Stifel Financial Corp.

March 2016

2

Disclaimer

Forward-Looking Statements

This presentation may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve significant risks, assumptions, and uncertainties, including statements relating to the market opportunity and future business prospects of Stifel Financial Corp., as well as Stifel, Nicolaus & Company, Incorporated and its subsidiaries (collectively, “SF” or the “Company”). These statements can be identified by the use of the words “may,” “will,” “should,” “could,” “would,” “plan,” “potential,” “estimate,” “project,” “believe,” “intend,” “anticipate,” “expect,” and similar expressions. In particular, these statements may refer to our goals, intentions, and expectations, our business plans and growth strategies, our ability to integrate and manage our acquired businesses, estimates of our risks and future costs and benefits, and forecasted demographic and economic trends relating to our industry.

You should not place undue reliance on any forward-looking statements, which speak only as of the date they were made. We will not update these forward-looking statements, even though our situation may change in the future, unless we are obligated to do so under federal securities laws.

Actual results may differ materially and reported results should not be considered as an indication of future performance. Factors that could cause actual results to differ are included in the Company’s annual and quarterly reports and from time to time in other reports filed by the Company with the Securities and Exchange Commission and include, among other things, changes in general economic and business conditions, actions of competitors, regulatory and legal actions, changes in legislation, and technology changes.

Use of Non-GAAP Financial Measures

The Company utilized non-GAAP calculations of presented net revenues, compensation and benefits, non-compensation operating expenses, income before income taxes, provision for income taxes, net income, compensation and non-compensation operating expense ratios, pre-tax margin and diluted earnings per share as an additional measure to aid in understanding and analyzing the Company’s financial results for the three and twelve months ended December 31, 2015. Specifically, the Company believes that the non-GAAP measures provide useful information by excluding certain items that may not be indicative of the Company’s operating results and business outlook. The Company believes that these non-GAAP measures will allow for a better evaluation of the operating performance of the business and facilitate a meaningful comparison of the Company’s results in the current period to those in prior periods and future periods. Reference to these non-GAAP measures should not be considered as a substitute for results that are presented in a manner consistent with GAAP. These non-GAAP measures are provided to enhance investors' overall understanding of the Company’s financial performance.

Market Overview

4

Market Overview

Active

Domestic

Passive

Domestic

Total

Domestic

Active

International

Passive

International

Total

International

Cumulative

Total

2015 Q4 (57,201) 45,834 (11,367) (18,697) 30,103 11,406 39

2015 Q3 (40,520) 9,051 (31,469) 3,233 29,095 32,328 860

2014 Q4 (42,205) 63,666 21,460 (10,190) 16,312 6,122 27,582

2015 (179,267) 128,715 (50,552) 27,512 167,416 194,928 144,377

2014 (98,633) 145,125 46,492 57,004 76,982 133,986 180,479

Net Flows - Mutual Funds + ETFs ($ millions)

Note: Volumes are in million $, except trading volumes which are in million shares. 1Q15 data as of 3/18/16. ¹1Q16 underwriting volumes and M&A data assumes a full quarter run rate based on data through 3/18/16. Source: Dealogic, SIFMA, Bloomberg, Strategic Insight Simfund and KBW Research.

Rates

S&P 500 Dow

U.S. 10yr

Yield VIX

Equity

ADV

Corporate

Bond ADV

U.S. ECM

($)

U.S. DCM

($)

Municipal

Bond DCM

($)

U.S.

Announced

M&A ($)

U.S.

Completed

M&A ($)

2016 Q1 - TD 2,050 17,602 1.88% 14.0 8,840 27,615 44,149 514,818 66,019 270,098 400,640

2015 Q4 2,044 17,425 2.30% 18.2 7,050 20,387 41,198 471,474 81,653 825,550 417,936

2015 Q1 2,068 17,776 1.92% 15.3 6,916 24,777 90,047 645,658 105,903 415,733 423,541

1Q/4Q ∆ 0% 1% -42 bps -23% 25% 35% 7% 9% -19% -67% -4%

1Q/1Q ∆ -1% -1% -4 bps -8% 28% 11% -51% -20% -38% -35% -5%

Market Valuations Underwriting Volumes and M&A¹Volatility / Volumes

Our Strategy

6

Strategic Vision

To build a premier wealth management and investment banking firm

2,891 financial advisors in

over 360 branches with

more than $200B in client

assets

Private Client

Asset Management

Bank

$24B in total assets

managed through various

strategies

Equities Sales + Trading

$7.3B in assets funded by

client deposits

Global Wealth Management Institutional

Fixed Income Sales + Trading

Investment Banking

Research

Experienced sales force with

extensive distribution capabilities

Comprehensive platform including research,

strategy and DCM teams

Over 350 professionals

with extensive experience across all

products and industry verticals

Largest research

platform with over 1,450 U.S.

