,978
	

	 
	 
	 
	30,976
	

	 

	*CONFIDENTIAL
	 
	 
	154
	

	 
	 
	 
	71
	

	 
	 
	 
	—
	

	 
	 
	 
	2,103
	

	 
	 
	 
	3,600
	

	 
	 
	 
	3,600
	

	 
	 
	 
	(1,497
	

	)
	 
	 
	(1,497
	

	)

	*CONFIDENTIAL
	 
	 
	64,314
	

	 
	 
	 
	67,020
	

	 
	 
	 
	68,933
	

	 
	 
	 
	850,784
	

	 
	 
	 
	844,582
	

	 
	 
	 
	844,582
	

	 
	 
	 
	6,202
	

	 
	 
	 
	6,202
	

	 

	*CONFIDENTIAL
	 
	 
	1,938
	

	 
	 
	 
	11,917
	

	 
	 
	 
	1,840
	

	 
	 
	 
	30,085
	

	 
	 
	 
	33,000
	

	 
	 
	 
	33,000
	

	 
	 
	 
	(2,915
	

	)
	 
	 
	(2,915
	

	)

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	2,626
	

	 
	 
	 
	110,300
	

	 
	 
	 
	110,300
	

	 
	 
	 
	(107,675
	

	)
	 
	 
	(107,675
	

	)

	*CONFIDENTIAL
	 
	 
	1,938
	

	 
	 
	 
	11,917
	

	 
	 
	 
	1,840
	

	 
	 
	 
	32,710
	

	 
	 
	 
	143,300
	

	 
	 
	 
	143,300
	

	 
	 
	 
	(110,590
	

	)
	 
	 
	(110,590
	

	)

	*CONFIDENTIAL
	 
	 
	28,789
	

	 
	 
	 
	49,248
	

	 
	 
	 
	46,179
	

	 
	 
	 
	391,264
	

	 
	 
	 
	367,240
	

	 
	 
	 
	475,438
	

	 
	 
	 
	24,024
	

	 
	 
	 
	(84,173
	

	)

	*CONFIDENTIAL
	 
	 
	14,921
	

	 
	 
	 
	10,580
	

	 
	 
	 
	34,289
	

	 
	 
	 
	174,734
	

	 
	 
	 
	70,000
	

	 
	 
	 
	70,000
	

	 
	 
	 
	104,734
	

	 
	 
	 
	104,734
	

	 

	*CONFIDENTIAL
	 
	 
	43,710
	

	 
	 
	 
	59,828
	

	 
	 
	 
	80,468
	

	 
	 
	 
	565,998
	

	 
	 
	 
	437,240
	

	 
	 
	 
	545,438
	

	 
	 
	 
	128,758
	

	 
	 
	 
	20,561
	

	 

	*CONFIDENTIAL
	 
	 
	17,604
	

	 
	 
	 
	20,406
	

	 
	 
	 
	19,651
	

	 
	 
	 
	204,013
	

	 
	 
	 
	212,589
	

	 
	 
	 
	222,340
	

	 
	 
	 
	(8,576
	

	)
	 
	 
	(18,327
	

	)

	*CONFIDENTIAL
	 
	 
	13,093
	

	 
	 
	 
	21,358
	

	 
	 
	 
	23,963
	

	 
	 
	 
	190,195
	

	 
	 
	 
	113,434
	

	 
	 
	 
	146,855
	

	 
	 
	 
	76,761
	

	 
	 
	 
	43,341
	

	 

	*CONFIDENTIAL
	 
	 
	2,527
	

	 
	 
	 
	5,828
	

	 
	 
	 
	5,655
	

	 
	 
	 
	54,742
	

	 
	 
	 
	53,185
	

	 
	 
	 
	68,855
	

	 
	 
	 
	1,557
	

	 
	 
	 
	(14,112
	

	)

	*CONFIDENTIAL
	 
	 
	33,223
	

	 
	 
	 
	47,593
	

	 
	 
	 
	49,268
	

	 
	 
	 
	448,951
	

	 
	 
	 
	379,208
	

	 
	 
	 
	438,049
	

	 
	 
	 
	69,743
	

	 
	 
	 
	10,901
	

	 

	*CONFIDENTIAL
	 
	 
	23,022
	

	 
	 
	 
	31,608
	

	 
	 
	 
	38,239
	

	 
	 
	 
	337,702
	

	 
	 
	 
	169,114
	

	 
	 
	 
	218,939
	

	 
	 
	 
	168,588
	

	 
	 
	 
	118,763
	

	 





244






	
																																											
	*CONFIDENTIAL
	 
	 
	23,022
	

	 
	 
	 
	31,608
	

	 
	 
	 
	38,239
	

	 
	 
	 
	337,702
	

	 
	 
	 
	169,114
	

	 
	 
	 
	218,939
	

	 
	 
	 
	168,588
	

	 
	 
	 
	118,763
	

	 

	*CONFIDENTIAL
	 
	 
	1,939
	

	 
	 
	 
	1,878
	

	 
	 
	 
	1,718
	

	 
	 
	 
	19,763
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	19,763
	

	 
	 
	 
	19,763
	

	 

	*CONFIDENTIAL
	 
	 
	5,050
	

	 
	 
	 
	5,050
	

	 
	 
	 
	5,313
	

	 
	 
	 
	59,865
	

	 
	 
	 
	30,000
	

	 
	 
	 
	30,000
	

	 
	 
	 
	29,865
	

	 
	 
	 
	29,865
	

	 

	*CONFIDENTIAL
	 
	 
	9,313
	

	 
	 
	 
	8,656
	

	 
	 
	 
	4,527
	

	 
	 
	 
	32,510
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	32,510
	

	 
	 
	 
	32,510
	

	 

	*CONFIDENTIAL
	 
	 
	5,689
	

	 
	 
	 
	9,283
	

	 
	 
	 
	6,504
	

	 
	 
	 
	75,902
	

	 
	 
	 
	73,200
	

	 
	 
	 
	73,200
	

	 
	 
	 
	2,702
	

	 
	 
	 
	2,702
	

	 

	*CONFIDENTIAL
	 
	 
	18,850
	

	 
	 
	 
	17,936
	

	 
	 
	 
	18,397
	

	 
	 
	 
	233,976
	

	 
	 
	 
	93,600
	

	 
	 
	 
	93,600
	

	 
	 
	 
	140,376
	

	 
	 
	 
	140,376
	

	 

	*CONFIDENTIAL
	 
	 
	40,841
	

	 
	 
	 
	42,803
	

	 
	 
	 
	36,459
	

	 
	 
	 
	422,016
	

	 
	 
	 
	196,800
	

	 
	 
	 
	196,800
	

	 
	 
	 
	225,215
	

	 
	 
	 
	225,215
	

	 

	*CONFIDENTIAL
	 
	 
	259
	

	 
	 
	 
	40
	

	 
	 
	 
	107
	

	 
	 
	 
	793
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	793
	

	 
	 
	 
	793
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	147
	

	 
	 
	 
	228
	

	 
	 
	 
	11,966
	

	 
	 
	 
	16,500
	

	 
	 
	 
	16,500
	

	 
	 
	 
	(4,534
	

	)
	 
	 
	(4,534
	

	)

	*CONFIDENTIAL
	 
	 
	1
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	1,640
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	1,640
	

	 
	 
	 
	1,640
	

	 

	*CONFIDENTIAL
	 
	 
	17
	

	 
	 
	 
	337
	

	 
	 
	 
	202
	

	 
	 
	 
	3,171
	

	 
	 
	 
	20,970
	

	 
	 
	 
	27,148
	

	 
	 
	 
	(17,800
	

	)
	 
	 
	(23,978
	

	)

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	277
	

	 
	 
	 
	524
	

	 
	 
	 
	537
	

	 
	 
	 
	17,569
	

	 
	 
	 
	37,470
	

	 
	 
	 
	43,648
	

	 
	 
	 
	(19,901
	

	)
	 
	 
	(26,079
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	820
	

	 
	 
	 
	—
	

	 
	 
	 
	760
	

	 
	 
	 
	6,093
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	6,093
	

	 
	 
	 
	6,093
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	820
	

	 
	 
	 
	—
	

	 
	 
	 
	760
	

	 
	 
	 
	6,093
	

	 
	 
	 
	25,000
	

	 
	 
	 
	—
	

	 
	 
	 
	(18,907
	

	)
	 
	 
	6,093
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Expenses
	 
	 
	936,648
	

	 
	 
	 
	1,008,992
	

	 
	 
	 
	917,087
	

	 
	 
	 
	12,020,868
	

	 
	 
	 
	10,725,772
	

	 
	 
	 
	11,194,820
	

	 
	 
	 
	1,295,096
	

	 
	 
	 
	826,048
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Other Corporate Allocations
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Controllable Expenses
	 
	 
	936,648
	

	 
	 
	 
	1,008,992
	

	 
	 
	 
	917,087
	

	 
	 
	 
	12,020,868
	

	 
	 
	 
	10,725,772
	

	 
	 
	 
	11,194,820
	

	 
	 
	 
	1,295,096
	

	 
	 
	 
	826,048
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	EBITDA before Executive Expenses
	 
	 
	1,147,821
	

	 
	 
	 
	1,170,732
	

	 
	 
	 
	930,986
	

	 
	 
	 
	13,166,795
	

	 
	 
	 
	12,578,595
	

	 
	 
	 
	16,041,818
	

	 
	 
	 
	590,200
	

	 
	 
	 
	(2,873,023
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	EBITDA before Executive Expenses-BPS
	 
	 
	81.83
	

	 
	 
	 
	54.97
	

	 
	 
	 
	50.99
	

	 
	 
	 
	57.35
	

	 
	 
	 
	65.07
	

	 
	 
	 
	89.86
	

	 
	 
	 
	 
	 
	 
	 
	 
	 





245






The Budget is equal to the 0 & 12 Forecast for the following pages.
 


	
		
	*
	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.







246






Confidential Treatment
 
	
																															
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	PROFIT & LOSS REVIEW
	 
	Dec-04
	 
	 
	BUDGET
	 
	 
	FORECAST
	 
	 
	BUDGET 
VOLUME 
ACTUALS
	 
	 
	BUDGET 
VARIANCE
	 
	 
	BUDGET 
PRODUCTIVITY 
VARIANCE
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Revenue/Key Drivers
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Application Units
	 
	 
	243
	

	 
	 
	 
	320
	

	 
	 
	 
	289
	

	 
	 
	 
	243
	

	 
	 
	 
	(77
	

	)
	 
	 
	—
	

	 

	Total Application Dollars
	 
	$
	30,992
	

	 
	 
	$
	45,120
	

	 
	 
	$
	31,400
	

	 
	 
	$
	30,992
	

	 
	 
	$
	14,128
	

	 
	 
	$
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Closing Units
	 
	 
	192
	

	 
	 
	 
	224
	

	 
	 
	 
	216
	

	 
	 
	 
	192
	

	 
	 
	 
	(32
	

	)
	 
	 
	—
	

	 

	Total Closing Dollars
	 
	$
	22,372
	

	 
	 
	$
	31,584
	

	 
	 
	 
	23,796
	

	 
	 
	$
	22,372
	

	 
	 
	$
	9,212
	

	 
	 
	$
	—
	

	 

	Average Loan Amount
	 
	 
	118,519
	

	 
	 
	 
	141,000
	

	 
	 
	$
	108,796
	

	 
	 
	 
	116,519
	

	 
	 
	 
	(26
	

	)
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	

 
	

226
	

	

  
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Purchase Closing Units
	 
	 
	143
	

	 
	 
	 
	169
	

	 
	 
	 
	 
	 
	 
	 
	143
	

	 
	 
	 
	(7,720
	

	)
	 
	 
	—
	

	 

	Purchase Closing Dollars
	 
	$
	16,074
	

	 
	 
	$
	23,794
	

	 
	 
	 
	23,794
	

	 
	 
	$
	16,074
	

	 
	 
	$
	6
	

	 
	 
	$
	—
	

	 

	Average Loan Amount
	 
	 
	112,405
	

	 
	 
	 
	141,000
	

	 
	 
	$
	105,794
	

	 
	 
	 
	112,405
	

	 
	 
	 
	(1,492
	

	)
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	

 
	

105,470
	

	

  
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Refi Closings - Units
	 
	 
	49
	

	 
	 
	 
	55
	

	 
	 
	 
	 
	 
	 
	 
	49
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	Refi Closings - Dollars
	 
	$
	6,298
	

	 
	 
	$
	7,790
	

	 
	 
	 
	(10
	

	)
	 
	$
	6,298
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	Average Loan Amount
	 
	 
	128,526
	

	 
	 
	 
	141,000
	

	 
	 
	$
	294
	

	 
	 
	 
	18,526
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	 
	 
	 
	 
	 
	 
	 
	

 
	

30,625
	

	

  
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	$
	6,070
	

	 
	 
	 
	 
	 
	 
	$
	4,700
	

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	28.2
	

	%
	 
	 
	24.7
	

	%
	 
	 
	-1.3
	

	%
	 
	 
	28.2
	

	%
	 
	 
	 
	 
	 
	$
	—
	

	 

	*CONFIDENTIAL
	 
	 
	18.6
	

	%
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	27.1
	

	%
	 
	 
	 
	 
	 
	 
	20.0
	

	%
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	-0.21
	

	%
	 
	 
	1.85
	

	%
	 
	 
	1.44
	

	%
	 
	 
	1.85
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	259
	

	 
	 
	 
	358
	

	 
	 
	 
	271
	

	 
	 
	 
	296
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	-20.88
	

	%
	 
	 
	62.65
	

	%
	 
	 
	62.96
	

	%
	 
	 
	62.65
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	0.84
	

	%
	 
	 
	0.80
	

	%
	 
	 
	0.68
	

	%
	 
	 
	0.80
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	1.00
	

	%
	 
	 
	3.14
	

	%
	 
	 
	2.56
	

	%
	 
	 
	3.14
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	0.96
	

	%
	 
	 
	1.98
	

	%
	 
	 
	1.66
	

	%
	 
	 
	1.98
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	$
	1,171
	

	 
	 
	$
	4,427
	

	 
	 
	$
	2,788
	

	 
	 
	$
	3,658
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	$
	1,856
	

	 
	 
	$
	1,921
	

	 
	 
	$
	2,127
	

	 
	 
	$
	2,092
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	1.59
	

	%
	 
	 
	1.36
	

	%
	 
	 
	1.95
	

	%
	 
	 
	1.80
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	Loans over 60 days
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	Summary Headcount
	 
	 
	91
	

	 
	 
	 
	96
	

	 
	 
	 
	93
	

	 
	 
	 
	96
	

	 
	 
	 
	(5
	

	)
	 
	 
	(5
	

	)





247






	
																															
	 
	 
	 
	 
	 
	 
	 

	PROFIT & LOSS REVIEW
	 
	Dec-04
	 
	 
	BUDGET
	 
	 
	FORECAST
	 
	 
	BUDGET 
VOLUME 
ACTUALS
	 
	 
	BUDGET 
VARIANCE
	 
	 
	BUDGET 
PRODUCTIVITY 
VARIANCE
	 

	Revenue
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	(46.293
	

	)
	 
	 
	584,304
	

	 
	 
	 
	338,400
	

	 
	 
	 
	413,875
	

	 
	 
	 
	(630,597
	

	)
	 
	 
	(460,168
	

	)

	*CONFIDENTIAL
	 
	 
	13,926
	

	 
	 
	 
	6,423
	

	 
	 
	 
	3,755
	

	 
	 
	 
	4,549
	

	 
	 
	 
	7,603
	

	 
	 
	 
	9,376
	

	 

	*CONFIDENTIAL
	 
	 
	49,728
	

	 
	 
	 
	80,277
	

	 
	 
	 
	58,450
	

	 
	 
	 
	56,862
	

	 
	 
	 
	(30,550
	

	)
	 
	 
	(7,135
	

	)

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	3,158
	

	 
	 
	 
	2,350
	

	 
	 
	 
	2,237
	

	 
	 
	 
	(3,158
	

	)
	 
	 
	(2,237
	

	)

	*CONFIDENTIAL
	 
	 
	20,252
	

	 
	 
	 
	66,326
	

	 
	 
	 
	39,480
	

	 
	 
	 
	46,980
	

	 
	 
	 
	(46,975
	

	)
	 
	 
	(26,729
	

	)

	*CONFIDENTIAL
	 
	 
	187,169
	

	 
	 
	 
	251,093
	

	 
	 
	 
	159,800
	

	 
	 
	 
	177,854
	

	 
	 
	 
	(63,923
	

	)
	 
	 
	9,315
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Gross Revenue
	 
	 
	224,781
	

	 
	 
	 
	991,581
	

	 
	 
	 
	602,235
	

	 
	 
	 
	702,358
	

	 
	 
	 
	(756,800
	

	)
	 
	 
	(447,578
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Commissions
	 
	 
	9,668
	

	 
	 
	 
	366,054
	

	 
	 
	 
	213,058
	

	 
	 
	 
	259,284
	

	 
	 
	 
	(356,386
	

	)
	 
	 
	(249,616
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Net Revenue
	 
	 
	215,113
	

	 
	 
	 
	625,527
	

	 
	 
	 
	389,177
	

	 
	 
	 
	443,074
	

	 
	 
	 
	(410,414
	

	)
	 
	 
	(227,961
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Indirect Costs
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	170,585
	

	 
	 
	 
	177,461
	

	 
	 
	 
	187,648
	

	 
	 
	 
	177,461
	

	 
	 
	 
	(6,876
	

	)
	 
	 
	(6,876
	

	)

	*CONFIDENTIAL
	 
	 
	610
	

	 
	 
	 
	—
	

	 
	 
	 
	1,000
	

	 
	 
	 
	—
	

	 
	 
	 
	610
	

	 
	 
	 
	610
	

	 

	*CONFIDENTIAL
	 
	 
	6,996
	

	 
	 
	 
	4,500
	

	 
	 
	 
	4,500
	

	 
	 
	 
	3,187
	

	 
	 
	 
	2,496
	

	 
	 
	 
	3,809
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	1,898
	

	 
	 
	 
	75
	

	 
	 
	 
	1,898
	

	 
	 
	 
	53
	

	 
	 
	 
	1,823
	

	 
	 
	 
	1,845
	

	 

	*CONFIDENTIAL
	 
	 
	5,905
	

	 
	 
	 
	49,297
	

	 
	 
	 
	57,997
	

	 
	 
	 
	49,297
	

	 
	 
	 
	(43,392
	

	)
	 
	 
	(43,392
	

	)

	*CONFIDENTIAL
	 
	 
	30,362
	

	 
	 
	 
	38,046
	

	 
	 
	 
	28,049
	

	 
	 
	 
	38,046
	

	 
	 
	 
	(7,684
	

	)
	 
	 
	(7,684
	

	)

	*CONFIDENTIAL
	 
	 
	890
	

	 
	 
	 
	500
	

	 
	 
	 
	500
	

	 
	 
	 
	500
	

	 
	 
	 
	390
	

	 
	 
	 
	390
	

	 

	*CONFIDENTIAL
	 
	 
	500
	

	 
	 
	 
	2,000
	

	 
	 
	 
	2,500
	

	 
	 
	 
	2,000
	

	 
	 
	 
	(1,500
	

	)
	 
	 
	(1,500
	

	)

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	217,746
	

	 
	 
	 
	271,879
	

	 
	 
	 
	284,093
	

	 
	 
	 
	270,544
	

	 
	 
	 
	(54,133
	

	)
	 
	 
	(52,798
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	35,208
	

	 
	 
	 
	35,712
	

	 
	 
	 
	36,125
	

	 
	 
	 
	35,712
	

	 
	 
	 
	(504
	

	)
	 
	 
	(504
	

	)

	*CONFIDENTIAL
	 
	 
	1,929
	

	 
	 
	 
	950
	

	 
	 
	 
	950
	

	 
	 
	 
	950
	

	 
	 
	 
	979
	

	 
	 
	 
	979
	

	 





248






	
																															
	*CONFIDENTIAL
	 
	 
	3,090
	

	 
	 
	 
	2,100
	

	 
	 
	 
	2,100
	

	 
	 
	 
	2,100
	

	 
	 
	 
	990
	

	 
	 
	 
	990
	

	 

	*CONFIDENTIAL
	 
	 
	40,227
	

	 
	 
	 
	36,752
	

	 
	 
	 
	39,175
	

	 
	 
	 
	38,762
	

	 
	 
	 
	1,465
	

	 
	 
	 
	1,465
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	3,800
	

	 
	 
	 
	—
	

	 
	 
	 
	3,800
	

	 
	 
	 
	(3,800
	

	)
	 
	 
	(3,800
	

	)

	*CONFIDENTIAL
	 
	 
	6,429
	

	 
	 
	 
	3,500
	

	 
	 
	 
	6,000
	

	 
	 
	 
	3,500
	

	 
	 
	 
	2,929
	

	 
	 
	 
	2,929
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	6,429
	

	 
	 
	 
	7,300
	

	 
	 
	 
	6,000
	

	 
	 
	 
	7,300
	

	 
	 
	 
	(871
	

	)
	 
	 
	(871
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	19,473
	

	 
	 
	 
	29,134
	

	 
	 
	 
	15,000
	

	 
	 
	 
	20,636
	

	 
	 
	 
	(9,661
	

	)
	 
	 
	(1,164
	

	)

	*CONFIDENTIAL
	 
	 
	7,571
	

	 
	 
	 
	3,766
	

	 
	 
	 
	3,766
	

	 
	 
	 
	3,766
	

	 
	 
	 
	3,805
	

	 
	 
	 
	3,805
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	27,043
	

	 
	 
	 
	32,900
	

	 
	 
	 
	18,766
	

	 
	 
	 
	24,402
	

	 
	 
	 
	(5,857
	

	)
	 
	 
	(2,641
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	30,889
	

	 
	 
	 
	33,000
	

	 
	 
	 
	33,225
	

	 
	 
	 
	23,375
	

	 
	 
	 
	(2,111
	

	)
	 
	 
	7,515
	

	 

	*CONFIDENTIAL
	 
	 
	3,204
	

	 
	 
	 
	5,000
	

	 
	 
	 
	5,508
	

	 
	 
	 
	3,542
	

	 
	 
	 
	(1,796
	

	)
	 
	 
	(337
	

	)

	*CONFIDENTIAL
	 
	 
	1,452
	

	 
	 
	 
	1,550
	

	 
	 
	 
	1,456
	

	 
	 
	 
	1,098
	

	 
	 
	 
	(98
	

	)
	 
	 
	354
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	35,543
	

	 
	 
	 
	39,550
	

	 
	 
	 
	40,189
	

	 
	 
	 
	28,014
	

	 
	 
	 
	(4,005
	

	)
	 
	 
	7,531
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	21,131
	

	 
	 
	 
	22,894
	

	 
	 
	 
	18,000
	

	 
	 
	 
	16,216
	

	 
	 
	 
	(1,763
	

	)
	 
	 
	4,914
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	21,131
	

	 
	 
	 
	22,894
	

	 
	 
	 
	18,000
	

	 
	 
	 
	16,216
	

	 
	 
	 
	(1,763
	

	)
	 
	 
	4,914
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	2,000
	

	 
	 
	 
	2,000
	

	 
	 
	 
	1,417
	

	 
	 
	 
	(2,000
	

	)
	 
	 
	(1,417
	

	)

	*CONFIDENTIAL
	 
	 
	3,658
	

	 
	 
	 
	6,750
	

	 
	 
	 
	6,750
	

	 
	 
	 
	6,750
	

	 
	 
	 
	(3,092
	

	)
	 
	 
	(3,092
	

	)

	*CONFIDENTIAL
	 
	 
	202
	

	 
	 
	 
	1,600
	

	 
	 
	 
	122
	

	 
	 
	 
	1,600
	

	 
	 
	 
	(1,398
	

	)
	 
	 
	(1,398
	

	)

	*CONFIDENTIAL
	 
	 
	416
	

	 
	 
	 
	1,083
	

	 
	 
	 
	1,083
	

	 
	 
	 
	1,083
	

	 
	 
	 
	(667
	

	)
	 
	 
	(667
	

	)

	*CONFIDENTIAL
	 
	 
	3,016
	

	 
	 
	 
	2,000
	

	 
	 
	 
	2,000
	

	 
	 
	 
	2,000
	

	 
	 
	 
	1,016
	

	 
	 
	 
	1,016
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	7,292
	

	 
	 
	 
	13,433
	

	 
	 
	 
	11,955
	

	 
	 
	 
	12,650
	

	 
	 
	 
	(6,141
	

	)
	 
	 
	(8,558
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	798
	

	 
	 
	 
	620
	

	 
	 
	 
	561
	

	 
	 
	 
	620
	

	 
	 
	 
	178
	

	 
	 
	 
	178
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	500
	

	 
	 
	 
	500
	

	 
	 
	 
	500
	

	 
	 
	 
	(500
	

	)
	 
	 
	(500
	

	)

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	800
	

	 
	 
	 
	38,351
	

	 
	 
	 
	800
	

	 
	 
	 
	(800
	

	)
	 
	 
	(800
	

	)

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	798
	

	 
	 
	 
	1,920
	

	 
	 
	 
	39,412
	

	 
	 
	 
	1,920
	

	 
	 
	 
	(1,122
	

	)
	 
	 
	(1,122
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 





249






	
																															
	*CONFIDENTIAL
	 
	 
	52
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	52
	

	 
	 
	 
	52
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	52
	

	 
	 
	 
	1,750
	

	 
	 
	 
	1,750
	

	 
	 
	 
	1,750
	

	 
	 
	 
	(1,698
	

	)
	 
	 
	(1,698
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Expenses
	 
	 
	356,263
	

	 
	 
	 
	430,388
	

	 
	 
	 
	459,340
	

	 
	 
	 
	401,758
	

	 
	 
	 
	(74,125
	

	)
	 
	 
	(45,496
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Other Corporate Allocations
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Controllable Expenses
	 
	 
	356,263
	

	 
	 
	 
	430,388
	

	 
	 
	 
	459,340
	

	 
	 
	 
	401,758
	

	 
	 
	 
	(74,125
	

	)
	 
	 
	(45,496
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	EBITDA before Executive Expenses
	 
	 
	(141,150
	

	)
	 
	 
	195,139
	

	 
	 
	 
	(70,163
	

	)
	 
	 
	41,316
	

	 
	 
	 
	(336,289
	

	)
	 
	 
	(182,465
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	EBITDA before Executive Expenses-BPS
	 
	 
	(63.09
	

	)
	 
	 
	87.23
	

	 
	 
	 
	(31.36
	

	)
	 
	 
	18.47
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	The Budget is equal to the 0 & 12 Forecast for the following pages.
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 




 


	
		
	*
	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.






Confidential Treatment
 
	
																																														
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL * YTD total only includes actual expenses
	 

	YTD PROFIT & LOSS REVIEW
	 
	Jan-04
	 
	 
	Feb-04
	 
	 
	Mar-04
	 
	 
	Apr-04
	 
	 
	May-04
	 
	 
	Jun-04
	 
	 
	Jul-04
	 
	 
	Aug-04
	 
	 
	Sep-04
	 

	Revenue/Key Drivers
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Application Units
	 
	 
	320
	

	 
	 
	 
	288
	

	 
	 
	 
	529
	

	 
	 
	 
	370
	

	 
	 
	 
	319
	

	 
	 
	 
	348
	

	 
	 
	 
	291
	

	 
	 
	 
	312
	

	 
	 
	 
	291
	

	 

	Total Application Dollars
	 
	$
	42,289
	

	 
	 
	$
	38,021
	

	 
	 
	$
	70,342
	

	 
	 
	$
	46,700
	

	 
	 
	$
	39,526
	

	 
	 
	$
	46,621
	

	 
	 
	$
	36,013
	

	 
	 
	$
	40,321
	

	 
	 
	$
	36,526
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Closing Units
	 
	 
	134
	

	 
	 
	 
	158
	

	 
	 
	 
	305
	

	 
	 
	 
	287
	

	 
	 
	 
	237
	

	 
	 
	 
	279
	

	 
	 
	 
	229
	

	 
	 
	 
	267
	

	 
	 
	 
	214
	

	 

	Total Closing Dollars
	 
	$
	17,604
	

	 
	 
	$
	21,422
	

	 
	 
	$
	39,018
	

	 
	 
	$
	34,226
	

	 
	 
	$
	27,189
	

	 
	 
	$
	32,135
	

	 
	 
	$
	23,664
	

	 
	 
	$
	30,899
	

	 
	 
	$
	25,776
	

	 

	Average Loan Amount
	 
	 
	131,376
	

	 
	 
	 
	135,582
	

	 
	 
	 
	127,926
	

	 
	 
	 
	119,255
	

	 
	 
	 
	114,723
	

	 
	 
	 
	115,180
	

	 
	 
	 
	103,423
	

	 
	 
	 
	115,726
	

	 
	 
	 
	120,450
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Purchase Closing Units
	 
	 
	93
	

	 
	 
	 
	107
	

	 
	 
	 
	170
	

	 
	 
	 
	201
	

	 
	 
	 
	192
	

	 
	 
	 
	252
	

	 
	 
	 
	204
	

	 
	 
	 
	225
	

	 
	 
	 
	177
	

	 

	Purchase Closing Dollars
	 
	$
	12,742
	

	 
	 
	$
	13,961
	

	 
	 
	$
	20,584
	

	 
	 
	$
	23,358
	

	 
	 
	$
	2,144
	

	 
	 
	$
	29,396
	

	 
	 
	$
	21,324
	

	 
	 
	$
	25,886
	

	 
	 
	$
	21,180
	

	 

	Average Loan Amount
	 
	 
	137,015
	

	 
	 
	 
	130,660
	

	 
	 
	 
	121,081
	

	 
	 
	 
	116,207
	

	 
	 
	 
	11,167
	

	 
	 
	 
	116,650
	

	 
	 
	 
	104,531
	

	 
	 
	 
	115,051
	

	 
	 
	 
	119,863
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 





250






	
																																														
	Refi Closings - Units
	 
	 
	41
	

	 
	 
	 
	51
	

	 
	 
	 
	135
	

	 
	 
	 
	86
	

	 
	 
	 
	45
	

	 
	 
	 
	27
	

	 
	 
	 
	25
	

	 
	 
	 
	42
	

	 
	 
	 
	37
	

	 

	Refi Closings - Dollars
	 
	$
	4,882
	

	 
	 
	$
	7,441
	

	 
	 
	$
	18,434
	

	 
	 
	$
	10,868
	

	 
	 
	$
	25,045
	

	 
	 
	$
	2,739
	

	 
	 
	$
	2,380
	

	 
	 
	$
	5,012
	

	 
	 
	$
	4,596
	

	 

	Average Loan Amount
	 
	 
	118,585
	

	 
	 
	 
	145,908
	

	 
	 
	 
	136,547
	

	 
	 
	 
	126,377
	

	 
	 
	 
	556,564
	

	 
	 
	 
	101,452
	

	 
	 
	 
	94,380
	

	 
	 
	 
	119,341
	

	 
	 
	 
	124,214
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	$
	234
	

	 
	 
	$
	—
	

	 
	 
	$
	—
	

	 
	 
	$
	2,014
	

	 
	 
	$
	6,202
	

	 
	 
	$
	7,116
	

	 
	 
	$
	5,325
	

	 
	 
	$
	3,971
	

	 
	 
	$
	3,224
	

	 

	*CONFIDENTIAL
	 
	 
	27.6
	

	%
	 
	 
	34.7
	

	%
	 
	 
	47.2
	

	%
	 
	 
	31.8
	

	%
	 
	 
	92.1
	

	%
	 
	 
	6.5
	

	%
	 
	 
	10.0
	

	%
	 
	 
	16.2
	

	%
	 
	 
	17.8
	

	%

	*CONFIDENTIAL
	 
	 
	15.2
	

	%
	 
	 
	18.1
	

	%
	 
	 
	18.6
	

	%
	 
	 
	18.4
	

	%
	 
	 
	14.4
	

	%
	 
	 
	20.4
	

	%
	 
	 
	15.6
	

	%
	 
	 
	16.5
	

	%
	 
	 
	15.5
	

	%

	*CONFIDENTIAL
	 
	 
	1.3
	

	%
	 
	 
	0.0
	

	%
	 
	 
	0.0
	

	%
	 
	 
	5.9
	

	%
	 
	 
	22.8
	

	%
	 
	 
	22.1
	

	%
	 
	 
	22.5
	

	%
	 
	 
	12.9
	

	%
	 
	 
	12.5
	

	%

	*CONFIDENTIAL
	 
	 
	2.00
	

	%
	 
	 
	2.06
	

	%
	 
	 
	1.64
	

	%
	 
	 
	1.84
	

	%
	 
	 
	1.71
	

	%
	 
	 
	1.86
	

	%
	 
	 
	0.47
	

	%
	 
	 
	0.86
	

	%
	 
	 
	1.86
	

	%

	*CONFIDENTIAL
	 
	 
	170
	

	 
	 
	 
	292
	

	 
	 
	 
	228
	

	 
	 
	 
	338
	

	 
	 
	 
	221
	

	 
	 
	 
	296
	

	 
	 
	 
	342
	

	 
	 
	 
	327
	

	 
	 
	 
	313
	

	 

	*CONFIDENTIAL
	 
	 
	69.97
	

	%
	 
	 
	64.09
	

	%
	 
	 
	64.97
	

	%
	 
	 
	58.29
	

	%
	 
	 
	63.84
	

	%
	 
	 
	67.14
	

	%
	 
	 
	286.07
	

	%
	 
	 
	138.94
	

	%
	 
	 
	64.49
	

	%

	*CONFIDENTIAL
	 
	 
	0.85
	

	%
	 
	 
	0.71
	

	%
	 
	 
	0.96
	

	%
	 
	 
	0.56
	

	%
	 
	 
	0.69
	

	%
	 
	 
	0.66
	

	%
	 
	 
	1.09
	

	%
	 
	 
	1.84
	

	%
	 
	 
	0.72
	

	%

	*CONFIDENTIAL
	 
	 
	3.28
	

	%
	 
	 
	2.96
	

	%
	 
	 
	2.75
	

	%
	 
	 
	2.80
	

	%
	 
	 
	2.79
	

	%
	 
	 
	2.91
	

	%
	 
	 
	2.22
	

	%
	 
	 
	3.08
	

	%
	 
	 
	2.61
	

	%

	*CONFIDENTIAL
	 
	 
	1.68
	

	%
	 
	 
	1.64
	

	%
	 
	 
	1.69
	

	%
	 
	 
	1.73
	

	%
	 
	 
	1.70
	

	%
	 
	 
	1.67
	

	%
	 
	 
	0.88
	

	%
	 
	 
	1.88
	

	%
	 
	 
	1.41
	

	%

	*CONFIDENTIAL
	 
	$
	4,308
	

	 
	 
	$
	4,009
	

	 
	 
	$
	3,524
	

	 
	 
	$
	3,343
	

	 
	 
	$
	3,205
	

	 
	 
	$
	3,353
	

	 
	 
	$
	2,291
	

	 
	 
	$
	3,564
	

	 
	 
	$
	3,146
	

	 

	*CONFIDENTIAL
	 
	$
	3,270
	

	 
	 
	$
	2,210
	

	 
	 
	$
	1,489
	

	 
	 
	$
	1,447
	

	 
	 
	$
	1,797
	

	 
	 
	$
	1,480
	

	 
	 
	$
	1,835
	

	 
	 
	$
	1,500
	

	 
	 
	$
	1,855
	

	 

	*CONFIDENTIAL
	 
	 
	2.49
	

	%
	 
	 
	1.63
	

	%
	 
	 
	1.16
	

	%
	 
	 
	1.21
	

	%
	 
	 
	1.57
	

	%
	 
	 
	1.29
	

	%
	 
	 
	1.77
	

	%
	 
	 
	1.30
	

	%
	 
	 
	1.54
	

	%

	Loans over 60 days
	 
	 
	1
	

	 
	 
	 
	1
	

	 
	 
	 
	1
	

	 
	 
	 
	2
	

	 
	 
	 
	N/A
	

	 
	 
	 
	8
	

	 
	 
	 
	6
	

	 
	 
	 
	3
	

	 
	 
	 
	N/A
	

	 

	Summary Headcount
	 
	 
	99
	

	 
	 
	 
	102
	

	 
	 
	 
	97
	

	 
	 
	 
	92
	

	 
	 
	 
	93
	

	 
	 
	 
	91
	

	 
	 
	 
	95
	

	 
	 
	 
	93
	

	 
	 
	 
	95
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	YTD PROFIT & LOSS REVIEW
	 
	Jan-04
	 
	 
	Feb-04
	 
	 
	Mar-04
	 
	 
	Apr-04
	 
	 
	May-04
	 
	 
	Jun-04
	 
	 
	Jul-04
	 
	 
	Aug-04
	 
	 
	Sep-04
	 

	Revenue
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	352,942
	

	 
	 
	 
	441,123
	

	 
	 
	 
	639,627
	

	 
	 
	 
	628,427
	

	 
	 
	 
	465,264
	

	 
	 
	 
	596,192
	

	 
	 
	 
	110,924
	

	 
	 
	 
	267,122
	

	 
	 
	 
	480,002
	

	 

	*CONFIDENTIAL
	 
	 
	(8,618
	

	)
	 
	 
	(13,491
	

	)
	 
	 
	(24,152
	

	)
	 
	 
	(16,334
	

	)
	 
	 
	(8,945
	

	)
	 
	 
	(4,595
	

	)
	 
	 
	10,167
	

	 
	 
	 
	(5,245
	

	)
	 
	 
	(188
	

	)

	*CONFIDENTIAL
	 
	 
	22,737
	

	 
	 
	 
	46,161
	

	 
	 
	 
	69,441
	

	 
	 
	 
	96,870
	

	 
	 
	 
	52,437
	

	 
	 
	 
	82,455
	

	 
	 
	 
	78,422
	

	 
	 
	 
	87,226
	

	 
	 
	 
	66,975
	

	 

	*CONFIDENTIAL
	 
	 
	7,722
	

	 
	 
	 
	1,997
	

	 
	 
	 
	(699
	

	)
	 
	 
	137
	

	 
	 
	 
	(687
	

	)
	 
	 
	(322
	

	)
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	(93,815
	

	)

	*CONFIDENTIAL
	 
	 
	(5,025
	

	)
	 
	 
	(7,231
	

	)
	 
	 
	(4,220
	

	)
	 
	 
	(6,529
	

	)
	 
	 
	(5,862
	

	)
	 
	 
	(5,083
	

	)
	 
	 
	(2,483
	

	)
	 
	 
	(7,205
	

	)
	 
	 
	(6,147
	

	)

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	2,196
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	0
	

	 

	*CONFIDENTIAL
	 
	 
	56,859
	

	 
	 
	 
	12,581
	

	 
	 
	 
	20,606
	

	 
	 
	 
	68,347
	

	 
	 
	 
	68,725
	

	 
	 
	 
	55,115
	

	 
	 
	 
	69,130
	

	 
	 
	 
	42,205
	

	 
	 
	 
	40,153
	

	 

	*CONFIDENTIAL
	 
	 
	148,902
	

	 
	 
	 
	152,334
	

	 
	 
	 
	374,374
	

	 
	 
	 
	190,492
	

	 
	 
	 
	186,613
	

	 
	 
	 
	211,708,
	

	 
	 
	 
	258,518
	

	 
	 
	 
	567,472
	

	 
	 
	 
	186,650
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Gross Revenue
	 
	 
	577,319
	

	 
	 
	 
	633,,474
	

	 
	 
	 
	1,074,777
	

	 
	 
	 
	959,410
	

	 
	 
	 
	759,561
	

	 
	 
	 
	935,470
	

	 
	 
	 
	524,678
	

	 
	 
	 
	951,575
	

	 
	 
	 
	673,650
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Commissions
	 
	 
	246,939
	

	 
	 
	 
	282,722
	

	 
	 
	 
	415,576
	

	 
	 
	 
	366,302
	

	 
	 
	 
	286,126
	

	 
	 
	 
	400,292
	

	 
	 
	 
	317,321
	

	 
	 
