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                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                  SCHEDULE 13G

                    Under the Securities Exchange Act of 1934
                               (Amendment No. 2)*



                                 Exponent, Inc.
                                (Name of Issuer)


                                  Common Stock
                         (Title of Class of Securities)


                                    30214U102
                                 (CUSIP Number)


                                 August 31, 2004
             (Date of Event Which Requires Filing of this Statement)


Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:
[ X ] Rule 13d-1(b)
[   ] Rule 13d-1(c)
[   ] Rule 13d-1(d)



*The  remainder of this cover page shall be filled out for a reporting  person's
initial filing on this form with respect to the subject class of securities, and
for any  subsequent  amendment  containing  information  which  would  alter the
disclosures provided in a prior cover page.


The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the  Securities  Exchange  Act of
1934 ("Act") or otherwise  subject to the liabilities of that section of the Act
but  shall be  subject  to all other  provisions  of the Act  (however,  see the
Notes).




     1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only). Federated
Investors, Inc.


2.      Check the Appropriate Box if a Member of a Group (See Instructions)


(a)

(b)


3.      SEC Use Only


4.      Citizenship or Place of Organization Pennsylvania


Number of
Shares
Beneficially
Owned by
Each Reporting
Person With
5. Sole Voting Power 349,845


6. Shared Voting Power

7. Sole Dispositive Power 349,845

8. Shared Dispositive Power

9. Aggregate Amount Beneficially Owned by Each Reporting Person 349,845

10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See
Instructions)

11. Percent of Class Represented by Amount in Row (9) 4.47%

12. Type of Reporting Person (See Instructions) HC




     1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).

Voting Shares Irrevocable Trust


2.      Check the Appropriate Box if a Member of a Group (See Instructions)


(a)

(b)


3.      SEC Use Only


4.      Citizenship or Place of Organization Pennsylvania


Number of
Shares
Beneficially
Owned by
Each Reporting
Person With
5. Sole Voting Power 349,845


6. Shared Voting Power


7. Sole Dispositive Power 349,845


8. Shared Dispositive Power


9. Aggregate Amount Beneficially Owned by Each Reporting Person 349,845


10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See
Instructions)

11. Percent of Class Represented by Amount in Row (9) 4.47%


12. Type of Reporting Person (See Instructions) OO



     1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).

John F. Donahue


2.      Check the Appropriate Box if a Member of a Group (See Instructions)


(a)

(b)


3.      SEC Use Only


4.      Citizenship or Place of Organization United States


Number of
Shares
Beneficially
Owned by
Each Reporting
Person With
5. Sole Voting Power


6. Shared Voting Power 349,845


7. Sole Dispositive Power


8. Shared Dispositive Power 349,845


9. Aggregate Amount Beneficially Owned by Each Reporting Person 349,845


10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See
Instructions)

11. Percent of Class Represented by Amount in Row (9) 4.47%


12. Type of Reporting Person (See Instructions) IN



     1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).

Rhodora J. Donahue


2.      Check the Appropriate Box if a Member of a Group (See Instructions)


(a)

(b)


3.      SEC Use Only


4.      Citizenship or Place of Organization United States


Number of
Shares
Beneficially
Owned by
Each Reporting
Person With
5. Sole Voting Power


6. Shared Voting Power 349,845


7. Sole Dispositive Power


8. Shared Dispositive Power 349,845


9. Aggregate Amount Beneficially Owned by Each Reporting Person 349,845


10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See
Instructions)

11. Percent of Class Represented by Amount in Row (9) 4.47%

12. Type of Reporting Person (See Instructions) IN



     1. Names of Reporting Persons.
I.R.S.  Identification Nos. of above persons (entities only). J. Christopher
        Donahue


2.      Check the Appropriate Box if a Member of a Group (See Instructions)


(a)

(b)


3.      SEC Use Only


4.      Citizenship or Place of Organization United States


Number of
Shares
Beneficially
Owned by
Each Reporting
Person With
5. Sole Voting Power


