Document:

Specimen Stock Certificate

 Exhibit 4.6 
 [FACE OF SPECIMEN CERTIFICATE] 
  

			
	COMMON STOCK	 	COMMON STOCK
	        NUMBER	 	SHARES
	RJ [                        ]	 	[                    ]
		
		 	PAR VALUE $.01 PER SHARE
		
		 	CUSIP 754730109

 RAYMOND JAMES FINANCIAL, INC. 
 INCORPORATED UNDER THE LAWS OF THE STATE OF FLORIDA 
    SEE
REVERSE FOR 
    CERTAIN DEFINITIONS 
 THIS CERTIFIES THAT 
  
 IS THE OWNER OF 
 FULLY PAID AND NON-ASSESSABLE SHARES OF THE COMMON STOCK OF 
 Raymond James Financial, Inc. (hereinafter referred to as the “Corporation”), transferable on the books of the Corporation by the holder hereof in person or by duly authorized attorney upon surrender of this certificate properly
endorsed. This certificate and the shares represented hereby are issued and shall be held subject to all of the provisions of the Restated Articles of Incorporation, as amended, of the Corporation (a copy of which is on file with the Transfer
Agent), to all of which the holder by acceptance hereof assents. 
 This certificate is not valid until countersigned and registered by the
Transfer Agent and Registrar. 
 Witness the facsimile seal of the Corporation and the facsimile signatures of its duly authorized officers.

 Dated:                      
  

					
	  
	 		 	  

	Secretary	 		 	President

 Countersigned and Registered: 
  

			
	MELLON INVESTOR SERVICES LLC
	Transfer Agent and Registrar
		
	By:	 	  

		 	  Authorized Signature

 [REVERSE OF SPECIMEN CERTIFICATE] 
 Raymond James Financial, Inc. 
 THE CORPORATION WILL FURNISH TO ANY SHAREHOLDER UPON
REQUEST AND WITHOUT CHARGE A FULL STATEMENT OF THE DESIGNATIONS, PREFERENCES, LIMITATIONS AND RELATIVE RIGHTS OF THE SHARES OF EACH CLASS OR SERIES OF STOCK AUTHORIZED TO BE ISSUED AND THE AUTHORITY OF THE BOARD OF DIRECTORS TO FIX AND DETERMINE THE
RELATIVE RIGHTS AND PREFERENCES OF SUCH SERIES. SUCH REQUEST MAY BE MADE TO THE SECRETARY OF THE CORPORATION OR TO THE TRANSFER AGENT AND REGISTRAR. 
  
  
 The following abbreviations,
when used in the inscription on the face of this certificate, shall be construed as though they were written out in full according to applicable laws or regulations: 
  

			
	 TEN COM—as tenants in common
	 	 UNIF GIFT MIN ACT—             CUSTODIAN            

	 TEN ENT—as tenants by the entireties
	 	                                         
  (Cust)                      (Minor)

	 JT TEN—as joint tenants with right of
 survivorship and not as tenants in common
	 	 under Uniform Gifts to Minors
 Act                                 
             (State)

 Additional abbreviations may also be used though not in the above list.

 For value received,
                    
                     hereby sell, assign and transfer unto 
 (PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE) 
  
  
 (PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS OF
ASSIGNEE) 
  
  

	
	  

	  

			
	  
  
	 	 shares of    

	 the capital stock represented by the within Certificate, and do hereby irrevocably constitute and appoint Attorney to
transfer the said stock on the books of the within named Corporation with full power of substitution in the premises.
  
 Dated
                                
  
 Signature
                                         
   
  
 NOTICE: THE
SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE OF THE CERTIFICATE IN EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATEVER.

  

					
	 SIGNATURE(S) GUARANTEED:
	 	  

		 	 THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN
APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM) PURSUANT TO S.E.C. RULE 17Ad-15.Form of Deposit Agreement

 EXHIBIT 4.7 
  
  
  
 DEPOSIT AGREEMENT 
 among 
 RAYMOND JAMES FINANCIAL, INC., 
                     , As Depositary, 
 AND 
 THE HOLDERS FROM TIME TO TIME OF 
 THE DEPOSITARY RECEIPTS DESCRIBED HEREIN 
 Dated as of
                    , 20       

 TABLE OF CONTENTS 
 Page 
  

							
	ARTICLE I	  	DEFINITIONS	 	1
			
	ARTICLE II	  	FORM OF RECEIPTS, DEPOSIT OF SHARES, EXECUTION AND DELIVERY, TRANSFER, SURRENDER, AND REDEMPTION OF RECEIPTS	 	2

  

									
		  	Section 2.1.	 		  	Form and Transfer of Receipts	 	2
					
		  	Section 2.2.	 		  	Deposit of Shares; Execution and Delivery of Receipts in Respect Thereof	 	3
					
		  	Section 2.3.	 		  	Redemption of Shares	 	4
					
		  	Section 2.4.	 		  	Registration of Transfer of Receipts	 	5
					
		  	Section 2.5.	 		  	Split-ups and Combinations of Receipts; Surrender of Receipts and Withdrawal of Shares	 	5
					
		  	Section 2.6.	 		  	Limitations on Execution and Delivery, Transfer, Surrender, and Exchange of Receipts	 	6
					
		  	Section 2.7.	 		  	Lost Receipts, etc	 	6
					
		  	Section 2.8.	 		  	Cancellation and Destruction of Surrendered Receipts	 	6

  

							
	ARTICLE III	  	CERTAIN OBLIGATIONS OF THE HOLDERS OF RECEIPTS AND THE COMPANY	 	6

  

							
		  	Section 3.1.	  	  Filing Proofs, Certificates and Other information	 	6
				
		  	Section 3.2.	  	  Payment of Taxes or Other Governmental Charges	 	7
				
		  	Section 3.3.	  	  Warranty as to Shares	 	7

  

					
	ARTICLE IV	  	THE DEPOSITED SECURITIES; NOTICES	 	7

  

									
		  	Section 4.1.	 		  	Cash Distributions	 	7
					
		  	Section 4.2.	 		  	Distributions Other than Cash, Rights, Preferences, or Privileges	 	7
					
		  	Section 4.3.	 		  	Subscription Rights, Preferences, or Privileges	 	8
					
		  	Section 4.4.	 		  	Notice of Dividends, etc.; Fixing of Record Date for Holders of Receipts	 	9
					
		  	Section 4.5.	 		  	Voting Rights	 	9
					
		  	Section 4.6.	 		  	Changes Affecting Deposited Securities and Reclassifications, Recapitalizations, etc	 	9
					
		  	Section 4.7.	 		  	Inspection of Reports	 	10
					
		  	Section 4.8.	 		  	Lists of Receipt Holders	 	10

  

 -i- 

 TABLE OF CONTENTS 
 (continued) 
 Page 
  

							
	ARTICLE V	  	THE DEPOSITARY, THE DEPOSITARY’S AGENTS, THE REGISTRAR, AND THE COMPANY	  	10

							
				