and 290 European

stocks covered

7

A History of Growth

2005 Legg Mason’s

Capital Markets Division Acquired

2008 Butler Wick

2009 56 UBS Private Client Branches

Acquired

2010 Thomas Weisel

Partners

2007 Ryan Beck

Acquisition Stifel Bank & Trust

2011 Stone &

Youngberg

2012 Miller

Buckfire

2013 Knight Capital Group’s Fixed

Income Division

2014 De La Rosa,

Oriel Securities, 1919 Investment Counsel,

Merchant Capital

2013 Keefe, Bruyette

& Woods Acquisition

2013 Acacia Bank & Ziegler Lotsoff

2015 Barclays Wealth &

Investment Management, Sterne Agee,

Sidoti Joint Venture, Leumi Partners

Collaboration Agreement

As of 3/11/16.

2016 Eaton Partners

ISM Capital

Mar-06

Mar-07

Mar-08

Mar-09

Mar-10

Mar-11

Mar-12

Mar-13

Mar-14

Mar-15

Mar-16

(100%)

(50%)

0%

50%

100%

150%

200%

250%

300%

8

Balance Sheet Growth

$ in millions

Stifel has resumed growth and has the potential to further leverage existing capital base

Acquisition Philosophy and Updates

10

Acquisition Philosophy

Acquisition Philosophy

Strategic combinations need to be accretive to:

Shareholders

Expected revenue and EPS growth in a reasonable timeframe Financial metrics:

1. Ascertain our view of enterprise value 2. Determine the split of value between shareholders and employees

a) Capitalize purchase price to shareholders in excess of assets acquired (i.e. Goodwill, typically tax deductible)

b) Expense as compensation amount of enterprise value paid to employees (usually stock based grants to employees)

c) Structure transaction to accelerate tax benefits 3. Take merger charges for non comp expense redundancies 4. Run ongoing enhanced payouts to employees (typically broker notes or

stock grants) through GAAP expense

Associates

Add additional capabilities and new geographies

Clients

Be more relevant and expand product offerings

New partners

Retain authority coupled with the stability of Stifel’s size and scale

11

$147 million total pre-tax investment, as follows:

Non-GAAP charges, including stock-based compensation, assumed legacy broker notes, and integration expenses

Goodwill in excess of net assets acquired

$100 million total NPV after-tax investment

Newly issued Stifel broker note amortization will be included in the non-GAAP return analysis

Barclays Overview

Transaction Overview Financial Projections

Return Analysis (Non-GAAP)

$1.2 billion in bank assets and $0.9 million in margin loans

$2.1 billion in total assets

Equity required to support the business of $190 million

Minimum tier 1 leverage capital of 7.5% plus goodwill

Balance Sheet Acquired

Revenue range of $160-$190 million

Pre-tax margins of 20% - 25% (inclusive of amortization on newly issued Stifel broker notes)

Non-GAAP charges:

$13 million

$78 million

$24 million

$115 million pre-tax

Return on investment (after-tax) of 19% - 29%

Return on equity of 10% - 15%

$115 million

$32 million

12

Non-GAAP Deal Integration Expenses

Stifel Overview

14

Stifel – Premier Investment Bank and Wealth Management Firm

Largest U.S. equity research platform

Broad product portfolio & industry expertise

Stifel at a Glance Non-GAAP Net Revenue - $2,335 million (2015)

Global Wealth Management (GWM) Net Revenue - $1,377 million (2015)

Private Client Stifel Bank & Trust

Margin and Securities-based Lending Asset Management

Institutional Group (IG) Net Revenue - $976 million (2015)

Equity & Fixed Income Capital Raising M&A Advisory / Restructuring Institutional Equity and Fixed Income Brokerage Independent Research

Low leverage (4.0x) (1) (2), $2.5 billion stockholders’ equity (2) and $2.2 billion market capitalization (3)

32% Insider ownership aligns employees' interests with other shareholders (4)

Over 7,100 associates(2)

Balanced business mix (59% GWM / 41% IG) (2015 net revenues)

National presence with over 2,800 financial advisors(2)

Largest U.S. equity research platforms with 1,500 stocks under coverage(3)

Broad investment banking and institutional sales and trading capabilities – domestic and international

(1) Assets / equity (as adjusted). (2) As of 12/31/2015. (3) As of 3/4/2016. (4) Insider ownership percentage includes all fully diluted shares, units outstanding and options outstanding, as of 11/11/2015.

