Eligible Dividend Designation

For purposes of the enhanced dividend tax credit rules contained in the Income Tax Act (Canada) and any corresponding provincial and territorial tax legislation, all dividends paid to Canadian residents by Raymond James Ltd. or Raymond James Holdings (Canada) Inc. on preferred shares after December 31, 2005, are designated as "eligible dividends".

Unless stated otherwise, all dividends paid by Raymond James hereafter are designated as "eligible dividends" for the purposes of such rules.