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Author: jnahmias Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 377  
Subject: Wit Soundview 2nd Quarter Date: 7/20/2000 4:04 PM
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              WIT SOUNDVIEW GROUP, INC. AND SUBSIDIARIES
            CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                              (unaudited)

                    Six Months Ended            Three Months Ended
                    ----------------            ------------------
                  June 30,       June 30,     June 30,       June 30,
                   2000           1999         2000           1999

REVENUES:
  Investment
   banking     $114,506,995   $ 11,369,034  $ 54,157,901  $ 8,246,614
  Brokerage      75,427,117      2,001,791    38,902,164    1,567,584
  Asset
   management
    fees          7,647,863         -           (185,171)      -
  Interest and
   investment
    income        4,647,512      1,368,269     2,828,299    1,176,599
  Unrealized gains
   on investments   647,317        444,331       585,437      289,507
  Other Income     (155,140)        -           (155,140)      -
               -------------  ------------  ------------- -----------
    Total
     revenues   202,721,664     15,183,425    96,133,490   11,280,304
               -------------  ------------  ------------- -----------

EXPENSES:
  Compensation
   and
    benefits    120,647,125     15,146,585    55,704,769    8,588,459
  Brokerage and
   clearance     12,758,456      1,564,225     6,561,750    1,303,597
  Marketing and
   business
    development   7,621,634      1,057,086     4,574,604      844,747
  Amortization of
   intangible
    assets and
     goodwill     6,873,500         -          4,124,100       -
  Professional
   services       4,478,359      1,766,811     2,201,238    1,085,302
  Data processing and
   communications 4,341,020      1,183,654     2,568,757      884,043
  Write-off of
   computer software
    and equipment 1,339,772         -             -            -
  Depreciation and
   amortization   2,777,536        499,053     1,501,702      278,558
  Technology
   development    2,590,201        861,883     1,547,400      526,088
  Occupancy       1,869,570        303,503     1,077,455      213,496
  Other           4,159,134        498,658     2,824,842      353,881
               ------------   ------------  ------------  -----------
    Total
     expenses   169,456,307     22,881,458    82,686,617   14,078,171
               ------------   ------------  ------------  -----------
    Net income (loss)
     before income
      taxes      33,265,357     (7,698,033)   13,446,873   (2,797,867)
Provision for
income taxes     17,291,555         -          6,683,389       -
               ------------   ------------  ------------  -----------
Net income (loss)
 before equity in
  net loss of a
   affiliates    15,973,802     (7,698,033)    6,763,484   (2,797,867)
Equity in net loss
 of affiliates   (6,190,759)        -         (4,481,070)      -
               -------------  ------------  ------------- -----------
Net income
 (loss)        $  9,783,043   $ (7,698,033) $  2,282,414  $(2,797,867)
               =============  ============= ============= ===========
Net income (loss)
 per  share:
  Basic......  $       0.13   $      (0.48) $       0.03  $     (0.11)
  Diluted....  $       0.10   $      (0.48) $       0.02  $     (0.11)
Weighted average
 shares used in
  the computation of
   net income (loss)
    per share:
  Basic......    76,204,016     15,923,484    79,410,828   24,486,238
  Diluted....    98,443,344     15,923,484    98,800,933   24,486,238


              WIT SOUNDVIEW GROUP, INC. AND SUBSIDIARIES
       CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

                                         June 30,        December 31,
                 ASSETS                    2000              1999
                                       (Unaudited)

CASH AND CASH EQUIVALENTS            $  101,683,112    $   12,447,885

RECEIVABLE FROM CLEARING BROKERS         64,716,088           681,807

SECURITIES OWNED, at market
 or fair value                           40,631,449       114,468,173

INVESTMENT BANKING FEES RECEIVABLE       24,013,602         3,570,176

INVESTMENTS                              62,350,382

INVESTMENTS IN AFFILIATES                21,280,463        17,511,403

INTANGIBLE ASSETS, net of
 accumulated amortization               268,983,970            -

FURNITURE, EQUIPMENT AND
 LEASEHOLD IMPROVEMENTS, net of
  accumulated depreciation               14,225,481         6,312,242
    and amortization

COMPUTER SOFTWARE, net of
 accumulated amortization                 3,742,266         3,706,112

PREPAID EXPENSES                          2,542,941         1,610,628

OTHER ASSETS                             37,130,523         3,309,750
                                      --------------    --------------

  Total assets                      $   641,300,277   $   163,618,176
                                    ===============   ===============

                 LIABILITIES AND STOCKHOLDERS' EQUITY

LIABILITIES:
 Securities sold but
  not yet purchased,
   at market value                  $    1,066,814    $       39,234
 Accounts payable
  and accrued expenses                  10,093,831         5,130,675
 Accrued compensation                  103,194,374        13,506,087
 Deferred tax liabilities               31,304,300               -
 Other liabilities                       4,246,914           540,647
                                     --------------    --------------
   Total liabilities                   149,906,233        19,216,643
                                    --------------    --------------
STOCKHOLDERS' EQUITY:

 Preferred Stock, $.001 par value,
  30,000,000 shares authorized, no shares
   outstanding at
    June 30, 2000 and
     December 31, 1999                       -                 -
 Common Stock, $.01 par value,
  500,000,000 shares authorized,
   78,797,470 and 61,629,828
    shares issued and outstanding at
     June 30, 2000 and December 31,
      1999, respectively                 787,974            616,298
 Common Stock, Class B, $.01 par value,
  75,000,000 shares authorized,
   11,666,666 shares issued
    and outstanding                      116,667           116,667
 Common Stock,  Class C, $.01 par value,
  159,000,000 shares authorized; no
   shares issued and outstanding at
    June 30, 2000 and December 31, 1999       -                 -

 Additional paid-in capital           558,034,349      196,777,759
 Notes receivable from stockholders   (22,886,640)     (15,333,070)
 Deferred compensation                (19,976,993)      (3,311,765)
 Accumulated deficit                  (24,681,313)     (34,464,356)
                                    --------------    --------------
  Total stockholders' equity          491,394,044      144,401,533
                                    --------------    -------------
  Total liabilities and
   stockholders' equity           $   641,300,277   $   163,618,176
                                   ===============   ===============
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