<SUBMISSION>
<ACCESSION-NUMBER>0000720672-09-000035
<TYPE>S-3ASR
<PUBLIC-DOCUMENT-COUNT>5
<FILING-DATE>20090330
<DATE-OF-FILING-DATE-CHANGE>20090330
<EFFECTIVENESS-DATE>20090330
<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>S-3ASR
<ACT>33
<FILE-NUMBER>333-158301
<FILM-NUMBER>09715499
</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>S-3ASR
<SEQUENCE>1
<FILENAME>rsfs3103302009.htm
<DESCRIPTION>FORM S-3
<TEXT>
<html>

<head>



<title>_</title>


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<p class=MsoHeader>&nbsp;</p>
<div align="center">

<table class=MsoNormalTable border=1 cellspacing=0 cellpadding=0
 style='border-collapse:collapse;border:none;border-collapse:collapse !msorm;
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 <tr style='height:25.65pt' style='height:25.65pt !msorm'>
  <td width=631 valign=top style='width:473.4pt;border:solid windowtext 3.0pt;
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  padding:0in 5.4pt 0in 5.4pt !msorm;height:25.65pt'>
  <p class=MsoNormal align=center style='text-align:center'><b>
&nbsp;
</b></p>
  <p class=MsoNormal align=center style='text-align:center'><b>
&nbsp;
</b>
&nbsp;
</p>
  <p class=MsoNormal align=center style='text-align:center'><b>As Filed with the Securities and Exchange Commission
  on March 30, 2009.</b></p>
  <p class=MsoNormal align=right style='margin-right:.5in;text-align:right'><a
  name="_DocXamine_Paragraphs3_25"><b>Registration
  No. 333-</b></a></p>
  </td>
 </tr>
</table>

</div>

<p class=MsoNormal align=center style='text-align:center'><b>SECURITIES AND
EXCHANGE COMMISSION</b><b><br>
Washington, D.C. 20549<br>
</b>-------</p>

<p class=MsoNormal align=center style='margin:0in;margin-bottom:.0001pt;
text-align:center'><b>FORM S-3<br>
REGISTRATION STATEMENT <br>
UNDER<br>
THE SECURITIES ACT OF 1933<br>
</b>-------<b><br>
</b><b>STIFEL FINANCIAL CORP. </b></p>

<p class=MsoNormal align=center style='margin:0in;margin-bottom:.0001pt;
text-align:center'>(Exact name of registrant as
specified in its charter)<b> </b></p>

<p class=MsoNormal align=center style='margin:0in;margin-bottom:.0001pt;
text-align:center'><b>&nbsp;</b></p>

<p class=MsoNormal style='margin:0in;margin-bottom:.0001pt' align="center"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43-1273600<br>
</b>(State or other jurisdiction of
incorporation or organization) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (I.R.S. Employer
Identification No.)</p>

<p class=MsoNormal align=center style='margin:0in;margin-bottom:.0001pt;
text-align:center'><b>&nbsp;<br>
</b>-------</p>

<p class=MsoNormal align=center style='text-align:center'><b>501 North Broadway<br>
St. Louis, MO 63102<br>
(314) 342-2000</b><br>
(Address, including zip code, and telephone number, including area code, of
registrant's principal executive offices)</p>

<p align=center style='text-align:center'><b>James
M. Zemlyak</b><b><br>
Senior Vice President, Chief Financial Officer and Treasurer<br>
Stifel Financial Corp.<br>
501 North Broadway<br>
St. Louis, MO 63102<br>
(314) 342-2000<br>
Fax:&nbsp; (314) 342-2097</b><br>
(Name, address, including zip code, and telephone number, including area code,
of agent for service)</p>

<p class=MsoNormal align=center style='text-align:center'><b>Copies to: <br>
James L. Nouss, Jr., Esq.<br>
Robert J. Endicott, Esq. <br>
Bryan Cave LLP<br>
211 North Broadway, Suite 3600<br>
St. Louis, MO 63102<br>
(314) 259-2000<br>
Fax:&nbsp; (314) 259-2020</b></p>

<p class=MsoNormal style='text-align:justify;text-indent:.25in'><b>Approximate date of commencement of proposed sale to
the public:</b> From time to time after this
Registration Statement becomes effective.</p>

<p class=MsoNormal style='text-align:justify;text-indent:.25in'>If the only securities being registered on this Form
are being offered pursuant to dividend or interest reinvestment plans, please
check the following box: [ ]</p>

<p class=MsoNormal style='text-align:justify;text-indent:.25in'>If any of the securities being registered on this Form
are to be offered on a delayed or continuous basis pursuant to Rule 415 under
the Securities Act of 1933, other than securities offered only in connection
with dividend or interest reinvestment plans, please check the following box:
[X]&nbsp;</p>

<p class=MsoNormal style='text-align:justify;text-indent:.25in'>If this Form is filed to register additional securities
for an offering pursuant to Rule 462(b) under the Securities Act, please check
the following box and list the Securities Act registration statement number of
the earlier effective registration statement for the same offering.[ ]&nbsp; </p>

<p class=MsoNormal style='text-align:justify;text-indent:.25in'>If this Form is a post-effective amendment filed
pursuant to Rule 462(c) under the Securities Act, check the following box and
list the Securities Act registration statement number of the earlier effective
registration statement for the same offering. [ ]&nbsp; </p>

<p class=MsoNormal style='text-align:justify;text-indent:.25in'>If this Form is a registration statement pursuant to
General Instruction I.D. or a post-effective amendment thereto that shall
become effective upon filing with the Commission pursuant to Rule 462(e) under
the Securities Act, please check the following box. [X]&nbsp; </p>

<p class=MsoNormal style='text-align:justify;text-indent:.25in'>If this Form is a post-effective amendment to a
registration statement filed pursuant to General Instruction I.D. filed to
register additional securities or additional classes of securities pursuant to
Rule 413(b) under the Securities Act, check the following box.[ ]&nbsp; </p>

<p class=MsoNormal style='text-align:justify;text-indent:.25in'>Indicate by check mark whether the registrant is a
large accelerated filer, an accelerated filer, a non-accelerated filer, or a
smaller reporting company.&nbsp; See the definitions of &quot;large accelerated filer,&quot;
&quot;accelerated filer&quot; and &quot;smaller reporting company&quot; in Rule 12b-2 of the
Exchange Act (Check one):</p>

<p class=MsoNormal>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Large accelerated
filer &nbsp;[X]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accelerated
filer [ ]</p>

<p class=MsoNormal>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-accelerated&nbsp; filer
&nbsp;(Do not check if a smaller reporting
company)&nbsp;[ ]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Smaller reporting company
[ ]</p>

<p class=MsoNormal style='text-align:justify;text-indent:.25in'>&nbsp;</p>
<p class=MsoNormal style='text-align:justify;text-indent:.25in'>&nbsp;</p>
<p class=MsoNormal style='text-align:justify;text-indent:.25in'>&nbsp;</p>

<div class=MsoNormal align=center style='margin:0in;margin-bottom:.0001pt;
text-align:center'>


<hr size=2 width="100%" noshade color=navy align=center>


</div>

<p class=MsoNormal style='margin-top:5.0pt !msorm;margin-right:0in !msorm;
margin-bottom:5.0pt !msorm;margin-left:0in !msorm;text-align:justify !msorm;
text-indent:.25in !msorm;line-height:normal !msorm;margin:0in;margin-bottom:
..0001pt;line-height:1.0pt'>&nbsp;</p>

<p class=MsoNormal>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </p>

<p class=MsoNormal style='margin-left:20.0pt'><b>&nbsp;</b></p>

<p class=MsoNormal align=center style='margin-left:20.0pt;text-align:center'><b>CALCULATION OF REGISTRATION FEE</b></p>

<div align="center">

<table class=MsoTableGrid border=1 cellspacing=0 cellpadding=0 width=624
 style='width:6.5in;margin-left:17.4pt;border-collapse:collapse;border:none;
 border-collapse:collapse !msorm;border:none !msorm'>
 <tr>
  <td width=156 valign=top style='width:116.85pt;border:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;border:solid windowtext 1.0pt !msorm;padding:
  0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal align=center style='text-align:center'><b>Title of Each <br>
  Class of Securities <br>
  to be Registered <sup>(2)</sup></b></p>
  </td>
  <td width=156 valign=top style='width:116.85pt;border:solid windowtext 1.0pt;
  border-left:none;padding:0in 5.4pt 0in 5.4pt;border:solid windowtext 1.0pt !msorm;
  border-left:none !msorm;padding:0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal align=center style='text-align:center'><b><br>
  Amount to be Registered<sup>(1)</sup></b></p>
  </td>
  <td width=156 valign=top style='width:116.85pt;border:solid windowtext 1.0pt;
  border-left:none;padding:0in 5.4pt 0in 5.4pt;border:solid windowtext 1.0pt !msorm;
  border-left:none !msorm;padding:0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal align=center style='text-align:center'><b>Proposed Maximum<br>
  &nbsp;Aggregate Offering <br>
  Price<sup>(1)</sup></b></p>
  </td>
  <td width=157 valign=top style='width:117.45pt;border:solid windowtext 1.0pt;
  border-left:none;padding:0in 5.4pt 0in 5.4pt;border:solid windowtext 1.0pt !msorm;
  border-left:none !msorm;padding:0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal align=center style='text-align:center'><b><br>
  Amount of <br>
  Registration Fee <sup>(1)</sup></b></p>
  </td>
 </tr>
 <tr>
  <td width=156 valign=top style='width:116.85pt;border:solid windowtext 1.0pt;
  border-top:none;padding:0in 5.4pt 0in 5.4pt;border:solid windowtext 1.0pt !msorm;
  border-top:none !msorm;padding:0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal style='margin-left:.25in;text-indent:-.25in'>Common Stock, par value $0.15 per share</p>
  </td>
  <td width=156 valign=top style='width:116.85pt;border-top:none;border-left:
  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;border-top:none !msorm;border-left:none !msorm;
  border-bottom:solid windowtext 1.0pt !msorm;border-right:solid windowtext 1.0pt !msorm;
  padding:0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal align=center style='margin-left:3.15pt;text-align:center'>__</p>
  </td>
  <td width=156 valign=top style='width:116.85pt;border-top:none;border-left:
  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;border-top:none !msorm;border-left:none !msorm;
  border-bottom:solid windowtext 1.0pt !msorm;border-right:solid windowtext 1.0pt !msorm;
  padding:0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal align=center style='text-align:center'>__</p>
  </td>
  <td width=157 valign=top style='width:117.45pt;border-top:none;border-left:
  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;border-top:none !msorm;border-left:none !msorm;
  border-bottom:solid windowtext 1.0pt !msorm;border-right:solid windowtext 1.0pt !msorm;
  padding:0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal align=center style='text-align:center'>__</p>
  </td>
 </tr>
 <tr>
  <td width=156 valign=top style='width:116.85pt;border:solid windowtext 1.0pt;
  border-top:none;padding:0in 5.4pt 0in 5.4pt;border:solid windowtext 1.0pt !msorm;
  border-top:none !msorm;padding:0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal>Preferred Stock</p>
  </td>
  <td width=156 valign=top style='width:116.85pt;border-top:none;border-left:
  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;border-top:none !msorm;border-left:none !msorm;
  border-bottom:solid windowtext 1.0pt !msorm;border-right:solid windowtext 1.0pt !msorm;
  padding:0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal align=center style='text-align:center'>__</p>
  </td>
  <td width=156 valign=top style='width:116.85pt;border-top:none;border-left:
  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;border-top:none !msorm;border-left:none !msorm;
  border-bottom:solid windowtext 1.0pt !msorm;border-right:solid windowtext 1.0pt !msorm;
  padding:0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal align=center style='text-align:center'>__</p>
  </td>
  <td width=157 valign=top style='width:117.45pt;border-top:none;border-left:
  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;border-top:none !msorm;border-left:none !msorm;
  border-bottom:solid windowtext 1.0pt !msorm;border-right:solid windowtext 1.0pt !msorm;
  padding:0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal align=center style='text-align:center'>__</p>
  </td>
 </tr>
 <tr>
  <td width=156 valign=top style='width:116.85pt;border:solid windowtext 1.0pt;
  border-top:none;padding:0in 5.4pt 0in 5.4pt;border:solid windowtext 1.0pt !msorm;
  border-top:none !msorm;padding:0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal>Debt Securities</p>
  </td>
  <td width=156 valign=top style='width:116.85pt;border-top:none;border-left:
  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;border-top:none !msorm;border-left:none !msorm;
  border-bottom:solid windowtext 1.0pt !msorm;border-right:solid windowtext 1.0pt !msorm;
  padding:0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal align=center style='text-align:center'>__</p>
  </td>
  <td width=156 valign=top style='width:116.85pt;border-top:none;border-left:
  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;border-top:none !msorm;border-left:none !msorm;
  border-bottom:solid windowtext 1.0pt !msorm;border-right:solid windowtext 1.0pt !msorm;
  padding:0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal align=center style='text-align:center'>__</p>
  </td>
  <td width=157 valign=top style='width:117.45pt;border-top:none;border-left:
  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;border-top:none !msorm;border-left:none !msorm;
  border-bottom:solid windowtext 1.0pt !msorm;border-right:solid windowtext 1.0pt !msorm;
  padding:0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal align=center style='text-align:center'>__</p>
  </td>
 </tr>
 <tr>
  <td width=156 valign=top style='width:116.85pt;border:solid windowtext 1.0pt;
  border-top:none;padding:0in 5.4pt 0in 5.4pt;border:solid windowtext 1.0pt !msorm;
  border-top:none !msorm;padding:0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal style='margin-left:.25in;text-indent:-.25in'>Warrants to Purchase Common Stock <sup>(3)</sup></p>
  </td>
  <td width=156 valign=top style='width:116.85pt;border-top:none;border-left:
  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;border-top:none !msorm;border-left:none !msorm;
  border-bottom:solid windowtext 1.0pt !msorm;border-right:solid windowtext 1.0pt !msorm;
  padding:0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal align=center style='text-align:center'>__</p>
  </td>
  <td width=156 valign=top style='width:116.85pt;border-top:none;border-left:
  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;border-top:none !msorm;border-left:none !msorm;
  border-bottom:solid windowtext 1.0pt !msorm;border-right:solid windowtext 1.0pt !msorm;
  padding:0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal align=center style='text-align:center'>__</p>
  </td>
  <td width=157 valign=top style='width:117.45pt;border-top:none;border-left:
  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;border-top:none !msorm;border-left:none !msorm;
  border-bottom:solid windowtext 1.0pt !msorm;border-right:solid windowtext 1.0pt !msorm;
  padding:0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal align=center style='text-align:center'>__</p>
  </td>
 </tr>
 <tr>
  <td width=156 valign=top style='width:116.85pt;border:solid windowtext 1.0pt;
  border-top:none;padding:0in 5.4pt 0in 5.4pt;border:solid windowtext 1.0pt !msorm;
  border-top:none !msorm;padding:0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal style='margin-left:.25in;text-indent:-.25in'>Warrants to Purchase Preferred Stock <sup>(3)</sup></p>
  </td>
  <td width=156 valign=top style='width:116.85pt;border-top:none;border-left:
  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;border-top:none !msorm;border-left:none !msorm;
  border-bottom:solid windowtext 1.0pt !msorm;border-right:solid windowtext 1.0pt !msorm;
  padding:0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal align=center style='text-align:center'>__</p>
  </td>
  <td width=156 valign=top style='width:116.85pt;border-top:none;border-left:
  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;border-top:none !msorm;border-left:none !msorm;
  border-bottom:solid windowtext 1.0pt !msorm;border-right:solid windowtext 1.0pt !msorm;
  padding:0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal align=center style='text-align:center'>__</p>
  </td>
  <td width=157 valign=top style='width:117.45pt;border-top:none;border-left:
  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;border-top:none !msorm;border-left:none !msorm;
  border-bottom:solid windowtext 1.0pt !msorm;border-right:solid windowtext 1.0pt !msorm;
  padding:0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal align=center style='text-align:center'>__</p>
  </td>
 </tr>
 <tr>
  <td width=156 valign=top style='width:116.85pt;border:solid windowtext 1.0pt;
  border-top:none;padding:0in 5.4pt 0in 5.4pt;border:solid windowtext 1.0pt !msorm;
  border-top:none !msorm;padding:0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal style='margin-left:.25in;text-indent:-.25in'>Warrants to Purchase Debt Securities <sup>(3)</sup></p>
  </td>
  <td width=156 valign=top style='width:116.85pt;border-top:none;border-left:
  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;border-top:none !msorm;border-left:none !msorm;
  border-bottom:solid windowtext 1.0pt !msorm;border-right:solid windowtext 1.0pt !msorm;
  padding:0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal align=center style='text-align:center'>__</p>
  </td>
  <td width=156 valign=top style='width:116.85pt;border-top:none;border-left:
  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;border-top:none !msorm;border-left:none !msorm;
  border-bottom:solid windowtext 1.0pt !msorm;border-right:solid windowtext 1.0pt !msorm;
  padding:0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal align=center style='text-align:center'>__</p>
  </td>
  <td width=157 valign=top style='width:117.45pt;border-top:none;border-left:
  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;border-top:none !msorm;border-left:none !msorm;
  border-bottom:solid windowtext 1.0pt !msorm;border-right:solid windowtext 1.0pt !msorm;
  padding:0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal align=center style='text-align:center'>__</p>
  </td>
 </tr>
</table>