	 
	371,135
	

	 
	 
	 
	309,576
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Net Revenue
	 
	 
	330,380
	

	 
	 
	 
	350,752
	

	 
	 
	 
	659,201
	

	 
	 
	 
	593,108
	

	 
	 
	 
	463,435
	

	 
	 
	 
	535,189
	

	 
	 
	 
	207,357
	

	 
	 
	 
	580,440
	

	 
	 
	 
	364,075
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Indirect Costs
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	195,596
	

	 
	 
	 
	170,792
	

	 
	 
	 
	214,476
	

	 
	 
	 
	176,336
	

	 
	 
	 
	164,457
	

	 
	 
	 
	168,991
	

	 
	 
	 
	168,955
	

	 
	 
	 
	171,271
	

	 
	 
	 
	169,731
	

	 

	*CONFIDENTIAL
	 
	 
	1,753
	

	 
	 
	 
	660
	

	 
	 
	 
	424
	

	 
	 
	 
	410
	

	 
	 
	 
	1,031
	

	 
	 
	 
	933
	

	 
	 
	 
	1,296
	

	 
	 
	 
	1,165
	

	 
	 
	 
	1,162
	

	 

	*CONFIDENTIAL
	 
	 
	9,795
	

	 
	 
	 
	8,238
	

	 
	 
	 
	9,506
	

	 
	 
	 
	12,150
	

	 
	 
	 
	9,733
	

	 
	 
	 
	12,384
	

	 
	 
	 
	12,949
	

	 
	 
	 
	9,708
	

	 
	 
	 
	11,155
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	833
	

	 
	 
	 
	833
	

	 
	 
	 
	833
	

	 
	 
	 
	833
	

	 
	 
	 
	833
	

	 
	 
	 
	833
	

	 
	 
	 
	833
	

	 
	 
	 
	—
	

	 
	 
	 
	4,987
	

	 





251






	
																																														
	*CONFIDENTIAL
	 
	 
	68,944
	

	 
	 
	 
	48,184
	

	 
	 
	 
	63,200
	

	 
	 
	 
	66,569
	

	 
	 
	 
	62,844
	

	 
	 
	 
	58,011
	

	 
	 
	 
	70,307
	

	 
	 
	 
	80,985
	

	 
	 
	 
	51,389
	

	 

	*CONFIDENTIAL
	 
	 
	60,282
	

	 
	 
	 
	34,921
	

	 
	 
	 
	35,895
	

	 
	 
	 
	41,295
	

	 
	 
	 
	41,304
	

	 
	 
	 
	35,298
	

	 
	 
	 
	42,398
	

	 
	 
	 
	31,588
	

	 
	 
	 
	33,770
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	676
	

	 
	 
	 
	1,446
	

	 
	 
	 
	34
	

	 
	 
	 
	626
	

	 
	 
	 
	993
	

	 
	 
	 
	329
	

	 
	 
	 
	250
	

	 
	 
	 
	250
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	5,696
	

	 
	 
	 
	3,600
	

	 
	 
	 
	3,796
	

	 
	 
	 
	4,197
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	337,204
	

	 
	 
	 
	264,303
	

	 
	 
	 
	325,781
	

	 
	 
	 
	297,626
	

	 
	 
	 
	286,524
	

	 
	 
	 
	281,044
	

	 
	 
	 
	300,864
	

	 
	 
	 
	279,165
	

	 
	 
	 
	272,463
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	23,310
	

	 
	 
	 
	25,655
	

	 
	 
	 
	36,125
	

	 
	 
	 
	34,921
	

	 
	 
	 
	33,921
	

	 
	 
	 
	34,984
	

	 
	 
	 
	33,915
	

	 
	 
	 
	36,060
	

	 
	 
	 
	35,050
	

	 

	*CONFIDENTIAL
	 
	 
	2,290
	

	 
	 
	 
	3,249
	

	 
	 
	 
	7,079
	

	 
	 
	 
	1,945
	

	 
	 
	 
	3,045
	

	 
	 
	 
	6,388
	

	 
	 
	 
	2,236
	

	 
	 
	 
	2,330
	

	 
	 
	 
	2,860
	

	 

	*CONFIDENTIAL
	 
	 
	546
	

	 
	 
	 
	1,095
	

	 
	 
	 
	2,163
	

	 
	 
	 
	193
	

	 
	 
	 
	2,232
	

	 
	 
	 
	3,567
	

	 
	 
	 
	2,626
	

	 
	 
	 
	1,700
	

	 
	 
	 
	1,596
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	26,146
	

	 
	 
	 
	29,999
	

	 
	 
	 
	45,367
	

	 
	 
	 
	37,061
	

	 
	 
	 
	39,198
	

	 
	 
	 
	44,939
	

	 
	 
	 
	38,777
	

	 
	 
	 
	40,090
	

	 
	 
	 
	39,507
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	4,329
	

	 
	 
	 
	4,769
	

	 
	 
	 
	1,488
	

	 
	 
	 
	7,486
	

	 
	 
	 
	8,669
	

	 
	 
	 
	4,972
	

	 
	 
	 
	4,389
	

	 
	 
	 
	5,454
	

	 
	 
	 
	5,948
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	4,329
	

	 
	 
	 
	4,769
	

	 
	 
	 
	1,488
	

	 
	 
	 
	7,486
	

	 
	 
	 
	8,669
	

	 
	 
	 
	4,972
	

	 
	 
	 
	4,389
	

	 
	 
	 
	5,454
	

	 
	 
	 
	5,948
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	9,845
	

	 
	 
	 
	16,890
	

	 
	 
	 
	19,332
	

	 
	 
	 
	13,850
	

	 
	 
	 
	24,735
	

	 
	 
	 
	17,844
	

	 
	 
	 
	12,868
	

	 
	 
	 
	10,916
	

	 
	 
	 
	15,152
	

	 

	*CONFIDENTIAL
	 
	 
	2,035
	

	 
	 
	 
	1,299
	

	 
	 
	 
	3,120
	

	 
	 
	 
	1,412
	

	 
	 
	 
	2,793
	

	 
	 
	 
	2,757
	

	 
	 
	 
	4,628
	

	 
	 
	 
	5,356
	

	 
	 
	 
	1,564
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	11,880
	

	 
	 
	 
	18,190
	

	 
	 
	 
	22,453
	

	 
	 
	 
	15,062
	

	 
	 
	 
	27,527
	

	 
	 
	 
	20,802
	

	 
	 
	 
	17,494
	

	 
	 
	 
	16,272
	

	 
	 
	 
	16,716
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	25,561
	

	 
	 
	 
	5,684
	

	 
	 
	 
	33,225
	

	 
	 
	 
	34,936
	

	 
	 
	 
	32,350
	

	 
	 
	 
	33,047
	

	 
	 
	 
	29,725
	

	 
	 
	 
	32,126
	

	 
	 
	 
	31,197
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	4,155
	

	 
	 
	 
	3,835
	

	 
	 
	 
	3,316
	

	 

	*CONFIDENTIAL
	 
	 
	4,823
	

	 
	 
	 
	4,165
	

	 
	 
	 
	2,791
	

	 
	 
	 
	2,060
	

	 
	 
	 
	560
	

	 
	 
	 
	842
	

	 
	 
	 
	806
	

	 
	 
	 
	524
	

	 
	 
	 
	1,054
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	30,384
	

	 
	 
	 
	9,849
	

	 
	 
	 
	36,016
	

	 
	 
	 
	36,996
	

	 
	 
	 
	32,910
	

	 
	 
	 
	33,889
	

	 
	 
	 
	34,686
	

	 
	 
	 
	36,485
	

	 
	 
	 
	35,567
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	17,940
	

	 
	 
	 
	11,128
	

	 
	 
	 
	16,398
	

	 
	 
	 
	12,926
	

	 
	 
	 
	21,325
	

	 
	 
	 
	19,785
	

	 
	 
	 
	15,161
	

	 
	 
	 
	16,458
	

	 
	 
	 
	15,938
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	17,940
	

	 
	 
	 
	11,128
	

	 
	 
	 
	16,398
	

	 
	 
	 
	12,926
	

	 
	 
	 
	21,325
	

	 
	 
	 
	19,785
	

	 
	 
	 
	15,161
	

	 
	 
	 
	16,458
	

	 
	 
	 
	15,938
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	4,339
	

	 
	 
	 
	4,791
	

	 
	 
	 
	3,179
	

	 
	 
	 
	4,069
	

	 
	 
	 
	5,977
	

	 
	 
	 
	4,596
	

	 
	 
	 
	4,426
	

	 
	 
	 
	2,509
	

	 
	 
	 
	3,478
	

	 

	*CONFIDENTIAL
	 
	 
	645
	

	 
	 
	 
	714
	

	 
	 
	 
	76
	

	 
	 
	 
	202
	

	 
	 
	 
	2,374
	

	 
	 
	 
	250
	

	 
	 
	 
	—
	

	 
	 
	 
	888
	

	 
	 
	 
	213
	

	 

	*CONFIDENTIAL
	 
	 
	2,036
	

	 
	 
	 
	2,320
	

	 
	 
	 
	189
	

	 
	 
	 
	235
	

	 
	 
	 
	—
	

	 
	 
	 
	833
	

	 
	 
	 
	1,553
	

	 
	 
	 
	1,133
	

	 
	 
	 
	1,409
	

	 

	*CONFIDENTIAL
	 
	 
	2,713
	

	 
	 
	 
	2,597
	

	 
	 
	 
	2,943
	

	 
	 
	 
	2,743
	

	 
	 
	 
	759
	

	 
	 
	 
	1,388
	

	 
	 
	 
	1,876
	

	 
	 
	 
	1,876
	

	 
	 
	 
	4,329
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	9,733
	

	 
	 
	 
	10,423
	

	 
	 
	 
	6,387
	

	 
	 
	 
	7,249
	

	 
	 
	 
	9,110
	

	 
	 
	 
	7,067
	

	 
	 
	 
	7,855
	

	 
	 
	 
	6,406
	

	 
	 
	 
	9,428
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	629
	

	 
	 
	 
	470
	

	 
	 
	 
	198
	

	 
	 
	 
	708
	

	 
	 
	 
	546
	

	 
	 
	 
	745
	

	 
	 
	 
	759
	

	 
	 
	 
	273
	

	 
	 
	 
	898
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 





252






	
																																														
	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	629
	

	 
	 
	 
	470
	

	 
	 
	 
	198
	

	 
	 
	 
	958
	

	 
	 
	 
	546
	

	 
	 
	 
	745
	

	 
	 
	 
	759
	

	 
	 
	 
	273
	

	 
	 
	 
	898
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	33
	

	 
	 
	 
	11
	

	 
	 
	 
	144
	

	 
	 
	 
	28
	

	 
	 
	 
	448
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	33
	

	 
	 
	 
	11
	

	 
	 
	 
	144
	

	 
	 
	 
	28
	

	 
	 
	 
	448
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Expenses
	 
	 
	438,246
	

	 
	 
	 
	349,131
	

	 
	 
	 
	454,088
	

	 
	 
	 
	415,365
	

	 
	 
	 
	425,843
	

	 
	 
	 
	413,052
	

	 
	 
	 
	420,130
	

	 
	 
	 
	400,631
	

	 
	 
	 
	396,912
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Other Corporate Allocations
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Controllable Expenses
	 
	 
	438,246
	

	 
	 
	 
	349,131
	

	 
	 
	 
	454,088
	

	 
	 
	 
	415,365
	

	 
	 
	 
	425,843
	

	 
	 
	 
	413,052
	

	 
	 
	 
	420,130
	

	 
	 
	 
	400,631
	

	 
	 
	 
	396,912
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	EBITDA before Executive Expenses
	 
	 
	(107,865
	

	)
	 
	 
	1,621
	

	 
	 
	 
	205,113
	

	 
	 
	 
	177,742
	

	 
	 
	 
	37,592
	

	 
	 
	 
	122,128
	

	 
	 
	 
	(212,773
	

	)
	 
	 
	179,809
	

	 
	 
	 
	(32,837
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	EBITDA before Executive Expenses-BPS
	 
	 
	(61.27
	

	)
	 
	 
	0.76
	

	 
	 
	 
	52.57
	

	 
	 
	 
	51.93
	

	 
	 
	 
	13.83
	

	 
	 
	 
	38.00
	

	 
	 
	 
	(69.84
	

	)
	 
	 
	58.19
	

	 
	 
	 
	(12.74
	

	)




 
	
																																									
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	YTD PROFIT & LOSS REVIEW
	 
	Oct-04
	 
	 
	Nov-04
	 
	 
	Dec-04
	 
	 
	YTD*
	 
	 
	BUDGET
	 
	 
	BUDGET 
VOLUME 
ACTUALS
	 
	 
	BUDGET 
VARIANCE
	 
	 
	BUDGET 
PRODUCTIVITY
	 

	Revenue/Key Drivers
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Application Units
	 
	 
	271
	

	 
	 
	 
	298
	

	 
	 
	 
	243
	

	 
	 
	 
	3,880
	

	 
	 
	 
	4,049
	

	 
	 
	 
	3,880
	

	 
	 
	 
	(169
	

	)
	 
	 
	—
	

	 

	Total Application Dollars
	 
	$
	33,420
	

	 
	 
	$
	37,606
	

	 
	 
	$
	30,992
	

	 
	 
	$
	500,379
	

	 
	 
	$
	570,849
	

	 
	 
	$
	500,379
	

	 
	 
	$
	(70,470
	

	)
	 
	$
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Closing Units
	 
	 
	259
	

	 
	 
	 
	232
	

	 
	 
	 
	192
	

	 
	 
	 
	2,793
	

	 
	 
	 
	2,834
	

	 
	 
	 
	2,793
	

	 
	 
	 
	(41
	

	)
	 
	 
	—
	

	 

	Total Closing Dollars
	 
	$
	28,265
	

	 
	 
	$
	25,167
	

	 
	 
	$
	22,372
	

	 
	 
	$
	327,756
	

	 
	 
	$
	399,594
	

	 
	 
	$
	327,756
	

	 
	 
	$
	(71,838
	

	)
	 
	$
	—
	

	 

	Average Loan Amount
	 
	 
	109,130
	

	 
	 
	 
	108,476
	

	 
	 
	 
	116,519
	

	 
	 
	 
	117,349
	

	 
	 
	 
	141,000
	

	 
	 
	 
	117,349
	

	 
	 
	 
	(23,651
	

	)
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Purchase Closing Units
	 
	 
	211
	

	 
	 
	 
	188
	

	 
	 
	 
	143
	

	 
	 
	 
	2,163
	

	 
	 
	 
	2,126
	

	 
	 
	 
	2,163
	

	 
	 
	 
	37
	

	 
	 
	 
	—
	

	 

	Purchase Closing Dollars
	 
	$
	22,367
	

	 
	 
	$
	20,451
	

	 
	 
	$
	16,074
	

	 
	 
	$
	229,487
	

	 
	 
	$
	299,696
	

	 
	 
	$
	229,487
	

	 
	 
	$
	(70,209
	

	)
	 
	$
	—
	

	 

	Average Loan Amount
	 
	 
	106,003
	

	 
	 
	 
	108,782
	

	 
	 
	 
	112,405
	

	 
	 
	 
	106,097
	

	 
	 
	 
	141,000
	

	 
	 
	 
	106,097
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Refl Closings - Units
	 
	 
	48
	

	 
	 
	 
	44
	

	 
	 
	 
	49
	

	 
	 
	 
	630
	

	 
	 
	 
	708
	

	 
	 
	 
	630
	

	 
	 
	 
	(78
	

	)
	 
	 
	—
	

	 

	Refl Closings - Dollars
	 
	$
	5,898
	

	 
	 
	$
	4,716
	

	 
	 
	$
	6,298
	

	 
	 
	$
	98,269
	

	 
	 
	$
	99,898
	

	 
	 
	$
	98,269
	

	 
	 
	$
	(1,629
	

	)
	 
	$
	—
	

	 

	Average Loan Amount
	 
	 
	122,877
	

	 
	 
	 
	107,171
	

	 
	 
	 
	128,526
	

	 
	 
	 
	155,983
	

	 
	 
	 
	141,000
	

	 
	 
	 
	155,983
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	$
	5,709
	

	 
	 
	$
	6,237
	

	 
	 
	$
	6,070
	

	 
	 
	$
	46,102
	

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	20.9
	

	%
	 
	 
	18.7
	

	%
	 
	 
	28.2
	

	%
	 
	 
	30.0
	

	%
	 
	 
	25.0
	

	%
	 
	 
	30.0
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	18.0
	

	%
	 
	 
	15.2
	

	%
	 
	 
	18.6
	

	%
	 
	 
	17.0
	

	%
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	20.2
	

	%
	 
	 
	24.8
	

	%
	 
	 
	27.1
	

	%
	 
	 
	14.1
	

	%
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	1.77
	

	%
	 
	 
	2.06
	

	%
	 
	 
	-0.21
	

	%
	 
	 
	1.51
	

	%
	 
	 
	1.85
	

	%
	 
	 
	1.65
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	297
	

	 
	 
	 
	156
	

	 
	 
	 
	259
	

	 
	 
	 
	274
	

	 
	 
	 
	381
	

	 
	 
	 
	317
	

	 
	 
	 
	 
	 
	 
	 
	 
	 





253






	
																																									
	*CONFIDENTIAL
	 
	 
	62.47
	

	%
	 
	 
	62.18
	

	%
	 
	 
	-20.88
	

	%
	 
	 
	73.68
	

	%
	 
	 
	62.65
	

	%
	 
	 
	62.65
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	0.69
	

	%
	 
	 
	0.85
	

	%
	 
	 
	0.84
	

	%
	 
	 
	0.88
	

	%
	 
	 
	0.80
	

	%
	 
	 
	0.80
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	2.62
	

	%
	 
	 
	3.22
	

	%
	 
	 
	1.00
	

	%
	 
	 
	2.72
	

	%
	 
	 
	3.14
	

	%
	 
	 
	3.14
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	1.71
	

	%
	 
	 
	1.94
	

	%
	 
	 
	0.96
	

	%
	 
	 
	1.61
	

	%
	 
	 
	1.98
	

	%
	 
	 
	1.98
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	$
	3,076
	

	 
	 
	$
	3,492
	

	 
	 
	$
	1,171
	

	 
	 
	$
	3,194
	

	 
	 
	$
	4,429
	

	 
	 
	$
	3,686
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	$
	1,476
	

	 
	 
	$
	1,670
	

	 
	 
	$
	1,856
	

	 
	 
	$
	1,733
	

	 
	 
	$
	1,790
	

	 
	 
	$
	1,737
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	1.35
	

	%
	 
	 
	1.54
	

	%
	 
	 
	1.59
	

	%
	 
	 
	1.48
	

	%
	 
	 
	1.27
	

	%
	 
	 
	1.48
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	Loans over 60 days
	 
	 
	5
	

	 
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	27
	

	 
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	Summary Headcount
	 
	 
	92
	

	 
	 
	 
	91
	

	 
	 
	 
	91
	

	 
	 
	 
	91
	

	 
	 
	 
	96
	

	 
	 
	 
	96
	

	 
	 
	 
	—
	

	 
	 
	 
	(5
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	YTD PROFIT & LOSS REVIEW
	 
	Oct-04
	 
	 
	Nov-04
	 
	 
	Dec-04
	 
	 
	YTD*
	 
	 
	BUDGET
	 
	 
	BUDGET 
VALUE 
ACTUALS
	 
	 
	BUDGET 
VARIANCE
	 
	 
	BUDGET 
PRODUCTIVITY
	 

	Revenue
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	500,790
	

	 
	 
	 
	519,641
	

	 
	 
	 
	(46,293
	

	)
	 
	 
	4,955,781
	

	 
	 
	 
	7,392,489
	

	 
	 
	 
	6,063,487
	

	 
	 
	 
	(2,436,708
	

	)
	 
	 
	(1,107,706
	

	)

	*CONFIDENTIAL
	 
	 
	(10,340
	

	)
	 
	 
	19,519
	

	 
	 
	 
	13,926
	

	 
	 
	 
	(50,476
	

	)
	 
	 
	131,866
	

	 
	 
	 
	108,160
	

	 
	 
	 
	(182,342
	

	)
	 
	 
	(158,636
	

	)

	*CONFIDENTIAL
	 
	 
	76,869
	

	 
	 
	 
	36,167
	

	 
	 
	 
	49,726
	

	 
	 
	 
	765,487
	

	 
	 
	 
	1,078,904
	

	 
	 
	 
	884,941
	

	 
	 
	 
	(313,417
	

	)
	 
	 
	(11,941
	

	)

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	(86,067
	

	)
	 
	 
	(48,000
	

	)
	 
	 
	(39,371
	

	)
	 
	 
	(38,067
	

	)
	 
	 
	(46,696
	

	)

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	(49,786
	

	)
	 
	 
	(60,000
	

	)
	 
	 
	(49,213
	

	)
	 
	 
	10,214
	

	 
	 
	 
	(572
	

	)

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	2,196
	

	 
	 
	 
	39,959
	

	 
	 
	 
	32,776
	

	 
	 
	 
	(37,763
	

	)
	 
	 
	(30,580
	

	)

	*CONFIDENTIAL
	 
	 
	35,288
	

	 
	 
	 
	22,077
	

	 
	 
	 
	20,252
	

	 
	 
	 
	513,338
	

	 
	 
	 
	839,147
	

	 
	 
	 
	688,288
	

	 
	 
	 
	(325,809
	

	)
	 
	 
	(174,950
	

	)

	*CONFIDENTIAL
	 
	 
	194,000
	

	 
	 
	 
	212,830
	

	 
	 
	 
	187,169
	

	 
	 
	 
	2,871,062
	

	 
	 
	 
	3,176,772
	

	 
	 
	 
	2,605,661
	

	 
	 
	 
	(305,710
	

	)
	 
	 
	265,401
	

	 

	Gross Revenue
	 
	 
	796,607
	

	 
	 
	 
	810,234
	

	 
	 
	 
	224,781
	

	 
	 
	 
	8,921,538
	

	 
	 
	 
	12,551,138
	

	 
	 
	 
	10,294,728
	

	 
	 
	 
	3,629,602
	

	 
	 
	 
	1,373,193
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Commissions
	 
	 
	312,863
	

	 
	 
	 
	323,112
	

	 
	 
	 
	9,668
	

	 
	 
	 
	3,651,631
	

	 
	 
	 
	4,631,241
	

	 
	 
	 
	3,798,649
	

	 
	 
	 
	(979,609
	

	)
	 
	 
	(147,017
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Net Revenue
	 
	 
	483,745
	

	 
	 
	 
	487,121
	

	 
	 
	 
	215,113
	

	 
	 
	 
	5,269,904
	

	 
	 
	 
	7,919,897
	

	 
	 
	 
	6,496,080
	

	 
	 
	 
	(2,649,983
	

	)
	 
	 
	(1,226,175
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Indirect Costs
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	160,211
	

	 
	 
	 
	174,771
	

	 
	 
	 
	170,585
	

	 
	 
	 
	2,106,171
	

	 
	 
	 
	2,030,719
	

	 
	 
	 
	2,030,719
	

	 
	 
	 
	75,452
	

	 
	 
	 
	75,452
	

	 

	*CONFIDENTIAL
	 
	 
	1,011
	

	 
	 
	 
	461
	

	 
	 
	 
	610
	

	 
	 
	 
	10,937
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	10,937
	

	 
	 
	 
	10,937
	

	 

	*CONFIDENTIAL
	 
	 
	6,972
	

	 
	 
	 
	6,905
	

	 
	 
	 
	6,996
	

	 
	 
	 
	116,491
	

	 
	 
	 
	80,000
	

	 
	 
	 
	60,000
	

	 
	 
	 
	56,491
	

	 
	 
	 
	56,491
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	1,898
	

	 
	 
	 
	1,898
	

	 
	 
	 
	1,898
	

	 
	 
	 
	16,515
	

	 
	 
	 
	900
	

	 
	 
	 
	738
	

	 
	 
	 
	15,615
	

	 
	 
	 
	15,777
	

	 

	*CONFIDENTIAL
	 
	 
	56,528
	

	 
	 
	 
	51,791
	

	 
	 
	 
	5,905
	

	 
	 
	 
	664,657
	

	 
	 
	 
	604,240
	

	 
	 
	 
	604,240
	

	 
	 
	 
	60,418
	

	 
	 
	 
	60,418
	

	 

	*CONFIDENTIAL
	 
	 
	24,865
	

	 
	 
	 
	27,324
	

	 
	 
	 
	30,362
	

	 
	 
	 
	439,303
	

	 
	 
	 
	466,337
	

	 
	 
	 
	466,337
	

	 
	 
	 
	(27,034
	

	)
	 
	 
	(27,034
	

	)

	*CONFIDENTIAL
	 
	 
	258
	

	 
	 
	 
	7
	

	 
	 
	 
	690
	

	 
	 
	 
	5,759
	

	 
	 
	 
	10,800
	

	 
	 
	 
	10,800
	

	 
	 
	 
	(5,041
	

	)
	 
	 
	(5,041
	

	)

	*CONFIDENTIAL
	 
	 
	4,729
	

	 
	 
	 
	143
	

	 
	 
	 
	500
	

	 
	 
	 
	22,661
	

	 
	 
	 
	24,000
	

	 
	 
	 
	24,000
	

	 
	 
	 
	(1,339
	

	)
	 
	 
	(1,339
	

	)

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	256,472
	

	 
	 
	 
	263,299
	

	 
	 
	 
	217,746
	

	 
	 
	 
	3,382,494
	

	 
	 
	 
	3,196,996
	

	 
	 
	 
	3,196,834
	

	 
	 
	 
	185,498
	

	 
	 
	 
	185,660
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	35,045
	

	 
	 
	 
	35,175
	

	 
	 
	 
	35,206
	

	 
	 
	 
	399,371
	

	 
	 
	 
	393,670
	

	 
	 
	 
	393,670
	

	 
	 
	 
	5,701
	

	 
	 
	 
	5,701
	

	 

	*CONFIDENTIAL
	 
	 
	2,598
	

	 
	 
	 
	2,534
	

	 
	 
	 
	1,929
	

	 
	 
	 
	38,484
	

	 
	 
	 
	11,400
	

	 
	 
	 
	11,400
	

	 
	 
	 
	27,084
	

	 
	 
	 
	27,084
	

	 





254






	
																																									
	*CONFIDENTIAL
	 
	 
	2,070
	

	 
	 
	 
	1,461
	

	 
	 
	 
	3,090
	

	 
	 
	 
	22,360
	

	 
	 
	 
	25,200
	

	 
	 
	 
	25,200
	

	 
	 
	 
	(2,840
	

	)
	 
	 
	(2,840
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	39,713
	

	 
	 
	 
	39,191
	

	 
	 
	 
	40,227
	

	 
	 
	 
	460,215
	

	 
	 
	 
	430,270
	

	 
	 
	 
	430,270
	

	 
	 
	 
	29,945
	

	 
	 
	 
	29,945
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	45,600
	

	 
	 
	 
	45,600
	

	 
	 
	 
	(45,600
	

	)
	 
	 
	(45,600
	

	)

	*CONFIDENTIAL
	 
	 
	7,431
	

	 
	 
	 
	4,827
	

	 
	 
	 
	6,429
	

	 
	 
	 
	66,191
	

	 
	 
	 
	42,000
	

	 
	 
	 
	42,000
	

	 
	 
	 
	24,191
	

	 
	 
	 
	24,191
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	7,431
	

	 
	 
	 
	4,827
	

	 
	 
	 
	6,429
	

	 
	 
	 
	66,191
	

	 
	 
	 
	87,600
	

	 
	 
	 
	87,600
	

	 
	 
	 
	(21,409
	

	)
	 
	 
	(21,409
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	17,710
	

	 
	 
	 
	11,125
	

	 
	 
	 
	19,473
	

	 
	 
	 
	189,538
	

	 
	 
	 
	349,608
	

	 
	 
	 
	286,756
	

	 
	 
	 
	(160,070
	

	)
	 
	 
	(97,218
	

	)

	*CONFIDENTIAL
	 
	 
	2,936
	

	 
	 
	 
	2,470
	

	 
	 
	 
	7,571
	

	 
	 
	 
	37,941
	

	 
	 
	 
	55,192
	

	 
	 
	 
	55,192
	

	 
	 
	 
	(17,251
	

	)
	 
	 
	(17,251
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	20,645
	

	 
	 
	 
	13,595
	

	 
	 
	 
	27,043
	

	 
	 
	 
	227,479
	

	 
	 
	 
	404,800
	

	 
	 
	 
	341,948
	

	 
	 
	 
	(177,321
	

	)
	 
	 
	(114,470
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	32,085
	

	 
	 
	 
	33,061
	

	 
	 
	 
	30,889
	

	 
	 
	 
	353,886
	

	 
	 
	 
	396,000
	

	 
	 
	 
	324,808
	

	 
	 
	 
	(42,114
	

	)
	 
	 
	29,078
	

	 

	*CONFIDENTIAL
	 
	 
	3,391
	

	 
	 
	 
	4,016
	

	 
	 
	 
	3,204
	

	 
	 
	 
	21,918
	

	 
	 
	 
	60,000
	

	 
	 
	 
	49,213
	

	 
	 
	 
	(38,082
	

	)
	 
	 
	(27,296
	

	)

	*CONFIDENTIAL
	 
	 
	465
	

	 
	 
	 
	1,456
	

	 
	 
	 
	1,452
	

	 
	 
	 
	20,998
	

	 
	 
	 
	18,600
	

	 
	 
	 
	15,256
	

	 
	 
	 
	2,398
	

	 
	 
	 
	5,741
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	35,940
	

	 
	 
	 
	38,533
	

	 
	 
	 
	35,545
	

	 
	 
	 
	398,801
	

	 
	 
	 
	474,600
	

	 
	 
	 
	389,278
	

	 
	 
	 
	(77,799
	

	)
	 
	 
	7,523
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	16,239
	

	 
	 
	 
	14,246
	

	 
	 
	 
	21,131
	

	 
	 
	 
	198,675
	

	 
	 
	 
	274,728
	

	 
	 
	 
	225,338
	

	 
	 
	 
	(76,053
	

	)
	 
	 
	(26,664
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	16,239
	

	 
	 
	 
	14,246
	

	 
	 
	 
	21,131
	

	 
	 
	 
	198,675
	

	 
	 
	 
	274,728
	

	 
	 
	 
	225,338
	

	 
	 
	 
	(76,053
	

	)
	 
	 
	(26,664
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	24,000
	

	 
	 
	 
	19,685
	

	 
	 
	 
	(24,000
	

	)
	 
	 
	(19,685
	

	)

	*CONFIDENTIAL
	 
	 
	2,485
	

	 
	 
	 
	9,254
	

	 
	 
	 
	3,658
	

	 
	 
	 
	52,761
	

	 
	 
	 
	81,000
	

	 
	 
	 
	81,000
	

	 
	 
	 
	(28,239
	

	)
	 
	 
	(28,239
	

	)

	*CONFIDENTIAL
	 
	 
	492
	

	 
	 
	 
	122
	

	 
	 
	 
	202
	

	 
	 
	 
	6,178
	

	 
	 
	 
	19,200
	

	 
	 
	 
	19,200
	

	 
	 
	 
	(13,022
	

	)
	 
	 
	(13,022
	

	)

	*CONFIDENTIAL
	 
	 
	(386
	

	)
	 
	 
	745
	

	 
	 
	 
	418
	

	 
	 
	 
	10,482
	

	 
	 
	 
	12,996
	

	 
	 
	 
	12,996
	

	 
	 
	 
	(2,514
	

	)
	 
	 
	(2,514
	

	)

	*CONFIDENTIAL
	 
	 
	3,148
	

	 
	 
	 
	3,025
	

	 
	 
	 
	3,016
	

	 
	 
	 
	30,413
	

	 
	 
	 
	24,000
	

	 
	 
	 
	24,000
	

	 
	 
	 
	6,413
	

	 
	 
	 
	6,413
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	5,739
	

	 
	 
	 
	13,145
	

	 
	 
	 
	7,292
	

	 
	 
	 
	99,834
	

	 
	 
	 
	161,196
	

	 
	 
	 
	158,881
	

	 
	 
	 
	(61,362
	

	)
	 
	 
	(57,048
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	658
	

	 
	 
	 
	561
	

	 
	 
	 
	798
	

	 
	 
	 
	7,243
	

	 
	 
	 
	7,440
	

	 
	 
	 
	7,440
	

	 
	 
	 
	(197
	

	)
	 
	 
	(197
	

	)

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	6,000
	

	 
	 
	 
	6,000
	

	 
	 
	 
	(6,000
	

	)
	 
	 
	(6,000
	

	)

	*CONFIDENTIAL
	 
	 
	(0
	

	)
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	(0
	

	)
	 
	 
	9,600
	

	 
	 
	 
	9,600
	

	 
	 
	 
	(9,600
	

	)
	 
	 
	(9,600
	

	)

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	250
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	250
	

	 
	 
	 
	250
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	658
	

	 
	 
	 
	561
	

	 
	 
	 
	798
	

	 
	 
	 
	7,493
	

	 
	 
	 
	23,040
	

	 
	 
	 
	23,040
	

	 
	 
	 
	(15,547
	

	)
	 
	 
	(15,547
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	54
	

	 
	 
	 
	—
	

	 
	 
	 
	52
	

	 
	 
	 
	771
	

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	771
	

	 
	 
	 
	771
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	54
	

	 
	 
	 
	—
	

	 
	 
	 
	52
	

	 
	 
	 
	771
	

	 
	 
	 
	21,000
	

	 
	 
	 
	—
	

	 
	 
	 
	(20,229
	

	)
	 
	 
	771
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Expenses
	 
	 
	382,893
	

	 
	 
	 
	387,398
	

	 
	 
	 
	356,263
	

	 
	 
	 
	4,839,951
	

	 
	 
	 
	5,074,230
	

	 
	 
	 
	4,851,190
	

	 
	 
	 
	(234,279
	

	)
	 
	 
	(11,239
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 





255






	
																																									
	Other Corporate Allocations
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Controllable Expenses
	 
	 
	382,893
	

	 
	 
	 
	387,398
	

	 
	 
	 
	356,263
	

	 
	 
	 
	4,839,951
	

	 
	 
	 
	5,074,230
	

	 
	 
	 
	4,851,190
	

	 
	 
	 
	(234,279
	

	)
	 
	 
	(11,239
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	EBITDA before Executive Expenses
	 
	 
	100,852
	

	 
	 
	 
	99,724
	

	 
	 
	 
	(141,150
	

	)
	 
	 
	429,953
	

	 
	 
	 
	2,845,668
	

	 
	 
	 
	1,644,890
	

	 
	 
	 
	(2,415,714
	

	)
	 
	 
	(1,786,040
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	EBITDA before Executive Expenses-BPS
	 
	 
	35.68
	

	 
	 
	 
	39.63
	

	 
	 
	 
	(63.09
	

	)
	 
	 
	13.12
	

	 
	 
	 
	71.21
	

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 




The Budget is equal to the 0&12 Forecast for the following pages.




* The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.



