Investor Presentation

June 2017

Disclaimer

2

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 certain non-GAAP calculations as additional measures to aid in understanding and analyzing the Company’s financial results for the three months ended March 31, 2017. 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 core 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 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 current financial performance. The non-GAAP financial information should be considered in addition to, not as a substitute for or as being superior to, operating income, cash flows, or other measures of financial performance prepared in accordance with GAAP. These non-GAAP measures primarily exclude expenses which management believes are, in some instances, non-recurring and not representative of ongoing business. Management has not included costs which they believe are duplicative in the analysis below, which is a change from prior periods.

A limitation of utilizing these non-GAAP measures is that the GAAP accounting effects of these charges do, in fact, reflect the underlying financial results of the Company’s business and these effects should not be ignored in evaluating and analyzing its financial results. Therefore, the Company believes that GAAP measures and the same respective non-GAAP measures of the Company’s financial performance should be considered together.

3

Our Strategy

Strategic Vision

4

To build a premier wealth management and investment banking firm

Global Wealth Management Institutional

Private Client

2,299 financial advisors in 360 branches with

more than $225B in client

assets

Asset Management

$27B in total assets

managed through various

strategies

Bank

$13B in assets funded by client

deposits

Equities Sales + Trading

Fixed Income Sales + Trading

Investment Banking

Research

Experienced sales force with

extensive distribution capabilities

Comprehensive platform including research,

strategy and DCM teams

Over 400 professionals with extensive

experience across all

products and industry verticals

Largest research

platform with approximately 1,200 U.S. and 290 European

stocks covered

A History of Growth

5

$247 $264$452

$763$870

$1,091

$1,382 $1,393

$1,594

$1,973$2,208

$2,332

$2,575

$676

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Net R

evenu

es ($M

M)2005

Legg Mason’s Capital Markets Division

2008 Butler Wick

2009 56 UBS Private Client

Branches

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

2013 Acacia Bank & Ziegler

Lotsoff

2015 Barclays Wealth & Investment

Management, Sterne Agee,

Sidoti Joint Venture, Leumi Partners Collaboration

Agreement

2016 Eaton Partners

ISM Capital

* 2017 Net Revenue annualized based on YTD17 results

2017 City Securities

Driving Shareholder Value Through Deal Integration &

Balance Sheet Growth

6

7

Infrastructure

Build

Balance Sheet Growth

$-

$5,000

$10,000

$15,000

$20,000

2008 2009 2010 2011 2012 2013 2014 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2018E

$1,558

$3,167

$4,213 $4,952

$6,966

$9,009 $9,518 $9,359

$13,326

$14,214

$15,386

$17,205

$19,129 $19,136

$21,000

Tota

l Ass

ets

in M

illi

ons

Ratio 2008 2009 2010 2011 2012 2013 2014 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2018E

Tier 1 Leverage 32.3% 30.5% 25.6% 21.4% 17.7% 15.4% 16.5% 16.4% 16.6% 11.6% 11.5% 11.8% 10.2% 10.1% 10.0%

Tier 1 Risk Based Capital 49.4% 40.5% 29.1% 27.4% 26.8% 26.7% 25.0% 29.4% 26.3% 21.3% 20.9% 22.0% 20.3% 20.8% 20.0%

Risk Weighting Assets Density 64.9% 56.2% 67.3% 62.7% 57.0% 50.7% 58.2% 52.0% 46.6% 49.0% 49.1% 46.2% 46.5% 45.0% 46.5%

Bank Drove Significant Balance Sheet & Revenue Growth

8

Impact of Bank Growth LTM on Consolidated Results

(mil.) 3/31/2016 3/31/2017

Total consolidated assets $14,214 $19,136

Investment securities $4,154 $6,568

Loans $3,600 $6,071

Total deposits $7,218 $11,701

Total equity $2,417 $2,778

Annualized Quarterly NII $195 $340

Tier 1 Risk Based Capital 21.3% 20.8%

Tier 1 Leverage 11.6% 10.1%

NIM (Bank) 2.47% 2.66%

ROAA (Bank) 1.27% 1.33%

ROAE (Bank) 20.1% 18.4%

NPAs/Assets 0.28% 0.21%

Bank growth has been balanced between loans and investments:

Loans:

• Comprised of securities based loans, C&I, and residential mortgages

• Focused lending to high net worth retail clients

• Effective duration of approximately 1. 6 years as of 3/31/17

AFS & HTM Investments:

• 59% of the portfolio is fully guaranteed by a US GSE or rated AAA as of 3/31/17

• Portfolio primarily GSE MBS, ABS, and Corporate bonds

• Effective duration of approximately 2 years as of 3/31/17

9

Stifel Overview

Stifel – Premier Investment Bank and Wealth Management Firm

10

Stifel at a Glance 2016 GAAP Net Revenue - $2.6 billion

Global Wealth Management (GWM) 2016 Net Revenue - $1.6 billion

Institutional Group (IG) 2016 Net Revenue - $1.0 billion

Private Client

Stifel Bank & Trust

Margin and Securities-based Lending

Asset Management

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

Low leverage (6.9x) (1) (2), $2.8 billion stockholders’ equity (2) and $3.0 billion market capitalization (3)

34% Insider ownership aligns employees' interests with other shareholders (4)

Over 7,000 associates(2)

Balanced business mix (61% GWM / 39% IG) (2016 net revenues)

National presence with 2,299 financial advisors(2)

Largest U.S. equity research platform with roughly 1,200 stocks under coverage(3)

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

(1) Assets / equity. (2) As of 3/31/2017. (3) As of 6/1/2017. (4) Insider ownership percentage includes all fully diluted shares, units outstanding and options outstanding, as of 2/17/2017.

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

11

Bulge Bracket Boutique 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

Institutional Wealth Management

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

#7 Largest Retail Brokerage Network(2)

Rank Firm Brokers

1 16,343

2

Bank of America Merrill Lynch

15,777

3 Wells Fargo Securities 14,657

4

UBS 6,969 5

Raymond James 7,222

6

Stifel 2,299 7

RBC Capital Markets 2,028 8

Oppenheimer & Co 1,159 9

JPMorgan 2,480

Morgan Stanley Wealth Management

(1) Based on 2016 U.S. trading volume per Bloomberg. (2) Source: SIFMA and publicly available information for U.S. brokerage networks. Includes investment banks only.

Well-diversified, Low Risk Business Model with Balanced Retail and Institutional Exposure

12

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

2015 2016

Operating Contribution

2015 2016

Balanced business model facilitates growth in all market environments

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

IG

41%

GWM

59%

IG

39%

GWM

61%

IG

27%

GWM

73%

IG

28%

GWM

72%

A Stable Track Record Through Multiple Business Cycles

13

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

Total Client Assets(2) ($BN) Book Value Per Share(3)

$452

$763 $870

$1,091

$1,384 $1,417

$1,594

$1,978

$2,213 $2,335

$678

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

$2,581

$220

$425

$593

$873

$1,254 $1,302

$1,495

$2,059

$2,320

$2,492

$2,738 $2,778

$0

$400

$800

$1,200

$1,600

$2,000

$2,400

$2,800

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

$35

$59 $53

$94

$114 $122

$138

$166

$187

$220

$237

$253

$0

$50

$100

$150

$200

$250

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

$8.23

$12.24

$15.12

$19.24

$24.42 $25.10

$27.24

$32.30

$35.00

$37.19

$38.84 $38.40

$0

$10

$20

$30

$40

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

(1) 2017 Non-GAAP net revenue based on annualized 1Q17 results (2) Excludes impact of sale of Sterne Agee Independent Contractor & Correspondent Clearing businesses (3) Book Value Per Share adjusted for April 2011 three-for-two stock split (2006-2010) and represents common equity per shares outstanding