6. Shared Voting Power 349,845


7. Sole Dispositive Power


8. Shared Dispositive Power 349,845


9. Aggregate Amount Beneficially Owned by Each Reporting Person 349,845


10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See
Instructions)

11. Percent of Class Represented by Amount in Row (9) 4.47%


12. Type of Reporting Person (See Instructions) IN


INSTRUCTIONS FOR SCHEDULE 13G

Instructions for Cover Page

(l) Names and I.R.S.  Identification  Numbers of Reporting  Persons-Furnish  the
full legal name of each  person for whom the report is  filed-i.e.,  each person
required to sign the schedule  itself-including  each member of a group.  Do not
include the name of a person  required to be identified in the report but who is
not a reporting  person.  Reporting persons that are entities are also requested
to furnish  their I.R.S.  identification  numbers,  although  disclosure of such
numbers is voluntary,  not mandatory  (see "SPECIAL  INSTRUCTIONS  FOR COMPLYING
WITH SCHEDULE 13G" below).

(2) If any of the shares  beneficially owned by a reporting person are held as a
member of a group and that  membership is expressly  affirmed,  please check row
2(a). If the  reporting  person  disclaims  membership in a group or describes a
relationship  with other  persons but does not affirm the  existence of a group,
please check row 2(b) [unless it is a joint filing  pursuant to Rule  13d1(k)(1)
in which case it may not be necessary to check row 2(b)].

(3) The third row is for SEC internal use; please leave blank.

(4)  Citizenship  or  Place of  Organization-Furnish  citizenship  if the  named
reporting person is a natural person. Otherwise, furnish place of organization.

(5)-(9),  (11) Aggregate  Amount  Beneficially  Owned By Each Reporting  Person,
Etc.-Rows (5) through (9) inclusive,  and (11) are to be completed in accordance
with the provisions of Item 4 of Schedule 13G. All percentages are to be rounded
off to the nearest tenth (one place after decimal point).

(10) Check if the aggregate  amount  reported as  beneficially  owned in row (9)
does not include shares as to which beneficial  ownership is disclaimed pursuant
to Rule 13d-4 (17 CFR 240.13d-4] under the Securities Exchange Act of 1934.

(12) Type of Reporting  Person-Please classify each "reporting person" according
to  the  following  breakdown  (see  Item  3 of  Schedule  13G)  and  place  the
appropriate symbol on the form: Category Symbol

Broker Dealer  BD
Bank  BK
Insurance Company  IC
Investment Company  IV
Investment Adviser  IA
Employee Benefit Plan, Pension Fund, or Endowment Fund  EP
Parent Holding Company/Control Person  HC
Savings Association  SA
Church Plan  CP
Corporation  CO
Partnership  PN
Individual  IN
Other  OO


Notes: Attach as many copies of the second part of the cover page as are needed,
one reporting person per page.

Filing persons may, in order to avoid unnecessary  duplication,  answer items on
the schedules  (Schedule 13D, 13G or 14D1) by appropriate cross references to an
item or items on the cover  page(s).  This  approach  may only be used where the
cover page item or items  provide all the  disclosure  required by the  schedule
item. Moreover, such a use of a cover page item will result in the item becoming
a part of the schedule and accordingly  being considered as "filed" for purposes
of  Section  18 of the  Securities  Exchange  Act or  otherwise  subject  to the
liabilities of that section of the Act.


Reporting persons may comply with their cover page filing requirements by filing
either  completed  copies  of the blank  forms  available  from the  Commission,
printed or typed  facsimiles,  or  computer  printed  facsimiles,  provided  the
documents  filed  have  identical   formats  to  the  forms  prescribed  in  the
Commission's  regulations and meet existing  Securities Exchange Act rules as to
such matters as clarity and size (Securities Exchange Act Rule 12b-12).


SPECIAL INSTRUCTIONS FOR COMPLYING WITH SCHEDULE 13G

Under Sections 13(d),  13(g), and 23 of the Securities  Exchange Act of 1934 and
the rules and  regulations  thereunder,  the Commission is authorized to solicit
the  information  required to be supplied by this  schedule by certain  security
holders of certain issuers.