		  	Section 5.1.	  	Maintenance of Offices, Agencies, and Transfer Books by the Depositary; Registrar	  	10
				
		  	Section 5.2.	  	Prevention of or Delay in Performance by the Depositary, the Depositary’s Agents, the Registrar, or the Company	  	11
				
		  	Section 5.3.	  	Obligations of the Depositary, the Depositary’s Agents, the Registrar, and the Company	  	11
				
		  	Section 5.4.	  	Resignation and Removal of the Depositary; Appointment of Successor Depositary	  	12
				
		  	Section 5.5.	  	Corporate Notices and Reports	  	13
				
		  	Section 5.6.	  	Indemnification by the Company	  	13
				
		  	Section 5.7.	  	Charges and Expenses	  	13

					
			
	ARTICLE VI	  	AMENDMENT AND TERMINATION	  	13

							
				
		  	Section 6.1.	  	Amendment	  	13
				
		  	Section 6.2.	  	Termination	  	14

					
			
	ARTICLE VII	  	MISCELLANEOUS	  	14

							
				
		  	Section 7.1.	  	Counterparts	  	14
				
		  	Section 7.2.	  	Exclusive Benefit of Parties	  	14
				
		  	Section 7.3.	  	Invalidity of Provisions	  	14
				
		  	Section 7.4.	  	Notices	  	14
				
		  	Section 7.5.	  	Depositary’s Agents	  	15
				
		  	Section 7.6.	  	Holders of Receipts Are Parties	  	15
				
		  	Section 7.7.	  	Governing Law	  	15
				
		  	Section 7.8.	  	Inspection of Deposit Agreement	  	15
				
		  	Section 7.9.	  	Headings	  	15
			
	Exhibit A	  	Depositary Receipt	  	17

  

 -ii- 

 DEPOSIT AGREEMENT 
 dated as of                     , 20      , 
 among 
 RAYMOND JAMES FINANCIAL, INC., 

 a Florida corporation, 
                     ,
a                    
                    , 
 and the
holders 
 from time to time of the Receipts 
 described herein. 
 WHEREAS, it is desired to provide, as hereinafter set forth in this Deposit
Agreement, for the deposit of Shares (as hereinafter defined) of RAYMOND JAMES FINANCIAL, INC. with the Depositary (as hereinafter defined) for the purposes set forth in this Deposit Agreement and for the issuance hereunder of Receipts (as
hereinafter defined) evidencing Depositary Shares (as hereinafter defined), in respect of the Shares (as hereinafter defined) so deposited; and 
 WHEREAS, the Receipts are to be substantially in the form of Exhibit A attached hereto, with appropriate insertions, modifications, and omissions, as hereinafter provided in this Deposit Agreement; 
 NOW, THEREFORE, in consideration of the premises, and other good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties hereto agree as follows: 
 ARTICLE I 
 Definitions 
 The following definitions for all purposes, unless otherwise
indicated, shall apply to the respective terms used in this Deposit Agreement and the Receipts: 
 “Articles of Amendment” shall
mean the Amendment to the Restated Articles of Incorporation filed with the Secretary of State of Florida establishing the Shares as a series of preferred stock of the Company. 
 “Company” shall mean Raymond James Financial, Inc., a Florida corporation, and its successors. 
 “Deposit Agreement” shall mean this Deposit Agreement, as amended or supplemented from time to time. 
 “Depositary” shall mean
                    , a
                    , and any successor as Depositary hereunder. 
 “Depositary Shares” shall mean depositary shares, each representing [specify fraction] interest in a Share and evidenced by a Receipt.

 “Depositary’s Agent” shall mean an agent appointed by the Depositary pursuant to Section 7.5. 

 “Depositary’s Office” shall mean the principal office of the Depositary in [The City of
New York], at which at any particular time its depositary receipt business shall be administered. 
 “Receipt” shall mean one of
the depositary receipts issued hereunder, whether in definitive or temporary form, substantially in the form set forth on Exhibit A attached hereto with appropriate insertions, modifications, and omissions as herein provided. 
 “Record Holder” as applied to a Receipt shall mean the person in whose name a Receipt is registered on the books of the Depositary maintained
for such purpose. 
 “Registrar” shall mean any bank or trust company which shall be appointed to register ownership and transfer
of Receipts as herein provided. 
 “Shares” shall mean shares of the Company’s [insert designation of preferred stock].

 ARTICLE II 
 Form of
Receipts, Deposit of Shares, Execution and Delivery, 
 Transfer, Surrender, and Redemption of Receipts 
 Section 2.1.  Form and Transfer of Receipts. Definitive Receipts may be typewritten, photocopied, engraved, printed,
or lithographed on steel-engraved borders and shall be substantially in the form set forth in Exhibit A attached to this Deposit Agreement and incorporated herein by reference, with appropriate insertions, modifications, and omissions, as
hereinafter provided. Pending the preparation of definitive Receipts, the Depositary, upon the written order of the Company or any holder of Shares, as the case may be, delivered in compliance with Section 2.2, shall execute and deliver
temporary Receipts which are printed, lithographed, typewritten, photocopied, or otherwise substantially of the tenor of the definitive Receipts in lieu of which they are issued and with such appropriate insertions, omissions, substitutions, and
other variations as the persons executing such Receipts may determine, as evidenced by their execution of such Receipts. If temporary Receipts are issued, the Company and the Depositary will cause definitive Receipts to be prepared without
unreasonable delay. After the preparation of definitive Receipts, the temporary Receipts shall be exchangeable for definitive Receipts upon surrender of the temporary Receipts at the office described in Section 2.2, without charge to the
holder. Upon surrender for cancellation of any one or more temporary Receipts, the Depositary shall execute and deliver in exchange therefor definitive Receipts representing the same number of Depositary Shares as represented by the surrendered
temporary Receipt or Receipts. Such exchange shall be made at the Company’s expense and without any charge therefor. Until so exchanged, the temporary Receipts shall in all respects be entitled to the same benefits under this Agreement, and
with respect to the Shares, as definitive Receipts. 
 Receipts shall be executed by the Depositary by the manual signature of a duly
authorized officer of the Depositary; provided, however, that such signature may be a facsimile if a Registrar for the Receipts (other than the Depositary) shall have been appointed and such Receipts are counter-signed by manual signature of
a duly authorized officer of the Registrar. 
  

