Corporate Governance Principles

The Board of Directors (“Board”) of Raymond James Financial, Inc. (the “Company”) has adopted the following principles with respect to the Company's governance (“Principles”). These Principles will be reviewed regularly by the Corporate Governance, Nominating and Compensation Committee of the Board. The Board may amend the Principles from time to time in light of corporate governance developments.

1. Corporate Mission Statement

The Company's Mission Statement is attached as Exhibit A.

2. Corporate Governance at Raymond James

In contrast to many public companies, the Company’s management and employees are significant shareholders, collectively owning a substantial portion of the Company's common stock. For this reason, the Board believes that the interests of the Company's management and employees are already strongly aligned with the interests of shareholders. These Principles, adopted by the Board of Directors, reflect this important characteristic of Raymond James Financial, Inc.

3. Role and Duties of the Board of Directors

The role of the Board is to oversee management of the Company in their efforts to enhance shareholder value and conduct the Company's business in accordance with its Mission Statement. In that connection, the Board helps management assess long-range strategies for the Company, and evaluates management performance. The Board also recognizes that the long-term interests of shareholders are advanced by responsibly addressing the concerns of other interested parties, including clients, associates, the communities which the Company serves and the economy of the state and nation.

The Company's directors are required under Florida law to discharge their duties in good faith, with the care that an ordinarily prudent person in a like position would exercise under similar circumstances, and in a manner they reasonably believe to be in the best interests of the Company. In discharging their oversight responsibility, members of the Board may reasonably rely on information provided by the Company's management and employees, as well as its legal counsel, auditors and other professional advisers.

4. Size and Composition of the Board of Directors

Under the Company's By-laws, the Board of Directors consists of no more than 20 persons, with the number of directors fixed from time to time by resolution of the Board.

A majority of directors must be “independent” in accordance with the rules of the New York Stock Exchange ("NYSE"). The Board presently believes that the Company's interests are best served by having a meaningful representation of the Company's senior management on the Board. Under our By-laws, directors serve terms of one (1) year.

5. Majority Election of Directors

The Company's By-laws provide for majority voting in uncontested elections of directors. This means that, in uncontested elections, directors are elected by a majority of the “votes cast,” meaning that the number of shares voted "for" a director must exceed the number of shares voted "against" that director. Each nominee for membership on the Board must tender an irrevocable conditional resignation to the Company, such resignation to be effective only upon (i) the director’s failure to receive the required vote in an uncontested election, and (ii) Board acceptance of such resignation. If any nominee for reelection fails to receive the required vote the Corporate Governance, Nominating and Compensation Committee will recommend that the Board accept the resignation unless it determines that the best interests of the Company and its shareholders would not be served by doing so. Absent such determination, the Board will accept the resignation no later than 120 days from the certification of the shareholder vote, subject to maintaining compliance with NYSE or SEC rules or regulations. The Board will promptly publicly disclose its decision and the reasons therefor.

6. Selection of Board Nominees

The Corporate Governance, Nominating and Compensation Committee reviews the experience and qualifications of all potential nominees to the Board. Board members are expected to demonstrate high standards of integrity and character and are also expected to offer important perspectives on some aspect of the Company's business based on their business experience. Among other requirements, pursuant to the Company’s By-laws, to be eligible as a candidate for election to the Board, a person (i) may not be on the boards of more than three other public companies, and (ii) may not be subject to certain convictions, sanctions, judgments, orders or suspensions imposed by courts or regulatory (including self-regulatory) authorities.

7. Board Tenure

Under our By-laws, directors generally serve terms of one (1) year.

The Board recognizes the value of continuity of directors who have experience with the Company and who have gained over a period of time a level of understanding about the Company and its operations that enables the director to make a significant contribution to the deliberations of the Board without, in the case of non-executive Board members, any ongoing impairment to their independence. Non-executive directors are normally expected to serve no more than 12 years on the Board, however.

In the event of extraordinary circumstances, the Board reserves the right to waive the above tenure limitation to allow a director to serve up to three (3) additional annual terms on the Board.

Non-executive directors who hold a particular board or employment position at the time of their appointment are not automatically required to resign from the Board if that position changes during their tenure.