</div>



<p class=MsoListNumber style='margin-top:0in;margin-right:0in;margin-bottom:
4.0pt;margin-left:.5in;text-align:justify;line-height:85%'>&nbsp;</p>
<p class=MsoListNumber style='margin-top:0in;margin-right:0in;margin-bottom:
4.0pt;margin-left:.5in;text-align:justify;line-height:85%'>(1)&nbsp;&nbsp;&nbsp;&nbsp;
An indeterminate
aggregate initial offering price and number or amount of the securities of each
identified class is being registered as may from time to time be sold at
indeterminate prices. Separate consideration may or may not be received for
securities that are issuable upon conversion of, or in exchange for, or upon
exercise of, convertible or exchangeable securities. In accordance with Rules
456(b) and 457(r), the Registrant is deferring payment of all of the
registration fee<b>.</b> The
securities may be offered and sold by the registrant and/or may be offered and
sold from time to time by one or more selling security holders to be identified
in the future.</p>

<p class=MsoListNumber style='margin-top:0in;margin-right:0in;margin-bottom:
4.0pt;margin-left:.5in;text-align:justify;line-height:85%'>(2)&nbsp;&nbsp;&nbsp;&nbsp;
Also includes such
indeterminate number of shares of common stock and preferred stock or amount of
debt securities as may be issued upon conversion or exercise of, or exchange
for, any debt securities, preferred stock, or warrants that provide for
conversion, exercise or exchange for other securities. No separate
consideration will be received for the preferred stock or common stock or debt
securities issuable upon conversion of or in exchange for debt securities or
preferred stock. Also includes such indeterminate number of shares of common
stock and preferred stock or amount of debt securities as may be required for
delivery upon exercise of warrants, or conversion or exchange of any debt
securities or preferred stock, as a result of anti-dilution provisions thereof.</p>

<p class=MsoListNumber style='margin-top:0in;margin-right:0in;margin-bottom:
4.0pt;margin-left:.5in;text-align:justify;line-height:85%'>(3)&nbsp;&nbsp;&nbsp;&nbsp;
Represents an
indeterminate number of warrants as may be issued at indeterminate prices,
representing rights to purchase common stock, preferred stock and debt
securities, or any combination. Such warrants may be issued independently or
together with debt securities, preferred stock or common stock, and the
warrants may be sold at the same or different time as those offered securities.</p>

<p class=MsoFooter>&nbsp;</p>

<div class=MsoNormal align=center style='margin:0in;margin-bottom:.0001pt;
text-align:center'>


<hr size=2 width="100%" noshade color=navy align=center>


</div>

<p class=MsoNormal style='margin-top:5.0pt !msorm;margin-right:0in !msorm;
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text-indent:-12.0pt !msorm;line-height:normal !msorm;margin:0in;margin-bottom:
..0001pt;line-height:1.0pt' align="center">

<br clear=all
style='page-break-before:always'>


</p>


<p class=MsoNormal style='margin-top:5.0pt !msorm;margin-right:0in !msorm;
margin-bottom:5.0pt !msorm;margin-left:30.0pt !msorm;text-align:center !msorm;
text-indent:-12.0pt !msorm;line-height:normal !msorm;margin:0in;margin-bottom:
..0001pt;line-height:1.0pt' align="center">&nbsp;</p>

<p class=MsoNormal style='margin-top:5.0pt !msorm;margin-right:0in !msorm;
margin-bottom:5.0pt !msorm;margin-left:30.0pt !msorm;text-align:center !msorm;
text-indent:-12.0pt !msorm;line-height:normal !msorm;margin:0in;margin-bottom:
..0001pt;line-height:1.0pt' align="center">
&nbsp;
</p>

<p class=MsoNormal style='margin-top:5.0pt !msorm;margin-right:0in !msorm;
margin-bottom:5.0pt !msorm;margin-left:30.0pt !msorm;text-align:center !msorm;
text-indent:-12.0pt !msorm;line-height:normal !msorm;margin:0in;margin-bottom:
..0001pt;line-height:1.0pt' align="center">
&nbsp;
<b>Explanatory Note</b></p>

<p class=MsoNormal style='text-align:justify;text-indent:.25in'>This Registration Statement serves to transition the
outstanding and effective shelf registration statement of Stifel Financial
Corp, filed with the Securities and Exchange Commission on November 19, 2007
(Registration Statement No. 333-147515) to this registration statement. Upon
filing and automatic effectiveness, this registration statement replaces the previous
registration statement.</p>

<p class=MsoNormal align=center style='margin-left:30.0pt;text-align:center;
text-indent:-12.0pt'><b>&nbsp;</b></p>

<p class=MsoFooter>&nbsp;</p>

<div class=MsoNormal align=center style='margin:0in;margin-bottom:.0001pt;
text-align:center'>


<hr size=2 width="100%" noshade color=navy align=center>


</div>

<p class=MsoNormal style='margin-top:5.0pt !msorm;margin-right:0in !msorm;
margin-bottom:5.0pt !msorm;margin-left:30.0pt !msorm;text-align:center !msorm;
text-indent:-12.0pt !msorm;line-height:normal !msorm;margin:0in;margin-bottom:
..0001pt;line-height:1.0pt'>&nbsp;</p>



<p class=MsoNormal style='margin-top:5.0pt !msorm;margin-right:0in !msorm;
margin-bottom:5.0pt !msorm;margin-left:0in !msorm;text-align:justify !msorm;
line-height:normal !msorm;margin:0in;margin-bottom:.0001pt;line-height:1.0pt'>&nbsp;</p>

<p class=MsoNormal style='text-align:justify'>This
prospectus is not an offer to sell these securities, and is not soliciting an
offer to buy these securities in any state where the offer or sale is not
permitted.&nbsp; </p>



<p class=MsoNormal style='text-align:justify'><b>PROSPECTUS</b></p>

<p class=MsoNormal align=center style='margin:0in;margin-bottom:.0001pt;
text-align:center'><b>STIFEL FINANCIAL CORP.</b></p>

<p class=MsoNormal align=center style='margin:0in;margin-bottom:.0001pt;
text-align:center'><b>&nbsp;</b></p>

<p class=MsoNormal align=center style='margin:0in;margin-bottom:.0001pt;
text-align:center'><b>Common Stock &#149; Preferred
Stock &#149; Debt Securities &#149; Warrants</b></p>

<p class=MsoNormal align=center style='margin:0in;margin-bottom:.0001pt;
text-align:center'><b>&nbsp;</b></p>

<p style='margin:0in;margin-bottom:.0001pt;text-indent:.25in'>We may offer from time to time, in one or more series,
any one or any combination of the following:</p>
<p style='margin:0in;margin-bottom:.0001pt;text-indent:.25in'>&nbsp;</p>



<p style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:
66.0pt;text-indent:-.25in'>&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
shares of common stock;</p>

<p style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:
66.0pt;text-indent:-.25in'>&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
shares of preferred stock; </p>

<p style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:
66.0pt;text-indent:-.25in'>&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
debt securities; or</p>

<p style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:
66.0pt;text-indent:-.25in'>&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
warrants.</p>

<p class=MsoNormal style='margin-bottom:10.0pt;text-align:justify;text-indent:
..25in'>Our common stock is traded on the New
York Stock Exchange (&quot;NYSE&quot;) and the Chicago Stock Exchange (&quot;CSX&quot;) under the
symbol &quot;SF.&quot; Unless we state otherwise in a prospectus supplement, we will not
list any of the preferred stock, debt securities or warrants on any securities
exchange.</p>

<p class=MsoNormal style='margin-bottom:10.0pt;text-align:justify;text-indent:
..25in'>Specific terms of these securities will
be provided in supplements to this prospectus. You should read this prospectus
and any supplement carefully before you invest in any of our securities.</p>

<p class=MsoNormal style='margin-bottom:10.0pt;text-align:justify;text-indent:
..25in'><b>You should read this prospectus and
the applicable prospectus supplement, as well as the risks contained or
described in the documents incorporated by reference in this prospectus or any
accompanying prospectus supplement, before you invest in any of our securities.</b></p>

<p class=MsoNormal align=center style='margin:0in;margin-bottom:.0001pt;
text-align:center'>-------</p>

<p class=MsoNormal style='text-align:justify;text-indent:.25in'>Investing in these securities
involves certain risks. See &quot;Risk Factors&quot; beginning on page 13 of our Annual
Report on Form 10-K for the year ended December 31, 2008, which is incorporated
by reference herein.</p>

<p class=MsoNormal style='text-align:justify;text-indent:.25in'>Neither the Securities and Exchange Commission nor any
state securities commission has approved or disapproved these securities, or determined
if this prospectus is truthful or complete. Any representation to the contrary
is a criminal offense.</p>



<p class=MsoNormal align=center style='text-align:center'>The date of this prospectus is March 30, 2009.</p>

<p class=MsoFooter align="center">i</p>

<div class=MsoNormal align=center style='margin:0in;margin-bottom:.0001pt;
text-align:center'>


<hr size=2 width="100%" noshade color=navy align=center>


</div>

<p class=MsoNormal style='margin-top:6.0pt !msorm;text-align:justify !msorm;
text-indent:.25in !msorm;line-height:normal !msorm;margin:0in;margin-bottom:
..0001pt;line-height:1.0pt'>&nbsp;</p>

<p class=MsoNormal style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in;
margin-left:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.25in'>You should rely only on the information contained in
or incorporated by reference in this prospectus. We have not authorized anyone
to provide you with different information. We are not making an offer of these
securities in any state where the offer is not permitted. You should not only
assume that the information contained in or incorporated by reference in this
prospectus is accurate as of any date other than the date on the front of this
prospectus. Unless the context indicates otherwise, all references in this
report to Stifel, the Company, us, we, or our include Stifel Financial Corp.
and its subsidiaries.</p>



