Raymond James Financial : Q1 2022 Earnings Presentation

Fiscal 1Q22 Results

January 26, 2022

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 acquisition of Charles Stanley Group PLC completed on January 21, 2022 as well as our proposed acquisition of TriState Capital Holdings, Inc.), anticipated results of litigation, regulatory developments, and general economic conditions. In addition, any other statement that necessarily depends on future events, is 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 1Q22 highlights

				vs.	vs.
$ in millions, except per share amounts		1Q22		1Q21	4Q21
As reported:
Net revenues	RECORD $	2,781		25%	3%
Net income	RECORD $	446		43%	4%
Earnings per common share - diluted	RECORD $	2.10		42%	4%
				1Q21	4Q21
Return on equity		21.2%		17.2%	21.3%
				vs.	vs.
				1Q21	4Q21
Non-GAAP measures:*
Adjusted net income	RECORD $	451		44%	3%
Adjusted earnings per common share - diluted	RECORD $	2.12		42%	3%
				1Q21	4Q21
Adjusted return on equity		21.4%		17.3%	21.7%
Return on tangible common equity		23.4%		19.0%	23.7%
Adjusted return on tangible common equity		23.7%		19.1%	24.1%

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 1Q22 key metrics

				vs.	vs.
$ in billions		1Q22		1Q21	4Q21
Client assets under administration	RECORD $	1,257.8		23%	7%
Private Client Group (PCG) assets under administration	RECORD $	1,199.8		23%	8%
PCG assets in fee-based accounts	RECORD $	677.8		27%	8%
Financial assets under management	RECORD $	203.2		20%	6%
Total clients' domestic cash sweep balances	RECORD $	73.5		19%	10%
PCG financial advisors		8,464		3%	-%
Bank loans, net	RECORD $	26.1		19%	5%

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