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 No Receipt shall be entitled to any benefits under this Deposit Agreement or be valid or obligatory for
any purpose unless it shall have been executed manually by a duly authorized officer of the Depositary or, if a Registrar for the Receipts shall have been appointed, by manual or facsimile signature of a duly authorized officer of the Depositary and
countersigned manually by a duly authorized officer of such Registrar. The Depositary shall record on its books each Receipt so signed and delivered as hereinafter provided. 
 Receipts shall be in denominations of any number of whole Depositary Shares up to but not in excess of
           Depositary Shares for any particular Receipt. 
 Receipts may be endorsed
with or have incorporated in the text thereof such legends or recitals or changes not inconsistent with the provisions of this Deposit Agreement as may be required by the Depositary or required to comply with any applicable law or any regulation
thereunder or with the rules and regulations of any securities exchange upon which the Shares, the Depositary Shares, or the Receipts may be listed or to conform with any usage with respect thereto, or to indicate any special limitations or
restrictions to which any particular Receipts are subject. 
 At the election of the Company, Receipts may be issued in book-entry only form
registered in the name of Cede & Co. or such other name as may be requested by the designated securities depositary. 
 Title to
Depositary Shares evidenced by a Receipt which is properly endorsed, or accompanied by a properly executed instrument of transfer, shall be transferable by delivery with the same effect as in the case of a negotiable instrument; provided,
however, that until transfer of a Receipt shall be registered on the books of the Depositary as provided in Section 2.4, the Depositary, notwithstanding any notice to the contrary, may treat the Record Holder thereof at such time as the
absolute owner thereof for the purpose of determining the person entitled to dividends or other distributions or to any notice provided for in this Deposit Agreement and for all other purposes. 
 Section 2.2.  Deposit of Shares; Execution and Delivery of Receipts in Respect Thereof. Subject to the terms and
conditions of this Deposit Agreement, the Company from time to time may deposit Shares under this Deposit Agreement by delivery to the Depositary of a certificate or certificates for the Shares to be deposited, properly endorsed or accompanied, if
required by the Depositary, by a duly executed instrument of transfer or endorsement, in form satisfactory to the Depositary, together with all such certifications as may be required by the Depositary in accordance with the provisions of this
Deposit Agreement, and together with a written order of the Company or such holder, as the case may be, directing the Depositary to execute and deliver to, or upon the written order of, the person or persons stated in such order a Receipt or
Receipts for the number of Depositary Shares representing interests in such deposited Shares. 
 Deposited Shares shall be held by the
Depositary at the Depositary’s Office or at such other place or places as the Depositary shall determine. 
 Upon receipt by the
Depositary of a certificate or certificates for Shares deposited in accordance with the provisions of this Section, together with the other documents required as above specified, and upon recordation of the Shares on the books of the registrar for
the Shares 

  

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in the name of the Depositary or its nominee, the Depositary, subject to the terms and conditions of this Deposit Agreement, shall execute and deliver, to or
upon the order of the person or persons named in the written order delivered to the Depositary referred to in the first paragraph of this Section, a Receipt for the number of Depositary Shares relating to the Shares so deposited and registered in
such name or names as may be requested by such person or persons. The Depositary shall execute and deliver such Receipt at the Depositary’s Office or such other offices, if any, as the Depositary may designate. Delivery at other offices shall
be at the risk and expense of the person requesting such delivery. 
 Other than in the case of splits, combinations, or other
reclassifications affecting the Shares, or in the case of dividends or other distributions of Shares, if any, there shall be deposited hereunder not more than            Shares. 
 Section 2.3.  Redemption of Shares. Whenever the Company shall elect to redeem Shares, it shall (unless otherwise
agreed in writing with the Depositary) give the Depositary not less than 40 nor more than 70 days’ notice of the date of such proposed redemption of Shares. On the date of such redemption, provided that the Company shall then have paid in full
to the Depositary the redemption price of the Shares to be redeemed, the Depositary shall redeem the Depositary Shares relating to such Shares. The Depositary shall mail notice of such redemption and the proposed simultaneous redemption of the
number of Depositary Shares representing the Shares to be redeemed, first-class postage prepaid, not less than 30 and not more than 60 days prior to the date fixed for redemption of such Shares and Depositary Shares (the “Redemption
Date”), to the Record Holders of the Receipts evidencing the Depositary Shares to be so redeemed, at the addresses of such holders as they appear on the records of the Depositary; but neither failure to mail any such notice to one or more such
holders nor any defect in any notice to one or more such holders shall affect the sufficiency of the proceedings for redemption as to other holders. Each such notice shall state: (i) the Redemption Date; (ii) the number of Depositary
Shares to be redeemed and, if less than all the Depositary Shares held by any such holder are to be redeemed, the number of such Depositary Shares held by such holder to be so redeemed; (iii) the redemption price; (iv) the place or places
where Receipts evidencing Depositary Shares are to be surrendered for payment of the redemption price; and (v) that dividends in respect of the Shares underlying the Depositary Shares to be redeemed will cease to accumulate at the close of
business on the business day next preceding such Redemption Date. In case less than all the outstanding Depositary Shares are to be redeemed, the Depositary Shares to be so redeemed shall be selected by lot or pro rata (subject to rounding to avoid
fractions of the Depositary Shares) as may be determined by the Depositary. 
 Notice having been mailed by the Depositary as aforesaid, from
and after the Redemption Date (unless the Company shall have failed to redeem the Shares to be redeemed by it as set forth in the Company’s notice provided for in the preceding paragraph), all dividends in respect of the Shares so called for
redemption shall cease to accumulate, the Depositary Shares being redeemed from such proceeds shall be deemed no longer to be outstanding, all rights of the holders of Receipts evidencing such Depositary Shares (except the right to receive the
redemption price), to the extent of such Depositary Shares, shall cease and terminate and, upon surrender in accordance with such notice of the Receipts evidencing any such Depositary Shares (properly endorsed or assigned for transfer, if the
Depositary shall so require), such Depositary Shares shall be redeemed by the Depositary at a redemption price per Depositary Share equal to 

  

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[specify fraction] of the redemption price per share paid in respect of the Shares plus all money and other property, if any, underlying such Depositary
Shares, including all amounts paid by the Company in respect of dividends which on the Redemption Date have accumulated on the Shares to be so redeemed and have not therefore been paid. 
 If less than all the Depositary Shares evidenced by a Receipt are called for redemption, the Depositary will deliver to the holder of such Receipt upon
its surrender to the Depositary, together with the redemption payment, a new Receipt evidencing the Depositary Shares evidenced by such prior Receipt and not called for redemption. 
 Section 2.4.  Registration of Transfer of Receipts. Subject to the terms and conditions of this Deposit Agreement,
the Depositary shall register on its books from time to time transfers of Receipts upon any surrender thereof by the holder in person or by duly authorized attorney, properly endorsed or accompanied by a properly executed instrument of transfer.
Thereupon, the Depositary shall execute a new Receipt or Receipts evidencing the same aggregate number of Depositary Shares as those evidenced by the Receipt or Receipts surrendered and deliver such new Receipt or Receipts to or upon the order of
the person entitled thereto. 
 Section 2.5.  Split-ups and Combinations of Receipts; Surrender of Receipts and
Withdrawal of Shares. Upon surrender of a Receipt or Receipts at the Depositary’s Office or at such other offices as it may designate for the purpose of effecting a split-up or combination of such Receipt or Receipts, and subject to the
terms and conditions of this Deposit Agreement, the Depositary shall execute and deliver a new Receipt or Receipts in the authorized denomination or denominations requested, evidencing the aggregate number of Depositary Shares evidenced by the
Receipt or Receipts surrendered. 
 Any holder of a Receipt or Receipts representing any number of whole Shares may withdraw such Shares and
all money and other property, if any, represented thereby by surrendering such Receipt or Receipts, at the Depositary’s Office or at such other offices as the Depositary may designate for such withdrawals. Thereafter, without unreasonable
delay, the Depositary shall deliver to such holder, or to the person or persons designated by such holder as hereinafter provided, the number of whole Shares and all money and other property, if any, represented by the Receipt or Receipts so
surrendered for withdrawal, but holders of such whole Shares will not thereafter be entitled to deposit such Shares hereunder or to receive Depositary Shares therefor. If a Receipt delivered by the holder to the Depositary in connection with such
withdrawal shall evidence a number of Depositary Shares in excess of the number of Depositary Shares representing the number of whole Shares to be so withdrawn, the Depositary at the same time, in addition to such number of whole Shares and such
money and other property, if any, to be so withdrawn, shall deliver to such holder, or (subject to Section 2.3) upon such holder’s order, a new Receipt evidencing such excess number of Depositary Shares. Delivery of the Shares and money
and other property, if any, being withdrawn may be made by the delivery of such certificates, documents of title and other instruments as the Depositary may deem appropriate. 
 If the Shares and the money and other property, if any, being withdrawn are to be delivered to a person or persons other than the record holder of the
Receipt or Receipts being surrendered for withdrawal of Shares, such holder shall execute and deliver to the Depositary a written order so directing the Depositary and the Depositary may require that the Receipt or Receipts surrendered by such
holder for withdrawal of such Shares be properly endorsed in blank or accompanied by a properly executed instrument of transfer in blank. 
  

