Goldman Sachs U.S. Financial Services Conference

December 9, 2020

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 ninemonths ended September 30, 2020. Specifically, the Company believes that the non-GAAP measures provide useful information by excluding certain items that maynot be indicative of the Company’s core operating results and business outlook. The Company believes that these non-GAAP measures will allow for a betterevaluation 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 andfuture 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.

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.

A History of Organic Growth & Acquisitions

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$452$763 $870

$1,091$1,382 $1,393

$1,594

$1,973$2,208

$2,332$2,575

$2,926$3,025

$3,337

$2,692

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

GAAP Net Revenues ($MM

)

2005Legg Mason’s Capital

Markets Division

2007Ryan Beck Acquisition

Stifel Bank & Trust

2008Butler Wick

200956 UBS Private Client

Branches

2010Thomas Weisel

Partners

2011Stone & Youngberg

2012Miller Buckfire

2013Keefe, Bruyette &

WoodsKnight Capital Group Fixed Income Division

Acacia BankZiegler Lotsoff

2014De La Rosa,

Oriel Securities,1919 Investment

Counsel,Merchant Capital

2015Barclays Wealth &

Investment Management,Sterne Agee,

2016Eaton Partners

ISM Capital

2017City

Securities

2018Ziegler Wealth Management,

Business Bancshares Inc.

2019First Empire

MainFirstMooreland Partners

GMP George K. Baum

B&F Capital Markets

* 2019 full year GAAP net revenues based on annualized results as of 9/30/19.*2020 full year GAAP net revenue based on annualized results as of 09/30/2020

A Diversified Growth Company

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$2,232

$2,580

$2,928 $3,025

$3,337

$3,636

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

$4,000

2015 2016 2017 2018 2019 LTM

mill

ions

$1.90

$2.62

$3.99

$5.28

$6.10 $6.21

$0.00

$1.00

$2.00

$3.00

$4.00

$5.00

$6.00

$7.00

2015 2016 2017 2018 2019 LTM

10.4%

13.1%

17.1%

19.6% 19.9%

18.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

2015 2016 2017 2018 2019 LTM

5.8% 9.0% 13.3% 15.9% 16.5% 13.5%

41.3% 39.2%37.7% 34.4% 36.2% 40.6%

52.9% 51.8% 49.0% 49.7% 47.3% 45.9%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

100.0%

2015 2016 2017 2018 2019 LTM

Private Client Group Institutional Group Net Interest Income

Net Revenue1 Earnings Per Share1,2

Pre-tax Margin1 Revenue Contribution by Segment

(1) Non-GAAP(2) Does not incorporate impact of 3:2 stock split announced on November 11, 2020

2015 - LTM CAGR: 10% 2015 - LTM CAGR: 27%

Increasing Fourth Quarter Guidance

5

millions Prior Revised

Operating Net Revenue $870-$920 $940-$970

Net Interest Income $100-$110 $100-$110

Bank NIM 235-245 bps 235-245 bps

Compensation Ratio 57.5% - 59.5% 58.5% - 59.5%

Non-Compensation Ratio* 19% - 21% 18% - 20%

Tax Rate NA 18% - 22%

Diluted Share Count** 77.4 77.9

Fourth Quarter 2020 Estimates

* Excludes credit provision and investment banking gross up** Expected diluted share count post 3:2 stock split announced on November 11, 2020 will be 116.9 million

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Business Overview

Stifel – Premier Investment Bank and Wealth Management Firm

7

Stifel at a Glance 2019 GAAP Net Revenue - $3.3 billion

Global Wealth Management (GWM)2019 Net Revenue - $2.1 billion

Institutional Group (IG)2019 Net Revenue - $1.2 billion

Private Client Stifel Bancorp 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 (6.3x) (1) (2), $4.0 billion stockholders’ equity (2) and $4.7 billion market capitalization (3)

29% Insider ownership aligns employees' interests with other shareholders (4)

Approximately 8,500 full-time associates(2)

Balanced business mix (64% GWM / 36% IG) (2019 net revenues)

National presence with 2,271 financial advisors(2)

2nd largest U.S. equity research platform with approximately 1,300 stocks under coverage(2)

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

(1) Assets / equity.(2) As of 09/30/2020 (3) As of 11/9/2020(4) Insider ownership percentage includes all units outstanding, as of March 18, 2020.

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

3rd LARGEST U.S. investment bank by U.S. equity

trading volume 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)

(1) Based on 2019 U.S. trading volume per Bloomberg, as of 02/06/2020(2) Source: Publicly available information for U.S. brokerage networks. Includes investment banks only.

Rank Firm Brokers

1 Bank of America Merrill Lynch 17,760

2 Morgan Stanley Wealth Management 15,469

3 Wells Fargo Securities 12,908

4 Raymond James Financial 8,239

5 UBS 6,353

6 JPMorgan 2,968

7 Stifel Financial Corp. 2,271

8 Oppenheimer & Co. 1,010

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 2,271 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)

$843 $908$992

$1,117$1,233

$1,377

$1,563

$1,822$1,990

$2,131

$1,616

$0

$400

$800

$1,200

$1,600

$2,000

$2,400

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

$194$235

$267$300

$347$382

$430

$627

$737$786

$529

$0$50

$100$150$200$250$300$350$400$450$500$550$600$650$700$750$800

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

• 2017 full year net revenue and operating contribution based on annualized results as of 9/30/2017(1) 2018 full year results based on annualized result as of 9/30/2018(1) 2020 full year GAAP net revenues & operating contribution based on annualized results as of 09/30/2020.

GWM – Stifel Bancorp, Inc.

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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) (1)(2)

Total assets $17,855

Total deposits 16,400

Total equity 1,379

ROAA 1.40%

ROAE 18.20%

Tier 1 Risk Based Capital 11.70%

Tier 1 Leverage 7.20%

NPAs/Assets 0.08%

Investment Portfolio Loan Portfolio(3)Interest Earnings Assets

4%

35%

61%

Cash Investment Securities Loans

77%

10%

11%2%

ABS Corporates Agency MBSMunis Other

17%

38%

35%

4%6%

Securities-based lending Commercial and industrialResidential real estate Commercial real estateOtherNote: Key Statistic Data as of 09/30/2020.

(1) ROAA, ROAE, as well as Tier 1 capital ratios specific to Stifel Bank & Trust (2) NPAs include: nonaccrual loans, restructured loans, loans 90+ days past due, and other real estate owned.(3) Other includes construction and land, consumer loans, and home equity lines of credit.

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

3rd largest U.S Investment bank by U.S. equity trading volume outside of the Bulge Bracket firms(1)

Full-service Investment Bank

Comprehensive Fixed Income platform

$626

$507$605

$861

$997 $976 $1,014

$1,111$1,055

$1,214

$1,094

$0

$300

$600

$900

$1,200

$1,500

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

$201$179

$247 $285

$322

$404$432

$382

$297

$416

$4

88

$0

$100

$200

$300

$400

$500

$600

$700

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

(1) Based on 2019 U.S. trading volume per Bloomberg., as of 02/06/2020 (Stifel & KBW). (2) Includes Thomas Weisel historical investment banking revenues 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) 2020 full year net revenue based on annualized results as of 09/30/2020(5) 2019 full year net revenues based on annualized net revenue as of 9/30/2019

$425

$329 $357

$576

$675

$571 $582

$729$759

$798

$6

06

$0

$200

$400

$600

$800

$1,000

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020