FISCAL 2Q20 RESULTS April 29, 2020 FISCAL 2Q20 OVERVIEW Paul - PowerPoint PPT Presentation

FISCAL 2Q20 RESULTS April 29, 2020

FISCAL 2Q20 OVERVIEW Paul Reilly Chairman & CEO, Raymond James Financial 2

OUR PRIORITIES IN RESPONSE TO COVID-19 Ensure the health and Maintain continuous Continue supporting safety of our associates service and support for our communities during and advisors clients these challenging times 3

FISCAL 2Q20 HIGHLIGHTS vs. vs. 2Q20 2Q19 1Q20 $ in millions, except per share amounts Net revenues $ 2,068 11% 3% RECORD Net income $ 169 (35)% (37)% Earnings per common share - diluted $ 1.20 (34)% (37)% 2Q19 1Q20 Return on equity 9.9% 16.7% 16.0% Return on tangible common equity* 10.8% 18.5% 17.5% * This is a non-GAAP measure. See the schedule in the Appendix of this presentation for a reconciliation of our non-GAAP measures to the most 4 directly comparable GAAP measures and for more information on these measures.

FISCAL 2Q20 KEY METRICS vs. vs. 2Q20 2Q19 1Q20 $ in billions Client assets under administration $ 773.9 (3)% (14)% Private Client Group (PCG) assets under administration $ 734.0 (3)% (14)% PCG assets in fee-based accounts $ 383.5 1% (14)% Financial assets under management $ 128.2 (7)% (15)% Total clients' domestic cash sweep balances $ 52.9 27% 34% RECORD PCG financial advisors 8,148 4% 1% RECORD Bank loans, net $ 21.8 8% 2% RECORD 5

PRIVATE CLIENT GROUP Net Revenues Pre-Tax Income $ in millions $ in millions 1,495 170 1,414 1,381 153 1,351 143 1,271 140 132 2Q19 3Q19 4Q19 1Q20 2Q20 2Q19 3Q19 4Q19 1Q20 2Q20 Year-over-year change: 18% Year-over-year change: 29% Sequential change: 6% Sequential change: 11% PCG Assets Under Administration Number of Financial Advisors $ in billions 8,148 8,060 855.2 8,011 798.4 787.4 760.0 734.0 7,904 7,862 2Q19 3Q19 4Q19 1Q20 2Q20 2Q19 3Q19 4Q19 1Q20 2Q20 Year-over-year change: 286 Year-over-year change: (3)% Sequential change: 88 Sequential change: (14)% 6

CAPITAL MARKETS Net Revenues Pre-Tax Income $ in millions $ in millions 302 41 290 277 33 268 29 28 251 24 2Q19 3Q19 4Q19 1Q20 2Q20 2Q19 3Q19 4Q19* 1Q20 2Q20 Year-over-year change: 5% Year-over-year change: (32)% Sequential change: 8% Sequential change: (3)% Investment Banking Revenues Brokerage Revenues $ in millions $ in millions 156 150 137 129 130 130 17 115 29 108 18 103 104 22 22 31 40 28 34 27 43 26 32 31 39 121 93 90 80 82 81 72 71 73 60 2Q19 3Q19 4Q19 1Q20 2Q20 2Q19 3Q19 4Q19 1Q20 2Q20 Year-over-year change: (12)% Year-over-year change: 26% M&A and Advisory Sequential change: 5% Fixed Income Equity Sequential change: 13% Equity Underwriting Debt Underwriting * 4Q19 included a $19 million goodwill impairment charge associated with our Canadian Capital Markets business. 7

ASSET MANAGEMENT Net Revenues Pre-Tax Income $ in millions $ in millions 73 73 184 184 69 177 178 65 162 55 2Q19 3Q19 4Q19 1Q20 2Q20 2Q19 3Q19 4Q19 1Q20 2Q20 Year-over-year change: 33% Year-over-year change: 14% Sequential change: 0% Sequential change: 0% Financial Assets Under Management $ in billions 151.7 143.1 143.1 138.5 128.2 2Q19 3Q19 4Q19 1Q20 2Q20 Year-over-year change: (7)% Sequential change: (15)% 8

RAYMOND JAMES BANK Net Revenues Pre-Tax Income $ in millions $ in millions 216 216 136 138 215 135 131 212 210 14 2Q19 3Q19 4Q19 1Q20 2Q20 2Q19 3Q19 4Q19 1Q20 2Q20 Year-over-year change: (1)% Year-over-year change: (90)% Sequential change: (3)% Sequential change: (90)% Bank Loans, Net $ in billions 21.8 21.3 20.9 20.7 20.1 2Q19 3Q19 4Q19 1Q20 2Q20 Year-over-year change: 8% Sequential change: 2% 9

RAYMOND JAMES BANK KEY CREDIT TRENDS Loan Loss Provision Net Charge-Offs/(Recoveries) $ in millions $ in millions 107 169 84 107 35 80 24 21 14 13 8 6 55 2 3 0 34 26 28 24 20 22 14 13 -3 3 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FYTD20 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FYTD20 Nonperforming Assets Allowance for Loan Losses as % of Total Assets as % of Loans 2.48% 2.23% 2.36% 2.18% 2.10% 1.81% 1.64% 1.52% 1.33% 1.32% 1.30% 1.11% 1.04% 1.04% 1.47% 1.23% 1.18% 0.99% 0.69% 0.66% 0.39% 0.50% 0.21% 0.12% 0.18% 0.08% FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FYTD20 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FYTD20 Note: FYTD 20 as of March 31, 2020. 10