256






Confidential Treatment
 
	
																														
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	PROFIT & LOSS REVIEW
	 
	Dec-04
	 
	 
	BUDGET
	 
	 
	FORECAST
	 
	 
	BUDGET 
VOLUME 
ACTUALS
	 
	 
	BUDGET 
VARIANCE
	 
	 
	BUDGET 
PRODUCTIVITY 
VARIANCE
	 

	Revenue/Key Drivers
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Application Units
	 
	 
	301
	

	 
	 
	 
	323
	

	 
	 
	 
	341
	

	 
	 
	 
	301
	

	 
	 
	 
	(22
	

	)
	 
	—
	

	 

	Total Application Dollars
	 
	$
	56,123
	

	 
	 
	$
	47,758
	

	 
	 
	$
	55,500
	

	 
	 
	$
	56,123
	

	 
	 
	$
	8,367
	

	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Closing Units
	 
	 
	326
	

	 
	 
	 
	294
	

	 
	 
	 
	267
	

	 
	 
	 
	326
	

	 
	 
	 
	32
	

	 
	 
	—
	

	 

	Total Closing Dollars
	 
	$
	51,873
	

	 
	 
	$
	43,512
	

	 
	 
	$
	43,500
	

	 
	 
	$
	51,873
	

	 
	 
	$
	8,361
	

	 
	 
	—
	

	 

	Average Loan Amount
	 
	 
	159,121
	

	 
	 
	 
	148,000
	

	 
	 
	 
	162,921
	

	 
	 
	 
	159,121
	

	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Purchase Closing Units
	 
	 
	289
	

	 
	 
	 
	265
	

	 
	 
	 
	216
	

	 
	 
	 
	289
	

	 
	 
	 
	24
	

	 
	 
	—
	

	 

	Purchase Closing Dollars
	 
	$
	47,095
	

	 
	 
	$
	38,996
	

	 
	 
	$
	34,683
	

	 
	 
	$
	47,095
	

	 
	 
	$
	8,100
	

	 
	 
	—
	

	 

	Average Loan Amount
	 
	 
	162,960
	

	 
	 
	 
	147,376
	

	 
	 
	 
	160,571
	

	 
	 
	 
	182,960
	

	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Refi Closings - Units
	 
	 
	37
	

	 
	 
	 
	29
	

	 
	 
	 
	51
	

	 
	 
	 
	37
	

	 
	 
	 
	8
	

	 
	 
	—
	

	 

	Refi Closings - Dollars
	 
	$
	4,778
	

	 
	 
	$
	4,516
	

	 
	 
	$
	8,817
	

	 
	 
	$
	4,778
	

	 
	 
	$
	262
	

	 
	 
	—
	

	 

	Average Loan Amount
	 
	 
	129,136
	

	 
	 
	 
	153,819
	

	 
	 
	 
	172,875
	

	 
	 
	 
	129,136
	

	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	$
	10,212
	

	 
	 
	 
	 
	 
	 
	$
	4,500
	

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	9.2
	

	%
	 
	 
	10.4
	

	%
	 
	 
	20.3
	

	%
	 
	 
	9.2
	

	%
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	16.6
	

	%
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	19.7
	

	%
	 
	 
	 
	 
	 
	 
	10.3
	

	%
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	1.51
	

	%
	 
	 
	1.45
	

	%
	 
	 
	1.49
	

	%
	 
	 
	1.45
	

	%
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	30
	

	 
	 
	 
	(35
	

	)
	 
	 
	18
	

	 
	 
	 
	(37
	

	)
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	21.79
	

	%
	 
	 
	55.00
	

	%
	 
	 
	55.00
	

	%
	 
	 
	55.00
	

	%
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	0.30
	

	%
	 
	 
	0.74
	

	%
	 
	 
	0.91
	

	%
	 
	 
	0.74
	

	%
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	2.13
	

	%
	 
	 
	2.40
	

	%
	 
	 
	2.60
	

	%
	 
	 
	2.40
	

	%
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	1.80
	

	%
	 
	 
	1.60
	

	%
	 
	 
	1.78
	

	%
	 
	 
	1.60
	

	%
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	$
	3,397
	

	 
	 
	$
	3,554
	

	 
	 
	$
	4,242
	

	 
	 
	 
	3,821
	

	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	$
	1,197
	

	 
	 
	$
	1,533
	

	 
	 
	$
	1,954
	

	 
	 
	 
	1,434
	

	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	0.75
	

	%
	 
	 
	1.04
	

	%
	 
	 
	1.20
	

	%
	 
	 
	0.90
	

	%
	 
	 
	 
	 
	 
	 
	 

	Loans over 60 days
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	 
	 
	 
	 
	 

	Summary Headcount
	 
	 
	89
	

	 
	 
	 
	100
	

	 
	 
	 
	93
	

	 
	 
	 
	100
	

	 
	 
	 
	(11
	

	)
	 
	(11
	

	)

	 
	 
	 
	 
	 
	 
	 





257






	
																														
	PROFIT & LOSS REVIEW
	 
	Dec-04
	 
	 
	BUDGET
	 
	 
	FORECAST
	 
	 
	BUDGET VOLUME 
ACTUALS
	 
	 
	BUDGET 
VARIANCE
	 
	 
	BUDGET PRODUCTIVITY 
VARIANCE
	 

	Revenue
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	785,554
	

	 
	 
	 
	630,924
	

	 
	 
	 
	648,150
	

	 
	 
	 
	752,164
	

	 
	 
	 
	154,630
	

	 
	 
	33,390
	

	 

	*CONFIDENTIAL
	 
	 
	134,930
	

	 
	 
	 
	108,780
	

	 
	 
	 
	97,500
	

	 
	 
	 
	129,683
	

	 
	 
	 
	26,150
	

	 
	 
	5,246
	

	 

	*CONFIDENTIAL
	 
	 
	9,735
	

	 
	 
	 
	(10,225
	

	)
	 
	 
	4,795
	

	 
	 
	 
	(12,190
	

	)
	 
	 
	19,960
	

	 
	 
	21,925
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	23,853
	

	 
	 
	 
	(6,612
	

	)
	 
	 
	(11,823
	

	)
	 
	 
	(7,862
	

	)
	 
	 
	30,465
	

	 
	 
	31,735
	

	 

	*CONFIDENTIAL
	 
	 
	153,217
	

	 
	 
	 
	321,989
	

	 
	 
	 
	393,900
	

	 
	 
	 
	383,863
	

	 
	 
	 
	(168,772
	

	)
	 
	(230,646
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Gross Revenue
	 
	 
	1,107,286
	

	 
	 
	 
	1,044,856
	

	 
	 
	 
	1,132,522
	

	 
	 
	 
	1,245,638
	

	 
	 
	 
	62,432
	

	 
	 
	(138,350
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Commissions
	 
	 
	171,199
	

	 
	 
	 
	347,008
	

	 
	 
	 
	356,483
	

	 
	 
	 
	413,690
	

	 
	 
	 
	(175,809
	

	)
	 
	(242,491
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Net Revenue
	 
	 
	936,089
	

	 
	 
	 
	697,848
	

	 
	 
	 
	776,040
	

	 
	 
	 
	831,948
	

	 
	 
	 
	238,241
	

	 
	 
	104,140
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Indirect Costs
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	167,195
	

	 
	 
	 
	202,074
	

	 
	 
	 
	185,853
	

	 
	 
	 
	202,074
	

	 
	 
	 
	(34,879
	

	)
	 
	(34,879
	

	)

	*CONFIDENTIAL
	 
	 
	744
	

	 
	 
	 
	2,000
	

	 
	 
	 
	944
	

	 
	 
	 
	2,000
	

	 
	 
	 
	(1,256
	

	)
	 
	(1,256
	

	)

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	8,310
	

	 
	 
	 
	500
	

	 
	 
	 
	9,907
	

	 
	 
	 
	(8,310
	

	)
	 
	(9,907
	

	)

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	59,122
	

	 
	 
	 
	37,881
	

	 
	 
	 
	40,474
	

	 
	 
	 
	44,922
	

	 
	 
	 
	21,440
	

	 
	 
	14,199
	

	 

	*CONFIDENTIAL
	 
	 
	6,501
	

	 
	 
	 
	54,684
	

	 
	 
	 
	53,149
	

	 
	 
	 
	54,684
	

	 
	 
	 
	(48,183
	

	)
	 
	(48,183
	

	)

	*CONFIDENTIAL
	 
	 
	15,674
	

	 
	 
	 
	22,043
	

	 
	 
	 
	24,991
	

	 
	 
	 
	22,043
	

	 
	 
	 
	(8,370
	

	)
	 
	(6,370
	

	)

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	100
	

	 
	 
	 
	100
	

	 
	 
	 
	100
	

	 
	 
	 
	(100
	

	)
	 
	(100
	

	)

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	9,000
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	9,053
	

	 
	 
	 
	3,400
	

	 
	 
	 
	3,400
	

	 
	 
	 
	3,400
	

	 
	 
	 
	5,653
	

	 
	 
	5,653
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	258,288
	

	 
	 
	 
	330,292
	

	 
	 
	 
	318,411
	

	 
	 
	 
	339,130
	

	 
	 
	 
	(72,004
	

	)
	 
	(80,842
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	31,083
	

	 
	 
	 
	30,000
	

	 
	 
	 
	37,000
	

	 
	 
	 
	30,000
	

	 
	 
	 
	1,063
	

	 
	 
	1,063
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	50
	

	 
	 
	 
	50
	

	 
	 
	 
	50
	

	 
	 
	 
	(50
	

	)
	 
	(50
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	31,083
	

	 
	 
	 
	30,050
	

	 
	 
	 
	37,050
	

	 
	 
	 
	30,050
	

	 
	 
	 
	1,013
	

	 
	 
	1,013
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 





258






	
																														
	*CONFIDENTIAL
	 
	 
	681
	

	 
	 
	 
	2,300
	

	 
	 
	 
	500
	

	 
	 
	 
	2,300
	

	 
	 
	 
	(1,619
	

	)
	 
	(1,619
	

	)

	*CONFIDENTIAL
	 
	 
	4,465
	

	 
	 
	 
	9,028
	

	 
	 
	 
	3,000
	

	 
	 
	 
	9,028
	

	 
	 
	 
	(4,563
	

	)
	 
	(4,563
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	5,148
	

	 
	 
	 
	11,326
	

	 
	 
	 
	3,500
	

	 
	 
	 
	11,328
	

	 
	 
	 
	(8,182
	

	)
	 
	(8,182
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	9,100
	

	 
	 
	 
	8,989
	

	 
	 
	 
	8,189
	

	 
	 
	 
	10,716
	

	 
	 
	 
	111
	

	 
	 
	(1,617
	

	)

	*CONFIDENTIAL
	 
	 
	8,380
	

	 
	 
	 
	4,909
	

	 
	 
	 
	10,009
	

	 
	 
	 
	4,909
	

	 
	 
	 
	1,471
	

	 
	 
	1,471
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	15,479
	

	 
	 
	 
	13,898
	

	 
	 
	 
	18,198
	

	 
	 
	 
	15,625
	

	 
	 
	 
	1,582
	

	 
	 
	(146
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	17,166
	

	 
	 
	 
	11,760
	

	 
	 
	 
	17,000
	

	 
	 
	 
	14,020
	

	 
	 
	 
	5,406
	

	 
	 
	3,146
	

	 

	*CONFIDENTIAL
	 
	 
	11,654
	

	 
	 
	 
	8,820
	

	 
	 
	 
	10,000
	

	 
	 
	 
	10,515
	

	 
	 
	 
	2,834
	

	 
	 
	1,139
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	28,820
	

	 
	 
	 
	20,580
	

	 
	 
	 
	27,000
	

	 
	 
	 
	24,535
	

	 
	 
	 
	8,240
	

	 
	 
	4,285
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	8,973
	

	 
	 
	 
	11,760
	

	 
	 
	 
	9,000
	

	 
	 
	 
	14,020
	

	 
	 
	 
	(2,787
	

	)
	 
	(5,047
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	6,973
	

	 
	 
	 
	11,760
	

	 
	 
	 
	9,000
	

	 
	 
	 
	14,020
	

	 
	 
	 
	(2,787
	

	)
	 
	(5,047
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	35,851
	

	 
	 
	 
	26,460
	

	 
	 
	 
	30,000
	

	 
	 
	 
	26,460
	

	 
	 
	 
	9,391
	

	 
	 
	9,391
	

	 

	*CONFIDENTIAL
	 
	 
	1,300
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	1,300
	

	 
	 
	1,300
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	294
	

	 
	 
	 
	240
	

	 
	 
	 
	294
	

	 
	 
	 
	(294
	

	)
	 
	(294
	

	)

	*CONFIDENTIAL
	 
	 
	1,957
	

	 
	 
	 
	882
	

	 
	 
	 
	1,920
	

	 
	 
	 
	882
	

	 
	 
	 
	1,075
	

	 
	 
	1,075
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	39,109
	

	 
	 
	 
	27,636
	

	 
	 
	 
	32,160
	

	 
	 
	 
	27,636
	

	 
	 
	 
	11,473
	

	 
	 
	11,473
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	1,404
	

	 
	 
	 
	900
	

	 
	 
	 
	900
	

	 
	 
	 
	900
	

	 
	 
	 
	504
	

	 
	 
	504
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	544
	

	 
	 
	 
	490
	

	 
	 
	 
	544
	

	 
	 
	 
	(544
	

	)
	 
	(544
	

	)

	*CONFIDENTIAL
	 
	 
	2,004
	

	 
	 
	 
	3,100
	

	 
	 
	 
	74,451
	

	 
	 
	 
	3,100
	

	 
	 
	 
	(1,097
	

	)
	 
	(1,097
	

	)

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	600
	

	 
	 
	 
	600
	

	 
	 
	 
	715
	

	 
	 
	 
	(600
	

	)
	 
	(715
	

	)

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	3,408
	

	 
	 
	 
	5,144
	

	 
	 
	 
	76,441
	

	 
	 
	 
	5,259
	

	 
	 
	 
	(1,736
	

	)
	 
	(1,851
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Expenses
	 
	 
	390,285
	

	 
	 
	 
	450,688
	

	 
	 
	 
	521,759
	

	 
	 
	 
	467,583
	

	 
	 
	 
	(60,402
	

	)
	 
	(77,297
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Other Corporate Allocations
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	—
	

	 





259






	
																														
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Controllable Expenses
	 
	 
	390,285
	

	 
	 
	 
	450,688
	

	 
	 
	 
	521,759
	

	 
	 
	 
	467,583
	

	 
	 
	 
	(60,402
	

	)
	 
	(77,297
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	EBITDA before Executive Expenses
	 
	 
	545,803
	

	 
	 
	 
	247,160
	

	 
	 
	 
	254,280
	

	 
	 
	 
	364,365
	

	 
	 
	 
	298,643
	

	 
	 
	181,438
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	EBITDA before Executive Expenses-BPS
	 
	 
	105.22
	

	 
	 
	 
	47.65
	

	 
	 
	 
	49.02
	

	 
	 
	 
	70.24
	

	 
	 
	 
	 
	 
	 
	 
	 




The Budget is equal to the 0&12 Forecast for the following pages.
 


	
		
	*
	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.






Confidential Treatment
 
	
																																																		
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	*YTD total only includes actual expenses.
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
YTD PROFIT & LOSS REVIEW
	 
	Jan-04
	 
	 
	Feb-04
	 
	 
	Mar-04
	 
	 
	Apr-04
	 
	 
	May-04
	 
	 
	Jun-04
	 
	 
	Jul-04
	 
	 
	Aug-04
	 
	 
	Sep-04
	 

	Revenue/Key Drivers
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Application Units
	 
	 
	374
	

	 
	 
	 
	435
	

	 
	 
	 
	538
	

	 
	 
	 
	437
	

	 
	 
	 
	288
	

	 
	 
	 
	428
	

	 
	 
	 
	413
	

	 
	 
	 
	378
	 
	 
	 
	 
	308
	 
	 

	Total Application Dollars
	 
	$
	59,708
	

	 
	 
	$
	70,558
	

	 
	 
	$
	87,580
	

	 
	 
	$
	75,929
	

	 
	 
	$
	49,689
	

	 
	 
	$
	65,693
	

	 
	 
	$
	67,473
	

	 
	 
	$
	56,734
	 
	 
	 
	$
	52,559
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Closing Units
	 
	 
	194
	

	 
	 
	 
	251
	

	 
	 
	 
	365
	

	 
	 
	 
	408
	

	 
	 
	 
	367
	

	 
	 
	 
	390
	

	 
	 
	 
	382
	

	 
	 
	 
	332
	 
	 
	 
	 
	274
	 
	 

	Total Closing Dollars
	 
	$
	29,986
	

	 
	 
	$
	38,280
	

	 
	 
	$
	58,515
	

	 
	 
	$
	65,466
	

	 
	 
	$
	64,038
	

	 
	 
	$
	83,735
	

	 
	 
	$
	60,482
	

	 
	 
	$
	51,866
	 
	 
	 
	$
	42,469
	 
	 

	Average Loan Amount
	 
	 
	152,981
	

	 
	 
	 
	152,431
	

	 
	 
	 
	160,314
	

	 
	 
	 
	160,432
	

	 
	 
	 
	174,489
	

	 
	 
	 
	183,424
	

	 
	 
	 
	158,331
	

	 
	 
	 
	158,523
	 
	 
	 
	 
	154,997
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Purchase Closing Units
	 
	 
	176
	

	 
	 
	 
	223
	

	 
	 
	 
	314
	

	 
	 
	 
	334
	

	 
	 
	 
	333
	

	 
	 
	 
	386
	

	 
	 
	 
	352
	

	 
	 
	 
	300
	 
	 
	 
	 
	247
	 
	 

	Purchase Closing Dollars
	 
	$
	27,231
	

	 
	 
	 
	33,804
	

	 
	 
	 
	49,720
	

	 
	 
	 
	5,306
	

	 
	 
	 
	58,302
	

	 
	 
	 
	60,621
	

	 
	 
	 
	56,799
	

	 
	 
	 
	47,486
	 
	 
	 
	 
	38,668
	 
	 

	Average Loan Amount
	 
	 
	154,720
	

	 
	 
	 
	151,587
	

	 
	 
	 
	158,344
	

	 
	 
	 
	15,885
	

	 
	 
	 
	175,080
	

	 
	 
	 
	165,631
	

	 
	 
	 
	181,362
	

	 
	 
	 
	156,952
	 
	 
	 
	 
	156,349
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Refi Closings - Units
	 
	 
	20
	

	 
	 
	 
	28
	

	 
	 
	 
	51
	

	 
	 
	 
	74
	

	 
	 
	 
	34
	

	 
	 
	 
	24
	

	 
	 
	 
	30
	

	 
	 
	 
	32
	 
	 
	 
	 
	27
	 
	 

	Refi Closings - Dollars
	 
	$
	2,755
	

	 
	 
	$
	4,456
	

	 
	 
	$
	8,794
	

	 
	 
	$
	60,151
	

	 
	 
	$
	5,736
	

	 
	 
	$
	3,115
	

	 
	 
	$
	3,683
	

	 
	 
	$
	4,880
	 
	 
	 
	$
	3,602
	 
	 

	Average Loan Amount
	 
	 
	137,770
	

	 
	 
	 
	159,158
	

	 
	 
	 
	172,440
	

	 
	 
	 
	812,848
	

	 
	 
	 
	168,707
	

	 
	 
	 
	129,777
	

	 
	 
	 
	122,764
	

	 
	 
	 
	152,503
	 
	 
	 
	 
	140,803
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	$
	—
	

	 
	 
	$
	—
	

	 
	 
	$
	—
	

	 
	 
	$
	16,149
	

	 
	 
	$
	948
	

	 
	 
	$
	106
	

	 
	 
	$
	3,704
	

	 
	 
	$
	5,242
	 
	 
	 
	$
	2,787
	 
	 





260






	
																																																		
	*CONFIDENTIAL
	 
	 
	9.2
	

	%
	 
	 
	11.6
	

	%
	 
	 
	15.0
	

	%
	 
	 
	91.9
	

	%
	 
	 
	9.0
	

	%
	 
	 
	4.9
	

	%
	 
	 
	6.1
	

	%
	 
	 
	9.4
	 
	%
	 
	 
	9.0
	 
	%

	*CONFIDENTIAL
	 
	 
	15.3
	

	%
	 
	 
	17.1
	

	%
	 
	 
	16.3
	

	%
	 
	 
	17.0
	

	%
	 
	 
	16.8
	

	%
	 
	 
	17.0
	

	%
	 
	 
	18.3
	

	%
	 
	 
	15.3
	 
	%
	 
	 
	16.8
	 
	%

	*CONFIDENTIAL
	 
	 
	0.0
	

	%
	 
	 
	0.0
	

	%
	 
	 
	0.0
	

	%
	 
	 
	2.5
	

	%
	 
	 
	1.5
	

	%
	 
	 
	0.2
	

	%
	 
	 
	6.1
	

	%
	 
	 
	10.1
	 
	%
	 
	 
	6.8
	 
	%

	*CONFIDENTIAL
	 
	 
	1.56
	

	%
	 
	 
	1.42
	

	%
	 
	 
	1.50
	

	%
	 
	 
	1.29
	

	%
	 
	 
	1.27
	

	%
	 
	 
	1.37
	

	%
	 
	 
	1.46
	

	%
	 
	 
	1.51
	 
	%
	 
	 
	1.50
	 
	%

	*CONFIDENTIAL
	 
	 
	26
	

	 
	 
	 
	46
	

	 
	 
	 
	65
	

	 
	 
	 
	53
	

	 
	 
	 
	36
	

	 
	 
	 
	32
	

	 
	 
	 
	41
	

	 
	 
	 
	35
	 
	 
	 
	 
	21
	 
	 

	*CONFIDENTIAL
	 
	 
	50.34
	

	%
	 
	 
	53.84
	

	%
	 
	 
	53.73
	

	%
	 
	 
	54.03
	

	%
	 
	 
	50.63
	

	%
	 
	 
	54.56
	

	%
	 
	 
	49.82
	

	%
	 
	 
	53.99
	 
	%
	 
	 
	52.17
	 
	%

	*CONFIDENTIAL
	 
	 
	1.00
	

	%
	 
	 
	0.63
	

	%
	 
	 
	0.56
	

	%
	 
	 
	0.65
	

	%
	 
	 
	0.75
	

	%
	 
	 
	0.72
	

	%
	 
	 
	0.71
	

	%
	 
	 
	0.87
	 
	%
	 
	 
	0.85
	 
	%

	*CONFIDENTIAL
	 
	 
	3.04
	

	%
	 
	 
	2.22
	

	%
	 
	 
	2.26
	

	%
	 
	 
	2.22
	

	%
	 
	 
	2.32
	

	%
	 
	 
	2.39
	

	%
	 
	 
	2.52
	

	%
	 
	 
	2.66
	 
	%
	 
	 
	2.67
	 
	%

	*CONFIDENTIAL
	 
	 
	2.25
	

	%
	 
	 
	1.45
	

	%
	 
	 
	1.45
	

	%
	 
	 
	1.53
	

	%
	 
	 
	1.68
	

	%
	 
	 
	1.64
	

	%
	 
	 
	1.79
	

	%
	 
	 
	1.85
	 
	%
	 
	 
	1.88
	 
	%

	*CONFIDENTIAL
	 
	$
	4,649
	

	 
	 
	$
	3,384
	

	 
	 
	$
	3,616
	

	 
	 
	$
	3,568
	

	 
	 
	$
	4,042
	

	 
	 
	$
	3,901
	

	 
	 
	$
	3,967
	

	 
	 
	$
	4,168
	 
	 
	 
	$
	4,137
	 
	 

	*CONFIDENTIAL
	 
	$
	2,323
	

	 
	 
	$
	1,855
	

	 
	 
	$
	1,310
	

	 
	 
	$
	1,241
	

	 
	 
	$
	1,360
	

	 
	 
	$
	1,130
	

	 
	 
	$
	1,253
	

	 
	 
	$
	1,647
	 
	 
	 
	$
	1,928
	 
	 

	*CONFIDENTIAL
	 
	 
	1.52
	

	%
	 
	 
	1.22
	

	%
	 
	 
	0.82
	

	%
	 
	 
	0.77
	

	%
	 
	 
	0.78
	

	%
	 
	 
	0.69
	

	%
	 
	 
	0.79
	

	%
	 
	 
	1.05
	 
	%
	 
	 
	1.24
	 
	%

	Loans over 60 days
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	N/A
	 
	 
	 
	 
	N/A
	 
	 

	Summary Headcount
	 
	 
	86
	

	 
	 
	 
	88
	

	 
	 
	 
	93
	

	 
	 
	 
	90
	

	 
	 
	 
	87
	

	 
	 
	 
	85
	

	 
	 
	 
	87
	

	 
	 
	 
	94
	 
	 
	 
	 
	92
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	YTD PROFIT & LOSS REVIEW
	 
	Jan-04
	 
	 
	Feb-04
	 
	 
	Mar-04
	 
	 
	Apr-04
	 
	 
	May-04
	 
	 
	Jun-04
	 
	 
	Jul-04
	 
	 
	Aug-04
	 
	 
	Sep-04
	 

	Revenue
	 
	 
	468,201
	

	 
	 
	 
	544,869
	

	 
	 
	 
	875,204
	

	 
	 
	 
	844,736
	

	 
	 
	 
	810,296
	

	 
	 
	 
	872,705
	

	 
	 
	 
	881,311
	

	 
	 
	 
	785,817
	 
	 
	 
	 
	638,991
	 
	 

	*CONFIDENTIAL
	 
	 
	74,487
	

	 
	 
	 
	77,621
	

	 
	 
	 
	132,765
	

	 
	 
	 
	144,717
	

	 
	 
	 
	122,598
	

	 
	 
	 
	140,097
	

	 
	 
	 
	162,507
	

	 
	 
	 
	113,073
	 
	 
	 
	 
	111,285
	 
	 

	*CONFIDENTIAL
	 
	 
	5,048
	

	 
	 
	 
	11,555
	

	 
	 
	 
	23,681
	

	 
	 
	 
	21,583
	

	 
	 
	 
	13,797
	

	 
	 
	 
	12,393
	

	 
	 
	 
	15,486
	

	 
	 
	 
	11,722
	 
	 
	 
	 
	5,624
	 
	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	 
	 
	 
	 
	—
	 
	 

	*CONFIDENTIAL
	 
	 
	(17,206
	

	)
	 
	 
	(23,686
	

	)
	 
	 
	(26,345
	

	)
	 
	 
	(12,307
	

	)
	 
	 
	(17,377
	

	)
	 
	 
	(13,589
	

	)
	 
	 
	(7,882
	

	)
	 
	 
	(10,889
	 
	)
	 
	 
	(11,188
	 
	)

	*CONFIDENTIAL
	 
	 
	 
	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	 
	 
	 
	 
	—
	 
	 

	*CONFIDENTIAL
	 
	 
	82,133
	

	 
	 
	 
	(3,113
	

	)
	 
	 
	(15,285
	

	)
	 
	 
	34,560
	

	 
	 
	 
	74,005
	

	 
	 
	 
	51,450
	

	 
	 
	 
	41,576
	

	 
	 
	 
	31,757
	 
	 
	 
	 
	28,828
	 
	 

	*CONFIDENTIAL
	 
	 
	298,627
	

	 
	 
	 
	242,018
	

	 
	 
	 
	329,699
	

	 
	 
	 
	422,347
	

	 
	 
	 
	480,179
	

	 
	 
	 
	458,155
	

	 
	 
	 
	429,915
	

	 
	 
	 
	452,181
	 
	 
	 
	 
	359,967
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Gross Revenue
	 
	 
	911,288
	

	 
	 
	 
	849,264
	

	 
	 
	 
	1,319,719
	

	 
	 
	 
	1,455,638
	

	 
	 
	 
	1,483,496
	

	 
	 
	 
	1,521,211
	

	 
	 
	 
	1,522,914
	

	 
	 
	 
	1,383,660
	 
	 
	 
	 
	1,133,599
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Commissions
	 
	 
	235,709
	

	 
	 
	 
	293,336
	

	 
	 
	 
	470,227
	

	 
	 
	 
	456,405
	

	 
	 
	 
	410,215
	

	 
	 
	 
	476,156
	

	 
	 
	 
	439,026
	

	 
	 
	 
	424,288
	 
	 
	 
	 
	333,349
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Net Revenue
	 
	 
	675,579
	

	 
	 
	 
	555,926
	

	 
	 
	 
	649,492
	

	 
	 
	 
	999,231
	

	 
	 
	 
	1,073,283
	

	 
	 
	 
	1,045,055
	

	 
	 
	 
	1,083,886
	

	 
	 
	 
	959,372
	 
	 
	 
	 
	800,159
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Indirect Costs
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	149,793
	

	 
	 
	 
	202,795
	

	 
	 
	 
	156,641
	

	 
	 
	 
	188,198
	

	 
	 
	 
	180,766
	

	 
	 
	 
	171,582
	

	 
	 
	 
	188,605
	

	 
	 
	 
	227,448
	 
	 
	 
	 
	231,166
	 
	 

	*CONFIDENTIAL
	 
	 
	5,155
	

	 
	 
	 
	402
	

	 
	 
	 
	1,264
	

	 
	 
	 
	8,727
	

	 
	 
	 
	7,978
	

	 
	 
	 
	4,165
	

	 
	 
	 
	4,098
	

	 
	 
	 
	3,015
	 
	 
	 
	 
	2,013
	 
	 

	*CONFIDENTIAL
	 
	 
	11,748
	

	 
	 
	 
	9,252
	

	 
	 
	 
	10,883
	

	 
	 
	 
	8,612
	

	 
	 
	 
	6,188
	

	 
	 
	 
	9,178
	

	 
	 
	 
	8,742
	

	 
	 
	 
	8,565
	 
	 
	 
	 
	1,426
	 
	 





261






	
																																																		
	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	 
	 
	 
	 
	—
	 
	 

	*CONFIDENTIAL
	 
	 
	27,611
	

	 
	 
	 
	22,447
	

	 
	 
	 
	38,233
	

	 
	 
	 
	41,214
	

	 
	 
	 
	44,156
	

	 
	 
	 
	(7,527
	

	)
	 
	 
	49,899
	

	 
	 
	 
	40,098
	 
	 
	 
	 
	45,140
	 
	 

	*CONFIDENTIAL
	 
	 
	82,701
	

	 
	 
	 
	45,887
	

	 
	 
	 
	61,860
	

	 
	 
	 
	61,738
	

	 
	 
	 
	64,662
	

	 
	 
	 
	58,602
	

	 
	 
	 
	70,675
	

	 
	 
	 
	60,141
	 
	 
	 
	 
	46,859
	 
	 

	*CONFIDENTIAL
	 
	 
	58,194
	

	 
	 
	 
	41,604
	

	 
	 
	 
	59,095
	

	 
	 
	 
	48,299
	

	 
	 
	 
	41,118
	

	 
	 
	 
	45,122
	

	 
	 
	 
	27,093
	

	 
	 
	 
	32,548
	 
	 
	 
	 
	22,058
	 
	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	 
	 
	 
	 
	—
	 
	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	 
	 
	 
	 
	—
	 
	 

	*CONFIDENTIAL
	 
	 
	1,472
	

	 
	 
	 
	1,174
	

	 
	 
	 
	959
	

	 
	 
	 
	217
	

	 
	 
	 
	140
	

	 
	 
	 
	337
	

	 
	 
	 
	(18,730
	

	)
	 
	 
	9,725
	 
	 
	 
	 
	9,705
	 
	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	 
	 
	 
	 
	—
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	336,674
	

	 
	 
	 
	323,541
	

	 
	 
	 
	326,936
	

	 
	 
	 
	357,205
	

	 
	 
	 
	347,008
	

	 
	 
	 
	281,459
	

	 
	 
	 
	330,381
	

	 
	 
	 
	381,537
	 
	 
	 
	 
	358,366
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	27,117
	

	 
	 
	 
	31,977
	

	 
	 
	 
	27,057
	

	 
	 
	 
	27,161
	

	 
	 
	 
	28,618
	

	 
	 
	 
	28,008
	

	 
	 
	 
	27,920
	

	 
	 
	 
	29,589
	 
	 
	 
	 
	82,962
	 
	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	 
	 
	 
	 
	—
	 
	 

	*CONFIDENTIAL
	 
	 
	93
	

	 
	 
	 
	203
	

	 
	 
	 
	—
	

	 
	 
	 
	238
	

	 
	 
	 
	286
	

	 
	 
	 
	—
	

	 
	 
	 
	144
	

	 
	 
	 
	1,488
	 
	 
	 
	 
	—
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	27,210
	

	 
	 
	 
	32,180
	

	 
	 
	 
	27,057
	

	 
	 
	 
	27,399
	

	 
	 
	 
	26,902
	

	 
	 
	 
	26,006
	

	 
	 
	 
	28,064
	

	 
	 
	 
	31,057
	 
	 
	 
	 
	62,962
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	1,433
	

	 
	 
	 
	137
	

	 
	 
	 
	2,372
	

	 
	 
	 
	2,000
	

	 
	 
	 
	1,547
	

	 
	 
	 
	1,880
	

	 
	 
	 
	1,955
	

	 
	 
	 
	2,072
	 
	 
	 
	 
	437
	 
	 

	*CONFIDENTIAL
	 
	 
	3,705
	

	 
	 
	 
	2,899
	

	 
	 
	 
	4,403
	

	 
	 
	 
	5,192
	

	 
	 
	 
	5,168
	

	 
	 
	 
	13,752
	

	 
	 
	 
	4,523
	

	 
	 
	 
	4,625
	 
	 
	 
	 
	4,567
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	5,138
	

	 
	 
	 
	3,036
	

	 
	 
	 
	6,775
	

	 
	 
	 
	7,192
	

	 
	 
	 
	6,715
	

	 
	 
	 
	15,632
	

	 
	 
	 
	6,478
	

	 
	 
	 
	6,697
	 
	 
	 
	 
	5,094
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	11,306
	

	 
	 
	 
	7,459
	

	 
	 
	 
	9,861
	

	 
	 
	 
	8,744
	

	 
	 
	 
	9,320
	

	 
	 
	 
	10,304
	

	 
	 
	 
	12,321
	

	 
	 
	 
	12,225
	 
	 
	 
	 
	9,888
	 
	 

	*CONFIDENTIAL
	 
	 
	10,046
	

	 
	 
	 
	30,918
	

	 
	 
	 
	14,309
	

	 
	 
	 
	12,130
	

	 
	 
	 
	9,342
	

	 
	 
	 
	7,617
	

	 
	 
	 
	6,633
	

	 
	 
	 
	13,431
	 
	 
	 
	 
	8,626
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	21,355
	

	 
	 
	 
	38,378
	

	 
	 
	 
	24,170
	

	 
	 
	 
	20,874
	

	 
	 
	 
	18,662
	

	 
	 
	 
	17,921
	

	 
	 
	 
	18,954
	

	 
	 
	 
	25,655
	 
	 
	 
	 
	18,514
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	13,905
	

	 
	 
	 
	15,351
	

	 
	 
	 
	18,972
	

	 
	 
	 
	16,246
	

	 
	 
	 
	17,458
	

	 
	 
	 
	17,763
	

	 
	 
	 
	17,349
	

	 
	 
	 
	17,303
	 
	 
	 
	 
	17,901
	 
	 

	*CONFIDENTIAL
	 
	 
	9,360
	

	 
	 
	 
	9,875
	

	 
	 
	 
	12,061
	

	 
	 
	 
	1,137
	

	 
	 
	 
	11,978
	

	 
	 
	 
	15,745
	

	 
	 
	 
	12,282
	

	 
	 
	 
	12,848
	 
	 
	 
	 
	9,199
	 
	 

	*CONFIDENTIAL
	 
	 
	211
	

	 
	 
	 
	5
	

	 
	 
	 
	52
	

	 
	 
	 
	—
	

	 
	 
	 
	148
	

	 
	 
	 
	15
	

	 
	 
	 
	—
	

	 
	 
	 
	47
	 
	 
	 
	 
	19
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	23,477
	

	 
	 
	 
	25,231
	

	 
	 
	 
	31,105
	

	 
	 
	 
	27,383
	

	 
	 
	 
	29,584
	

	 
	 
	 
	33,523
	

	 
	 
	 
	29,631
	

	 
	 
	 
	30,197
	 
	 
	 
	 
	27,118
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	11,056
	

	 
	 
	 
	13,853
	

	 
	 
	 
	16,348
	

	 
	 
	 
	16,430
	

	 
	 
	 
	17,540
	

	 
	 
	 
	17,460
	

	 
	 
	 
	16,619
	

	 
	 
	 
	16,041
	 
	 
	 
	 
	13,106
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	11,056
	

	 
	 
	 
	13,853
	

	 
	 
	 
	16,348
	

	 
	 
	 
	16,430
	

	 
	 
	 
	17,540
	

	 
	 
	 
	17,460
	

	 
	 
	 
	16,619
	

	 
	 
	 
	16,041
	 
	 
	 
	 
	13,106
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 





262






	
																																																		
	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	 
	 
	 
	 
	—
	 
	 

	*CONFIDENTIAL
	 
	 
	23,090
	

	 
	 
	 
	21,493
	

	 
	 
	 
	29,509
	

	 
	 
	 
	35,014
	

	 
	 
	 
	39,518
	

	 
	 
	 
	38,881
	

	 
	 
	 
	38,126
	

	 
	 
	 
	41,881
	 
	 
	 
	 
	34,795
	 
	 

	*CONFIDENTIAL
	 
	 
	850
	

	 
	 
	 
	600
	

	 
	 
	 
	1,636
	

	 
	 
	 
	358
	

	 
	 
	 
	4,219
	

	 
	 
	 
	1,744
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	 
	 
	 
	 
	2,520
	 
	 

	*CONFIDENTIAL
	 
	 
	495
	

	 
	 
	 
	—
	

	 
	 
	 
	295
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	255
	

	 
	 
	 
	—
	

	 
	 
	 
	60
	 
	 
	 
	 
	—
	 
	 

	*CONFIDENTIAL
	 
	 
	5,244
	

	 
	 
	 
	4,041
	

	 
	 
	 
	10,766
	

	 
	 
	 
	10,179
	

	 
	 
	 
	5,217
	

	 
	 
	 
	4,664
	

	 
	 
	 
	6,664
	

	 
	 
	 
	6,568
	 
	 
	 
	 
	4,096
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	29,679
	

	 
	 
	 
	26,134
	

	 
	 
	 
	42,206
	

	 
	 
	 
	45,551
	

	 
	 
	 
	48,953
	

	 
	 
	 
	43,524
	

	 
	 
	 
	44,790
	

	 
	 
	 
	48,509
	 
	 
	 
	 
	41,411
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	717
	

	 
	 
	 
	631
	

	 
	 
	 
	689
	

	 
	 
	 
	729
	

	 
	 
	 
	955
	

	 
	 
	 
	649
	

	 
	 
	 
	716
	

	 
	 
	 
	897
	 
	 
	 
	 
	1,031
	 
	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	 
	 
	 
	 
	—
	 
	 

	*CONFIDENTIAL
	 
	 
	(12
	

	)
	 
	 
	2,717
	

	 
	 
	 
	687
	

	 
	 
	 
	3,780
	

	 
	 
	 
	2,693
	

	 
	 
	 
	2,484
	

	 
	 
	 
	2,826
	

	 
	 
	 
	6,080
	 
	 
	 
	 
	661
	 
	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	 
	 
	 
	 
	—
	 
	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	 
	 
	 
	 
	—
	 
	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	 
	 
	 
	 
	—
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	705
	

	 
	 
	 
	3,347
	

	 
	 
	 
	1,376
	

	 
	 
	 
	4,488
	

	 
	 
	 
	3,648
	

	 
	 
	 
	3,134
	

	 
	 
	 
	3,544
	

	 
	 
	 
	6,976
	 
	 
	 
	 
	1,692
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	 
	 
	 
	 
	—
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	 
	 
	 
	 
	—
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Expenses
	 
	 
	455,292
	

	 
	 
	 
	465,699
	

	 
	 
	 
	477,973
	

	 
	 
	 
	506,523
	

	 
	 
	 
	499,013
	

	 
	 
	 
	440,659
	

	 
	 
	 
	478,461
	

	 
	 
	 
	546,669
	 
	 
	 
	 
	528,173
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Other Corporate Allocations
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	 
	 
	 
	 
	—
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Controllable Expenses
	 
	 
	455,292
	

	 
	 
	 
	465,699
	

	 
	 
	 
	477,973
	

	 
	 
	 
	506,523
	

	 
	 
	 
	499,013
	

	 
	 
	 
	440,659
	

	 
	 
	 
	478,461
	

	 
	 
	 
	546,669
	 
	 
	 
	 
	528,173
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	EBITDA before Executive Expenses
	 
	 
	220,288
	

	 
	 
	 
	90,229
	

	 
	 
	 
	371,519
	

	 
	 
	 
	492,708
	

	 
	 
	 
	574,270
	

	 
	 
	 
	604,396
	

	 
	 
	 
	605,425
	

	 
	 
	 
	412,703
	 
	 
	 
	 
	271,986
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	EBITDA before Executive Expenses-BPS
	 
	 
	73.46
	

	 
	 
	 
	23.58
	

	 
	 
	 
	63.49
	

	 
	 
	 
	75.27
	

	 
	 
	 
	89.68
	

	 
	 
	 
	94.83
	

	 
	 
	 
	100.10
	

	 
	 
	 
	79.42
	 
	 
	 
	 
	64.04
	 
	 




 
	
																																									
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	YTD PROFIT & LOSS REVIEW
	 
	Oct-04
	 
	 
	Nov-04
	 
	 
	Dec-04
	 
	 
	YTD*
	 
	 
	BUDGET
	 
	 
	BUDGET 
VOLUME 
ACTUAL
	 
	 
	BUDGET 
VARIANCE
	 
	 
	BUDGET 
PRODUCTIVITY
	 





263






	
																																									
	Revenue/Key Drivers
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Application Units
	 
	 
	365
	

	 
	 
	 
	350
	

	 
	 
	 
	301
	

	 
	 
	 
	4,615
	

	 
	 
	 
	4,610
	

	 
	 
	 
	4,615
	

	 
	 
	 
	5
	

	 
	 
	 
	—
	

	 

	Total Application Dollars
	 
	$
	60,353
	

	 
	 
	$
	54,171
	

	 
	 
	$
	56,123
	

	 
	 
	$
	756,576
	

	 
	 
	$
	582,222
	

	 
	 
	$
	756,576
	

	 
	 
	$
	74,354
	

	 
	 
	$
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Closing Units
	 
	 
	296
	

	 
	 
	 
	292
	

	 
	 
	 
	326
	

	 
	 
	 
	3,879
	

	 
	 
	 
	4,399
	

	 
	 
	 
	3,879
	

	 
	 
	 
	(520
	

	)
	 
	 
	—
	

	 

	Total Closing Dollars
	 
	$
	49,113
	

	 
	 
	$
	47,733
	

	 
	 
	$
	51,873
	

	 
	 
	$
	623,627
	

	 
	 
	$
	651,052
	

	 
	 
	$
	623,627
	

	 
	 
	 
	(27,425
	

	)
	 
	$
	—
	

	 

	Average Loan Amount
	 
	 
	185,922
	

	 
	 
	 
	163,471
	

	 
	 
	 
	159,121
	

	 
	 
	 
	160,770
	

	 
	 
	 
	148,000
	

	 
	 
	 
	160,770
	

	 
	 
	 
	12,770
	

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Purchase Closing Units
	 
	 
	251
	

	 
	 
	 
	243
	

	 
	 
	 
	289
	

	 
	 
	 
	3,428
	

	 
	 
	 
	3,959
	

	 
	 
	 
	3,428
	

	 
	 
	 
	(531
	

	)
	 
	 
	—
	

	 

	Purchase Closing Dollars
	 
	 
	42,282
	

	 
	 
	 
	38,956
	

	 
	 
	 
	47,095
	

	 
	 
	 
	505,889
	

	 
	 
	 
	583,652
	

	 
	 
	 
	505,889
	

	 
	 
	 
	(77,784
	

	)
	 
	$
	—
	

	 

	Average Loan Amount
	 
	 
	188,456
	

	 
	 
	 
	160,311
	

	 
	 
	 
	162,960
	

	 
	 
	 
	147,570
	

	 
	 
	 
	147,420
	

	 
	 
	 
	147,570
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Refi Closings - Units
	 
	 
	45
	

	 
	 
	 
	49
	

	 
	 
	 
	37
	

	 
	 
	 
	451
	

	 
	 
	 
	440
	

	 
	 
	 
	451
	

	 
	 
	 
	11
	

	 
	 
	 
	—
	

	 

	Refi Closings - Dollars
	 
	$
	6,830
	

	 
	 
	$
	8,778
	

	 
	 
	$
	4,778
	

	 
	 
	$
	117,759
	

	 
	 
	$
	67,400
	

	 
	 
	$
	117,759
	

	 
	 
	$
	50,359
	

	 
	 