14

Global Wealth Management

Global Wealth Management (GWM)

15

Provides Securities Brokerage Services and Stifel Bank Products

Overview National Presence

Grown from 600+ financial advisors in 2005 to approximately 2,300 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

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

$231

$441$471

$596

$843$908

$992

$1,117

$1,233

$1,377

$1,563

$443

$0

$400

$800

$1,200

$1,600

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

$50$96 $98

$104

$194

$235$267

$300

$347

$382

$430

$142

$0

$50

$100

$150

$200

$250

$300

$350

$400

$450

$500

$550

$600

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

* 2017 net revenue and operating contribution based on annualized results as of 3/31/2017

Building Scale and Capabilities into a $1.6B Revenue Segment

16

Private Client

Asset Management

Bank

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

Private Client – 75 financial advisors Public Finance December 2008

Private Client – 400 financial advisors Capital Markets February 2007

Asset Management Over $4 billion in assets November 2013

Customized investment advisory and trust services November 2014

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

~130 advisors managing ~ $10B in AUM June 2015

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

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

October 2013

~40 advisors managing ~$4B in AUM January 2017

GWM - Private Client Group

17

Key Operating Metrics

Accounts(1)

Financial Advisors(1)

Total Client Assets(1) ($MM)

Branches(1)

735

1,163

1,315

1,885 1,935 1,987 2,041 2,077 2,103

2,291 2,282 2,299

0

500

1,000

1,500

2,000

2,500

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

111

148

196

272 285 291

307 317

330

361 360 365

0

50

100

150

200

250

300

350

400

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

213,973

340,235 375,165

607,661 635,842 654,625

681,818 703,663

728,444

793,795 813,844 832,540

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000

900,000

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

35,446

59,299 52,733

93,845

113,585 122,466

137,855

165,570

186,558

219,900

236,942 252,448

0

50,000

100,000

150,000

200,000

250,000

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 (1) As of 3/31/2017 and excludes Legacy Sterne Agee Independent Contractor Business.

GWM – Stifel Bank & Trust

18

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

Substantial Balance sheet growth with low-risk assets

Funded by Stifel Nicolaus client deposits

Maintain high levels of liquidity

Overview Key Statistics (000s) (4)

Total assets $13,300,000

Total deposits 1,170,000

Total equity 932,000

ROAA 1.3%

ROAE 18.4%

Tier 1 Risk Based Capital 15.4%

Tier 1 Leverage 7.2%

NPAs/Assets 0.2%

Investment Portfolio(2) Loan Portfolio(3) (Gross) Interest Earnings Assets(1)

3%

49%

48%

Cash Investment Securities Loans Receivable

52%

14%

1%

31%

ABS Corporates Munis Agency MBS

27%

32%

36%

2%

4%

Securities-based lending Commercial and industrial

Residential real estate Commercial real estate

Other³

Note: Data as of 3/31/17. (1) Average interest earning assets for quarter ended 3/31/17, levels of cash elevated due to sweep of deposits at beginning of quarter. (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.

Growing Asset Management Capabilities

19

Asset Management Subsidiaries with $27.5 Billion in Client Assets

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”). 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.

Assets $11.4 Bill ion $11.0 Bill ion $3.0 Bill ion $1.8 Bill ion

Chicago Baltimore

St. Louis Cincinnati

Milwaukee New York

New York Philadelphia

San Francisco

Offices Baltimore Florham Park, NJ

20

Institutional Group

Institutional Group

21

Net Revenues ($MM)(2)(3)(4)

Fixed Income Brokerage + Investment Banking (4)

Overview

Equity Brokerage + Investment Banking (4)

