Investor Presentation Goldman Sachs US Financial Services Conference

December 7, 2016

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 and nine months ended September 30, 2016. 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

2,280 financial advisors in nearly 359

branches with more than

$200B in client assets

Asset Management

$27B in total assets

managed through various

strategies

Bank

$11.2B 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

5

$188 $217 $247 $264

$452

$763$870

$1,091

$1,382$1,393

$1,594

$1,973

$2,208$2,332

$2,550

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016*

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

* 2016 Net Revenue annualized based on YTD16 results and adjustment for 2H16 for impact of the sale of legacy Sterne Agee business

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 Illustrative

$1,558

$3,167

$4,213

$4,952

$6,966

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

$13,326

$14,214

$15,386

$17,205 $18,000

Tota

l Ass

ets

in M

illi

ons

Ratio 2008 2009 2010 2011 2012 2013 2014 3Q15 4Q15 1Q16 2Q16 3Q16 Illustrative

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% 9.7%

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% 21.4%

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% 46.2%

Bank Drove Significant Balance Sheet & Revenue Growth

8

Impact of Bank Growth LTM on Consolidated Results

(mil.) 9/30/2015 9/30/2016

Total consolidated assets $9,359 $17,205

Investment securities $2,569 $6,535

Loans $2,589 $5,174

Total deposits $4,117 $9,885

Total equity $2,493 $2,692

Annualized NII $134 $222

Tier 1 Risk Based Capital 29.4% 22.0%

Tier 1 Leverage 16.4% 11.8%

NIM (Bank) 2.50% 2.40%

ROAA (Bank) 1.98% 1.27%

ROAE (Bank) 24.9% 18.6%

NPAs/Assets 0.03% 0.25%

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 1.5 years as of 9/30/16

AFS & HTM Investments:

• 69% of the portfolio is fully guaranteed by a US GSE or rated AAA as of 9/30/16

• Portfolio primarily GSE MBS, ABS, and Corporate bonds

• Effective duration of approximately 2.1years

9

Stifel Overview

Stifel – Premier Investment Bank and Wealth Management Firm

10

Stifel at a Glance GAAP Net Revenue - $2,495 million (Q3’16 LTM)

Global Wealth Management (GWM) Net Revenue - $1,503 million (Q3’16 LTM)

Institutional Group (IG) Net Revenue - $1,007 million (Q3’16 LTM)

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 (6.4x) (1) (2), $2.7 billion stockholders’ equity (2) and $3.3 billion market capitalization (3)

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

Over 7,000 associates(2)

Balanced business mix (60% GWM / 40% IG) (2016 YTD net revenues)

National presence with nearly 2,300 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 (as adjusted). (2) As of 9/30/2016. (3) As of 11/28/2016. (4) Insider ownership percentage includes all fully diluted shares, units outstanding and options outstanding, as of 4/11/2016.

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

4

UBS 7,087 5

Raymond James 7,146

6

Stifel 2,280 7

RBC Capital Markets 2,000 8

Oppenheimer & Co 1,177 9

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 YTD

Non-GAAP Operating Contribution

2015 2016 YTD

Balanced business model facilitates growth in all market environments

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

A Stable Track Record Through Multiple Business Cycles

13

Non-GAAP Net Revenues ($MM)(1) (2) Non-GAAP Net Income ($MM)(1)(2) Total Equity ($MM) (1)(2)

Total Client Assets(1) (3) ($BN) Book Value Per Share(1) (4)

$452

$763 $870

$1,091

$1,384

$1,417 $1,594

$1,978

$2,213 $2,332

$1,914

$2,550

$0

$500

$1,000

$1,500

$2,000

$2,500

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

$40

$67 $73 $76

$125 $114

$145

$185

$210

$193

$150

$200

$0

$50

$100

$150

$200

$250

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

$220

$425

$593

$873

$1,254 $1,302

$1,495

$2,059

$2,320

$2,492

$2,692

$0

$400

$800

$1,200

$1,600

$2,000

$2,400

$2,800

$3,200

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

$35

$59 $53

$94

$114 $122

$138

$166

$187

$220

$234

$0

$50

$100

$150

$200

$250

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

$8.23

$12.24

$15.12

$19.24

$24.42 $25.10

$27.24

$32.30

$35.00

$37.19

$40.65

$0

$10

$20

$30

$40

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

(1) CAGR reflects years 2006 through Q3’16 YTD Annualized, (2) 2016 results based on annualized 3QTD results (3) Excludes impact of sale of Sterne Agee Independent Contractor & Correspondent Clearing businesses (4) Book Value Per Share adjusted for April 2011 three-for-two stock split (2006-2010).

