<SUBMISSION>
<ACCESSION-NUMBER>0000720672-05-000064
<TYPE>11-K
<PUBLIC-DOCUMENT-COUNT>3
<PERIOD>20041231
<FILING-DATE>20050629
<DATE-OF-FILING-DATE-CHANGE>20050629
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>STIFEL FINANCIAL CORP
<CIK>0000720672
<ASSIGNED-SIC>6211
<IRS-NUMBER>431273600
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>11-K
<ACT>34
<FILE-NUMBER>001-09305
<FILM-NUMBER>05925517
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>ATTN: JAMES G. LASCHOBER
<STREET2>501 N. BROADWAY
<CITY>ST. LOUIS
<STATE>MO
<ZIP>63102-2102
<PHONE>314-342-2000
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>ATTN: JAMES G. LASCHOBER
<STREET2>501 N. BROADWAY
<CITY>ST. LOUIS
<STATE>MO
<ZIP>63102-2102
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>11-K
<SEQUENCE>1
<FILENAME>r11k_2004.htm
<DESCRIPTION>PROFIT SHARING 401 K PLAN FOR THE YEAR ENDED 12/31/04
<TEXT>
<HTML>
<HEAD>
<TITLE>Stifel, Nicolaus Profit Sharing 401(k) Plan</TITLE>
</HEAD>
<BODY LINK="#0000ff">

<B><FONT SIZE=5><P ALIGN="CENTER">UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
</FONT>Washington, D.C. 20549</P>
</B><FONT SIZE=1><P>&nbsp;</P>
<B><P>&nbsp;</P>
</FONT><FONT SIZE=5><P ALIGN="CENTER">FORM 11-K</P>
</B><FONT SIZE=3><P>(Mark One)</P></FONT>
<DIR>
</FONT><B><FONT FACE="Wingdings"><P>x</FONT><FONT SIZE=4>&#9;</FONT>ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</P><DIR>
<DIR>
<DIR>
<DIR>

</B><P>For the fiscal year ended <B><U>&#9;<A NAME="ReportDate">December 31, 2004</A>&#9;</P></DIR>
</DIR>
</DIR>
</DIR>

</B></U><P ALIGN="CENTER">OR</P>
<B><FONT FACE="Wingdings"><P>o</FONT><FONT SIZE=4>&#9;</FONT>TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</P><DIR>
<DIR>
<DIR>
<DIR>

</B><P>For the transition period from <U>___________________</U> to <U>___________________</P></DIR>
</DIR>
</DIR>
</DIR>
</DIR></DIR>

</U><FONT SIZE=5><P ALIGN="CENTER">&nbsp;</FONT>Commission file number <B><U>&#9;1-9305&#9;</P>
</B></U><FONT SIZE=5></FONT><P>A. Full title of the plan and the address of the plan, if different from that of the issuer named below:</P>
<B><U><FONT SIZE=5><P ALIGN="CENTER">&#9;STIFEL, NICOLAUS PROFIT SHARING 401(k) PLAN&#9;</P>
</B></U></FONT><P>B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive offices:</P>
<B><FONT SIZE=4><P ALIGN="CENTER">&#9;STIFEL FINANCIAL CORP.&#9;<BR>
</B>One Financial Plaza<BR>
501 N. Broadway<BR>
St. Louis, Missouri &#9;63102-2188</P>
<P ALIGN="CENTER">Issuer's telephone number, including area code&#9;<U>&#9;314-342-2000&#9;</P>
</U></FONT><B><FONT FACE="Arial" SIZE=5><P ALIGN="CENTER"></P>
<P ALIGN="CENTER" ><FONT SIZE=2 COLOR ="#708090"><I>  </I></FONT><BR>
<HR NOSHADE></P>
<p Style='page-break-before:always'>

<P ALIGN="CENTER">Stifel, Nicolaus Profit Sharing 401(k) Plan <BR>
EIN 43-0538770 PN 001<BR>
Accountants' Report and Financial Statements<BR>
December 31, 2004 and 2003</P><P ALIGN="CENTER" ><FONT SIZE=2 COLOR ="#708090"><I>  </I></FONT><BR>
</P>

<P>&nbsp;</P>
<CENTER><P>Contents</P></B></FONT>
<CENTER><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=595>
<TR><TD WIDTH="90%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=3><P>    </B>Independent Accountants' Report</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=3><P ALIGN="CENTER">1</FONT></TD>
</TR>
<TR><TD WIDTH="90%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=3><P>    </B>Report of Independent Registered Public Accounting Firm</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=3><P ALIGN="CENTER">2</FONT></TD>
</TR>
<TR><TD WIDTH="90%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=3><P>Financial Statements</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="90%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=3><P>    Statements of Net Assets Available for Benefits</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=3><P ALIGN="CENTER">3</FONT></TD>
</TR>
<TR><TD WIDTH="90%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=3><P>    Statements of Changes in Net Assets Available for Benefits</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=3><P ALIGN="CENTER">4</FONT></TD>
</TR>
<TR><TD WIDTH="90%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=3><P>    Notes to Financial Statements</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=3><P ALIGN="CENTER">5-9</FONT></TD>
</TR>
<TR><TD WIDTH="90%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=3><P>Supplemental Schedule</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="90%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=3><P>    Schedule H, Line 4i - Schedule of Assets (Held at End of Year)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=3><P ALIGN="CENTER">10</FONT></TD>
</TR>

<TR><TD WIDTH="90%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=3><P>Signatures</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=3><P ALIGN="CENTER">11</FONT></TD>
</TR>

<TR><TD WIDTH="90%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
</TR>
</TABLE>
<P ALIGN="CENTER"><FONT SIZE=2 COLOR ="#708090"><I> </I></FONT><BR>
<HR NOSHADE></P>
<p Style='page-break-before:always'>