Disclosure of the  information  specified in this schedule is mandatory,  except
for  I.R.S.  identification  numbers,  disclosure  of  which is  voluntary.  The
information  will be used for the primary  purpose of determining and disclosing
the holdings of certain  beneficial  owners of certain equity  securities.  This
statement will be made a matter of public  record.  Therefore,  any  information
given will be available for inspection by any member of the public.

Because of the public nature of the information, the Commission can use it for a
variety of purposes,  including  referral to other  governmental  authorities or
securities  self-regulatory  organizations  for  investigatory  purposes  or  in
connection with litigation involving the Federal securities laws or other civil,
criminal or regulatory statutes or provisions. I.R.S. identification numbers, if
furnished,  will assist the  Commission  in  identifying  security  holders and,
therefore,   in  promptly  processing  statements  of  beneficial  ownership  of
securities.

Failure to disclose  the  information  requested  by this  schedule,  except for
I.R.S.  identification  numbers,  may result in civil or criminal action against
the persons  involved  for  violation of the Federal  securities  laws and rules
promulgated thereunder.

GENERAL INSTRUCTIONS

A.  Statements  filed  pursuant  to Rule  13d-1(b)  containing  the  information
required by this  schedule  shall be filed not later than  February 14 following
the calendar year covered by the statement or within the time specified in Rules
13d-1(b)(2)  and 13d2(c).  Statements  filed  pursuant to Rule 13d-1(c) shall be
filed  within the time  specified  in Rules  13d-1(c),  13d-2(b)  and  13d-2(d).
Statements  filed  pursuant  to Rule  13d-1(d)  shall be filed  not  later  than
February 14 following  the calendar  year covered by the  statement  pursuant to
Rules 13d-1(d) and 13d-2(b).

B. Information  contained in a form which is required to be filed by rules under
section 13(f) (15 U.S.C. 78m(f)) for the same calendar year as that covered by a
statement on this schedule may be  incorporated  by reference in response to any
of the items of this schedule.  If such information is incorporated by reference
in this schedule, copies of the relevant pages of such form shall be filed as an
exhibit to this schedule.

C. The item  numbers and captions of the items shall be included but the text of
the items is to be omitted.  The answers to the items shall be so prepared as to
indicate clearly the coverage of the items without  referring to the text of the
items.  Answer every item.  If an item is  inapplicable  or the answer is in the
negative, so state.


Item 1.


(a) Name of Issuer Exponent, Inc.

(b) Address of Issuer's Principal Executive Offices
149 Commonwealth Drive, Menlo Park, CA 94025

Item 2.

(a) Name of Person Filing SEE ROW 1 OF COVER PAGES


(b) Address of Principal Business Office or, if none, Residence Federated
Investors Tower, Pittsburgh, PA 15222-3779

(c) Citizenship SEE ROWS 1 AND 4 OF COVER PAGES


(d) Title of Class of Securities Common stock

(e) CUSIP Number 30214U102



Item 3. If this statement is filed pursuant to ss.ss.240.13d-1(b) or
240.13d-2(b) or (c), check whether the person filing is a:

 (a) [   ] Broker or dealer registered under section 15 of the Act
(15 U.S.C. 78o).

 (b) [ ] Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).

 (c) [ ] Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C.
78c).

 (d) [ ] Investment company registered under section 8 of the Investment Company
Act of 1940 (15 U.S.C 80a-8).

 (e) [ ] An investment adviser in accordance with ss.240.13d-1(b)(1)(ii)(E);

 (f) [ ] An employee benefit plan or endowment fund in accordance with
ss.240.13d-1(b)(1)(ii)(F);

 (g) [ X ] A parent holding company or control person in accordance with ss.
240.13d-1(b)(1)(ii)(G);

 (h) [   ] A savings associations as defined in Section 3(b) of the Federal
Deposit Insurance Act (12 U.S.C. 1813);

 (i) [ ] A church plan that is excluded from the definition of an investment
company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C.
80a-3);

 (j) [ ] Group, in accordance with ss.240.13d-1(b)(1)(ii)(J).