<p class=TOCHeading align="center"><a name=TOCHeading>Table of Contents</a></p>

<div align="center">

<table class=MsoTableGrid border=0 cellspacing=0 cellpadding=0 width=624
 style='width:6.5in;border-collapse:collapse'>
 <tr style='height:.2in'>
  <td width=557 valign=top style='width:418.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>
  <p class=MsoNormal style='margin:0in;margin-bottom:.0001pt;text-align:justify'>About this Prospectus</p>
  </td>
  <td width=67 valign=top style='width:50.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>
  <p class=MsoNormal align=center style='margin:0in;margin-bottom:.0001pt;
  text-align:center'>1</p>
  </td>
 </tr>
 <tr style='height:.2in'>
  <td width=557 valign=top style='width:418.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>
  <p class=MsoNormal style='margin:0in;margin-bottom:.0001pt;text-align:justify'>The Company</p>
  </td>
  <td width=67 valign=top style='width:50.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>
  <p class=MsoNormal align=center style='margin:0in;margin-bottom:.0001pt;
  text-align:center'>1</p>
  </td>
 </tr>
 <tr style='height:.2in'>
  <td width=557 valign=top style='width:418.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>
  <p class=MsoNormal style='margin:0in;margin-bottom:.0001pt;text-align:justify'>Where you Can Find Additional Information</p>
  </td>
  <td width=67 valign=top style='width:50.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>
  <p class=MsoNormal align=center style='margin:0in;margin-bottom:.0001pt;
  text-align:center'>2</p>
  </td>
 </tr>
 <tr style='height:.2in'>
  <td width=557 valign=top style='width:418.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>
  <p class=MsoNormal style='margin:0in;margin-bottom:.0001pt;text-align:justify'>Cautionary Statement Regarding Forward-Looking
  Statements</p>
  </td>
  <td width=67 valign=top style='width:50.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>
  <p class=MsoNormal align=center style='margin:0in;margin-bottom:.0001pt;
  text-align:center'>2</p>
  </td>
 </tr>
 <tr style='height:.2in'>
  <td width=557 valign=top style='width:418.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>
  <p class=MsoNormal style='margin:0in;margin-bottom:.0001pt;text-align:justify'>Risk Factors</p>
  </td>
  <td width=67 valign=top style='width:50.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>
  <p class=MsoNormal align=center style='margin:0in;margin-bottom:.0001pt;
  text-align:center'>3</p>
  </td>
 </tr>
 <tr style='height:.2in'>
  <td width=557 valign=top style='width:418.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>
  <p class=MsoNormal style='margin:0in;margin-bottom:.0001pt;text-align:justify'>Use of Proceeds</p>
  </td>
  <td width=67 valign=top style='width:50.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>
  <p class=MsoNormal align=center style='margin:0in;margin-bottom:.0001pt;
  text-align:center'>3</p>
  </td>
 </tr>
 <tr style='height:.2in'>
  <td width=557 valign=top style='width:418.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>
  <p class=MsoNormal style='margin:0in;margin-bottom:.0001pt;text-align:justify'>Ratio of Earnings to Fixed Charges</p>
  </td>
  <td width=67 valign=top style='width:50.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>
  <p class=MsoNormal align=center style='margin:0in;margin-bottom:.0001pt;
  text-align:center'>4</p>
  </td>
 </tr>
 <tr style='height:.2in'>
  <td width=557 valign=top style='width:418.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>
  <p class=MsoNormal style='margin:0in;margin-bottom:.0001pt;text-align:justify'>Description of Capital Stock</p>
  </td>
  <td width=67 valign=top style='width:50.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>
  <p class=MsoNormal align=center style='margin:0in;margin-bottom:.0001pt;
  text-align:center'>4</p>
  </td>
 </tr>
 <tr style='height:.2in'>
  <td width=557 valign=top style='width:418.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>
  <p class=MsoNormal style='margin:0in;margin-bottom:.0001pt;text-align:justify'>Description of Debt Securities</p>
  </td>
  <td width=67 valign=top style='width:50.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>
  <p class=MsoNormal align=center style='margin:0in;margin-bottom:.0001pt;
  text-align:center'>6</p>
  </td>
 </tr>
 <tr style='height:.2in'>
  <td width=557 valign=top style='width:418.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>
  <p class=MsoNormal style='margin:0in;margin-bottom:.0001pt;text-align:justify'>Description of Warrants</p>
  </td>
  <td width=67 valign=top style='width:50.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>
  <p class=MsoNormal align=center style='margin:0in;margin-bottom:.0001pt;
  text-align:center'>7</p>
  </td>
 </tr>
 <tr style='height:.2in'>
  <td width=557 valign=top style='width:418.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>
  <p class=MsoNormal style='margin:0in;margin-bottom:.0001pt;text-align:justify'>Plan of Distribution</p>
  </td>
  <td width=67 valign=top style='width:50.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>
  <p class=MsoNormal align=center style='margin:0in;margin-bottom:.0001pt;
  text-align:center'>8</p>
  </td>
 </tr>
 <tr style='height:.2in'>
  <td width=557 valign=top style='width:418.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>
  <p class=MsoNormal style='margin:0in;margin-bottom:.0001pt;text-align:justify'>Selling Security Holders</p>
  </td>
  <td width=67 valign=top style='width:50.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>
  <p class=MsoNormal align=center style='margin:0in;margin-bottom:.0001pt;
  text-align:center'>9</p>
  </td>
 </tr>
 <tr style='height:.2in'>
  <td width=557 valign=top style='width:418.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>
  <p class=MsoNormal style='margin:0in;margin-bottom:.0001pt;text-align:justify'>Validity of Securities</p>
  </td>
  <td width=67 valign=top style='width:50.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>
  <p class=MsoNormal align=center style='margin:0in;margin-bottom:.0001pt;
  text-align:center'>9</p>
  </td>
 </tr>
 <tr style='height:.2in'>
  <td width=557 valign=top style='width:418.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>
  <p class=MsoNormal style='margin:0in;margin-bottom:.0001pt;text-align:justify'>Experts</p>
  </td>
  <td width=67 valign=top style='width:50.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>
  <p class=MsoNormal align=center style='margin:0in;margin-bottom:.0001pt;
  text-align:center'>9</p>
  </td>
 </tr>
</table>





</div>





<p class=MsoFooter align="center">ii</p>

<div class=MsoNormal align=center style='margin:0in;margin-bottom:.0001pt;
text-align:center'>


<hr size=2 width="100%" noshade color=navy align=center>


</div>

<h3 align="center">ABOUT THIS PROSPECTUS</h3>

<p class=MsoNormal style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify;text-indent:.25in'>This prospectus is part of a registration statement that we filed with
the Securities and Exchange Commission (&quot;SEC&quot;) utilizing a &quot;shelf&quot; registration
process. Under this shelf process, we may sell any combination of the
securities described in this prospectus in one or more offerings. This
prospectus provides you with a general description of the securities that we
may offer. Each time we sell securities, we will provide a prospectus
supplement that will contain specific information about the terms of that
offering. Each prospectus supplement may also add, update or change information
contained in this prospectus. </p>

<p class=MsoNormal style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in;
margin-left:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.25in'>Before purchasing any securities, you should carefully
read both this prospectus and any accompanying prospectus supplement and any
free writing prospectus prepared by or on behalf of us, together with
additional information described under the heading &quot;Where You Can Find
Additional Information.&quot;</p>

<h3 align="center"><a name="_Toc223856699">THE COMPANY</a></h3>

<p class=MsoNormal style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in;
margin-left:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.25in;
text-autospace:ideograph-numeric ideograph-other'>We
are a financial services holding company headquartered in St. Louis, Missouri. Our
principal subsidiary is Stifel, Nicolaus &amp; Company, Incorporated (&quot;Stifel
Nicolaus&quot;), a full service retail and institutional
brokerage and investment banking firm. Our other subsidiaries include Century
Securities Associates, Inc. (&quot;CSA&quot;), an independent
contractor broker-dealer firm, Stifel Nicolaus Limited (&quot;SN Ltd&quot;), our
international subsidiary, and Stifel Bank &amp; Trust (&quot;Stifel Bank&quot;), a retail
and commercial bank. With our century-old operating history, we have
built a diversified business focused primarily on serving private clients,
institutional investors and investment banking clients located across the
country. We have grown both organically as well as through acquisitions,
including our acquisitions of (1) the Capital Markets business of Legg Mason in
2005; (2) Ryan Beck &amp; Company, Inc., a full-service brokerage and
investment banking firm in 2007; (3) First Service Financial Company, a St.
Louis-based bank holding company in 2007 and (4) Butler Wick &amp; Company,
Inc., a broker-dealer firm on December 31, 2008. </p>

<p class=MsoNormal style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in;
margin-left:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.25in;
text-autospace:ideograph-numeric ideograph-other'>Our principal activities are: (1) private client services, including securities transactions and financial
planning services; (2) institutional equity and fixed income sales and trading;
(3) investment banking, including public offerings, private placements, and
mergers and acquisitions, and (4) retail and commercial banking, including
personal and commercial lending programs. Our proprietary, highly-regarded
securities research product is important to all of these businesses.&nbsp; </p>

<p class=MsoNormal style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in;
margin-left:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.25in;
text-autospace:ideograph-numeric ideograph-other'>Our private client business consists of an extensive network of
financial advisors located in branch offices nationally, with a concentration
in the Midwest and Mid-Atlantic regions, and with a growing presence in the
Northeast, Southeast and Western United States. Our private client
professionals provide retail brokerage and financial advisory services to
individuals. Our institutional equity and fixed income sales and trading
business provide services to institutional investors and money managers as well
as municipalities and corporations in the United States. In addition, SN Ltd provides equity sales and trading services to
institutional investors in Europe through its offices located in London, Geneva and Madrid.&nbsp; Our investment banking business focuses on middle market
companies as well as on larger companies in targeted industries where we have
particular expertise. </p>

<p class=MsoNormal style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in;
margin-left:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.25in;
text-autospace:ideograph-numeric ideograph-other'>CSA
is a broker-dealer serving independent securities brokers nationwide. Through
Stifel Bank we offer retail and commercial banking services to meet the needs
of our clients, including personal loan programs, commercial lending programs
and other banking products.</p>

<p class=MsoNormal style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in;
margin-left:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.25in;
text-autospace:ideograph-numeric ideograph-other'>On
May 12, 2008, our Board of Directors authorized a 50% stock dividend, which was
made in the form of a three-for-two stock split to shareholders of record on
May 29, 2008 and distributed on June 12, 2008. All share and per share amounts
in this Registration Statement on Form S-3 reflect this stock split.</p>

<p class=MsoNormal style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in;
margin-left:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.25in;
text-autospace:ideograph-numeric ideograph-other'>Our
principal executive offices are located at 501 North Broadway, St. Louis,
Missouri, 63102 and our telephone number is (314) 342-2000. We maintain a
website at www.stifel.com where general information about us is available. We
are not incorporating the contents of the website into this prospectus.</p>

<p class=MsoFooter align="center">1</p>

<div class=MsoNormal align=center style='margin:0in;margin-bottom:.0001pt;
text-align:center'>


<hr size=2 width="100%" noshade color=navy align=center>


</div>

<p class=MsoNormal style='margin-top:6.0pt !msorm;text-align:center !msorm;
line-height:normal !msorm;page-break-after:avoid !msorm;margin:0in;margin-bottom:
..0001pt;line-height:1.0pt'>&nbsp;</p>

<h3 align="center">WHERE YOU CAN FIND ADDITIONAL INFORMATION</h3>

<p class=MsoNormal style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;
margin-left:0in;text-align:justify;text-indent:.25in'>We file annual, quarterly and current reports, proxy statements and
other information with the SEC. You may read and copy any document we file at
the SEC's public reference room at 100 F Street, N.E., Washington, D.C. 20549. You
may obtain information on the operation of the Public Reference Room by calling
the SEC at 1-800-SEC-0330. In addition, the SEC maintains an internet site at
http://www.sec.gov, from which interested persons can electronically access our
SEC filings, including the registration statement and the exhibits and
schedules thereto.</p>

<p class=MsoNormal style='margin-bottom:12.0pt;text-align:justify;text-indent:
..25in'>The SEC allows us to &quot;incorporate by
reference&quot; the information we file with them, which means that we can disclose
important information to you by referring you to those documents. The information
incorporated by reference is an important part of this prospectus, and
information that we file later with the SEC will automatically update and
supersede this information. We incorporate by reference the documents listed
below and all documents subsequently filed with the SEC pursuant to Section
13(a), 13(c), 14 or 15(d) of the Securities and Exchange Act of 1934, as
amended, prior to the termination of the offering under this prospectus:</p>

<p class=MsoNormal style='margin-top:5.0pt;margin-right:0in;margin-bottom:12.0pt;
margin-left:.5in;text-align:justify;text-indent:-.25in'>&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Annual Report on Form 10-K for the
year ended December 31, 2008;</p>

<p class=MsoNormal style='margin-top:5.0pt;margin-right:0in;margin-bottom:12.0pt;
margin-left:.5in;text-align:justify;text-indent:-.25in'>&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Definitive Proxy Statement for the
2008 Annual Meeting of Stockholders;</p>

<p class=MsoNormal style='margin-top:5.0pt;margin-right:0in;margin-bottom:12.0pt;
margin-left:.5in;text-align:justify;text-indent:-.25in'>&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Current Reports on Form 8-K dated March
23, 2009 (except, in any case, the portions furnished and not filed pursuant to
Item 7.01 or otherwise); and.</p>