15

Bulge Bracket Boutique

Leading broker-dealer providing wealth management and institutional services to consumers and companies

Stifel’s Differentiated Value Proposition: Growth, Scale and Stability

Institutional Wealth Management

#6 Largest Retail Brokerage Network(2)

Size / scale

Large distribution

Trading

Retail

Issues

Lack of focus

Banker turnover

Lack of commitment

Research indifference

Lack of growth investors

Firm focus

Good research

Growth investor access

Issues

Financial / firm stability

Trading support

Few with retail

Size / scale

Firm focus

Stability (financial & personnel)

Large distribution

Trading

Outstanding research

Retail

LARGEST provider of U.S. equity research

2nd LARGEST Equity trading platform in the U.S.

outside of the Bulge Bracket firms(1)

FULL SERVICE investment banking with

expertise across products and industry sectors

ACCESS TO top ten private client platform

(1) Based on 2014 U.S. trading volume per Bloomberg. (2) Source: SIFMA and publicly available information for U.S. brokerage networks. Includes investment banks only.

Stifel figures do not reflect pending Barclays transaction.

Bank of America Merrill Lynch

10 Janney Montgomery Scott 738

Rank Firm Brokers

1 19,417

2 Morgan Stanley Wealth Management 16,316

3 Wells Fargo Securities 15,212

4 UBS 7,119

5 Raymond James 5,700

6 Stifel 2,891

7 RBC Capital Markets 2,000

8 JPMorgan 1,506

9 Oppenheimer & Co Inc 1,390

16

Well-diversified, low risk business model with balanced retail and institutional exposure

16

Unburdened by capital constraints

Low leverage business model and conservative risk management

Limited balance sheet risk

Stable wealth management business is augmented by profitable and growing institutional business

Drive revenue synergies by leveraging the wealth management and institutional business

Net Revenues

2014 2015

Non-GAAP Operating Contribution

2014 2015

Balanced business model facilitates growth in all market environments

Note: Net revenues and operating contribution percentages excludes the Other segment.

17

(1) CAGR reflects years 2006 through 2015. (2) Book Value Per Share adjusted for April 2011 three-for-two stock split (2006-2010).

CAGR: 18% CAGR: 24%

Non-GAAP Net Revenues ($MM)(1) Non-GAAP Net Income ($MM)(1) Total Equity ($MM) (1)

Total Client Assets(1) ($BN) Book Value Per Share(1) (2)

CAGR: 20% CAGR: 19% CAGR: 31%

A Stable Track Record Through Multiple Business Cycles

Financial Crisis Financial Crisis

Global Wealth Management

19 (1) Includes Independent Contractors.

Global Wealth Management (GWM)

Provides Securities Brokerage Services and Stifel Bank Products

Net Revenues ($MM) Operating Contribution ($MM)

Overview National Presence

Grown from 600+ financial advisors in 2005 to over 2,800(1) financial advisors currently

Proven organic growth and acquirer of private client business

Strategy of recruiting experienced advisors with established client relationships

Expanding U.S. footprint

20

Building Scale and Capabilities into a $1.4B Revenue Segment…

Private Client – 350 financial advisors and support Revenue production has exceeded expectations October 2009

Bank holding company Grown assets from ~ $100M to $7.3B April 2007

Private Client – 75 financial advisors Public Finance December 2008

56 UBS Branches

Private Client – 400 financial advisors Capital Markets February 2007

Asset Management Over $4 billion in assets November 2013

One-branch community bank; 95% of loan portfolio sold in 3Q15

October 2013

Customized investment advisory and trust services November 2014

Private Client

Asset Management

Bank

~100 advisors managing over $20B in AUM December 2015

21

(1) Includes Independent Contractors.

Key Operating Metrics

Accounts

Financial Advisors(1)

Total Client Assets ($MM)

Branches

GWM - Private Client Group

22

GWM - Stifel Bank & Trust

Investment Portfolio(2) Loan Portfolio(3) (Gross)

Acquired FirstService Bank, a St. Louis-based, Missouri-chartered commercial bank, in April 2007

Stifel Financial became a bank holding company and financial services holding company

Balance sheet growth with low-risk assets

Funded by Stifel Nicolaus client deposits

Maintain high levels of liquidity

Overview Key Statistics (12/31/15)

Interest Earnings Assets(1)

Note: Data as of 12/31/15. (1) Average interest earning assets as of 12/31/15. (2) Non-agency MBS makes up less than 1% of Investment Portfolio. (3) Other includes construction and land, consumer loans, and home equity lines of credit. (4) NPAs include: nonaccrual loans, restructured loans, loans 90+ days past due, and other real estate owned.