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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 nearly 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(1) ($MM) Operating Contribution(1) ($MM)

$231

$441$471

$596

$843$908

$992

$1,117

$1,233

$1,377

$1,156

$1,541

$0

$400

$800

$1,200

$1,600

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

$50

$96 $98 $104

$194

$235

$267

$300

$347

$382

$3

07

$409

$0

$50

$100

$150

$200

$250

$300

$350

$400

$450

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

(1) Full year 2016 net revenue and operating contribution based on 3QTD annualized results and adjust for impact to 4Q16 due to sale of legacy Sterne Agee businesses.

Building Scale and Capabilities into a $1.5B 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)

735

1,163 1,315

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

2,291 2,280

0

500

1,000

1,500

2,000

2,500

3,000

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

111

148

196

272 285 291

307 317

330

361 359

0

50

100

150

200

250

300

350

400

450

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

213,973

340,235 375,165

607,661 635,842 654,625

681,818 703,663

728,444

793,795 797,968

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

35,446

59,299 52,733

93,845

113,585 122,466

137,855

165,570

186,558

219,900

234,490

0

50,000

100,000

150,000

200,000

250,000

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 (1) 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 $11,207,000

Total deposits 9,885,000

Total equity 740,000

ROAA 1.3%

ROAE 18.6%

Tier 1 Risk Based Capital 13.7%

Tier 1 Leverage 7.5%

NPAs/Assets 0.3%

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

1%

51%

48%

Cash Investment Securities Loans Receivable

42%

16%1%

38%

3%

ABS Corporates Munis

Agency MBS CMBS

31%

36%

30%

2%1%

Securities-based lending Commercial and industrial

Residential real estate Commercial real estate

Other³

Note: Data as of 9/30/16. (1) Average interest earning assets for quarter ended 9/30/16. (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 Subsidiaries¹ with $27.2 Billion in Client Assets

¹Stifel affiliated asset managers with greater than $1 billion in client assets as of 9/30/2016 included in table on slide 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 $11.6 Bill ion $10.7 Bill ion $2.6 Bill ion $1.4 Bill ion

Chicago Baltimore

St. Louis Cincinnati

Milwaukee New York

New York Philadelphia

San Francisco

Offices Baltimore Florham Park, NJ

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Institutional Group

Institutional Group

21

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

Fixed Income Brokerage + Investment Banking2)

Overview

Equity Brokerage + Investment Banking(2)

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

$761

$1,014

$0

$300

$600

$900

$1,200

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

$401

$494

$412 $419 $425

$329 $357

$576

$675

$571

$430

$574

$0

$200

$400

$600

$800

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

$18

$54 $65

$175

$249

$201$179

$247

$285

$322

$404

$331

$441

$0

$100

$200

$300

$400

$500

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 (1) Based on 2015 U.S. trading volume per Bloomberg. (2) 2016 Revenues based on 3QTD annualized results (3) Includes Thomas Weisel historical investment banking revenues for years 2006 through September 30, 2010. (4) 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

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 – Investment Banking

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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 1,341 $156.8