FYTD 2020 HIGHLIGHTS Compared to Compared to GAAP Adjusted* Results Results vs. vs. FYTD 2020 FYTD 2019 FYTD 2019 $ in millions, except per share amounts Net revenues $ 4,077 8% NA RECORD Net income $ 437 (14)% (17)% Earnings per common share - diluted $ 3.09 (12)% (14)% FYTD 2019 FYTD 2019 Return on equity 13.0% 16.2% 16.7% Return on tangible common equity* 14.2% 17.9% 18.4% Note: FYTD 2020 is from the period October 1, 2019 to March 31, 2020; FYTD 2019 is from the period October 1, 2018 to March 31, 2019. 11 * 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.

FINANCIAL REVIEW Paul Shoukry Chief Financial Officer, Raymond James Financial 12

CONSOLIDATED NET REVENUES vs. vs. 2Q20 2Q19 1Q20 $ in millions Asset management and related administrative fees $ 1,006 28% 5% Brokerage revenues 515 17% 12% Account and service fees 172 (10)% (3)% Investment banking 148 (9)% 5% Interest income 285 (12)% (4)% Other* (15) NM NM Total revenues 2,111 9% 2% Interest expense (43) (43)% (16)% Net revenues $ 2,068 11% 3% * Other revenues for the three months ended March 31, 2020 included $39 million of private equity valuation losses. Of these losses, 13 approximately $22 million were attributable to noncontrolling interests and are presented as an offset in Other expenses.

DOMESTIC CASH SWEEP BALANCES Clients' Domestic Cash Sweep Balances as a % of Domestic PCG Assets Under Administration (AUA) Cash Sweep Balances as a % of Domestic PCG AUA 7.6% Clients' Domestic Cash Sweep Balances ($B) 5.8% 5.1% 5.0% 4.9% 52.9 3.8 41.7 39.5 38.2 37.7 2.3 20.4 2.5 4.0 2.1 2.0 15.1 14.4 14.0 14.3 28.7 21.6 21.6 21.9 21.0 2Q19 3Q19 4Q19 1Q20 2Q20 Year-over-year change: 27% RJBDP- RJBDP- Money Market Funds** Client Interest Program Sequential change: 34% RJ Bank* Third-Party Banks* Note: May not total due to rounding. * Raymond James Bank Deposit Program (RJBDP) is a multi-bank sweep program in which clients' cash deposits in their brokerage accounts are 14 swept into interest-bearing deposit accounts at Raymond James Bank and various third-party banks. ** Money market funds were discontinued as a sweep option during the third fiscal quarter of 2019. Balances in those funds were converted to RJBDP or reinvested by the client.

NET INTEREST INCOME & RJBDP FEES (THIRD-PARTY BANKS) Firmwide Net Interest Income RJBDP Fees (Third-Party Banks)* 329 323 315 304 293 65 80 $ in millions 67 58 51 258 249 248 246 242 2Q19 3Q19 4Q19 1Q20 2Q20 Raymond James Bank Average Yield on RJBDP Net Interest Margin** (Third-Party Banks)*** 3.37% 3.35% 3.30% 3.23% 3.02% 2.00% 1.95% 1.83% 1.64% 1.33% 2Q19 3Q19 4Q19 1Q20 2Q20 2Q19 3Q19 4Q19 1Q20 2Q20 * As reported in Account and Service Fees in the PCG segment. ** Raymond James Bank represents a significant portion, but not all, of the 15 firmwide Net Interest Income. Raymond James Bank Net Interest Margin represents the net yield on interest-earning banking assets. *** Computed by dividing annualized RJBDP fees - third-party banks, which are net of the interest expense paid to clients by the third-party banks, by the average daily RJBDP balance at third-party banks.

CONSOLIDATED EXPENSES Total Compensation Ratio vs. vs. 2Q20 2Q19 1Q20 $ in millions 68.8% 67.2% 66.3% Compensation, commissions and benefits $ 1,422 16% 5% 65.9% 65.2% Non-compensation expenses: Communications and information 99 5% 5% processing Occupancy and equipment 56 6% (2)% 2Q19 3Q19 4Q19 1Q20 2Q20 Business development 41 —% (7)% Investment sub-advisory fees 26 18% —% Total Non-Compensation Expenses $ in millions Professional fees 23 35% 10% 407 Bank loan loss provision/(benefit) 109 2,080% NM 349 308 299 287 Other* 53 (4)% (10)% Total non-compensation expenses 407 42% 36% Total non-interest expenses $ 1,829 21% 11% 2Q19 3Q19 4Q19** 1Q20 2Q20 * Other revenues for the three months ended March 31, 2020 included $39 million of private equity valuation losses. Of these losses, 16 approximately $22 million were attributable to noncontrolling interests and are presented as an offset in Other expenses. ** 4Q19 included a $19 million goodwill impairment charge associated with our Canadian Capital Markets business.

CONSOLIDATED PRE-TAX MARGIN 18.7% 18.4% 17.9% 17.7% 17.5% 11.6% 2Q19 3Q19 4Q19* 1Q20 2Q20 Pre-tax margin (GAAP) Pre-tax margin (Adjusted)** * 4Q19 included a $19 million goodwill impairment charge associated with our Canadian Capital Markets business. 17 ** This is a non-GAAP measure. 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.