$5.2 Bn $3.5 Bn $3.2 Bn

Total assets $7,275,308

Total deposits 6,638,359

Total equity 441,918

ROAA 1.31%

ROAE 17.2%

Tier 1 Risk Based Capital 13.65%

Total Risk Based Capital 14.56%

NPAs / Assets 0.03%

Growing Asset Management Capabilities

Total Assets: $24.0 Billion¹

Assets* $10.4 Billion $9.8 Billion $2.2 Billion $648 Million $914 Million

Offices Chicago St. Louis

Milwaukee New York

San Francisco

Baltimore Cincinnati New York

Philadelphia

Baltimore New York Florham Park, NJ

¹As of 12/31/2015 EquityCompass Strategies is a research and investment advisory unit of Choice Financial Partners, Inc. (“Choice”). Choice and Ziegler Capital Management, LLC (“ZCM”) are wholly-owned subsidiaries and affiliated SEC Registered Investment Advisers of Stifel Financial Corp. (“Stifel”). Sagewood Asset Management LLC is a wholly-owned subsidiary of ZCM. 1919ic is an SEC Registered Investment Adviser and indirect subsidiary of Stifel. 1919 IC&T is an OCC-regulated national trust company that is a wholly-owned subsidiary of Stifel. Washington Crossing Advisors is a Stifel investment advisory program. Assets Under Management represents the aggregate fair value of all discretionary and non-discretionary assets, including fee-paying and non-fee-paying portfolios. Assets Under Advisement represent advisory-only assets where the firm provides a model portfolio and does not have trading authority over the assets.

Institutional Group

25

(1) Based on 2015 U.S. trading volume per Bloomberg. (2) Includes Thomas Weisel historical investment banking revenues for years 2006 through September 30, 2010. (3) 2012 includes realized and unrealized gains on the Company’s investment in Knight Capital Group, Inc. of $39.0 million.

Institutional Group

Net Revenues ($MM)(2)(3)

Fixed Income Brokerage + Investment Banking

Overview

Provides securities brokerage, trading, research, underwriting and corporate advisory services

Largest provider of U.S. Equity Research

2nd largest Equity trading platform in the U.S. outside of the Bulge Bracket(1)

Full-service Investment Bank

Comprehensive Fixed Income platform

Equity Brokerage + Investment Banking(2)

26

Building Scale and Capabilities into a $1.0B Revenue Segment…

Growth Focused Investment Banking, Research, Sales and Trading July 2010

Core of our Institutional sales, trading and research group December 2005

Fixed Income IB, Sales and Trading Private Client October 2011

FIG Investment Banking FIG Sales and Trading / Research February 2013

Restructuring advisory December 2012

Knight Fixed Income Sales and Trading – U.S. & Europe Fixed Income Research July 2013

California-based investment bank and bond underwriter April 2014

UK-based full service investment bank July 2014

Expands Public Finance in Southeast December 2014

Equities

Fixed Income

Investment Banking

Highly complementary fixed income platforms June 2015

One of the largest, global fund placement and advisory firms January 2016

Enhances European debt capital markets capabilities February 2016

27

Institutional Group – Investment Banking

Accomplished U.S. Equity Underwriting Franchise – All Equity Transactions

Bookrun Equity Deals Since 2010 All Managed Equity Deals Since 2010

($ in billions) # of $

Rank Firm Deals Volume

1 Bank of America Merrill Lynch 1,355 $761.3

2 JPMorgan 1,326 $752.7

3 Citi 1,236 $753.4

4 Morgan Stanley 1,203 $731.2

5 Barclays 1,111 $636.8

6 Credit Suisse 1,088 $628.8

7 Deutsche Bank 1,055 $598.7

8 Wells Fargo Securities 1,005 $556.8

9 Goldman Sachs 999 $648.0

10 Stifel / KBW 994 $318.2

11 RBC Capital Markets 965 $459.9

12 UBS 760 $424.3

13 Raymond James & Associates 711 $309.5

14 Piper Jaffray & Co 610 $242.3

15 Jefferies LLC 562 $134.7

16 Robert W Baird & Co 533 $147.7

17 JMP Securities LLC 484 $89.0

18 Oppenheimer & Co Inc 463 $114.6

19 Cowen & Company LLC 455 $90.2

20 William Blair & Co LLC 425 $111.1

($ in billions) # of $

Rank Firm Deals Volume

1 Bank of America Merrill Lynch 1,246 $143.6

2 JPMorgan 1,193 $154.8

3 Morgan Stanley 1,108 $159.3

4 Citi 1,094 $147.3

5 Barclays 937 $126.7

6 Goldman Sachs 916 $147.0

7 Credit Suisse 906 $116.2

8 Deutsche Bank 813 $92.1

9 Wells Fargo Securities 743 $58.0

10 UBS 552 $54.6

11 RBC Capital Markets 477 $35.1

12 Jefferies LLC 465 $25.8

13 Stifel / KBW 341 $16.6

14 Raymond James & Associates 231 $10.6

15 Piper Jaffray & Co 221 $9.0

16 Cowen & Company LLC 212 $7.6

17 Leerink Partners LLC 158 $7.1

18 Roth Capital Partners 136 $2.4

19 Robert W Baird & Co 131 $5.3

20 BMO Capital Markets 120 $7.7

Source: Dealogic. Rank eligible SEC registered IPOs and Follow-On offerings since 2010. Includes demutualizations. As of 2/29/16. Overlapping deals between Stifel and its acquired firms have been removed. Note: $ Volume represents full credit to underwriter for All Managed Equity Deals and apportioned credit to bookrunner for Bookrun Equity Deals. Bold font indicates middle-market firms.

