Raymond James Financial : Q1 2023 Earnings Presentation

Fiscal 1Q23 Results

January 25, 2023

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, 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 1Q23 highlights

$ in millions, except per share amounts			1Q23
As reported:
Net revenues		$	2,786
Net income available to common shareholders	RECORD	$	507
Earnings per common share - diluted	RECORD	$	2.30
Return on common equity			21.3%

Non-GAAP measures*:
Adjusted net income available to common shareholders	RECORD	$	505
Adjusted earnings per common share - diluted	RECORD	$	2.29
Adjusted return on common equity			21.2%
Adjusted return on tangible common equity			26.1%

vs.	vs.
1Q22	4Q22
-%	(2)%
14%	16%
10%	16%
1Q22	4Q22
21.2%	18.7%
vs.	vs.
1Q22	4Q22
9%	10%
6%	10%
1Q22	4Q22
21.9%	19.6%
24.3%	24.1%

*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 1Q23 key metrics

$ in billions		1Q23
Client assets under administration	$	1,169.7
Private Client Group (PCG) assets under administration	$	1,114.3
PCG assets in fee-based accounts	$	633.1
Financial assets under management	$	185.9
Domestic PCG net new assets*	$	23.2
Total clients' domestic cash sweep balances	$	60.4
PCG financial advisors		8,699
Bank loans, net:
Raymond James Bank	RECORD $	31.7
TriState Capital Bank**	RECORD $	12.4
Total bank loans, net	RECORD $	44.1

vs. vs.

1Q22 4Q22

(7)% 7%

(7)% 7%

(7)% 8%

(9)% 7%

NM NM

(18)% (10)%

3% -%

21% 2%

NM 2%

69% 2%

	*Domestic Private Client Group net new assets represents domestic Private Client Group client inflows, including dividends and interest, less domestic Private
5	Client Group client outflows, including commissions, advisory fees and other fees.
**Acquired on June 1, 2022.