2 JPMorgan 1,326 $177.1

3 Morgan Stanley 1,198 $173.0

4 Citi 1,176 $157.9

5 Barclays 1,022 $137.7

6 Goldman Sachs 1,012 $163.3

7 Credit Suisse 1,003 $128.1

8 Deutsche Bank 859 $96.9

9 Wells Fargo Securities 823 $63.8

10 UBS 582 $56.7

11 RBC Capital Markets 530 $40.3

12 Jefferies LLC 517 $28.2

13 Stifel / KBW 364 $17.3

14 Raymond James & Associates 255 $11.6

15 Piper Jaffray & Co 249 $9.8

16 Cowen & Company LLC 237 $8.3

17 Leerink Partners LLC 176 $7.8

18 Roth Capital Partners 154 $2.6

19 BMO Capital Markets 150 $9.2

19 Robert W Baird & Co 148 $5.8

21 KeyBanc Capital Markets 106 $6.3

21 Aegis Capital Corp 106 $1.4

23 William Blair & Co LLC 96 $3.6

24 Sandler O'Neill & Partners 87 $6.3

25 Canaccord Genuity Corp 81 $3.1

($ in billions) # of $

Rank Firm Deals Volume

1 JPMorgan 1,469 $827.6

2 Bank of America Merrill Lynch 1,463 $819.4

3 Citi 1,334 $802.7

4 Morgan Stanley 1,304 $780.4

5 Barclays 1,205 $674.7

6 Credit Suisse 1,196 $673.8

7 Wells Fargo Securities 1,163 $599.8

8 Goldman Sachs 1,104 $699.7

9 Deutsche Bank 1,071 $633.0

10 Stifel / KBW 1,053 $329.8

11 RBC Capital Markets 1,046 $494.1

12 UBS 800 $440.5

13 Raymond James & Associates 774 $325.9

14 Piper Jaffray & Co 657 $252.9

15 Jefferies LLC 618 $144.1

16 Robert W Baird & Co 578 $157.7

17 JMP Securities LLC 506 $93.0

18 Cowen & Company LLC 494 $95.1

18 Oppenheimer & Co Inc 491 $120.5

20 KeyBanc Capital Markets 461 $196.7

21 William Blair & Co LLC 456 $116.4

22 BMO Capital Markets 418 $159.3

23 Canaccord Genuity Corp 380 $49.5

24 SunTrust Robinson Humphrey 362 $175.2

25 Ladenburg Thalmann & Co 321 $45.2

Source: Dealogic. Rank eligible SEC registered IPOs and Follow-On offerings since 2010. Includes demutualizations. As of 10/31/16. 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

24

Largest U.S. Equity Research Platform

U.S. Equity Research Coverage (1)

Coverage Balanced Across All Market Caps (1)

Stifel Research Highlights Companies Under Coverage

Firm Overall Mid Cap Small Cap

Stifel/KBW 1,282 455 422

JPMorgan 1,115 414 177

BofA Merrill Lynch 1,056 400 130

Wells Fargo 1,012 370 192

Jefferies 968 336 221

Citi 917 313 138

Goldman Sachs 910 298 77

Morgan Stanley 907 300 109

Raymond James 907 331 266

Barclays 889 294 108

Deutsche Bank 855 281 128

Credit Suisse 804 273 138

RBC Capital Markets 803 270 120

UBS 734 209 90

Piper Jaffray 666 234 226

Robert W. Baird & Co 666 244 137

Cowen 633 187 189

Suntrust Robinson Humphrey 606 237 145

William Blair & Co 590 228 168

Morningstar 556 124 18

Evercore 529 127 50

BMO Capital Markets 525 155 76

Keybanc 508 243 105

Macquarie 454 160 75

Oppenheimer 453 141 111

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 33%

Mid Cap 35%

Large Cap 32%

(1) Source: StarMine rankings as of 10/31/16. 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.

Institutional Group – Equity Sales and Trading

25

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 YTD 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

34 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 over 732 non-deal roadshow days in 2015

Extensive experience with traditional and overnight corporate finance transactions

Institutional Group – Fixed Income Capital Markets

26

Strong Fixed Income Brokerage Capabilities

Overview Client Distribution (1)(2)

Platform & Products

Comprehensive platform

88 traders with annual client trade volume approaching $500 billion

57-person Fixed Income Research and Strategy Group

Widespread distribution

More than 240 Institutional sales professionals covering over 11,650 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

27

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 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

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.

28

Financial Information

3rd Quarter Highlights

29

• Completed sale of legacy Sterne Agee Clearing and Independent Broker Businesses • Announced the acquisition of City Securities

Financial Highlights Non-GAAP

(000s, except per share data) 3Q16 3Q15 2Q16 3Q16

U.S. GAAP

Net revenues $641,986 $591,575 $652,143 $645,767

Compensation ratio 67.6% 68.3% 70.5% 62.5%

Non-compensation ratio 28.0% 27.9% 27.0% 23.5%

Pre-tax operating margin 4.4% 3.8% 2.4% 14.0%

Net income $17,814 $17,179 $9,771 $54,719

Preferred dividend $1,563 $1,563

Net income available to common shareholders $16,251 $17,179 $9,771 $53,156

Earnings per diluted share available to common shareholders $0.21 $0.22 $0.13 $0.69