28

U.S. Equity Research Coverage (1)

Coverage Balanced Across All Market Caps (1)

Institutional Group – Research

Stifel Research Highlights

28

Largest U.S. Equity Research Platform

Largest provider of U.S. Equity Research

Largest provider of U.S. Small Cap Research²

#1 U.S. provider of Financial Services coverage

Only firm ranked in the Top 12 each year for the last ten years in the Wall Street Journal’s “Best on the Street” Survey

Small Cap 37%

Mid Cap 35%

Large Cap 29%

(1) Source: StarMine rankings as of 2/29/16. Overall coverage includes only companies with a rating & domiciled in the U.S. Does not include Closed End Funds. Small Cap includes market caps less than $1 billion; Mid Cap includes market caps less than $5 billion.

(2) Small Cap includes market caps less than $1 billion. Note: Bold font indicates middle-market firms.

Companies Under Coverage

Rank Firm Overall Mid Cap Small Cap

1 Stifel/KBW 1,389 473 507

2 JPMorgan 1,141 404 225

3 BofA Merrill Lynch 1,087 424 195

4 Wells Fargo 1,025 377 231

5 Barclays 975 330 156

6 Goldman Sachs 969 331 120

7 Raymond James 957 333 322

8 Jefferies 945 327 239

9 Morgan Stanley 937 308 149

10 Citi 917 305 157

11 Credit Suisse 913 287 191

12 Deutsche Bank 894 289 165

13 RBC Capital Markets 871 305 163

14 UBS 810 229 130

15 Piper Jaffray 719 227 263

16 Cowen 677 199 214

17 Robert W. Baird & Co 673 239 159

18 Suntrust Robinson Humphrey 617 254 161

19 William Blair & Co 586 202 194

20 Evercore 557 154 63

21 Keybanc 551 263 131

22 Macquarie 524 193 115

23 Morningstar 493 116 24

24 BMO Capital Markets 486 149 87

25 Oppenheimer 469 143 136

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Institutional Equity Sales Equity Trading

Institutional Group – Equity Sales and Trading

29

Extensive Distribution Network

Powerful Platform Spanning North America and Europe

Relationships with over 3,500 institutional accounts globally

Active daily market maker in over 3,700 stocks

Traded over 11.1 billion shares in 2015

Complete coverage of North America and Europe for North American listed equities

Major liquidity provider to largest equity money management complexes

Multi-execution venues: high-touch, algorithms, program trading, and direct market access

Dedicated convertible sales, trading, and research desk

28 sales traders located in

Baltimore, New York, Boston, Dallas, San Francisco, and London

12 position traders covering each major industry

10 specialized traders focused on: Option Trading

Profitable model with advantages of scale

84 person sales force, commission-based

Experts in small and mid cap growth and value

Team-based sales model with 2 - 4 coverage sales people per account

Team leaders have an average of 15 years experience

Offices in all major institutional markets in North America & Europe

Accounts range from large mutual funds to small industry-focused investors

Managed approximately 600 non-deal roadshow days in 2015

Extensive experience with traditional and overnight corporate finance transactions

30

Overview

Institutional Group – Fixed Income Capital Markets

Client Distribution (1)(2)

Platform & Products

(1) Client Distribution is as of 2/18/2016 (2) Other category includes: Credit Union, Corporation, Hedge Fund, Pension Fund, Trust Company, Foundation, Endowment, University & Non-Profit.

Comprehensive platform

88 traders with annual client trade volume approaching $500 billion

60-person Fixed Income Research and Strategy Group

Widespread distribution

More than 240 Institutional sales professionals covering over 10,450 accounts

47 institutional fixed income offices nationwide

European offices in London and Zurich

Customer-driven

Focus on long-only money

managers and income funds,

depositories, and hedge

funds

Consistency of execution

Identification of relative

value through asset

class/security selection

US Government and Agency Securities

Mortgage-Backed Securities (MBS)

Whole Loans

Government-Guaranteed Loans

Asset-Backed Securities (ABS)

Commercial Mortgage-Backed Securities (CMBS)

Certificates of Deposit

High Yield and Distressed Credit

Loan Trading Group

Aircraft Finance & Credit Solutions

Hybrid Securities

Emerging Markets

Structured Products

Investment Grade Credit

Municipal Sales and Trading and Public Finance

UK Sales and Trading (former Knight Capital team)

Strong Fixed Income Brokerage Capabilities

Broker/Dealer 8%

Corporation 3%

Credit Union 9%

Money Manager 37% Government 7%

Bank or thrift 30%

Hedge Fund 2%

Insurance Company 3%

Trust Company 1%

Overview

Institutional Group – Public Finance

31

Stifel has ranked in the top ten nationally for senior managed negotiated underwritings for the past five years, and Stifel has ranked #1nationally for senior managed K-12 negotiated underwritings for 2015.