	$
	(0
	

	)

	Average Loan Amount
	 
	 
	151,788
	

	 
	 
	 
	179,141
	

	 
	 
	 
	129,136
	

	 
	 
	 
	261,106
	

	 
	 
	 
	153,216
	

	 
	 
	 
	261,106
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	$
	2,083
	

	 
	 
	$
	3,586
	

	 
	 
	$
	10,212
	

	 
	 
	$
	30,316
	

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	13.9
	

	%
	 
	 
	18.4
	

	%
	 
	 
	9.2
	

	%
	 
	 
	18.9
	

	%
	 
	 
	10.4
	

	%
	 
	 
	16.9
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	16.5
	

	%
	 
	 
	17.2
	

	%
	 
	 
	16.6
	

	%
	 
	 
	16.5
	

	%
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	4.2
	

	%
	 
	 
	7.5
	

	%
	 
	 
	19.7
	

	%
	 
	 
	4.9
	

	%
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	1.49
	

	%
	 
	 
	1.48
	

	%
	 
	 
	1.51
	

	%
	 
	 
	1.43
	

	%
	 
	 
	1.45
	

	%
	 
	 
	1.45
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	18
	

	 
	 
	 
	6
	

	 
	 
	 
	.30
	

	 
	 
	 
	35
	

	 
	 
	 
	54
	

	 
	 
	 
	59
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	46.70
	

	%
	 
	 
	52.22
	

	%
	 
	 
	21.79
	

	%
	 
	 
	49.41
	

	%
	 
	 
	55.00
	

	%
	 
	 
	55.00
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	0.74
	

	%
	 
	 
	0.90
	

	%
	 
	 
	0.30
	

	%
	 
	 
	0.71
	

	%
	 
	 
	0.74
	

	%
	 
	 
	0.74
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	2.50
	

	%
	 
	 
	2.67
	

	%
	 
	 
	2.13
	

	%
	 
	 
	2.44
	

	%
	 
	 
	2.46
	

	%
	 
	 
	2.46
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	1.80
	

	%
	 
	 
	1.90
	

	%
	 
	 
	1.80
	

	%
	 
	 
	1.73
	

	%
	 
	 
	1.66
	

	%
	 
	 
	1.66
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	$
	4,153
	

	 
	 
	$
	4,369
	

	 
	 
	$
	3,397
	

	 
	 
	$
	3,917
	

	 
	 
	$
	3,639
	

	 
	 
	$
	3,953
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	$
	1,212
	

	 
	 
	$
	1,403
	

	 
	 
	$
	1,197
	

	 
	 
	$
	1,433
	

	 
	 
	$
	1,378
	

	 
	 
	$
	1,550
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	0.73
	

	%
	 
	 
	0.86
	

	%
	 
	 
	0.75
	

	%
	 
	 
	0.89
	

	%
	 
	 
	0.93
	

	%
	 
	 
	0.96
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	Loans over 60 days
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	—
	

	 
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	Summary Headcount
	 
	 
	93
	

	 
	 
	 
	93
	

	 
	 
	 
	89
	

	 
	 
	 
	89
	

	 
	 
	 
	100
	

	 
	 
	 
	100
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	YTD PROFIT & LOSS REVIEW
	 
	Oct-04
	 
	 
	Nov-04
	 
	 
	Dec-04
	 
	 
	YTD*
	 
	 
	BUDGET
	 
	 
	BUDGET 
VOLUME 
ACTUAL
	 
	 
	BUDGET 
VARIANCE
	 
	 
	BUDGET 
PRODUCTIVITY
	 

	Revenue
	 
	 
	733,858
	

	 
	 
	 
	704,320
	

	 
	 
	 
	785,554
	

	 
	 
	 
	8,945,863
	

	 
	 
	 
	9,440,254
	

	 
	 
	 
	9,042,596
	

	 
	 
	 
	(494,391
	

	)
	 
	 
	(96,733
	

	)





264






	
																																									
	*CONFIDENTIAL
	 
	 
	101,722
	

	 
	 
	 
	115,260
	

	 
	 
	 
	134,930
	

	 
	 
	 
	1,431,062
	

	 
	 
	 
	1,627,630
	

	 
	 
	 
	1,559,088
	

	 
	 
	 
	(196,568
	

	)
	 
	 
	(128,007
	

	)

	*CONFIDENTIAL
	 
	 
	5,193
	

	 
	 
	 
	1,835
	

	 
	 
	 
	9,735
	

	 
	 
	 
	137,850
	

	 
	 
	 
	237,634
	

	 
	 
	 
	227,624
	

	 
	 
	 
	(99,964
	

	)
	 
	 
	(89,974
	

	)

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	(140,468
	

	)
	 
	 
	(390,631
	

	)
	 
	 
	(374,176
	

	)
	 
	 
	250,163
	

	 
	 
	 
	233,708
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	24,351
	

	 
	 
	 
	25,286
	

	 
	 
	 
	232,853
	

	 
	 
	 
	399,401
	

	 
	 
	 
	273,867
	

	 
	 
	 
	262,330
	

	 
	 
	 
	125,535
	

	 
	 
	 
	137,071
	

	 

	*CONFIDENTIAL
	 
	 
	364,033
	

	 
	 
	 
	429,084
	

	 
	 
	 
	153,217
	

	 
	 
	 
	4,419,422
	

	 
	 
	 
	4,817,785
	

	 
	 
	 
	4,614,642
	

	 
	 
	 
	(398,363
	

	)
	 
	 
	(195,420
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Gross Revenue
	 
	 
	1,229,158
	

	 
	 
	 
	1,275,785
	

	 
	 
	 
	1,107,288
	

	 
	 
	 
	15,192,930
	

	 
	 
	 
	16,006,538
	

	 
	 
	 
	15,332,285
	

	 
	 
	 
	(613,609
	

	)
	 
	 
	(139,355
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Commissions
	 
	 
	342,692
	

	 
	 
	 
	367,802
	

	 
	 
	 
	171,199
	

	 
	 
	 
	4,420,407
	

	 
	 
	 
	5,192,140
	

	 
	 
	 
	4,973,428
	

	 
	 
	 
	(771,733
	

	)
	 
	 
	553,021
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Net Revenue
	 
	 
	888,466
	

	 
	 
	 
	907,983
	

	 
	 
	 
	836,088
	

	 
	 
	 
	10,772,523
	

	 
	 
	 
	10,814,396
	

	 
	 
	 
	10,358,857
	

	 
	 
	 
	(41,876
	

	)
	 
	 
	413,666
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Indirect Costs
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	185,541
	

	 
	 
	 
	161,160
	

	 
	 
	 
	167,195
	

	 
	 
	 
	2,210,690
	

	 
	 
	 
	2,285,252
	

	 
	 
	 
	2,285,252
	

	 
	 
	 
	(74,362
	

	)
	 
	 
	(74,362
	

	)

	*CONFIDENTIAL
	 
	 
	962
	

	 
	 
	 
	542
	

	 
	 
	 
	744
	

	 
	 
	 
	38,066
	

	 
	 
	 
	84,100
	

	 
	 
	 
	84,100
	

	 
	 
	 
	(45,034
	

	)
	 
	 
	(45,034
	

	)

	*CONFIDENTIAL
	 
	 
	740
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	77,534
	

	 
	 
	 
	131,480
	

	 
	 
	 
	131,460
	

	 
	 
	 
	(53,926
	

	)
	 
	 
	(53,926
	

	)

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	23,880
	

	 
	 
	 
	33,447
	

	 
	 
	 
	59,122
	

	 
	 
	 
	417,719
	

	 
	 
	 
	563,611
	

	 
	 
	 
	540,061
	

	 
	 
	 
	(146,092
	

	)
	 
	 
	(122,342
	

	)

	*CONFIDENTIAL
	 
	 
	53,030
	

	 
	 
	 
	52,349
	

	 
	 
	 
	6,501
	

	 
	 
	 
	664,984
	

	 
	 
	 
	746,208
	

	 
	 
	 
	746,208
	

	 
	 
	 
	(146,092
	

	)
	 
	 
	(81,224
	

	)

	*CONFIDENTIAL
	 
	 
	31,232
	

	 
	 
	 
	24,941
	

	 
	 
	 
	15,674
	

	 
	 
	 
	446,975
	

	 
	 
	 
	530,791
	

	 
	 
	 
	530,791
	

	 
	 
	 
	(63,816
	

	)
	 
	 
	(83,816
	

	)

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	1,200
	

	 
	 
	 
	1,200
	

	 
	 
	 
	(1,200
	

	)
	 
	 
	(1,200
	

	)

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	9,701
	

	 
	 
	 
	9,902
	

	 
	 
	 
	9,053
	

	 
	 
	 
	33,653
	

	 
	 
	 
	7,800
	

	 
	 
	 
	7,800
	

	 
	 
	 
	25,853
	

	 
	 
	 
	25,853
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	305,085
	

	 
	 
	 
	282,340
	

	 
	 
	 
	258,286
	

	 
	 
	 
	3,890,821
	

	 
	 
	 
	4,350,622
	

	 
	 
	 
	4,326,872
	

	 
	 
	 
	(459,801
	

	)
	 
	 
	(436,051
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	10,078
	

	 
	 
	 
	32,438
	

	 
	 
	 
	31,063
	

	 
	 
	 
	361,962
	

	 
	 
	 
	360,000
	

	 
	 
	 
	360,000
	

	 
	 
	 
	1,962
	

	 
	 
	 
	1,962
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	4,123
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	4,123
	

	 
	 
	 
	4,123
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	2,452
	

	 
	 
	 
	600
	

	 
	 
	 
	600
	

	 
	 
	 
	1,852
	

	 
	 
	 
	1,852
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	10,076
	

	 
	 
	 
	36,551
	

	 
	 
	 
	31,063
	

	 
	 
	 
	368,538
	

	 
	 
	 
	360,600
	

	 
	 
	 
	360,600
	

	 
	 
	 
	7,938
	

	 
	 
	 
	7,938
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	(3,150
	

	)
	 
	 
	413
	

	 
	 
	 
	618
	

	 
	 
	 
	11,777
	

	 
	 
	 
	27,600
	

	 
	 
	 
	27,600
	

	 
	 
	 
	(15,823
	

	)
	 
	 
	(15,823
	

	)





265






	
																																									
	*CONFIDENTIAL
	 
	 
	4,468
	

	 
	 
	 
	2,885
	

	 
	 
	 
	4,465
	

	 
	 
	 
	60,651
	

	 
	 
	 
	118,788
	

	 
	 
	 
	118,788
	

	 
	 
	 
	(58,137
	

	)
	 
	 
	(58,137
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	1,318
	

	 
	 
	 
	3,298
	

	 
	 
	 
	5,146
	

	 
	 
	 
	72,428
	

	 
	 
	 
	146,388
	

	 
	 
	 
	146,388
	

	 
	 
	 
	(73,960
	

	)
	 
	 
	(73,960
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	7,698
	

	 
	 
	 
	83,231
	

	 
	 
	 
	9,100
	

	 
	 
	 
	116,549
	

	 
	 
	 
	107,865
	

	 
	 
	 
	103,321
	

	 
	 
	 
	8,684
	

	 
	 
	 
	13,227
	

	 

	*CONFIDENTIAL
	 
	 
	2,740
	

	 
	 
	 
	8,662
	

	 
	 
	 
	6,380
	

	 
	 
	 
	130,835
	

	 
	 
	 
	136,905
	

	 
	 
	 
	136,905
	

	 
	 
	 
	(6,070
	

	)
	 
	 
	(6,070
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	10,437
	

	 
	 
	 
	16,985
	

	 
	 
	 
	15,479
	

	 
	 
	 
	247,383
	

	 
	 
	 
	244,770
	

	 
	 
	 
	240,228
	

	 
	 
	 
	2,613
	

	 
	 
	 
	7,157
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	16,857
	

	 
	 
	 
	17,616
	

	 
	 
	 
	17,166
	

	 
	 
	 
	203,886
	

	 
	 
	 
	175,960
	

	 
	 
	 
	168,548
	

	 
	 
	 
	27,926
	

	 
	 
	 
	35,388
	

	 

	*CONFIDENTIAL
	 
	 
	10,047
	

	 
	 
	 
	9,861
	

	 
	 
	 
	11,654
	

	 
	 
	 
	136,066
	

	 
	 
	 
	131,970
	

	 
	 
	 
	126,411
	

	 
	 
	 
	4,096
	

	 
	 
	 
	9,655
	

	 

	*CONFIDENTIAL
	 
	 
	33
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	530
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	530
	

	 
	 
	 
	530
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	26,937
	

	 
	 
	 
	27,477
	

	 
	 
	 
	28,820
	

	 
	 
	 
	340,482
	

	 
	 
	 
	307,930
	

	 
	 
	 
	294,959
	

	 
	 
	 
	32,552
	

	 
	 
	 
	45,523
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	10,318
	

	 
	 
	 
	9,024
	

	 
	 
	 
	8,973
	

	 
	 
	 
	166,768
	

	 
	 
	 
	175,960
	

	 
	 
	 
	168,548
	

	 
	 
	 
	(9,192
	

	)
	 
	 
	(1,780
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	10,318
	

	 
	 
	 
	9,024
	

	 
	 
	 
	8,973
	

	 
	 
	 
	166,768
	

	 
	 
	 
	175,960
	

	 
	 
	 
	168,548
	

	 
	 
	 
	(9,192
	

	)
	 
	 
	(1,780
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	29,883
	

	 
	 
	 
	28,865
	

	 
	 
	 
	35,651
	

	 
	 
	 
	394,815
	

	 
	 
	 
	395,910
	

	 
	 
	 
	395,910
	

	 
	 
	 
	(1,095
	

	)
	 
	 
	(1,095
	

	)

	*CONFIDENTIAL
	 
	 
	805
	

	 
	 
	 
	1,408
	

	 
	 
	 
	1,300
	

	 
	 
	 
	15,439
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	15,439
	

	 
	 
	 
	15,439
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	1,105
	

	 
	 
	 
	4,399
	

	 
	 
	 
	4,399
	

	 
	 
	 
	(3,294
	

	)
	 
	 
	(3,294
	

	)

	*CONFIDENTIAL
	 
	 
	(1,320
	

	)
	 
	 
	1,889
	

	 
	 
	 
	1,957
	

	 
	 
	 
	59,966
	

	 
	 
	 
	13,197
	

	 
	 
	 
	13,197
	

	 
	 
	 
	46,769
	

	 
	 
	 
	46,769
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	29,348
	

	 
	 
	 
	32,112
	

	 
	 
	 
	39,109
	

	 
	 
	 
	471,325
	

	 
	 
	 
	413,506
	

	 
	 
	 
	413,506
	

	 
	 
	 
	57,819
	

	 
	 
	 
	57,819
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	945
	

	 
	 
	 
	887
	

	 
	 
	 
	1,404
	

	 
	 
	 
	10,252
	

	 
	 
	 
	10,800
	

	 
	 
	 
	10,800
	

	 
	 
	 
	(548
	

	)
	 
	 
	(548
	

	)

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	7,399
	

	 
	 
	 
	7,399
	

	 
	 
	 
	(7,399
	

	)
	 
	 
	(7,399
	

	)

	*CONFIDENTIAL
	 
	 
	(35,744
	

	)
	 
	 
	957
	

	 
	 
	 
	2,004
	

	 
	 
	 
	(10,889
	

	)
	 
	 
	37,200
	

	 
	 
	 
	37,200
	

	 
	 
	 
	48,089
	

	 
	 
	 
	48,089
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	7,200
	

	 
	 
	 
	6,897
	

	 
	 
	 
	(7,200
	

	)
	 
	 
	(6,897
	

	)

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	(34,799
	

	)
	 
	 
	1,845
	

	 
	 
	 
	3,408
	

	 
	 
	 
	(637
	

	)
	 
	 
	62,599
	

	 
	 
	 
	62,296
	

	 
	 
	 
	(63,236
	

	)
	 
	 
	(62,923
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 





266






	
																																									
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Expenses
	 
	 
	358,722
	

	 
	 
	 
	409,639
	

	 
	 
	 
	390,285
	

	 
	 
	 
	5,557,108
	

	 
	 
	 
	6,062,375
	

	 
	 
	 
	6,013,395
	

	 
	 
	 
	(505,267
	

	)
	 
	 
	(456,287
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Other Corporate Allocations
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Controllable Expenses
	 
	 
	358,722
	

	 
	 
	 
	409,639
	

	 
	 
	 
	390,285
	

	 
	 
	 
	5,557,108
	

	 
	 
	 
	6,062,375
	

	 
	 
	 
	6,013,395
	

	 
	 
	 
	(505,267
	

	)
	 
	 
	(456,287
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	EBITDA before Executive Expenses
	 
	 
	527,745
	

	 
	 
	 
	498,345
	

	 
	 
	 
	545,803
	

	 
	 
	 
	5,215,415
	

	 
	 
	 
	4,752,024
	

	 
	 
	 
	4,345,462
	

	 
	 
	 
	463,391
	

	 
	 
	 
	(3,799,659
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	EBITDA before Executive Expenses-BPS
	 
	 
	107.46
	

	 
	 
	 
	104.40
	

	 
	 
	 
	105.22
	

	 
	 
	 
	83.63
	

	 
	 
	 
	72.99
	

	 
	 
	 
	69.68
	

	 
	 
	 
	 
	 
	 
	 
	 
	 




The Budget is equal to the 0 & 12 Forecast for the following pages.
 


	
		
	*
	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.







267






Confidential Treatment
 
	
																															
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
PROFIT & LOSS REVIEW
	 
	Dec-04
	 
	 
	BUDGET
	 
	 
	FORECAST
	 
	 
	BUDGET VOLUME 
ACTUALS
	 
	 
	BUDGET 
VARIANCE
	 
	 
	BUDGET PRODUCTIVITY 
VARIANCE
	 

	Revenue/Key Drivers
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Application Units
	 
	 
	606
	

	 
	 
	 
	340
	

	 
	 
	 
	485
	

	 
	 
	 
	606
	

	 
	 
	 
	266
	

	 
	 
	 
	 
	 

	Total Application Dollars
	 
	$
	144,081
	

	 
	 
	$
	80,311
	

	 
	 
	$
	100,000
	

	 
	 
	$
	144,081
	

	 
	 
	$
	63,771
	

	 
	 
	$
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Closing Units
	 
	 
	622
	

	 
	 
	 
	627
	

	 
	 
	 
	655
	

	 
	 
	 
	622
	

	 
	 
	 
	(5
	

	)
	 
	 
	—
	

	 

	Total Closing Dollars
	 
	$
	135,525
	

	 
	 
	$
	148,020
	

	 
	 
	$
	135,000
	

	 
	 
	$
	135,525
	

	 
	 
	$
	(12,495
	

	)
	 
	$
	—
	

	 

	Average Loan Amount
	 
	 
	217,885
	

	 
	 
	 
	236,000
	

	 
	 
	 
	206,107
	

	 
	 
	 
	217,885
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Purchase Closing Units
	 
	 
	538
	

	 
	 
	 
	533
	

	 
	 
	 
	557
	

	 
	 
	 
	538
	

	 
	 
	 
	5
	

	 
	 
	$
	—
	

	 

	Purchase Closing Dollars
	 
	$
	115,015
	

	 
	 
	$
	125,817
	

	 
	 
	$
	114,750
	

	 
	 
	$
	115,015
	

	 
	 
	$
	(10,802
	

	)
	 
	$
	—
	

	 

	Average Loan Amount
	 
	 
	213,783
	

	 
	 
	 
	236,000
	

	 
	 
	 
	206,107
	

	 
	 
	 
	213,783
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Refi Closings - Units
	 
	 
	64
	

	 
	 
	 
	94
	

	 
	 
	 
	98
	

	 
	 
	 
	84
	

	 
	 
	 
	(10
	

	)
	 
	$
	—
	

	 

	Refi Closings - Dollars
	 
	$
	20,509
	

	 
	 
	$
	22,203
	

	 
	 
	$
	20,250
	

	 
	 
	$
	20,509
	

	 
	 
	$
	(1,694
	

	)
	 
	$
	—
	

	 

	Average Loan Amount
	 
	 
	244,159
	

	 
	 
	 
	236,000
	

	 
	 
	 
	206,107
	

	 
	 
	 
	244,159
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	$
	29,497
	

	 
	 
	 
	 
	 
	 
	$
	16,700
	

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	15.1
	

	%
	 
	 
	15.0
	

	%
	 
	 
	15.0
	

	%
	 
	 
	15.1
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	21.1
	

	%
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	21.8
	

	%
	 
	 
	 
	 
	 
	 
	12.4
	

	%
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	1.35
	

	%
	 
	 
	1.55
	

	%
	 
	 
	1.35
	

	%
	 
	 
	1.55
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	(250
	

	)
	 
	 
	(306
	

	)
	 
	 
	(282
	

	)
	 
	 
	(283
	

	)
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	19.69
	

	%
	 
	 
	40.76
	

	%
	 
	 
	47.19
	

	%
	 
	 
	40.76
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	-0.66
	

	%
	 
	 
	0.10
	

	%
	 
	 
	0.14
	

	%
	 
	 
	0.10
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	0.79
	

	%
	 
	 
	1.65
	

	%
	 
	 
	1.53
	

	%
	 
	 
	1.65
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	0.52
	

	%
	 
	 
	1.02
	

	%
	 
	 
	0.89
	

	%
	 
	 
	1.02
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	$
	1,713
	

	 
	 
	$
	3,894
	

	 
	 
	$
	3,155
	

	 
	 
	$
	3,595
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	$
	1,216
	

	 
	 
	$
	1,199
	

	 
	 
	$
	2,027
	

	 
	 
	$
	1,198
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	0.56
	

	%
	 
	 
	0.51
	

	%
	 
	 
	0.98
	

	%
	 
	 
	0.55
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	Loans over 60 days
	 
	 
	3
	

	 
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	Summary Headcount
	 
	 
	171
	

	 
	 
	 
	185
	

	 
	 
	 
	172
	

	 
	 
	 
	185
	

	 
	 
	 
	(14
	

	)
	 
	 
	(14
	

	)

	 
	 
	 
	 
	 
	 
	 

	PROFIT & LOSS REVIEW
	 
	Dec-04
	 
	 
	BUDGET
	 
	 
	FORECAST
	 
	 
	BUDGET VOLUME 
ACTUALS
	 
	 
	BUDGET 
VARIANCE
	 
	 
	BUDGET PRODUCTIVITY 
VARIANCE
	 

	Revenue
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	1,831,355
	

	 
	 
	 
	2,291,800
	

	 
	 
	 
	1,822,500
	

	 
	 
	 
	2,098,334
	

	 
	 
	 
	(450,445
	

	)
	 
	 
	(266,979
	

	)

	*CONFIDENTIAL
	 
	 
	214,768
	

	 
	 
	 
	44,449
	

	 
	 
	 
	105,356
	

	 
	 
	 
	40,697
	

	 
	 
	 
	170,318
	

	 
	 
	 
	174,071
	

	 

	*CONFIDENTIAL
	 
	 
	(155,366
	

	)
	 
	 
	(191,935
	

	)
	 
	 
	(184,881
	

	)
	 
	 
	(175,732
	

	)
	 
	 
	36,569
	

	 
	 
	 
	20,366
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 





268






	
																															
	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	66,712
	

	 
	 
	 
	154,938
	

	 
	 
	 
	140,833
	

	 
	 
	 
	141,859
	

	 
	 
	 
	88,226
	

	 
	 
	 
	(75,147
	

	)

	*CONFIDENTIAL
	 
	 
	(892,215
	

	)
	 
	 
	143,020
	

	 
	 
	 
	182,813
	

	 
	 
	 
	130,947
	

	 
	 
	 
	(1,035,235
	

	)
	 
	 
	(1,023,161
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Gross Revenue
	 
	 
	1,065,254
	

	 
	 
	 
	2,442,273
	

	 
	 
	 
	2,066,621
	

	 
	 
	 
	2,236,105
	

	 
	 
	 
	(1,377,019
	

	)
	 
	 
	(1,170,851
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Commissions
	 
	 
	360,539
	

	 
	 
	 
	934,220
	

	 
	 
	 
	860,000
	

	 
	 
	 
	855,356
	

	 
	 
	 
	(573,661
	

	)
	 
	 
	(494,818
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Net Revenue
	 
	 
	704,715
	

	 
	 
	 
	1,508,053
	

	 
	 
	 
	1,206,621
	

	 
	 
	 
	1,380,749
	

	 
	 
	 
	(803,338
	

	)
	 
	 
	(676,033
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Indirect Costs
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	347,860
	

	 
	 
	 
	343,152
	

	 
	 
	 
	368,852
	

	 
	 
	 
	343,152
	

	 
	 
	 
	4,708
	

	 
	 
	 
	4,708
	

	 

	*CONFIDENTIAL
	 
	 
	7,077
	

	 
	 
	 
	8,000
	

	 
	 
	 
	6,000
	

	 
	 
	 
	8,000
	

	 
	 
	 
	(923
	

	)
	 
	 
	(923
	

	)

	*CONFIDENTIAL
	 
	 
	7,187
	

	 
	 
	 
	—
	

	 
	 
	 
	7,500
	

	 
	 
	 
	—
	

	 
	 
	 
	7,187
	

	 
	 
	 
	7,187
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	14,876
	

	 
	 
	 
	14,802
	

	 
	 
	 
	5,805
	

	 
	 
	 
	13,552
	

	 
	 
	 
	74
	

	 
	 
	 
	1,324
	

	 

	*CONFIDENTIAL
	 
	 
	22,794
	

	 
	 
	 
	102,830
	

	 
	 
	 
	104,962
	

	 
	 
	 
	102,830
	

	 
	 
	 
	(80,036
	

	)
	 
	 
	(80,036
	

	)

	*CONFIDENTIAL
	 
	 
	51,065
	

	 
	 
	 
	64,269
	

	 
	 
	 
	49,394
	

	 
	 
	 
	64,269
	

	 
	 
	 
	(13,203
	

	)
	 
	 
	(13,203
	

	)

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	2,375
	

	 
	 
	 
	2,500
	

	 
	 
	 
	2,500
	

	 
	 
	 
	2,500
	

	 
	 
	 
	(125
	

	)
	 
	 
	(125
	

	)

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	453,235
	

	 
	 
	 
	535,553
	

	 
	 
	 
	545,013
	

	 
	 
	 
	534,303
	

	 
	 
	 
	(82,318
	

	)
	 
	 
	(81,068
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	26,114
	

	 
	 
	 
	43,024
	

	 
	 
	 
	26,114
	

	 
	 
	 
	43,024
	

	 
	 
	 
	(16,880
	

	)
	 
	 
	(16,880
	

	)

	*CONFIDENTIAL
	 
	 
	9,200
	

	 
	 
	 
	—
	

	 
	 
	 
	8,400
	

	 
	 
	 
	—
	

	 
	 
	 
	9,200
	

	 
	 
	 
	9,200
	

	 

	*CONFIDENTIAL
	 
	 
	1,736
	

	 
	 
	 
	1,000
	

	 
	 
	 
	1,000
	

	 
	 
	 
	1,000
	

	 
	 
	 
	738
	

	 
	 
	 
	736
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	37,080
	

	 
	 
	 
	44,024
	

	 
	 
	 
	35,544
	

	 
	 
	 
	44,024
	

	 
	 
	 
	(6,944
	

	)
	 
	 
	(6,944
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	2,700
	

	 
	 
	 
	2,700
	

	 
	 
	 
	2,700
	

	 
	 
	 
	(2,700
	

	)
	 
	 
	(2,700
	

	)

	*CONFIDENTIAL
	 
	 
	7,584
	

	 
	 
	 
	10,450
	

	 
	 
	 
	(9,550
	

	)
	 
	 
	10,450
	

	 
	 
	 
	(2,866
	

	)
	 
	 
	(2,866
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	7,584
	

	 
	 
	 
	13,150
	

	 
	 
	 
	(6,860
	

	)
	 
	 
	13,150
	

	 
	 
	 
	(5,566
	

	)
	 
	 
	(5,566
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	14,207
	

	 
	 
	 
	5,800
	

	 
	 
	 
	7,500
	

	 
	 
	 
	5,310
	

	 
	 
	 
	8,407
	

	 
	 
	 
	8,897
	

	 

	*CONFIDENTIAL
	 
	 
	110,255
	

	 
	 
	 
	47,500
	

	 
	 
	 
	150,000
	

	 
	 
	 
	47,500
	

	 
	 
	 
	62,755
	

	 
	 
	 
	62,755
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	124,462
	

	 
	 
	 
	53,300
	

	 
	 
	 
	157,500
	

	 
	 
	 
	52,810
	

	 
	 
	 
	71,162
	

	 
	 
	 
	71,651
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	13,305
	

	 
	 
	 
	18,500
	

	 
	 
	 
	15,000
	

	 
	 
	 
	16,938
	

	 
	 
	 
	(5,195
	

	)
	 
	 
	(3,634
	

	)

	*CONFIDENTIAL
	 
	 
	16,653
	

	 
	 
	 
	30,000
	

	 
	 
	 
	18,127
	

	 
	 
	 
	27,468
	

	 
	 
	 
	(13,147
	

	)
	 
	 
	(10,615
	

	)

	*CONFIDENTIAL
	 
	 
	1,153
	

	 
	 
	 
	2,500
	

	 
	 
	 
	2,500
	

	 
	 
	 
	2,289
	

	 
	 
	 
	(1,347
	

	)
	 
	 
	(1,136
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	31,311
	

	 
	 
	 
	51,000
	

	 
	 
	 
	35,627
	

	 
	 
	 
	46,695
	

	 
	 
	 
	(19,689
	

	)
	 
	 
	(15,384
	

	)





269






	
																															
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	24,630
	

	 
	 
	 
	7,000
	

	 
	 
	 
	7,000
	

	 
	 
	 
	6,409
	

	 
	 
	 
	17,630
	

	 
	 
	 
	18,221
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	24,630
	

	 
	 
	 
	7,000
	

	 
	 
	 
	7,000
	

	 
	 
	 
	6,409
	

	 
	 
	 
	17,630
	

	 
	 
	 
	18,221
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	25,721
	

	 
	 
	 
	4,300
	

	 
	 
	 
	16,300
	

	 
	 
	 
	4,300
	

	 
	 
	 
	21,421
	

	 
	 
	 
	21,421
	

	 

	*CONFIDENTIAL
	 
	 
	5,949
	

	 
	 
	 
	10,000
	

	 
	 
	 
	10,000
	

	 
	 
	 
	10,000
	

	 
	 
	 
	(4,051
	

	)
	 
	 
	(4,051
	

	)

	*CONFIDENTIAL
	 
	 
	390
	

	 
	 
	 
	1,000
	

	 
	 
	 
	1,000
	

	 
	 
	 
	1,000
	

	 
	 
	 
	(610
	

	)
	 
	 
	(610
	

	)

	*CONFIDENTIAL
	 
	 
	3,119
	

	 
	 
	 
	6,600
	

	 
	 
	 
	6,600
	

	 
	 
	 
	6,600
	

	 
	 
	 
	(3,481
	

	)
	 
	 
	(3,481
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	35,179
	

	 
	 
	 
	21,900
	

	 
	 
	 
	33,900
	

	 
	 
	 
	21,900
	

	 
	 
	 
	13,279
	

	 
	 
	 
	13,279
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	6,275
	

	 
	 
	 
	1,000
	

	 
	 
	 
	2,000
	

	 
	 
	 
	1,000
	

	 
	 
	 
	5,275
	

	 
	 
	 
	5,275
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	594
	

	 
	 
	 
	—
	

	 
	 
	 
	479,691
	

	 
	 
	 
	—
	

	 
	 
	 
	594
	

	 
	 
	 
	594
	

	 

	*CONFIDENTIAL
	 
	 
	6,023
	

	 
	 
	 
	—
	

	 
	 
	 
	1,000
	

	 
	 
	 
	—
	

	 
	 
	 
	6,023
	

	 
	 
	 
	6,023
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	12,691
	

	 
	 
	 
	1,000
	

	 
	 
	 
	482,691
	

	 
	 
	 
	1,000
	

	 
	 
	 
	11,891
	

	 
	 
	 
	11,891
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	7,290
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	30,000
	

	 
	 
	 
	25,000
	

	 
	 
	 
	37,290
	

	 
	 
	 
	25,000
	

	 
	 
	 
	5,000
	

	 
	 
	 
	5,000
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Expenses
	 
	 
	756,372
	

	 
	 
	 
	751,927
	

	 
	 
	 
	1,327,716
	

	 
	 
	 
	745,291
	

	 
	 
	 
	4,446
	

	 
	 
	 
	11,081
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Other Corporate Allocations
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Controllable Expenses
	 
	 
	756,372
	

	 
	 
	 
	751,927
	

	 
	 
	 
	1,327,716
	

	 
	 
	 
	745,291
	

	 
	 
	 
	4,446
	

	 
	 
	 
	11,081
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	EBITDA before Executive Expenses
	 
	 
	(51,657
	

	)
	 
	 
	756,126
	

	 
	 
	 
	(121,094
	

	)
	 
	 
	635,457
	

	 
	 
	 
	(807,783
	

	)
	 
	 
	(687,114
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	EBITDA before Executive Expenses-BPS
	 
	 
	(3.81
	

	)
	 
	 
	55.79
	

	 
	 
	 
	(8.94
	

	)
	 
	 
	46.89
	

	 
	 
	 
	 
	 
	 
	 
	 
	 




The budget is equal to the 0 & 12 Forecast for the following pages.
 


	
		
	*
	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.






Confidential Treatment


*CONFIDENTIAL 
	
		
	*
	YTD total only includes actual expenses.





270






 
	
																																														
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	YTD PROFIT & LOSS REVIEW
	 
	Jan-04
	 
	 
	Feb-04
	 
	 
	Mar-04
	 
	 
	Apr-04
	 
	 
	May-04
	 
	 
	Jun-04
	 
	 
	Jul-04
	 
	 
	Aug-04
	 
	 
	Sep-04
	 

	Revenue/Key Drivers
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Application Units
	 
	 
	598
	

	 
	 
	 
	752
	

	 
	 
	 
	1,060
	

	 
	 
	 
	879
	

	 
	 
	 
	808
	

	 
	 
	 
	823
	

	 
	 
	 
	705
	

	 
	 
	 
	720
	

	 
	 
	 
	717
	

	 

	Total Application Dollars
	 
	$
	141,409
	

	 
	 
	$
	168,136
	

	 
	 
	$
	243,684
	

	 
	 
	$
	219,951
	

	 
	 
	$
	177,287
	

	 
	 
	$
	190,113
	

	 
	 
	$
	167,339
	

	 
	 
	$
	166,053
	

	 
	 
	$
	162,711
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Closing Units
	 
	 
	393
	

	 
	 
	 
	412
	

	 
	 
	 
	577
	

	 
	 
	 
	834
	

	 
	 
	 
	780
	

	 
	 
	 
	955
	

	 
	 
	 
	735
	

	 
	 
	 
	667
	

	 
	 
	 
	586
	

	 

	Total Closing Dollars
	 
	$
	86,556
	

	 
	 
	$
	91,826
	

	 
	 
	$
	124,168
	

	 
	 
	$
	189,492
	

	 
	 
	$
	182,445
	

	 
	 
	$
	222,045
	

	 
	 
	$
	173,444
	

	 
	 
	$
	157,744
	

	 
	 
	$
	121,748
	

	 

	Average Loan Amount
	 
	 
	220,245
	

	 
	 
	 
	222,880
	

	 
	 
	 
	215,196
	

	 
	 
	 
	227,208
	

	 
	 
	 
	233,904
	

	 
	 
	 
	232,508
	

	 
	 
	 
	235,978
	

	 
	 
	 
	229,613
	

	 
	 
	 
	207,762
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Purchase Closing Units
	 
	 
	314
	

	 
	 
	 
	331
	

	 
	 
	 
	459
	

	 
	 
	 
	627
	

	 
	 
	 
	617
	

	 
	 
	 
	907
	

	 
	 
	 
	688
	

	 
	 
	 
	630
	

	 
	 
	 
	526
	

	 

	Purchase Closing Dollars
	 
	$
	67,793
	

	 
	 
	$
	73,025
	

	 
	 
	$
	97,275
	

	 
	 
	$
	141,166
	

	 
	 
	$
	140,402
	

	 
	 
	$
	209,128
	

	 
	 
	$
	162,516
	

	 
	 
	$
	145,036
	

	 
	 
	$
	107,261
	

	 

	Average Loan Amount
	 
	 
	215,901
	

	 
	 
	 
	220,619
	

	 
	 
	 
	211,927
	

	 
	 
	 
	225,146
	

	 
	 
	 
	227,556
	

	 
	 
	 
	230,571
	

	 
	 
	 
	236,214
	

	 
	 
	 
	230,216
	

	 
	 
	 
	203,918
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Refi Closings - Units
	 
	 
	79
	

	 
	 
	 
	81
	

	 
	 
	 
	118
	

	 
	 
	 
	207
	

	 
	 
	 
	163
	

	 
	 
	 
	48
	

	 
	 
	 
	47
	

	 
	 
	 
	57
	

	 
	 
	 
	60
	

	 

	Refi Closings - Dollars
	 
	$
	18,764
	

	 
	 
	$
	18,802
	

	 
	 
	$
	26,893
	

	 
	 
	$
	48,326
	

	 
	 
	$
	42,043
	

	 
	 
	$
	12,917
	

	 
	 
	$
	10,928
	

	 
	 
	$
	12,708
	

	 
	 
	$
	14,487
	

	 

	Average Loan Amount
	 
	 
	237,514
	

	 
	 
	 
	232,118
	

	 
	 
	 
	227,910
	

	 
	 
	 
	233,457
	

	 
	 
	 
	267,933
	

	 
	 
	 
	269,113
	

	 
	 
	 
	232,521
	

	 
	 
	 
	222,953
	

	 
	 
	 
	241,454
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	$
	10,172
	

	 
	 
	$
	18,213
	

	 
	 
	$
	25,304
	

	 
	 
	$
	42,609
	

	 
	 
	$
	43,806
	

	 
	 
	$
	45,719
	

	 
	 
	$
	17,733
	

	 
	 
	$
	17,926
	

	 
	 
	$
	16,557
	

	 

	*CONFIDENTIAL
	 
	 
	21.7
	

	%
	 
	 
	20.5
	

	%
	 
	 
	21.7
	

	%
	 
	 
	25.5
	

	%
	 
	 
	23.0
	

	%
	 
	 
	5.8
	

	%
	 
	 
	6.3
	

	%
	 
	 
	8.1
	

	%
	 
	 
	11.9
	

	%

	*CONFIDENTIAL
	 
	 
	23.0
	

	%
	 
	 
	23.4
	

	%
	 
	 
	22.7
	

	%
	 
	 
	24.4
	

	%
	 
	 
	22.0
	

	%
	 
	 
	24.9
	

	%
	 
	 
	20.2
	

	%
	 
	 
	18.5
	

	%
	 
	 
	19.9
	

	%

	*CONFIDENTIAL
	 
	 
	11.8
	

	%
	 
	 
	19.8
	

	%
	 
	 
	20.4
	

	%
	 
	 
	22.5
	

	%
	 
	 
	24.0
	

	%
	 
	 
	20.6
	

	%
	 
	 
	10.2
	

	%
	 
	 
	11.4
	

	%
	 
	 
	13.6
	

	%

	*CONFIDENTIAL
	 
	 
	1.45
	

	%
	 
	 
	1.47
	

	%
	 
	 
	1.42
	

	%
	 
	 
	1.37
	

	%
	 
	 
	1.36
	

	%
	 
	 
	1.29
	

	%
	 
	 
	1.30
	

	%
	 
	 
	1.28
	

	%
	 
	 
	1.40
	

	%

	*CONFIDENTIAL
	 
	 
	(346
	

	)
	 
	 
	(346
	

	)
	 
	 
	(440
	

	)
	 
	 
	(411
	

	)
	 
	 
	(377
	

	)
	 
	 
	(191
	

	)
	 
	 
	(9
	

	)
	 