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 Delivery of the Shares and the money and other property, if any, represented by Receipts surrendered for
withdrawal shall be made by the Depositary at the Depositary’s Office, except that, at the request, risk and expense of the holder surrendering such Receipt or Receipts and for the account of the holder thereof, such delivery may be made at
such other place as may be designated by such holder. 
 Section 2.6.  Limitations on Execution and Delivery,
Transfer, Surrender, and Exchange of Receipts. As a condition precedent to the execution and delivery, registration of transfer, split-up, combination, surrender, or exchange of any Receipt, the Depositary, any of the Depositary’s
Agents or the Company may require (a) payment to it of a sum sufficient for the payment (or, in the event that the Depositary or the Company shall have made such payment, the reimbursement to it) of any charges or expenses payable by the holder
of a Receipt pursuant to Section 5.7, (b) the production of evidence satisfactory to it as to the identity and genuineness of any signature, and (c) compliance with such regulations, if any, as the Depositary or the Company may
establish consistent with the provisions of this Deposit Agreement. 
 The deposit of Shares may be refused, the delivery of Receipts against
Shares may be suspended, the registration of transfer of Receipts may be refused and the registration of transfer, surrender, or exchange of outstanding Receipts may be suspended (i) during any period when the register of shareholders of the
Company is closed or (ii) if any such action is deemed necessary or advisable by the Depositary, any of the Depositary’s Agents or the Company at any time or from time to time because of any requirement of law or of any government or
governmental body or commission or under any provision of this Deposit Agreement. 
 Section 2.7.  Lost Receipts,
etc. In case any Receipt shall be mutilated, destroyed, lost, or stolen, the Depositary in its discretion may execute and deliver a Receipt of like form and tenor in exchange and substitution for such mutilated Receipt, or in lieu of and in
substitution for such destroyed, lost, or stolen Receipt, upon (i) the filing by the holder thereof with the Depositary of evidence satisfactory to the Depositary of such destruction or loss or theft of such Receipt, of the authenticity thereof
and of his or her ownership thereof and (ii) the furnishing of the Depositary with reasonable indemnification satisfactory to it. 
 Section 2.8.  Cancellation and Destruction of Surrendered Receipts. All Receipts surrendered to the Depositary or any Depositary’s Agent shall be cancelled by the Depositary. Except as prohibited by
applicable law or regulation, any cancelled Receipts held by the Depositary shall be delivered to the Company or disposed of as directed by the Company. 
 ARTICLE III 
 Certain Obligations of the Holders 
 of Receipts and the Company 
 Section 3.1.  Filing Proofs, Certificates and Other information. Any holder of a Receipt may be required from time to time to file such proof of residence, or other matters or other information, to
execute such certificates and to make such representations and warranties 

  

 6 

 
as the Depositary or the Company may reasonably deem necessary or proper. The Depositary or the Company may withhold the delivery, or delay the registration
of transfer, redemption or exchange, of any Receipt or the distribution of any dividend or other distribution or the sale of any rights or of the proceeds thereof until such proof or other information is filed or such certificates are executed or
such representations and warranties are made. 
 Section 3.2.  Payment of Taxes or Other Governmental
Charges. Holders of Receipts shall be obligated to make payments to the Depositary of certain charges and expenses, as provided in Section 5.7. Registration of transfer of any Receipt or any withdrawal of Shares and all money or other
property, if any, represented by the Depositary Shares evidenced by such Receipt may be refused until any such payment due is made, and any dividends, interest payments, or other distributions may be withheld or all or any part of the Shares or
other property represented by the Depositary Shares evidenced by such Receipt and not theretofore sold may be sold for the account of the holder thereof (after attempting by reasonable means to notify such holder prior to such sale), and such
dividends, interest payments, or other distributions or the proceeds of any such sale may be applied to any payment of such charges or expenses, the holder of such Receipt remaining liable for any deficiency. 
 Section 3.3.  Warranty as to Shares. The Company hereby represents and warrants that the Shares, when issued, will be
validly issued, fully paid, and nonassessable. Such representation and warranty shall survive the deposit of the Shares and the issuance of Receipts. 
 ARTICLE IV 
 The Deposited Securities; Notices 
 Section 4.1.  Cash Distributions. Whenever the Depositary shall receive any cash dividend or other cash distribution
with respect to Shares, the Depositary, subject to Sections 3.1 and 3.2, shall distribute to Record Holders of Receipts on the record date fixed pursuant to Section 4.4 such amounts of such dividend or distribution as are, as nearly as
practicable, in proportion to the respective numbers of Depositary Shares evidenced by the Receipts held by such holders; provided, however, that in case the Company or the Depositary shall be required to withhold and shall withhold from any
cash dividend or other cash distribution in respect of the Shares an amount on account of taxes, and the amount made available for distribution or distributed in respect of Depositary Shares shall be reduced accordingly. The Depositary shall
distribute or make available for distribution, as the case may be, only such amount, however, as can be distributed without attributing to any holder of Depositary Shares a fraction of one cent, and any balance not so distributable shall be held by
the Depositary (without liability for interest thereon) and shall be added to and be treated as part of the next sum received by the Depositary for distribution to record holders of Receipts then outstanding. 
 Section 4.2.  Distributions Other than Cash, Rights, Preferences, or Privileges. Whenever the Depositary shall
receive any distribution other than cash, rights, preferences, or privileges described in Section 4.3 with respect to Shares, the Depositary shall, subject to Sections 3.1 and 3.2, distribute to Record Holders of Receipts on the record
date fixed pursuant to Section 4.4 such amounts of the securities or property received by it as are, as nearly as practicable, in proportion to the respective numbers of Depositary Shares evidenced by the 

