Raymond James Financial Inc

EXPAND MARKET SHARE IN ALL BUSINESSES INCREASE COLLABORATION ACROSS BUSINESSES INVEST IN TOOLS AND RESOURCES ENHANCE INFRASTRUCTURE Hire, retain and develop the best people Leverage technology & AI 1 2 3 4

18 Technology investments are strengthening growth, productivity and platform resilience. Raymond James is using technology to enhance advisor capabilities, improve efficiency, support recruiting and retention, and reinforce the firm’s long-term competitive position. Invest in tools and resources3 TECHNOLOGY IS A MEANINGFUL COMPETITIVE DIFFERENTIATOR FOR ADVISOR RECRUITING AND RETENTION INVESTMENT IS FOCUSED ON INCREASING ADVISOR PRODUCTIVITY AND CLIENT-FACING CAPACITY AI USED TO SUPPORT ADVISORS AND ASSOCIATES, IMPROVE EFFICIENCY, AND ENHANCE THE CLIENT EXPERIENCE TECHNOLOGY SUPPORTS RESILIENCE, CYBERSECURITY, AND PLATFORM STABILITY

19 AI is an enabler of the Advisor- Client relationship BACK OFFICE MIDDLE OFFICE FRONT OFFICE

$187M 2Q21 2Q26 Charts not to scale. CAGR for quarters ended March 31, 2021 to March 31, 2026. 1. Compensable revenues include asset management and related administrative fees, total brokerage revenues, and investment banking. Values based on Private Client Group (PCG) metrics. Giving advisors more capacity to serve clients more deeply 39 9% 5-Year CAGR AUA PER ADVISOR $ MILLIONS ANNUALIZED COMPENSABLE REVENUES(1) PER ADVISOR ($000) $676K $756K $676K $775K $864K $972K 2Q21 2Q26 8% 5-Year CAGR Free up advisor time: AI, automation and process improvement reduce administrative friction and low-value tasks. Enable deeper advice: Technology and data-driven insights help advisors prepare for meetings, identify client needs and deliver more personalized recommendations. Serve more complex clients: Private wealth, lending, trust, alternatives and business-owner solutions give advisors more ways to support sophisticated client needs.

88 Raymond James’ advisor-first technology platform aligns directly with the industry’s top driver of recruiting and retention – supporting sustained advisor growth and productivity. A primary competitive lever in recruiting and retention Satisfaction with Aspects of Raymond James Experience Overall Satisfaction with Raymond James Satisfied 97% Advisor Satisfied 92% Technology Raymond James Voice of the Advisor Survey First Half of FY2026 91% Technology Service Center support Satisfied Technology Drives Advisor Movement ▪ #1 factor in recruiting decisions (54% of advisors) ▪ Key driver of both attraction and attrition ▪ Platform quality impacts productivity, satisfaction, and ease of transition Emerging Trends ▪ AI and integrated platforms are becoming competitive differentiators ▪ Players investing heavily to enhance advisor experience Source: Cerulli Report – U.S. Broker/Dealer Marketplace 2025

89 Technology roadmap Building on our strong foundation, we’ll continue our investments and enhancements in key initiatives. Core Modernization Business Process Innovation Advisor Platform and Productivity AI Scaling and Automation

90 Our proprietary data advantage is supported by sustained investment in enterprise data platforms, enabling scalable AI capabilities and faster insight generation, and supporting more differentiated advisor and client experiences. Data is the foundation of AI performance Many Competitors Raymond James Advantage Data Source Third-party/external Proprietary, enterprise-wide AI Differentiation Limited, commoditized High, embedded in workflows Scalability Constrained by access Improves over time Strategic Position Relies on vendors Builds long-term advantage

AI as an enabler of the Advisor-Client relationship 91 BACK OFFICE • Efficiency • Automation • Cost leverage MIDDLE OFFICE • Smarter support • Helping advisors operate more effectively FRONT OFFICE • Hyper-personalization • Serving more clients with tailored advice • Support holistic planning needs

“We generated record results for the first half of the fiscal year by leveraging the firm’s expertise and resources to support advisors and their clients during this period of market uncertainty. Our ongoing focus and disciplined execution have led to record PCG fee-based assets and annualized net new asset growth of 7% for the first half of the fiscal year,” said CEO Paul Shoukry. “We continue to develop industry-leading technology solutions, including increasing AI integration, to improve efficiency and provide our financial professionals with more time to serve their clients. Looking ahead, financial advisor recruiting activity across all our affiliation options remains robust, and the investment banking pipeline continues to be strong.”

Certain U.S. states have recently enacted privacy and data protection regulation related to the development and deployment of artificial intelligence (“AI”). These laws intersect with existing privacy laws and present challenges for firms using AI-related technologies, particularly in cases where personal information is processed requiring notice disclosure and, in certain cases, consent for use of AI. The E.U. Artificial Intelligence Act, which has tiered compliance dates, poses further challenges for organizations in managing transparency, fairness, and accountability for AI use.

