Investor PresentationWells Fargo Securities Asset Managers, Brokers & Exchange Forum

March 21, 2017

Disclaimer

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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 acquiredbusinesses, 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-lookingstatements, 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 todiffer 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 ExchangeCommission and include, among other things, changes in general economic and business conditions, actions of competitors, regulatory and legal actions, changes inlegislation, 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 threemonths and 12 months ended December 31, 2016. Specifically, the Company believes that the non-GAAP measures provide useful information by excluding certainitems 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 abetter 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 priorand 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 financialinformation should be considered in addition to, not as a substitute for or as being superior to, operating income, cash flows, or other measures of financialperformance 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 changefrom 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 theCompany’s business and these effects should not be ignored in evaluating and analyzing its financial results. Therefore, the Company believes that GAAP measuresand the same respective non-GAAP measures of the Company’s financial performance should be considered together.

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Our Strategy

Strategic Vision

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To build a premier wealth management and investment banking firm

Global Wealth ManagementGlobal Wealth Management Institutional Institutional

Private Client

2,282 financial advisors in 360 branches with

more than $200B 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 1,300 U.S. and 290 European stocks covered

A History of Growth

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2005Legg Mason’s Capital

Markets Division

2008Butler Wick

200956 UBS Private Client

Branches

2010Thomas Weisel

Partners

2007Ryan Beck Acquisition

Stifel Bank & Trust

2011Stone & Youngberg

2012Miller Buckfire

2013Knight Capital Group’s Fixed Income Division

2014De La Rosa,

Oriel Securities,1919 Investment Counsel,

Merchant Capital

2013Keefe, Bruyette &

Woods

2013Acacia Bank & Ziegler

Lotsoff

2015Barclays Wealth & Investment

Management,Sterne Agee,

Sidoti Joint Venture,Leumi Partners Collaboration

Agreement

2016Eaton Partners

ISM Capital

2017City Securities

Driving Shareholder Value Through Deal Integration &

Balance Sheet Growth

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7

Infrastructure

Build

Balance Sheet Growth

Ratio 2008 2009 2010 2011 2012 2013 2014 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 4Q17ETier 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% 10.0%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% 20.0%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% 46.5%

Bank Drove Significant Balance Sheet & Revenue Growth

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Impact of Bank Growth LTM on Consolidated Results

(mil.) 12/31/2015 12/31/2016

Total consolidated assets $13,326 $19,129

Investment securities $4,235 $7,145

Loans $3,333 $5,820

Total deposits $6,638 $11,527

Total equity $2,492 $2,738

Annual NII $134 $227

Tier 1 Risk Based Capital 26.3% 20.3%

Tier 1 Leverage 16.6% 10.2%

NIM (Bank) 2.47% 2.24%

ROAA (Bank) 1.17% 1.16%

ROAE (Bank) 16.7% 18.4%

NPAs/Assets 0.03% 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. 7 years as of 12/31/16

AFS & HTM Investments:• 58% of the portfolio is fully guaranteed by a US

GSE or rated AAA as of 12/31/16

• Portfolio primarily GSE MBS, ABS, and Corporate bonds

• Effective duration of approximately 2.2 years

Balance Sheet Comparison

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Source: SNL Financial(1) Excludes loans held for sale

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Stifel Overview

Stifel – Premier Investment Bank and Wealth Management Firm

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Stifel at a Glance GAAP Net Revenue - $2.6 billion

Stifel at a Glance GAAP Net Revenue - $2.6 billion

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

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

Institutional Group (IG)Net Revenue - $1.0 billion

Institutional Group (IG)Net Revenue - $1.0 billion

Private Client Stifel Bank & Trust Margin and Securities-based Lending Asset Management

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

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

Low leverage (7x) (1) (2), $2.7 billion stockholders’ equity (2) and $3.6 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 2,282 financial advisors(2)

Largest U.S. equity research platform with roughly 1,300 stocks under coverage(3)

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

(1) Assets / equity.(2) As of 12/31/2016. (3) As of 2/14/2017.(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

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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 16,069

2

Bank of America Merrill Lynch

15,856

3 Wells Fargo Securities 15,086

4UBS 7,0875

Raymond James 7,146

6Stifel 2,2827

RBC Capital Markets 2,0008

Oppenheimer & Co 1,1779

JPMorgan 2,560

Morgan Stanley Wealth Management

(1) Based on 2015 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

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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.