<p class=MsoNormal style='margin-top:5.0pt;margin-right:0in;margin-bottom:12.0pt;
margin-left:.5in;text-align:justify;text-indent:-.25in'>&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Description of our common stock
set forth in our Registration Statement on Form 8-A filed with the SEC on April
29, 1987.</p>

<p class=MsoNormal style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in;
margin-left:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.25in'>You may also request copies of our filings, free of
charge, by telephone at (314) 342-2000 or by mail at: Stifel Financial Corp., 501
North Broadway, St. Louis, Missouri 63102, attention: Investor Relations.</p>

<h3 align="center">CAUTIONARY
NOTE REGARDING FORWARD-LOOKING STATEMENTS</h3>

<p class=MsoNormal style='text-align:justify;text-indent:.25in'>This prospectus includes forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995. We
have based these forward-looking statements on our current expectations and projections
about future events. These forward-looking statements are subject to risks,
uncertainties, and assumptions about our business. These forward looking
statements include, among other things, statements other than historical
information or statements of current condition and may relate to our future
plans and objectives and results, and also may include our belief regarding the
effect of various legal proceedings, as set forth under &quot;Legal Proceedings&quot; in
Part I, Item 3 of our Annual Report on Form 10-K, which is incorporated by
reference herein. Forward-looking statements involve inherent risks and
uncertainties, and important factors could cause actual results to differ
materially from those anticipated, including those factors discussed in Item
1A, &quot;Risk Factors&quot;, as well as those factors discussed under &quot;External Factors
Impacting Our Business&quot; included in &quot;Management's Discussion and Analysis of
Financial Condition and Results of Operations&quot; in Part II, Item 7 of our Annual
Report on Form 10-K, which is incorporated by reference herein.</p>

<p class=MsoNormal style='text-align:justify;text-indent:.25in'>You can identify these statements from our use of the
words &quot;may,&quot; &quot;will,&quot; &quot;should,&quot; &quot;could,&quot; &quot;would,&quot; &quot;plan,&quot; &quot;potential,&quot;
&quot;estimate,&quot; &quot;project,&quot; &quot;believe,&quot; &quot;intend,&quot; &quot;anticipate,&quot; &quot;expect&quot; and similar
expressions. These forward-looking statements include statements relating to: </p>

<p class=MsoNormal style='margin-left:.5in;text-align:justify;text-indent:-.25in'>&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
our goals, intentions and
expectations;</p>

<p class=MsoNormal style='margin-left:.5in;text-align:justify;text-indent:-.25in'>&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
our business plans and growth
strategies;</p>

<p class=MsoNormal style='margin-left:.5in;text-align:justify;text-indent:-.25in'>&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
our ability to integrate and
manage our acquired businesses;</p>

<p class=MsoNormal style='margin-left:.5in;text-align:justify;text-indent:-.25in'>&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
estimates of our risks and future
costs and benefits; and</p>

<p class=MsoFooter align="center">2</p>

<div class=MsoNormal align=center style='margin:0in;margin-bottom:.0001pt;
text-align:center'>

<hr size=2 width="100%" noshade color=navy align=center>


</div>

<p class=MsoNormal style='margin-left:.5in;text-align:justify;text-indent:-.25in'>&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
forecasted demographic and
economic trends relating to our industry.</p>

<p class=MsoNormal style='text-align:justify;text-indent:.25in'>These factors should not be construed as exhaustive
and should be read in conjunction with the other cautionary statements that are
included in the documents incorporated by reference. If one or more of these or
other risks or uncertainties materialize, or if our underlying assumptions
prove to be incorrect, actual results may vary materially from what we
projected. Consequently, actual events and results may vary significantly from
those included in or contemplated or implied by our forward-looking statements.
Forward-looking statements speak only as of the date they are made, and we
undertake no obligation to update them in light of new information or future
events, unless we are obligated to do so under federal securities laws.</p>

<h3 align="center">RISK FACTORS</h3>

<p class=MsoNormal style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in;
margin-left:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.25in'>An investment in our securities involves risks. We
urge you to consider carefully the risks described in the documents
incorporated by reference in this prospectus and, if applicable, in any
prospectus used in connection with an offering of our securities, before making
an investment decision, including those risks identified under Item IA. &quot;Risk
Factors&quot; in our Annual Report on Form 10-K for the year ended December 31,
2008, which is incorporated by reference in this prospectus and which may be
amended, supplemented or superseded from time to time by other reports that we
subsequently file with the SEC. Additional risks, including those that relate
to any particular securities we offer, may be included in a prospectus
supplement or free writing prospectus that we authorize from time to time, or
that are incorporated by reference into this prospectus or a prospectus
supplement.</p>

<p class=MsoNormal style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in;
margin-left:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.25in'>Our business, financial condition, results of
operations and cash flows could be materially adversely affected by any of
these risks. The market or trading price of our securities could decline due to
any of these risks. Additional risks not presently known to us or that we
currently deem immaterial also may impair our business and operations or cause
the price of our securities to decline.</p>

<h3 align="center">USE OF PROCEEDS</h3>

<p style='margin-top:9.0pt;margin-right:0in;margin-bottom:0in;margin-left:0in;
margin-bottom:.0001pt;text-align:justify;text-indent:.25in'>Unless otherwise indicated in a prospectus supplement,
we intend to use the net proceeds of any offering of securities sold by us for
general corporate purposes, which may include acquisitions, repayment of debt,
capital expenditures and working capital. The net proceeds may be invested temporarily
in short-term marketable securities or applied to repay short-term debt until
they are used for their stated purpose.</p>

<p style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in;margin-left:0in;
margin-bottom:.0001pt;text-align:justify;text-indent:.25in'>Unless otherwise set forth in a prospectus supplement,
we will not receive any proceeds in the event that the securities are sold by a
selling security holder.</p>

<p class=MsoFooter align="center">3</p>

<div class=MsoNormal align=center style='margin:0in;margin-bottom:.0001pt;
text-align:center'>


<hr size=2 width="100%" noshade color=navy align=center>


</div>

<p class=MsoNormal style='margin-top:6.0pt !msorm;text-align:center !msorm;
line-height:normal !msorm;page-break-after:avoid !msorm;margin:0in;margin-bottom:
..0001pt;line-height:1.0pt'>&nbsp;</p>

<h3 align="center">RATIO OF
EARNINGS TO FIXED CHARGES</h3>

<p class=DPWfdPF style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in;
margin-left:0in;margin-bottom:.0001pt;text-align:justify'>The ratio of earnings to fixed charges
presented below should be read together with the consolidated financial
statements and the notes accompanying them and &quot;Management's Discussion and Analysis
of Financial Condition and Results of Operations&quot; included in our Annual Report
on Form 10-K for the year ended December 31, 2008, incorporated by reference
into this prospectus. For purposes of the computation of the ratio of earnings
to fixed charges, earnings consist of earnings from continuing operations
before income taxes plus fixed charges. Fixed charges consist of interest
expense plus the interest component of lease rental expense.</p>
<p class=DPWfdPF style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in;
margin-left:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p>



<div align="center">



<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0
 style='width:639px;margin-left:2.5pt;border-collapse:collapse;border-collapse:
 collapse !msorm'>

  <tr>
   <td width=189 valign=bottom style='width:142.0pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>

   </td>
   <td colspan=6 valign=bottom style='width:459px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
   <div style='border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in'>
   <p class=DPWfdtblhead8 style='page-break-after:avoid;border:none;padding:
   0in'>Year ended December 31, </p>
   </div>
   </td>
  </tr>
  <tr>
   <td width=189 valign=bottom style='width:142.0pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>

   </td>
   <td width=74 valign=bottom style='width:55.3pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm' align="center">
   <div style='border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in'>
   <p class=DPWfdtblhead8 style='page-break-after:avoid;border:none;padding:
   0in'>2003</p>
   </div>
   </td>
   <td width=74 valign=bottom style='width:55.3pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm' align="center">
   <div style='border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in'>
   <p class=DPWfdtblhead8 style='page-break-after:avoid;border:none;padding:
   0in'>2004</p>
   </div>
   </td>
   <td width=74 valign=bottom style='width:55.3pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm' align="center">
   <div style='border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in'>
   <p class=DPWfdtblhead8 style='page-break-after:avoid;border:none;padding:
   0in'>2005</p>
   </div>
   </td>
   <td width=74 valign=bottom style='width:55.3pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm' align="center">
   <div style='border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in'>
   <p class=DPWfdtblhead8 style='page-break-after:avoid;border:none;padding:
   0in'>2006</p>
   </div>
   </td>
   <td width=74 valign=bottom style='width:55.3pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm' align="center">
   <div style='border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in'>
   <p class=DPWfdtblhead8 style='page-break-after:avoid;border:none;padding:
   0in'>2007</p>
   </div>
   </td>
   <td valign=top style='width:71px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="center">
   <div style='border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in'>
   <p class=DPWfdtblhead8 style='page-break-after:avoid;border:none;padding:
   0in'>2008</p>
   </div>
   </td>
  </tr>

 <tr>
  <td width=189 valign=bottom style='width:142.0pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=DPWfdtblstub10>Ratio of
  Earnings to Fixed Charges</p>
  </td>
  <td width=74 style='width:55.3pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=DPWfdtblstub10 align=right style='margin:0in;margin-bottom:.0001pt;
  text-align:right;text-indent:0in'>4.14x</p>
  </td>
  <td width=74 style='width:55.3pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal align=right style='text-align:right'>5.84x</p>
  </td>
  <td width=74 style='width:55.3pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal align=right style='text-align:right'>4.44x</p>
  </td>
  <td width=74 style='width:55.3pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal align=right style='text-align:right'>2.08x</p>
  </td>
  <td width=74 style='width:55.3pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal align=right style='text-align:right'>2.35x</p>
  </td>
  <td valign=top style='width:71px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=MsoNormal align=right style='text-align:right'>4.16x</p>
  </td>
 </tr>
</table>



</div>



<h3 align="center">DESCRIPTION OF CAPITAL STOCK</h3>

<p class=MsoNormal style='text-align:justify'><b>General</b></p>

<p class=MsoNormal style='text-align:justify;text-indent:.25in'>Our authorized capital stock consists of 3,000,000
shares of preferred stock, par value $1.00 per share, and 30,000,000 shares of
common stock, par value $0.15 per share.&nbsp; </p>

<p class=MsoNormal style='text-align:justify'><b>Preferred
Stock</b></p>

<p class=MsoNormal style='text-align:justify;text-indent:.25in'>Any number of the 3,000,000 authorized shares of
preferred stock may be issued from time to time in one or more series of
preferred stock. The designations, the relative preferences and participating,
optional and other special rights, and the qualifications, limitations or
restrictions of other series, if any, may differ from those of any and all
other series, and, pursuant to our certificate of incorporation, our Board of
Directors is authorized to fix by resolution or resolutions prior to the
issuance of any shares of any series of preferred stock, the designation,
preferences, relative, participating, optional and other special rights or the
qualifications, limitations or restrictions of such series, including without
limiting the generality of the foregoing, the following:</p>

<p class=MsoNormal style='margin-left:.5in;text-align:justify;text-indent:-.25in'>&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the date and time at which, and
the terms and conditions on which, dividends on such series of preferred stock
shall be paid; </p>

<p class=MsoNormal style='margin-left:.5in;text-align:justify;text-indent:-.25in'>&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the right, if any of the holders
of shares of such series of preferred stock to vote and the manner of voting,
except as may otherwise be provided by the General Corporation Law of the State
of Delaware; </p>

<p class=MsoNormal style='margin-left:.5in;text-align:justify;text-indent:-.25in'>&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the right, if any, of the holders
of shares of such series of preferred stock to convert the same into or
exchange the same for other classes of our stock and the terms and conditions
for such conversion and exchange; </p>

<p class=MsoNormal style='margin-left:.5in;text-align:justify;text-indent:-.25in'>&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the redemption price or prices and
the time at which, and the terms and conditions on which, the shares of such
series of preferred stock may be redeemed; </p>

<p class=MsoNormal style='margin-left:.5in;text-align:justify;text-indent:-.25in'>&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the rights of the holders of
shares of such series of preferred stock upon the voluntary or involuntary
liquidation, distribution, or sale of assets, dissolution or winding up of our
company; and </p>

<p class=MsoNormal style='margin-left:.5in;text-align:justify;text-indent:-.25in'>&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the terms of the sinking fund or
redemption or purchase account, if any, to be provided for such series of
preferred stock. </p>

<p class=MsoFooter align="center">4</p>

<div class=MsoNormal align=center style='margin:0in;margin-bottom:.0001pt;
text-align:center'>


<hr size=2 width="100%" noshade color=navy align=center>


</div>

<p class=MsoNormal style='text-align:justify;text-indent:.25in'>Subject to the provisions of any series of preferred
stock, dividends payable on our common stock in cash or otherwise may be
declared and paid on the shares of our common stock from time to time out of
any funds or property legally available therefor, and in the event of any such
declaration or payment the holders of our common stock shall be entitled, to
the exclusion of the holders of the preferred stock, to share therein.</p>

<p class=MsoNormal style='text-align:justify;text-indent:.25in'>In the event of any liquidation, dissolution or
winding up of our company, after distribution and payment in full shall have
been made to the holders of the preferred stock in accordance with the terms
thereof, the remainder of our assets, if any, shall be distributed pro rata
among the holders of our common stock.</p>

<p class=DPWfdPF style='text-align:justify'>Except as otherwise provided in any prospectus supplement, all
shares of the same series of preferred stock will be identical with each other
share of said stock. The shares of different series may differ, including as to
rank, as may be provided in our certificate of incorporation, or as may be
fixed by our board of directors as described above. We may from time to time
amend our certificate of incorporation to increase or decrease the number of
authorized shares of preferred stock. Unless otherwise provided in any
prospectus supplement, all shares of preferred stock will be fully paid and
non-assessable.&nbsp; </p>