Three Months Ended

Merger Related Expenses & Duplicative Expenses

30

Actual

b

(in $000s) 2015A 9/30/2016 12/31/2016E 2016E 2017E Total Total

Acquisitions

Barclays $12,854 $29,715 $4,900 $86,347 $15,500 $114,701 $115,000

Sterne Agee $102,037 $13,610 $44,401 $146,438 $126,500

Other $46,391 $3,340 $4,400 $20,579 $2,600 $69,570 $69,570

Total Deal Costs (pre-tax) $161,282 $46,665 $9,300 $151,327 $18,100 $330,709 $311,070

Initial

EstimateThree Months

Merger-Related Duplicative Total

2015 $91,085 $70,197 $161,282

2016 $114,435 $36,892 $151,327

Adjusted Non-GAAP Merger-Related Charges

*Other Acquisition expense estimates are updated quarterly

Brokerage & Investment Banking Revenue

31

Global Wealth Mangement:

(000s) 3Q16 3Q15 % Change 2Q16 % Change

Global Wealth Mangement brokerage revenue $165,476 $169,319 -2.3% $172,178 -3.9%

Institutional brokerage:

Equity 51,004 59,769 -14.7% 55,008 -7.3%

Fixed income 71,794 60,588 18.5% 81,344 -11.7%

Total institutional brokerage 122,798 120,357 2.0% 136,352 -9.9%

Total brokerage revenue $288,274 $289,676 -0.5% $308,530 -6.6%

Three Months Ended

Investment banking:

(000s) 3Q16 3Q15 % Change 2Q16 % Change

Investment banking:

Capital raising:

Equity $32,546 $36,615 -11.2% $37,638 -13.6%

Fixed income 25,931 32,382 -19.8% 28,774 -9.7%

Total capital raising 58,477 68,997 -15.2% 66,412 -11.9%

Advisory fees: 86,322 49,756 73.5% 66,713 29.4%

Total investment banking $144,799 $118,753 21.9% $133,125 8.8%

Three Months Ended

GAAP to Non-GAAP Reconciliation Three months ended September 30, 2016

32

GAAP Resul tsThree months

ended

(000s) 09/30/16

Total GAAP Compensation & benefits expense $434,236

GAAP comp. ratio 67.6%

Total GAAP non-compensation expense $179,768

GAAP non-comp. ratio 28.0%

GAAP pre-tax margin 4.4%

Adjusted Non-GAAP Resul tsThree months

ended

(000s) 09/30/16

Total Adjusted Non-GAAP Compensation & benefits expense $403,553

Adjusted Non-GAAP comp. ratio 62.5%

Total adjusted Non-GAAP non-compensation expense $151,989

Adjusted Non-GAAP non-comp. ratio 23.5%

Adjusted Non-GAAP pre-tax margin 14.0%

GAAP to Non-GAAP Reconciliation for Third Quarter 2016

(000s) 09/30/16

GAAP Net Income $17,814

Preferred Dividend 1,563

Net Income available to common Shareholders $16,251

Non-GAAP Adjustments

Acquistion-Related 46,665

Litigation-Related Matters 11,796 Write-off of Debt Issuance & Other Acquisition-Related 3,781

Write-off of Debt Issuance & Other Acquisition-Related 3,781

Total Non-GAAP Adjustments 62,242

Provision for Income Taxes (25,337)

Non-GAAP Net Income Available to Common Shareholders $53,156

Balance Sheet & Net Interest Margin

33

Net Interest Income Drivers: • Total assets increased to $17.2 bil. up 12%

sequentially & 84% Y/Y • Average interest earning assets increased to

$12.2 bil. up 13% sequentially & 93% Y/Y • NIM increased to 178 bps , up 7 bps sequentially

but down 16 bps Y/Y. • NIM at Stifel Bank of 240 bps increased 5bps

sequentially but declined 9 bps Y/Y • Firm-wide NII of $55.5 mil. increased 14%

sequentially and 65.3% Y/Y. • Book value per share was $40.65

Share Repurchases

• The firm repurchased 600K shares in 3Q16 • 7.4 mil. shares remaining on current

authorization.

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

Total Assets $9,359 $13,326 $14,214 $15,386 $17,205

Total Equity $2,493 $2,492 $2,417 $2,491 $2,692

Debt to Equity 21.4% 33.4% 34.1% 32.4% 32.2%

Tier 1 Leverage Ratio 16.5% 16.6% 11.6% 11.5% 11.8%

Tier 1 Risk Based Capital Ratio 29.4% 26.3% 21.3% 20.9% 22.0%

Capital Structure

1.00%

1.50%

2.00%

2.50%

3.00%

$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

3Q15 4Q15 1Q16 2Q16 3Q16

NIM

Av

g.