Item 4. Ownership.

Provide the following information regarding the aggregate number and percentage
of the class of securities of the issuer identified in Item 1.

A. Federated Investors, Inc. (See Footnote 1, next page) (a) Amount
beneficially owned: 349,845

 (b) Percent of class: 4.47%

 (c) Number of shares as to which the person has:

 (i) Sole power to vote or to direct the vote 349,845

 (ii) Shared power to vote or to direct the vote -0-

 (iii) Sole power to dispose or to direct the disposition of 349,845

 (iv) Shared power to dispose or to direct the disposition of -0-

B. Voting Shares Irrevocable Trust (a) Amount beneficially owned: 349,845

 (b) Percent of class: 4.47%

 (c) Number of shares as to which the person has:

 (i) Sole power to vote or to direct the vote 349,845

 (ii) Shared power to vote or to direct the vote -0-

 (iii) Sole power to dispose or to direct the disposition of 349,845

 (iv) Shared power to dispose or to direct the disposition of -0-

C. John F. Donahue (a) Amount beneficially owned: 349,845

 (b) Percent of class: 4.47%

 (c) Number of shares as to which the person has:

 (i) Sole power to vote or to direct the vote -0-

 (ii) Shared power to vote or to direct the vote 349,845

 (iii) Sole power to dispose or to direct the disposition of -0-

 (iv) Shared power to dispose or to direct the disposition of 349,845

D. Rhodora J. Donahue (a) Amount beneficially owned: 349,845

 (b) Percent of class: 4.47%

 (c) Number of shares as to which the person has:

 (i) Sole power to vote or to direct the vote -0-

 (ii) Shared power to vote or to direct the vote 349,845

 (iii) Sole power to dispose or to direct the disposition of -0-

 (iv) Shared power to dispose or to direct the disposition of 349,845

E. J. Christopher Donahue (a) Amount beneficially owned: 349,845

 (b) Percent of class: 4.47%

 (c) Number of shares as to which the person has:

 (i) Sole power to vote or to direct the vote -0-

 (ii) Shared power to vote or to direct the vote 349,845

 (iii) Sole power to dispose or to direct the disposition of -0-

 (iv) Shared power to dispose or to direct the disposition of 349,845


Instruction. For computations regarding securities which represent a right to
acquire an underlying security see ss.240.13d3(d)(1).



Item 5. Ownership of Five Percent or Less of a Class

If this  statement  is being filed to report the fact that as of the date hereof
the  reporting  person has ceased to be the  beneficial  owner of more than five
percent of the class of securities, check the following [ X ].

Instruction: Dissolution of a group requires a response to this item.

Item 6. Ownership of More than Five Percent on Behalf of Another Person.
NOT APPLICABLE

Item 7. Identification and Classification of the Subsidiary Which Acquired the
Security Being Reported on By the Parent Holding Company or Control Person.
SEE EXHIBIT "1" ATTACHED

Item 8. Identification and Classification of Members of the Group
NOT APPLICABLE


Item 9. Notice of Dissolution of Group
NOT APPLICABLE


Item 10. Certification

 (a) The following certification shall be included if the statement is filed
pursuant to ss.240.13d-1(b):

By signing below I certify that, to the best of my knowledge and belief, the
securities referred to above were acquired and are held in the ordinary course
of business and were not acquired and are not held for the purpose of or with
the effect of changing or influencing the control of the issuer of the
securities and were not acquired and are not held in connection with or as a
participant in any transaction having that purpose or effect.

(b) The following certification shall be included if the statement is filed
pursuant to ss.240.13d-1(c):

By signing below I certify that, to the best of my knowledge and belief, the
securities referred to above were not acquired and are not held for the purpose
of or with the effect of changing or influencing the control of the issuer of
the securities and were not acquired and are not held in connection with or as a
participant in any transaction having that purpose or effect.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.