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

$455

$559 $587

$668 $626

$507

$605

$861

$997 $976

$237

$1,014

$0

$300

$600

$900

$1,200

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

$401

$494

$412 $419 $425

$329 $357

$576

$675

$571 $582

$142

$0

$200

$400

$600

$800

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

$18

$54 $65

$175

$249

$201$179

$247

$285

$322

$404$432

$96

$0

$100

$200

$300

$400

$500

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

(1) Based on 2016 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. (4) 2017 revenue based on annualized results as of 3/31/2017

Equities

Fixed Income

Investment Banking

Building Scale and Capabilities into a $1.0B Revenue Segment

22

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

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

Knight

Fixed Income IB, Sales and Trading, Private Client October 2011

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

California-based investment bank and bond underwriter April 2014

Expands Public Finance in Southeast December 2014

Highly complementary fixed income platforms June 2015

Enhances European debt capital markets capabilities February 2016

FIG Investment Banking/FIG Sales and Trading / Research February 2013

Restructuring advisory December 2012

UK-based full service investment bank July 2014

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

Institutional Group – Advisory

23

2010-2017 YTD: Leadership in M&A of Public Companies and deals < $1bn.

Public Deals < $1 Billion in Value All Deals < $1 Billion in Value

Source: Dealogics M&A Analytics as of June 2017.

Note: Includes all sell-side and buy-side strategic or sponsor-backed disclosed value deals, where the deal is announced between 2010 and 2017 YTD, with a U.S. target, acquirer, acquirer subsidiary or divestor, and a final stake greater than 50%.

All

Firm

s

Mid

dle

Mar

ket F

irm

s

Rank Investment Bank Sell-side Buy-side Total Value

1 Goldman Sachs 342 219 561 $254.4

2 JPMorgan 333 227 560 250.8

3 Morgan Stanley 238 244 482 207.1

4 Bank of America Merrill Lynch 240 224 464 217.6

5 Stifel 237 208 445 69.7

6 Jefferies LLC 282 128 410 147.2

7 Barclays 178 201 379 174.6

8 Citi 194 177 371 158.4

9 Credit Suisse 182 173 355 155.8

10 Houlihan Lokey 255 87 342 66.2

Rank Investment Bank Sell-side Buy-side Total Value

1 Stifel 237 208 445 $69.7

2 Jefferies LLC 282 128 410 147.2

3 Houlihan Lokey 255 87 342 66.2

4 Sandler O'Neill & Partners 175 118 293 44.5

5 Piper Jaffray & Co 160 74 234 53.5

6 Moelis & Co 159 68 227 68.4

7 Raymond James & Associates Inc 137 87 224 34.0

8 Rothschild & Co 110 69 179 52.0

9 Robert W Baird & Co 128 37 165 38.8

10 William Blair & Co LLC 131 18 149 34.1

Rank Investment Bank Sell-side Buy-side Total Value

1 Stifel 115 192 307 $52.0

2 JPMorgan 51 196 247 107.2

3 Morgan Stanley 44 188 232 98.2

4 Bank of America Merrill Lynch 42 173 215 97.6

5 Goldman Sachs 47 167 214 92.9

6 Sandler O'Neill & Partners 110 103 213 34.4

7 Barclays 21 145 166 75.1

8 Citi 21 136 157 70.7

9 Evercore Partners Inc 29 114 143 44.0

10 Deutsche Bank 21 119 140 53.5

Rank Investment Bank Sell-side Buy-side Total Value

1 Stifel 115 192 307 $52.0

2 Sandler O'Neill & Partners 110 103 213 34.4

3 Jefferies LLC 49 77 126 48.5

4 Raymond James & Associates Inc 46 78 124 16.8

5 Houlihan Lokey 41 61 102 19.6

6 Piper Jaffray & Co 32 64 96 22.7

7 Moelis & Co 22 49 71 25.8

8 Rothschild & Co 18 49 67 20.5

9 Stephens 10 51 61 13.5

10 Macquarie Group 12 43 55 14.5

Institutional Group – Equity Underwriting

24

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

Bookrun Equity Deals Since 2010 All Managed Equity Deals Since 2010

Source: Dealogic. Rank eligible SEC registered IPOs and Follow-On offerings since 2010. Includes demutualizations. As of 5/31/2017. 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.