  

 7 

 
Receipts held by such holders, in any manner that the Depositary may deem equitable and practicable for accomplishing such distribution. If in the opinion of
the Depositary such distribution cannot be made proportionately among such Record Holders, or if for any other reason (including any requirement that the Company or the Depositary withhold an amount on account of taxes) the Depositary deems, after
consultation with the Company, such distribution not to be feasible, the Depositary, with the approval of the Company, may adopt such method as it deems equitable and practicable for the purpose of effecting such distribution, including the sale (at
public or private sale) of the securities or property thus received, or any part thereof, at such place or places and upon such terms as it may deem proper. The net proceeds of any such sale, subject to Sections 3.1 and 3.2, shall be
distributed or made available for distribution, as the case may be, by the Depositary to Record Holders of Receipts as provided by Section 4.1 in the case of a distribution received in cash. 
 The Depositary shall not make any distribution of securities received in respect of the Shares unless the Company shall have provided an opinion of
counsel stating that the securities have been registered under the Securities Act of 1933, as amended, or do not need to be so registered. 
 Section 4.3.  Subscription Rights, Preferences, or Privileges. If the Company shall at any time offer or cause to be offered to the persons in whose names Shares are recorded on the books of the Company
any rights, preferences, or privileges to subscribe for or to purchase any securities or any rights, preferences, or privileges of any other nature, such rights, preferences, or privileges shall in each such instance be made available by the
Depositary to the Record Holders of Receipts in such manner as the Depositary may determine, either by the issue of warrants representing such rights, preferences, or privileges or by such other method as may be approved by the Depositary in its
discretion with the approval of the Company to such Record Holders; provided, however, that (i) if at the time of issue or offer of any such rights, preferences, or privileges the Depositary determines that it is not lawful or (after
consultation with the Company) not feasible to make such rights, preferences, or privileges available to holders of Receipts by the issue of warrants or otherwise, or (ii) if and to the extent so instructed by holders of Receipts who do not
desire to exercise such rights, preferences, or privileges, then the Depositary, in its discretion (with the approval of the Company, in any case where the Depositary has determined that it is not feasible to make such rights, preferences, or
privileges available), if applicable laws or the terms of such rights, preferences, or privileges permit such transfer, may sell (at public or private sale) such rights, preferences, or privileges at such place or places and upon such terms as it
may deem proper. The net proceeds of any such sale, subject to Sections 3.1 and 3.2, shall be distributed by the Depositary to the Record Holders of Receipts entitled thereto as provided by Section 4.1 in the case of a distribution
received in cash. 
 If registration under the Securities Act of 1933, as amended, of the securities to which any rights, preferences, or
privileges relate is required in order for holders of Receipts to be offered or sold the securities to which such rights, preferences, or privileges relate, the Company agrees with the Depositary that it will file promptly a registration statement
pursuant to such Act with respect to such rights, preferences, or privileges and securities and use its best efforts and take all steps available to it to cause such registration statement to become effective sufficiently in advance of the
expiration of such rights, preferences, or privileges to enable such holders to exercise such rights, preferences, or privileges. In no event shall the Depositary make available 

  

 8 

 
to the holders of Receipts any right, preference, or privilege to subscribe for or to purchase any securities unless and until such a registration statement
shall have become effective, or unless the offering and sale of such securities to such holders are exempt from registration under the provisions of such Act. 
 If any other action under the laws of any jurisdiction or any governmental or administrative authorization, consent, or permit is required in order for such rights, preferences, or privileges to be made available to
holders of Receipts, the Company agrees with the Depositary that the Company will use its best efforts to take such action or obtain such authorization, consent, or permit sufficiently in advance of the expiration of such rights, preferences, or
privileges to enable such holders to exercise such rights, preferences, or privileges. 
 Section 4.4.  Notice of
Dividends, etc.; Fixing of Record Date for Holders of Receipts. Whenever any cash dividend or other cash distribution shall become payable or any distribution other than cash shall be made, or if rights, preferences, or privileges shall at
any time be offered, with respect to Shares, or whenever the Depositary shall receive notice of any meeting at which holders of Shares are entitled to vote or of which holders of Shares are entitled to notice or whenever the Depositary and the
Company shall decide it is appropriate, the Depositary shall in each such instance fix a record date (which shall be the same date as the record date fixed by the Company with respect to the Shares) for the determination of holders of Receipts who
shall be entitled hereunder to receive such dividend, distribution, rights, preferences, or privileges or the net proceeds of the sale thereof, or to give instructions for the exercise of voting rights at any such meeting, or who shall be entitled
to notice of such meeting or for any other appropriate reasons. 
 Section 4.5.  Voting Rights. Upon
receipt of notice of any meeting at which the holders of Shares are entitled to vote, the Depositary, as soon as practicable thereafter, shall mail to the Record Holders of Receipts a notice which shall contain (i) such information as is
contained in such notice of meeting and (ii) a statement that the holders may instruct the Depositary as to the exercise of the voting rights pertaining to the amount of Shares underlying their respective Depositary Shares (including an express
indication that instructions may be given to the Depositary to give a discretionary proxy to a person designated by the Company) and a brief statement as to the manner in which such instructions may be given. Upon the written request of Record
Holders of Receipts as of such record date, the Depositary shall endeavor insofar as practicable to vote or cause to be voted, in accordance with the instructions set forth in such requests, the maximum number of whole Shares underlying the
Depositary Shares evidenced by all Receipts as to which any particular voting instructions are received. The Company hereby agrees to take all action which may be deemed necessary by the Depositary in order to enable the Depositary to vote such
Shares or cause such Shares to be voted. In the absence of specific instructions from a Record Holder of a Receipt, the Depositary will abstain from voting (but, at its discretion, not from appearing at any meeting with respect to such Shares unless
directed to the contrary by the holders of all the Receipts) to the extent of the Shares representing the Depositary Shares evidenced by such Receipt. 
 Section 4.6.  Changes Affecting Deposited Securities and Reclassifications, Recapitalizations, etc. Upon any change in par or stated value, split-up, combination, or any 

  