Our operations rely heavily on the secure processing, storage, and transmission of sensitive and confidential financial, personal, and other information in our computer systems and networks. There have been numerous highly publicized cases involving financial services companies reporting the unauthorized disclosure of client or other confidential information in recent years, as well as cyber-attacks involving the theft, dissemination, and destruction of corporate information or other assets, in some cases as a result of failure to follow procedures by employees or contractors or as a result of actions by third parties. There have also been numerous highly publicized cases where hackers have requested “ransom” payments in exchange for not disclosing customer information or for restoring access to information or systems. Like other financial services firms, we experience malicious cyber activity directed at our computer systems, software, networks, and users on a daily basis. This malicious activity includes attempts at unauthorized access, implantation of computer viruses or malware, and denial-of-service attacks. We also experience large volumes of phishing and other forms of social engineering (including through the use of AI) attempted for the purpose of perpetrating fraud against the firm, our associates, or our clients. This includes attempts by threat actors to impersonate our clients or associates, or to defraud our clients directly. In addition, clients may also share information (including information used for authentication) with third parties, which also may be a source of a potential cybersecurity incidents or fraud. These activities may occur outside of our systems but could still result in financial loss to our clients and potential liability or reputational harm to us. Additionally, we may face increased cybersecurity risk for a period of time after acquisitions as we transition the acquired entity’s historical systems and networks to our standards. We also face increased cybersecurity risk related to mobile and cloud solutions or related to new and emerging technologies such as AI. We seek to continuously monitor for and nimbly react to any and all such malicious cyber activity, and we develop our systems to protect our technology infrastructure and data from misuse, misappropriation, or corruption.

Our future success also depends in part on our ability to develop, maintain, and enhance our products and services, including factors such as customer experience, and the pricing and range of our offerings. The financial services industry is continually undergoing rapid technological change with frequent introductions of new technology-driven products and services. If we are not able to develop new products and services, enhance existing offerings, effectively implement new technology-driven products and services, or successfully market these products and services to our customers, our business, financial condition, or results of operations may be adversely affected. Furthermore, both financial institutions and their non-banking competitors face the risk that payments processing and other services could be significantly disrupted by technologies (e.g., AI, online trading platforms, digital payment technologies) that require no intermediation. New technologies have required, and could require us in the future, to spend more to modify or adapt our products to attract and retain clients or to match products and services offered by our competitors, including technology companies.

We use, develop, and incorporate within our technology platform and services, systems and tools that incorporate AI and machine learning, including generative AI. Although we strive to establish and maintain appropriate governance and risk management processes, ineffective or inadequate AI development or deployment practices by us or third-party vendors could result in unintended consequences such as AI algorithms that produce inaccurate output or that are based on biased, incomplete, and/or inaccurate datasets. Despite implementing policies and safeguards to prevent unauthorized disclosures, our use of AI may still pose heightened security and privacy risks, which we seek to mitigate by relying on proprietary or “walled-garden” environments to enhance data protection and operational controls and maintain confidentiality. Any of the foregoing may result in harm to our business, results of operations, or reputation. Compliance with new or changing laws, regulations, or industry standards relating to AI may impose significant operational costs and limit our ability to develop, deploy, or use AI and machine learning technologies.

Shoukry continued, “Throughout the fiscal year, we made significant investments of approximately $1 billion in technology including AI to enhance service and deliver data-driven advisor and client insights on secure and resilient infrastructure, while creating the new positions of Chief AI Officer and Head of AI Strategy to lead our ongoing development and implementation. We recently earned the highest ranking for investor satisfaction among those working with a dedicated financial advisor or team of advisors and were recognized as the most trusted company among advised investors in wealth management in the J.D. Power 2025 U.S. Investor Satisfaction Study. As we enter fiscal 2026, we are well positioned with record client asset levels, a strong investment banking pipeline, robust growth opportunities across the business and ample capital and liquidity to support sustainable growth.”

92 IT at a Glance Annual Tech Spend* $975M Global IT Associates ~1,900 6 Cities St. Petersburg, Memphis, Southfield, Denver, Vancouver, London Awards & Recognitions 11 awards (2021-2024) 2 awards, 4 finalist (2012-2023) 3 finalist (2022-2024) 323 303 353 386 448 577 0 100 200 300 400 500 600 700 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Active Users Over Time AI-Enabled Software Engineering * Estimated technology spend for FY 2025

93 Consistent investment to enable best-in-class technology Technology Spend Key Areas of Investment $ Millions $589 $569 $646 $770 $869 $975 FY20 FY21 FY22 FY23 FY24 FY25E* 11% 5-Yr CAGR Major Initiatives Artificial Intelligence (AI) Advisor Productivity Business & Volume Growth Cybersecurity Globalization & Efficiency Regulatory * Estimated technology spend for FY 2025

95 AI at Raymond James

96 AI at Raymond James | AI Framework Foster a Culture of Innovation: Encourage continuous learning, develop cross-functional collaboration, and support teams in their AI journey. Drive Operational Excellence: Continuously improve back-office processes to provide timely and accurate responses. Empower Advisors: Integrate AI tools into our advisor platform that reduce the administrative workload. Provide Data-Driven Insights: Empower teams with instant, natural language access to information and data. Safety and Responsibility: Ensure AI models undergo strict model governance and adherence to current and future regulations.