($ in billions) # of $

Rank Firm Deals Volume

1 JPMorgan 1,608 $890.8

2 Bank of America Merrill Lynch 1,574 $869.5

3 Citi 1,449 $860.0

4 Morgan Stanley 1,426 $833.0

5 Barclays 1,304 $726.6

6 Credit Suisse 1,295 $725.8

7 Wells Fargo Securities 1,268 $643.1

8 Goldman Sachs 1,209 $750.9

9 Deutsche Bank 1,139 $669.7

10 Stifel / KBW 1,135 $355.1

11 RBC Capital Markets 1,125 $533.1

12 Raymond James & Associates 849 $343.9

12 UBS 849 $464.9

14 Piper Jaffray & Co 711 $266.3

15 Jefferies LLC 667 $157.4

16 Robert W Baird & Co 623 $170.6

17 JMP Securities LLC 547 $104.8

18 Cowen & Company LLC 544 $105.0

19 Oppenheimer & Co Inc 515 $128.9

20 William Blair & Co LLC 494 $127.1

21 KeyBanc Capital Markets 489 $205.7

22 BMO Capital Markets 460 $179.4

23 Canaccord Genuity Corp 421 $57.1

24 SunTrust Robinson Humphrey 417 $199.8

25 Ladenburg Thalmann & Co 349 $48.2

($ in billions) # of $

Rank Firm Deals Volume

1 JPMorgan 1,458 $191.0

2 Bank of America Merrill Lynch 1,443 $166.0

3 Morgan Stanley 1,316 $187.3

4 Citi 1,283 $169.5

5 Barclays 1,109 $148.2

6 Goldman Sachs 1,108 $175.4

7 Credit Suisse 1,093 $136.5

8 Deutsche Bank 914 $102.0

9 Wells Fargo Securities 908 $69.8

10 UBS 624 $59.9

11 RBC Capital Markets 591 $46.1

12 Jefferies LLC 561 $30.7

13 Stifel / KBW 412 $19.0

14 Raymond James & Associates 288 $12.9

15 Piper Jaffray & Co 280 $10.9

16 Cowen & Company LLC 270 $9.5

17 Leerink Partners LLC 193 $8.7

18 BMO Capital Markets 178 $11.6

19 Robert W Baird & Co 170 $7.0

20 Roth Capital Partners 169 $2.8

21 Aegis Capital Corp 116 $1.4

22 KeyBanc Capital Markets 115 $6.6

23 William Blair & Co LLC 112 $4.1

24 Sandler O'Neill & Partners 102 $7.2

25 Canaccord Genuity Corp 94 $3.4

Institutional Group – Research

25

Largest U.S. Equity Research Platform

U.S. Equity Research Coverage (1)

Coverage Balanced Across All Market Caps (1)

Stifel Research Highlights

Largest provider of U.S. Equity Research

Largest provider of U.S. Small Cap Research²

#1 U.S. provider of Financial Services coverage

Ranked #1 in 2016 & 2017 Thomson Reuters StarMine Awards

Only firm ranked in the Top 10 each year for the last 11 years in the Thomson Reuter StarMine Analyst Awards

(1) Source: StarMine rankings as of 5/31/17. 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.