Directors who are officers of the Company should offer their resignation in the event of any significant change in their primary job responsibilities and/or upon termination of their employment with the Company. The Board, with the assistance of the Corporate Governance, Nominating and Compensation Committee, will evaluate whether it should accept the resignation after reviewing whether the individual satisfies the Board's membership criteria in light of such change.

8. Limitation on Outside Board Membership

Non-executive directors may not serve on the board of directors of more than three (3) other public companies.

9. Compensation of Directors

Members of the Board are compensated for their time and services by cash and equity awards. The compensation level is periodically reviewed by the Corporate Governance, Nominating and Compensation Committee, which makes recommendations to the Board. Such levels are designed to reflect reasonable compensation for the time spent at meetings of the Board and its committees and for other activities required of directors to enable them to effectively discharge their responsibilities.

A director who is also an employee of the Company shall not receive additional compensation for such service as a director.

10. Lead Director

The Board will exercise its discretion in combining or separating the offices of Chairman of the Board and CEO. This determination will be based on the Board's judgment of the best interests of the Company from time to time. Currently, the Company has combined the positions of Chairman of the Board and Chief Executive Officer in connection with the planned transition from our former Executive Chairman’s leadership. The Board has appointed one of its independent directors as lead director (“Lead Director”), whose role is to solicit agenda items and issues from non-executive directors for inclusion in the Board agenda and to organize and chair periodic meetings of the non-executive directors.

11. Board Meetings

Board meetings follow an agenda that is established in advance by the Chairman, CEO and CFO, with input from the Lead Director and from management. Each meeting of the Board provides for time for a joint meeting with members of the Company's Executive Committee, who constitute the senior management of the Company. Board materials are distributed in advance of each meeting, generally containing financial, strategic and operational summaries from each of the major business units as well as material information relating to agenda items. Members of the Board are expected to attend all Board meetings and meetings of committees on which they serve, to spend the time needed in preparation for such meetings and to meet as frequently as they deem necessary to properly discharge their responsibilities. In addition, directors should stay abreast of the Company's business and markets. To the fullest extent possible, directors should review agendas and other meeting materials in advance of any Board or committee meeting.

12. Confidentiality of Board and Committee Materials and Other Information

Pursuant to fiduciary duties of loyalty and care and the Company’s applicable policies, each director is required to protect and hold confidential all non-public information obtained by virtue of his or her position as a director, absent the express or implied permission of the Board to disclose such information. Accordingly, no copies of any Board or Committee materials distributed to or prepared by the directors, whether printed or electronic, may be retained by any director after the date of a meeting of the Board or Committee (as applicable) immediately following the meeting for which such materials were originally distributed or prepared. This policy allows the directors to retain Board or Committee materials for a limited period of time in order to facilitate the review and approval of meeting minutes, while the official copy of all Board and Committee materials shall be retained thereafter solely by the Company.

13. Meetings of Non-Executive Directors

In addition to the formal Board meetings, the non-executive directors meet prior to each Board meeting. The non-executive Directors also meet regularly with the CEO.

14. Board and Director Evaluation

The Board of Directors conducts an annual long-range strategic planning meeting, generally following the Annual Meeting of Shareholders. During these meetings, members of senior management also participate in addressing strategic issues facing the Company. In addition to consideration of strategic and long term issues, the Board undertakes a review of its own performance, functions and processes, to determine whether the Board and its committees are functioning effectively and identify areas for improvement.

The Corporate Governance, Nominating and Compensation Committee conducts an annual evaluation of each director's performance in connection with the nomination of candidates for election to the Board.

15. Director Orientation and Continuing Education; Access to Employees and Independent Advisors

New directors are provided with an orientation to the Company and a board reference manual containing important background information regarding the Company. Management of the Company encourages all Board members to meet with senior management personnel to learn about the financial, strategic and other long term issues affecting the Company's business operations, and provides specific opportunities for new directors to engage in such meetings.

Members of the Board are encouraged to take advantage of educational programs that may assist them in the performance of their duties. The Company will reimburse directors for the reasonable costs of attendance at programs which are approved in advance by the Company.

Members of the Board have at all times full and unrestricted access to members of management and employees of the Company and are encouraged to contact such personnel directly.

The Board and each Board committee shall have full and free access to the Company's independent advisors and each shall have the power to retain legal, accounting, financial or other advisors as they may deem appropriate at the expense of the Company, without the need to obtain the prior approval of any officer of the Company.