	 
	(34
	

	)
	 
	 
	(65
	

	)

	*CONFIDENTIAL
	 
	 
	41.44
	

	%
	 
	 
	36.06
	

	%
	 
	 
	39.28
	

	%
	 
	 
	41.18
	

	%
	 
	 
	39.11
	

	%
	 
	 
	41.03
	

	%
	 
	 
	41.41
	

	%
	 
	 
	44.26
	

	%
	 
	 
	38.54
	

	%

	*CONFIDENTIAL
	 
	 
	0.00
	

	%
	 
	 
	0.64
	

	%
	 
	 
	-0.02
	

	%
	 
	 
	0.00
	

	%
	 
	 
	0.00
	

	%
	 
	 
	0.04
	

	%
	 
	 
	0.15
	

	%
	 
	 
	0.21
	

	%
	 
	 
	0.22
	

	%

	*CONFIDENTIAL
	 
	 
	1.62
	

	%
	 
	 
	1.79
	

	%
	 
	 
	1.40
	

	%
	 
	 
	1.23
	

	%
	 
	 
	1.27
	

	%
	 
	 
	1.36
	

	%
	 
	 
	1.54
	

	%
	 
	 
	1.57
	

	%
	 
	 
	1.66
	

	%

	*CONFIDENTIAL
	 
	 
	1.02
	

	%
	 
	 
	1.26
	

	%
	 
	 
	0.84
	

	%
	 
	 
	0.66
	

	%
	 
	 
	0.74
	

	%
	 
	 
	0.83
	

	%
	 
	 
	1.00
	

	%
	 
	 
	1.00
	

	%
	 
	 
	1.12
	

	%

	*CONFIDENTIAL
	 
	$
	3,570
	

	 
	 
	$
	3,986
	

	 
	 
	$
	3,012
	

	 
	 
	$
	2,785
	

	 
	 
	$
	2,971
	

	 
	 
	$
	3,168
	

	 
	 
	$
	3,641
	

	 
	 
	$
	3,599
	

	 
	 
	$
	3,458
	

	 

	*CONFIDENTIAL
	 
	$
	3,131
	

	 
	 
	$
	2,248
	

	 
	 
	$
	1,514
	

	 
	 
	$
	1,006
	

	 
	 
	$
	1,151
	

	 
	 
	$
	943
	

	 
	 
	$
	1,259
	

	 
	 
	$
	1,176
	

	 
	 
	$
	1,361
	

	 

	*CONFIDENTIAL
	 
	 
	1.42
	

	%
	 
	 
	1.01
	

	%
	 
	 
	0.70
	

	%
	 
	 
	0.44
	

	%
	 
	 
	0.49
	

	%
	 
	 
	0.41
	

	%
	 
	 
	0.53
	

	%
	 
	 
	0.51
	

	%
	 
	 
	0.68
	

	%

	Loans over 60 days
	 
	 
	36
	

	 
	 
	 
	28
	

	 
	 
	 
	8
	

	 
	 
	 
	3
	

	 
	 
	 
	1
	

	 
	 
	 
	1
	

	 
	 
	 
	N/A
	

	 
	 
	 
	4
	

	 
	 
	 
	5
	

	 

	Summary Headcount
	 
	 
	182
	

	 
	 
	 
	186
	

	 
	 
	 
	183
	

	 
	 
	 
	185
	

	 
	 
	 
	181
	

	 
	 
	 
	173
	

	 
	 
	 
	179
	

	 
	 
	 
	176
	

	 
	 
	 
	172
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	YTD PROFIT & LOSS REVIEW
	 
	Jan-04
	 
	 
	Feb-04
	 
	 
	Mar-04
	 
	 
	Apr-04
	 
	 
	May-04
	 
	 
	Jun-04
	 
	 
	Jul-04
	 
	 
	Aug-04
	 
	 
	Sep-04
	 

	Revenue
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	1,257,008
	

	 
	 
	 
	1,351,076
	

	 
	 
	 
	1,768,793
	

	 
	 
	 
	2,594,150
	

	 
	 
	 
	2,477,338
	

	 
	 
	 
	2,863,537
	

	 
	 
	 
	2,255,633
	

	 
	 
	 
	2,026,567
	

	 
	 
	 
	1,710,081
	

	 

	*CONFIDENTIAL
	 
	 
	62,550
	

	 
	 
	 
	46,555
	

	 
	 
	 
	60,461
	

	 
	 
	 
	74,830
	

	 
	 
	 
	101,468
	

	 
	 
	 
	124,100
	

	 
	 
	 
	167,803
	

	 
	 
	 
	116,817
	

	 
	 
	 
	91,534
	

	 

	*CONFIDENTIAL
	 
	 
	(135,971
	

	)
	 
	 
	(142,614
	

	)
	 
	 
	(254,096
	

	)
	 
	 
	(342,744
	

	)
	 
	 
	(293,728
	

	)
	 
	 
	(182,183
	

	)
	 
	 
	(6,446
	

	)
	 
	 
	(23,217
	

	)
	 
	 
	(37,911
	

	)

	*CONFIDENTIAL
	 
	 
	13,728
	

	 
	 
	 
	(75,282
	

	)
	 
	 
	(29,802
	

	)
	 
	 
	(33,523
	

	)
	 
	 
	(34,701
	

	)
	 
	 
	41,394
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	9,718
	

	 
	 
	 
	3,807
	

	 
	 
	 
	9,396
	

	 
	 
	 
	13,807
	

	 
	 
	 
	13,724
	

	 
	 
	 
	15,431
	

	 
	 
	 
	(9,955
	

	)
	 
	 
	(440
	

	)
	 
	 
	(13,862
	

	)

	*CONFIDENTIAL
	 
	 
	21,979
	

	 
	 
	 
	—
	

	 
	 
	 
	76,327
	

	 
	 
	 
	(413
	

	)
	 
	 
	—
	

	 
	 
	 
	2,021
	

	 
	 
	 
	(88,910
	

	)
	 
	 
	(90,449
	

	)
	 
	 
	(68,308
	

	)

	*CONFIDENTIAL
	 
	 
	173,935
	

	 
	 
	 
	(127,564
	

	)
	 
	 
	132,056
	

	 
	 
	 
	18,882
	

	 
	 
	 
	49,774
	

	 
	 
	 
	64,392
	

	 
	 
	 
	92,974
	

	 
	 
	 
	113,823
	

	 
	 
	 
	75,580
	

	 





271






	
																																														
	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	587,088
	

	 
	 
	 
	(25,054
	

	)
	 
	 
	—
	

	 
	 
	 
	3,389
	

	 
	 
	 
	94,566
	

	 
	 
	 
	264,949
	

	 
	 
	 
	329,662
	

	 
	 
	 
	269,318
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Gross Revenue
	 
	 
	1,402,946
	

	 
	 
	 
	1,642,086
	

	 
	 
	 
	1,738,083
	

	 
	 
	 
	2,322,989
	

	 
	 
	 
	2,317,284
	

	 
	 
	 
	2,023,278
	

	 
	 
	 
	2,676,048
	

	 
	 
	 
	2,472,762
	

	 
	 
	 
	2,025,432
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Commissions
	 
	 
	520,901
	

	 
	 
	 
	487,168
	

	 
	 
	 
	694,775
	

	 
	 
	 
	1,088,343
	

	 
	 
	 
	969,982
	

	 
	 
	 
	1,174,957
	

	 
	 
	 
	933,975
	

	 
	 
	 
	897,022
	

	 
	 
	 
	658,986
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Net Revenue
	 
	 
	582,044
	

	 
	 
	 
	1,154,896
	

	 
	 
	 
	1,043,308
	

	 
	 
	 
	1,254,646
	

	 
	 
	 
	1,348,282
	

	 
	 
	 
	1,848,321
	

	 
	 
	 
	1,742,073
	

	 
	 
	 
	1,575,740
	

	 
	 
	 
	1,.367,446
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Indirect Costs
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	372,739
	

	 
	 
	 
	327,790
	

	 
	 
	 
	362,499
	

	 
	 
	 
	366,719
	

	 
	 
	 
	350,552
	

	 
	 
	 
	407,821
	

	 
	 
	 
	362,777
	

	 
	 
	 
	350,677
	

	 
	 
	 
	348,810
	

	 

	*CONFIDENTIAL
	 
	 
	16,660
	

	 
	 
	 
	10,234
	

	 
	 
	 
	10,288
	

	 
	 
	 
	13,242
	

	 
	 
	 
	16,950
	

	 
	 
	 
	17,059
	

	 
	 
	 
	27,046
	

	 
	 
	 
	15,531
	

	 
	 
	 
	10,778
	

	 

	*CONFIDENTIAL
	 
	 
	29,690
	

	 
	 
	 
	8,940
	

	 
	 
	 
	7,157
	

	 
	 
	 
	10,483
	

	 
	 
	 
	20,124
	

	 
	 
	 
	10,214
	

	 
	 
	 
	28,872
	

	 
	 
	 
	6,678
	

	 
	 
	 
	10,772
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	2,167
	

	 
	 
	 
	2,187
	

	 
	 
	 
	7,607
	

	 
	 
	 
	2,167
	

	 
	 
	 
	13,167
	

	 
	 
	 
	11,867
	

	 
	 
	 
	14,667
	

	 
	 
	 
	8,000
	

	 
	 
	 
	24,306
	

	 

	*CONFIDENTIAL
	 
	 
	129,437
	

	 
	 
	 
	94,179
	

	 
	 
	 
	113,959
	

	 
	 
	 
	124,179
	

	 
	 
	 
	124,516
	

	 
	 
	 
	128,240
	

	 
	 
	 
	146,603
	

	 
	 
	 
	117,931
	

	 
	 
	 
	94,208
	

	 

	*CONFIDENTIAL
	 
	 
	123,020
	

	 
	 
	 
	84,985
	

	 
	 
	 
	77,648
	

	 
	 
	 
	91,756
	

	 
	 
	 
	94,446
	

	 
	 
	 
	87,947
	

	 
	 
	 
	108,569
	

	 
	 
	 
	66,505
	

	 
	 
	 
	57,857
	

	 

	*CONFIDENTIAL
	 
	 
	1,249
	

	 
	 
	 
	2,477
	

	 
	 
	 
	—
	

	 
	 
	 
	5,000
	

	 
	 
	 
	250
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	920
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	1,350
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	60
	

	 
	 
	 
	18,731
	

	 
	 
	 
	13,592
	

	 
	 
	 
	11,172
	

	 
	 
	 
	10,871
	

	 
	 
	 
	10,904
	

	 
	 
	 
	19,993
	

	 
	 
	 
	(911
	

	)
	 
	 
	(791
	

	)

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	675,021
	

	 
	 
	 
	549,482
	

	 
	 
	 
	692,749
	

	 
	 
	 
	624,717
	

	 
	 
	 
	630,878
	

	 
	 
	 
	673,853
	

	 
	 
	 
	708,527
	

	 
	 
	 
	563,962
	

	 
	 
	 
	548,859
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	219,716
	

	 
	 
	 
	27,641
	

	 
	 
	 
	(19,070
	

	)
	 
	 
	30,545
	

	 
	 
	 
	24,374
	

	 
	 
	 
	28,324
	

	 
	 
	 
	24,317
	

	 
	 
	 
	26,144
	

	 
	 
	 
	28,331
	

	 

	*CONFIDENTIAL
	 
	 
	1,463
	

	 
	 
	 
	48,606
	

	 
	 
	 
	8,056
	

	 
	 
	 
	419
	

	 
	 
	 
	3,032
	

	 
	 
	 
	4,561
	

	 
	 
	 
	3,443
	

	 
	 
	 
	10,021
	

	 
	 
	 
	26,358
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	140
	

	 
	 
	 
	70
	

	 
	 
	 
	—
	

	 
	 
	 
	2,048
	

	 
	 
	 
	70
	

	 
	 
	 
	5,028
	

	 
	 
	 
	1,717
	

	 
	 
	 
	2,218
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	221,179
	

	 
	 
	 
	76,388
	

	 
	 
	 
	(10,943
	

	)
	 
	 
	30,964
	

	 
	 
	 
	29,453
	

	 
	 
	 
	32,895
	

	 
	 
	 
	32,788
	

	 
	 
	 
	37,882
	

	 
	 
	 
	54,908
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	70
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	1,470
	

	 
	 
	 
	—
	

	 
	 
	 
	2,328
	

	 
	 
	 
	1,733
	

	 
	 
	 
	3,988
	

	 

	*CONFIDENTIAL
	 
	 
	14,789
	

	 
	 
	 
	7,533
	

	 
	 
	 
	10,137
	

	 
	 
	 
	13,471
	

	 
	 
	 
	5,376
	

	 
	 
	 
	25,154
	

	 
	 
	 
	28,478
	

	 
	 
	 
	10,640
	

	 
	 
	 
	16,401
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	14,789
	

	 
	 
	 
	7,603
	

	 
	 
	 
	10,137
	

	 
	 
	 
	13,471
	

	 
	 
	 
	6,646
	

	 
	 
	 
	25,154
	

	 
	 
	 
	30,806
	

	 
	 
	 
	12,374
	

	 
	 
	 
	20,389
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	14,300
	

	 
	 
	 
	85,384
	

	 
	 
	 
	19,028
	

	 
	 
	 
	5,564
	

	 
	 
	 
	6,296
	

	 
	 
	 
	13,881
	

	 
	 
	 
	17,517
	

	 
	 
	 
	8,316
	

	 
	 
	 
	2,619
	

	 

	*CONFIDENTIAL
	 
	 
	169,327
	

	 
	 
	 
	53,893
	

	 
	 
	 
	20,038
	

	 
	 
	 
	34,343
	

	 
	 
	 
	27,821
	

	 
	 
	 
	30,301
	

	 
	 
	 
	32,908
	

	 
	 
	 
	40,621
	

	 
	 
	 
	42,233
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	183,628
	

	 
	 
	 
	139,277
	

	 
	 
	 
	39,066
	

	 
	 
	 
	39,907
	

	 
	 
	 
	34,117
	

	 
	 
	 
	44,183
	

	 
	 
	 
	50,425
	

	 
	 
	 
	48,937
	

	 
	 
	 
	44,852
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	25,493
	

	 
	 
	 
	21,735
	

	 
	 
	 
	26,765
	

	 
	 
	 
	20,610
	

	 
	 
	 
	23,008
	

	 
	 
	 
	(17,729
	

	)
	 
	 
	(4,238
	

	)
	 
	 
	9,350
	

	 
	 
	 
	16,480
	

	 

	*CONFIDENTIAL
	 
	 
	16,072
	

	 
	 
	 
	17,851
	

	 
	 
	 
	28,418
	

	 
	 
	 
	35,113
	

	 
	 
	 
	25,713
	

	 
	 
	 
	23,341
	

	 
	 
	 
	19,924
	

	 
	 
	 
	22,733
	

	 
	 
	 
	16,728
	

	 

	*CONFIDENTIAL
	 
	 
	1,052
	

	 
	 
	 
	2,042
	

	 
	 
	 
	8,941
	

	 
	 
	 
	3,375
	

	 
	 
	 
	796
	

	 
	 
	 
	3,093
	

	 
	 
	 
	1,593
	

	 
	 
	 
	4,457
	

	 
	 
	 
	4,517
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	42,617
	

	 
	 
	 
	41,827
	

	 
	 
	 
	84,124
	

	 
	 
	 
	59,098
	

	 
	 
	 
	49,519
	

	 
	 
	 
	8,705
	

	 
	 
	 
	17,279
	

	 
	 
	 
	36,539
	

	 
	 
	 
	37,723
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 





272






	
																																														
	*CONFIDENTIAL
	 
	 
	11,656
	

	 
	 
	 
	24,983
	

	 
	 
	 
	7,663
	

	 
	 
	 
	9,746
	

	 
	 
	 
	37,530
	

	 
	 
	 
	6,473
	

	 
	 
	 
	12,913
	

	 
	 
	 
	33,791
	

	 
	 
	 
	15,305
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	11,656
	

	 
	 
	 
	24,983
	

	 
	 
	 
	7,663
	

	 
	 
	 
	9,746
	

	 
	 
	 
	73,530
	

	 
	 
	 
	6,473
	

	 
	 
	 
	12,913
	

	 
	 
	 
	33,791
	

	 
	 
	 
	15,305
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	4,967
	

	 
	 
	 
	1,150
	

	 
	 
	 
	6,574
	

	 
	 
	 
	124,868
	

	 
	 
	 
	13,355
	

	 
	 
	 
	32,022
	

	 
	 
	 
	23,202
	

	 
	 
	 
	14,434
	

	 
	 
	 
	13,793
	

	 

	*CONFIDENTIAL
	 
	 
	17,227
	

	 
	 
	 
	1,841
	

	 
	 
	 
	16,250
	

	 
	 
	 
	5,214
	

	 
	 
	 
	2,348
	

	 
	 
	 
	27,440
	

	 
	 
	 
	7,092
	

	 
	 
	 
	3,963
	

	 
	 
	 
	400
	

	 

	*CONFIDENTIAL
	 
	 
	1,445
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	328
	

	 
	 
	 
	1,592
	

	 
	 
	 
	198
	

	 
	 
	 
	—
	

	 
	 
	 
	400
	

	 

	*CONFIDENTIAL
	 
	 
	16,798
	

	 
	 
	 
	7,494
	

	 
	 
	 
	77,876
	

	 
	 
	 
	(97,432
	

	)
	 
	 
	22,769
	

	 
	 
	 
	4,224
	

	 
	 
	 
	7,292
	

	 
	 
	 
	3,407
	

	 
	 
	 
	5,125
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	40,457
	

	 
	 
	 
	10,486
	

	 
	 
	 
	100,700
	

	 
	 
	 
	32,650
	

	 
	 
	 
	38,800
	

	 
	 
	 
	65,277
	

	 
	 
	 
	37,784
	

	 
	 
	 
	21,504
	

	 
	 
	 
	19,718
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	6,751
	

	 
	 
	 
	28,165
	

	 
	 
	 
	4,308
	

	 
	 
	 
	(11,505
	

	)
	 
	 
	6,949
	

	 
	 
	 
	—
	

	 
	 
	 
	2,131
	

	 
	 
	 
	13,746
	

	 
	 
	 
	8,278
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	2,554
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	20,660
	

	 
	 
	 
	20,878
	

	 
	 
	 
	20,739
	

	 
	 
	 
	(60,000
	

	)
	 
	 
	—
	

	 
	 
	 
	678
	

	 
	 
	 
	678
	

	 
	 
	 
	678
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	24
	

	 
	 
	 
	451
	

	 
	 
	 
	1,586
	

	 
	 
	 
	7,325
	

	 
	 
	 
	5,412
	

	 
	 
	 
	1,125
	

	 
	 
	 
	1,146
	

	 
	 
	 
	356
	

	 
	 
	 
	674
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	27,456
	

	 
	 
	 
	49,294
	

	 
	 
	 
	26,630
	

	 
	 
	 
	(64,180
	

	)
	 
	 
	12,361
	

	 
	 
	 
	4,357
	

	 
	 
	 
	3,955
	

	 
	 
	 
	14,780
	

	 
	 
	 
	8,952
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	3,556
	

	 
	 
	 
	16,927
	

	 
	 
	 
	33,175
	

	 
	 
	 
	2,550
	

	 
	 
	 
	28,491
	

	 
	 
	 
	9,516
	

	 
	 
	 
	1,081
	

	 
	 
	 
	8,164
	

	 
	 
	 
	18,985
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	13,556
	

	 
	 
	 
	26,927
	

	 
	 
	 
	43,175
	

	 
	 
	 
	92,550
	

	 
	 
	 
	58,491
	

	 
	 
	 
	39,516
	

	 
	 
	 
	31,081
	

	 
	 
	 
	38,164
	

	 
	 
	 
	48,985
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Expenses
	 
	 
	1,230,359
	

	 
	 
	 
	926,067
	

	 
	 
	 
	873,300
	

	 
	 
	 
	838,922
	

	 
	 
	 
	897,995
	

	 
	 
	 
	900,473
	

	 
	 
	 
	925,559
	

	 
	 
	 
	808,233
	

	 
	 
	 
	797,690
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Other Corporate Allocations
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Controllable Expenses
	 
	 
	1,230,359
	

	 
	 
	 
	926,067
	

	 
	 
	 
	873,300
	

	 
	 
	 
	838,922
	

	 
	 
	 
	897,995
	

	 
	 
	 
	900,473
	

	 
	 
	 
	925,559
	

	 
	 
	 
	808,233
	

	 
	 
	 
	797,690
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	EBITDA before Executive Expenses
	 
	 
	(348,315
	

	)
	 
	 
	228,831
	

	 
	 
	 
	170,008
	

	 
	 
	 
	415,725
	

	 
	 
	 
	450,287
	

	 
	 
	 
	947,848
	

	 
	 
	 
	816,515
	

	 
	 
	 
	767,508
	

	 
	 
	 
	569,756
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	EBITDA before Executive Expenses-BPS
	 
	 
	(40.24
	

	)
	 
	 
	24.92
	

	 
	 
	 
	13.69
	

	 
	 
	 
	21.94
	

	 
	 
	 
	24.88
	

	 
	 
	 
	42.69
	

	 
	 
	 
	47.08
	

	 
	 
	 
	48.66
	

	 
	 
	 
	46.80
	

	 




	
																																									
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	YTD PROFIT & LOSS REVIEW
	 
	Oct-04
	 
	 
	Nov-04
	 
	 
	Dec-04
	 
	 
	YTD*
	 
	 
	BUDGET
	 
	 
	BUDGET 
VOLUME 
ACTUALS
	 
	 
	BUDGET 
VARIANCE
	 
	 
	BUDGET 
PRODUCTIVITY
	 

	Revenue/Key Drivers
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Application Units
	 
	 
	698
	

	 
	 
	 
	679
	

	 
	 
	 
	806
	

	 
	 
	 
	9,035
	

	 
	 
	 
	9,685
	

	 
	 
	 
	9,035
	

	 
	 
	 
	(630
	

	)
	 
	 
	—
	

	 

	Total Application Dollars
	 
	$
	157,466
	

	 
	 
	$
	147,960
	

	 
	 
	$
	144,081
	

	 
	 
	$
	2,086,193
	

	 
	 
	$
	2,280,922
	

	 
	 
	$
	2,086,193
	

	 
	 
	$
	(194,730
	

	)
	 
	$
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Closing Units
	 
	 
	603
	

	 
	 
	 
	629
	

	 
	 
	 
	822
	

	 
	 
	 
	7,813
	

	 
	 
	 
	8,286
	

	 
	 
	 
	7,813
	

	 
	 
	 
	(473
	

	)
	 
	 
	—
	

	 

	Total Closing Dollars
	 
	$
	127,599
	

	 
	 
	$
	129,623
	

	 
	 
	$
	135,525
	

	 
	 
	$
	1,742,216
	

	 
	 
	$
	1,955,520
	

	 
	 
	$
	1,742,216
	

	 
	 
	$
	(213,304
	

	)
	 
	$
	—
	

	 





273






	
																																									
	Average Loan Amount
	 
	 
	211,607
	

	 
	 
	 
	206,078
	

	 
	 
	 
	217,885
	

	 
	 
	 
	222,989
	

	 
	 
	 
	236,000
	

	 
	 
	 
	222,989
	

	 
	 
	 
	(13,011
	

	)
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Purchase Closing Units
	 
	 
	532
	

	 
	 
	 
	539
	

	 
	 
	 
	538
	

	 
	 
	 
	6,078
	

	 
	 
	 
	7,043
	

	 
	 
	 
	6,708
	

	 
	 
	 
	(335
	

	)
	 
	 
	—
	

	 

	Purchase Closing Dollars
	 
	$
	111,083
	

	 
	 
	$
	109,018
	

	 
	 
	$
	115,015
	

	 
	 
	$
	1,478,717
	

	 
	 
	$
	1,862,192
	

	 
	 
	$
	1,476,717
	

	 
	 
	$
	(183,475
	

	)
	 
	$
	—
	

	 

	Average Loan Amount
	 
	 
	208,802
	

	 
	 
	 
	202,260
	

	 
	 
	 
	213,783
	

	 
	 
	 
	220,441
	

	 
	 
	 
	236,000
	

	 
	 
	 
	220,441
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Refi Closings - Units
	 
	 
	71
	

	 
	 
	 
	90
	

	 
	 
	 
	84
	

	 
	 
	 
	1,105
	

	 
	 
	 
	1,243
	

	 
	 
	 
	1,105
	

	 
	 
	 
	(138
	

	)
	 
	 
	—
	

	 

	Refi Closings - Dollars
	 
	$
	18,516
	

	 
	 
	$
	20,605
	

	 
	 
	$
	20,509
	

	 
	 
	$
	263,499
	

	 
	 
	$
	293,325
	

	 
	 
	$
	293,326
	

	 
	 
	$
	(29,829
	

	)
	 
	$
	—
	

	 

	Average Loan Amount
	 
	 
	232,624
	

	 
	 
	 
	228,941
	

	 
	 
	 
	244,159
	

	 
	 
	 
	238,481
	

	 
	 
	 
	236,000
	

	 
	 
	 
	238,461
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	$
	24,593
	

	 
	 
	$
	16,112
	

	 
	 
	$
	29,497
	

	 
	 
	$
	308,241
	

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	12.9
	

	%
	 
	 
	15.9
	

	%
	 
	 
	15.1
	

	%
	 
	 
	15.1
	

	%
	 
	 
	15.0
	

	%
	 
	 
	15.1
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	22.4
	

	%
	 
	 
	21.9
	

	%
	 
	 
	21.1
	

	%
	 
	 
	21.9
	

	%
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	19.3
	

	%
	 
	 
	12.4
	

	%
	 
	 
	21.8
	

	%
	 
	 
	17.7
	

	%
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	1.41
	

	%
	 
	 
	1.31
	

	%
	 
	 
	1.35
	

	%
	 
	 
	1.38
	

	%
	 
	 
	1.52
	

	%
	 
	 
	1.52
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	(242
	

	)
	 
	 
	(254
	

	)
	 
	 
	(250
	

	)
	 
	 
	(241
	

	)
	 
	 
	(295
	

	)
	 
	 
	(279
	

	)
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	40.99
	

	%
	 
	 
	45.39
	

	%
	 
	 
	19.69
	

	%
	 
	 
	39.24
	

	%
	 
	 
	40.42
	

	%
	 
	 
	40.42
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	0.22
	

	%
	 
	 
	0.20
	

	%
	 
	 
	-0.66
	

	%
	 
	 
	0.07
	

	%
	 
	 
	0.08
	

	%
	 
	 
	0.08
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	1.65
	

	%
	 
	 
	1.51
	

	%
	 
	 
	0.79
	

	%
	 
	 
	1.42
	

	%
	 
	 
	1.61
	

	%
	 
	 
	1.61
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	1.07
	

	%
	 
	 
	0.92
	

	%
	 
	 
	0.52
	

	%
	 
	 
	0.89
	

	%
	 
	 
	0.99
	

	%
	 
	 
	0.99
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	$
	3,486
	

	 
	 
	$
	3,116
	

	 
	 
	$
	1,713
	

	 
	 
	$
	3,168
	

	 
	 
	$
	3,800
	

	 
	 
	$
	3,590
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	$
	1,182
	

	 
	 
	$
	1,219
	

	 
	 
	$
	1,216
	

	 
	 
	$
	1,336
	

	 
	 
	$
	1,130
	

	 
	 
	$
	1,146
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	0.56
	

	%
	 
	 
	0.59
	

	%
	 
	 
	0.56
	

	%
	 
	 
	0.60
	

	%
	 
	 
	0.48
	

	%
	 
	 
	0.51
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	Loans over 60 days
	 
	 
	3
	

	 
	 
	 
	5
	

	 
	 
	 
	3
	

	 
	 
	 
	95
	

	 
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	Summary Headcount
	 
	 
	172
	

	 
	 
	 
	172
	

	 
	 
	 
	171
	

	 
	 
	 
	171
	

	 
	 
	 
	185
	

	 
	 
	 
	185
	

	 
	 
	 
	—
	

	 
	 
	 
	(14
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	YTD PROFIT & LOSS REVIEW
	 
	Oct-04
	 
	 
	Nov-04
	 
	 
	Dec-04
	 
	 
	YTD*
	 
	 
	BUDGET
	 
	 
	BUDGET 
VOLUME 
ACTUALS
	 
	 
	BUDGET 
VARIANCE
	 
	 
	BUDGET 
PRODUCTIVITY
	 

	Revenue
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	1,796,877
	

	 
	 
	 
	1,693,104
	

	 
	 
	 
	1,831,355
	

	 
	 
	 
	23,627,519
	

	 
	 
	 
	29,787,800
	

	 
	 
	 
	26,538,615
	

	 
	 
	 
	(6,160,281
	

	)
	 
	 
	(2,911,095
	

	)

	*CONFIDENTIAL
	 
	 
	112,521
	

	 
	 
	 
	134,484
	

	 
	 
	 
	214,768
	

	 
	 
	 
	1,306,870
	

	 
	 
	 
	745,749
	

	 
	 
	 
	664,406
	

	 
	 
	 
	581,121
	

	 
	 
	 
	642,466
	

	 

	*CONFIDENTIAL
	 
	 
	(146,133
	

	)
	 
	 
	(159,470
	

	)
	 
	 
	(155,366
	

	)
	 
	 
	(1,879,858
	

	)
	 
	 
	(2,447,300
	

	)
	 
	 
	(2,180,354
	

	)
	 
	 
	567,442
	

	 
	 
	 
	300,496
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	(118,188
	

	)
	 
	 
	(159,786
	

	)
	 
	 
	(142,357
	

	)
	 
	 
	41,600
	

	 
	 
	 
	24,171
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	41,625
	

	 
	 
	 
	(108,945
	

	)
	 
	 
	(97,062
	

	)
	 
	 
	150,570
	

	 
	 
	 
	138,687
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	(147,753
	

	)
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	(147,753
	

	)
	 
	 
	(147,753
	

	)

	*CONFIDENTIAL
	 
	 
	60,707
	

	 
	 
	 
	30,000
	

	 
	 
	 
	66,712
	

	 
	 
	 
	749,270
	

	 
	 
	 
	2,063,230
	

	 
	 
	 
	1,638,178
	

	 
	 
	 
	(1,313,960
	

	)
	 
	 
	(1,088,908
	

	)

	*CONFIDENTIAL
	 
	 
	276,329
	

	 
	 
	 
	281,989
	

	 
	 
	 
	(892,215
	

	)
	 
	 
	1,170,021
	

	 
	 
	 
	1,605,020
	

	 
	 
	 
	1,429,948
	

	 
	 
	 
	(434,999
	

	)
	 
	 
	(259,927
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Gross Revenue
	 
	 
	2,102,301
	

	 
	 
	 
	1,980,087
	

	 
	 
	 
	1,065,254
	

	 
	 
	 
	24,749,609
	

	 
	 
	 
	31,485,768
	

	 
	 
	 
	28,051,372
	

	 
	 
	 
	(6,736,259
	

	)
	 
	 
	3,301,863
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Commissions
	 
	 
	737,374
	

	 
	 
	 
	768,614
	

	 
	 
	 
	360,539
	

	 
	 
	 
	9,271,535
	

	 
	 
	 
	12,040,320
	

	 
	 
	 
	10,726,989
	

	 
	 
	 
	(2,768,785
	

	)
	 
	 
	(1,455,454
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Net Revenue
	 
	 
	1,384,927
	

	 
	 
	 
	1,191,572
	

	 
	 
	 
	704,715
	

	 
	 
	 
	15,477,974
	

	 
	 
	 
	19,445,448
	

	 
	 
	 
	17,324,383
	

	 
	 
	 
	(3,967,474
	

	)
	 
	 
	(1,846,409
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 





274






	
																																									
	Indirect Costs
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	337,822
	

	 
	 
	 
	381,641
	

	 
	 
	 
	347,860
	

	 
	 
	 
	4,317,908
	

	 
	 
	 
	3,862,250
	

	 
	 
	 
	3,862,250
	

	 
	 
	 
	455,658
	

	 
	 
	 
	455,658
	

	 

	*CONFIDENTIAL
	 
	 
	7,120
	

	 
	 
	 
	4,785
	

	 
	 
	 
	7,077
	

	 
	 
	 
	158,770
	

	 
	 
	 
	100,000
	

	 
	 
	 
	100,000
	

	 
	 
	 
	56,770
	

	 
	 
	 
	56,770
	

	 

	*CONFIDENTIAL
	 
	 
	9,905
	

	 
	 
	 
	8,950
	

	 
	 
	 
	7,187
	

	 
	 
	 
	158,970
	

	 
	 
	 
	20,000
	

	 
	 
	 
	20,000
	

	 
	 
	 
	138,970
	

	 
	 
	 
	138,970
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	4,781
	

	 
	 
	 
	9,781
	

	 
	 
	 
	14,876
	

	 
	 
	 
	113,352
	

	 
	 
	 
	195,552
	

	 
	 
	 
	174,222
	

	 
	 
	 
	(82,200
	

	)
	 
	 
	(60,870
	

	)

	*CONFIDENTIAL
	 
	 
	104,752
	

	 
	 
	 
	99,761
	

	 
	 
	 
	22,794
	

	 
	 
	 
	1,300,559
	

	 
	 
	 
	1,280,206
	

	 
	 
	 
	1,280,206
	

	 
	 
	 
	20,354
	

	 
	 
	 
	20,354
	

	 

	*CONFIDENTIAL
	 
	 
	43,833
	

	 
	 
	 
	46,014
	

	 
	 
	 
	51,065
	

	 
	 
	 
	933,625
	

	 
	 
	 
	1,127,227
	

	 
	 
	 
	1,127,227
	

	 
	 
	 
	(193,602
	

	)
	 
	 
	(193,602
	

	)

	*CONFIDENTIAL
	 
	 
	603
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	10,499
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	10,499
	

	 
	 
	 
	10,499
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	1,350
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	1,350
	

	 
	 
	 
	1,350
	

	 

	*CONFIDENTIAL
	 
	 
	2,943
	

	 
	 
	 
	—
	

	 
	 
	 
	2,375
	

	 
	 
	 
	88,940
	

	 
	 
	 
	30,000
	

	 
	 
	 
	30,000
	

	 
	 
	 
	58,940
	

	 
	 
	 
	58,940
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	511,760
	

	 
	 
	 
	550,932
	

	 
	 
	 
	453,235
	

	 
	 
	 
	7,081,974
	

	 
	 
	 
	6,815,235
	

	 
	 
	 
	859,905
	

	 
	 
	 
	466,738
	

	 
	 
	 
	488,069
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	28,494
	

	 
	 
	 
	26,144
	

	 
	 
	 
	26,144
	

	 
	 
	 
	469,105
	

	 
	 
	 
	719,827
	

	 
	 
	 
	719,827
	

	 
	 
	 
	(250,722
	

	)
	 
	 
	(250,722
	

	)

	*CONFIDENTIAL
	 
	 
	6,810
	

	 
	 
	 
	12,961
	

	 
	 
	 
	9,200
	

	 
	 
	 
	136,932
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	136,932
	

	 
	 
	 
	136,932
	

	 

	*CONFIDENTIAL
	 
	 
	449
	

	 
	 
	 
	211
	

	 
	 
	 
	1,736
	

	 
	 
	 
	13,686
	

	 
	 
	 
	12,000
	

	 
	 
	 
	12,000
	

	 
	 
	 
	1,686
	

	 
	 
	 
	1,686
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	37,753
	

	 
	 
	 
	39,316
	

	 
	 
	 
	37,080
	

	 
	 
	 
	619,723
	

	 
	 
	 
	731,827
	

	 
	 
	 
	731,827
	

	 
	 
	 
	(112,104
	

	)
	 
	 
	(112,104
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	563
	

	 
	 
	 
	—
	

	 
	 
	 
	10,152
	

	 
	 
	 
	17,350
	

	 
	 
	 
	17,350
	

	 
	 
	 
	(7198
	

	)
	 
	 
	(7,198
	

	)

	*CONFIDENTIAL
	 
	 
	11,828
	

	 
	 
	 
	33,632
	

	 
	 
	 
	7,584
	

	 
	 
	 
	185,024
	

	 
	 
	 
	95,000
	

	 
	 
	 
	95,000
	

	 
	 
	 
	90,024
	

	 
	 
	 
	90,024
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	11,828
	

	 
	 
	 
	34,195
	

	 
	 
	 
	7,584
	

	 
	 
	 
	195,176
	

	 
	 
	 
	112,350
	

	 
	 
	 
	112,350
	

	 
	 
	 
	82,826
	

	 
	 
	 
	82,826
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	7,065
	

	 
	 
	 
	2,209
	

	 
	 
	 
	14,207
	

	 
	 
	 
	196,386
	

	 
	 
	 
	127,500
	

	 
	 
	 
	113,593
	

	 
	 
	 
	88,886
	

	 
	 
	 
	82,794
	

	 

	*CONFIDENTIAL
	 
	 
	42,000
	

	 
	 
	 
	41,200
	

	 
	 
	 
	110,255
	

	 
	 
	 
	644,940
	

	 
	 
	 
	582,000
	

	 
	 
	 
	582,000
	

	 
	 
	 
	62,940
	

	 
	 
	 
	62,940
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	49,065
	

	 
	 
	 
	43,409
	

	 
	 
	 
	124,462
	

	 
	 
	 
	841,326
	

	 
	 
	 
	709,500
	

	 
	 
	 
	896,593
	

	 
	 
	 
	131,826
	

	 
	 
	 
	145,734
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	25,583
	

	 
	 
	 
	4,219
	

	 
	 
	 
	13,305
	

	 
	 
	 
	164,578
	

	 
	 
	 
	222,000
	

	 
	 
	 
	197,785
	

	 
	 
	 
	(57,422
	

	)
	 
	 
	(33,207
	

	)

	*CONFIDENTIAL
	 
	 
	24,468
	

	 
	 
	 
	15,734
	

	 
	 
	 
	16,853
	

	 
	 
	 
	262,946
	

	 
	 
	 
	360,000
	

	 
	 
	 
	320,732
	

	 
	 
	 
	(97,045
	

	)
	 
	 
	(57,786
	

	)

	*CONFIDENTIAL
	 
	 
	2,072
	

	 
	 
	 
	4,150
	

	 
	 
	 
	1,153
	

	 
	 
	 
	37,242
	

	 
	 
	 
	30,000
	

	 
	 
	 
	26,728
	

	 
	 
	 
	7,242
	

	 
	 
	 
	10,514
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	52,122
	

	 
	 
	 
	24,103
	

	 
	 
	 
	31,311
	

	 
	 
	 
	464,766
	

	 
	 
	 
	612,000
	

	 
	 
	 
	545,244
	

	 
	 
	 
	(147,234
	

	)
	 
	 
	(80,476
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	7,301
	

	 
	 
	 
	17,387
	

	 
	 
	 
	24,630
	

	 
	 
	 
	209,378
	

	 
	 
	 
	84,000
	

	 
	 
	 
	74,837
	

	 
	 
	 
	125,378
	

	 
	 
	 
	134,540
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	7,301
	

	 
	 
	 
	17,387
	

	 
	 
	 
	24,630
	

	 
	 
	 
	209,378
	

	 
	 
	 
	84,000
	

	 
	 
	 
	74,837
	

	 
	 
	 
	125,378
	

	 
	 
	 
	134,540
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	2,120
	

	 
	 
	 
	15,598
	

	 
	 
	 
	25,721
	

	 
	 
	 
	277,822
	

	 
	 
	 
	51,600
	

	 
	 
	 
	51,600
	

	 
	 
	 
	226,222
	

	 
	 
	 
	226,222
	

	 

	*CONFIDENTIAL
	 
	 
	1,368
	

	 
	 
	 
	1,500
	

	 
	 
	 
	5,949
	

	 
	 
	 
	90,593
	

	 
	 
	 
	52,390
	

	 
	 
	 
	52,390
	

	 
	 
	 
	38,205
	

	 
	 
	 
	38,205
	

	 

	*CONFIDENTIAL
	 
	 
	1,200
	

	 
	 
	 
	1,715
	

	 
	 
	 
	390
	

	 
	 
	 
	7,268
	

	 
	 
	 
	3,000
	

	 
	 
	 
	3,000
	

	 
	 
	 
	4,268
	

	 
	 
	 
	4,268
	

	 

	*CONFIDENTIAL
	 
	 
	2,547
	

	 
	 
	 
	1,906
	

	 
	 
	 
	3,119
	

	 
	 
	 
	55,124
	

	 
	 
	 
	79,200
	

	 
	 
	 
	79,200
	

	 
	 
	 
	(24,076
	

	)
	 
	 
	(24,076
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	7,235
	

	 
	 
	 
	20,717
	

	 
	 
	 
	35,179
	

	 
	 
	 
	430,807
	

	 
	 
	 
	186,190
	

	 
	 
	 
	186,190
	

	 
	 
	 
	244,617
	

	 
	 
	 
	244,617
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	5,766
	

	 
	 
	 
	8,092
	

	 
	 
	 
	6,275
	

	 
	 
	 
	78,954
	

	 
	 
	 
	12,000
	

	 
	 
	 
	12,000
	

	 
	 
	 
	86,954
	

	 
	 
	 
	66,954
	

	 





275






	
																																									
	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	2,554
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	2,554
	

	 
	 
	 
	2,554
	

	 

	*CONFIDENTIAL
	 
	 
	(0
	

	)
	 
	 
	594
	

	 
	 
	 
	594
	

	 
	 
	 
	5,319
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	5,319
	

	 
	 
	 
	5,319
	

	 

	*CONFIDENTIAL
	 
	 
	1,810
	

	 
	 
	 
	749
	

	 
	 
	 
	6,023
	

	 
	 
	 
	26,679
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	26,679
	

	 
	 
	 
	26,679
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	7,575
	

	 
	 
	 
	9,434
	

	 
	 
	 
	12,891
	

	 
	 
	 
	113,508
	

	 
	 
	 
	12,000
	

	 
	 
	 
	12,000
	

	 
	 
	 
	101,506
	

	 
	 
	 
	101,506
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	(2,000
	

	)
	 
	 
	(2,464
	

	)
	 
	 
	—
	

	 
	 
	 
	117,981
	

	 
	 
	 
	—
	

	 
	 
	 
	 
	 
	 
	 
	117,951
	

	 
	 
	 
	117,981
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	28,000
	

	 
	 
	 
	27,536
	

	 
	 
	 
	30,000
	

	 
	 
	 
	477,981
	

	 
	 
	 
	300,000
	

	 
	 
	 
	—
	

	 
	 
	 
	177,981
	

	 
	 
	 
	477,981
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Expenses
	 
	 
	712,640
	

	 
	 
	 
	767,028
	

	 
	 
	 
	756,372
	

	 
	 
	 
	10,434,636
	

	 
	 
	 
	9,363,102
	

	 
	 
	 
	8,951,946
	

	 
	 
	 
	1,071,534
	

	 
	 
	 
	1,482,690
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Other Corporate Allocations
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Controllable Expenses
	 
	 
	712,640
	

	 
	 
	 
	767,028
	

	 
	 
	 
	756,372
	

	 
	 
	 
	10,434,636
	

	 
	 
	 
	9,363,102
	

	 
	 
	 
	8,951,946
	

	 
	 
	 
	1,071,534
	

	 
	 
	 
	1,482,690
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	EBITDA before Executive Expenses
	 
	 
	652,288
	

	 
	 
	 
	242,544
	

	 
	 
	 
	(51,657
	

	)
	 
	 
	5,043,338
	

	 
	 
	 
	10,082,346
	

	 
	 
	 
	8,372,436
	

	 
	 
	 
	(5,039,008
	

	)
	 
	 
	(8,424,093
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	EBITDA before Executive Expenses-BPS
	 
	 
	51.12
	

	 
	 
	 
	32.75
	

	 
	 
	 
	(3.81
	

	)
	 
	 
	28.95
	

	 
	 
	 
	61.56
	

	 
	 
	 
	48.06
	

	 
	 
	 
	 
	 
	 
	 
	 
	 




The Budget is equal to the 0&12 Forecast for the following pages.
 