Companies Under Coverage

Rank Firm Overal l Mid Cap Smal l Cap

1 Stifel / KBW 1,199 427 338

2 JPMorgan 1,120 407 134

3 Wells Fargo Securities, Llc 1,073 392 166

4 BofA Merrill Lynch 1,022 383 99

5 Citi 977 317 124

6 Jefferies & Co. 921 302 185

7 Morgan Stanley 903 284 96

8 Raymond James 893 331 234

9 Barclays 888 277 84

10 Deutsche Bank Securities 856 274 95

11 Goldman Sachs 853 269 62

12 RBC Capital Markets 780 252 90

13 Credit Suisse 753 244 99

14 UBS 714 193 69

15 Robert W. Baird & Co., Inc. 677 246 119

16 Cowen And Company 650 187 186

17 Suntrust Robinson Humphrey 636 256 125

18 Piper Jaffray 629 224 184

19 Morningstar, Inc. 574 118 13

20 BMO Capital Markets 561 166 69

Large Cap

36%

Mid Cap

36%

Small Cap

28%

Institutional Group – Equity Sales and Trading

26

Powerful Platform Spanning North America and Europe

Institutional Equity Sales Equity Trading

Extensive Distribution Network

Relationships with over 3,500 institutional accounts globally

Active daily market maker in over 3,700 stocks

Traded over 7.4 billion shares in 2016

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

13 specialized traders focused on: Option Trading

Profitable model with advantages of scale

80 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 over 732 non-deal roadshow days in 2015

Extensive experience with traditional and overnight corporate finance transactions

Institutional Group – Fixed Income Capital Markets

27

Strong Fixed Income Brokerage Capabilities

Overview Client Distribution (1)(2)

Platform & Products

Comprehensive platform

125 traders with annual client trade volume approaching $500 billion

50-person Fixed Income Research and Strategy Group

Widespread distribution

More than 220 Institutional sales professionals covering over 12,000 accounts

49 institutional fixed income offices nationwide

International offices in London, Zurich and Madrid

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)

(1) Client Distribution is as of 8/10/2016 (2) Other category includes: Credit Union, Corporation, Hedge Fund, Pension Fund, Trust Company, Foundation, Endowment, University & Non-Profit.

Broker/Dealer 7%

Corporation 1%

Credit Union 1%

Money Manager 58%

Government 3%

Bank or thrift 17%

Hedge Fund 3%

Insurance Company 7%

Trust Company 1% Other 2%

Institutional Group – Public Finance

28

Overview

Stifel has ranked in the top ten nationally for senior managed negotiated underwritings for the past five years, and Stifel has ranked #1 nationally for senior managed K-12 negotiated underwritings for 2016.

Stifel’s Public Finance Group ranked #1 in municipal negotiated issues in 2016

Total of 26 Public Finance offices

Nearly 150 Public Finance professionals

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.

29

Second Quarter Update & First Quarter Review

Second Quarter Financial Update

30

Operating Environment Remains Mixed: • Institutional Segment:

• Brokerage • Negatively impacted by lower sequential industry-wide volumes , low volatility, a flatter yield curve , and tighter spreads.

• Global Wealth Management: • Brokerage

• Impacted by move to fee-based accounts as well as uncertainty regarding the current political and market environment. • Asset Management

• Positively impacted by higher equity market values, higher short-term rates, migration to fee-based accounts, and net new asset growth. • Bank

• Asset growth continues to be driven by bank earnings. • Second quarter NII benefitting from March and December rate increases.

Updated Guidance from First Quarter Earnings Conference Call: • Institutional Segment:

• 2Q17 Fixed Income Brokerage revenue is tracking 18%- 22% below our guidance from our 1Q17 earnings conference call due to headwinds from the market environment.

• Advisory pipeline remains ahead of last year’s levels and we expect that our full year 2017 results may be more weighted to the second half of the year.

• Global Wealth Management: • Bank NIM expected to be at the high end of the expected 10-12 bps sequential increase.

• Expenses: • Reiterate our annual comp. ratio range of 60.5% - 62.5% as well as our 2Q17 non-comp. range of $151 mil.- $158 mil. (ex. loan loss provisions).

• Share Repurchases: • In 2Q17TD, we repurchased 295,000 shares at an average share price of $43.83. We have 7.1 million shares remaining on our current authorization.

