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Non-Tech : Berkeley Technology Limited (BLKYY)

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To: James Calladine who wrote (494)	8/15/2000 8:30:33 PM
From: J. Conley	Read Replies (1) of 955

A few notes gleaned from the financial statements: 1) Operating expenses were almost exactly flat from 1st half 1999 to 1st half 2000, ($29.2 million) even though the company had growth in all areas of its operations and there are essentially two developing subsidiaries, LPA and LPAL. 2) Effective tax rate appears to be around 18% based on the income statement. I don't know how this is computed, and consequently, how meaningful this number is. 3) Compared to the 6-month period last year, greater than 30% growth in revenues from financial advisory services, asset management, and other fee income. 4) Sales of annuities up from $79 million in the second quarter last year to $157 million in the second quarter this year. And compared to year ago, first half up over 100% from $121 million to $262 million. This number differs from FBR's $249 million, but I simply added the first and second quarter for 2000. Per the Chairman's Statement, I think the $249 million is only from LPLA, LPAL is now apparently contributing a small amount to this number. Comments?

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