Stifel’s Public Finance Group ranked #1 in municipal negotiated issues in 2015

Total of 26 Public Finance offices

Nearly 150 Public Finance professionals

Public Finance Underwritings

Specialty sectors:

Education

Local Government/Municipal

Healthcare

Public-Private Partnerships/Development

Housing

Source: Thomson Reuters: SDC (True Economics to Book) Ranked by number of transactions.

Negotiated

Number Par Amount Number Par Amount

Senior Manager /

Private Placement 1,034 $19,748,734,435 630 $11,859,513,756

Co-Manager 255 $38,093,821,434 174 $34,775,092,051

Total 1,289 $57,842,555,869 804 $46,634,605,807

Competitive

Number Par Amount Number Par Amount

Senior Manager /

Private Placement 67 $1,366,839,997 65 $3,357,904,999

Co-Manager 405 $21,171,265,616 345 $9,258,771,169

Total 472 $22,538,105,613 410 $12,616,676,168

2015 Full Year 2014 Full Year

2015 Full Year 2014 Full Year

Financial Information

33

($ in thousands, except per share amounts) Non-GAAP Adjustments GAAP 12/31/14 % Change 9/30/15 % Change

Total revenues 594,403$ (632)$ 593,771$ 590,675$ 0.6% 601,371$ (1.2%)

Interest expense 12,067 418 12,485 12,560 (3.9%) 9,764 23.6%

Net revenues 582,336 (1,050) 581,286 578,115 0.7% 591,607 (1.6%)

Compensation and benefits 377,427 21,539 398,966 355,584 6.1% 372,023 1.5%

Non-comp operating expenses 147,616 23,622 171,238 132,792 11.2% 147,632 0.0%

Total non-interest expenses 525,043 45,161 570,204 488,376 7.5% 519,655 1.0%

Income before income taxes 57,293 (46,211) 11,082 89,739 (36.2%) 71,952 (20.4%)

Provision for income taxes 17,082 (17,172) (90) 31,299 (45.4%) 24,247 (29.6%)

Net income 40,211$ (29,039)$ 11,172$ 58,440$ (31.2%) 47,705$ (15.7%)

Earnings per diluted common share 0.51$ (0.37)$ 0.14$ 0.75$ (32.0%) 0.60$ (15.0%)

Weighted average number of shares outstanding:

Diluted shares oustanding 79,355 77,540 2.3% 79,759 (0.5%)

Ratios to net revenues :

Compensation and benefits 64.8% 68.6% 61.5% 62.9%

Non-comp operating expenses 25.4% 29.5% 23.0% 24.9%

Income before income taxes 9.8% 1.9% 15.5% 12.2%

Three Months Ended December 31, 2015 Three Months Ended

Stifel Financial Results

Three months ended December 31, 2015

(1) (2) (2)

(1) Adjustments consist primarily of acquisition related expenses, which management believes are duplicative and will be eliminated, stock-based compensation and other expenses which in management’s view are not representative of on-going business.

(2) Results for the three months ended December 31, 2014 and September 30, 2015 are non-GAAP.

34

Stifel Financial Results

Year ended December 31, 2015

($ in thousands, except per share amounts) Non-GAAP Adjustments GAAP 12/31/14 % Change

Total revenues 2,377,623$ (630)$ 2,376,993$ 2,254,747$ 5.4%

Interest expense 42,236 3,163 45,399 41,977 0.6%

Net revenues 2,335,387 (3,793) 2,331,594 2,212,770 5.5%

Compensation and benefits 1,472,090 96,772 1,568,862 1,378,018 6.8%

Non-comp operating expenses 560,334 60,831 621,165 497,480 12.6%

Total non-interest expenses 2,032,424 157,603 2,190,027 1,875,498 8.4%

Income before income taxes 302,963 (161,396) 141,567 337,272 (10.2%)

Provision for income taxes 109,902 (60,671) 49,231 126,840 (13.4%)

Net income 193,061$ (100,725)$ 92,336$ 210,432$ (8.3%)

Earnings per diluted common share 2.46$ (1.28)$ 1.18$ 2.76$ (10.9%)

Weighted average number of shares outstanding:

Diluted shares oustanding 78,554 76,376 2.9%

Ratios to net revenues :

Compensation and benefits 63.0% 67.3% 62.3%

Non-comp operating expenses 24.0% 26.6% 22.5%

Income before income taxes 13.0% 6.1% 15.2%

Year Ended December 31, 2015 Year Ended (1) (2)

(1) Adjustments consist primarily of acquisition related expenses, which management believes are duplicative and will be eliminated, stock-based compensation and other expenses which in management’s view are not representative of on-going business.