<B><FONT FACE="Arial" SIZE=3><DIR>

<P>&#9;</P>
</B></FONT><FONT SIZE=3><DIR>

<P>&#9;</P>
<P>&#9;</P>
<P>&#9;</P>

<P>&#9;</P>

<P>&nbsp;</P></DIR>
</DIR></FONT>

<B><FONT FACE="Arial" SIZE=2><P ALIGN="left">INDEPENDENT ACCOUNTANTS' REPORT</FONT><FONT FACE="Arial"></P>
</B></FONT><FONT SIZE=3><P ALIGN="left">Administrative Committee<BR>Stifel, Nicolaus Profit Sharing 401(k) Plan<BR>St. Louis, Missouri</P>

<P ALIGN="JUSTIFY">We have audited the accompanying statement of net assets available for benefits of Stifel, Nicolaus Profit Sharing 401(k) Plan as of December 31, 2004, and the related statement of changes in net assets available for benefits for the year then ended.  These financial statements are the responsibility of the Plan's management.  Our responsibility is to express an opinion on these financial statements based on our audit.  The financial statements of Stifel, Nicolaus Profit Sharing 401(k) Plan as of and for the year ended December 31, 2003, were audited by other accountants whose report dated June 25, 2004, expressed an unqualified opinion on those statements.</P>

<P ALIGN="JUSTIFY">We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States).  Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.  An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.  An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.  We believe that our audit provides a reasonable basis for our opinion.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">In our opinion, the 2004 financial statements referred to above present fairly, in all material respects, the net assets available for benefits of Stifel, Nicolaus Profit Sharing 401(k) Plan as of December 31, 2004, and the changes in its net assets available for benefits for the year then ended in conformity with accounting principles generally accepted in the United States of America.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">The accompanying supplemental schedule of assets (held at end of year) is presented for the purpose of additional analysis and is not a required part of the basic financial statements, but is supplementary information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974.  This supplemental schedule is the responsibility of the Plan's management.  The supplemental schedule has been subjected to the auditing procedures applied in the audit of the 2004 basic financial statements, and, in our opinion, is fairly stated, in all material respects, in relation to the 2004 basic financial statements taken as a whole.</P>

<P>&nbsp;</P>
<P ALIGN="center">&#9;/s/ BKD, LLP</P>
<P ALIGN="left">St. Louis, Missouri<BR>June 17, 2005</P>

<P ALIGN="left">Federal Employer Identification Number  44-0160260</P>
<P ALIGN="CENTER" ><FONT SIZE=2 COLOR ="#708090"><I> Page 1 </I></FONT><BR>
<HR NOSHADE></P>
<p Style='page-break-before:always'>


</FONT><B><FONT FACE="Arial"><P ALIGN="left">&nbsp;</P>
</FONT><FONT FACE="Arial" SIZE=2><P>&nbsp;</P>
<P ALIGN="left">REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</FONT><FONT FACE="Arial"></P>
</B></FONT><P ALIGN="left">Administrative Committee and Trustees <BR>
Stifel, Nicolaus Profit Sharing 401(k) Plan<BR>
St. Louis, Missouri</P>
<P ALIGN="JUSTIFY">We have audited the accompanying statements of net assets available for benefits of Stifel, Nicolaus Profit Sharing 401(k) Plan (the "Plan") as of December 31, 2003, and the related statements of changes in net assets available for benefits for the year then ended.&nbsp; These financial statements are the responsibility of the Plan's management.&nbsp; Our responsibility is to express an opinion on these financial statements based on our audit.</P>
<P ALIGN="JUSTIFY">We conducted our audit in accordance with standards of the Public Company Accounting Oversight Board (United States).&nbsp; Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.&nbsp; An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.&nbsp; An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.&nbsp; We believe that our audit provides a reasonable basis for our opinion.</P>
<P ALIGN="JUSTIFY">In our opinion, such financial statements present fairly, in all material respects, the net assets available for benefits of the Plan at December 31, 2003, and the changes in net assets available for benefits for the year then ended in conformity with accounting principles generally accepted in the United States of America. </P>
<P>&nbsp;</P>
<P ALIGN="left">/s/ Deloitte &amp; Touche LLP</P>
<P ALIGN="left">St. Louis, Missouri<BR>
June 25, 2004</P>
<P ALIGN="CENTER" ><FONT SIZE=2 COLOR ="#708090"><I> Page 2 </I></FONT><BR>
<HR NOSHADE></P>
<p Style='page-break-before:always'>


<B><FONT FACE="Arial" SIZE=5><P ALIGN="CENTER"><A NAME="StmtofNetAssetsAvail">Stifel, Nicolaus Profit Sharing 401(k) Plan</P>
</FONT><FONT FACE="Arial"><P ALIGN="CENTER">Statements of Net Assets Available for Benefits<BR>
December 31, 2004 and 2003</P>
<P ALIGN="CENTER"></P></B></FONT>
<TABLE  WIDTH=624>
<TR><TD WIDTH="66%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER"></A></B></FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=3><P ALIGN="CENTER"><U>2004</U></B></FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=3><P ALIGN="CENTER"><U>2003</U></B></FONT></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM"><DIR>

<B><FONT SIZE=2><P>Investments
</B></FONT></TD></DIR>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;$          <U>64,815,805</U></FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;$      <U>54,139,106</U></FONT></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM"><DIR>

<B><FONT SIZE=2><P>Net Assets Available for Benefits
</B></FONT></TD></DIR>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;$          <U>64,815,805</U></FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;$      <U>54,139,106</U></FONT></TD>
</TR>
</TABLE>
<P ALIGN="CENTER" ><FONT SIZE=2 COLOR ="#708090"><I> Page 3 </I></FONT><BR>
<HR NOSHADE></P>
<p Style='page-break-before:always'>

<FONT SIZE=2>
<P>&nbsp;</P>
</FONT><B><FONT FACE="Arial"><P>&nbsp;</P>
<P>&nbsp;</P>
</FONT><FONT FACE="Arial" SIZE=5><P ALIGN="CENTER"><A NAME="StmtofChangesinNetAssets">Stifel, Nicolaus Profit Sharing 401(k) Plan</P>
</FONT><FONT FACE="Arial"><P ALIGN="CENTER">Statements of Changes in Net Assets Available for Benefits<BR>
Years Ended December 31, 2004 and 2003</P>
<P ALIGN="CENTER"></P></B></FONT>
<TABLE  WIDTH=555>
<TR><TD WIDTH="62%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=3><P ALIGN="CENTER"></A></B></FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=3><P ALIGN="CENTER"><U>2004</U></B></FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=3><P ALIGN="CENTER"><U>2003</U></B></FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="19%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="19%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM">

