X0306 4 2019-11-08 0000720005 RAYMOND JAMES FINANCIAL INC RJF 0001541020 Dowdle Jeffrey A 880 CARILLON PARKWAY ST. PETERSBURG FL 33716 1 COO & Head of Asset Mgmt. Common Stock 2019-11-08 4 M 0 12500.0000 37.8700 A 46838.0000 D Common Stock 2019-11-08 4 F 0 6363.0000 89.2900 D 40475.0000 D Common Stock 8252.0000 I ESOP Common Stock 1500.0000 I UTMA Custodian for Daughter EC Common Stock 1500.0000 I UTMA Custodian for Son GT Employee Stock Option (right to buy) 37.8700 2019-11-08 4 M 0 12500.0000 0.0000 D 2019-11-29 Common Stock 12500.0000 0.0000 D Includes shares of common stock acquired under the reporting person's Employee Stock Ownership Plan (ESOP) account through November 8, 2019. 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. The stock option vested 60% on 11/29/2015, 20% on 11/29/2016, and 20% on 11/29/2017. This Form 4 reports the exercise of stock options and disposition by the reporting person to the issuer to cover the exercise price and tax liability in connection with such exercise. /s/ Jeffrey A. Dowdle by Jonathan J. Doyle as Attorney-in-Fact 2019-11-12