(2) Results for the year ended December 31, 2014 are Core (non-GAAP).

35

Source of Revenues

($ in thousands) 12/31/15 12/31/14

%

Change 9/30/15

%

Change 12/31/15 12/31/14

%

Change

Commissions 187,287$ 180,127$ 4.0% 194,083$ (3.5%) 749,536$ 690,197$ 8.6%

Principal transactions 107,464 91,617 17.3% 95,593 12.4% 389,319 409,929 (5.0%)

Brokerage revenues 294,751 271,744 8.5% 289,676 1.8% 1,138,855 1,100,126 3.5%

Capital raising 70,168 68,533 2.4% 68,997 1.7% 307,571 289,313 6.3%

Advisory 32,643 103,423 (68.4%) 49,756 (34.4%) 195,481 273,491 (28.5%)

Investment banking 102,811 171,956 (40.2%) 118,753 (13.4%) 503,052 562,804 (10.6%)

Asset mgt and service fees 129,319 105,962 22.0% 130,636 (1.0%) 493,761 386,001 27.9%

Other 18,251 (3,960) (560.9%) 18,930 (3.6%) 62,224 14,785 320.9%

Total operating revenues 545,132 545,702 (0.1%) 557,995 (2.3%) 2,197,892 2,063,716 6.5%

Interest revenue 48,639 44,934 8.2% 43,376 12.1% 179,101 185,969 (3.7%)

Total revenues 593,771 590,636 0.5% 601,371 (1.3%) 2,376,993 2,249,685 5.7%

Interest expense 12,485 12,560 (0.6%) 9,796 27.4% 45,399 41,261 10.0%

Net revenues 581,286$ 578,076$ 0.6% 591,575$ (1.7%) 2,331,594$ 2,208,424$ 5.6%

Three Months Ended Year Ended

36

Brokerage and Investment Banking Revenues

($ in thousands) 12/31/15 12/31/14 % Change 9/30/15 % Change 12/31/15 12/31/14 % Change

Global Wealth Management 166,339$ 160,112$ 3.9% 169,319$ (1.8%) 652,681$ 638,502$ 2.2%

Institutional Group

Equity brokerage 54,837 67,377 (18.6%) 59,769 (8.3%) 235,155 250,224 (6.0%)

Fixed income brokerage 73,574 44,255 66.3% 60,588 21.4% 251,019 211,400 18.7%

Total Institutional Group 128,411 111,632 15.0% 120,357 6.7% 486,174 461,624 5.3%

Total brokerage revenues 294,750 271,744 8.5% 289,676 1.8% 1,138,855 1,100,126 3.5%

Investment Banking:

Capital raising

Equity 40,536 47,459 (14.6%) 36,615 10.7% 177,486 217,419 (18.4%)

Fixed income 29,632 21,074 40.6% 32,382 (8.5%) 130,085 71,894 80.9%

Total capital raising 70,168 68,533 2.4% 68,997 1.7% 307,571 289,313 6.3%

Advisory fees 32,643 103,423 (68.4%) 49,756 (34.4%) 195,481 273,491 (28.5%)

Total Investment banking 102,811$ 171,956$ (40.2%) 118,753$ (13.4%) 503,052$ 562,804$ (10.6%)

Three Months Ended Year Ended

37

Non-GAAP Non-Interest Expenses(1)

(1) Excludes adjustments for duplicative items associated with the integration of acquired businesses (merger-related expenses).

38

Global Wealth Management

($ in thousands) 12/31/15 12/31/14 % Change 9/30/15 % Change 12/31/15 12/31/14 % Change

Commiss ions 128,395$ 115,351$ 11.3% 134,476$ (4.5%) 504,206$ 453,730$ 11.1%

Principal transactions 37,944 44,761 (15.2%) 34,843 8.9% 148,475 184,772 (19.6%)

Brokerage revenues 166,339 160,112 3.9% 169,319 (1.8%) 652,681 638,502 2.2%

Asset management & service fees 130,382 105,511 23.6% 129,032 1.0% 492,814 385,182 27.9%

Net interest 42,187 40,236 4.8% 36,326 16.1% 154,389 154,694 (0.2%)

Investment banking 8,313 9,721 (14.5%) 10,146 (18.1%) 43,687 45,472 (3.9%)

Other income (5) (4,600) * 12,483 * 33,742 8,801 283.4%

Net revenues 347,216 310,980 11.7% 357,306 (2.8%) 1,377,313 1,232,651 11.7%

Compensation and benefi ts 198,137 180,491 9.8% 203,959 (2.9%) 781,573 703,679 11.1%

Non-comp operating expenses 57,002 46,311 23.1% 56,120 1.6% 213,614 181,994 17.4%

Total non-interest expenses 255,139 226,802 12.5% 260,079 (1.9%) 995,187 885,673 12.4%

Income before income taxes 92,077$ 84,178$ 9.4% 97,227$ (5.3%) 382,126$ 346,978$ 10.1%

Ratios to net revenues :

Compensation and benefi ts 57.1% 58.0% 57.1% 56.7% 57.1%

Non-comp operating expenses 16.4% 14.8% 15.7% 15.6% 14.8%

Income before income taxes 26.5% 27.1% 27.2% 27.7% 28.1%

Three Months Ended Year Ended

* Percentage not meaningful.