1st Quarter Highlights

31

Financial Highlights Non-GAAP

(000s, except per share data) 1Q17 1Q16 4Q16 1Q17

U.S. GAAP

Net revenues $675,531 $619,974 $661,391 $677,515

Compensation ratio 64.6% 66.3% 63.6% 62.3%

Non-compensation ratio 23.7% 26.6% 28.1% 22.8%

Pre-tax operating margin 11.7% 7.1% 8.3% 14.9%

Net income $65,512 $27,055 $26,880 $61,806

Preferred dividend $2,344 $2,343 $2,344

Net income available to common shareholders $63,168 $27,055 $24,537 $59,462

Earnings per diluted share available to common shareholders $0.78 $0.36 $0.31 $0.74

Three Months Ended

Brokerage & Investment Banking Revenue

32

Brokerage:

(000s) 1Q17 1Q16 % Change 4Q16 % Change

Global Wealth Management brokerage revenue $171,494 $172,965 -0.9% $160,017 7.2%#DIV/0! #DIV/0!

Institutional brokerage:

Equity 53,820 62,273 -13.6% 64,007 -15.9%

Fixed income 66,817 83,640 -20.1% 65,712 1.7%

Total institutional brokerage 120,637 145,913 -17.3% 129,719 -7.0%#DIV/0!

Total brokerage revenue $292,131 $318,878 -8.4% $289,736 0.8%

Three Months Ended

Investment banking:

(000s) 1Q17 1Q16 % Change 4Q16 % Change

Investment banking:

Capital raising:

Equity $48,812 $25,548 91.1% $48,393 0.9%

Fixed income 25,104 27,756 -9.6% 29,811 -15.8%

Total capital raising 73,916 53,304 38.7% 78,204 -5.5%

Advisory fees 52,936 47,354 11.8% 56,248 -5.9%

Total investment banking $126,852 $100,658 26.0% $134,452 -5.7%

Three Months Ended

GAAP to Non-GAAP Reconciliation Three months ended March 31, 2017

33

GAAP Resul tsThree months

ended

(000s) 03/31/17

Total GAAP Compensation & benefits expense $436,387

GAAP comp. ratio 64.6%

Total GAAP non-compensation expense $160,125

GAAP non-comp. ratio 23.7%

GAAP pre-tax margin 11.7%

Adjusted Non-GAAP Resul tsThree months

ended

(000s) 03/31/17

Total Adjusted Non-GAAP Compensation & benefits expense $422,047

Adjusted Non-GAAP comp. ratio 62.3%

Total adjusted Non-GAAP non-compensation expense $154,800

Adjusted Non-GAAP non-comp. ratio 22.8%

Adjusted Non-GAAP pre-tax margin 14.9%

GAAP to Non-GAAP Reconciliation for Fourth Quarter 2016

(000s) 03/31/17

GAAP Net Income $65,512

Preferred Dividend 2,344

Net Income available to common Shareholders $63,168

Non-GAAP Adjustments

Acquistion-Related 17,114

Severance 4,535

Provision for Income Taxes (25,355)

Total Non-GAAP Adjustments (3 ,706)

Non-GAAP Net Income Available to Common Shareholders $59,462

Balance Sheet & Net Interest Margin

34

Net Interest Income Drivers: • Total assets increased to $19.14 bil. were flat

sequentially but increased 35% Y/Y • Average interest earning assets decreased to

$15.2 bil. down 3% sequentially but up 55% Y/Y • NIM increased to 224 bps , up 33 bps

sequentially & 23 bps Y/Y. • NIM at Stifel Bank of 266 bps increased 42bps

sequentially & 19 bps Y/Y • Firm-wide NII of $85.1 mil. increased 14%

sequentially and 74% Y/Y. • Book value per share was $38.40

0.00%

0.50%

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1.50%

2.00%

2.50%

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$0

$5,000

$10,000

$15,000

2Q16 3Q16 4Q16 1Q17

NIM

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(m

il.)