 9 

 
other reclassification of the Shares, or upon any recapitalization, reorganization, merger or consolidation, or similar transaction or the sale of all or
substantially all the Company’s assets affecting the Company or to which it is a party, the Depositary may in its discretion with the approval of, and upon the instructions of, the Company, and (in either case) in such manner as the Depositary
may deem equitable, (i) shall make such adjustments as are certified by the Company in (a) the fraction of an interest in one Share underlying one Depositary Share and (b) the ratio of the redemption price per Depositary Share to the
redemption price of a Share, in each case as may be necessary fully to reflect the effects of such change in par or stated value, split-up, combination, or other reclassification of Shares, or of such recapitalization, reorganization, merger, or
consolidation or sale and (ii) shall treat any securities which shall be received by the Depositary in exchange for or upon conversion of or in respect of the Shares as new deposited securities so received in exchange for or upon conversion or
in respect of such Shares. In any such case the Depositary may in its discretion, with the approval of the Company, execute and deliver additional Receipts, or may call for the surrender of all outstanding Receipts to be exchanged for new Receipts
specifically describing such new deposited securities. 
 Section 4.7.  Inspection of Reports. The
Depositary shall make available for inspection by holders of Receipts at the Depositary’s Office, and at such other places as it may from time to time deem advisable, any reports and communications received from the Company which are received
by the Depositary as the holder of Shares. 
 Section 4.8.  Lists of Receipt Holders. Promptly upon
request from time to time by the Company, the Depositary shall furnish to it a list, as of a recent date, of the names, addresses, and holdings of Depositary Shares of all persons in whose names Receipts are registered on the books of the Depositary
or Registrar, as the case may be. 
 ARTICLE V 
 The Depositary, the Depositary’s Agents, 
 the Registrar, and the Company 
 Section 5.1.  Maintenance of Offices, Agencies, and Transfer Books by the Depositary; Registrar. Upon execution of
this Deposit Agreement, the Depositary shall maintain at the Depositary’s Office facilities for the execution and delivery, registration, and registration of transfer, surrender, and exchange of Receipts, and at the offices of the
Depositary’s Agents, if any, facilities for the delivery, registration of transfer, surrender, and exchange of Receipts, all in accordance with the provisions of this Deposit Agreement. 
 The Depositary shall keep books at the Depositary’s Office for the registration and registration of transfer of Receipts, which books at all
reasonable times shall be open for inspection by the Record Holders of Receipts; provided, however, that any such holder requesting to exercise such right shall certify to the Depositary that such inspection shall be for a proper purpose reasonably
related to such person’s interest as an owner of Depositary Shares evidenced by the Receipts. 
 The Depositary may close such books, at
any time or from time to time, when deemed expedient by it in connection with the performance of its duties hereunder. 
  

 10 

 The Depositary, with the approval of the Company, may appoint a Registrar for registration of the
Receipts or the Depositary Shares evidenced thereby. 
 If the Receipts or the Depositary Shares evidenced thereby or the Shares underlying
such Depositary Shares shall be listed on the New York Stock Exchange, Inc., the Depositary, with the approval of the Company, shall appoint a Registrar (acceptable to the Company) for registration of such Receipts or Depositary Shares in accordance
with any requirements of such Exchange. Such Registrar (which may be the Depositary if so permitted by the requirements of such Exchange) may be removed and a substitute registrar appointed by the Depositary upon the request or with the approval of
the Company. If the Receipts, such Depositary Shares or such Shares are listed on one or more other stock exchanges, the Depositary, at the request of the Company, will arrange such facilities for the delivery, registration, registration of
transfer, surrender, and exchange of such Receipts, such Depositary Shares, or such Shares as may be required by law or applicable stock exchange regulation. 
 Section 5.2.  Prevention of or Delay in Performance by the Depositary, the Depositary’s Agents, the Registrar, or the Company. Neither the Depositary nor any Depositary’s
Agent nor any Registrar nor the Company shall incur any liability to any holder of any Receipt if by reason of any provision of any present or future law, or regulation thereunder, of the United States of America or of any other governmental
authority or, in the case of the Depositary, the Depositary’s Agent or the Registrar, by reason of any provision, present or future, of the Company’s Restated Articles of Incorporation or by reason of any act of God or war or other
circumstance beyond the control of the relevant party, the Depositary, the Depositary’s Agent, the Registrar, or the Company shall be prevented or forbidden from, or subjected to any penalty on account of, doing or performing any act or thing
which the terms of this Deposit Agreement provide shall be done or performed; nor shall the Depositary, any Depositary’s Agent, any Registrar, or the Company incur any liability to any holder of a Receipt (i) by reason of any
nonperformance or delay, caused as aforesaid, in the performance of any act or thing which the terms of this Deposit Agreement provide shall or may be done or performed, or (ii) by reason of any exercise of, or failure to exercise, any
discretion provided for in this Deposit Agreement except, in case of any such exercise or failure to exercise discretion not caused as aforesaid, if caused by the negligence or willful misconduct of the party charged with such exercise or failure to
exercise. 
 Section 5.3.  Obligations of the Depositary, the Depositary’s Agents, the Registrar, and
the Company. Neither the Depositary nor any Depositary’s Agent nor any Registrar nor the Company assumes any obligation or shall be subject to any liability under this Deposit Agreement to holders of Receipts other than for its
negligence or willful misconduct. 
 Neither the Depositary nor any Depositary’s Agent nor any Registrar nor the Company shall be under
any obligation to appear in, prosecute or defend any action, suit, or other proceeding in respect of the Shares, the Depositary Shares, or the Receipts which in its opinion may involve it in expense or liability unless indemnity satisfactory to it
against all expense and liability be furnished as often as may be required. 
 Neither the Depositary nor any Depositary’s Agent nor any
Registrar nor the Company shall be liable for any action or any failure to act by it in reliance upon the written advice of legal counsel or accountants, or information from any person presenting Shares for deposit, any holder 

  

 11 

 
of a Receipt or any other person believed by it in good faith to be competent to give such information. The Depositary, any Depositary’s Agent, any
Registrar, and the Company may each rely and shall each be protected in acting upon any written notice, request, direction, or other document believed by it to be genuine and to have been signed or presented by the proper party or parties.

 The Depositary shall not be responsible for any failure to carry out any instruction to vote any of the Shares or for the manner or effect
of any such vote, as long as any such action or nonaction is in good faith. The Depositary undertakes, and any Registrar shall be required to undertake, to perform such duties and only such duties as are specifically set forth in this Agreement, and
no implied covenants or obligations shall be read into this Agreement against the Depositary or any Registrar. The Depositary will indemnify the Company against any liability which may arise out of acts performed or omitted by the Depositary or its
agents due to its or their negligence or bad faith. The Depositary, the Depositary’s Agents, any Registrar, and the Company may own and deal in any class of securities of the Company and its affiliates and in Receipts. The Depositary also may
act as transfer agent or registrar or any of the securities of the Company and its affiliates. 
 Section 5.4.  Resignation and Removal of the Depositary; Appointment of Successor Depositary. The Depositary at any time may resign as Depositary hereunder by notice of its election so to be delivered to
the Company, such resignation to take effect upon the appointment of a successor depositary and its acceptance of such appointment as hereinafter provided. 
 The Depositary at any time may be removed by the Company by notice of such removal delivered to the Depositary, such removal to take effect only upon the appointment of a successor Depositary and its acceptance of
such appointment as hereinafter provided. 
 In case the Depositary acting hereunder shall at any time resign or be removed, the Company,
within 60 days after the delivery of the notice of resignation or removal, as the case may be, shall appoint a successor Depositary, which shall be a bank or trust company having its principal office in the United States of America and having a
combined capital and surplus of at least $5,000,000. If no successor Depositary shall have been so appointed and have accepted appointment within 60 days after delivery of such notice, the resigning or removed Depositary may petition any court of
competent jurisdiction for the appointment of a successor Depositary. Every successor Depositary shall execute and deliver to its predecessor and to the Company an instrument in writing accepting its appointment hereunder, and thereupon such
successor Depositary, without any further act or deed, shall become fully vested with all the rights, powers, duties, and obligations of its predecessor and for all purposes shall be the Depositary under this Deposit Agreement, and such predecessor,
upon payment of all sums due it and on the written request of the Company, shall execute and deliver an instrument transferring to such successor all rights and powers of such predecessor hereunder, shall duly assign, transfer, and deliver all
right, title, and interest in the Shares and any moneys or property held hereunder to such successor and shall deliver to such successor a list of the Record Holders of all outstanding Receipts. Any successor Depositary shall promptly mail notice of
its appointment to the Record Holders of Receipts. 
 Any corporation into or with which the Depositary may be merged, consolidated, or
converted shall be the successor of such Depositary without the execution or filing of any 