<B><FONT SIZE=2><P>Investment Income
</B></FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="19%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM" BGCOLOR="#00ffff"><DIR>


<FONT SIZE=2><P>Net appreciation in fair value of investments

</FONT></TD></DIR>
<TD WIDTH="19%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;$      6,531,271</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;$      10,843,557</FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM"><DIR>


<FONT SIZE=2><P>Interest and dividends

</FONT></TD></DIR>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;<U>524,083</U></FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;<U>324,184</U></FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="19%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="19%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM" BGCOLOR="#00ffff"><DIR>
<DIR>


<FONT SIZE=2><P>Net investment income

</FONT></TD></DIR>
</DIR>
<TD WIDTH="19%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;<U>7,055,354</U></FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;<U>11,167,741</U></FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="19%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="19%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM">

<B><FONT SIZE=2><P>Contributions
</B></FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="19%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM"><DIR>


<FONT SIZE=2><P>Employer

</FONT></TD></DIR>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;423,159</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;416,483</FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM" BGCOLOR="#00ffff"><DIR>


<FONT SIZE=2><P>Participants

</FONT></TD></DIR>
<TD WIDTH="19%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;6,183,329</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;5,372,684</FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM"><DIR>


<FONT SIZE=2><P>Rollovers

</FONT></TD></DIR>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;<U>749,246</U></FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;<U>196,522</U></FONT></TD>
</TR>

<TR><TD WIDTH="62%" VALIGN="BOTTOM" BGCOLOR="#00ffff">&nbsp;</TD>
<TD WIDTH="19%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;<U>7,355,734</U></FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;<U>5,985,689</U></FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="19%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="19%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM"><DIR>
<DIR>


<FONT SIZE=2><P>Total additions

</FONT></TD></DIR>
</DIR>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;<U>14,411,088</U></FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;<U>17,153,430</U></FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="19%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="19%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM">

<B><FONT SIZE=2><P>Deductions
</B></FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="19%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM" BGCOLOR="#00ffff"><DIR>


<FONT SIZE=2><P>Benefits paid to participants

</FONT></TD></DIR>
<TD WIDTH="19%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;3,667,429</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;2,307,762</FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM"><DIR>


<FONT SIZE=2><P>Administrative expenses

</FONT></TD></DIR>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;<U>66,960</U></FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;<U>42,638</U></FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="19%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="19%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM" BGCOLOR="#00ffff"><DIR>
<DIR>


<FONT SIZE=2><P>Total deductions

</FONT></TD></DIR>
</DIR>
<TD WIDTH="19%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;<U>3,734,389</U></FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;<U>2,350,400</U></FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="19%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="19%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM">

<B><FONT SIZE=2><P>Net Increase
</B></FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;10,676,699</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;14,803,030</FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="19%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="19%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM" BGCOLOR="#00ffff">

<B><FONT SIZE=2><P>Net Assets Available for Benefits, Beginning of Year
</B></FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;<U>54,139,106</U></FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;<U>39,336,076</U></FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="19%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="19%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM">

<B><FONT SIZE=2><P>Net Assets Available for Benefits, End of Year
</B></FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;$      <U>64,815,805</U></FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;$      <U>54,139,106</U></FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="19%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="19%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
</TABLE>
<P ALIGN="CENTER" ><FONT SIZE=2 COLOR ="#708090"><I> Page 4 </I></FONT><BR>
<HR NOSHADE></P>
<p Style='page-break-before:always'>

<B><FONT FACE="Arial">
</FONT><FONT FACE="Arial" SIZE=5><P ALIGN="CENTER">Stifel, Nicolaus Profit Sharing 401(k) Plan</P>
</FONT><FONT FACE="Arial"><P ALIGN="CENTER">Notes to Financial Statements<BR>
December 31, 2004 and 2003</P>
<P ALIGN="CENTER"></P>
<OL>

<LI>Description of the Plan<A NAME="Notes"></LI>
</B></FONT><FONT SIZE=3><P ALIGN="JUSTIFY"></A>The following description of the Stifel, Nicolaus Profit Sharing 401(k) Plan (the "Plan") provides only general information.  Participants should refer to the <I>Summary Plan Description</I> for a more complete description of the Plan's provisions, which is available from the plan administrator.</P>
</FONT><B><I><FONT FACE="Arial" SIZE=3><P>General</P>
</B></I></FONT><FONT SIZE=3><P ALIGN="JUSTIFY">The Plan is a defined contribution plan covering all employees of Stifel, Nicolaus &amp; Company, Incorporated (the "Company") and affiliates who meet the eligibility provisions of the Plan.  The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA).</P>
</FONT><B><I><FONT FACE="Arial" SIZE=3><P>Contributions</P>
</B></I></FONT><FONT SIZE=3><P ALIGN="JUSTIFY">Each year, the Company contributes a percentage of eligible participant contributions as determined by the Company's Board of Directors.  For the years ended December 31, 2004 and 2003, the Board elected to match 50% of the first $1,000 contributed by the participant.  </P>
<P ALIGN="JUSTIFY">In addition, each year the Company may make a discretionary contribution based on profitability.  Discretionary contributions are allocated to the participants employed on the last day of the Plan year on the basis of participants' compensation. </FONT><FONT SIZE=3 COLOR="#ff0000"> </FONT><FONT SIZE=3>There were no discretionary contributions in 2004 or 2003. </P>
<P ALIGN="JUSTIFY">Participants may contribute an amount from 1% to 100% of their eligible compensation in increments of 1%.  Contributions are subject to certain limitations.  Participants direct the investment of their contributions as well as the Company's contribution into various investment options offered by the Plan.  The Plan currently offers fifteen pooled separate accounts, one guaranteed account, one mutual fund, the common stock of the Company's parent and a self-directed brokerage account as investment options for participants.</P>
</FONT><B><I><FONT FACE="Arial" SIZE=3><P>Participant Accounts</P>
</B></I></FONT><FONT SIZE=3><P ALIGN="JUSTIFY">Each participant's account is credited with the participant's contribution, the Company's contributions and plan earnings and is charged with an allocation of administrative expenses.  Allocations are based on participant earnings or account balances, as defined.  The benefit to which a participant is entitled is the benefit that can be provided from the participant's vested account.</P>
<P ALIGN="CENTER" ><FONT SIZE=2 COLOR ="#708090"><I> Page 5 </I></FONT><BR>
<HR NOSHADE></P>
<p Style='page-break-before:always'>