<p class=DPWfdPF style='text-align:justify'>The material terms of any series of preferred stock being offered
by us will be described in the prospectus supplement relating to that series of
preferred stock. That prospectus supplement may not restate the amendment to
our certificate of incorporation or the board resolution that establishes a
particular series of preferred stock in its entirety. We urge you to read that
amendment or board resolution because it, and not the description in the
prospectus supplement, will define your rights as a holder of preferred stock.
Any certificate of amendment to our certificate of incorporation or board
resolution will be filed with the Secretary of State of the State of Delaware
and with the SEC.</p>

<p class=DPWfdPF style='text-align:justify'><i>Redemption</i>.&nbsp;
All shares of any series of preferred stock will be redeemable to the extent
set forth in the applicable prospectus supplement.</p>

<p class=DPWfdPF style='text-align:justify'><i>Conversion or Exchange</i>.&nbsp; Shares of any series of preferred stock will be convertible
into or exchangeable for shares of common stock or preferred stock or debt
securities to the extent set forth in the applicable prospectus supplement.</p>

<p class=DPWfdPF style='text-align:justify'><i>Preemptive Rights</i>.&nbsp; No holder of shares of any series of preferred stock will have
any preemptive or preferential rights to subscribe to or purchase shares of any
class or series of stock, now or hereafter authorized, or any securities
convertible into, or warrants or other evidences of optional rights to purchase
or subscribe to, shares of any series, now or hereafter authorized.</p>

<p class=DPWfdPF style='text-align:justify'><i>Voting Rights</i>.&nbsp;
Except as indicated in the applicable prospectus supplement, the holders of
preferred stock will be entitled to one vote for each share of preferred stock
held by them on all matters properly presented to shareholders. Except as
indicated in the applicable prospectus supplement, the holders of common stock
and the holders of all series of preferred stock will vote together as one
class, except
as otherwise provided by law and except as set forth below.</p>

<p style='margin-top:0in;text-align:justify;text-indent:.25in'><b>Common Stock</b></p>

<p class=MsoNormal style='text-align:justify;text-indent:.25in'>The following is a summary of the material terms and
rights associated with our common stock and certain provisions of our certificate
of incorporation and bylaws. Since the terms of our certificate of incorporation
and bylaws, and Delaware corporate law, are more detailed than the general
information provided below, you should only rely on the actual provisions of
those documents and Delaware law for a complete statement of the terms and
rights of our common stock. If you would like to read those documents, they are
on file with the SEC, as described under the heading &quot;Where You Can Find
Additional Information.&quot;</p>

<p class=MsoFooter align="center">5</p>

<div class=MsoNormal align=center style='margin:0in;margin-bottom:.0001pt;
text-align:center'>


<hr size=2 width="100%" noshade color=navy align=center>


</div>

<p class=MsoNormal style='margin-top:5.0pt !msorm;margin-right:0in !msorm;
margin-bottom:5.0pt !msorm;margin-left:0in !msorm;text-align:justify !msorm;
text-indent:.25in !msorm;line-height:normal !msorm;margin:0in;margin-bottom:
..0001pt;line-height:1.0pt'>
&nbsp;
</p>

<p class=MsoNormal style='text-align:justify;text-indent:.25in'>As of March 20, 2009, there were 27,291,684
shares of common stock outstanding that were held of record by approximately
7,300 stockholders.<b> </b>The holders of common stock,
subject to the provisions of our bylaws and the General Corporation Law of the
State of Delaware relating to the fixing of a record date, are entitled
to one vote for each share held of record on all matters submitted to a vote of
the stockholders. Our stockholders do not have cumulative voting rights in the
election of directors. Accordingly, holders of a majority of the shares voting
are able to elect all of the directors.&nbsp; Subject to the provisions of any
series of preferred stock, dividends payable on our common stock in cash or
otherwise may be declared and paid on the shares of our common stock from time
to time out of any funds or property legally available therefor, and in the event
of any such declaration or payment the holders of our common stock shall be
entitled, to the exclusion of the holders of the preferred stock, to share
therein.&nbsp; In the event of our liquidation, dissolution or winding up, holders
of common stock are entitled to share ratably in all of our assets remaining
after we pay our liabilities and distribute the liquidation preference of any
then outstanding preferred stock. Holders of common stock have no preemptive or
other subscription or conversion rights. There are no redemption or sinking
fund provisions applicable to the common stock. </p>

<p class=MsoNormal style='text-align:justify;text-indent:.25in'>Computershare Limited is the transfer agent and
registrar for our common stock. Our common stock is listed on the NYSE and the
CSX under the symbol &quot;SF.&quot;</p>

<p class=DPWfdHDBoldLeft style='text-align:justify;text-indent:.25in'><b>Certain Effects of Authorized but Unissued
Stock</b></p>

<p class=DPWfdPF style='text-align:justify'>We
may issue additional shares of common stock or preferred stock without stockholder
approval, subject to applicable rules of the NYSE and the CSX, for a variety of
corporate purposes, including raising additional capital, corporate acquisitions
and employee benefit plans. The existence of unissued and unreserved common and
preferred stock may enable us to issue shares to persons who are friendly to
current management, which could discourage an attempt to obtain control of our company
through a merger, tender offer, proxy contest, or otherwise, and protect the
continuity of management and possibly deprive you of opportunities to sell your
shares at prices higher than the prevailing market prices. We could also use
additional shares to dilute the stock ownership of persons seeking to obtain
control of our company.</p>

<h3 align="center">DESCRIPTION OF DEBT SECURITIES</h3>

<p class=DPWfdPF style='text-align:justify'>This section describes some of the general terms of the debt
securities that we may issue, either separately or upon exercise of a warrant.
Each prospectus supplement will describe the particular terms of the debt
securities we are offering under that supplement. Each prospectus supplement
will also indicate the extent, if any, to which such general provisions may not
apply to the particular debt securities we are offering under that supplement.
When we refer to a prospectus supplement we are also referring to any
applicable pricing supplement or any applicable free writing prospectus.&nbsp; </p>

<p class=DPWfdPF style='text-align:justify'>We will issue the debt securities under one or more indentures
that will be entered into between us and a trustee that will be a qualified
trustee under the Trust Indenture Act of 1939. We will file any such indenture
with the SEC and will summarize the material provisions thereof in a prospectus
supplement. We urge you to read any such indenture and the debt securities
because they, and not this or any subsequently-filed description, define your
rights as holders of the debt securities. </p>

<p class=DPWfdPF style='text-align:justify'>The debt securities will be our unsecured obligations. The debt
securities may be referred to as debentures, notes or other unsecured evidences
of indebtedness. We may issue the debt securities at various times in different
series, each of which may have different terms.</p>

<p class=DPWfdPF style='text-align:justify'>The prospectus supplement relating to the particular series of
debt securities we are offering will include the following information
concerning those debt securities: </p>

<p class=MsoNormal style='margin-left:.5in;text-align:justify;text-indent:-.25in'>&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the title of the debt
securities;</p>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
any limit on the
amount of such debt securities that we may offer;<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the price at which we
are offering the debt securities. We will usually express the price as a
percentage of the principal amount;</p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the amortization
schedule, maturity date or retirement of the debt securities;<p class=MsoFooter align="center">6</p>

<div class=MsoNormal align=center style='margin:0in;margin-bottom:.0001pt;
text-align:center'>

<hr size=2 width="100%" noshade color=navy align=center>


</div>

<p class=MsoNormal style='margin-top:0in !msorm;margin-right:0in !msorm;
margin-bottom:10.0pt !msorm;margin-left:.5in !msorm;text-align:justify !msorm;
text-indent:-.25in !msorm;line-height:normal !msorm;margin:0in;margin-bottom:
..0001pt;line-height:1.0pt'>&nbsp;</p>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the interest rate per annum on the
debt securities. We may specify a fixed rate or a variable rate, or we may
offer debt securities that do not bear interest but are sold at a substantial
discount from the amount payable at maturity. We
may also specify how the rate or rates on the debt securities will be
determined and the basis upon which interest will be calculated if other than
that of a 360-day year of twelve 30-day months;<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the date from which
interest on the debt securities will accrue or how the dates will be determined;</p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the dates on which we
will pay interest and the regular record dates for determining which holders
are entitled to receive the interest;<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the dates, if any, on which or
after which, and the prices and other terms at which, we are required to redeem
the debt securities or have the option to redeem the debt securities;</p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the circumstances, if
any, under which we may be obligated to make an offer to repurchase the debt
securities upon the occurrence of a change in control;<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
any provisions, if
any, with respect to amortization, sinking funds or retirement;</p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
any limitations, if
any, on our right to defease our obligations under the debt securities by
depositing cash or securities;<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the amount that we
would be required to pay if the maturity of the debt securities is accelerated,
if that amount is other than the principal amount;</p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
any additional
restrictive covenants or other material terms relating to the debt securities;<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the terms, if any,
upon which the debt securities may be converted into or exchanged for common
stock, preferred stock or debt securities;</p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
any additional events
of default that will apply to the debt securities;<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
currency or
currencies, if other than the currency of the United States, in which principal
and interest will be paid. If the currency will be determined under an index,
the details concerning such index; and</p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
other material terms
of the debt securities.<h3 align="center">DESCRIPTION OF WARRANTS</h3>

<p class=MsoNormal style='text-align:justify;text-indent:.25in'>We may issue warrants to purchase debt or equity
securities. We may issue warrants independently or as part of a unit with other
securities. Warrants sold with other securities as a unit may be attached to or
separate from the other securities. We will issue warrants under warrant
agreements to be entered into between us and a warrant agent that we will name
in the applicable prospectus supplement or other offering material. </p>

<p class=MsoNormal style='text-align:justify;text-indent:.25in'>The prospectus supplement or other offering material
relating to any warrants we are offering will include specific terms relating
to the offering, including a description of any other securities sold together
with the warrants. These terms will include some or all of the following: </p>

<p class=MsoNormal style='margin-left:.5in;text-align:justify;text-indent:-.25in'>&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the title of the warrants;</p>

<p class=MsoNormal style='margin-left:.5in;text-align:justify;text-indent:-.25in'>&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the aggregate number of warrants
offered;</p>

<p class=MsoNormal style='margin-left:.5in;text-align:justify;text-indent:-.25in'>&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the price or prices at which the
warrants will be issued;</p>

<p class=MsoFooter align="center">7</p>

<div class=MsoNormal align=center style='margin:0in;margin-bottom:.0001pt;
text-align:center'>

<hr size=2 width="100%" noshade color=navy align=center>


</div>

<p class=MsoNormal style='margin-top:5.0pt !msorm;margin-right:0in !msorm;
margin-bottom:5.0pt !msorm;margin-left:.5in !msorm;text-align:justify !msorm;
text-indent:-.25in !msorm;line-height:normal !msorm;margin:0in;margin-bottom:
..0001pt;line-height:1.0pt'>&nbsp;</p>

<p class=MsoNormal style='margin-left:.5in;text-align:justify;text-indent:-.25in'>&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the currency or currencies,
including composite currencies, in which the prices of the warrants may be
payable; </p>

<p class=MsoNormal style='margin-left:.5in;text-align:justify;text-indent:-.25in'>&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the designation, number and terms
of the debt securities, common stock, preferred stock or other securities or
rights, including rights to receive payment in cash or securities based on the
value, rate or price of one or more specified commodities, currencies or
indices, purchasable upon exercise of the warrants and procedures by which
those numbers may be adjusted;</p>

<p class=MsoNormal style='margin-left:.5in;text-align:justify;text-indent:-.25in'>&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the exercise price of the warrants
and the currency or currencies, including composite currencies, in which such
price is payable;</p>

<p class=MsoNormal style='margin-left:.5in;text-align:justify;text-indent:-.25in'>&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the dates or periods during which
the warrants are exercisable;</p>

<p class=MsoNormal style='margin-left:.5in;text-align:justify;text-indent:-.25in'>&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the designation and terms of any
securities with which the warrants are issued as a unit;</p>

<p class=MsoNormal style='margin-left:.5in;text-align:justify;text-indent:-.25in'>&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
if the warrants are issued as a
unit with another security, the date on and after which the warrants and the
other security will be separately transferable;</p>

<p class=MsoNormal style='margin-left:.5in;text-align:justify;text-indent:-.25in'>&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
any minimum or maximum amount of
warrants that may be exercised at any one time;</p>

<p class=MsoNormal style='margin-left:.5in;text-align:justify;text-indent:-.25in'>&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
any terms relating to the
modification of the warrants; and</p>

<p class=MsoNormal style='margin-left:.5in;text-align:justify;text-indent:-.25in'>&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
any other terms of the warrants,
including terms, procedures and limitations relating to the transferability,
exchange, exercise or redemption of the warrants.</p>

<p class=MsoNormal style='text-align:justify;text-indent:.25in'>Warrants issued for securities other than our common
stock or preferred stock or debt securities will not be exercisable until at
least one year from the date of sale of the warrant. </p>

<p class=MsoNormal style='text-align:justify;text-indent:.25in'>The applicable prospectus supplement or other offering
material will describe the specific terms of any warrant units.</p>

<h3 align="center">PLAN OF DISTRIBUTION</h3>

<p class=MsoNormal style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in;
margin-left:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.25in'>We may sell the securities being offered hereby from
time to time in the following manner or any manner specified in a prospectus
supplement:</p>