IG41%

GWM59%

IG39%

GWM61%

IG27%

GWM73%

IG28%

GWM72%

A Stable Track Record Through Multiple Business Cycles

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

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

(1) Excludes impact of sale of Sterne Agee Independent Contractor & Correspondent Clearing businesses(2) Book Value Per Share adjusted for April 2011 three-for-two stock split (2006-2010) and represents common equity per shares outstanding

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Global Wealth Management

Global Wealth Management (GWM)

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Provides Securities Brokerage Services and Stifel Bank ProductsOverview 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)

Building Scale and Capabilities into a $1.6B Revenue Segment

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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

GWM - Private Client Group

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Key Operating Metrics

Accounts(1)

Financial Advisors(1)

Total Client Assets(1) ($MM)

Branches(1)

(1) Excludes Legacy Sterne Agee Independent Contractor Business.

GWM – Stifel Bank & Trust

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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 $12,798,000

Total deposits 11,527,000

Total equity 912,000

ROAA 1.2%

ROAE 18.4%

Tier 1 Risk Based Capital 16.0%

Tier 1 Leverage 7.1%

NPAs/Assets 0.2%

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

Note: Data as of 12/31/16.(1) Average interest earning assets for quarter ended 12/31/16, 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

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Asset Management Subsidiaries with $26.9¹ Billion in Client Assets

¹Stifel affiliated asset managers excludes $1.2 billion in AUM from Sagewood Asset Management, which was spun off to management on January 1, 2017EquityCompass 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.

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Institutional Group

Institutional Group

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

Fixed Income Brokerage + Investment Banking

Overview

Equity Brokerage + Investment Banking

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

(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.

Equities

Fixed Income

Investment Banking

Equities

Fixed Income

Investment Banking

Building Scale and Capabilities into a $1.0B Revenue Segment

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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 – Investment Banking

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Accomplished U.S. Equity Underwriting Franchise – All Equity TransactionsBookrun Equity Deals Since 2010All Managed Equity Deals Since 2010

($ in billions) # of $Rank Firm Deals Volume

1 JPMorgan 1,522 $850.92 Bank of America Merrill Lynch 1,513 $843.13 Citi 1,375 $822.54 Morgan Stanley 1,345 $799.65 Barclays 1,249 $696.06 Credit Suisse 1,232 $694.67 Wells Fargo Securities 1,212 $622.08 Goldman Sachs 1,146 $718.99 Deutsche Bank 1,097 $648.810 Stifel / KBW 1,089 $338.311 RBC Capital Markets 1,074 $508.112 UBS 819 $449.413 Raymond James & Associates 801 $333.314 Piper Jaffray & Co 682 $259.215 Jefferies LLC 636 $147.316 Robert W Baird & Co 592 $160.917 JMP Securities LLC 514 $95.818 Cowen & Company LLC 513 $97.419 Oppenheimer & Co Inc 498 $121.020 William Blair & Co LLC 473 $118.921 KeyBanc Capital Markets 471 $201.122 BMO Capital Markets 440 $168.723 Canaccord Genuity Corp 397 $53.324 SunTrust Robinson Humphrey 383 $185.425 Roth Capital Partners 331 $15.2

($ in billions) # of $Rank Firm Deals Volume

1 Bank of America Merrill Lynch 1,386 $160.62 JPMorgan 1,374 $181.73 Morgan Stanley 1,235 $178.24 Citi 1,214 $161.45 Barclays 1,059 $142.36 Goldman Sachs 1,048 $168.57 Credit Suisse 1,036 $131.28 Deutsche Bank 875 $98.39 Wells Fargo Securities 862 $66.910 UBS 597 $58.111 RBC Capital Markets 548 $42.312 Jefferies LLC 534 $29.113 Stifel / KBW 383 $18.014 Raymond James & Associates 268 $12.015 Piper Jaffray & Co 262 $10.216 Cowen & Company LLC 251 $8.917 Leerink Partners LLC 183 $8.318 BMO Capital Markets 167 $10.819 Roth Capital Partners 164 $2.720 Robert W Baird & Co 155 $6.021 KeyBanc Capital Markets 110 $6.422 Aegis Capital Corp 108 $1.423 William Blair & Co LLC 105 $3.924 Sandler O'Neill & Partners 92 $6.425 Canaccord Genuity Corp 85 $3.2

Source: Dealogic. Rank eligible SEC registered IPOs and Follow-On offerings since 2010. Includes demutualizations. As of 1/31/16. 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.