GUIDEPOSTSPARTNERSHIPS 97 AI at Raymond James | Strategic Partnerships

98 AI at Raymond James | AI Project Pipeline LIVE / IN PILOT • GenAI Search • Microsoft CoPilot • NASH Platform • Cyber Security • Anti-Money Laundering • eCommunication • Prudent Process Reviews • Service & Support Analyses • GitHub CoPilot • RJnet & Advisor Access GenAI Search • Zoom AI Meeting Summaries • Advisor Access Recommended Apps Financial Advisors Lines of Business Core Platform PIPELINE • AI 360 • Prudent Process Reviews • Meeting & CRM Notes Management • Client Portfolio Analyses • Opportunity Dashboard • Research & News Summaries • Statement Scanning • Regulatory Feed Summarization • Expert Service Agents • Podcast Reviews

Begor joined Equifax in 2018 as CEO and is a member of its board of directors. Under his leadership, Equifax has become an industry leader in data and analytics, is driving AI innovation, and has undergone one of the largest cloud transformation initiatives in its industry, changing nearly every facet of its infrastructure. Since 2021, Begor has overseen 14 acquisitions to expand Equifax capabilities beyond a traditional credit bureau in the markets it serves worldwide.

Certain U.S. states have recently enacted privacy and data protection regulation related to the development and deployment of artificial intelligence (“AI”). These laws intersect with existing privacy laws and present challenges for firms using AI-related technologies, particularly in cases where personal information is processed requiring notice disclosure and, in certain cases, consent for use of AI. The E.U. Artificial Intelligence Act, which has tiered compliance dates, poses further challenges for organizations in managing transparency, fairness, and accountability for AI use.

Our operations rely heavily on the secure processing, storage, and transmission of sensitive and confidential financial, personal, and other information in our computer systems and networks. There have been numerous highly publicized cases involving financial services companies reporting the unauthorized disclosure of client or other confidential information in recent years, as well as cyber-attacks involving the theft, dissemination, and destruction of corporate information or other assets, in some cases as a result of failure to follow procedures by employees or contractors or as a result of actions by third parties. There have also been numerous highly publicized cases where hackers have requested “ransom” payments in exchange for not disclosing customer information or for restoring access to information or systems. Like other financial services firms, we experience malicious cyber activity directed at our computer systems, software, networks, and users on a daily basis. This malicious activity includes attempts at unauthorized access, implantation of computer viruses or malware, and denial-of-service attacks. We also experience large volumes of phishing and other forms of social engineering attempted for the purpose of perpetrating fraud against the firm, our associates, or our clients. Additionally, we may face increased cybersecurity risk for a period of time after acquisitions as we transition the acquired entity’s historical systems and networks to our standards. We also face increased cybersecurity risk related to mobile and cloud solutions or those related to new and emerging technologies such as AI. We seek to continuously monitor for and nimbly react to any and all such malicious cyber activity, and we develop our systems to protect our technology infrastructure and data from misuse, misappropriation, or corruption.

Our future success also depends in part on our ability to develop, maintain, and enhance our products and services, including factors such as customer experience, and the pricing and range of our offerings. The financial services industry is continually undergoing rapid technological change with frequent introductions of new technology-driven products and services. If we are not able to develop new products and services, enhance existing offerings, effectively implement new technology-driven products and services, or successfully market these products and services to our customers, our business, financial condition or results of operations may be adversely affected. Furthermore, both financial institutions and their non-banking competitors face the risk that payments processing and other services could be significantly disrupted by technologies (e.g., AI, online trading platforms, digital payment technologies) that require no intermediation. New technologies have required, and could require us in the future, to spend more to modify or adapt our products to attract and retain clients or to match products and services offered by our competitors, including technology companies.

Although we currently do not use AI extensively, we may in the future use, develop, and incorporate within our technology platform and services, systems and tools that incorporate AI and machine learning, including generative AI. Although we strive to establish and maintain appropriate governance and risk management processes, ineffective or inadequate AI development or deployment practices by us or third-party vendors could result in unintended consequences such as AI algorithms that produce

inaccurate output or that are based on biased, incomplete, and/or inaccurate datasets. Any of the foregoing may result in harm to our business, results of operations, or reputation. Compliance with new or changing laws, regulations, or industry standards relating to AI may impose significant operational costs and limit our ability to develop, deploy, or use AI and machine learning technologies.

The multitude of data privacy laws and regulations adds complexity and cost to managing compliance and data management capabilities and can result in potential litigation, regulatory fines and reputational harm. Data privacy requirements affect business processes and compel companies to track personal information use and provide greater transparency on data practices to consumers. In addition, technology advances in the areas of artificial intelligence, mobile applications, and remote connectivity solutions have increased the collection and processing of personal information as well as the risks associated with unauthorized disclosure and access to personal information.