<p class=MsoNormal style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in;
margin-left:.5in;margin-bottom:.0001pt;text-align:justify;text-indent:-.25in'>&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
directly to purchasers; </p>

<p class=MsoNormal style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in;
margin-left:.5in;margin-bottom:.0001pt;text-align:justify;text-indent:-.25in'>&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
through agents; </p>

<p class=MsoNormal style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in;
margin-left:.5in;margin-bottom:.0001pt;text-align:justify;text-indent:-.25in'>&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
through underwriters; and </p>

<p class=MsoNormal style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in;
margin-left:.5in;margin-bottom:.0001pt;text-align:justify;text-indent:-.25in'>&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
through dealers. </p>

<p class=MsoNormal style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in;
margin-left:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.25in'>The prospectus supplement with respect to any offering
of securities will set forth the terms of the offering, including:</p>

<p class=MsoNormal style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in;
margin-left:.5in;margin-bottom:.0001pt;text-align:justify;text-indent:-.25in'>&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the name or names of any
underwriters, dealers or agents; </p>

<p class=MsoNormal style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in;
margin-left:.5in;margin-bottom:.0001pt;text-align:justify;text-indent:-.25in'>&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the purchase price of the
securities and the proceeds to us from the sale; </p>

<p class=MsoNormal style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in;
margin-left:.5in;margin-bottom:.0001pt;text-align:justify;text-indent:-.25in'>&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
any underwriting discounts and
commissions or agency fees and other items constituting underwriters' or
agents' compensation; and </p>

<p class=MsoNormal style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in;
margin-left:.5in;margin-bottom:.0001pt;text-align:justify;text-indent:-.25in'>&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
any delayed delivery arrangements.
</p>

<p class=MsoNormal style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in;
margin-left:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.25in'>We may directly solicit offers to purchase securities,
or agents may be designated to solicit such offers. We will, in the prospectus
supplement relating to such offering, name any agent that could be viewed as an
underwriter under the Securities Act of 1933, as amended (the &quot;Securities Act&quot;)
and describe any commissions that we must pay. Any such agent will be acting on
a best efforts basis for the period of its appointment or, if indicated in the
applicable prospectus supplement, on a firm commitment basis. Agents, dealers
and underwriters may be customers of, engage in transactions with, or perform
services for us in the ordinary course of business.</p>

<p class=MsoFooter align="center">8</p>

<div class=MsoNormal align=center style='margin:0in;margin-bottom:.0001pt;
text-align:center'>


<hr size=2 width="100%" noshade color=navy align=center>


</div>

<p class=MsoNormal style='margin-top:6.0pt !msorm;text-align:justify !msorm;
text-indent:.25in !msorm;line-height:normal !msorm;margin:0in;margin-bottom:
..0001pt;line-height:1.0pt'>&nbsp;</p>

<p class=MsoNormal style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in;
margin-left:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.25in'>If any underwriters or agents are utilized in the sale
of the securities in respect of which this prospectus is delivered, we will
enter into an underwriting agreement or other agreement with them at the time
of sale to them, and we will set forth in the prospectus supplement relating to
such offering the names of the underwriters or agents and the terms of the
related agreement with them.</p>

<p class=MsoNormal style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in;
margin-left:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.25in'>If a dealer is utilized in the sale of the securities
in respect of which the prospectus is delivered, we will sell such securities
to the dealer, as principal. The dealer may then resell such securities to the
public at varying prices to be determined by such dealer at the time of resale.</p>

<p class=MsoNormal style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in;
margin-left:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.25in'>Remarketing firms, agents, underwriters and dealers
may be entitled under agreements which they may enter into with us to
indemnification by us against certain civil liabilities, including liabilities
under the Securities Act, and may be customers of, engage in transactions with
or perform services for us in the ordinary course of business.</p>

<p class=MsoNormal style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in;
margin-left:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.25in'>In order to facilitate the offering of the securities,
any underwriters may engage in transactions that stabilize, maintain or
otherwise affect the price of the securities or any other securities the prices
of which may be used to determine payments on such securities. Specifically,
any underwriters may overallot in connection with the offering, creating a
short position for their own accounts. In addition, to cover overallotments or
to stabilize the price of the securities or of any such other securities, the
underwriters may bid for, and purchase, the securities or any such other
securities in the open market. Finally, in any offering of the securities
through a syndicate of underwriters, the underwriting syndicate may reclaim
selling concessions allowed to an underwriter or a dealer for distributing the
securities in the offering if the syndicate repurchases previously distributed
securities in transactions to cover syndicate short positions, in stabilization
transactions or otherwise. Any of these activities may stabilize or maintain
the market price of the securities above independent market levels. Any such
underwriters are not required to engage in these activities and may end any of
these activities at any time.</p>

<h3 align="center">SELLING SECURITY HOLDERS</h3>

<p style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in;margin-left:0in;
margin-bottom:.0001pt;text-align:justify;text-indent:.25in'>Information about selling security holders, where
applicable, will be set forth in a prospectus supplement, in a post-effective
amendment, or in filings we make with the SEC under the Securities and Exchange
Act of 1934, as amended, which we incorporate by reference into this
registration statement. </p>

<h3 align="center">VALIDITY OF SECURITIES</h3>

<p class=MsoNormal style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in;
margin-left:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.25in'>In connection with particular offerings of our
securities in the future, and unless otherwise indicated in the applicable
prospectus supplement, the authorization and validity of such securities will
be passed upon for Stifel Financial Corp. by Bryan Cave LLP, St. Louis,
Missouri.</p>

<h3 align="center">EXPERTS</h3>

<p class=MsoNormal style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in;
margin-left:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.25in'>The consolidated financial statements of Stifel
Financial Corp. appearing in our Annual Report on Form 10-K as of and for the
year ended December 31, 2008 (including the schedule appearing therein), and
the effectiveness of Stifel Financial Corp.'s internal control over financial
reporting as of December 31, 2008 have been audited by Ernst &amp; Young LLP,
an independent registered public accounting firm, as set forth in its reports
thereon, and incorporated herein by reference. At December 31, 2007 and for
each of the two years in the period then ended, the consolidated financial
statements (including the schedule appearing therein) have been audited by
Deloitte &amp; Touche LLP, an independent registered public accounting firm, as
set forth in their report thereon, and incorporated herein by reference. Such
financial statements have been incorporated herein by reference in reliance
upon such reports given on the authority of such firms as experts in accounting
and auditing.</p>



<p class=MsoFooter align="center">9</p>

<div class=MsoNormal align=center style='margin:0in;margin-bottom:.0001pt;
text-align:center'>


<hr size=2 width="100%" noshade color=navy align=center>


</div>

<p class=MsoNormal style='margin-top:5.0pt !msorm;margin-right:0in !msorm;
margin-bottom:9.0pt !msorm;margin-left:0in !msorm;text-align:center !msorm;
text-indent:.5in !msorm;line-height:normal !msorm;margin:0in;margin-bottom:
..0001pt;line-height:1.0pt'>&nbsp;</p>



<p class=MsoNormal align=center style='margin-bottom:9.0pt;text-align:center;
text-indent:.5in'><b>PART II</b></p>

<p class=MsoNormal align=center style='margin-bottom:12.0pt;text-align:center'><b>INFORMATION NOT REQUIRED IN PROSPECTUS</b></p>

<p class=MsoNormal style='margin-bottom:12.0pt'><b>Item
14.&nbsp; <i>Other Expenses of Issuance and Distribution.</i></b></p>

<p class=MsoNormal style='margin-bottom:12.0pt;text-align:justify;text-indent:
..25in'>The expenses relating to the registration
of the shares of common stock will be borne by the registrant. Such expenses
are estimated to be as follows:</p>

<div align="center">

<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0
 style='margin-left:59.4pt;border-collapse:collapse;border-collapse:collapse !msorm'>
 <tr>
  <td width=392 valign=top style='width:294.0pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal>SEC registration fee</p>
  </td>
  <td width=79 valign=top style='width:59.4pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal align=right style='text-align:right'><a
  name="_DocXamine_Paragraphs6_22">$</a>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)</p>
  </td>
 </tr>
 <tr>
  <td width=392 valign=top style='width:294.0pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal>Legal fees and expenses</p>
  </td>
  <td width=79 valign=top style='width:59.4pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal align=right style='text-align:right'>(2)</p>
  </td>
 </tr>
 <tr>
  <td width=392 valign=top style='width:294.0pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal>Accounting fees and
  expenses</p>
  </td>
  <td width=79 valign=top style='width:59.4pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal align=right style='text-align:right'>(2)</p>
  </td>
 </tr>
 <tr>
  <td width=392 valign=top style='width:294.0pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal>Trustee's fees and expenses</p>
  </td>
  <td width=79 valign=top style='width:59.4pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal align=right style='text-align:right'>(2)</p>
  </td>
 </tr>
 <tr>
  <td width=392 valign=top style='width:294.0pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal>Transfer agent fees and
  expenses</p>
  </td>
  <td width=79 valign=top style='width:59.4pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal align=right style='text-align:right'>(2)</p>
  </td>
 </tr>
 <tr>
  <td width=392 valign=top style='width:294.0pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal>Printing and mailing
  expenses</p>
  </td>
  <td width=79 valign=top style='width:59.4pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal align=right style='text-align:right'>(2)</p>
  </td>
 </tr>
 <tr>
  <td width=392 valign=top style='width:294.0pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal>Miscellaneous</p>
  </td>
  <td width=79 valign=top style='width:59.4pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;border:none !msorm;border-bottom:solid windowtext 1.0pt !msorm;
  padding:0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal align=right style='text-align:right'>(2)</p>
  </td>
 </tr>
 <tr>
  <td width=392 valign=top style='width:294.0pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal style='margin-bottom:12.0pt;text-indent:15.6pt'>Total</p>
  </td>
  <td width=79 valign=top style='width:59.4pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  border:none !msorm;padding:0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal align=right style='margin-bottom:12.0pt;text-align:right'>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)</p>
  </td>
 </tr>
</table>

</div>

<p class=MsoNormal>___________________</p>

<p class=MsoNormal style='margin-left:.25in;text-indent:-.25in'>(1)<b>&nbsp; </b>Deferred in reliance on Rule 456(b) and
457(r).<b>&nbsp; </b></p>

<p class=MsoNormal style='margin-left:.25in;text-indent:-.25in'>(2)&nbsp; An estimate of the aggregate amount of these
expenses will be reflected in the applicable prospectus supplement.</p>

<p class=MsoNormal style='margin-bottom:12.0pt' align="center"><b>Item
15.&nbsp; <i>Indemnification of Directors and Officers.</i></b></p>

<p class=MsoNormal style='margin-bottom:12.0pt;text-align:justify;text-indent:
..25in'>The Registrant is incorporated under the
laws of the State of Delaware. The following is a summary of Section 145 of the
General Corporation Law of the State of Delaware (&quot;Delaware Law&quot;).</p>

<p class=MsoFooter align="center">II-1</p>

<div class=MsoNormal align=center style='margin:0in;margin-bottom:.0001pt;
text-align:center'>


<hr size=2 width="100%" noshade color=navy align=center>


</div>

<p class=MsoNormal style='margin-top:5.0pt !msorm;margin-right:0in !msorm;
margin-bottom:12.0pt !msorm;margin-left:0in !msorm;text-align:justify !msorm;
text-indent:.25in !msorm;line-height:normal !msorm;margin:0in;margin-bottom:
..0001pt;line-height:1.0pt'>&nbsp;</p>

<p class=MsoNormal style='margin-bottom:12.0pt;text-align:justify;text-indent:
..25in'>Subject to restrictions contained in Delaware
Law, a corporation may indemnify any person, who was or is a party or is
threatened to be made a party to any threatened, pending or completed action,
suit or proceeding by reason of the fact that he is or was a director, officer,
employee or agent of the corporation, or is or was serving at the request of
the corporation as a director, officer, employee or agent of another
corporation, partnership, joint venture, trust or other enterprise, against
expenses (including attorney's fees), judgments, fines and amounts paid in
settlement actually and reasonably incurred in connection therewith if such
person acted in good faith and in a manner such person reasonably believed to
be in or not opposed to the best interests of the corporation, and, in
connection with any criminal action or proceeding, had no reasonable cause to
believe that such person's conduct was unlawful. A present or former director
or officer who is successful on the merits or otherwise in any suit or matter
covered by the indemnification statute shall be indemnified and indemnification
is otherwise authorized upon a determination that the person to be indemnified
has met the applicable standard of conduct required.&nbsp; Such determination shall
be made by a majority vote of the board of directors who were not parties to
such action, suit or proceeding, even though less than a quorum, a committee of
such directors designated by majority vote of such directors, even though less
than a quorum, or if there are no such directors, or if such directors so
direct, by special independent counsel in a written opinion, or by the
stockholders. Expenses incurred in defense may be paid in advance upon receipt
by the corporation of a written undertaking by or on behalf of the recipient to
repay such amount if it is ultimately determined that the recipient is not
entitled to indemnification under the statute. The indemnification provided by
statute is not exclusive of any other rights to which those seeking
indemnification may be entitled under any by-law, agreement, vote of
stockholders or disinterested directors or otherwise, and shall inure to the
benefit of the heirs, executors and administrators of such person. Insurance
may be purchased on behalf of any person entitled to indemnification by the
corporation against any liability asserted against him or her and incurred in
an official capacity regardless of whether the person could be indemnified
under the statute. References to the corporation include all constituent
corporations absorbed in a consolidation or merger as well as the resulting
corporation, and anyone seeking indemnification by virtue of acting in some
capacity with a constituent corporation would stand in the same position as if
such person had served the resulting or surviving corporation in the same
capacity.</p>

