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Business Description
Waddell and Reed Financial, Inc. provides investment advisory, distribution and administrative services to mutual funds and institutional and separately managed accounts through its subsidiaries. The Company derives revenues primarily from investment management, investment product underwriting and distribution and shareholder services administration provided to the Waddell and Reed Advisors Group of Mutual Funds, W and R Target Funds, Inc., the Ivy Funds, Inc., the Ivy Fund portfolios and Waddell and Reed InvestEd Portfolios, Inc. Investment management fees, the Company's most substantial source of revenues, are based on the amount of average assets under management and are affected by sales levels, financial market conditions, redemptions and composition of assets. Underwriting and distribution revenues primarily consists of sales charges and commissions derived from sales of investment products, insurance products, distribution fees on certain variable products and advisory services.

Financial Information
For the nine months ended 9/30/04, revenues increased 14% to $373.8 million. Net income totalled $76.5 million, up from $26.2 million. Results reflect increased investment management fees, and the a decrease in equity compensation.