Date:  September 10, 2004
By: /s/J. Christopher Donahue
Name/Title:  J. Christopher Donahue, as President of Federated Investors, Inc.

By: /s/John F. Donahue
Name/Title:  John F. Donahue, individually and as Trustee of Voting Shares
Irrevocable Trust, by J. Christopher Donahue, as attorney-in-fact

By: /s/Rhodora J. Donahue
Name/Title:  Rhodora J. Donahue, individually and as Trustee of Voting Shares
Irrevocable Trust, by J. Christopher Donahue, as attorney-in-fact

By: /s/J. Christopher Donahue
Name/Title:  J. Christopher Donahue, individually and as Trustee of Voting
Shares Irrevocable Trust

Reference is herein made to Exhibit 3, Power of Attorney, filed with the
Securities and Exchange Commission on February 14, 2003.

The original statement shall be signed by each person on whose behalf the
statement is filed or his authorized representative. If the statement is signed
on behalf of a person by his authorized representative other than an executive
officer or general partner of the filing person, evidence of the
representative's authority to sign on behalf of such person shall be filed with
the statement, provided, however, that a power of attorney for this purpose
which is already on file with the Commission may be incorporated by reference.
The name and any title of each person who signs the statement shall be typed or
printed beneath his signature.

NOTE: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See ss.240.13d-7 for other
parties for whom copies are to be sent.

Attention: Intentional misstatements or omissions of fact constitute Federal
criminal violations (See 18 U.S.C. 1001)







                                   EXHIBIT "1"

                            ITEM 3 CLASSIFICATION OF
                                REPORTING PERSONS
              Identity and Classification of Each Reporting Person

                                                
IDENTITY                                           CLASSIFICATION UNDER ITEM 3

American Skandia Trust                             (d) Investment company registered under
                                                   Section 8 of the Investment Company Act of
                                                   1940 (15 U.S.C. 80a-8).


Federated Equity Funds                             (d) Investment company registered under
                                                   Section 8 of the Investment Company Act of
                                                   1940 (15 U.S.C. 80a-8).

Federated Index Trust                              (d) Investment company registered under
                                                   Section 8 of the Investment Company Act of
                                                   1940 (15 U.S.C. 80a-8).

Federated Insurance Series                         (d) Investment company registered under
                                                   Section 8 of the Investment Company Act of
                                                   1940 (15 U.S.C. 80a-8).

Federated Equity Management                        (e) Investment Adviser registered under
        Company of Pennsylvania                    section 203 of the Investment Advisers
                                                   Act of 1940

Federated Global Investment                        (e) Investment Adviser registered under
        Management Corp.                           section 203 of the Investment Advisers
                                                   Act of 1940

Federated Investors, Inc.                          (g) Parent Holding Company, in accordance with Section
                                                   240.13d-1(b)(ii)(G)

FII Holdings, Inc.                                 (g) Parent Holding Company, in accordance with Section
                                                   240.13d-1(b)(ii)(G)

Voting Shares Irrevocable Trust                    (g) Parent Holding Company, in accordance with Section
                                                   240.13d-1(b)(ii)(G)

John F. Donahue                                    (g) Parent Holding Company, in accordance with Section
                                                   240.13d-1(b)(ii)(G)

Rhodora J. Donahue                                 (g) Parent Holding Company, in accordance with Section
                                                   240.13d-1(b)(ii)(G)

J. Christopher Donahue                            (g) Parent Holding Company, in
                                                   accordance with Section
                                                   240.13d-1(b)(ii)(G)



