X0306 4 2019-11-30 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 2019-11-30 4 M 0 3000.0000 0 A 46723.0000 D Common Stock 2019-11-30 4 F 0 763.0000 89.8200 D 45960.0000 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 Restricted Stock Units 2019-11-30 4 M 0 3000.0000 0.0000 D 2021-11-30 Common Stock 3000.0000 2000.0000 D 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. Includes shares of common stock acquired under the reporting person's Employee Stock Ownership Plan (ESOP) account through November 15, 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. RSUs vested 60% on 11/30/2019, 20% will vest on 11/30/2020, and 20% will vest on 11/30/2021. This Form 4 reports (i) the partial vesting of RSUs awarded to the reporting person and (ii) a disposition by the reporting person to the issuer to cover tax liability in connection with such vesting. /s/ Jeffrey A. Dowdle by Jonathan J. Doyle as Attorney-in-Fact 2019-12-03