</FONT><B><FONT FACE="Arial" SIZE=5><P ALIGN="CENTER">Stifel, Nicolaus Profit Sharing 401(k) Plan</P>
</FONT><FONT FACE="Arial"><P ALIGN="CENTER">Notes to Financial Statements<BR>
December 31, 2004 and 2003</P>
</FONT><I><FONT FACE="Arial" SIZE=3><P>Vesting</P>
</B></I></FONT><FONT SIZE=3><P ALIGN="JUSTIFY">Participants are immediately vested in their voluntary contributions plus earnings thereon.  Vesting in the Company's contributions portion of their accounts plus earnings thereon is based on years of service.  A participant is fully vested after three years of service.  The nonvested balance is forfeited upon termination of service.  Forfeitures are used to reduce the Company's contributions and then, to the extent any forfeitures remain, reallocated to participants' accounts.  </P>
</FONT><B><I><FONT FACE="Arial" SIZE=3><P>Payment of Benefits</P>
</B></I></FONT><FONT SIZE=3><P ALIGN="JUSTIFY">Upon termination of service, an employee may elect to receive a lump-sum amount equal to the vested value of his account, net of any outstanding loan balance.  Upon death, a participant's account is paid in a lump sum to the designated beneficiary.  </P>
</FONT><B><I><FONT FACE="Arial" SIZE=3><P>Participant Loans</P>
</B></I></FONT><FONT SIZE=3><P ALIGN="JUSTIFY">Participants may borrow from their fund accounts a minimum of $1,000 up to a maximum of $50,000 or 50% of their vested account balance, whichever is less.  The loans are secured by the balance in the participant's account and bear interest at rates that range from 5.0% to 10.5%, which are commensurate with local prevailing rates as determined by the plan administrator.  The repayment period shall not exceed five years, unless such loan is used to acquire a dwelling unit, which will be used as the principal residence of the participant, in which case the repayment period shall not exceed ten years, and interest is charged at prime rate plus one percent.</P>
</FONT><B><I><FONT FACE="Arial" SIZE=3><P>Plan Termination</P>
</B></I></FONT><FONT SIZE=3><P ALIGN="JUSTIFY">Although it has not expressed an intention to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan, subject to the provisions of ERISA.  In the event of plan termination, participants will become 100% vested in their accounts.</P>

</FONT><B><FONT FACE="Arial"><LI>Summary of Significant Accounting Policies</LI>
</FONT><I><FONT FACE="Arial" SIZE=3><P>Valuation of Investments and Income Recognition</P>
</B></I></FONT><FONT SIZE=3><P ALIGN="JUSTIFY">Pooled separate accounts are valued at estimated fair value as provided by the Trustee.  The mutual fund, common stock and self-directed brokerage account are stated at fair value based upon quoted market prices.  Participant loans and investments in the guaranteed income account are valued at cost, which approximates fair value.  </P>
<P ALIGN="JUSTIFY">Purchases and sales of securities are recorded on a trade-date basis.  Interest income is recorded on the accrual basis.  Dividends are recorded on the ex-dividend date.</P>
<P ALIGN="CENTER" ><FONT SIZE=2 COLOR ="#708090"><I> Page 6 </I></FONT><BR>
<HR NOSHADE></P>
<p Style='page-break-before:always'>



</FONT><B><FONT FACE="Arial" SIZE=5><P ALIGN="CENTER">Stifel, Nicolaus Profit Sharing 401(k) Plan</P>
</FONT><FONT FACE="Arial"><P ALIGN="CENTER">Notes to Financial Statements<BR>
December 31, 2004 and 2003</P>
</FONT><I><FONT FACE="Arial" SIZE=3><P>Use of Estimates</P>
</B></I></FONT><FONT SIZE=3><P ALIGN="JUSTIFY">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and changes therein and disclosure of contingent assets and liabilities at the date of the financial statements.  Actual results could differ from those estimates.</P>
</FONT><B><I><FONT FACE="Arial" SIZE=3><P>Plan Tax Status</P>
</B></I></FONT><FONT SIZE=3><P ALIGN="JUSTIFY">The Plan adopted a prototype plan document which obtained its latest determination letter on February 6, 2002, in which the Internal Revenue Service stated that the Plan and related trust, as then designed, were in compliance with the applicable requirements of the Internal Revenue Code and therefore not subject to tax.  The Plan has been amended since receiving the determination letter.  However, the plan administrator believes that the Plan and related trust are currently designed and being operated in compliance with the applicable requirements of the Internal Revenue Code.</P>
</FONT><B><I><FONT FACE="Arial" SIZE=3><P>Payment of Benefits</P>
</B></I></FONT><FONT SIZE=3><P>Benefit payments to participants are recorded upon distribution.</P>
</FONT><B><I><FONT FACE="Arial" SIZE=3><P>Reclassifications</P>
</B></I></FONT><FONT SIZE=3><P ALIGN="JUSTIFY">Certain reclassifications have been made to the 2003 financial statement to conform to the 2004 financial statement presentation.  These reclassifications had no effect on changes in net assets available for benefits.</P>
<P ALIGN="CENTER" ><FONT SIZE=2 COLOR ="#708090"><I> Page 7 </I></FONT><BR>
<HR NOSHADE></P>
<p Style='page-break-before:always'>