Institutional Group – Research

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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

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

(1) Source: StarMine rankings as of 1/31/17. 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 1,273 451 372

2 JPMorgan 1,096 395 148

3 BofA Merrill Lynch 1,060 384 118

4 Wells Fargo Securities, Llc 1,033 358 178

5 Jefferies & Co. 975 332 207

6 Citi 943 299 125

7 Goldman Sachs 905 286 67

8 Morgan Stanley 902 278 101

9 Raymond James 902 329 239

10 Barclays 891 280 98

11 Deutsche Bank Securities 886 287 107

12 RBC Capital Markets 791 251 99

13 Credit Suisse 770 246 115

14 UBS 729 193 78

15 Robert W. Baird & Co., Inc. 664 228 129

16 Piper Jaffray 658 235 206

17 Suntrust Robinson Humphrey 629 254 125

18 Cowen And Company 627 189 175

19 Morningstar, Inc. 562 127 14

20 BMO Capital Markets 555 161 66

Institutional Group – Equity Sales and Trading

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Powerful Platform Spanning North America and EuropeInstitutional 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

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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

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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.

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Financial Information

4th Quarter Highlights

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Financial Highlights Non-GAAP

(000s, except per share data) 4Q16 4Q15 3Q16 4Q16

U.S. GAAP

Net revenues $661,391 $581,286 $641,986 $661,392

Compensation ratio 63.6% 68.6% 67.6% 62.3%

Non-compensation ratio 28.1% 29.5% 28.0% 24.2%

Pre-tax operating margin 8.3% 1.9% 4.4% 13.5%

Net income $26,880 $11,172 $17,814 $56,528

Preferred dividend $2,343 $1,563 $2,343

Net income available to common shareholders $24,537 $11,172 $16,251 $54,185

Earnings per diluted share available to common shareholders $0.31 $0.14 $0.21 $0.68

Three Months Ended

Brokerage & Investment Banking Revenue

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Brokerage:

(000s) 4Q16 4Q15 % Change 3Q16 % Change

Global Wealth Management brokerage revenue $160,017 $166,339 -3.8% $165,475 -3.3%

Institutional brokerage:

Equity 64,007 54,837 16.7% 51,004 25.5%

Fixed income 65,712 73,574 -10.7% 71,794 -8.5%

Total institutional brokerage 129,719 128,411 1.0% 122,798 5.6%

Total brokerage revenue $289,736 $294,750 -1.7% $288,273 0.5%

Three Months Ended

Investment banking:

(000s) 4Q16 4Q15 % Change 3Q16 % Change

Investment banking:

Capital raising:

Equity $48,393 $40,536 19.4% $32,546 48.7%

Fixed income 29,811 29,632 0.6% 25,931 15.0%

Total capital raising 78,204 70,168 11.5% 58,477 33.7%

Advisory fees: 56,248 32,643 72.3% 86,322 -34.8%

Total investment banking $134,452 $102,811 30.8% $144,799 -7.1%

Three Months Ended

GAAP to Non-GAAP ReconciliationThree months ended December 31, 2016

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GAAP ResultsThree months

ended

(000s) 12/31/16

Total GAAP Compensation & benefits expense $420,664

GAAP comp. ratio 63.6%

Total GAAP non-compensation expense $185,853

GAAP non-comp. ratio 28.1%

GAAP pre-tax margin 8.3%

Adjusted Non-GAAP Resul tsThree months

ended

(000s) 12/31/16

Total Adjusted Non-GAAP Compensation & benefits expense $412,374

Adjusted Non-GAAP comp. ratio 62.3%

Total adjusted Non-GAAP non-compensation expense $159,897

Adjusted Non-GAAP non-comp. ratio 24.2%

Adjusted Non-GAAP pre-tax margin 13.5%

GAAP to Non-GAAP Reconciliation for Fourth Quarter 2016

(000s) 12/31/16

GAAP Net Income $26,880

Preferred Dividend 2,343

Net Income available to common Shareholders $24,537

Non-GAAP Adjustments

Acquistion-Related 14,226

Litigation-Related 20,000

Non-Deductible Settlement Tax Impact 8,880 Provision for Income Taxes (13,458)

Total Non-GAAP Adjustments 29 ,648

Non-GAAP Net Income Available to Common Shareholders $54,185

Balance Sheet & Net Interest Margin

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Net Interest Income Drivers:• Total assets increased to $19.1 bil. up 11%

sequentially & 44% Y/Y• Average interest earning assets increased to

$15.6 bil. up 27% sequentially & 111% Y/Y• NIM increased to 191 bps , up 10 bps

sequentially but down 5 bps Y/Y.• NIM at Stifel Bank of 225 bps decreased 15bps

sequentially & 20 bps Y/Y• NIM at Stifel Bank in December was 252 bps

• Firm-wide NII of $74.7 mil. increased 35% sequentially and 106% Y/Y.