Net Interest Income Drivers

Avg. Non-Bank IEA Avg. Bank IEA NIM Bank NIM

(in millions, except ratios) 1Q16 2Q16 3Q16 4Q16 1Q17

Total Assets $14,214 $15,386 $17,205 $19,129 $19,136

Total Equity $2,417 $2,491 $2,692 $2,738 $2,778

Tier 1 Leverage Ratio 11.6% 11.5% 11.8% 10.2% 10.1%

Tier 1 Risk Based Capital Ratio 21.3% 20.9% 22.0% 20.3% 20.8%

Capital Structure

35

Segment Results

Global Wealth Management

36

• Net revenue in the GWM segment was $443 mil., up 9% sequentially & 17% Y/Y

• Brokerage revenue increased 7% sequentially but declined 1% Y/Y

• Ex. Sterne IBC & Clearing, Brokerage revenue increased 9% Y/Y

• Net interest income increased 14% sequentially & 73% Y/Y

• 2,299 total FAs up from 2,282 • $252.4 bil. in client AUA, up 7% sequentially

• Compensation ratio was 51.6% down 130 bps sequentially & 670 bps Y/Y

• Non-comp. ratio was 16.3% down 70 bps sequentially & 80 bps Y/Y

• Pre-tax margin was 32.1% up 200 bps sequentially & 750 bps Y/Y.

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$100

$200

$300

$400

$500

1Q16 2Q16 3Q16 4Q16 1Q17

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GWM Net Revenue

Investment Banking & Other Net Interest

Asset Management & Service Fees Brokerage

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Pre

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Mar

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GWM Pre-tax Margin & Contribution

Pre-tax Contribution Pre-tax Margin

37

Stifel Bank & Trust

(mil. except for %'s) 1Q17 1Q16 4Q16

Assets:

Investments $6,557 $4,148 58% $6,209 6%

Mortgage Loans 2,214 731 203% 2,161 2%

Commercial Loans 1,831 1,295 41% 1,710 7%

Securities Based Loans 1,729 1,346 28% 1,614 7%

Total Loans , net $5,865 $3,467 69% $5,591 5%

Loans Held for Sale 207 133 56% 229 -10%

Total Assets $13,233 $8,172 62% $12,798 3%

Liabil ities:

Deposits $11,701 $7,218 62% $11,527 2%

Credit Metrics

Non-performing assets ($s) 28 23 22% 27 4%

Non-performing assets (%s) 0.21% 0.28% -7 bps 0.21% 0%

Allowance as a percentage of loans 0.87% 0.98% -12 bps 0.81% 6 bps

Net Interest Margin 2.66% 2.47% 19 bps 2.24% 42 bps

%

Change

%

Change

Institutional Group

38

• Total net revenue of $237 mil. decreased 6% sequentially & 2% Y/Y

• Investment banking revenue of $115 mil. decreased 6% sequentially but increased 25% Y/Y

• Equity underwriting of $37 mil. decreased 5% sequentially but increased 97% Y/Y

• Debt underwriting of $25 mil. decreased 10% sequentially & 4% Y/Y

• Advisory revenue of $53 mil. decreased 5% sequentially but increased 12% Y/Y

• Brokerage revenue of $121 mil. decreased 7% sequentially & 17% Y/Y

• Equity brokerage revenue of $54 mil. was down 16% sequentially & 14% Y/Y

• Fixed income brokerage revenue of $67 mil. was up 2% sequentially but down 20% Y/Y

• Pre-tax margin was 16.8% down 200 bps sequentially but up 470 bps Y/Y.

• Pre-tax Contribution decreased by 16% sequentially but increased 36% Y/Y

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Brokerage Capital Raising Advisory Fees Other

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Pre-tax Contribution Pre-tax Margin