Raymond James Financial : 2022 Annual Report

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Source of strength

Our values - and our commitment to them - have always been our source of strength. The wellspring we tap to drive growth. The foundation that keeps us steady through challenge. The spark that spurs innovation.

Returning to that source has carried us forward for 60 years, helping us build upon the strength of our past to create more possibilities for the future of advisors, their clients and our firm.

1962

In 1962, Bob James set out to build a different kind of financial services firm. Our firm takes its first steps, incorporating as Robert A. James Investments.

1970

Tom James, the son of founder Bob James, was named CEO, and in 1973 Raymond James gained a seat on the New York Stock Exchange, helping to ensure the best execution for clients.

1985

The New York Stock Exchange approves Raymond James stock for listing under ticker symbol RJF.

1994

The firm publishes the Client Bill of Rights, penned by CEO Tom James, which sets the standard for our industry. Raymond James Network for Women Advisors makes official debut.

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C O N T E N T S

4	12
MESSAGE FROM THE	INVESTING IN WHAT
CHAIR AND CEO	MATTERS MOST
14	16
GROWING THE	A FUTURE-FOCUSED
RIGHT WAY	HOMECOMING
18	20
AN ADVISOR	CORPORATE
GROWTH ENGINE	LEADERSHIP
24	26
10-YEAR	CORPORATE AND
FINANCIAL	SHAREHOLDER
SUMMARY	INFORMATION
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ANNUAL REPORT
ON FORM 10-K

2008

Raymond James survives the recession without financial assistance from Congress, relying instead on our own revenue, our dedicated advisors and our clients' continued trust.

2010

After 40 years as CEO, Tom James is succeeded by Paul Reilly. Tom remains chair of the board.

2012	2020	2022
Raymond James	Raymond James	As the firm marks 60 years, our
celebrates 50 years	surpasses	commitment to augmenting organic
of caring for people	$1 trillion in client	growth with key strategic acquisitions
and their financial	assets under	continues as we welcome fixed income
well-being.	administration.	market maker, SumRidge Partners;
		banking and investment firm, TriState
		Capital; and U.K.-based wealth
		management firm, Charles Stanley.

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A message from our chair and chief executive officer

This year marks 60 years of business for Raymond James.

PAUL C. REILLY

Chair and Chief Executive Officer

Over six decades we have experienced economic prosperity, technological advances, recessions and geopolitical instability, but through it all, we have remained rooted in our commitment to take care of advisors and their clients, make decisions for the long term and maintain a strong and flexible balance sheet. As we observed during the past two years, this approach positioned us to generate record results in two very different market environments - demonstrating the resilience of our business model and reinforcing the value of our diverse and complementary businesses.

In fiscal 2022, despite the challenging and volatile market environment, Raymond James achieved strong financial results driven by record net revenues in the Private Client Group (PCG), Asset Management and Bank segments and record pre-tax income in PCG. Record net revenues of $11 billion increased 13%, record pre-tax income of $2 billion increased 13%, and record net income available to common shareholders of $1.5 billion increased 7% compared to fiscal 2021. Adjusted net income available to common shareholders of $1.62(1) billion, which excludes $147 million of acquisition-related expenses, increased 5% compared to adjusted net income available to common shareholders in fiscal 2021.

The benefit of higher short-term interest rates, along with higher client assets for most of the fiscal year, drove record net revenues in fiscal 2022. Additionally, we generated a return on common equity of 17.0% and an adjusted return on tangible common equity of 21.1%(1), both strong results particularly given our robust capital position. We ended the year with common shareholders' equity attributable to Raymond James Financial of $9.3 billion and book value per share of $43.41, which increased 13% and 8%, respectively, over September 2021. Our capital ratios remained well above regulatory requirements, with a total capital ratio of 20.4% and Tier 1 leverage ratio of 10.3% at the end of the year, giving us the balance sheet capacity to not only be defensive but also opportunistic during these uncertain times.

We made significant progress deploying capital throughout the year, maintaining our longstanding capital deployment priorities: investing in organic growth, which we believe delivers the best returns for our shareholders over time; selectively making acquisitions; paying an ongoing

1. "Adjusted net income available to common shareholders" and "adjusted return on tangible common equity" are each non-GAAP financial measures. Please see the "Reconciliation of non-GAAP financial measures to GAAP financial measures" on page 41 of Form 10-K for a reconciliation of our non-GAAP measures to the most

4 directly comparable GAAP measures, and for other important disclosures.

A M E S S A G E F R O M O U R C H A I R A N D C H I E F E X E C U T I V E O F F I C E R

dividend and repurchasing our stock. During the fiscal year, we increased our quarterly dividend approximately 31% to $0.34 per quarter from $0.26 per quarter. We repurchased 1.74 million shares for $162 million, at an average price of approximately $94 per share. In total, through the combination of common stock dividends and share repurchases, the firm returned total capital of $437 million to shareholders. Subsequent to the fiscal year-end, the board approved a 24% increase of the quarterly common stock cash dividend to $0.42 per share and a share repurchase authorization of $1.5 billion, replacing the previous authorization under which approximately $800 million remained available.

As we have experienced throughout our history, our conservative and long-term approach not only positions us to be defensive, but also to act offensively when opportunities arise. This fiscal year, we were pleased to add three high-quality firms to the Raymond James family. Importantly, each firm met our criteria of providing a strong cultural alignment, offering a strategic fit and making financial sense for our shareholders.

• Charles Stanley Group - a U.K.-based wealth management firm, with its origin dating back to 1792, with nearly 200 wealth managers and £27.1 billion ($36 billion) in client assets, at the time of closing. We expect this combination will further accelerate the growth of Raymond James' U.K. wealth management franchise, and through Charles Stanley's multiple affiliation options, give us the ability to offer wealth management affiliation choices consistent with our model in the U.S. and Canada.

EXPANDING THE RAYMOND JAMES FAMILY

FISCAL YEAR FINANCIAL HIGHLIGHTS

in millions, except per share amounts

	2022	2021	% CHANGE
Net Revenues	$11,003	$9,760	13 %
Net Income Available to Common Shareholders	$1,505	$1,403	7 %
Earnings per Common Share (Diluted)	$6.98	$6.63	5 %
Total Common Equity Attributable to RJF	$9,338	$8,245	13 %
Shares Outstanding(1)	215.1	205.7	4 %
Book Value per Share	$43.41	$40.08	8 %

ALL DATA AS OF FISCAL YEAR ENDED SEPTEMBER 30, 2022

(1) Excludes non-vested restricted stock units

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