Press Release

Release No. 1206-23
February 21, 2007

RAYMOND JAMES FINANCIAL SERVICES
RESPONDS TO NASD SETTLEMENT;
AFFIRMS COMMITMENT TO OVERSIGHT

ST. PETERSBURG, Fla. - Raymond James Financial Services, Inc. (RJFS) today issued the following statement regarding a recent settlement with the National Association of Securities Dealers related to conduct by one of RJFS’ registered branch managers, Donna Vogt, and the firm’s supervisory system during the period April 2000 – September 2004.

The NASD alleged that Donna Vogt, who was a registered representative with the firm, made inappropriate recommendations to certain clients based on their age and financial circumstances. She withheld documents from compliance inspection that may have led to timely correction of her actions. When discovered in June 2003, she was terminated for failing to follow firm policies and the firm settled all client complaints that resulted from her misconduct.

Raymond James Financial Services is firmly committed to providing its clients with appropriate recommendations and financial services through ethical and educated financial advisors and to provide them and their supervisors with the proper tools to carry out this commitment. Although the firm believed at the time that its supervisory procedures were sufficient and at or above standards in the industry, it has since (independent of this incident) made investments of several million dollars to introduce new technology to assist in this effort and has substantially increased the number of personnel in its compliance, sales management and supervision areas and will continue to make investments to carry out its commitment to its clients.

As part of the settlement with the NASD, RJFS does not admit to or deny any wrongdoing and the settlement will not materially impact the parent company’s financial results.

About Raymond James Financial Services, Inc.

Raymond James Financial Services, Inc. is a national investment firm providing financial services to individuals, corporations and municipalities through more than 3,100 financial advisors in 1,900 offices throughout the United States. For more than 30 years, Raymond James Financial Services has provided a wide range of services through our affiliate, Raymond James & Associates, Inc., member New York Stock Exchange/SIPC. Both broker/dealers are wholly owned subsidiaries of Raymond James Financial, Inc. (NYSE-RJF), a financial services holding company which has more than 4,700 financial advisors serving 1.6 million accounts throughout the United States, Canada and overseas, with total client assets of approximately $193 billion.

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For additional information, please contact: Mike Alford, Senior Vice President, Corporate Counsel — 727-567-5198
Please visit the Raymond James Press Center at raymondjames.com/media.