</FONT><B><FONT FACE="Arial" SIZE=5><P ALIGN="CENTER">Stifel, Nicolaus Profit Sharing 401(k) Plan</P>
</FONT><FONT FACE="Arial"><P ALIGN="CENTER">Notes to Financial Statements<BR>
December 31, 2004 and 2003</P>
<LI>Investments</LI>
</B></FONT><FONT SIZE=3><P ALIGN="JUSTIFY">The Plan's investments are held by Prudential Retirement Insurance and Annuity Company ("Prudential").  The following table presents the Plan's investments.  Investments that represent 5% or more of total plan assets in either year are separately identified.</P></FONT>
<TABLE WIDTH=624>
<TR><TD WIDTH="66%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=3><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=3><P ALIGN="CENTER">2003</B></FONT></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM">

<B><FONT SIZE=3><P>Investments at Fair Value
</B></FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM"><DIR>


<FONT SIZE=2><P>Common Stock

</FONT></TD></DIR>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" BGCOLOR="#00ffff"><DIR>
<DIR>


<FONT SIZE=2><P>Stifel Financial Corp

</FONT></TD></DIR>
</DIR>
<TD WIDTH="17%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;$      5,689,724</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;$     3,617,843</FONT></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM"><DIR>


<FONT SIZE=2><P>Mutual Fund

</FONT></TD></DIR>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM"><DIR>
<DIR>


<FONT SIZE=2><P>American Funds Investment Company of America

</FONT></TD></DIR>
</DIR>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;8,980,627</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;2,555,794</FONT></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" BGCOLOR="#00ffff"><DIR>


<FONT SIZE=2><P>Self-Directed Brokerage Account

</FONT></TD></DIR>
<TD WIDTH="17%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;6,480,306</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;5,555,984</FONT></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM">

<B><FONT SIZE=3><P>Investments at Estimated Fair Value
</B></FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM"><DIR>


<FONT SIZE=2><P>Pooled Separate Accounts

</FONT></TD></DIR>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM"><DIR>
<DIR>


<FONT SIZE=2><P>AIM Premier Equity Fund

</FONT></TD></DIR>
</DIR>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;- -</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;4,833,633</FONT></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" BGCOLOR="#00ffff"><DIR>
<DIR>


<FONT SIZE=2><P>Large Cap Growth/Goldman Sachs Fund

</FONT></TD></DIR>
</DIR>
<TD WIDTH="17%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;3,449,667</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;3,709,083</FONT></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM"><DIR>
<DIR>


<FONT SIZE=2><P>Large Cap Value/Wellington Management

</FONT></TD></DIR>
</DIR>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;5,367,285</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;1,207,191</FONT></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" BGCOLOR="#00ffff"><DIR>
<DIR>


<FONT SIZE=2><P>Lazard Equity Account

</FONT></TD></DIR>
</DIR>
<TD WIDTH="17%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;- -</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;3,045,820</FONT></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM">
<DIR>
<DIR>

<FONT SIZE=2><P>Small Cap Growth/Timessquare Fund

</FONT></TD></DIR>
</DIR>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;6,427,299</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;6,127,712</FONT></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" BGCOLOR="#00ffff"><DIR>
<DIR>


<FONT SIZE=2><P>Small Cap Value/Perkins, Wolf, McDonnell Fund

</FONT></TD></DIR>
</DIR>
<TD WIDTH="17%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;3,424,824</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;2,455,627</FONT></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM"><DIR>
<DIR>


<FONT SIZE=2><P>Templeton Foreign Account

</FONT></TD></DIR>
</DIR>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;4,778,219</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;3,753,757</FONT></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<DIR>
<DIR>

<FONT SIZE=2><P>Other

</FONT></TD></DIR>
</DIR>
<TD WIDTH="17%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;10,517,653</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;7,858,105</FONT></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM"><DIR>

<FONT SIZE=2><P>Prudential Guaranteed Income Accoun
</FONT></TD></DIR>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;8,036,723</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;8,259,422</FONT></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" BGCOLOR="#00ffff"><DIR>


<FONT SIZE=2><P>Participant Loans

</FONT></TD></DIR>
<TD WIDTH="17%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;<U>1,663,478</U></FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;<U>1,159,135</U></FONT></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM"><DIR>
<DIR>
<DIR>



<FONT SIZE=2><P>Total investments

</FONT></TD></DIR>
</DIR>
</DIR>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;$     <U>64,815,805</U></FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;$    <U>54,139,106</U></FONT></TD>
</TR>
</TABLE>
<P ALIGN="CENTER" ><FONT SIZE=2 COLOR ="#708090"><I> Page 8 </I></FONT><BR>
<HR NOSHADE></P>
<p Style='page-break-before:always'>

<FONT SIZE=3>
</FONT><B><FONT FACE="Arial" SIZE=5><P ALIGN="CENTER">Stifel, Nicolaus Profit Sharing 401(k) Plan</P>
</FONT><FONT FACE="Arial"><P ALIGN="CENTER">Notes to Financial Statements<BR>December 31, 2004 and 2003</P>
<P ALIGN="CENTER"></P>
</B></FONT><FONT SIZE=3><P ALIGN="JUSTIFY">During the years ended 2004 and 2003, the Plan's investments (including gains and losses on investments bought, sold and held during the year) appreciated in value by $6,531,271 and $10,843,557, respectively, as follows:</P></FONT>
<TABLE  WIDTH=624>
<TR><TD WIDTH="66%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=3><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=3><P ALIGN="CENTER">2003</B></FONT></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM"><DIR>


<B><FONT SIZE=2><P>Investments at Fair Value

</B></FONT></TD></DIR>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM"><DIR>
<DIR>


<FONT SIZE=2><P>Mutual fund

</FONT></TD></DIR>
</DIR>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;$       502,487</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;$          99,804</FONT></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" BGCOLOR="#00ffff"><DIR>
<DIR>


