SO DEF 14A Report ended May 24, 2017

Cecily M. Mistarz Retired, Former Executive Vice President and U.S. Chief Risk Officer, BMO Financial Group

Key Experience and Qualifications • Banking and financial services: Over 25 years of experience with unaffiliated banks • Raymond James Bank insights: Seventeen years as a director of Raymond James Bank, a significant part of our business • Entrepreneurial experience: Perspective of an entrepreneur and consumer of business-related financial services

The Board believes it is in the company’s best interests to periodically evaluate its leadership structure and make a determination regarding whether to separate or combine the roles of chair and chief executive officer based on circumstances at the time of its evaluation. By retaining flexibility to adjust the company’s leadership structure, the Board believes that it is best able to provide for appropriate management and leadership of the company and to address any circumstances the company may face. Since 2017, our CEO, Mr. Paul Reilly, has also served as Chair of the Board. The Board has concluded that, during a transition period following Paul Shoukry's appointment as chief executive officer effective at the end of the Annual Meeting, a division between chair and chief executive officer duties is the most appropriate leadership structure for the company. Nevertheless, the Board may reassess the appropriateness of this structure at any time, including following future changes in Board composition, in management, or in the character of the company’s business and operations.

The Board believes it is in the company’s best interests to periodically evaluate its leadership structure and make a determination regarding whether to separate or combine the roles of chair and chief executive officer based on circumstances at the time of its evaluation. By retaining flexibility to adjust the company’s leadership structure, the Board believes that it is best able to provide for appropriate management and leadership of the company and to address any circumstances the company may face. Since 2017, our CEO, Mr. Paul Reilly, has also served as Chair of the Board. The Board has concluded that, during a transition period following Paul Shoukry's appointment as chief executive officer effective at the end of the Annual Meeting, a division between chair and chief executive officer duties is the most appropriate leadership structure for the company. Nevertheless, the Board may reassess the appropriateness of this structure at any time, including following future changes in Board composition, in management, or in the character of the company’s business and operations.

The Board also believes that independent leadership is important, and it has appointed an independent director, Jeffrey N. Edwards, who has served as our lead director (“Lead Director”) since February 2023. The Board has structured the role of our Lead Director to strike an appropriate balance to both the Chair and the CEO roles and to fulfill the important requirements of independent leadership of the Board. The Board has approved a charter for the Lead Director, which provides that the Lead Director is elected by the independent directors for a renewable term of three years. The charter also sets forth the Lead Director’s specific responsibilities, including to: • preside at Board meetings in the absence of the Chair, subject to the By-laws • review and approve Board meeting agendas and schedules • advise on information submitted to the Board • serve as liaison for communication between non-executive directors and shareholders • communicate individual performance feedback from Board peer evaluations in private meetings with each director • preside over executive sessions of non-executive directors • recommend topics for Board consideration • serve as a liaison between non-executive directors and the Chair • with the N&CG Committee, facilitate the Board’s annual evaluation process • assist the N&CG Committee in conducting its performance evaluation of the CEO, and in CEO succession planning The Charter of the Lead Director, which is available on the company’s website, provides a more detailed description of the role and responsibilities, qualifications, and the procedures for appointment of, the Lead Director.

For participants in the Raymond James Employee Stock Ownership Plan (the “ESOP”), your shares will be voted as you instruct the trustee of the ESOP. There are three ways to vote: via the Internet, by returning your proxy card, or by telephone. Please follow the instructions included on your proxy card on how to vote using one of the three methods. Your vote will serve as voting instructions to the trustee of the ESOP for shares allocated to your account. If you do not vote shares allocated to your account held in the ESOP, your shares will nevertheless be voted by the trustee in the same proportion as it votes the shares of ESOP participants who have instructed the trustee on how to vote. You cannot vote your ESOP shares at the meeting. To allow sufficient time for voting by the trustee of the ESOP, your voting instructions must be received no later than 5:00 p.m. Eastern Time on February 17, 2025.

Audit Committee The Board has affirmatively determined that each member of the Audit Committee is “independent” under NYSE and SEC rules. The Board has further determined that each member of the Audit Committee is “financially literate” and that each of Ms. Debel, Ms. Gates, Mr. McGeary and Ms. Mistarz qualifies as an “audit committee financial expert” and has “accounting or related financial management expertise” under applicable NYSE or SEC rules.