  

 12 

 
document or any further act, and notice thereof shall not be required hereunder. Such successor Depositary may authenticate the Receipts in the name of the
predecessor Depositary or in the name of the successor Depositary. 
 Section 5.5.  Corporate Notices and
Reports. The Company agrees that it will transmit to the Record Holders of Receipts, in each case at the address furnished to it pursuant to Section 4.8, all notices and reports (including without limitation financial statements)
required by law, the rules of any national securities exchange upon which the Shares, the Depositary Shares, or the Receipts are listed or by the Company’s Restated Articles of Incorporation to be furnished by the Company to holders of Shares.
Such transmission will be at the Company’s expense. 
 Section 5.6.  Indemnification by the Company.
The Company shall indemnify the Depositary, any Depositary’s Agent, and any Registrar against, and hold each of them harmless from, any loss, liability, or expense (including the costs and expenses of defending itself) which may arise out of
(i) acts performed or omitted in connection with this Agreement and the Receipts (a) by the Depositary, any Registrar or any of their respective agents (including any Depositary’s Agent), except for any liability arising out of
negligence or bad faith on the respective parts of any such person or persons, or (b) by the Company or any of its agents, or (ii) the offer, sale, or registration of the Receipts or the Shares pursuant to the provisions hereof.

 Section 5.7.  Charges and Expenses. The Company shall pay all transfer and other taxes and
governmental charges arising solely from the existence of the depositary arrangements. The Company shall pay all charges of the Depositary in connection with the initial deposit of the Shares and the initial issuance of the Depositary Shares, and
redemption of the Shares at the option of the Company. All other transfer and other taxes and governmental charges shall be at the expense of holders of Depositary Shares. If, at the request of a holder of Receipts, the Depositary incurs charges or
expenses for which it is not otherwise liable hereunder, such holder will be liable for such charges and expenses. All other charges and expenses of the Depositary and any Depositary’s Agent hereunder and of any Registrar (including, in each
case, fees and expenses of counsel) incident to the performance of their respective obligations hereunder will be paid upon consultation and agreement between the Depositary and the Company as to the amount and nature of such charges and expenses.
The Depositary shall present its statement for charges and expenses to the Company once every three months or at such other intervals as the Company and the Depositary may agree. 
 ARTICLE VI 
 Amendment and Termination 
 Section 6.1.  Amendment. The form of the Receipts and any provisions of this Deposit Agreement at any time and from
time to time may be amended by agreement between the Company and the Depositary in any respect which they may deem necessary or desirable; provided, however, that no such amendment which shall materially and adversely alter the rights of the holders
of Receipts shall be effective unless such amendment shall have been approved by the holders of at least a majority of the Depositary Shares then outstanding. Every holder of an outstanding Receipt at the time any such amendment becomes effective
shall be deemed, by continuing to hold such Receipt, to consent and agree to such amendment and to be bound by the Deposit Agreement as amended thereby. 
  

 13 

 Section 6.2.  Termination. This Agreement may be terminated by the
Company or the Depositary only after (i) all outstanding Depositary Shares shall have been redeemed pursuant to Section 2.3 or (ii) there shall have been made a final distribution in respect of the Shares in connection with any
liquidation, dissolution, or winding up of the Company. 
 Upon the termination of this Deposit Agreement, the Company shall be discharged
from all obligations under this Deposit Agreement except for its obligations to the Depositary, any Depositary’s Agent and any Registrar under Sections 5.6 and 5.7. 
 ARTICLE VII 
 Miscellaneous 
 Section 7.1.  Counterparts. This Deposit Agreement may be executed in any number of counterparts, and by each of the
parties hereto on separate counterparts, each of which counterparts, when so executed and delivered, shall be deemed an original, but all such counterparts taken together shall constitute one and the same instrument. 
 Section 7.2.  Exclusive Benefit of Parties. This Deposit Agreement is for the exclusive benefit of the parties
hereto, and their respective successors hereunder, and shall not be deemed to give any legal or equitable right, remedy or claim to any other person whatsoever. 
 Section 7.3.  Invalidity of Provisions. In case any one or more of the provisions contained in this Deposit Agreement or in the Receipts should be or become invalid, illegal, or
unenforceable in any respect, the validity, legality, and enforceability of the remaining provisions contained herein or therein shall in no way be affected, prejudiced, or disturbed thereby. 
 Section 7.4.  Notices. Any and all notices to be given to the Company hereunder or under the Receipts shall be in
writing and shall be deemed to have been duly given if personally delivered or sent by mail or by facsimile confirmed by letter, addressed to the Company at Raymond James Financial, Inc., 880 Carillon Parkway, St. Petersburg, Florida 33716,
Attention: [                        ], facsimile:
[                    ], or at any other address of which the Company shall have notified the Depositary in writing. 
 Any and all notices to be given to the Depositary hereunder or under the Receipts shall be in writing and shall be deemed to have been duly given if
personally delivered or sent by mail or by facsimile confirmed by letter, addressed to the Depositary at the Depositary’s Office, at
                    , or at any other address of which the Depositary shall have notified the Company in writing. 
 Any and all notices to be given to any Record Holder of a Receipt hereunder or under the Receipts shall be in writing and shall be deemed to have been
duly given if personally delivered or sent by mail or by facsimile confirmed by letter, addressed to such Record Holder at the address of such Record Holder as it appears on the books of the Depositary, or if such holder shall have filed with the
Depositary a written request that notices intended for such holder be mailed to some other address, at the address designated in such request. 
  