<FONT SIZE=2><P>Stifel Financial Corp. common stock

</FONT></TD></DIR>
</DIR>
<TD WIDTH="17%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;1,655,478</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;1,544,880</FONT></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM">
<DIR>
<DIR>

<FONT SIZE=2><P>Self-directed brokerage account

</FONT></TD></DIR>
</DIR>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;696,256</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;1,455,059</FONT></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM"><DIR>

<B><FONT SIZE=2><P>Investments at Estimated Fair Value

</B></FONT></TD></DIR>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" BGCOLOR="#00ffff"><DIR>
<DIR>


<FONT SIZE=2><P>Pooled separate accounts

</FONT></TD></DIR>
</DIR>
<TD WIDTH="17%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;<U>3,677,050</U></FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;<U>7,743,814</U></FONT></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM"><DIR>
<DIR>
<DIR>


<FONT SIZE=2><P>Net appreciation  in fair value

</FONT></TD></DIR>
</DIR>
</DIR>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;$     <U>6,531,271</U></FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;$    <U>10,843,557</U></FONT></TD>
</TR>
</TABLE>

<FONT SIZE=3>
<P ALIGN="JUSTIFY">Interest and dividends realized on the Plan's investments for the years ended 2004 and 2003 were $524,083 and $324,184, respectively.</P>

</FONT><B><FONT FACE="Arial"><LI>Related Party Transactions</LI>
</B></FONT><FONT SIZE=3><P ALIGN="JUSTIFY">Active participants can purchase the common stock of Stifel Financial Corp., the parent of the Company, from their existing account balances.  At December 31, 2004 and 2003, participants held 271,586 and 185,530 shares, respectively.  </P>
<P ALIGN="JUSTIFY">Certain plan investments are units of pooled separate accounts and a guaranteed account managed by Prudential, the trustee of the Plan.</P>
<P ALIGN="JUSTIFY">The Plan incurs expenses related to general administration.  The plan sponsor pays these expenses and certain accounting and auditing fees relating to the Plan.  </P>

</FONT><B><FONT FACE="Arial"><LI>Change in Trustee</LI></OL>

<DIR></B></FONT><FONT SIZE=3><P ALIGN="JUSTIFY">On April 1, 2004, CIGNA Corporation completed the sale of its retirement benefits business to Prudential Financial, Inc.  As a result of the sale, Prudential Financial, Inc. established Prudential Retirement Insurance and Annuity Company ("Prudential") to provide retirement services to customers and serve as the Plan trustee.  The transition of trustee from CIGNA to Prudential did not affect the net assets or administration of the Plan.</P>
</DIR>

</FONT><B><FONT FACE="Arial">* * * * * *</B></FONT>

<P ALIGN="CENTER" ><FONT SIZE=2 COLOR ="#708090"><I> Page 9</I></FONT><BR>
<HR NOSHADE></P>
<p Style='page-break-before:always'>

</FONT><B><FONT FACE="Arial" SIZE=5><P ALIGN="CENTER">Supplemental Schedule</P>

<P ALIGN="CENTER"><A NAME="HLine4i1">Stifel, Nicolaus Profit Sharing 401(k) Plan</P>
</FONT><FONT FACE="Arial"><P ALIGN="CENTER">EIN 43-0538770  PN 001<BR>
Schedule H, Line 4i - Schedule of Assets (Held at End of Year)<BR>
December 31, 2004</P>
</B></FONT>
<TABLE  WIDTH=650>
<TR><TD WIDTH="63%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=3><P ALIGN="CENTER"></A><U>Investment Type and Issuer</U></B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=3><P ALIGN="CENTER">Description of <U>Investment</U></B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=3><P ALIGN="CENTER">Current<BR><U>Value</U></B></FONT></TD>
</TR>

<TR><TD WIDTH="63%" VALIGN="TOP"><DIR>
<DIR>

<FONT SIZE=2><P>* Prudential Retirement Insurance and Annuity Company Pooled Separate Accounts</DIR>
</DIR>
</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="63%" VALIGN="TOP" BGCOLOR="#00ffff"><DIR>
<DIR>
<DIR>

<FONT SIZE=2><P>Dyden S&amp;P 500 Index Fund
</FONT></TD></DIR>
</DIR>
</DIR>
<TD WIDTH="14%" VALIGN="TOP" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;37,330</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#00ffff">

<FONT SIZE=2><P ALIGN="CENTER">Units
</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;$      2,583,155</FONT></TD>
</TR>
<TR><TD WIDTH="63%" VALIGN="TOP"><DIR>
<DIR>
<DIR>

<FONT SIZE=2><P>High Grade Bond/BSAM Fund
</FONT></TD></DIR>
</DIR>
</DIR>
<TD WIDTH="14%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;101,069</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP">

<FONT SIZE=2><P ALIGN="CENTER">Units
</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;1,475,460</FONT></TD>
</TR>
<TR><TD WIDTH="63%" VALIGN="TOP" BGCOLOR="#00ffff"><DIR>
<DIR>
<DIR>

<FONT SIZE=2><P>Large Cap Growth/Goldman Sachs Fund
</FONT></TD></DIR>
</DIR>
</DIR>
<TD WIDTH="14%" VALIGN="TOP" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;317,123</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#00ffff">

<FONT SIZE=2><P ALIGN="CENTER">Units
</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;3,449,667</FONT></TD>
</TR>
<TR><TD WIDTH="63%" VALIGN="TOP"><DIR>
<DIR>
<DIR>

<FONT SIZE=2><P>Large Cap Growth/Wellington Management
</FONT></TD></DIR>
</DIR>
</DIR>
<TD WIDTH="14%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;59,321</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP">

<FONT SIZE=2><P ALIGN="CENTER">Units
</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;400,301</FONT></TD>
</TR>
<TR><TD WIDTH="63%" VALIGN="TOP" BGCOLOR="#00ffff"><DIR>
<DIR>
<DIR>

<FONT SIZE=2><P>Large Cap Value/Wellington Management
</FONT></TD></DIR>
</DIR>
</DIR>
<TD WIDTH="14%" VALIGN="TOP" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;454,503</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#00ffff">