39

Stifel Bank & Trust

An Operating Unit of GWM

Actual ($) Yield (%) Actual ($) Yield (%) % Change Actual ($) Yield (%) % Change

Assets

Cash 178,075 0.25 119,501 0.31 49.0% 22,173 0.26 703.1%

Investment securities (1) 3,479,336 2.75 2,684,947 2.61 29.6% 1,749,590 2.30 98.9%

Bank loans (2) 3,449,662 3.03 2,298,929 5.18 50.1% 2,706,074 2.99 27.5%

Total interest earning assets 7,107,073 2.65 5,103,377 2.92 39.3% 4,477,837 2.68 58.7%

Liabilities

Deposits 6,638,359 0.16 4,790,084 0.08 38.6% 4,116,814 0.16 61.2%

Other liabilities (non-interest bearing) 195,031 41,867 365.8% 145,382 34.2%

Total liabilites 6,833,390 4,831,951 41.4% 4,262,196 60.3%

Net interest margin 2.50 2.75 2.53

Allowance for loan losses 29,675$ 20,731$ 43.1% 27,707$ 7.1%

Allowance as a percentage of loans (3) 0.90 % 0.94 % 1.08 %

Non-performing assets as a percentage of total assets 0.03 % 0.13 % 0.03 %

As of 12/31/15 As of 12/31/14 As of 9/30/15

Note: Actual amounts presented above are as of period-end and yields are based off of quarter-to-date averages. (1) Investment securities includes available-for-sale and held-to-maturity securities. (2) Includes loans held for sale. (3) Excluding acquired loans (purchased at fair value) of $606.8 million, $207.5 million, and $47.7 million, the allowance as a percentage of loans totaled 1.19%, 1.14%, and 1.11% as of December 31, 2015 and

2014, and September 30, 2015, respectively.

40

Institutional Group

($ in thousands) 12/31/15 12/31/14 % Change 9/30/15 % Change 12/31/15 12/31/14 % Change

Net revenues 246,325$ 276,222$ (10.8%) 232,125$ 6.1% 975,594$ 997,071$ (2.2%)

Compensation and benefi ts 143,162 169,226 (15.4%) 143,911 (0.5%) 596,561 612,330 (2.6%)

Non-comp operating expenses 62,246 59,262 5.0% 62,361 (0.2%) 237,991 219,195 8.6%

Total non-interest expenses 205,408 228,488 (10.1%) 206,272 (0.4%) 834,552 831,525 0.4%

Income before income taxes 40,917$ 47,734$ (14.3%) 25,853$ 58.3% 141,042$ 165,546$ (14.8%)

Ratios to net revenues :

Compensation and benefi ts 58.1% 61.3% 62.0% 61.1% 61.4%

Non-comp operating expenses 25.3% 21.4% 26.9% 24.4% 22.0%

Income before income taxes 16.6% 17.3% 11.1% 14.5% 16.6%

Three Months Ended Year Ended

41

Non-GAAP Other Segment

Year-Over-Year Change

42 (1) Debt to equity ratio includes the debentures to Stifel Financial Capital Trusts and Senior Notes divided by stockholders’equity.

Capital Structure

As of

($ in thousands) 12/31/15 12/31/14 9/30/15

Total Assets 13,335,915$ 9,518,151$ 9,359,179$

Stockholders' Equity 2,492,416 2,322,038 2,493,090

4.250% senior notes, due 2024 300,000$ 300,000$ 300,000$

5.375% senior notes, due 2022 150,000 150,000 150,000

3.50% senior notes, due 2020 300,000 - -

6.70% senior notes, due 2022 - 175,000 -

Debentures to Stifel Financial Capital Trusts II, III, & IV 82,500 82,500 82,500

Total Capitalization 3,324,916$ 3,029,538$ 3,025,590$

Ratios:

Debt to Equity (1) 33.4% 30.5% 21.4%

Tier 1 Leverage Ratio 16.6% 16.5% 16.4%

Tier 1 Risk Based Capital Ratio 26.3% 25.0% 29.4%

As of

43

Share Repurchases

Shares Avg. Price Cost

Through 9/30/15 1,224,000 42.40$ 51,893,616$

Since 9/30/15 3,258,000 39.99$ 130,302,925

Total 4,482,000 40.65$ 182,196,541$

9.1 Million Shares Remain Under The Current Authorization