	
		
	*
	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended







276






Confidential Treatment
 
	
																															
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
PROFIT & LOSS REVIEW
	 
	Dec-04
	 
	 
	BUDGET
	 
	 
	FORECAST
	 
	 
	BUDGET 
VOLUME 
ACTUALS
	 
	 
	BUDGET 
VARIANCE
	 
	 
	BUDGET 
PRODUCTIVITY 
VARIANCE
	 

	Revenue/Key Drivers
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Application Units
	 
	 
	103
	

	 
	 
	 
	87
	

	 
	 
	 
	116
	

	 
	 
	 
	103
	

	 
	 
	 
	16
	

	 
	 
	 
	—
	

	 

	Total Application Dollars
	 
	$
	23,073
	

	 
	 
	$
	24,758
	

	 
	 
	$
	25,600
	

	 
	 
	$
	23,073
	

	 
	 
	$
	(1,686
	

	)
	 
	$
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Closing Units
	 
	 
	109
	

	 
	 
	 
	96
	

	 
	 
	 
	100
	

	 
	 
	 
	109
	

	 
	 
	 
	11
	

	 
	 
	 
	—
	

	 

	Total Closing Dollars
	 
	$
	25,439
	

	 
	 
	$
	27,717
	

	 
	 
	$
	25,800
	

	 
	 
	$
	25,439
	

	 
	 
	$
	(2,278
	

	)
	 
	$
	—
	

	 

	Average Loan Amount
	 
	 
	233,389
	

	 
	 
	 
	284,259
	

	 
	 
	 
	258,000
	

	 
	 
	 
	233,389
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Purchase Closing Units
	 
	 
	63
	

	 
	 
	 
	73
	

	 
	 
	 
	79
	

	 
	 
	 
	63
	

	 
	 
	 
	(10
	

	)
	 
	 
	—
	

	 

	Purchase Closing Dollars
	 
	$
	16,827
	

	 
	 
	$
	20,511
	

	 
	 
	$
	20,382
	

	 
	 
	$
	16,827
	

	 
	 
	$
	(3,683
	

	)
	 
	$
	—
	

	 

	Average Loan Amount
	 
	 
	267,102
	

	 
	 
	 
	282,827
	

	 
	 
	 
	258,000
	

	 
	 
	 
	267,102
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Refi Closings - Units
	 
	 
	46
	

	 
	 
	 
	25
	

	 
	 
	 
	21
	

	 
	 
	 
	46
	

	 
	 
	 
	21
	

	 
	 
	 
	—
	

	 

	Refi Closings - Dollars
	 
	$
	8,612
	

	 
	 
	$
	7,207
	

	 
	 
	$
	5,418
	

	 
	 
	$
	8,612
	

	 
	 
	$
	1,405
	

	 
	 
	$
	—
	

	 

	Average Loan Amount
	 
	 
	187,217
	

	 
	 
	 
	288,417
	

	 
	 
	 
	258,000
	

	 
	 
	 
	187,217
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	$
	6,648
	

	 
	 
	 
	 
	 
	 
	$
	2,580
	

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	33.9
	

	%
	 
	 
	26.0
	

	%
	 
	 
	21.0
	

	%
	 
	 
	33.9
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	16.1
	

	%
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	26.1
	

	%
	 
	 
	 
	 
	 
	 
	10.0
	

	%
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	1.85
	

	%
	 
	 
	1.39
	

	%
	 
	 
	2.02
	

	%
	 
	 
	1.39
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	151
	

	 
	 
	 
	532
	

	 
	 
	 
	133
	

	 
	 
	 
	437
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	50.27
	

	%
	 
	 
	45.00
	

	%
	 
	 
	45.00
	

	%
	 
	 
	67.28
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	-0.08
	

	%
	 
	 
	0.69
	

	%
	 
	 
	0.02
	

	%
	 
	 
	0.69
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	1.85
	

	%
	 
	 
	2.22
	

	%
	 
	 
	2.12
	

	%
	 
	 
	2.22
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	0.96
	

	%
	 
	 
	1.29
	

	%
	 
	 
	1.20
	

	%
	 
	 
	1.29
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	$
	4,320
	

	 
	 
	$
	6,308
	

	 
	 
	$
	5,466
	

	 
	 
	$
	5,179
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	$
	2,763
	

	 
	 
	$
	3,365
	

	 
	 
	$
	3,298
	

	 
	 
	$
	2,997
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	1.19
	

	%
	 
	 
	1.16
	

	%
	 
	 
	1.28
	

	%
	 
	 
	1.28
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	Loans over 80 days
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	Summary Headcount
	 
	 
	62
	

	 
	 
	 
	58
	

	 
	 
	 
	60
	

	 
	 
	 
	58
	

	 
	 
	 
	4
	

	 
	 
	 
	4
	

	 

	PROFIT & LOSS REVIEW
	 
	Dec-04
	 
	 
	BUDGET
	 
	 
	FORECAST
	 
	 
	BUDGET 
VOLUME 
ACTUALS
	 
	 
	BUDGET 
VARIANCE
	 
	 
	BUDGET 
PRODUCTIVITY 
VARIANCE
	 

	Revenue
	 
	 
	470,014
	

	 
	 
	 
	384,104
	

	 
	 
	 
	521,160
	

	 
	 
	 
	352,537
	

	 
	 
	 
	85,910
	

	 
	 
	 
	117,477
	

	 





277






	
																															
	*CONFIDENTIAL
	 
	 
	8,053
	

	 
	 
	 
	21,339
	

	 
	 
	 
	15,490
	

	 
	 
	 
	19,585
	

	 
	 
	 
	(15,287
	

	)
	 
	 
	(11,533
	

	)

	*CONFIDENTIAL
	 
	 
	18,506
	

	 
	 
	 
	51,875
	

	 
	 
	 
	13,275
	

	 
	 
	 
	47,612
	

	 
	 
	 
	(35,369
	

	)
	 
	 
	(31,106
	

	)

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	0
	

	 
	 
	 
	—
	

	 
	 
	 
	0
	

	 
	 
	 
	(0
	

	)
	 
	 
	(0
	

	)

	*CONFIDENTIAL
	 
	 
	(7,854
	

	)
	 
	 
	(38,877
	

	)
	 
	 
	(9,675
	

	)
	 
	 
	(35,682
	

	)
	 
	 
	31,023
	

	 
	 
	 
	27,828
	

	 

	*CONFIDENTIAL
	 
	 
	3,309.10
	

	 
	 
	 
	6,391
	

	)
	 
	 
	896
	

	 
	 
	 
	5,866
	

	 
	 
	 
	(3,082
	

	)
	 
	 
	(2,556
	

	)

	*CONFIDENTIAL
	 
	 
	(19,124
	

	)
	 
	 
	190,211
	

	 
	 
	 
	5,450
	

	 
	 
	 
	174,579
	

	 
	 
	 
	(209,335
	

	)
	 
	 
	(193,703
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Gross Revenue
	 
	 
	470,905
	

	 
	 
	 
	615,044
	

	 
	 
	 
	546,596
	

	 
	 
	 
	564,497
	

	 
	 
	 
	(144,139
	

	)
	 
	 
	(93,593
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Commissions
	 
	 
	226,682
	

	 
	 
	 
	258,442
	

	 
	 
	 
	236,975
	

	 
	 
	 
	237,202
	

	 
	 
	 
	(31,760
	

	)
	 
	 
	(10,520
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Net Revenue
	 
	 
	244,222
	

	 
	 
	 
	356,502
	

	 
	 
	 
	309,621
	

	 
	 
	 
	327,295
	

	 
	 
	 
	(112,380
	

	)
	 
	 
	(83,073
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Indirect Costs
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	148,700
	

	 
	 
	 
	163,332
	

	 
	 
	 
	155,444
	

	 
	 
	 
	163,332
	

	 
	 
	 
	(14,632
	

	)
	 
	 
	(14,632
	

	)

	*CONFIDENTIAL
	 
	 
	1,067
	

	 
	 
	 
	—
	

	 
	 
	 
	1,200
	

	 
	 
	 
	—
	

	 
	 
	 
	1,067
	

	 
	 
	 
	1,067
	

	 

	*CONFIDENTIAL
	 
	 
	3,088
	

	 
	 
	 
	—
	

	 
	 
	 
	2,500
	

	 
	 
	 
	—
	

	 
	 
	 
	3,088
	

	 
	 
	 
	3,088
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	46,112
	

	 
	 
	 
	5,543
	

	 
	 
	 
	5,160
	

	 
	 
	 
	5,088
	

	 
	 
	 
	40,569
	

	 
	 
	 
	41,024
	

	 

	*CONFIDENTIAL
	 
	 
	24,484
	

	 
	 
	 
	37,960
	

	 
	 
	 
	47,469
	

	 
	 
	 
	37,960
	

	 
	 
	 
	(13,476
	

	)
	 
	 
	(13,476
	

	)

	*CONFIDENTIAL
	 
	 
	20,922
	

	 
	 
	 
	51,278
	

	 
	 
	 
	28,199
	

	 
	 
	 
	51,278
	

	 
	 
	 
	(30,356
	

	)
	 
	 
	(30,356
	

	)

	*CONFIDENTIAL
	 
	 
	1,321
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	1,321
	

	 
	 
	 
	1,321
	

	 

	*CONFIDENTIAL
	 
	 
	9,000
	

	 
	 
	 
	—
	

	 
	 
	 
	10,000
	

	 
	 
	 
	—
	

	 
	 
	 
	9,000
	

	 
	 
	 
	9,000
	

	 

	*CONFIDENTIAL
	 
	 
	2,750
	

	 
	 
	 
	—
	

	 
	 
	 
	500
	

	 
	 
	 
	—
	

	 
	 
	 
	2,750
	

	 
	 
	 
	2,750
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	257,445
	

	 
	 
	 
	258,113
	

	 
	 
	 
	250,472
	

	 
	 
	 
	257,658
	

	 
	 
	 
	(668
	

	)
	 
	 
	(213
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	4,926
	

	 
	 
	 
	22,400
	

	 
	 
	 
	22,400
	

	 
	 
	 
	22,400
	

	 
	 
	 
	(17,474
	

	)
	 
	 
	(17,474
	

	)

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	4,098
	

	 
	 
	 
	—
	

	 
	 
	 
	4,098
	

	 
	 
	 
	(4,098
	

	)
	 
	 
	(4,098
	

	)

	*CONFIDENTIAL
	 
	 
	3,044
	

	 
	 
	 
	724
	

	 
	 
	 
	500
	

	 
	 
	 
	724
	

	 
	 
	 
	2,320
	

	 
	 
	 
	2,320
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	7,970
	

	 
	 
	 
	27,222
	

	 
	 
	 
	22,900
	

	 
	 
	 
	27,222
	

	 
	 
	 
	(19,252
	

	)
	 
	 
	(19,252
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 





278






	
																															
	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	13,006
	

	 
	 
	 
	6,725
	

	 
	 
	 
	2,800
	

	 
	 
	 
	6,725
	

	 
	 
	 
	6,281
	

	 
	 
	 
	6,281
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	13,006
	

	 
	 
	 
	6,725
	

	 
	 
	 
	2,800
	

	 
	 
	 
	6,725
	

	 
	 
	 
	6,281
	

	 
	 
	 
	6,281
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	4,403
	

	 
	 
	 
	2,300
	

	 
	 
	 
	2,300
	

	 
	 
	 
	2,111
	

	 
	 
	 
	2,103
	

	 
	 
	 
	2,292
	

	 

	*CONFIDENTIAL
	 
	 
	1,490
	

	 
	 
	 
	4,964
	

	 
	 
	 
	3,000
	

	 
	 
	 
	4,984
	

	 
	 
	 
	(3,494
	

	)
	 
	 
	(3,494
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	5,893
	

	 
	 
	 
	7,264
	

	 
	 
	 
	5,300
	

	 
	 
	 
	7,095
	

	 
	 
	 
	(1,391
	

	)
	 
	 
	(1,202
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	3,070
	

	 
	 
	 
	3,870
	

	 
	 
	 
	3,870
	

	 
	 
	 
	3,552
	

	 
	 
	 
	(800
	

	)
	 
	 
	(482
	

	)

	*CONFIDENTIAL
	 
	 
	2,444
	

	 
	 
	 
	1,560
	

	 
	 
	 
	3,220
	

	 
	 
	 
	1,432
	

	 
	 
	 
	884
	

	 
	 
	 
	1,012
	

	 

	*CONFIDENTIAL
	 
	 
	1,000
	

	 
	 
	 
	3,882
	

	 
	 
	 
	1,004
	

	 
	 
	 
	3,379
	

	 
	 
	 
	(2,682
	

	)
	 
	 
	(2,3790
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	6,514
	

	 
	 
	 
	9,112
	

	 
	 
	 
	8,094
	

	 
	 
	 
	6,363
	

	 
	 
	 
	(2,598
	

	)
	 
	 
	(1,849
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	4,976
	

	 
	 
	 
	195
	

	 
	 
	 
	4,320
	

	 
	 
	 
	179
	

	 
	 
	 
	4,781
	

	 
	 
	 
	4,797
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	4,976
	

	 
	 
	 
	195
	

	 
	 
	 
	4,320
	

	 
	 
	 
	179
	

	 
	 
	 
	4,781
	

	 
	 
	 
	4,797
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	2,960
	

	 
	 
	 
	2,010
	

	 
	 
	 
	3,500
	

	 
	 
	 
	2,010
	

	 
	 
	 
	950
	

	 
	 
	 
	950
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	1,023
	

	 
	 
	 
	—
	

	 
	 
	 
	2,000
	

	 
	 
	 
	—
	

	 
	 
	 
	1,023
	

	 
	 
	 
	1,023
	

	 

	*CONFIDENTIAL
	 
	 
	3,983
	

	 
	 
	 
	2,010
	

	 
	 
	 
	5,500
	

	 
	 
	 
	2,010
	

	 
	 
	 
	1,973
	

	 
	 
	 
	1,973
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	500
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	15
	

	 
	 
	 
	764
	

	 
	 
	 
	26,389
	

	 
	 
	 
	764
	

	 
	 
	 
	(749
	

	)
	 
	 
	(749
	

	)

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	15
	

	 
	 
	 
	764
	

	 
	 
	 
	26,889
	

	 
	 
	 
	764
	

	 
	 
	 
	(749
	

	)
	 
	 
	(749
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	3,500
	

	 
	 
	 
	16,667
	

	 
	 
	 
	3,500
	

	 
	 
	 
	16,667
	

	 
	 
	 
	(13,167
	

	)
	 
	 
	(13,167
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Expenses
	 
	 
	303,302
	

	 
	 
	 
	328,092
	

	 
	 
	 
	329,775
	

	 
	 
	 
	326,682
	

	 
	 
	 
	(24,790
	

	)
	 
	 
	(23,381
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Other Corporate Allocations
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 





279






	
																															
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Controllable Expenses
	 
	 
	303,302
	

	 
	 
	 
	328,092
	

	 
	 
	 
	329,775
	

	 
	 
	 
	326,682
	

	 
	 
	 
	(24,790
	

	)
	 
	 
	(23,381
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	EBITDA before Executive Expenses
	 
	 
	(59,080
	

	)
	 
	 
	28,510
	

	 
	 
	 
	(20,153
	

	)
	 
	 
	613
	

	 
	 
	 
	(87,590
	

	)
	 
	 
	(59,692
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	EBITDA before Executive Expenses-BPS
	 
	 
	(23.22
	

	)
	 
	 
	11.21
	

	 
	 
	 
	(7.92
	

	)
	 
	 
	0.24
	

	 
	 
	 
	 
	 
	 
	 
	 
	 




 


	
		
	*
	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.







280






Confidential Treatment


	
																																																				
	*CONFIDENTIAL
YTD PROFIT & LOSS REVIEW
	  
	4-May
	 
	4-Jun
	 
	4-Jul
	 
	4-Aug
	 
	4-Sep
	 
	4-Oct
	 
	4-Nov
	 
	4-Dec
	 
	YTD*
	 
	BUDGET
	 
	BUDGET
VOLUME
ACTUALS
	 
	BUDGET
VARIANCE
	 
	BUDGET
PRODUCTIVITY

	 
	 
	 
	 

	 
	 
	 
	 

	Revenue/Key Drivers
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Application Units
	  
	177
	

	  
	132
	

	  
	110
	

	  
	111
	

	  
	118
	

	  
	159
	

	  
	125
	

	  
	103
	

	  
	1,035
	

	  
	1,572
	

	  
	1,035
	

	  
	(537
	)
	 
	—
	


	Total Application Dollars
	  
	$
	40,747
	

	  
	$
	32,310
	

	  
	$
	23,805
	

	  
	$
	23,688
	

	  
	$
	25,870
	

	  
	$
	41,020
	

	  
	$
	28,708
	

	  
	$
	23,073
	

	  
	$
	239,197
	

	  
	$
	440,574
	

	  
	$
	239,197
	

	  
	$
	201,376
	

	 
	—
	


	 
	  
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Closing Units
	  
	115
	

	  
	122
	

	  
	99
	

	  
	126
	

	  
	96
	

	  
	72
	

	  
	78
	

	  
	109
	

	  
	617
	

	  
	1,256
	

	  
	817
	

	  
	(439
	)
	 
	—
	


	Total Closing Dollars
	  
	$
	25,278
	

	  
	$
	27,737
	

	  
	$
	25,888
	

	  
	$
	27,386
	

	  
	$
	21,692
	

	  
	$
	16,940
	

	  
	$
	16,248
	

	  
	$
	25,439
	

	  
	$
	186,589
	

	  
	$
	353,752
	

	  
	$
	186,589
	

	  
	$
	(167,163
	)
	 
	—
	


	Average Loan Amount
	  
	219,805
	

	  
	227,354
	

	  
	261,298
	

	  
	217,349
	

	  
	225,963
	

	  
	235,272
	

	  
	208,312
	

	  
	233,389
	

	  
	228,383
	

	  
	281,558
	

	  
	223,383
	

	  
	(53,175
	)
	 
	 

	 
	  
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Purchase Closing Units
	  
	65
	

	  
	86
	

	  
	74
	

	  
	99
	

	  
	89
	

	  
	51
	

	  
	62
	

	  
	63
	

	  
	589
	

	  
	911
	

	  
	589
	

	  
	(322
	)
	 
	—
	


	Purchase Closing Dollars
	  
	$
	18,019
	

	  
	$
	21,534
	

	  
	$
	16,875
	

	  
	$
	22,184
	

	  
	$
	16,273
	

	  
	$
	1,343
	

	  
	$
	13,079
	

	  
	$
	16,827
	

	  
	$
	128,116
	

	  
	$
	261,554
	

	  
	$
	128,116
	

	  
	$
	(133,438
	)
	 
	—
	


	Average Loan Amount
	  
	211,986
	

	  
	250,398
	

	  
	255,073
	

	  
	223,880
	

	  
	235,846
	

	  
	26,332
	

	  
	210,957
	

	  
	267,102
	

	  
	217,514
	

	  
	287,201
	

	  
	217,514
	

	  
	 
	 
	 

	 
	  
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Refl Closings - Units
	  
	30
	

	  
	36
	

	  
	25
	

	  
	27
	

	  
	27
	

	  
	21
	

	  
	16
	

	  
	46
	

	  
	228
	

	  
	346
	

	  
	228
	

	  
	(118
	)
	 
	—
	


	Refl Closings - Dollars
	  
	$
	7,259
	

	  
	$
	6,203
	

	  
	$
	6,993
	

	  
	$
	5,222
	

	  
	$
	5,419
	

	  
	$
	15,597
	

	  
	$
	3,169
	

	  
	$
	8,612
	

	  
	$
	58,473
	

	  
	$
	92,198
	

	  
	$
	58,473
	

	  
	$
	(33,725
	)
	 
	—
	


	Average Loan Amount
	  
	241,959
	

	  
	172,306
	

	  
	279,722
	

	  
	193,403
	

	  
	200,706
	

	  
	742,696
	

	  
	198,063
	

	  
	187,217
	

	  
	258,462
	

	  
	266,693
	

	  
	256,462
	

	  
	 
	 
	 

	 
	  
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	  
	 —  
	

	  
	 —  
	

	  
	$
	402
	

	  
	$
	568
	

	  
	$
	578
	

	  
	$
	1,283
	

	  
	$
	2,650
	

	  
	$
	6,646
	

	  
	$
	12,127
	

	  
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	  
	29
	

	% 
	22
	

	% 
	27
	

	% 
	19
	

	% 
	25
	

	% 
	92
	

	% 
	20
	

	% 
	34
	

	% 
	31
	

	% 
	26
	

	% 
	31
	

	% 
	 
	 
	 

	*CONFIDENTIAL
	  
	15
	

	% 
	20
	

	% 
	18
	

	% 
	16
	

	% 
	14
	

	% 
	12
	

	% 
	13
	

	% 
	18
	

	% 
	16
	

	% 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	  
	—
	

	% 
	—
	

	% 
	2
	

	% 
	2
	

	% 
	3
	

	% 
	8
	

	% 
	16
	

	% 
	26
	

	% 
	7
	

	% 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	  
	1
	

	% 
	1
	

	% 
	—
	

	% 
	1
	

	% 
	1
	

	% 
	2
	

	% 
	2
	

	% 
	2
	

	% 
	1
	

	% 
	1
	

	% 
	1
	

	% 
	 
	 
	 

	*CONFIDENTIAL
	  
	75
	

	  
	92
	

	  
	61
	

	  
	207
	

	  
	185
	

	  
	215
	

	  
	197
	

	  
	151
	

	  
	143
	

	  
	390
	

	  
	317
	

	  
	 
	 
	 

	*CONFIDENTIAL
	  
	140
	

	% 
	143
	

	% 
	182
	

	% 
	222
	

	% 
	128
	

	% 
	47
	

	% 
	51
	

	% 
	48
	

	% 
	94
	

	% 
	77
	

	% 
	77
	

	% 
	 
	 
	 

	*CONFIDENTIAL
	  
	1
	

	% 
	1
	

	% 
	1
	

	% 
	2
	

	% 
	2
	

	% 
	—
	

	% 
	—
	

	% 
	—
	

	% 
	1
	

	% 
	1
	

	% 
	1
	

	% 
	 
	 
	 

	*CONFIDENTIAL
	  
	2
	

	% 
	2
	

	% 
	2
	

	% 
	2
	

	% 
	2
	

	% 
	2
	

	% 
	2
	

	% 
	2
	

	% 
	2
	

	% 
	2
	

	% 
	2
	

	% 
	 
	 
	 

	*CONFIDENTIAL
	  
	1
	

	% 
	1
	

	% 
	1
	

	% 
	1
	

	% 
	1
	

	% 
	1
	

	% 
	1
	

	% 
	1
	

	% 
	1
	

	% 
	1
	

	% 
	1
	

	% 
	 
	 
	 

	*CONFIDENTIAL
	  
	$
	4,086
	

	  
	$
	4,816
	

	  
	$
	4,871
	

	  
	$
	4,814
	

	  
	$
	5,544
	

	  
	$
	4,589
	

	  
	$
	4,163
	

	  
	$
	4,320
	

	  
	$
	4,658
	

	  
	$
	8,266
	

	  
	$
	5,083
	

	  
	 
	 
	 

	*CONFIDENTIAL
	  
	$
	1,977
	

	  
	$
	2,665
	

	  
	$
	3,058
	

	  
	$
	2,544
	

	  
	$
	3,858
	

	  
	$
	4,889
	

	  
	$
	3,329
	

	  
	$
	2,783
	

	  
	$
	3,012
	

	  
	$
	3,106
	

	  
	$
	4,462
	

	  
	 
	 
	 

	*CONFIDENTIAL
	  
	1
	

	% 
	1
	

	% 
	1
	

	% 
	1
	

	% 
	2
	

	% 
	2
	

	% 
	2
	

	% 
	1
	

	% 
	1
	

	% 
	1
	

	% 
	2
	

	% 
	 
	 
	 

	Loan over 60 days
	  
	N/A
	

	  
	N/A
	

	  
	N/A
	

	  
	N/A
	

	  
	N/A
	

	  
	N/A
	

	  
	N/A
	

	  
	N/A
	

	  
	N/A
	

	  
	N/A
	

	  
	N/A
	

	  
	 
	 
	 

	Summary Headcount
	  
	181
	

	  
	173
	

	  
	179
	

	  
	176
	

	  
	172
	

	  
	172
	

	  
	172
	

	  
	171
	

	  
	62
	

	  
	58
	

	  
	58
	

	  
	109
	

	 
	113
	








281






	
																																								
	YTD PROFIT & LOSS REVIEW
	  
	4-May
	 
	4-Jun
	 
	4-Jul
	 
	4-Aug
	 
	4-Sep
	 
	4-Oct
	 
	4-Nov
	 
	4-Dec
	 
	YTD*
	 
	BUDGET
	 
	BUDGET
VOLUME
ACTUALS
	 
	BUDGET
VARIANCE
	 
	BUDGET
PRODUCTIVITY

	 
	 
	 
	 

	 
	 
	 
	 

	*CONFIDENTIAL
	  
	145,863
	

	 
	175,098
	

	 
	111,850
	

	 
	141,013
	

	 
	191,274
	

	 
	291,046
	

	 
	327,917
	

	 
	470,014
	

	 
	1,853,877
	

	 
	4,127,032
	

	 
	2,176,833
	

	 
	(2,273,155
	)
	 
	(322,956
	)

	*CONFIDENTIAL
	  
	19,744
	

	 
	39,736
	

	 
	(3,550
	)
	 
	5,877
	

	 
	9,000
	

	 
	26,779
	

	 
	(8,673
	)
	 
	8,053
	

	 
	96,966
	

	 
	333,964
	

	 
	176,152
	

	 
	(236,998
	)
	 
	(79,188
	)

	*CONFIDENTIAL
	  
	8,580
	

	 
	11,224
	

	 
	6,019
	

	 
	28,105
	

	 
	17,718
	

	 
	15,512
	

	 
	15,330
	

	 
	16,506
	

	 
	116,994
	

	 
	490,610
	

	 
	258,776
	

	 
	(373,616
	)
	 
	(141,782
	)

	*CONFIDENTIAL
	  
	5,636
	

	 
	158
	

	 
	 —  
	

	 
	 —  
	

	 
	 —  
	

	 
	 —  
	

	 
	 —  
	

	 
	 —  
	

	 
	5,794
	

	 
	68,351
	

	 
	36,052
	

	 
	(62,557
	)
	 
	(30,258
	)

	*CONFIDENTIAL
	  
	(3,727
	)
	 
	(6,333
	)
	 
	(3,727
	)
	 
	(8,388
	)
	 
	(5,846
	)
	 
	 —  
	

	 
	 —  
	

	 
	 —  
	

	 
	(28,022
	)
	 
	(29,754
	)
	 
	(15,694
	)
	 
	1,733
	

	 
	(12,327
	)

	*CONFIDENTIAL
	  
	(6,623
	)
	 
	(11,956
	)
	 
	(311
	)
	 
	(12,823
	)
	 
	(9,899
	)
	 
	(4,236
	)
	 
	(7,474
	)
	 
	(7,654
	)
	 
	(61,175
	)
	 
	(338,659
	)
	 
	(178,628
	)
	 
	277,484
	

	 
	117,453
	


	*CONFIDENTIAL
	  
	(788
	)
	 
	3,794
	

	 
	(1,444
	)
	 
	767
	

	 
	(4,527
	)
	 
	(3,076
	)
	 
	(3,684
	)
	 
	3,309
	

	 
	(5,650
	)
	 
	39,386
	

	 
	20,764
	

	 
	(45,018
	)
	 
	(26,414
	)

	*CONFIDENTIAL
	  
	301,181
	

	 
	375,836
	

	 
	373,632
	

	 
	453,960
	

	 
	334,502
	

	 
	4,373
	

	 
	2,850
	

	 
	(19,124
	)
	 
	1,527,191
	

	 
	3,181,860
	

	 
	1,678,295
	

	 
	(1,354,669
	)
	 
	148,896
	


	 
	  
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Gross Revenue
	  
	489,846
	

	 
	587,557
	

	 
	482,270
	

	 
	508,510
	

	 
	532,222
	

	 
	330,400
	

	 
	326,286
	

	 
	470,905
	

	 
	3,805,975
	

	 
	7,872,768
	

	 
	4,152,549
	

	 
	(4,868,795
	)
	 
	(348,574
	)

	 
	  
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Commissions
	  
	204,424
	

	 
	249,627
	

	 
	202,946
	

	 
	312,485
	

	 
	245,550
	

	 
	136,285
	

	 
	165,804
	

	 
	226,682
	

	 
	1,743,604
	

	 
	3,193,151
	

	 
	1,684,250
	

	 
	(1,449,547
	)
	 
	59,353
	


	 
	  
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Net Revenue
	  
	265,422
	

	 
	337,930
	

	 
	279,324
	

	 
	294,025
	

	 
	286,871
	

	 
	194,115
	

	 
	160,662
	

	 
	244,222
	

	 
	2,062,371
	

	 
	4,679,619
	

	 
	2,468,299
	

	 
	(2,617,248
	)
	 
	(405,827
	)

	 
	  
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Indirect Costs
	  
	141,469
	

	 
	190,759
	

	 
	181,634
	

	 
	169,174
	

	 
	190,339
	

	 
	226,109
	

	 
	155,587
	

	 
	148,700
	

	 
	1,403,771
	

	 
	1,805,282
	

	 
	1,805,282
	

	 
	(401,511
	)
	 
	(401,511
	)

	*CONFIDENTIAL
	  
	61
	

	 
	487
	

	 
	813
	

	 
	1,273
	

	 
	1,192
	

	 
	582
	

	 
	1,172
	

	 
	1,067
	

	 
	6,647
	

	 
	 —  
	

	 
	 —  
	

	 
	6,647
	

	 
	6,647
	


	*CONFIDENTIAL
	  
	1,828
	

	 
	2,148
	

	 
	1,849
	

	 
	1,977
	

	 
	2,258
	

	 
	3,673
	

	 
	3,483
	

	 
	3,088
	

	 
	20,302
	

	 
	 —  
	

	 
	 —  
	

	 
	20,302
	

	 
	20,302
	


	*CONFIDENTIAL
	  
	 —  
	

	 
	 —  
	

	 
	 —  
	

	 
	 —  
	

	 
	 —  
	

	 
	 —  
	

	 
	 —  
	

	 
	 —  
	

	 
	 —  
	

	 
	 —  
	

	 
	 —  
	

	 
	 —  
	

	 
	 —  
	


	*CONFIDENTIAL
	  
	3,585
	

	 
	 —  
	

	 
	 —  
	

	 
	 —  
	

	 
	16,200
	

	 
	15,875
	

	 
	4,480
	

	 
	46,112
	

	 
	86,252
	

	 
	69,367
	

	 
	36,588
	

	 
	16,865
	

	 
	49,664
	


	*CONFIDENTIAL
	  
	5,771
	

	 
	18,037
	

	 
	26,781
	

	 
	46,583
	

	 
	33,974
	

	 
	35,893
	

	 
	30,175
	

	 
	24,484
	

	 
	221,797
	

	 
	569,711
	

	 
	569,711
	

	 
	(347,914
	)
	 
	(347,914
	)

	*CONFIDENTIAL
	  
	20,371
	

	 
	29,056
	

	 
	30,558
	

	 
	35,867
	

	 
	21,450
	

	 
	19,596
	

	 
	17,382
	

	 
	20,922
	

	 
	195,202
	

	 
	488,651
	

	 
	488,651
	

	 
	(293,449
	)
	 
	(293,449
	)

	*CONFIDENTIAL
	  
	 —  
	

	 
	 —  
	

	 
	 —  
	

	 
	1,630
	

	 
	6,104
	

	 
	 —  
	

	 
	400
	

	 
	1,321
	

	 
	9,456
	

	 
	 —  
	

	 
	 —  
	

	 
	9,456
	

	 
	9,456
	


	*CONFIDENTIAL
	  
	 —  
	

	 
	 —  
	

	 
	 —  
	

	 
	 —  
	

	 
	 —  
	

	 
	12,500
	

	 
	 —  
	

	 
	9,000
	

	 
	21,500
	

	 
	50,000
	

	 
	50,000
	

	 
	(24,500
	)
	 
	(28,500
	)

	*CONFIDENTIAL
	  
	 —  
	

	 
	3,857
	

	 
	5,580
	

	 
	1,356
	

	 
	3,100
	

	 
	460
	

	 
	478
	

	 
	2,750
	

	 
	17,581
	

	 
	 —  
	

	 
	 —  
	

	 
	17,581
	

	 
	17,581
	


	*CONFIDENTIAL
	  
	 —  
	

	 
	 —  
	

	 
	 —  
	

	 
	 —  
	

	 
	 —  
	

	 
	 —  
	

	 
	 —  
	

	 
	 —  
	

	 
	 —  
	

	 
	 —  
	

	 
	 —  
	

	 
	 —  
	

	 
	 —  
	


	 
	  
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	  
	173,086
	

	 
	224,343
	

	 
	247,215
	

	 
	257,959
	

	 
	274,617
	

	 
	314,688
	

	 
	213,156
	

	 
	257,445
	

	 
	1,982,509
	

	 
	2,983,011
	

	 
	2,950,232
	

	 
	(1,000,502
	)
	 
	(967,724
	)

	 
	  
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	  
	12,598
	

	 
	12,685
	

	 
	13,000
	

	 
	13,779
	

	 
	12,310
	

	 
	12,310
	

	 
	12,466
	

	 
	4,926
	

	 
	94,075
	

	 
	227,966
	

	 
	227,966
	

	 
	(133,891
	)
	 
	(133,891
	)

	*CONFIDENTIAL
	  
	2,745
	

	 
	17,873
	

	 
	670
	

	 
	618
	

	 
	1,411
	

	 
	 —  
	

	 
	1,715
	

	 
	 —  
	

	 
	25,035
	

	 
	59,278
	

	 
	59,278
	

	 
	(34,243
	)
	 
	(34,243
	)

	*CONFIDENTIAL
	  
	1,419
	

	 
	866
	

	 
	521
	

	 
	1,487
	

	 
	272
	

	 
	 —  
	

	 
	837
	

	 
	3,044
	

	 
	8,446
	

	 
	8,556
	

	 
	8,556
	

	 
	(110
	)
	 
	(110
	)

	 
	  
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	  
	16,765
	

	 
	11,424
	

	 
	14,191
	

	 
	15,884
	

	 
	13,993
	

	 
	12,310
	

	 
	15,018
	

	 
	7,970
	

	 
	127,556
	

	 
	295,800
	

	 
	295,800
	

	 
	(168,244
	)
	 
	(168,244
	)





282






	
																																								
	 
	  
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	  
	 —  
	

	 
	1,092
	

	 
	 —  
	

	 
	 —  
	

	 
	 —  
	

	 
	 —  
	

	 
	 —  
	

	 
	 —  
	

	 
	1,092
	

	 
	 —  
	

	 
	 —  
	

	 
	1,092
	

	 
	1,092
	


	*CONFIDENTIAL
	  
	1,125
	

	 
	2,415
	

	 
	750
	

	 
	5,850
	

	 
	4,372
	

	 
	1,685
	

	 
	(1,976
	)
	 
	13,008
	

	 
	27,228
	

	 
	78,968
	

	 
	78,968
	

	 
	(51,740
	)
	 
	(51,740
	)

	 
	  
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	  
	1,126
	

	 
	3,507
	

	 
	750
	

	 
	5,850
	

	 
	4,372
	

	 
	1,685
	

	 
	(1,976
	)
	 
	13,008
	

	 
	28,320
	

	 
	78,968
	

	 
	78,968
	

	 
	(50,648
	)
	 
	(50,648
	)

	 
	  
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	  
	2,514
	

	 
	13,601
	

	 
	8,399
	

	 
	5,122
	

	 
	2,651
	

	 
	850
	

	 
	2,181
	

	 
	4,403
	

	 
	39,921
	

	 
	41,475
	

	 
	21,876
	

	 
	(1,554
	)
	 
