X0306 4 2019-11-26 0000720005 RAYMOND JAMES FINANCIAL INC RJF 0001422342 Raney Steven M 880 CARILLON PARKWAY ST. PETERSBURG FL 33716 1 President & CEO RJBank Common Stock 2019-11-26 4 M 0 698.0000 55.4900 A 36462.0000 D Common Stock 2019-11-26 4 S 0 5399.0000 89.0511 D 31063.0000 D Common Stock 2019-11-27 4 M 0 1802.0000 55.4900 A 32865.0000 D Common Stock 1695.0000 I ESOP Employee Stock Option (right to buy) 55.4900 2019-11-26 4 M 0 698.0000 0.0000 D 2021-11-20 Common Stock 698.0000 1802.0000 D Employee Stock Option (right to buy) 55.4900 2019-11-27 4 M 0 1802.0000 0.0000 D 2021-11-20 Common Stock 1802.0000 0.0000 D The reporting person effected multiple same-way open market sale transactions on the same day at different prices through a trade order executed by a broker-dealer. The reporting person has reported on a single line all such transactions that occurred within a one dollar price range. The reporting person hereby undertakes to provide upon request by the Securities and Exchange Commission staff, the issuer or a shareholder of the issuer, full information regarding the number of shares sold at each separate price. Reflects the weighted average sale price. The range of prices for such transaction was $89.02 to $89.08. Includes shares of common stock acquired under the reporting person's Employee Stock Ownership Plan (ESOP) account through November 15, 2019. Stock options vested 60% on 11/20/2017, 20% on 11/20/2018, and 20% on 11/20/2019. This Form 4 reports (i) the exercise of employee stock options by the reporting person and (ii) the open market sale by the reporting person of shares of common stock to cover the price of such exercise. /s/ Steven M. Raney by Jonathan J. Doyle as Attorney-in-Fact 2019-11-29