Stifel Financial Corp. (SF): First Take: Better IB revenues and comp leverage drives 2Q upside; Wealth KPIs remain mixed

Research evidence excerpt

Stifel Financial Corp. (SF): First Take: Better IB revenues and comp leverage drives 2Q upside; Wealth KPIs remain mixed

Goldman Sachs Stifel Financial Corp. (SF)

Disclosure Appendix

Reg AC

We, Alexander Blostein, CFA, Michael Vinci, Anthony Corbin, Aditya Sharma, CFA and Vaasu Gupta, hereby certify that all of the views expressed in this

report accurately reflect our personal views about the subject company or companies and its or their securities. We also certify that no part of our

compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in this report.

Unless otherwise stated, the individuals listed on the cover page of this report are analysts in Goldman Sachs’ Global Investment Research division.

Contributing Authors: Alexander Blostein, CFA Goldman Sachs & Co. LLC, Michael Vinci Goldman Sachs & Co. LLC, Anthony Corbin Goldman Sachs &

Co. LLC, Aditya Sharma, CFA Goldman Sachs India SPL, Vaasu Gupta Goldman Sachs India SPL.

Unless otherwise stated, the individuals listed in the Contributing Authors disclosure of this report are analysts in Goldman Sachs’ Global Investment

Research division.

GS Factor Profile

The Goldman Sachs Factor Profile provides investment context for a stock by comparing key attributes to the market (i.e. our universe of rated stocks)

and its sector peers. The four key attributes depicted are: Growth, Financial Returns, Multiple (e.g. valuation) and Integrated (a composite of Growth,

Financial Returns and Multiple). Growth, Financial Returns and Multiple are calculated by using normalized ranks for specific metrics for each stock. The

normalized ranks for the metrics are then averaged and converted into percentiles for the relevant attribute. The precise calculation of each metric may