	18,045
	


	*CONFIDENTIAL
	  
	8,380
	

	 
	3,135
	

	 
	1,001
	

	 
	3,328
	

	 
	3,964
	

	 
	1,853
	

	 
	5,098
	

	 
	1,490
	

	 
	28,259
	

	 
	81,784
	

	 
	81,784
	

	 
	(53,525
	)
	 
	(53,525
	)

	 
	  
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	  
	10,894
	

	 
	16,936
	

	 
	9,400
	

	 
	3,451
	

	 
	6,615
	

	 
	2,713
	

	 
	7,279
	

	 
	5,893
	

	 
	68,180
	

	 
	123,259
	

	 
	103,660
	

	 
	(55,079
	)
	 
	(35,480
	)

	 
	  
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	  
	2,714
	

	 
	4,493
	

	 
	3,570
	

	 
	4,312
	

	 
	3,239
	

	 
	4,365
	

	 
	3,284
	

	 
	3,070
	

	 
	29,048
	

	 
	45,496
	

	 
	23,997
	

	 
	(16,448
	)
	 
	5,051
	


	*CONFIDENTIAL
	  
	3,275
	

	 
	3,715
	

	 
	4,769
	

	 
	4,228
	

	 
	2,683
	

	 
	1,819
	

	 
	3,363
	

	 
	2,444
	

	 
	26,296
	

	 
	22,667
	

	 
	11,956
	

	 
	3,629
	

	 
	14,340
	


	*CONFIDENTIAL
	  
	1,060
	

	 
	1,000
	

	 
	1,694
	

	 
	1,735
	

	 
	1,043
	

	 
	1,000
	

	 
	1,500
	

	 
	1,000
	

	 
	10,032
	

	 
	43,073
	

	 
	22,719
	

	 
	(13,041
	)
	 
	(12,687
	)

	 
	  
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	  
	7,050
	

	 
	9,208
	

	 
	10,034
	

	 
	10,275
	

	 
	6,965
	

	 
	7,184
	

	 
	6,147
	

	 
	8,514
	

	 
	65,378
	

	 
	111,236
	

	 
	56,672
	

	 
	(45,859
	)
	 
	6,704
	


	 
	  
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	  
	8,365
	

	 
	3,907
	

	 
	6,671
	

	 
	5,354
	

	 
	4,735
	

	 
	4,620
	

	 
	4,081
	

	 
	4,976
	

	 
	42,709
	

	 
	4,974
	

	 
	2,624
	

	 
	37,735
	

	 
	40,085
	


	 
	  
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	  
	8,365
	

	 
	3,907
	

	 
	6,671
	

	 
	5,354
	

	 
	4,735
	

	 
	4,620
	

	 
	4,081
	

	 
	4,976
	

	 
	42,709
	

	 
	4,974
	

	 
	2,624
	

	 
	37,735
	

	 
	40,085
	


	 
	  
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	  
	 —  
	

	 
	 —  
	

	 
	 —  
	

	 
	 —  
	

	 
	 —  
	

	 
	 —  
	

	 
	 —  
	

	 
	 —  
	

	 
	 —  
	

	 
	 —  
	

	 
	 —  
	

	 
	 —  
	

	 
	 —  
	


	*CONFIDENTIAL
	  
	6,022
	

	 
	2,971
	

	 
	705
	

	 
	4,522
	

	 
	7,067
	

	 
	3,385
	

	 
	4,627
	

	 
	2,960
	

	 
	32,259
	

	 
	81,767
	

	 
	81,767
	

	 
	(49,508
	)
	 
	(49,508
	)

	*CONFIDENTIAL
	  
	 —  
	

	 
	 —  
	

	 
	4,107
	

	 
	230
	

	 
	6,512
	

	 
	(2,562
	)
	 
	 —  
	

	 
	 —  
	

	 
	8,287
	

	 
	 —  
	

	 
	 —  
	

	 
	8,287
	

	 
	8,287
	


	*CONFIDENTIAL
	  
	5
	

	 
	(110
	)
	 
	 —  
	

	 
	802
	

	 
	 —  
	

	 
	99
	

	 
	 —  
	

	 
	 —  
	

	 
	796
	

	 
	100
	

	 
	100
	

	 
	696
	

	 
	696
	


	*CONFIDENTIAL
	  
	2,858
	

	 
	3,038
	

	 
	3,845
	

	 
	2,758
	

	 
	3,524
	

	 
	3,456
	

	 
	4,957
	

	 
	1,023
	

	 
	25,459
	

	 
	 —  
	

	 
	 —  
	

	 
	25,459
	

	 
	25,459
	


	 
	  
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	  
	8,885
	

	 
	5,899
	

	 
	6,657
	

	 
	8,311
	

	 
	17,103
	

	 
	4,377
	

	 
	9,585
	

	 
	3,983
	

	 
	68,800
	

	 
	81,867
	

	 
	81,887
	

	 
	(15,067
	)
	 
	(15,067
	)

	 
	  
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	  
	 —  
	

	 
	 —  
	

	 
	 —  
	

	 
	 —  
	

	 
	 —  
	

	 
	240
	

	 
	 —  
	

	 
	 —  
	

	 
	240
	

	 
	3,994
	

	 
	3,994
	

	 
	(3,754
	)
	 
	(3,754
	)

	*CONFIDENTIAL
	  
	 —  
	

	 
	 —  
	

	 
	 —  
	

	 
	 —  
	

	 
	 —  
	

	 
	 —  
	

	 
	500
	

	 
	 —  
	

	 
	500
	

	 
	25,000
	

	 
	25,000
	

	 
	(24,500
	)
	 
	(24,500
	)

	*CONFIDENTIAL
	  
	1,201
	

	 
	2,450
	

	 
	2,041
	

	 
	4,905
	

	 
	38,496
	

	 
	678
	

	 
	875
	

	 
	15
	

	 
	50,160
	

	 
	44,783
	

	 
	44,783
	

	 
	5,377
	

	 
	5,377
	


	*CONFIDENTIAL
	  
	 —  
	

	 
	 —  
	

	 
	 —  
	

	 
	 —  
	

	 
	 —  
	

	 
	 —  
	

	 
	 —  
	

	 
	 —  
	

	 
	 —  
	

	 
	 —  
	

	 
	 —  
	

	 
	 —  
	

	 
	 —  
	


	*CONFIDENTIAL
	  
	 —  
	

	 
	 —  
	

	 
	 —  
	

	 
	 —  
	

	 
	 —  
	

	 
	 —  
	

	 
	 —  
	

	 
	 —  
	

	 
	 —  
	

	 
	 —  
	

	 
	 —  
	

	 
	 —  
	

	 
	 —  
	


	*CONFIDENTIAL
	  
	 —  
	

	 
	 —  
	

	 
	 —  
	

	 
	 —  
	

	 
	 —  
	

	 
	 —  
	

	 
	 —  
	

	 
	 —  
	

	 
	 —  
	

	 
	 —  
	

	 
	 —  
	

	 
	 —  
	

	 
	 —  
	


	 
	  
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	  
	1,201
	

	 
	2,450
	

	 
	2,041
	

	 
	4,905
	

	 
	38,496
	

	 
	918
	

	 
	875
	

	 
	15
	

	 
	50,901
	

	 
	73,777
	

	 
	73,777
	

	 
	(22,876
	)
	 
	(22,876
	)

	 
	  
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	  
	 —  
	

	 
	460
	

	 
	282
	

	 
	 —  
	

	 
	 —  
	

	 
	 —  
	

	 
	 —  
	

	 
	 —  
	

	 
	742
	

	 
	 —  
	

	 
	 
	 
	742
	

	 
	742
	


	*CONFIDENTIAL
	  
	 —  
	

	 
	7,000
	

	 
	3,500
	

	 
	3,500
	

	 
	3,500
	

	 
	3,500
	

	 
	3,500
	

	 
	3,500
	

	 
	28,000
	

	 
	150,000
	

	 
	 
	 
	(122,000
	)
	 
	28,000
	


	 
	  
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	  
	 —  
	

	 
	7,460
	

	 
	3,782
	

	 
	3,500
	

	 
	3,500
	

	 
	3,500
	

	 
	3,500
	

	 
	3,500
	

	 
	28,742
	

	 
	150,000
	

	 
	 —  
	

	 
	(121,258
	)
	 
	26,742
	


	 
	  
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Expenses
	  
	227,371
	

	 
	325,135
	

	 
	302,740
	

	 
	320,488
	

	 
	370,395
	

	 
	351,996
	

	 
	259,668
	

	 
	303,302
	

	 
	2,461,093
	

	 
	3,902,692
	

	 
	3,645,600
	

	 
	(1,441,799
	)
	 
	(1,184,507
	)

	 
	  
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Other Corporate Allocations
	  
	 —  
	

	 
	 —  
	

	 
	 —  
	

	 
	 —  
	

	 
	 —  
	

	 
	 —  
	

	 
	 —  
	

	 
	 —  
	

	 
	 —  
	

	 
	 —  
	

	 
	 —  
	

	 
	 —  
	

	 
	 —  
	






283






	
																																								
	 
	  
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Corporate Allocations
	  
	227,371
	

	 
	325,135
	

	 
	302,740
	

	 
	320,488
	

	 
	370,395
	

	 
	351,998
	

	 
	259,668
	

	 
	303,302
	

	 
	2,461,093
	

	 
	3,902,892
	

	 
	3,645,600
	

	 
	(1,441,799
	)
	 
	(1,184,507
	)

	 
	  
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	EBITDA before Executive Expenses
	  
	38,051
	

	 
	12,795
	

	 
	(23,417
	)
	 
	(26,463
	)
	 
	(83,723
	)
	 
	(157,881
	)
	 
	(99,004
	)
	 
	(59,080
	)
	 
	(398,722
	)
	 
	776,727
	

	 
	(1,177,301
	)
	 
	(1,175,449
	)
	 
	1,118,222
	


	 
	  
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	EBITDA before Executive Expenses -BPS
	  
	15
	

	 
	5
	

	 
	(9
	)
	 
	(10
	)
	 
	(39
	)
	 
	(93
	)
	 
	(61
	)
	 
	(23
	)
	 
	(21
	)
	 
	22
	

	 
	 
	 
	 
	 
	 










The Budget is equal to the 0&12 Forecast for the following pages.
 


	
		
	*
	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.







284






Confidential Treatment
 
	
																															
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
PROFIT & LOSS REVIEW
	 
	Dec-04
	 
	 
	BUDGET
	 
	 
	FORECAST
	 
	 
	BUDGET VOLUME 
ACTUALS
	 
	 
	BUDGET 
VARIANCE
	 
	 
	BUDGET PRODUCTIVITY 
VARIANCE
	 

	Revenue/Key Drivers
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Application Units
	 
	 
	374
	

	 
	 
	 
	739
	

	 
	 
	 
	465
	

	 
	 
	 
	374
	

	 
	 
	 
	(365
	

	)
	 
	 
	—
	

	 

	Total Application Dollars
	 
	$
	89,393
	

	 
	 
	$
	140,363
	

	 
	 
	$
	113,224
	

	 
	 
	$
	89,393
	

	 
	 
	$
	(50,970
	

	)
	 
	$
	—
	

	 

	Total Closing Units
	 
	 
	452
	

	 
	 
	 
	539
	

	 
	 
	 
	369
	

	 
	 
	 
	452
	

	 
	 
	 
	(87
	

	)
	 
	 
	—
	

	 

	Total Closing Dollars
	 
	$
	101,382
	

	 
	 
	$
	102,414
	

	 
	 
	$
	79,208
	

	 
	 
	$
	101,382
	

	 
	 
	$
	(1,032
	

	)
	 
	$
	—
	

	 

	Average Loan Amount
	 
	 
	224,296
	

	 
	 
	 
	190,000
	

	 
	 
	 
	214,644
	

	 
	 
	 
	224,296
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	Purchase Closing Units
	 
	 
	330
	

	 
	 
	 
	485
	

	 
	 
	 
	332
	

	 
	 
	 
	330
	

	 
	 
	 
	(155
	

	)
	 
	 
	—
	

	 

	Purchase Closing Dollars
	 
	$
	68,984
	

	 
	 
	$
	92,172
	

	 
	 
	$
	71,287
	

	 
	 
	$
	68,984
	

	 
	 
	$
	(23,188
	

	)
	 
	$
	—
	

	 

	Average Loan Amount
	 
	 
	209,043
	

	 
	 
	 
	190,000
	

	 
	 
	 
	214,644
	

	 
	 
	 
	209,043
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	Refi Closings - Units
	 
	 
	122
	

	 
	 
	 
	54
	

	 
	 
	 
	37
	

	 
	 
	 
	122
	

	 
	 
	 
	68
	

	 
	 
	 
	—
	

	 

	Refi Closings - Dollars
	 
	$
	32,398
	

	 
	 
	$
	10,241
	

	 
	 
	$
	7,921
	

	 
	 
	$
	32,398
	

	 
	 
	$
	22,156
	

	 
	 
	$
	—
	

	 

	Average Loan Amount
	 
	 
	265,555
	

	 
	 
	 
	190,000
	

	 
	 
	 
	214,644
	

	 
	 
	 
	265,555
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	$
	95,484
	

	 
	 
	 
	 
	 
	 
	$
	79,208
	

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	32.0
	

	%
	 
	 
	10.0
	

	%
	 
	 
	10.0
	

	%
	 
	 
	32.0
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	24.6
	

	%
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	94.2
	

	%
	 
	 
	 
	 
	 
	 
	100.0
	

	%
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	0.00
	

	%
	 
	 
	0.00
	

	%
	 
	 
	0.0
	

	%
	 
	 
	0.00
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	0.00
	

	%
	 
	 
	0.00
	

	%
	 
	 
	0.00
	

	%
	 
	 
	0.00
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	0.00
	

	%
	 
	 
	0.00
	

	%
	 
	 
	0.00
	

	%
	 
	 
	0.00
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	0.00
	

	%
	 
	 
	0.00
	

	%
	 
	 
	0.00
	

	%
	 
	 
	0.00
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	-0.74
	

	%
	 
	 
	-0.73
	

	%
	 
	 
	-0.73
	

	%
	 
	 
	-0.73
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	$
	—
	

	 
	 
	$
	—
	

	 
	 
	$
	—
	

	 
	 
	$
	—
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	$
	1,867
	

	 
	 
	$
	1,322
	

	 
	 
	$
	2,140
	

	 
	 
	$
	1,574
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	0.83
	

	%
	 
	 
	0.70
	

	%
	 
	 
	1.00
	

	%
	 
	 
	0.70
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	Loan over 60 days
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	Summary Headcount
	 
	 
	174
	

	 
	 
	 
	188
	

	 
	 
	 
	188
	

	 
	 
	 
	188
	

	 
	 
	 
	(14
	

	)
	 
	 
	(14
	

	)

	 
	 
	 
	 
	 
	 
	 

	PROFIT & LOSS REVIEW
	 
	Dec-04
	 
	 
	BUDGET
	 
	 
	FORECAST
	 
	 
	BUDGET VOLUME 
ACTUALS
	 
	 
	BUDGET 
VARIANCE
	 
	 
	BUDGET PRODUCTIVITY 
VARIANCE
	 

	Commissions
	 
	 
	748,441
	

	 
	 
	 
	747,619
	

	 
	 
	 
	578,216
	

	 
	 
	 
	740,087
	

	 
	 
	 
	822
	

	 
	 
	 
	8,354
	

	 





285






	
																															
	Net Revenue
	 
	 
	(748,441
	

	)
	 
	 
	(747,619
	

	)
	 
	 
	(578,216
	

	)
	 
	 
	(740,087
	

	)
	 
	 
	(822
	

	)
	 
	 
	(8,354
	

	)

	Indirect Costs
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	382,422
	

	 
	 
	 
	354,063
	

	 
	 
	 
	354,063
	

	 
	 
	 
	354,063
	

	 
	 
	 
	28,359
	

	 
	 
	 
	28,359
	

	 

	*CONFIDENTIAL
	 
	 
	293
	

	 
	 
	 
	2,000
	

	 
	 
	 
	2,000
	

	 
	 
	 
	2,000
	

	 
	 
	 
	(1,707
	

	)
	 
	 
	(1,707
	

	)

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	61,676
	

	 
	 
	 
	36,074
	

	 
	 
	 
	40,674
	

	 
	 
	 
	35,711
	

	 
	 
	 
	25,602
	

	 
	 
	 
	25,966
	

	 

	*CONFIDENTIAL
	 
	 
	101,678
	

	 
	 
	 
	92,060
	

	 
	 
	 
	118,314
	

	 
	 
	 
	92,060
	

	 
	 
	 
	9,617
	

	 
	 
	 
	9,617
	

	 

	*CONFIDENTIAL
	 
	 
	39,504
	

	 
	 
	 
	46,030
	

	 
	 
	 
	39,438
	

	 
	 
	 
	46,030
	

	 
	 
	 
	(6,528
	

	)
	 
	 
	(6,526
	

	)

	*CONFIDENTIAL
	 
	 
	1,386
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	1,386
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	16,140
	

	 
	 
	 
	8,000
	

	 
	 
	 
	14,000
	

	 
	 
	 
	8,000
	

	 
	 
	 
	8,140
	

	 
	 
	 
	6,140
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	603,100
	

	 
	 
	 
	538,227
	

	 
	 
	 
	568,489
	

	 
	 
	 
	537,664
	

	 
	 
	 
	64,872
	

	 
	 
	 
	65,235
	

	 

	*CONFIDENTIAL
	 
	 
	55,552
	

	 
	 
	 
	30,000
	

	 
	 
	 
	53,800
	

	 
	 
	 
	30,000
	

	 
	 
	 
	25,552
	

	 
	 
	 
	25,552
	

	 

	*CONFIDENTIAL
	 
	 
	5,570
	

	 
	 
	 
	2,625
	

	 
	 
	 
	2,625
	

	 
	 
	 
	2,625
	

	 
	 
	 
	2,946
	

	 
	 
	 
	2,946
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	61,123
	

	 
	 
	 
	32,625
	

	 
	 
	 
	56,423
	

	 
	 
	 
	32,625
	

	 
	 
	 
	28,498
	

	 
	 
	 
	28,498
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	2,957
	

	 
	 
	 
	2,957
	

	 
	 
	 
	2,957
	

	 
	 
	 
	(2,957
	

	)
	 
	 
	(2,957
	

	)

	*CONFIDENTIAL
	 
	 
	4,965
	

	 
	 
	 
	2,400
	

	 
	 
	 
	5,000
	

	 
	 
	 
	2,400
	

	 
	 
	 
	2,565
	

	 
	 
	 
	2,565
	

	 

	*CONFIDENTIAL
	 
	 
	4,965
	

	 
	 
	 
	5,357
	

	 
	 
	 
	7,957
	

	 
	 
	 
	5,357
	

	 
	 
	 
	(392
	

	)
	 
	 
	(392
	

	)

	*CONFIDENTIAL
	 
	 
	111,971
	

	 
	 
	 
	50,000
	

	 
	 
	 
	60,613
	

	 
	 
	 
	49,496
	

	 
	 
	 
	61,971
	

	 
	 
	 
	62,474
	

	 

	*CONFIDENTIAL
	 
	 
	6,340
	

	 
	 
	 
	7,000
	

	 
	 
	 
	7,000
	

	 
	 
	 
	7,000
	

	 
	 
	 
	(660
	

	)
	 
	 
	(660
	

	)

	*CONFIDENTIAL
	 
	 
	118,311
	

	 
	 
	 
	57,000
	

	 
	 
	 
	67,613
	

	 
	 
	 
	56,496
	

	 
	 
	 
	61,313
	

	 
	 
	 
	61,815
	

	 

	*CONFIDENTIAL
	 
	 
	5,231
	

	 
	 
	 
	13,000
	

	 
	 
	 
	9,000
	

	 
	 
	 
	12,869
	

	 
	 
	 
	(7,769
	

	)
	 
	 
	(7,638
	

	)

	*CONFIDENTIAL
	 
	 
	2,147
	

	 
	 
	 
	7,000
	

	 
	 
	 
	3,990
	

	 
	 
	 
	6,929
	

	 
	 
	 
	(4,853
	

	)
	 
	 
	(4,783
	

	)

	*CONFIDENTIAL
	 
	 
	2,621
	

	 
	 
	 
	6,863
	

	 
	 
	 
	7,039
	

	 
	 
	 
	6,794
	

	 
	 
	 
	(4,242
	

	)
	 
	 
	(4,173
	

	)

	*CONFIDENTIAL
	 
	 
	5,999
	

	 
	 
	 
	26,863
	

	 
	 
	 
	20,029
	

	 
	 
	 
	26,593
	

	 
	 
	 
	(16,864
	

	)
	 
	 
	(16,594
	

	)

	*CONFIDENTIAL
	 
	 
	17,015
	

	 
	 
	 
	20,000
	

	 
	 
	 
	20,023
	

	 
	 
	 
	19,799
	

	 
	 
	 
	(2,985
	

	)
	 
	 
	(2,784
	

	)

	*CONFIDENTIAL
	 
	 
	17,015
	

	 
	 
	 
	20,000
	

	 
	 
	 
	20,023
	

	 
	 
	 
	19,799
	

	 
	 
	 
	(2,985
	

	)
	 
	 
	(2,784
	

	)

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	25,069
	

	 
	 
	 
	22,000
	

	 
	 
	 
	22,000
	

	 
	 
	 
	22,000
	

	 
	 
	 
	3,069
	

	 
	 
	 
	3,069
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	1,400
	

	 
	 
	 
	1,500
	

	 
	 
	 
	1,400
	

	 
	 
	 
	(1,400
	

	)
	 
	 
	(1,400
	

	)

	*CONFIDENTIAL
	 
	 
	6,897
	

	 
	 
	 
	3,500
	

	 
	 
	 
	10,500
	

	 
	 
	 
	3,500
	

	 
	 
	 
	3,397
	

	 
	 
	 
	3,397
	

	 

	*CONFIDENTIAL
	 
	 
	31,966
	

	 
	 
	 
	26,900
	

	 
	 
	 
	34,000
	

	 
	 
	 
	26,900
	

	 
	 
	 
	5,066
	

	 
	 
	 
	5,066
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	500
	

	 
	 
	 
	500
	

	 
	 
	 
	500
	

	 
	 
	 
	(500
	

	)
	 
	 
	(500
	

	)

	*CONFIDENTIAL
	 
	 
	(0
	

	)
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	(0
	

	)
	 
	 
	(0
	

	)

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	1,000
	

	 
	 
	 
	1,000
	

	 
	 
	 
	990
	

	 
	 
	 
	(1,000
	

	)
	 
	 
	(990
	

	)

	*CONFIDENTIAL
	 
	 
	(2,268
	

	)
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	(2,268
	

	)
	 
	 
	(2,268
	

	)





286






	
																															
	*CONFIDENTIAL
	 
	 
	117
	

	 
	 
	 
	174
	

	 
	 
	 
	174
	

	 
	 
	 
	174
	

	 
	 
	 
	(57
	

	)
	 
	 
	(57
	

	)

	*CONFIDENTIAL
	 
	 
	(2,151
	

	)
	 
	 
	1,674
	

	 
	 
	 
	1,674
	

	 
	 
	 
	1,664
	

	 
	 
	 
	(3,825
	

	)
	 
	 
	(3,815
	

	)

	*CONFIDENTIAL
	 
	 
	(1,309
	

	)
	 
	 
	2,500
	

	 
	 
	 
	10,500
	

	 
	 
	 
	2,500
	

	 
	 
	 
	(3,809
	

	)
	 
	 
	(3,809
	

	)

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	1,00
	

	 
	 
	 
	—
	

	 
	 
	 
	1,000
	

	 
	 
	 
	(1,000
	

	)
	 
	 
	(1,000
	

	)

	*CONFIDENTIAL
	 
	 
	905
	

	 
	 
	 
	500
	

	 
	 
	 
	3,000
	

	 
	 
	 
	500
	

	 
	 
	 
	405
	

	 
	 
	 
	405
	

	 

	*CONFIDENTIAL
	 
	 
	(405
	

	)
	 
	 
	4,000
	

	 
	 
	 
	13,500
	

	 
	 
	 
	4,000
	

	 
	 
	 
	(4,405
	

	)
	 
	 
	(4,405
	

	)

	Total Expenses
	 
	 
	843,922
	

	 
	 
	 
	712,646
	

	 
	 
	 
	789,710
	

	 
	 
	 
	711,297
	

	 
	 
	 
	131,276
	

	 
	 
	 
	132,625
	

	 

	Other Corporate Allocations
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	Total Controllable Expenses
	 
	 
	843,922
	

	 
	 
	 
	712,646
	

	 
	 
	 
	789,710
	

	 
	 
	 
	711,297
	

	 
	 
	 
	131,276
	

	 
	 
	 
	132,625
	

	 




 


	
		
	*
	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.







287






Confidential Treatment
 
	
		
	*
	YTD total only includes actual expenses.




 
	
																																																	
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	PROFIT & LOSS REVIEW
	 
	Jan-04
	 
	 
	Feb-04
	 
	 
	Mar-04
	 
	 
	Apr-04
	 
	 
	May-04
	 
	 
	Jun-04
	 
	 
	Jul-04
	 
	 
	Aug-04
	 
	 
	Sep-04
	 

	Revenue/Key Drivers
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Application Units
	 
	 
	527
	

	 
	 
	 
	635
	

	 
	 
	 
	1,139
	

	 
	 
	 
	903
	

	 
	 
	 
	656
	

	 
	 
	 
	684
	

	 
	 
	 
	595
	

	 
	 
	 
	583
	

	 
	 
	 
	536
	

	 

	Total Application Dollars
	 
	$
	107,501
	

	 
	 
	$
	129,491
	

	 
	 
	$
	243,180
	

	 
	 
	$
	194,933
	

	 
	 
	$
	149,172
	

	 
	 
	$
	147,524
	

	 
	 
	$
	121,213
	

	 
	 
	$
	126,530
	

	 
	 
	$
	121,455
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Closing Units
	 
	 
	316
	

	 
	 
	 
	368
	

	 
	 
	 
	575
	

	 
	 
	 
	747
	

	 
	 
	 
	807
	

	 
	 
	 
	744
	

	 
	 
	 
	604
	

	 
	 
	 
	593
	

	 
	 
	 
	521
	

	 

	Total Closing Dollars
	 
	$
	62,012
	

	 
	 
	$
	72,314
	

	 
	 
	$
	118,125
	

	 
	 
	$
	151,819
	

	 
	 
	$
	171,533
	

	 
	 
	$
	160,513
	

	 
	 
	$
	133,543
	

	 
	 
	$
	130,238
	

	 
	 
	$
	103,829
	

	 

	Average Loan Amount
	 
	 
	196,239
	

	 
	 
	 
	196,505
	

	 
	 
	 
	205,434
	

	 
	 
	 
	203,238
	

	 
	 
	 
	212,556
	

	 
	 
	 
	215,743
	

	 
	 
	 
	221,098
	

	 
	 
	 
	219,526
	

	 
	 
	 
	199,289
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Purchase Closing Units
	 
	 
	248
	

	 
	 
	 
	231
	

	 
	 
	 
	406
	

	 
	 
	 
	504
	

	 
	 
	 
	605
	

	 
	 
	 
	658
	

	 
	 
	 
	558
	

	 
	 
	 
	531
	

	 
	 
	 
	447
	

	 

	Purchase Closing Dollars
	 
	$
	49,013
	

	 
	 
	$
	48,195
	

	 
	 
	$
	83,288
	

	 
	 
	$
	99,614
	

	 
	 
	$
	123,551
	

	 
	 
	$
	138,146
	

	 
	 
	$
	122,951
	

	 
	 
	$
	114,779
	

	 
	 
	$
	84,483
	

	 

	Average Loan Amount
	 
	 
	197,632
	

	 
	 
	 
	199,977
	

	 
	 
	 
	205,094
	

	 
	 
	 
	197,646
	

	 
	 
	 
	204,217
	

	 
	 
	 
	209,946
	

	 
	 
	 
	220,342
	

	 
	 
	 
	216,156
	

	 
	 
	 
	189,000
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Refi Closings - Units
	 
	 
	68
	

	 
	 
	 
	137
	

	 
	 
	 
	169
	

	 
	 
	 
	243
	

	 
	 
	 
	202
	

	 
	 
	 
	88
	

	 
	 
	 
	46
	

	 
	 
	 
	62
	

	 
	 
	 
	74
	

	 

	Refi Closings - Dollars
	 
	$
	12,999
	

	 
	 
	$
	26,119
	

	 
	 
	$
	34,857
	

	 
	 
	$
	52,205
	

	 
	 
	$
	47,982
	

	 
	 
	$
	22,367
	

	 
	 
	$
	10,592
	

	 
	 
	$
	15,459
	

	 
	 
	$
	19,346
	

	 

	Average Loan Amount
	 
	 
	191,180
	

	 
	 
	 
	190,651
	

	 
	 
	 
	206,252
	

	 
	 
	 
	214,836
	

	 
	 
	 
	237,534
	

	 
	 
	 
	260,087
	

	 
	 
	 
	230,270
	

	 
	 
	 
	249,339
	

	 
	 
	 
	261,437
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	$
	55,603
	

	 
	 
	$
	66,402
	

	 
	 
	$
	111,585
	

	 
	 
	$
	142,850
	

	 
	 
	$
	160,771
	

	 
	 
	$
	151,763
	

	 
	 
	$
	126,144
	

	 
	 
	$
	120,528
	

	 
	 
	$
	100,057
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	21.0
	

	%
	 
	 
	36.1
	

	%
	 
	 
	29.5
	

	%
	 
	 
	34.4
	

	%
	 
	 
	28.0
	

	%
	 
	 
	13.9
	

	%
	 
	 
	7.9
	

	%
	 
	 
	11.9
	

	%
	 
	 
	18.6
	

	%

	*CONFIDENTIAL
	 
	 
	26.5
	

	%
	 
	 
	25.0
	

	%
	 
	 
	26.7
	

	%
	 
	 
	29.7
	

	%
	 
	 
	29.0
	

	%
	 
	 
	26.3
	

	%
	 
	 
	27.0
	

	%
	 
	 
	24.4
	

	%
	 
	 
	26.0
	

	%

	*CONFIDENTIAL
	 
	 
	89.7
	

	%
	 
	 
	91.8
	

	%
	 
	 
	94.5
	

	%
	 
	 
	94.1
	

	%
	 
	 
	93.7
	

	%
	 
	 
	94.5
	

	%
	 
	 
	94.5
	

	%
	 
	 
	92.5
	

	%
	 
	 
	96.4
	

	%

	*CONFIDENTIAL
	 
	 
	0.00
	

	%
	 
	 
	0.00
	

	%
	 
	 
	0.00
	

	%
	 
	 
	0.00
	

	%
	 
	 
	0.00
	

	%
	 
	 
	0.00
	

	%
	 
	 
	0.00
	

	%
	 
	 
	0.00
	

	%
	 
	 
	0.00
	

	%

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	0.00
	

	%
	 
	 
	0.00
	

	%
	 
	 
	0.00
	

	%
	 
	 
	0.00
	

	%
	 
	 
	0.00
	

	%
	 
	 
	0.00
	

	%
	 
	 
	0.00
	

	%
	 
	 
	0.00
	

	%
	 
	 
	0.00
	

	%

	*CONFIDENTIAL
	 
	 
	0.00
	

	%
	 
	 
	0.00
	

	%
	 
	 
	0.00
	

	%
	 
	 
	0.00
	

	%
	 
	 
	0.00
	

	%
	 
	 
	0.00
	

	%
	 
	 
	0.00
	

	%
	 
	 
	0.00
	

	%
	 
	 
	0.00
	

	%

	*CONFIDENTIAL
	 
	 
	0.00
	

	%
	 
	 
	0.00
	

	%
	 
	 
	0.00
	

	%
	 
	 
	0.00
	

	%
	 
	 
	0.00
	

	%
	 
	 
	0.00
	

	%
	 
	 
	0.00
	

	%
	 
	 
	0.00
	

	%
	 
	 
	0.00
	

	%

	*CONFIDENTIAL
	 
	 
	-0.79
	

	%
	 
	 
	-0.71
	

	%
	 
	 
	-1.01
	

	%
	 
	 
	-0.50
	

	%
	 
	 
	-0.73
	

	%
	 
	 
	-0.64
	

	%
	 
	 
	-0.82
	

	%
	 
	 
	-0.74
	

	%
	 
	 
	-0.73
	

	%

	*CONFIDENTIAL
	 
	$
	—
	

	 
	 
	$
	—
	

	 
	 
	$
	—
	

	 
	 
	$
	—
	

	 
	 
	$
	—
	

	 
	 
	$
	—
	

	 
	 
	$
	—
	

	 
	 
	$
	—
	

	 
	 
	$
	—
	

	 

	*CONFIDENTIAL
	 
	$
	2,591
	

	 
	 
	$
	1,911
	

	 
	 
	$
	1,509
	

	 
	 
	$
	1,165
	

	 
	 
	$
	1,087
	

	 
	 
	$
	1,190
	

	 
	 
	$
	1,438
	

	 
	 
	$
	1,449
	

	 
	 
	$
	1,156
	

	 

	*CONFIDENTIAL
	 
	 
	1.32
	

	%
	 
	 
	0.97
	

	%
	 
	 
	0.73
	

	%
	 
	 
	0.57
	

	%
	 
	 
	-0.50
	

	%
	 
	 
	0.55
	

	%
	 
	 
	0.65
	

	%
	 
	 
	0.66
	

	%
	 
	 
	0.58
	

	%

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 

	Summary Headcount
	 
	 
	188
	

	 
	 
	 
	188
	

	 
	 
	 
	188
	

	 
	 
	 
	188
	

	 
	 
	 
	188
	

	 
	 
	 
	188
	

	 
	 
	 
	188
	

	 
	 
	 
	188
	

	 
	 
	 
	188
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	PROFIT & LOSS REVIEW
	 
	Jan-04
	 
	 
	Feb-04
	 
	 
	Mar-04
	 
	 
	Apr-04
	 
	 
	May-04
	 
	 
	Jun-04
	 
	 
	Jul-04
	 
	 
	Aug-04
	 
	 
	Sep-04
	 

	Commissions
	 
	 
	488,174
	

	 
	 
	 
	512,386
	

	 
	 
	 
	1,188,944
	

	 
	 
	 
	762,126
	

	 
	 
	 
	1,258,698
	

	 
	 
	 
	1,034,419
	

	 
	 
	 
	1,099,658
	

	 
	 
	 
	983,491
	

	 
	 
	 
	754,127
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Net Revenue
	 
	 
	(488,174
	

	)
	 
	 
	(512,386
	

	)
	 
	 
	(1,188,944
	

	)
	 
	 
	(762,126
	

	)
	 
	 
	(1,258,698
	

	)
	 
	 
	(1,034,419
	

	)
	 
	 
	(1,099,658
	

	)
	 
	 
	(983,491
	

	)
	 
	 
	(754,127
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Indirect Costs
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 





288






	
																																																	
	*CONFIDENTIAL
	 
	 
	379,883
	

	 
	 
	 
	339,348
	

	 
	 
	 
	395,962
	

	 
	 
	 
	369,298
	

	 
	 
	 
	354,844
	

	 
	 
	 
	382,350
	

	 
	 
	 
	383,384
	

	 
	 
	 
	372,231
	

	 
	 
	 
	355,712
	

	 

	*CONFIDENTIAL
	 
	 
	13,967
	

	 
	 
	 
	492
	

	 
	 
	 
	447
	

	 
	 
	 
	302
	

	 
	 
	 
	4,891
	

	 
	 
	 
	3,823
	

	 
	 
	 
	3,492
	

	 
	 
	 
	2,185
	

	 
	 
	 
	359
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	3,627
	

	 
	 
	 
	6,139
	

	 
	 
	 
	30,501
	

	 
	 
	 
	49,526
	

	 
	 
	 
	56,215
	

	 
	 
	 
	50,374
	

	 
	 
	 
	24,667
	

	 
	 
	 
	46,115
	

	 
	 
	 
	52,894
	

	 

	*CONFIDENTIAL
	 
	 
	169,566
	

	 
	 
	 
	132,022
	

	 
	 
	 
	152,640
	

	 
	 
	 
	165,383
	

	 
	 
	 
	167,949
	

	 
	 
	 
	173,904
	

	 
	 
	 
	179,277
	

	 
	 
	 
	153,048
	

	 
	 
	 
	149,883
	

	 

	*CONFIDENTIAL
	 
	 
	83,161
	

	 
	 
	 
	69,477
	

	 
	 
	 
	120,916
	

	 
	 
	 
	74,655
	

	 
	 
	 
	102,354
	

	 
	 
	 
	77,559
	

	 
	 
	 
	70,737
	

	 
	 
	 
	133,127
	

	 
	 
	 
	(13,249
	

	)

	*CONFIDENTIAL
	 
	 
	208
	

	 
	 
	 
	2,331
	

	 
	 
	 
	—
	

	 
	 
	 
	75
	

	 
	 
	 
	310
	

	 
	 
	 
	1,990
	

	 
	 
	 
	—
	

	 
	 
	 
	285
	

	 
	 
	 
	675
	

	 

	*CONFIDENTIAL
	 
	 
	62
	

	 
	 
	 
	15
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	20,846
	

	 
	 
	 
	9,799
	

	 
	 
	 
	15,417
	

	 
	 
	 
	7,548
	

	 
	 
	 
	6,037
	

	 
	 
	 
	10,409
	

	 
	 
	 
	15,754
	

	 
	 
	 
	13,833
	

	 
	 
	 
	16,553
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	671,321
	

	 
	 
	 
	559,621
	

	 
	 
	 
	715,883
	

	 
	 
	 
	666,788
	

	 
	 
	 
	692,599
	

	 
	 
	 
	700,408
	

	 
	 
	 
	677,511
	

	 
	 
	 
	720,604
	

	 
	 
	 
	562,627
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	27,519
	

	 
	 
	 
	28,463
	

	 
	 
	 
	44,012
	

	 
	 
	 
	30,691
	

	 
	 
	 
	30,484
	

	 
	 
	 
	30,766
	

	 
	 
	 
	29,962
	

	 
	 
	 
	29,292
	

	 
	 
	 
	30,324
	

	 

	*CONFIDENTIAL
	 
	 
	2,358
	

	 
	 
	 
	1,479
	

	 
	 
	 
	—
	

	 
	 
	 
	170
	

	 
	 
	 
	377
	

	 
	 
	 
	471
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	29,877
	

	 
	 
	 
	29,962
	

	 
	 
	 
	44,012
	

	 
	 
	 
	30,861
	

	 
	 
	 
	30,861
	

	 
	 
	 
	31,237
	

	 
	 
	 
	29,962
	

	 
	 
	 
	29,292
	

	 
	 
	 
	30,324
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	3,777
	

	 
	 
	 
	2,103
	

	 
	 
	 
	4,233
	

	 
	 
	 
	1,924
	

	 
	 
	 
	4,800
	

	 
	 
	 
	2,570
	

	 
	 
	 
	942
	

	 
	 
	 
	1,264
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	5,041
	

	 
	 
	 
	7,674
	

	 
	 
	 
	2,639
	

	 
	 
	 
	2,985
	

	 
	 
	 
	6,938
	

	 
	 
	 
	3,028
	

	 
	 
	 
	9,252
	

	 
	 
	 
	4,031
	

	 
	 
	 
	5,059
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	8,818
	

	 
	 
	 
	9,777
	

	 
	 
	 
	5,872
	

	 
	 
	 
	4,903
	

	 
	 
	 
	11,737
	

	 
	 
	 
	5,598
	

	 
	 
	 
	10,195
	

	 
	 
	 
	5,295
	

	 
	 
	 
	5,059
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	24,715
	

	 
	 
	 
	29,220
	

	 
	 
	 
	54,129
	

	 
	 
	 
	62,152
	

	 
	 
	 
	69,003
	

	 
	 
	 
	68,011
	

	 
	 
	 
	78,555
	

	 
	 
	 
	46,983
	

	 
	 
	 
	(79,906
	

	)

	*CONFIDENTIAL
	 
	 
	(13,814
	

	)
	 