<p class=MsoNormal style='margin-bottom:12.0pt;text-align:justify;text-indent:
..25in'>The Registrant's certificate of incorporation
provides generally that a director shall not be personally liable to the
corporation or its stockholders for monetary damages for breach of fiduciary
duty as a director, except for liability (i) for any breach of the director's
duty of loyalty to the corporation or its stockholders, (ii) for acts or
omissions not in good faith which involve intentional misconduct or a knowing
violation of law, (iii) under Section 174 of Delaware Law, or (iv) for any
transaction from which the director derived an improper personal benefit.</p>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.4 of our Amended and Restated By-Laws provides for indemnification by Stifel of each person who is or was a director, officer or employee of the Registrant (or is or was serving as a director, officer or employee of any other enterprise at the request of the Registrant) to the full extent authorized by law. Certain of the directors also have indemnification agreements with the Registrant which provide for indemnification to the fullest extent permitted by the Delaware Law or by any amendment thereof or any other statutory provisions authorizing or permitting indemnification.<p class=MsoNormal style='margin-bottom:12.0pt;text-align:justify;text-indent:
..25in'>In addition, Delaware Law and our bylaws
authorize us to purchase insurance for our directors and officers insuring them
against certain risks as to which we may be unable lawfully to indemnify them.
We have purchased insurance coverage for our directors and officers as well as
insurance coverage to reimburse us for potential costs of corporate
indemnification of our directors and officers.</p>

<p class=MsoNormal style='margin-bottom:12.0pt;text-align:justify'><b>Item 16.&nbsp; <i>Exhibits.</i></b></p>

<p class=MsoNormal style='text-align:justify;text-indent:.25in'>The exhibits to this registration statement are listed
in the exhibit index, which appears elsewhere herein and is incorporated herein
by reference. </p>

<p class=MsoNormal style='text-align:justify'><b>Item
17.&nbsp; <i>Undertakings.</i></b></p>

<p class=MsoNormal style='text-align:justify'>(a)&nbsp;&nbsp;&nbsp; The
undersigned Registrant hereby undertakes: </p>

<p class=MsoNormal style='text-align:justify'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To
file, during any period in which offers or sales are being made of the
securities registered hereby, a post-effective amendment to this registration
statement: </p>

<p class=MsoNormal style='margin-left:33.0pt;text-align:justify;text-indent:
22.0pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To include any
prospectus required by Section 10(a)(3) of the Securities Act of 1933; </p>

<p class=MsoNormal style='margin-left:33.0pt;text-align:justify;text-indent:
22.0pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To reflect in the
prospectus any facts or events arising after the effective date of the
registration statement (or the most recent post-effective amendment thereof)
which, individually or in the aggregate, represent a fundamental change in the
information set forth in this registration statement. Notwithstanding the
foregoing, any increase or decrease in volume of securities offered (if the
total dollar value of securities offered would not exceed that which was
registered) and any deviation from the low or high end of the estimated maximum
offering range may be reflected in the form of prospectus filed with the
Securities and Exchange Commission pursuant to Rule 424(b) if, in the
aggregate, the changes in volume and price represent no more than 20 percent
change in the maximum aggregate offering price set forth in the &quot;Calculation of
Registration Fee&quot; table in the effective registration statement; </p>

<p class=MsoFooter align="center">II-2&nbsp;

</p>

<div class=MsoNormal align=center style='margin:0in;margin-bottom:.0001pt;
text-align:center'>


<hr size=2 width="100%" noshade color=navy align=center>


</div>

<p class=MsoNormal style='margin-top:5.0pt !msorm;margin-right:0in !msorm;
margin-bottom:5.0pt !msorm;margin-left:33.0pt !msorm;text-align:justify !msorm;
text-indent:22.0pt !msorm;line-height:normal !msorm;margin:0in;margin-bottom:
..0001pt;line-height:1.0pt'>&nbsp;</p>

<p class=MsoNormal style='margin-left:33.0pt;text-align:justify;text-indent:
22.0pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To include any
material information with respect to the plan of distribution not previously
disclosed in the registration statement or any material change to such
information in the registration statement; </p>

<p class=MsoNormal style='margin-left:30.0pt;text-align:justify'><i>provided, however</i>, that the undertakings set forth in paragraphs (1)(i), (1)(ii) and
(1)(iii) above do not apply if the information required to be included in a
post-effective amendment by those paragraphs is contained in reports filed with
or furnished to the Securities and Exchange Commission by the registrant
pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934
that are incorporated by reference in this registration statement, or is
contained in a form of prospectus filed pursuant to Rule 424(b) that is part of
this registration statement. </p>

<p class=MsoNormal style='text-align:justify'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; That,
for the purpose of determining any liability under the Securities Act of 1933,
each such post-effective amendment shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such
securities at that time shall be deemed to be the initial <i>bona fide</i>
offering thereof. </p>

<p class=MsoNormal style='text-align:justify'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To
remove from registration by means of a post-effective amendment any of the
securities being registered which remain unsold at the termination of the
offering. </p>

<p class=MsoNormal style='text-align:justify'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; That,
for the purpose of determining liability under the Securities Act of 1933 to
any purchaser: </p>

<p class=MsoNormal style='margin-left:33.0pt;text-align:justify;text-indent:
38.5pt'>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each prospectus filed by the
registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the
registration statement as of the date the filed prospectus was deemed part of
and included in the registration statement; and </p>

<p class=MsoNormal style='margin-left:33.0pt;text-align:justify;text-indent:
38.5pt'>(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each prospectus required to
be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a
registration statement in reliance on Rule 430B relating to an offering made
pursuant to Rule 415(a)(1)(i), (vii), or (x) for the purpose of providing the
information required by Section 10(a) of the Securities Act of 1933 shall be
deemed to be part of and included in the registration statement as of the
earlier of the date such form of prospectus is first used after effectiveness
or the date of the first contract of sale of securities in the offering
described in the prospectus. As provided in Rule 430B, for liability purposes
of the issuer and any person that is at that date an underwriter, such date
shall be deemed to be a new effective date of the registration statement
relating to the securities in the registration statement to which that
prospectus relates, and the offering of such securities at that time shall be
deemed to be the initial <i>bona fide</i> offering thereof. <i>Provided</i>, <i>however</i>,
that no statement made in a registration statement or prospectus that is part
of the registration statement or made in a document incorporated or deemed
incorporated by reference into the registration statement or prospectus that is
part of the registration statement will, as to a purchaser with a time of
contract of sale prior to such effective date, supersede or modify any
statement that was made in the registration statement or prospectus that was
part of the registration statement or made in any such document immediately
prior to such effective date. </p>

<p class=MsoNormal style='text-align:justify;text-indent:.25in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If the warrants to be issued are to
be offered to existing security holders of the registrant pursuant to warrants
or rights and any securities not taken by security holders of the registrant
are to be reoffered to the public, then the undersigned registrant hereby
undertakes to supplement the prospectus, after the expiration of the
subscription period, to set forth the results of the subscription offer, the
transactions by the underwriters during the subscription period, the amount of
unsubscribed securities to be purchased by the underwriters, and the terms of
any subsequent reoffering thereof. If any public offering by the underwriters
is to be made on terms differing from those set forth on the cover page of the
prospectus, a post-effective amendment will be filed to set forth the terms of
such offering</p>

<p class=MsoFooter align="center">II-3&nbsp;

</p>

<div class=MsoNormal align=center style='margin:0in;margin-bottom:.0001pt;
text-align:center'>


<hr size=2 width="100%" noshade color=navy align=center>


</div>

<p class=MsoNormal style='margin-top:5.0pt !msorm;margin-right:0in !msorm;
margin-bottom:5.0pt !msorm;margin-left:0in !msorm;text-align:justify !msorm;
line-height:normal !msorm;margin:0in;margin-bottom:.0001pt;line-height:1.0pt'>&nbsp;</p>

<p class=MsoNormal style='text-align:justify'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; That,
for the purpose of determining liability of the registrant under the Securities
Act of 1933 to any purchaser in the initial distribution of the securities, the
undersigned registrant undertakes that in a primary offering of securities of
the undersigned registrant pursuant to this registration statement, regardless
of the underwriting method used to sell the securities to the purchaser, if the
securities are offered or sold to such purchaser by means of any of the
following communications, the undersigned registrant will be a seller to the
purchaser and will be considered to offer or sell such securities to such
purchaser: </p>

<p class=MsoNormal style='margin-left:33.0pt;text-align:justify;text-indent:
38.5pt'>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any preliminary prospectus
or prospectus of the undersigned registrant relating to the offering required
to be filed pursuant to Rule 424; </p>

<p class=MsoNormal style='margin-left:33.0pt;text-align:justify;text-indent:
38.5pt'>(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any free writing prospectus
relating to the offering prepared by or on behalf of the undersigned registrant
or used or referred to by the undersigned registrant; </p>

<p class=MsoNormal style='margin-left:33.0pt;text-align:justify;text-indent:
38.5pt'>(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The portion of any other
free writing prospectus relating to the offering containing material
information about the undersigned registrant or its securities provided by or
on behalf of the undersigned registrant; and </p>

<p class=MsoNormal style='margin-left:33.0pt;text-align:justify;text-indent:
38.5pt'>(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any other communication that
is an offer in the offering made by the undersigned registrant to the
purchaser. </p>

<p class=MsoNormal style='text-align:justify'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To
file an application for the purpose of determining the eligibility of the
trustee to act under subsection (a) of section 310 of the Trust Indenture Act
in accordance with the rules and regulations prescribed by the Securities and
Exchange Commission under section 305(b)(2) of the Act. </p>

<p class=MsoNormal style='text-align:justify'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
undersigned registrant hereby undertakes that, for purposes of determining any
liability under the Securities Act of 1933, each filing of the registrant's
annual report pursuant to section 13(a) or section 15(d) of the Securities
Exchange Act of 1934 (and, where applicable, each filing of an employee benefit
plan's annual report pursuant to section 15(d) of the Securities Exchange Act
of 1934) that is incorporated by reference in the registration statement shall
be deemed to be a new registration statement relating to the securities offered
therein, and the offering of such securities at that time shall be deemed to be
the initial <i>bona fide</i> offering thereof.</p>

<p class=MsoNormal style='text-align:justify'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insofar
as indemnification for liabilities arising under the Securities Act of 1933 may
be permitted to directors, officers and controlling persons of the registrant
pursuant to the foregoing provisions, or otherwise, the registrant has been
advised that in the opinion of the Securities and Exchange Commission such
indemnification is against public policy as expressed in the Act and is,
therefore, unenforceable. In the event that a claim for indemnification against
such liabilities (other than the payment by the registrant of expenses incurred
or paid by a director, officer or controlling person of the registrant in the
successful defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the securities being
registered, the registrant will, unless in the opinion of its counsel the
matter has been settled by controlling precedent, submit to a court of
appropriate jurisdiction the question whether such indemnification by it is
against public policy as expressed in the Act and will be governed by the final
adjudication of such issue.</p>

<p class=MsoFooter align="center">II-4
&nbsp;
</p>

<div class=MsoNormal align=center style='margin:0in;margin-bottom:.0001pt;
text-align:center'>


<hr size=2 width="100%" noshade color=navy align=center>


</div>

<p class=MsoNormal style='margin-top:5.0pt !msorm;margin-right:0in !msorm;
margin-bottom:12.0pt !msorm;margin-left:0in !msorm;text-align:center !msorm;
line-height:normal !msorm;margin:0in;margin-bottom:.0001pt;line-height:1.0pt'>&nbsp;</p>

<p class=MsoNormal align=center style='margin-bottom:12.0pt;text-align:center'>
<b>SIGNATURES</b></p>

<p class=MsoNormal style='margin-bottom:12.0pt;text-align:justify;text-indent:
..25in'><a name="_DocXamine_Paragraphs100_22">Pursuant
to the requirements of the Securities Act of 1933, Stifel Financial Corp.
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form S-3 and has duly caused this registration
statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of St. Louis, State of Missouri on March 30, 2009.</a></p>

<p class=MsoNormal style='margin-left:3.0in'><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; STIFEL
FINANCIAL CORP.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </b>(Registrant)</p>

<p class=MsoNormal style='margin-left:3.0in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By:<u>&nbsp;&nbsp;&nbsp;
/s/Ronald J. Kruszewski&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </u></p>

<p class=MsoNormal style='margin-top:5.0pt;margin-right:0in;margin-bottom:12.0pt;
margin-left:3.25in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ronald J. Kruszewski<br>
<i>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chairman, President and Chief Executive Officer</i></p>

<p class=MsoNormal align=center style='margin-top:.25in;margin-right:0in;
margin-bottom:12.0pt;margin-left:0in;text-align:center'><b>POWER OF ATTORNEY</b></p>

<p class=MsoNormal style='margin-bottom:6.0pt;text-align:justify;text-indent:
..25in'>KNOW
ALL MEN BY THESE PRESENTS, that each person whose signature appears below
hereby constitutes and appoints Ronald J. Kruszewski and James M. Zemlyak, and
each of them (with full power of each to act alone), severally, as his true and
lawful attorneys-in-fact and agents, with full power of substitution and
resubstitution, for him to execute in his name, place and stead (individually
and in any capacity stated below) any and all amendments to this registration
statement (including post-effective amendments), and any additional
registration statement filed pursuant to Rule 462(b) under the Securities Act
of 1933, as amended, for the offerings contemplated by this registration
statement, and all documents and instruments necessary or advisable in
connection therewith, and to file the same, with exhibits thereto and other
documents in connection therewith, with the Securities and Exchange Commission
(or any other governmental regulatory authority), each of said
attorneys-in-fact and agents to have power to act with or without the others
and to have full power and authority to do and to perform in the name and on
behalf of each of the undersigned every act whatsoever necessary or advisable
to be done in the premises as fully and to all intents and purposes as any of
the undersigned might or could do in person, hereby ratifying and confirming
all that said attorneys-in-fact and agents and/or any of them, or their
substitute or substitutes, may lawfully do or cause to be done by virtue
hereof.</p>