IEA

(m

il.)

Net Interest Income Drivers

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

34

Segment Results

Global Wealth Management

35

• Net revenue in the GWM segment was $390 mil., up 1% sequentially & 9% Y/Y

• Brokerage revenue declined 4% sequentially & 2% Y/Y

• Ex. Sterne IBC & Clearing, Brokerage revenue increased 4% sequentially

• Net interest income increased 18% sequentially & 76% Y/Y

• 2,280 total FAs down 1% sequentially* • $234.5 bil. in client AUA, up 3.8%

sequentially* • Compensation ratio was 55.2% down 140 bps

sequentially & 190 bps Y/Y • Non-comp. ratio was 17.0% up 80 bps sequentially

& 130 bps Y/Y • Pre-tax margin was 27.8% up 60 bps sequentially

& Y/Y.

* Total FA and client AUA on 6/30/2016 exclude 540 independent contractor FAs and $11.5 bil. of AUA, that were part of the legacy Sterne Agee business sold to INTL FCStone on July 1, 2016

$80

$85

$90

$95

$100

$105

$110

$115

22%

23%

24%

25%

26%

27%

28%

29%

3Q15 4Q15 1Q16 2Q16 3Q16

Pre

-tax

Cont

ribut

ion

(mil.

)

Pre

-tax

Mar

gin

GWM Pre-tax Margin & Contribution

Pre-tax Contribution Pre-tax Margin

$0

$100

$200

$300

$400

$500

3Q15 4Q15 1Q16 2Q16 3Q16

Ne

t R

ev

en

ue

(m

il)

GWM Net Revenue

Investment Banking & Other Net Interest

Asset Management & Service Fees Brokerage

36

Stifel Bank & Trust

Stifel Bank

(mil. except for %'s) 3Q16 3Q15 2Q16

Assets:

Investments $5,377 $1,750 207% $4,580 17%

Mortgage Loans 1,819 272 569% 1,242 46%

Commercial Loans 1,824 1,261 45% 1,684 8%

Securities Based Loans 1,452 1,004 45% 1,419 2%

Consumer 93 22 323% 36 158%

Total Loans , net $5,174 $2,526 105% $4,338 19%

Loans Held for Sale 217 180 21% 251 -14%

Total Assets $11,207 $4,619 143% $9,431 19%

Liabil ities:

Deposits $9,885 $4,117 140% $7,881 25%

Credit Metrics

Non-performing assets ($s) 28 2 1300% 35 -20%

Non-performing assets (%s) 0.25% 0.03% 733% 0.37% -32%

Allowance as a percentage of loans 0.76% 1.13% -33% 0.86% -12%

Net Interest Margin 2.40% 2.50% -4% 2.35% 2%

%

Change

%

Change

Institutional Group

37

• Total net revenue of $259 mil. decreased 1% sequentially but increased 11% Y/Y

• Investment banking revenue of $133 mil. increased 7% sequentially & 22% Y/Y

• Equity underwriting of $21 mil. decreased 23% sequentially & 33% Y/Y

• Debt underwriting of $25 mil. decreased 12% sequentially & 11% Y/Y

• Advisory revenue of $86 mil. increased 28% sequentially & 76% Y/Y

• Brokerage revenue of $123 mil. decreased 10% sequentially but increased 2% Y/Y

• Fixed income brokerage revenue of $72 mil. was down 12% sequentially but increased 19% Y/Y

• Equity brokerage revenue of $51 mil. was down 7% sequentially & 15% Y/Y

• Pre-tax margin was 17.4% up 120 bps sequentially & 630 bps Y/Y.

• Pre-tax Contribution increased by 6% sequentially and 74% Y/Y

$0

$50

$100

$150

$200

$250

$300

3Q15 4Q15 1Q16 2Q16 3Q16

GA

AP

Net

Rev

en

ue (

mil.)

Institutional Group Net Revenue

Brokerage Capital Raising Advisory Fees Other

$0

$10

$20

$30

$40

$50

0%

5%

10%

15%

20%

3Q15 4Q15 1Q16 2Q16 3Q16

Pre

-tax

Co

ntri

but

ion

(mil.

)

Pre

-ax

Mar

gin

Institutional Group Pre-tax Margin &

Contribution

Pre-tax Contribution Pre-tax Margin