X0306 4 2018-11-28 0000720005 RAYMOND JAMES FINANCIAL INC RJF 0001541020 Dowdle Jeffrey A 880 CARILLON PARKWAY ST. PETERSBURG FL 33716 1 CAO & President, Asset Mgmt. Common Stock 2018-11-28 4 A 0 2822.0000 0.0000 A 40185.0000 D Common Stock 8053.0000 I ESOP Common Stock 1500.0000 I UTMA Custodian for Daughter EC Common Stock 1500.0000 I UTMA Custodian for Son GT Restricted Stock Units 2018-11-29 4 A 0 5000.0000 0.0000 A 2023-11-29 Common Stock 5000.0000 5000.0000 D Vesting of Performance Restricted Stock Units (PRSUs) granted on 12/15/2015. Includes shares of common stock acquired under the reporting person's Employee Stock Ownership Plan (ESOP) account through November 28, 2018. The reporting person disclaims beneficial ownership of these securities, and the filing of this report is not an admission that the reporting person is the beneficial owner of these securities for purposes of Section 16 or for any other purpose. Each Restricted Stock Unit (RSU) represents a contingent right to receive, upon vesting of the award: (i) one share of common stock, and (ii) accrued cash in lieu of dividends. RSUs vest 60% on 11/29/2021, 20% on 11/29/2022, and 20% on 11/29/2023. This Form 4 reports (1) the acquisition by the reporting person of common stock resulting from the vesting of Restricted Stock Units (RSUs) granted on 12/15/2015 based on the company's attaining certain levels of average after-tax return-on-equity over a three-year measurement period and (2) a grant of RSUs to the reporting person. /s/ Jeffrey A. Dowdle by Jonathan J. Doyle as Attorney-in-Fact 2018-11-30