Raymond James Financial : Q3 2022 Earnings Presentation

Fiscal 3Q22 Results

July 27, 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 SumRidge Partners, LLC completed on July 1, 2022), 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," as well as 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

Chair & CEO, Raymond James Financial

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Fiscal 3Q22 highlights

				vs.	vs.
$ in millions, except per share amounts		3Q22		3Q21	2Q22
As reported:
Net revenues	$	2,718		10%	2%
Net income available to common shareholders	$	299		(3)%	(7)%
Earnings per common share - diluted	$	1.38		(5)%	(9)%
				3Q21	2Q22
Return on common equity		13.3%		15.9%	15.0%
				vs.	vs.
				3Q21	2Q22
Non-GAAP measures*:
Adjusted net income available to common shareholders	$	348		(13)%	1%
Adjusted earnings per common share - diluted	$	1.61		(14)%	(1)%
				3Q21	2Q22
Adjusted return on common equity		15.4%		20.5%	16.1%
Adjusted return on tangible common equity		18.1%		22.9%	18.0%

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 schedules 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. Certain non-GAAP financial

• measures have been adjusted for additional expenses directly related to our acquisitions that we believe are not indicative of our core operating results, such as those related to amortization of identifiable intangible assets arising from acquisitions and acquisition-related retention. Prior periods have been conformed to the current period presentation.

Fiscal 3Q22 key metrics

				vs.	vs.
$ in billions		3Q22		3Q21	2Q22
Client assets under administration	$	1,125.3		(3)%	(10)%
Private Client Group (PCG) assets under administration	$	1,068.8		(3)%	(11)%
PCG assets in fee-based accounts	$	606.7		(2)%	(11)%
Financial assets under management*	$	182.4		(5)%	(6)%
Total clients' domestic cash sweep balances	$	75.8		20%	(1)%
PCG financial advisors**		8,616		2%	(1)%
Bank loans, net:
Raymond James Bank	RECORD $	30.1		26%	8%
TriState Capital Bank	RECORD $	11.8		NM	NM
Total bank loans, net*	RECORD $	41.8		75%	50%

*These metrics include the impact of the acquisition of TriState Capital Holdings, including TriState Capital Bank and Chartwell Investment Partners LLC, which was completed on June 1. As of June 30, 2022, the impact was $11.8 billion on bank loans, net and $9.4 billion on financial assets under management. **Includes the impact of the transfer of one firm with 166

• financial advisors previously affiliated as independent contractors to our Registered Investment Advisor & Custody Services ("RCS") division during our fiscal third quarter. Advisors in RCS are not included in the financial advisor count, although their assets are still included in client assets under administration.