16. Board Committees

The Board has four committees: the Audit and Risk Committee, the Corporate Governance, Nominating and Compensation Committee, the Pricing Committee and the Securities Repurchase Committee. All members of the Audit and Risk Committee and the Corporate Governance, Nominating and Compensation Committee are independent directors in accordance with the criteria established by the NYSE, and must also satisfy any other qualifications for service on the particular committee pursuant to its charter or applicable law. In addition, the Audit and Risk Committee designates at least one of its members as an Audit Committee Financial Expert. Each of the committees has a charter defining its mission and role. Members of the committees and committee chairpersons are appointed, and may be removed, by the Board of Directors.

17. CEO Compensation and Succession

The Board shall be responsible for identifying potential candidates for, and selecting, the CEO.

The Corporate Governance, Nominating and Compensation Committee establishes standards for CEO performance and determines the compensation of the CEO based on an annual review of his performance. The Committee also annually reviews compensation of other senior executives.

The Board is responsible for overseeing succession planning for the Board, senior level executive positions and the CEO, including policies and principles for the selection and performance review of the CEO, as well as policies regarding succession in the event of an emergency or the retirement of the CEO.

18. Ethics Policy

The Company has a comprehensive ethics policy applicable to all employees and to members of the Board, requiring adherence to high ethical standards as well as compliance with all applicable laws, rules and regulations. The Company has also established procedures, under the direction of the Audit and Risk Committee, for the confidential and anonymous reporting by employees of concerns regarding accounting, auditing and internal controls matters.

19. Stock Ownership Guidelines

Pursuant to a separate written policy, all members of the Board are expected to acquire at least that number of shares of the Company's common stock equal to five (5) times their annual cash retainer by the fifth annual meeting of directors after the adoption of the policy or the date they join the Board. Similarly, our Chief Executive Officer is expected to acquire shares equal to six (6) times his annual salary, and other members of the Company's Executive Committee at least three (3) times their respective annual salaries, by the fifth anniversary of adoption of the policy or their appointment. In addition, until such ownership levels are achieved, both directors and officers are expected to retain 100% of the net shares of common stock that they acquire through the vesting or exercise of equity awards. All forms of direct and indirect ownership, as well as time-vesting restricted stock and restricted stock unit awards (but not performance vesting awards or options), are counted towards satisfaction of the above requirements.

20. Interaction with Institutional Investors, the Press, Customers and Other Constituencies.

The Board believes that management speaks for the Company. Each director should refer all inquiries from institutional investors, the press, customers or other constituencies to senior management. Individual members of the Board may, from time to time, meet or otherwise communicate with various constituencies that are involved with the Company, subject to prior consultation with senior management.

21. Shareholder Communications with the Board

Any interested party may communicate with the Lead Director of our Board or to our non- executive directors as a group by sending written communication to: Raymond James Financial, Inc., 880 Carillon Parkway, St. Petersburg, Florida 33716, Attn: Secretary.

22. General

These Principles are intended as a component of the flexible framework within which the Board, assisted by its committees, oversees the affairs of the Company. While they should be interpreted in the context of applicable laws, regulations and listing requirements, as well as in the context of the Articles and By-laws, they are not intended to establish by their own force any legally binding obligations.

As amended by the Board of Directors on February 17, 2017

Exhibit A

RAYMOND JAMES FINANCIAL, INC. – MISSION STATEMENT

Our business is people and their financial well-being. Therefore, in the pursuit of our goals, we will conduct ourselves in accordance with the following precepts:

Our clients always come first.

We must provide the highest level of service with integrity.

Assisting our clients in the attainment of their financial objectives is our most worthy enterprise.

We must communicate with our clients clearly and frequently.

Our investments and services must be of superior quality.

Teamwork – cooperating with and providing assistance and support to our fellow Associates – is fundamental to sustaining a quality work environment that nurtures opportunities for unparalleled service, personal growth and job satisfaction.

Continuing education is necessary to maintain the timeliness of investment knowledge, tax law information and financial planning techniques.

Innovation is requisite to our survival in a changing world.

To emulate other members of our industry requires us to continue to work hard; to excel beyond our peers requires us to provide an even higher caliber of service to our clients.

We must give something back to the communities in which we live and work.