Q4 2021 Earnings Presentation

FOURTH QUARTER & FISCAL 2021 RESULTS

October 27, 2021

FORWARD-LOOKING STATEMENTS

Certain statements made in this presentation and the associated conference call may constitute "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. Forward-looking statements include information concerning future strategic objectives, business prospects, anticipated savings, financial results (including expenses, earnings, liquidity, cash flow and capital expenditures), industry or market conditions, demand for and pricing of our products, acquisitions (including our proposed acquisitions of Charles Stanley PLC and TriState Capital Holdings, Inc.) and divestitures, anticipated results of litigation, regulatory developments, and general economic conditions. In addition, words such as "believes," "expects," "anticipates," "intends," "plans," "estimates," "projects," "forecasts," and future or conditional verbs such as "will," "may," "could," "should," and "would," or negatives of such terms or other comparable terminology, as well as any other statement that necessarily depends on future events, are intended to identify forward-looking statements. Forward-looking statements are not guarantees, and they involve risks, uncertainties and assumptions. Although we make such statements based on assumptions that we believe to be reasonable, there can be no assurance that actual results will not differ materially from those expressed in the forward-looking statements. We caution investors not to rely unduly on any forward-looking statements and urge you to carefully consider the risks described in our filings with the Securities and Exchange Commission (the "SEC") from time to time, including our most recent Annual Report on Form 10-K, and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, which are available at www.raymondjames.com and the SEC's website at www.sec.gov. We expressly disclaim any obligation to update any forward- looking statement in the event it later turns out to be inaccurate, whether as a result of new information, future events, or otherwise.

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OVERVIEW OF RESULTS

Paul Reilly

Chairman & CEO, Raymond James Financial

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FISCAL 4Q21 HIGHLIGHTS

			4Q21		vs.	vs.
$ in millions, except per share amounts				4Q20	3Q21
As Reported:
Net revenues	RECORD	$	2,695		30%	9%
Net income	RECORD	$	429		105%	40%
Earnings per common share - diluted	RECORD	$	2.02		102%	39%
					4Q20	3Q21
Return on equity			21.3%		11.9%	15.9%
					vs.	vs.
					4Q20	3Q21
Non-GAAPMeasures:*
Adjusted net income	RECORD	$	437		76%	13%
Adjusted earnings per common share - diluted	RECORD	$	2.06		73%	13%
					4Q20	3Q21
Adjusted return on equity			21.7%		14.1%	19.9%
Return on tangible common equity			23.7%		12.9%	17.7%
Adjusted return on tangible common equity			24.1%		15.3%	22.2%

Note: All share and per share information has been retroactively adjusted to reflect the September 21, 2021 3-for-2 stock split. * These are non-GAAP measures. See

• the schedule in the Appendix of this presentation for a reconciliation of our non-GAAP measures to the most directly comparable GAAP measures and for more information on these measures.

FISCAL 4Q21 KEY METRICS

			4Q21		vs.	vs.
$ in billions				4Q20	3Q21
Client assets under administration	RECORD	$	1,178.7		27%	1%
Private Client Group (PCG) assets under administration	RECORD	$	1,115.4		26%	1%
PCG assets in fee-based accounts	RECORD	$	627.1		32%	2%
Financial assets under management	RECORD	$	191.9		25%	-%
Total clients' domestic cash sweep balances	RECORD	$	66.7		20%	6%
PCG financial advisors	RECORD		8,482		3%	1%
Bank loans, net	RECORD	$	25.0		18%	5%

Note: Records indicated as of quarter-end date and do not reflect monthly reported data.

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