• Book value per share was $38.84

(in millions, except ratios) 4Q15 1Q16 2Q16 3Q16 4Q16

Total Assets $13,326 $14,214 $15,386 $17,205 $19,129

Total Equity $2,492 $2,417 $2,491 $2,692 $2,738

Tier 1 Leverage Ratio 16.6% 11.6% 11.5% 11.8% 10.2%

Tier 1 Risk Based Capital Ratio 26.3% 21.3% 20.9% 22.0% 20.3%

Capital Structure

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Segment Results

Global Wealth Management

35

• Net revenue in the GWM segment was $408 mil., up 5% sequentially & 17% Y/Y

• Brokerage revenue declined 3% sequentially & 4% Y/Y

• Ex. Sterne IBC & Clearing, Brokerage revenue increased 6% sequentially

• Net interest income increased 23% sequentially & 87% Y/Y

• 2,282 total FAs up from 2,280 • $236.9 bil. in client AUA, up 1% sequentially

• Compensation ratio was 52.9% down 230 bps sequentially & 420 bps Y/Y

• Non-comp. ratio was 17.0% up 10 bps sequentially & 60 bps Y/Y

• Pre-tax margin was 30% up 220 bps sequentially & 360 bps Y/Y.

$0

$20

$40

$60

$80

$100

$120

$140

0%

5%

10%

15%

20%

25%

30%

35%

4Q15 1Q16 2Q16 3Q16 4Q16

Pre-

tax Co

ntrib

ution

(mil.)

Pre-

tax M

argin

GWM Pre-tax Margin & Contribution

Pre-tax Contribution Pre-tax Margin

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Stifel Bank & Trust

Stifel Bank

(mil. except for %'s) 4Q16 4Q15 3Q16

Assets:

Investments $6,209 $3,479 79% $5,377

Mortgage Loans 2,161 429 404% 1,804

Commercial Loans 1,710 1,217 41% 1,558

Securities Based Loans 1,614 1,389 16% 1,453

Total Loans , net $5,591 $3,144 78% $4,957

Loans Held for Sale 229 190 20% 217

Total Assets $12,798 $7,158 79% $11,019

Liabil ities:

Deposits $11,527 $6,638 74% $9,885

Credit Metrics

Non-performing assets ($s) 27 1 2600% 28

Non-performing assets (%s) 0.21% 0.01% 200 bps 0.25%

Allowance as a percentage of loans 0.81% 0.95% -140 bps 0.79%

Net Interest Margin 2.24% 2.45% -210 bps 2.40%

%

Change

Institutional Group

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• Total net revenue of $253 mil. decreased 2% sequentially but increased 3% Y/Y

• Investment banking revenue of $122 mil. decreased 8% sequentially & 32% Y/Y

• Equity underwriting of $40 mil. increased 88% sequentially & 2% Y/Y

• Debt underwriting of $28 mil. increased 9% sequentially & 19% Y/Y

• Advisory revenue of $56 mil. decreased 36% sequentially but increased 80% Y/Y

• Brokerage revenue of $130 mil. increased 6% sequentially & 1% Y/Y

• Equity brokerage revenue of $64 mil. was up 26% sequentially & 17% Y/Y

• Fixed income brokerage revenue of $66 mil. was down 9% sequentially & 11% Y/Y

• Pre-tax margin was 18.8% up 140 bps sequentially & 220 bps Y/Y.

• Pre-tax Contribution increased by 6% sequentially and 16% Y/Y

$0

$10

$20

$30

$40

$50

0%

5%

10%

15%

20%

4Q15 1Q16 2Q16 3Q16 4Q16

Pre-

tax

Cont

ribut

ion

(mil.)

Pre-

ax M

argi

n

Institutional Group Pre-tax Margin & Contribution

Pre-tax Contribution Pre-tax Margin