Federated Investors, Inc. (the "Parent") is filing this Schedule 13G because it
is the parent holding company of Federated Equity Management Company of
Pennsylvania and Federated Global Investment Management Corp. (the "Investment
Advisers"), which act as investment advisers to registered investment companies
and separate accounts that own shares of common stock in Exponent, Inc. (the
"Reported Securities'). The Investment Advisers are wholly owned subsidiaries of
FII Holdings, Inc., which is wholly owned subsidiary of Federated Investors,
Inc., the Parent. All of the Parent's outstanding voting stock is held in the
Voting Shares Irrevocable Trust (the "Trust") for which John F. Donahue, Rhodora
J. Donahue and J. Christopher Donahue act as trustees (collectively, the
"Trustees"). The Trustees have joined in filing this Schedule 13G because of the
collective voting control that they exercise over the Parent. In accordance with
Rule 13d-4 under the Securities Act of 1934, as amended, the Parent, the Trust,
and each of the Trustees declare that this statement should not be construed as
an admission that they are the beneficial owners of the Reported Securities, and
the Parent, the Trust, and each of the Trustees expressly disclaim beneficial
ownership of the Reported Securities








                                   EXHIBIT "2"

                          AGREEMENT FOR JOINT FILING OF

                                  SCHEDULE 13G

     The  following  parties  hereby  agree to file  jointly  the  statement  on
Schedule  13G to which this  Agreement is attached  and any  amendments  thereto
which may be deemed necessary  pursuant to Regulation 13D-G under the Securities
Exchange Act of 1934:

     1. Federated  Investors,  Inc. as parent holding  company of the investment
advisers  to  registered   investment   companies  that   beneficially  own  the
securities.

Voting Shares Irrevocable Trust, as holder of all the voting shares of Federated
Investors, Inc.

John F. Donahue, individually and as Trustee

Rhodora J. Donahue, individually and as Trustee

J. Christopher Donahue, individually and as Trustee

     It is understood  and agreed that each of the parties hereto is responsible
for the timely filing of such statement and any amendments thereto,  and for the
completeness  and accuracy of the  information  concerning  such party contained
therein,  but such party is not responsible for the  completeness or accuracy of
information  concerning  the other parties unless such party knows or has reason
to believe that such information is incomplete or inaccurate.

     It is understood and agreed that the joint filing of Schedule 13G shall not
be construed as an admission that the reporting  persons named herein constitute
a group for purposes of Regulation 13D-G of the Securities Exchange Act of 1934,
nor is a joint venture for purposes of the Investment Company Act of 1940.

Date:   September 10, 2004

By:     /s/J. Christopher Donahue
Name/Title: J. Christopher Donahue, as President of Federated Investors, Inc.

By:     /s/ J. Christopher Donahue
Name/Title:    John F. Donahue, individually and as Trustee of Voting Shares
Irrevocable Trust, by J. Christopher Donahue, as attorney-in-fact.

By:     /s/    Rhodora J. Donahue
Name/Title:    Rhodora J. Donahue, individually and as Trustee as Voting Shares
Irrevocable Trust, by J. Christopher Donahue, as attorney-in-fact.

By:     /s/    J. Christopher Donahue
Name/Title:    J. Christopher Donahue, individually and as Trustee of Voting
Shares Irrevocable Trust

1. The  number  of  shares  indicated  represent  shares  beneficially  owned by
registered investment companies and separate accounts advised by subsidiaries of
Federated  Investors,  Inc.  that  have  been  delegated  the  power  to  direct
investments  and  power  to vote the  securities  by the  registered  investment
companies'  board  of  trustees  or  directors  and  by the  separate  accounts'
principals.  All of the voting securities of Federated Investors,  Inc. are held
in the Voting Shares Irrevocable Trust ("Trust"), the trustees of which are John
F. Donahue,  Rhodora J. Donahue,  and J. Christopher  Donahue  ("Trustees').  In
accordance with Rule 13d-4 under the 1934 Act, the Trust,  Trustees,  and parent
holding  company  declare  that  the  filing  of this  statement  should  not be
construed as an admission  that any of the investment  advisers,  parent holding
company, Trust, and Trustees are beneficial owners (for the purposes of Sections
13(d) and/or 13(g) of the Act) of any securities covered by this statement,  and
such advisers,  parent holding company,  Trust, and Trustees  expressly disclaim
that they are the beneficial owners such securities.