	 
	(13,277
	

	)
	 
	 
	(30,271
	

	)
	 
	 
	132
	

	 
	 
	 
	3,072
	

	 
	 
	 
	465
	

	 
	 
	 
	1,937
	

	 
	 
	 
	2,270
	

	 
	 
	 
	8,112
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	10,901
	

	 
	 
	 
	15,943
	

	 
	 
	 
	23,858
	

	 
	 
	 
	62,284
	

	 
	 
	 
	72,075
	

	 
	 
	 
	68,476
	

	 
	 
	 
	80,492
	

	 
	 
	 
	49,253
	

	 
	 
	 
	(71,794
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	11,790
	

	 
	 
	 
	7,318
	

	 
	 
	 
	14,498
	

	 
	 
	 
	9,723
	

	 
	 
	 
	7,978
	

	 
	 
	 
	8,555
	

	 
	 
	 
	10,407
	

	 
	 
	 
	6,961
	

	 
	 
	 
	15,659
	

	 

	*CONFIDENTIAL
	 
	 
	4,385
	

	 
	 
	 
	2,749
	

	 
	 
	 
	8,810
	

	 
	 
	 
	5,239
	

	 
	 
	 
	6,698
	

	 
	 
	 
	5,942
	

	 
	 
	 
	5,882
	

	 
	 
	 
	6,204
	

	 
	 
	 
	4,088
	

	 

	*CONFIDENTIAL
	 
	 
	1,033
	

	 
	 
	 
	1,425
	

	 
	 
	 
	1,084
	

	 
	 
	 
	8,420
	

	 
	 
	 
	(2,307
	

	)
	 
	 
	2,351
	

	 
	 
	 
	1,852
	

	 
	 
	 
	7,384
	

	 
	 
	 
	2,375
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	17,208
	

	 
	 
	 
	11,492
	

	 
	 
	 
	24,389
	

	 
	 
	 
	23,383
	

	 
	 
	 
	12,369
	

	 
	 
	 
	16,848
	

	 
	 
	 
	18,140
	

	 
	 
	 
	20,549
	

	 
	 
	 
	22,102
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	22,342
	

	 
	 
	 
	24,407
	

	 
	 
	 
	30,489
	

	 
	 
	 
	15,350
	

	 
	 
	 
	13,826
	

	 
	 
	 
	31,939
	

	 
	 
	 
	15,573
	

	 
	 
	 
	13,646
	

	 
	 
	 
	12,204
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	22,342
	

	 
	 
	 
	24,407
	

	 
	 
	 
	30,489
	

	 
	 
	 
	15,350
	

	 
	 
	 
	13,826
	

	 
	 
	 
	31,939
	

	 
	 
	 
	15,573
	

	 
	 
	 
	13,646
	

	 
	 
	 
	12,204
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	23,306
	

	 
	 
	 
	21,000
	

	 
	 
	 
	22,631
	

	 
	 
	 
	22,408
	

	 
	 
	 
	21,564
	

	 
	 
	 
	20,778
	

	 
	 
	 
	23,865
	

	 
	 
	 
	21,894
	

	 
	 
	 
	22,246
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	500
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 





289






	
																																																	
	*CONFIDENTIAL
	 
	 
	583
	

	 
	 
	 
	—
	

	 
	 
	 
	867
	

	 
	 
	 
	4,221
	

	 
	 
	 
	1,346
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	606
	

	 

	*CONFIDENTIAL
	 
	 
	10,465
	

	 
	 
	 
	8,923
	

	 
	 
	 
	10,227
	

	 
	 
	 
	18,911
	

	 
	 
	 
	9,672
	

	 
	 
	 
	9,761
	

	 
	 
	 
	7,549
	

	 
	 
	 
	12,086
	

	 
	 
	 
	3,196
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	34,354
	

	 
	 
	 
	29,922
	

	 
	 
	 
	33,725
	

	 
	 
	 
	45,537
	

	 
	 
	 
	32,583
	

	 
	 
	 
	31,038
	

	 
	 
	 
	31,414
	

	 
	 
	 
	33,980
	

	 
	 
	 
	26,060
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	749
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	100
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	1,307
	

	 
	 
	 
	4,433
	

	 
	 
	 
	856
	

	 
	 
	 
	818
	

	 
	 
	 
	4
	

	 
	 
	 
	6
	

	 
	 
	 
	5
	

	 
	 
	 
	(0
	

	)
	 
	 
	0
	

	 

	*CONFIDENTIAL
	 
	 
	372
	

	 
	 
	 
	175
	

	 
	 
	 
	1,175
	

	 
	 
	 
	20
	

	 
	 
	 
	42
	

	 
	 
	 
	75
	

	 
	 
	 
	45
	

	 
	 
	 
	654
	

	 
	 
	 
	67
	

	 

	*CONFIDENTIAL
	 
	 
	2,208
	

	 
	 
	 
	3,000
	

	 
	 
	 
	(40,400
	

	)
	 
	 
	3,485
	

	 
	 
	 
	(28,146
	

	)
	 
	 
	(2,232
	

	)
	 
	 
	(3,786
	

	)
	 
	 
	(19,287
	

	)
	 
	 
	2,807
	

	 

	*CONFIDENTIAL
	 
	 
	186
	

	 
	 
	 
	2,844
	

	 
	 
	 
	—
	

	 
	 
	 
	360
	

	 
	 
	 
	(449
	

	)
	 
	 
	105
	

	 
	 
	 
	273
	

	 
	 
	 
	328
	

	 
	 
	 
	209
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	4,073
	

	 
	 
	 
	10,452
	

	 
	 
	 
	(37,659
	

	)
	 
	 
	4,683
	

	 
	 
	 
	(28,550
	

	)
	 
	 
	(2,048
	

	)
	 
	 
	(3,362
	

	)
	 
	 
	(18,305
	

	)
	 
	 
	3,083
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	19,754
	

	 
	 
	 
	6,418
	

	 
	 
	 
	23,814
	

	 
	 
	 
	15,877
	

	 
	 
	 
	19,256
	

	 
	 
	 
	(5,875
	

	)
	 
	 
	7,957
	

	 
	 
	 
	2,940
	

	 
	 
	 
	12,428
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	5,363
	

	 
	 
	 
	2,401
	

	 
	 
	 
	652
	

	 
	 
	 
	4,685
	

	 
	 
	 
	8,103
	

	 
	 
	 
	652
	

	 
	 
	 
	1,883
	

	 
	 
	 
	432
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	19,754
	

	 
	 
	 
	11,780
	

	 
	 
	 
	26,214
	

	 
	 
	 
	16,529
	

	 
	 
	 
	23,941
	

	 
	 
	 
	2,227
	

	 
	 
	 
	8,609
	

	 
	 
	 
	4,824
	

	 
	 
	 
	12,859
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Expenses
	 
	 
	818,848
	

	 
	 
	 
	703,357
	

	 
	 
	 
	867,782
	

	 
	 
	 
	870,323
	

	 
	 
	 
	861,441
	

	 
	 
	 
	885,725
	

	 
	 
	 
	868,533
	

	 
	 
	 
	859,138
	

	 
	 
	 
	602,514
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Other Corporate Allocations
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Controllable Expenses
	 
	 
	818,848
	

	 
	 
	 
	703,357
	

	 
	 
	 
	867,782
	

	 
	 
	 
	870,323
	

	 
	 
	 
	861,441
	

	 
	 
	 
	685,725
	

	 
	 
	 
	868,533
	

	 
	 
	 
	859,138
	

	 
	 
	 
	602,514
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 




	
																																									
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	PROFIT & LOSS REVIEW
	 
	Oct-04
	 
	 
	Nov-04
	 
	 
	Dec-04
	 
	 
	YTD*
	 
	 
	BUDGET
	 
	 
	BUDGET VOLUME 
ACTUALS
	 
	 
	BUDGET 
VARIANCE
	 
	 
	BUDGET 
PRODUCTIVITY
	 

	Revenue/Key Drivers
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Application Units
	 
	 
	522
	

	 
	 
	 
	589
	

	 
	 
	 
	374
	

	 
	 
	 
	7,743
	

	 
	 
	 
	9,150
	

	 
	 
	 
	7,743
	

	 
	 
	 
	(1,407
	

	)
	 
	 
	—
	

	 

	Total Application Dollars
	 
	$
	123,670
	

	 
	 
	$
	125,000
	

	 
	 
	$
	89,393
	

	 
	 
	$
	1,679,040
	

	 
	 
	$
	1,755,277
	

	 
	 
	$
	1,679,040
	

	 
	 
	$
	(76,237
	

	)
	 
	$
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Closing Units
	 
	 
	465
	

	 
	 
	 
	458
	

	 
	 
	 
	452
	

	 
	 
	 
	6,845
	

	 
	 
	 
	7,421
	

	 
	 
	 
	8,648
	

	 
	 
	 
	(773
	

	)
	 
	 
	—
	

	 

	Total Closing Dollars
	 
	$
	98,439
	

	 
	 
	$
	102,043
	

	 
	 
	$
	101,382
	

	 
	 
	$
	1,405,789
	

	 
	 
	$
	1,410,000
	

	 
	 
	$
	1,405,789
	

	 
	 
	$
	(4,211
	

	)
	 
	$
	—
	

	 

	Average Loan Amount
	 
	 
	211,696
	

	 
	 
	 
	223,778
	

	 
	 
	 
	224,298
	

	 
	 
	 
	211,460
	

	 
	 
	 
	190,000
	

	 
	 
	 
	211,460
	

	 
	 
	 
	(21,460
	

	)
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Purchase Closing Units
	 
	 
	387
	

	 
	 
	 
	361
	

	 
	 
	 
	330
	

	 
	 
	 
	5,266
	

	 
	 
	 
	6,586
	

	 
	 
	 
	5,268
	

	 
	 
	 
	(1,300
	

	)
	 
	 
	—
	

	 

	Purchase Closing Dollars
	 
	$
	79,994
	

	 
	 
	$
	74,650
	

	 
	 
	$
	68,984
	

	 
	 
	$
	1,085,628
	

	 
	 
	$
	1,259,200
	

	 
	 
	$
	1,085,626
	

	 
	 
	$
	(173,574
	

	)
	 
	$
	—
	

	 

	Average Loan Amount
	 
	 
	206,702
	

	 
	 
	 
	206,785
	

	 
	 
	 
	209,043
	

	 
	 
	 
	208,158
	

	 
	 
	 
	191,790
	

	 
	 
	 
	206,158
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Refi Closings - Units
	 
	 
	78
	

	 
	 
	 
	95
	

	 
	 
	 
	122
	

	 
	 
	 
	1,382
	

	 
	 
	 
	856
	

	 
	 
	 
	1,382
	

	 
	 
	 
	526
	

	 
	 
	 
	—
	

	 





290






	
																																									
	Refi Closings - Dollars
	 
	$
	18,445
	

	 
	 
	$
	27,393
	

	 
	 
	$
	32,398
	

	 
	 
	$
	320,163
	

	 
	 
	$
	150,800
	

	 
	 
	$
	320,163
	

	 
	 
	$
	169,363
	

	 
	 
	$
	—
	

	 

	Average Loan Amount
	 
	 
	236,473
	

	 
	 
	 
	288,351
	

	 
	 
	 
	265,555
	

	 
	 
	 
	231,666
	

	 
	 
	 
	176,265
	

	 
	 
	 
	231,666
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	$
	92,814
	

	 
	 
	$
	98,402
	

	 
	 
	$
	85,484
	

	 
	 
	$
	1,322,402
	

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	18.7
	

	%
	 
	 
	26.6
	

	%
	 
	 
	32.0
	

	%
	 
	 
	22.8
	

	%
	 
	 
	10.7
	

	%
	 
	 
	22.8
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	23.7
	

	%
	 
	 
	25.9
	

	%
	 
	 
	24.6
	

	%
	 
	 
	28.4
	

	%
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	94.3
	

	%
	 
	 
	96.4
	

	%
	 
	 
	94.2
	

	%
	 
	 
	94.1
	

	%
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	0.00
	

	%
	 
	 
	0.00
	

	%
	 
	 
	0.00
	

	%
	 
	 
	0.00
	

	%
	 
	 
	0.00
	

	%
	 
	 
	0.00
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	0.00
	

	%
	 
	 
	0.00
	

	%
	 
	 
	0.00
	

	%
	 
	 
	0.00
	

	%
	 
	 
	0.00
	

	%
	 
	 
	0.00
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	0.00
	

	%
	 
	 
	0.00
	

	%
	 
	 
	0.00
	

	%
	 
	 
	0.00
	

	%
	 
	 
	0.00
	

	%
	 
	 
	0.00
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	0.00
	

	%
	 
	 
	0.00
	

	%
	 
	 
	0.00
	

	%
	 
	 
	0.00
	

	%
	 
	 
	0.00
	

	%
	 
	 
	0.00
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	-0.79
	

	%
	 
	 
	-0.71
	

	%
	 
	 
	-0.74
	

	%
	 
	 
	-0.73
	

	%
	 
	 
	-0.73
	

	%
	 
	 
	-0.73
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	$
	—
	

	 
	 
	$
	—
	

	 
	 
	$
	—
	

	 
	 
	$
	—
	

	 
	 
	$
	—
	

	 
	 
	$
	—
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	$
	1,595
	

	 
	 
	$
	1,785
	

	 
	 
	$
	1,867
	

	 
	 
	$
	1,465
	

	 
	 
	$
	1,176
	

	 
	 
	$
	1,322
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	0.75
	

	%
	 
	 
	0.80
	

	%
	 
	 
	0.83
	

	%
	 
	 
	0.69
	

	%
	 
	 
	0.62
	

	%
	 
	 
	0.63
	

	%
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	N/A
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	Summary Headcount
	 
	 
	168
	

	 
	 
	 
	168
	

	 
	 
	 
	188
	

	 
	 
	 
	174
	

	 
	 
	 
	188
	

	 
	 
	 
	188
	

	 
	 
	 
	14
	

	 
	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	PROFIT & LOSS REVIEW
	 
	Oct-04
	 
	 
	Nov-04
	 
	 
	Dec-04
	 
	 
	YTD*
	 
	 
	BUDGET
	 
	 
	BUDGET VOLUME 
ACTUALS
	 
	 
	BUDGET 
VARIANCE
	 
	 
	BUDGET 
PRODUCTIVITY
	 

	Commissions
	 
	 
	773,288
	

	 
	 
	 
	729,599
	

	 
	 
	 
	748,441
	

	 
	 
	 
	10,313,550
	

	 
	 
	 
	10,293,000
	

	 
	 
	 
	10,262,260
	

	 
	 
	 
	20,550
	

	 
	 
	 
	51,290
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Net Revenue
	 
	 
	(773,288
	

	)
	 
	 
	(729,599
	

	)
	 
	 
	(748,441
	

	)
	 
	 
	(10,313,550
	

	)
	 
	 
	(10,293,000
	

	)
	 
	 
	(10,262,260
	

	)
	 
	 
	(20,550
	

	)
	 
	 
	(51,290
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Indirect Costs
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	334,215
	

	 
	 
	 
	354,480
	

	 
	 
	 
	382,422
	

	 
	 
	 
	4,404,127
	

	 
	 
	 
	3,979,834
	

	 
	 
	 
	3,979,834
	

	 
	 
	 
	424,294
	

	 
	 
	 
	424,294
	

	 

	*CONFIDENTIAL
	 
	 
	232
	

	 
	 
	 
	112
	

	 
	 
	 
	293
	

	 
	 
	 
	30,596
	

	 
	 
	 
	24,000
	

	 
	 
	 
	24,000
	

	 
	 
	 
	6,596
	

	 
	 
	 
	6,596
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	15,091
	

	 
	 
	 
	37,961
	

	 
	 
	 
	61,676
	

	 
	 
	 
	435,186
	

	 
	 
	 
	459,968
	

	 
	 
	 
	458,595
	

	 
	 
	 
	(24,782
	

	)
	 
	 
	(23,409
	

	)

	*CONFIDENTIAL
	 
	 
	137,567
	

	 
	 
	 
	137,598
	

	 
	 
	 
	101,678
	

	 
	 
	 
	1,820,312
	

	 
	 
	 
	1,187,052
	

	 
	 
	 
	1,187,052
	

	 
	 
	 
	633,261
	

	 
	 
	 
	633,261
	

	 

	*CONFIDENTIAL
	 
	 
	49,870
	

	 
	 
	 
	45,518
	

	 
	 
	 
	38,504
	

	 
	 
	 
	853,628
	

	 
	 
	 
	884,861
	

	 
	 
	 
	884,861
	

	 
	 
	 
	(31,233
	

	)
	 
	 
	(31,233
	

	)

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	189
	

	 
	 
	 
	1,386
	

	 
	 
	 
	7,409
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	7,409
	

	 
	 
	 
	7,409
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	432
	

	 
	 
	 
	—
	

	 
	 
	 
	508
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	508
	

	 
	 
	 
	508
	

	 

	*CONFIDENTIAL
	 
	 
	12,619
	

	 
	 
	 
	13,176
	

	 
	 
	 
	16,140
	

	 
	 
	 
	157,932
	

	 
	 
	 
	96,000
	

	 
	 
	 
	96,000
	

	 
	 
	 
	61,932
	

	 
	 
	 
	61,932
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	549,594
	

	 
	 
	 
	589,443
	

	 
	 
	 
	603,100
	

	 
	 
	 
	7,709,698
	

	 
	 
	 
	6,631,715
	

	 
	 
	 
	6,630,341
	

	 
	 
	 
	1,077,983
	

	 
	 
	 
	1,079,157
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	29,605
	

	 
	 
	 
	52,801
	

	 
	 
	 
	55,552
	

	 
	 
	 
	419,490
	

	 
	 
	 
	360,000
	

	 
	 
	 
	360,000
	

	 
	 
	 
	59,490
	

	 
	 
	 
	59,490
	

	 

	*CONFIDENTIAL
	 
	 
	924
	

	 
	 
	 
	426
	

	 
	 
	 
	5,570
	

	 
	 
	 
	11,775
	

	 
	 
	 
	31,495
	

	 
	 
	 
	31,495
	

	 
	 
	 
	(19,720
	

	)
	 
	 
	(19,720
	

	)

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 





291






	
																																									
	*CONFIDENTIAL
	 
	 
	30,529
	

	 
	 
	 
	53,227
	

	 
	 
	 
	61,123
	

	 
	 
	 
	431,266
	

	 
	 
	 
	391,495
	

	 
	 
	 
	391,495
	

	 
	 
	 
	39,771
	

	 
	 
	 
	39,771
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	21,612
	

	 
	 
	 
	35,484
	

	 
	 
	 
	35,484
	

	 
	 
	 
	(13,872
	

	)
	 
	 
	(13,872
	

	)

	*CONFIDENTIAL
	 
	 
	21,702
	

	 
	 
	 
	4,693
	

	 
	 
	 
	4,965
	

	 
	 
	 
	78,006
	

	 
	 
	 
	28,800
	

	 
	 
	 
	28,800
	

	 
	 
	 
	49,206
	

	 
	 
	 
	49,206
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	21,702
	

	 
	 
	 
	4,693
	

	 
	 
	 
	4,965
	

	 
	 
	 
	99,619
	

	 
	 
	 
	64,284
	

	 
	 
	 
	64,284
	

	 
	 
	 
	35,336
	

	 
	 
	 
	35,335
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	59,186
	

	 
	 
	 
	102,713
	

	 
	 
	 
	111,971
	

	 
	 
	 
	636,732
	

	 
	 
	 
	600,000
	

	 
	 
	 
	598,208
	

	 
	 
	 
	36,732
	

	 
	 
	 
	38,524
	

	 

	*CONFIDENTIAL
	 
	 
	76
	

	 
	 
	 
	297
	

	 
	 
	 
	6,340
	

	 
	 
	 
	(34,661
	

	)
	 
	 
	84,000
	

	 
	 
	 
	64,000
	

	 
	 
	 
	(118,681
	

	)
	 
	 
	(118,661
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	59,282
	

	 
	 
	 
	103,011
	

	 
	 
	 
	118,311
	

	 
	 
	 
	602,071
	

	 
	 
	 
	684,000
	

	 
	 
	 
	682,208
	

	 
	 
	 
	(81,929
	

	)
	 
	 
	(80,137
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	(1,829
	

	)
	 
	 
	9,513
	

	 
	 
	 
	5,231
	

	 
	 
	 
	105,801
	

	 
	 
	 
	156,000
	

	 
	 
	 
	155,534
	

	 
	 
	 
	(50,199
	

	)
	 
	 
	(49,733
	

	)

	*CONFIDENTIAL
	 
	 
	4,313
	

	 
	 
	 
	5,163
	

	 
	 
	 
	2,147
	

	 
	 
	 
	61,599
	

	 
	 
	 
	84,000
	

	 
	 
	 
	83,749
	

	 
	 
	 
	(22,401
	

	)
	 
	 
	(22,150
	

	)

	*CONFIDENTIAL
	 
	 
	215
	

	 
	 
	 
	7,058
	

	 
	 
	 
	2,621
	

	 
	 
	 
	33,511
	

	 
	 
	 
	82,361
	

	 
	 
	 
	32,115
	

	 
	 
	 
	(48,850
	

	)
	 
	 
	(48,604
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	2,698
	

	 
	 
	 
	21,734
	

	 
	 
	 
	9,999
	

	 
	 
	 
	200,911
	

	 
	 
	 
	322,361
	

	 
	 
	 
	321,398
	

	 
	 
	 
	(121,450
	

	)
	 
	 
	(120,487
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	11,789
	

	 
	 
	 
	22,079
	

	 
	 
	 
	17,015
	

	 
	 
	 
	230,659
	

	 
	 
	 
	240,000
	

	 
	 
	 
	239,283
	

	 
	 
	 
	(9,341
	

	)
	 
	 
	(8,624
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	11,789
	

	 
	 
	 
	22,079
	

	 
	 
	 
	17,015
	

	 
	 
	 
	230,659
	

	 
	 
	 
	240,000
	

	 
	 
	 
	239,283
	

	 
	 
	 
	(9,341
	

	)
	 
	 
	(8,624
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	23,368
	

	 
	 
	 
	22,132
	

	 
	 
	 
	25,069
	

	 
	 
	 
	270,257
	

	 
	 
	 
	264,000
	

	 
	 
	 
	264,000
	

	 
	 
	 
	6,257
	

	 
	 
	 
	6,257
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	500
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	500
	

	 
	 
	 
	500
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	772
	

	 
	 
	 
	—
	

	 
	 
	 
	8,396
	

	 
	 
	 
	16,800
	

	 
	 
	 
	16,800
	

	 
	 
	 
	(8,404
	

	)
	 
	 
	(8,404
	

	)

	*CONFIDENTIAL
	 
	 
	13,942
	

	 
	 
	 
	5,530
	

	 
	 
	 
	6,897
	

	 
	 
	 
	117,159
	

	 
	 
	 
	42,000
	

	 
	 
	 
	42,000
	

	 
	 
	 
	75,159
	

	 
	 
	 
	75,159
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	37,310
	

	 
	 
	 
	28,433
	

	 
	 
	 
	31,966
	

	 
	 
	 
	396,312
	

	 
	 
	 
	322,800
	

	 
	 
	 
	322,800
	

	 
	 
	 
	73,512
	

	 
	 
	 
	73,512
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	900
	

	 
	 
	 
	—
	

	 
	 
	 
	1,749
	

	 
	 
	 
	6,000
	

	 
	 
	 
	6,000
	

	 
	 
	 
	(4,251
	

	)
	 
	 
	(4,251
	

	)

	*CONFIDENTIAL
	 
	 
	8
	

	 
	 
	 
	5
	

	 
	 
	 
	(0
	

	)
	 
	 
	7,444
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	7,444
	

	 
	 
	 
	7,444
	

	 

	*CONFIDENTIAL
	 
	 
	(6
	

	)
	 
	 
	78
	

	 
	 
	 
	—
	

	 
	 
	 
	2,697
	

	 
	 
	 
	12,000
	

	 
	 
	 
	11,964
	

	 
	 
	 
	(9,304
	

	)
	 
	 
	(9,288
	

	)

	*CONFIDENTIAL
	 
	 
	5,036
	

	 
	 
	 
	(8,638
	

	)
	 
	 
	(2,268
	

	)
	 
	 
	(88,260
	

	)
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	(88,260
	

	)
	 
	 
	(88,260
	

	)

	*CONFIDENTIAL
	 
	 
	(95
	

	)
	 
	 
	306
	

	 
	 
	 
	117
	

	 
	 
	 
	4,184
	

	 
	 
	 
	2,088
	

	 
	 
	 
	2,088
	

	 
	 
	 
	2,096
	

	 
	 
	 
	2,096
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	4,943
	

	 
	 
	 
	(7,349
	

	)
	 
	 
	(2,151
	

	)
	 
	 
	(72,187
	

	)
	 
	 
	20,088
	

	 
	 
	 
	20,052
	

	 
	 
	 
	(92,275
	

	)
	 
	 
	(92,239
	

	)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	*CONFIDENTIAL
	 
	 
	14,978
	

	 
	 
	 
	(4,148
	

	)
	 
	 
	(1,309
	

	)
	 
	 
	112,089
	

	 
	 
	 
	30,000
	

	 
	 
	 
	30,000
	

	 
	 
	 
	82,089
	

	 
	 
	 
	82,089
	

	 

	*CONFIDENTIAL
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	12,000
	

	 
	 
	 
	12,000
	

	 
	 
	 
	(12,000
	

	)
	 
	 
	(12,000
	

	)

	*CONFIDENTIAL
	 
	 
	(1,000
	

	)
	 
	 
	2,729
	

	 
	 
	 
	905
	

	 
	 
	 
	26,803
	

	 
	 
	 
	6,000
	

	 
	 
	 
	8,000
	

	 
	 
	 
	20,803
	

	 
	 
	 
	20,803
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 





292






	
																																									
	*CONFIDENTIAL
	 
	 
	13,978
	

	 
	 
	 
	(1,419
	

	)
	 
	 
	(405
	

	)
	 
	 
	138,892
	

	 
	 
	 
	48,000
	

	 
	 
	 
	48,000
	

	 
	 
	 
	90,892
	

	 
	 
	 
	90,892
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Expenses
	 
	 
	741,804
	

	 
	 
	 
	813,852
	

	 
	 
	 
	843,922
	

	 
	 
	 
	9,737,240
	

	 
	 
	 
	8,724,742
	

	 
	 
	 
	8,787,151
	

	 
	 
	 
	1,012,498
	

	 
	 
	 
	1,017,379
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Other Corporate Allocations
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 
	 
	 
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total Controllable Expenses
	 
	 
	741,804
	

	 
	 
	 
	813,852
	

	 
	 
	 
	843,922
	

	 
	 
	 
	9,737,240
	

	 
	 
	 
	8,724,742
	

	 
	 
	 
	8,787,151
	

	 
	 
	 
	1,012,498
	

	 
	 
	 
	1,017,379
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 




 


	
		
	*
	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.







293






Schedule 8.1(e)
Cendant List
 
	
		
	1.
	*CONFIDENTIAL




 
	
		
	2.
	*CONFIDENTIAL




 
	
		
	3.
	*CONFIDENTIAL




 
	
		
	4.
	*CONFIDENTIAL




 
	
		
	5.
	*CONFIDENTIAL




 
	
		
	6.
	*CONFIDENTIAL




 
	
		
	7.
	*CONFIDENTIAL




 
	
		
	8.
	*CONFIDENTIAL




 
	
		
	9.
	*CONFIDENTIAL




 
	
		
	10.
	*CONFIDENTIAL




 


	
		
	*
	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.







294






AMENDMENT NO. 1
TO THE
AMENDED AND RESTATED
LIMITED LIABILITY COMPANY OPERATING AGREEMENT
OF PHH HOME LOANS, LLC
This Amendment (this “Amendment”), entered into as of the      day of April, 2005, by and between PHH Broker Partner Corporation, a Maryland corporation (the “ PHH Member ”), and Cendant Real Estate Services Venture Partner, Inc., a Delaware corporation (the “ Cendant Member ”), amends the Amended and Restated Limited Liability Company Operating Agreement of PHH Home Loans, LLC, dated as of January 31, 2005, by and between the PHH Member and the Cendant Member (the “ LLC Agreement ”).
Capitalized terms used in this Amendment without definition shall have the meanings given to them in the LLC Agreement.
WHEREAS, the PHH Member and the Cendant Member desire to amend the LLC Agreement to extend the date after which the Cendant Member may deliver to the PHH Member the Two-Year Termination Notice from the eighth (8 th ) anniversary of the Closing Date to the tenth (10 th ) anniversary of the Closing Date.
NOW, THEREFORE, in consideration of the premises and the mutual agreements set forth in the LLC Agreement and this Amendment, the parties hereto, intending to be legally bound, hereby agree as follows:
1. The first paragraph of Section 8.4(a) of the LLC Agreement shall be amended in its entirety to read as follows:
(a) Two-Year Termination. At any time after the tenth (10th) anniversary of the Closing Date, the Cendant Member may deliver to the PHH Member a written notice (the “ Two-Year Termination Notice ”) requesting that the PHH Member either (i) purchase or cause to be purchased (the “ Two Year Put ”) all of the Interests held by the Cendant Member or any of its Affiliates on a date no earlier than two years after such Two-Year Termination Notice is delivered to the PHH Member (“ Two Year Put Date ”) or (ii) sell (the “ Two Year PHH Sale ”) all of the Interests then held by the PHH Member and/or any of its Affiliates to a Person that is not affiliated with Cendant (any such Person, for purposes of this Section 8.4, the “ Cendant Designated Buyer ”) on a date no earlier than two years after such Two-Year Termination Notice is delivered to the PHH Member (“ Two Year Sale Date ”).






2. Section 8.2(a)(iii) of the LLC Agreement shall be amended in its entirety to read as follows:
(iii) “Termination Payment” means an amount equal to (A) the product of (x) two (2) and (y) the actual Net Income of the Company for the trailing twelve months (“ LTM Net Income ”), plus (B) all costs reasonably incurred by Cendant in unwinding its relationship with PHH pursuant to this Agreement and the other Transaction Documents and transitioning to a new mortgage venture partner; provided ,  however , that in the case of a Cendant Termination Event pursuant to a PHH Change in Control, in calculating the Termination Payment, the LTM Net Income shall instead be multiplied by the number of years (including fractions thereof) remaining until the twelfth (12 th ) anniversary of the Closing Date;  provided further ,  however , that if such PHH Change in Control termination occurs on or after the tenth (10 th ) anniversary of the Closing Date, the LTM Net Income shall be multiplied by two (2).
3. The term “Agreement” as used in the LLC Agreement shall be deemed to refer to the LLC Agreement as amended hereby. Except as set forth herein, the LLC Agreement shall remain in full force and effect and shall be otherwise unaffected hereby. In the event of any conflict or inconsistency between the provisions of this Amendment, on the one hand, and the LLC Agreement, on the other hand, with respect to the matters set forth herein and contemplated hereby, the provisions of this Amendment shall govern such conflict or inconsistency.
4. This Amendment may be executed in any number of counterparts, and each of such counterparts shall for all purposes be deemed an original, but all such counterparts shall together constitute but one and the same agreement.



1






IN WITNESS WHEREOF, the parties hereto have executed this Amendment to the LLC Agreement, effective as of the date first written above.


	
			
	 
	 
	 

	CENDANT REAL ESTATE SERVICES VENTURE PARTNER, INC.

	 
	 

	By:
	 
	/s/ Dave Weaving

	Name:
	 
	Dave Weaving

	Title:
	 
	SVP






	
			
	 
	 
	 

	PHH BROKER PARTNER
CORPORATION

	 
	 

	By:
	 
	/s/ Joseph E. Suter



	Name:
	 
	Joseph E. Suter

	Title:
	 
	President









2






AMENDMENT NO. 2
TO THE
AMENDED AND RESTATED
LIMITED LIABILITY COMPANY OPERATING AGREEMENT
OF PHH HOME LOANS, LLC
This Amendment (this “Amendment”), entered as of the 31st day of March, 2006, by and between PHH Broker Partner Corporation, a Maryland corporation (the “ PHH Member ”), and Cendant Real Estate Services Venture Partner, Inc., a Delaware corporation (the “ Cendant Member ”), amends the Amended and Restated Limited Liability Company Operating Agreement of PHH Home Loans, LLC, dated as of January 31, 2005, by and between the PHH Member and the Cendant Member, as amended by Amendment No. 1 thereto, dated as of May 12, 2005 (the “ LLC Agreement ”).
Capitalized terms used in the Agreement without definition shall have the meanings given to them in the LLC Agreement.
WHEREAS, the PHH Member and the Cendant Member desire to amend the LLC Agreement to modify the method for calculating the Two Year Put Price and Two Year Sale Price.
NOW, THEREFORE, in consideration of the premises and the mutual agreements set forth in the LLC Agreement and this Amendment, the parties hereto, intending to be legally bound, hereby agree as follows:


	
		
	1.
	Section 8.4(a)(i)(1) of the LLC Agreement shall be amended in its entirety to read as follows:




(1) The exercise price of the Two Year Put (the “Two Year Put Price”) shall be an amount equal to the sum of (A) the fair value of the Interests of the Cendant Member and any Affiliate thereof, which shall be determined in accordance with the Valuation Process described below, as of the Two Year Put Closing Date, plus (B) the aggregate amount of all past due quarterly distributions to the Cendant Member and any Affiliate thereof and any unpaid distribution in respect of the most recently completed Fiscal Quarter pursuant to Section 5.6 hereof as of the Two Year Put Closing Date, plus (C) an amount equal to 49.9% of the Net Income realized by the Company at any time after the end of the Fiscal Quarter most recently completed as of the Two Year Put Closing Date attributable to Mortgage Loans in process at any time prior to the Two Year Put Closing Date. No later than sixty (60) days prior to the Two Year Put Date, the Cendant Member shall deliver to the PHH member a written notice setting forth the Cendant Member’s calculation of (B) and (C) above and the basis for such calculation. Any disagreement regarding the Two Year Put Price or any other matter related to the exercise of the Two Year Put shall be resolved in accordance with the provisions of Section 13.6 hereof. In the event that the Cendant Member elects to exercise the Two Year Put, the PHH Member and the Cendant Member shall, and shall cause their respective Affiliates to, cooperate as fully as reasonably possible with one another to consummate the Two year Put transaction on the Two Year Put Date. Concurrently with the consummation of the Two Year Put transaction, the PHH Member shall pay or cause to be paid the Two Year Put Price to the Cendant Member in cash by wire transfer of immediately available funds to an account or accounts designated in writing by the Cendant Member. The “ Two Year Put Closing Date ” shall be the date on which the Two Year Put is consummated. The Valuation Process shall proceed as follows: Each of the Cendant Member and PHH Member shall submit the matter to an investment banker or appraiser experienced in the valuation of mortgage banking entities (each, a “Valuation Expert” and collectively, the “ Valuation Experts ”) of their own choosing within thirty (30) days of delivery of the Two Year Termination Notice. Within thirty (30) days, or as soon thereafter as reasonably practicable, the Valuation Experts shall issue their determination of the fair value of the Interests of the Cendant Member and any Affiliate thereof as of the Two Year Put Closing Date, understanding and taking into consideration all relevant facts and circumstances, including the consequences of the Two Year Put (including, but not limited to, the automatic termination of all other Transaction Documents);  provided ,  however , that if any party’s Valuation Expert shall not have delivered its determination of fair value within seventy-five (75) days the determination of fair value of the other party’s Valuation Expert shall be binding upon the parties hereto. If the difference between the two valuations shall be less than or equal to ten percent (10%), then the average of the two shall be deemed to be the fair value, which shall be binding upon the parties hereto. If the difference between the two valuations shall be greater than ten percent (10%), then the Valuation Experts shall within 15 days jointly select and submit the matter to a third nationally recognized investment banker or appraiser with experience in valuation of mortgage banking entities (“ Third Expert ”), The Third Expert in turn shall, within thirty (30) days, or as soon thereafter as reasonably practicable, issue its determination of fair value, which shall be binding upon the parties hereto. Cendant Member and PHH Member shall cooperate fully with the Valuation Experts and any Third Expert, and information provided to any Valuation Expert shall also be provided to the other Valuation Expert and the Third Expert in connection with their reviews. Each party shall bear all fees and expenses of its own Valuation Expert, and the parties shall bear equally the fees and expenses of any Third Expert.



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	2.
	Section 8.4(a)(ii)(2) of the LLC Agreement shall be amended in its entirety to read as follows:




(2) The sale price (the “Two Year Sale Price”) of the PHH Member’s Interest to the Cendant Designated Buyer shall be an amount equal to the sum of (A) the fair value of the PHH Member’s Interests, which shall be determined in accordance with the Valuation Process described below, as of the Two Year Sale Date, plus (B) the aggregate amount of all past due quarterly distributions to the PHH Member and any Affiliate thereof and any unpaid distribution in respect of the most recently completed Fiscal Quarter pursuant to Section 5.6 hereof as of such date, plus (C) an amount equal to 50.1% of the Net Income realized by the Company at any time after the end of the Fiscal Quarter most recently completed as of the Two Year Sale Date attributable to Mortgage Loans in process at any time prior to the Two Year Sale Date. No later than sixty (60) days prior to the Two Year Sale Date, the Cendant Member shall deliver to the PHH member a written notice setting forth the Cendant Member’s calculation of (B) and (C) above and the basis for such calculation. Any disagreement regarding the Two Year Sale Price or any other matter related to the exercise of the Two Year Sale shall be resolved in accordance with the provisions of Section 13.6 hereof. The Valuation Process shall proceed as follows: Each of the Cendant Member and PHH Member shall submit the matter to a Valuation Expert of their own choosing within thirty (30) days of delivery of the Two Year Termination Notice. Within thirty (30) days, or as soon thereafter as reasonably practicable, the Valuation Experts shall issue their determination of the fair value of the PHH Member’s Interest as of the Two Year Sale Date;  provided ,  however , that if any party’s Valuation Expert shall not have delivered its determination of fair value within seventy-five (75) days the determination of fair value of the other party’s Valuation Expert shall be binding upon the parties hereto. If the difference between the two valuations shall be less than or equal to ten percent (10%), then the average of the two shall be deemed to be the fair value, which shall be binding upon the parties hereto. If the difference between the two valuations shall be greater than ten percent (10%), then the Valuation Experts shall within 15 days jointly select and submit the matter to a Third Expert. The Third Expert in turn shall, within thirty (30) days, or as soon thereafter as reasonably practicable, issue its determination of fair value, which shall be binding upon the parties hereto. Cendant Member and PHH Member shall cooperate fully with the Valuation Experts and any Third Expert, and information provided to any Valuation Expert shall also be provided to the other Valuation Expert and the Third Expert in connection with their reviews. Each party shall bear all fees and expenses of its own Valuation Expert, and the parties shall bear equally the fees and expenses of any Third Expert.


	
		
	3.
	The term “Agreement” as used in the LLC Agreement shall be deemed to refer to the LLC Agreement as amended hereby. Except as set forth herein, the LLC Agreement shall remain in full force and effect and shall be otherwise unaffected hereby. In the event of any conflict or inconsistency between the provisions of the Amendment, on the one hand, and the LLC Agreement, on the other hand, with respect to the matters set forth herein and contemplated hereby, the provisions of this Amendment shall govern such conflict or inconsistently.






	
		
	4.
	This Amendment may be executed in any number of counterparts, and each of such counterparts shall for all purposes be deemed an original, but all such counterparts shall together constitute but one and the same agreement.







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IN WITNESS WHEREOF, the parties hereto have executed this Amendment to the LLC Agreement, effective as of the date first written above.


	
			
	 
	 
	 

	CENDANT REAL ESTATE SERVICES VENTURE PARTNER INC.

	 
	 

	By:
	 
	/s/ David J. Weaving

	 
	 
	Name: David J. Weaving

	 
	 
	Title:

	 

	PHH BROKER PARTNER CORPORATION

	 
	 

	By:
	 
	/s/ Terence Edwards

	 
	 
	Name: Terence Edwards

	 
	 
	Title:







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