 14 

 Delivery of a notice sent by mail or by facsimile shall be deemed to be effected at the time when a duly
addressed letter containing the same (or a confirmation thereof in the case of a facsimile message) is deposited, postage prepaid, in a post office letter box. The Depositary or the Company, however, may act upon any facsimile message received by it
from the other or from any holder of a Receipt, notwithstanding that such facsimile message shall not subsequently be confirmed by letter or as aforesaid. 
 Section 7.5.  Depositary’s Agents. The Depositary from time to time may appoint Depositary’s Agents to act in any respect for the Depositary for the purposes of this
Deposit Agreement and at any time may appoint additional Depositary’s Agents and vary or terminate the appointment of such Depositary’s Agents. The Depositary will notify the Company of any such action. 
 Section 7.6.  Holders of Receipts Are Parties. The holders of Receipts from time to time shall be parties to this
Deposit Agreement and shall be bound by all of the terms and conditions hereof and of the Receipts by acceptance of delivery thereof. 
 Section 7.7.  Governing Law. This Deposit Agreement and the receipts and all rights hereunder and thereunder and provisions hereof and thereof shall be governed by, and construed in accordance with, the
laws of the state of New York, notwithstanding any otherwise applicable conflicts of law principles. 
 Section 7.8.  Inspection of Deposit Agreement. Copies of this Deposit Agreement shall be filed with the Depositary and the Depositary’s Agents and shall be open to inspection during business hours at
the Depositary’s Office and the respective offices of the Depositary’s Agents, if any, by any holder of a Receipt. 
 Section 7.9.  Headings. The headings of articles and sections in this Deposit Agreement and in the form of the Receipt set forth in Exhibit A hereto have been inserted for convenience only and are not to
be regarded as a part of this Deposit Agreement or the Receipts or to have any bearing upon the meaning or interpretation of any provision contained herein or in the Receipts. 
  

 15 

 IN WITNESS WHEREOF, the Company and the Depositary have duly executed this Agreement as of the day
and year first above set forth, and all holders of Receipts shall become parties hereto by and upon acceptance by them of delivery of Receipts issued in accordance with the terms hereof. 
  

			
	RAYMOND JAMES FINANCIAL, INC.
		
	By:	 	  

	Title:
	
	[DEPOSITARY]
		
	By:	 	  

	Authorized Officer
	Title:	 	  

  

 16 

 EXHIBIT A 
 RAYMOND JAMES FINANCIAL, INC. 
 (FORM OF FACE OF RECEIPT) 
 NEITHER THE DEPOSITARY SHARES NOR THE SHARES (EACH AS DEFINED BELOW) ARE DEPOSITS OF RAYMOND JAMES FINANCIAL, INC. OR ANY BANKING SUBSIDIARY THEREOF AND ARE NOT INSURED
BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY. 
 [TEMPORARY RECEIPT - Exchangeable for Definitive Receipt When Ready for
Delivery] 
  

			
	  NUMBER	  	DEPOSITARY SHARES

 CERTIFICATE FOR (NOT MORE THAN)
                     DEPOSITARY SHARES 

			
		
	TDR-                    	  	[CUSIP
                    ]                

 DEPOSITARY RECEIPT FOR DEPOSITARY SHARES, 
 REPRESENTING PREFERRED STOCK, SERIES              OF 
 RAYMOND JAMES FINANCIAL, INC. 
 INCORPORATED UNDER THE LAWS OF 
 THE STATE OF FLORIDA 
  

					
		 		  	 SEE REVERSE FOR

		 		  	 CERTAIN DEFINITIONS

                     , as Depository (the “Depository”), hereby certifies that
                     is the registered owner of
                     DEPOSITARY SHARES (“Depositary Shares”), each Depositary Share representing [specify fraction] of one share of
Preferred Stock, Series     , par value $.10 (the “Shares”), of Raymond James Financial, Inc., a Florida corporation (the “Corporation”), on deposit with the Depository, subject to the terms and
entitled to the benefits of the Deposit Agreement dated as of , 20             (the “Deposit Agreement”), between the Corporation and the Depository. By accepting this
Depositary Receipt the holder becomes a party to and agrees to be bound by all the terms and conditions of the Deposit Agreement. [The Shares and Depositary Shares are redeemable on and after
                    , 20    , at the option of the Corporation.] This Depositary Receipt shall not be valid or
obligatory for any purpose or entitled to any benefits under the Deposit Agreement unless it shall have been executed by the Depository by the manual signature of a duly authorized officer or, if executed in facsimile by the Depository,
countersigned by a Registrar in respect of the Depositary Receipts by the manual signature of a duly authorized officer thereof. 
  

															
	Dated:	 		 	Countersigned:	 		 	
					
	  
	 		 	  
	 		 	  

	Depository	 		 	Registrar	 		 	Transfer Agent
								
	By:	 	  
	 		 	By:	 	  
	 		 	[By:	 	                                       
   ]
	Authorized Officer	 		 	Authorized Officer	 		 	Authorized Officer

  

 17 

 [FORM OF REVERSE OF RECEIPT] 
 RAYMOND JAMES FINANCIAL, INC. 
 RAYMOND JAMES FINANCIAL, INC. WILL, UPON REQUEST, FURNISH ANY HOLDER OF A
RECEIPT WITHOUT CHARGE A COPY OF THE DEPOSIT AGREEMENT AND A COPY OF THE PORTIONS OF THE ARTICLES OF AMENDMENT OR RESOLUTIONS CONTAINING THE DESIGNATIONS, PREFERENCES, LIMITATIONS, AND RELATIVE RIGHTS OF ALL SHARES AND ANY CLASS OR SERIES OF
PREFERRED STOCK. [ANY SUCH REQUEST IS TO BE ADDRESSED TO THE TRANSFER AGENT NAMED ON THE FACE OF THIS RECEIPT.] 
 KEEP THIS CERTIFICATE IN A
SAFE PLACE. IF IT IS LOST, STOLEN, OR DESTROYED, THE CORPORATION WILL REQUIRE A BOND OF INDEMNITY AS A CONDITION TO THE ISSUANCE OF A REPLACEMENT CERTIFICATE. 
 The following abbreviations, when used in the inscription on the face of this Receipt, shall be construed as though they were written out in full according to applicable laws or regulations. 
  

			
	TEN COM—	  	as tenants in common
	TEN ENT—	  	as tenants by the entireties
	JT TEN—	  	as joint tenants with right of survivorship and not as tenants in common

  

									
	UNIF GIFT MIN ACT—	 	  
	 	as Custodian for	 	  
	 	
		 	(Cust)	 		 	(Minor)	 	

			
	Under Uniform Gifts to Minors Act	 	
	  
	 	
	(State)	 	

 Additional abbreviations may also be used though not in the above list. 
 For value received, the undersigned hereby sells, assigns and transfers unto 
  

			
	PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE:	 	  

	  

 (Please print or typewrite name and address; including postal zip code of Assignee) 
                      Depositary Shares represented by the
within receipt, and do hereby irrevocably constitute and appoint                      Attorney to transfer those Depositary Shares on the
books of the within-named Depository with full power of substitution in the premises. 
  

							
	Dated:	 	  
	 		  	  

	  
 Signature Guaranteed:
  
  
	 		  	NOTICE: The signature to this assignment must correspond with the name as written upon the face of this Receipt in every particular, without alteration or enlargement or any change whatever

  

 18

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