<FONT SIZE=2><P ALIGN="CENTER">Units
</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;5,367,285</FONT></TD>
</TR>
<TR><TD WIDTH="63%" VALIGN="TOP"><DIR>
<DIR>
<DIR>

<FONT SIZE=2><P>Lifetime 20 Fund
</FONT></TD></DIR>
</DIR>
</DIR>
<TD WIDTH="14%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;5,319</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP">

<FONT SIZE=2><P ALIGN="CENTER">Units
</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;136,770</FONT></TD>
</TR>
<TR><TD WIDTH="63%" VALIGN="TOP" BGCOLOR="#00ffff"><DIR>
<DIR>
<DIR>

<FONT SIZE=2><P>Lifetime 30 Fund
</FONT></TD></DIR>
</DIR>
</DIR>
<TD WIDTH="14%" VALIGN="TOP" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;16,334</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="CENTER">Units
</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;420,697</FONT></TD>
</TR>
<TR><TD WIDTH="63%" VALIGN="TOP"><DIR>
<DIR>
<DIR>

<FONT SIZE=2><P>Lifetime 40 Fund
</FONT></TD></DIR>
</DIR>
</DIR>
<TD WIDTH="14%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;15,399</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">Units
</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;378,725</FONT></TD>
</TR>
<TR><TD WIDTH="63%" VALIGN="TOP" BGCOLOR="#00ffff"><DIR>
<DIR>
<DIR>

<FONT SIZE=2><P>Lifetime 50 Fund
</FONT></TD></DIR>
</DIR>
</DIR>
<TD WIDTH="14%" VALIGN="TOP" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;6,771</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#00ffff">

<FONT SIZE=2><P ALIGN="CENTER">Units
</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;163,441</FONT></TD>
</TR>
<TR><TD WIDTH="63%" VALIGN="TOP"><DIR>
<DIR>
<DIR>

<FONT SIZE=2><P>Lifetime 60 Fund
</FONT></TD></DIR>
</DIR>
</DIR>
<TD WIDTH="14%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;781</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP">

<FONT SIZE=2><P ALIGN="CENTER">Units
</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;17,411</FONT></TD>
</TR>
<TR><TD WIDTH="63%" VALIGN="TOP" BGCOLOR="#00ffff"><DIR>
<DIR>
<DIR>

<FONT SIZE=2><P>Mid Cap Growth/Artisan Partners
</FONT></TD></DIR>
</DIR>
</DIR>
<TD WIDTH="14%" VALIGN="TOP" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;280,074</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#00ffff">

<FONT SIZE=2><P ALIGN="CENTER">Units
</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;2,868,914</FONT></TD>
</TR>
<TR><TD WIDTH="63%" VALIGN="TOP"><DIR>
<DIR>
<DIR>

<FONT SIZE=2><P>Mid Cap Value/Wellington Management
</FONT></TD></DIR>
</DIR>
</DIR>
<TD WIDTH="14%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;122,621</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP">

<FONT SIZE=2><P ALIGN="CENTER">Units
</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;2,072,779</FONT></TD>
</TR>
<TR><TD WIDTH="63%" VALIGN="TOP" BGCOLOR="#00ffff"><DIR>
<DIR>
<DIR>

<FONT SIZE=2><P>Small Cap Growth/Timessquare Fund
</FONT></TD></DIR>
</DIR>
</DIR>
<TD WIDTH="14%" VALIGN="TOP" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;297,072</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#00ffff">

<FONT SIZE=2><P ALIGN="CENTER">Units
</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;6,427,299</FONT></TD>
</TR>
<TR><TD WIDTH="63%" VALIGN="TOP"><DIR>
<DIR>
<DIR>

<FONT SIZE=2><P>Small Cap Value/Perkins, Wolf, McDonnell Fund
</FONT></TD></DIR>
</DIR>
</DIR>
<TD WIDTH="14%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;145,901</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP">

<FONT SIZE=2><P ALIGN="CENTER">Units
</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;3,424,824</FONT></TD>
</TR>
<TR><TD WIDTH="63%" VALIGN="TOP" BGCOLOR="#00ffff"><DIR>
<DIR>
<DIR>

<FONT SIZE=2><P>Templeton Foreign Account
</FONT></TD></DIR>
</DIR>
</DIR>
<TD WIDTH="14%" VALIGN="TOP" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;250,012</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#00ffff">

<FONT SIZE=2><P ALIGN="CENTER">Units
</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;4,778,219</FONT></TD>
</TR>
<TR><TD WIDTH="63%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="14%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="63%" VALIGN="TOP"><DIR>
<DIR>

<FONT SIZE=2><P>* Prudential Guaranteed Income Account
</FONT></TD></DIR>
</DIR>
<TD WIDTH="14%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;2.90%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;8,036,723</FONT></TD>
</TR>

<TR><TD WIDTH="63%" VALIGN="TOP" BGCOLOR="#00ffff"><DIR>
<DIR>

<FONT SIZE=2><P>* Stifel Financial Corp Common Stock
</FONT></TD></DIR>
</DIR>
<TD WIDTH="14%" VALIGN="TOP" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;271,586</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#00ffff">

<FONT SIZE=2><P ALIGN="CENTER">Shares</DIR>
</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;5,689,724</FONT></TD>
</TR>
<TR><TD WIDTH="63%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="14%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="63%" VALIGN="TOP"><DIR>
<DIR>

<FONT SIZE=2><P>Mutual Fund
</FONT></TD></DIR>
</DIR>
<TD WIDTH="14%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="63%" VALIGN="TOP"><DIR>
<DIR>
<DIR>

<FONT SIZE=2><P>American Funds Investment Company of America Fund
</FONT></TD></DIR>
</DIR>
</DIR>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;292,433</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">

<FONT SIZE=2><P ALIGN="CENTER">Shares
</FONT></TD></DIR>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;8,980,627</FONT></TD>
</TR>
<TR><TD WIDTH="63%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="14%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="63%" VALIGN="TOP" BGCOLOR="#00ffff"><DIR>
<DIR>

<FONT SIZE=2><P>Self-Directed Brokerage Account
</FONT></TD></DIR>
</DIR>
<TD WIDTH="14%" VALIGN="TOP" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;6,480,306</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#00ffff">

<FONT SIZE=2><P ALIGN="CENTER">Units
</FONT></TD></DIR>
<TD WIDTH="15%" VALIGN="TOP" BGCOLOR="#00ffff">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;6,480,306</FONT></TD>
</TR>

<TR><TD WIDTH="63%" VALIGN="TOP"><DIR>
<DIR>

<FONT SIZE=2><P>Participant Loans
</FONT></TD></DIR>
</DIR>
<TD WIDTH="14%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;5.0% - 10.5%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;<U>1,663,478</U></FONT></TD>
</TR>
<TR><TD WIDTH="63%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="14%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="63%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="14%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">&#9;$     <U>64,815,805</U></FONT></TD>
</TR>
</TABLE>


<FONT SIZE=2><P>&nbsp;</P>

<UL>
</FONT><P ALIGN="CENTER">* Represents party-in-interest to the Plan.<B><FONT SIZE=4></P></UL>


<P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER" ><FONT SIZE=2 COLOR ="#708090"><I> Page 10</I></FONT><BR>
<HR NOSHADE></P>
<p Style='page-break-before:always'>

<FONT SIZE=3><P>&nbsp;</P>
</FONT><B><U><FONT SIZE=4><P ALIGN="CENTER">SIGNATURES</P>
</B></U><P>&nbsp;</P></B>
<P ALIGN="justify">The Plan. Pursuant to the requirements of Securities Exchange Act of 1934, the trustees have duly caused this annual report to be signed on its behalf by the undersigned thereunto duly authorized.</P></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=900>
<TR><TD VALIGN="TOP">
<P ALIGN="CENTER">Stifel, Nicolaus Profit Sharing 401(k) Plan<BR>
(Name of Plan)</TD>
</TR>
</TABLE>

<B><FONT SIZE=4><P>&#9;&#9;&#9;</P></B></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=638>
<TR><TD WIDTH="50%" VALIGN="TOP">
<P>Date: June 29, 2005</TD>
<TD WIDTH="50%" VALIGN="TOP">
<P>By <U>/s/ Bernard N. Burkemper&#9;</U></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP">
<FONT SIZE=3><P>&nbsp;</FONT></TD>
<TD WIDTH="50%" VALIGN="TOP">
<P>Bernard N. Burkemper <BR>
(Senior Vice-President / Review Committee)</TD>
</TR>
</TABLE>

<P ALIGN="CENTER" ><FONT SIZE=2 COLOR ="#708090"><I> Page 11 </I></FONT><BR>
<HR NOSHADE></P>
<p Style='page-break-before:always'>

<P ALIGN="CENTER">STIFEL FINANCIAL CORP. AND SUBSIDIARIES<BR>
EXHIBIT INDEX</P></DIR>

<P ALIGN="CENTER">December 31, 2004</P>
</B><P>&nbsp;</P></FONT>
<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=397>
<TR><TD WIDTH="32%" VALIGN="TOP">
<B><U><P>Exhibit Number</B></U></TD>
<TD WIDTH="68%" VALIGN="MIDDLE">
<B><U><P ALIGN="CENTER">Description</B></U></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="TOP">
<P ALIGN="CENTER">23.1</TD>
<TD WIDTH="68%" VALIGN="TOP">
<P ALIGN="CENTER">Consent of BKD LLP</TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="TOP">
<P ALIGN="CENTER">23.2</TD>
<TD WIDTH="68%" VALIGN="TOP">
<P ALIGN="CENTER">Consent of Deloitte &amp; Touche LLP</TD>
</TR>
</TABLE>
</CENTER></P>

<FONT SIZE=2></FONT></BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>2
<FILENAME>rkex23_1.htm
<DESCRIPTION>AUDITORS CONSENT
<TEXT>
<HTML>
<HEAD>

<TITLE>Exhibit 23.1 Consent of Independent Auditors</TITLE>
</HEAD>
<BODY>

<P>&nbsp;</P>
<P>&nbsp;</P>
<B><FONT FACE="Arial"><P ALIGN="CENTER">Consent of Independent Auditors</P>
</B></FONT>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>We consent to the incorporation by reference in the Registration Statement (Form S-8 No. 333-60516) pertaining to the Stifel, Nicolaus Profit Sharing 401(k) Plan, of our report dated June 17, 2005, with respect to the financial statements of the Stifel, Nicolaus Profit Sharing 401(k) Plan included in this Annual Report (Form 11-K) for the year ended December&nbsp;31, 2004.</P>

<P ALIGN="CENTER">&#9;<B>/s/</B> <B><FONT FACE="Arial" SIZE=3>BKD,</FONT><FONT FACE="Arial" SIZE=1> LLP </P>
</B></FONT>

<P>St. Louis, Missouri</P>
<P>June 29, 2005</P></BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>3
<FILENAME>rkex23_2.htm
<DESCRIPTION>AUDITORS CONSENT
<TEXT>
<HTML>
<HEAD>

<TITLE>Exhibit 23.2 Consent of Independent Auditors</TITLE>
<META NAME="Template" CONTENT="C:\Windows\Application Data\Microsoft\Templates\DT\FS.dot">
</HEAD>
<BODY>

<P>&nbsp;</P>
<P>&nbsp;</P>
<B><FONT FACE="Arial" SIZE=3><P>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</P>
</B></FONT><FONT SIZE=3><P>We consent to the incorporation by reference in Registration Statement No. 333-60516 of Stifel Financial Corp. and subsidiaries on Form S-8 of our report dated June 25, 2004, appearing in the Annual Report on Form 11-K of Stifel, Nicolaus Profit Sharing 401(k) Plan for the year ended December 31, 2003.</P>

<P>/s/ DELOITTE &amp; TOUCHE LLP</P>
<P>St. Louis, Missouri<BR>
June 28, 2005</P>
</FONT></BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SUBMISSION>