<p class=MsoNormal style='margin-bottom:6.0pt;text-align:justify;text-indent:
..25in'>Pursuant to the requirements of the
Securities Act of 1933,as amended, this registration statement has been signed
by the following persons in the capacities and on the dates indicated:</p>

<p class=MsoFooter align="center">II-5&nbsp;

</p>

<div class=MsoNormal align=center style='margin:0in;margin-bottom:.0001pt;
text-align:center'>


<hr size=2 width="100%" noshade color=navy align=center>


</div>

<p class=MsoNormal style='margin-top:5.0pt !msorm;margin-right:0in !msorm;
margin-bottom:6.0pt !msorm;margin-left:0in !msorm;text-align:justify !msorm;
text-indent:.25in !msorm;line-height:normal !msorm;margin:0in;margin-bottom:
..0001pt;line-height:1.0pt'>
&nbsp;
</p>

<p class=MsoNormal style='margin-top:5.0pt !msorm;margin-right:0in !msorm;
margin-bottom:6.0pt !msorm;margin-left:0in !msorm;text-align:justify !msorm;
text-indent:.25in !msorm;line-height:normal !msorm;margin:0in;margin-bottom:
..0001pt;line-height:1.0pt'>
&nbsp;
</p>



<div align="center">



<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width=654
 style='width:490.4pt;border-collapse:collapse;border-collapse:collapse !msorm'>
 <tr>
  <td width=263 valign=top style='width:197.4pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal align=center style='margin-bottom:12.0pt;text-align:center'><b><u>Signature</u></b></p>
  </td>
  <td width=248 valign=top style='width:186.0pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal align=center style='margin-bottom:12.0pt;text-align:center'><b><u>Title</u></b></p>
  </td>
  <td width=143 valign=top style='width:107.0pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal align=center style='margin-bottom:12.0pt;text-align:center'><b><u>Date</u></b></p>
  </td>
 </tr>
 <tr>
  <td width=263 valign=top style='width:197.4pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal><a name="_DocXamine_Paragraphs111_22"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/&nbsp; Ronald J. Kruszewski</u></a><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </u></p>
  </td>
  <td width=248 rowspan=2 valign=top style='width:186.0pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal style='margin-bottom:12.0pt'>Chairman
  of the Board, President, Chief Executive Officer (Principal Executive
  Officer), and Director</p>
  </td>
  <td width=143 valign=top style='width:107.0pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal>March 30, 2009</p>
  </td>
 </tr>
 <tr style='height:34.2pt' style='height:34.2pt !msorm'>
  <td width=263 valign=top style='width:197.4pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm;
  height:34.2pt'>
  <p class=MsoNormal style='margin-bottom:12.0pt'><a
  name="_DocXamine_Paragraphs114_22">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ronald
  J. Kruszewski</a></p>
  </td>
  <td width=143 valign=top style='width:107.0pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm;
  height:34.2pt'>

  </td>
 </tr>
 <tr style='page-break-inside:avoid;height:47.25pt' style='page-break-inside:
  avoid !msorm;height:47.25pt !msorm'>
  <td width=263 valign=top style='width:197.4pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm;
  height:47.25pt'>
  <p class=MsoNormal><a name="_DocXamine_Paragraphs117_22"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/&nbsp; James M.Zemlyak&nbsp;<br>
	&nbsp;&nbsp;&nbsp;&nbsp;</u></a><a name="_DocXamine_Paragraphs118_22">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; James M. Zemlyak</a></p>
  </td>
  <td width=248 valign=top style='width:186.0pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm;
  height:47.25pt'>
  <p class=MsoNormal>Senior Vice President ,
  Chief Financial Officer, Treasurer (Principal Financial and Accounting
  Officer), and Director</p>
  </td>
  <td width=143 valign=top style='width:107.0pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm;
  height:47.25pt'>
  <p class=MsoNormal>March 30, 2009</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid' style='page-break-inside:avoid !msorm'>
  <td width=263 valign=top style='width:197.4pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal><a name="_DocXamine_Paragraphs124_22"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/&nbsp; Robert J. Baer</u></a><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </u></p>
  </td>
  <td width=248 valign=top style='width:186.0pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal>Director</p>
  </td>
  <td width=143 valign=top style='width:107.0pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal>March 30, 2009</p>
  </td>
 </tr>
 <tr style='height:22.95pt' style='height:22.95pt !msorm'>
  <td width=263 valign=top style='width:197.4pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm;
  height:22.95pt'>
  <p class=MsoNormal style='margin-bottom:12.0pt'><a
  name="_DocXamine_Paragraphs127_22">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Robert
  J. Baer</a></p>
  </td>
  <td width=248 valign=top style='width:186.0pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm;
  height:22.95pt'>

  </td>
  <td width=143 valign=top style='width:107.0pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm;
  height:22.95pt'>

  </td>
 </tr>
 <tr>
  <td width=263 valign=top style='width:197.4pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal><a name="_DocXamine_Paragraphs130_22"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/&nbsp; Bruce A. Beda</u></a><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </u></p>
  </td>
  <td width=248 valign=top style='width:186.0pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal>Director</p>
  </td>
  <td width=143 valign=top style='width:107.0pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal>March 30, 2009</p>
  </td>
 </tr>
 <tr style='height:.35in' style='height:.35in !msorm'>
  <td width=263 valign=top style='width:197.4pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm;
  height:.35in'>
  <p class=MsoNormal style='margin-bottom:12.0pt'><a
  name="_DocXamine_Paragraphs133_22">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bruce
  A. Beda</a></p>
  </td>
  <td width=248 valign=top style='width:186.0pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm;
  height:.35in'>

  </td>
  <td width=143 valign=top style='width:107.0pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm;
  height:.35in'>

  </td>
 </tr>
 <tr>
  <td width=263 valign=top style='width:197.4pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal><a name="_DocXamine_Paragraphs136_22"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/&nbsp; Charles A. Dill</u></a><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </u></p>
  </td>
  <td width=248 valign=top style='width:186.0pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal>Director</p>
  </td>
  <td width=143 valign=top style='width:107.0pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal>March 30, 2009</p>
  </td>
 </tr>
 <tr>
  <td width=263 valign=top style='width:197.4pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal style='margin-bottom:12.0pt'><a
  name="_DocXamine_Paragraphs139_22">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charles
  A. Dill</a></p>
  </td>
  <td width=248 valign=top style='width:186.0pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>

  </td>
  <td width=143 valign=top style='width:107.0pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>

  </td>
 </tr>
 <tr style='page-break-inside:avoid' style='page-break-inside:avoid !msorm'>
  <td width=263 valign=top style='width:197.4pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal><a name="_DocXamine_Paragraphs142_22"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/&nbsp; John P. Dubinsky</u></a><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </u></p>
  </td>
  <td width=248 valign=top style='width:186.0pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal>Director</p>
  </td>
  <td width=143 valign=top style='width:107.0pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal>March 30, 2009</p>
  </td>
 </tr>
 <tr style='height:17.1pt' style='height:17.1pt !msorm'>
  <td width=263 valign=top style='width:197.4pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm;
  height:17.1pt'>
  <p class=MsoNormal style='margin-bottom:12.0pt'><a
  name="_DocXamine_Paragraphs145_22">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John
  P. Dubinsky</a></p>
  </td>
  <td width=248 valign=top style='width:186.0pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm;
  height:17.1pt'>

  </td>
  <td width=143 valign=top style='width:107.0pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm;
  height:17.1pt'>

  </td>
 </tr>
 <tr>
  <td width=263 valign=top style='width:197.4pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal><a name="_DocXamine_Paragraphs148_22"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/&nbsp; Richard F. Ford</u></a><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </u></p>
  </td>
  <td width=248 valign=top style='width:186.0pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal>Director</p>
  </td>
  <td width=143 valign=top style='width:107.0pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal>March 30, 2009</p>
  </td>
 </tr>
 <tr style='height:10.35pt' style='height:10.35pt !msorm'>
  <td width=263 valign=top style='width:197.4pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm;
  height:10.35pt'>
  <p class=MsoNormal style='margin-bottom:12.0pt'><a
  name="_DocXamine_Paragraphs151_22">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Richard
  F. Ford</a></p>
  </td>
  <td width=248 valign=top style='width:186.0pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm;
  height:10.35pt'>

  </td>
  <td width=143 valign=top style='width:107.0pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm;
  height:10.35pt'>

  </td>
 </tr>
 <tr>
  <td width=263 valign=top style='width:197.4pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal><a name="_DocXamine_Paragraphs154_22"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/&nbsp; Frederick O. Hanser</u></a><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </u></p>
  </td>
  <td width=248 valign=top style='width:186.0pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal>Director</p>
  </td>
  <td width=143 valign=top style='width:107.0pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal>March 30, 2009</p>
  </td>
 </tr>
 <tr style='height:.25in' style='height:.25in !msorm'>
  <td width=263 valign=top style='width:197.4pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm;
  height:.25in'>
  <p class=MsoNormal style='margin-bottom:12.0pt'><a
  name="_DocXamine_Paragraphs157_22">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Frederick
  O. Hanser</a></p>
  </td>
  <td width=248 valign=top style='width:186.0pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm;
  height:.25in'>

  </td>
  <td width=143 valign=top style='width:107.0pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm;
  height:.25in'>

  </td>
 </tr>
 <tr>
  <td width=263 valign=top style='width:197.4pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal><a name="_DocXamine_Paragraphs160_22"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/&nbsp; Richard J. Himelfarb</u></a><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </u></p>
  </td>
  <td width=248 valign=top style='width:186.0pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal>Director</p>
  </td>
  <td width=143 valign=top style='width:107.0pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal>March 30, 2009</p>
  </td>
 </tr>
 <tr style='height:15.75pt' style='height:15.75pt !msorm'>
  <td width=263 valign=top style='width:197.4pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm;
  height:15.75pt'>
  <p class=MsoNormal style='margin-bottom:12.0pt'><a
  name="_DocXamine_Paragraphs163_22">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Richard
  J. Himelfarb</a></p>
  </td>
  <td width=248 valign=top style='width:186.0pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm;
  height:15.75pt'>

  </td>
  <td width=143 valign=top style='width:107.0pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm;
  height:15.75pt'>

  </td>
 </tr>
 <tr>
  <td width=263 valign=top style='width:197.4pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal><a name="_DocXamine_Paragraphs166_22"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/&nbsp; Robert E. Lefton</u></a><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </u></p>
  </td>
  <td width=248 valign=top style='width:186.0pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal>Director</p>
  </td>
  <td width=143 valign=top style='width:107.0pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal>March 30, 2009</p>
  </td>
 </tr>
 <tr>
  <td width=263 valign=top style='width:197.4pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal style='margin-bottom:12.0pt'><a
  name="_DocXamine_Paragraphs169_22">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Robert
  E. Lefton</a></p>
  </td>
  <td width=248 valign=top style='width:186.0pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>

  </td>
  <td width=143 valign=top style='width:107.0pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>

  </td>
 </tr>
 <tr>
  <td width=263 valign=top style='width:197.4pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal><a name="_DocXamine_Paragraphs172_22"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/&nbsp; Scott B. McCuaig</u></a><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </u></p>
  </td>
  <td width=248 valign=top style='width:186.0pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal>Director</p>
  </td>
  <td width=143 valign=top style='width:107.0pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal>March 30, 2009</p>
  </td>
 </tr>
 <tr>
  <td width=263 valign=top style='width:197.4pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal style='margin-bottom:12.0pt'><a
  name="_DocXamine_Paragraphs175_22">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Scott
  B. McCuaig</a></p>
  </td>
  <td width=248 valign=top style='width:186.0pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>

  </td>
  <td width=143 valign=top style='width:107.0pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>

  </td>
 </tr>
 <tr>
  <td width=263 valign=top style='width:197.4pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal><a name="_DocXamine_Paragraphs178_22"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/&nbsp; Thomas P. Mulroy</u></a><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </u></p>
  </td>
  <td width=248 valign=top style='width:186.0pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal>Director</p>
  </td>
  <td width=143 valign=top style='width:107.0pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal>March 30, 2009</p>
  </td>
 </tr>
 <tr style='height:23.85pt' style='height:23.85pt !msorm'>
  <td width=263 valign=top style='width:197.4pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm;
  height:23.85pt'>
  <p class=MsoNormal style='margin-bottom:12.0pt'><a
  name="_DocXamine_Paragraphs181_22">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thomas
  P. Mulroy</a></p>
  </td>
  <td width=248 valign=top style='width:186.0pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm;
  height:23.85pt'>

  </td>
  <td width=143 valign=top style='width:107.0pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm;
  height:23.85pt'>

  </td>
 </tr>
 <tr>
  <td width=263 valign=top style='width:197.4pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal><a name="_DocXamine_Paragraphs184_22"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	/s/ James M. Oates</u></a><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	</u></p>
  </td>
  <td width=248 valign=top style='width:186.0pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal>Director</p>
  </td>
  <td width=143 valign=top style='width:107.0pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal>March 30, 2009</p>
  </td>
 </tr>
 <tr>
  <td width=263 valign=top style='width:197.4pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal style='margin-bottom:12.0pt'><a
  name="_DocXamine_Paragraphs187_22">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; James
  M. Oates</a></p>
  </td>
  <td width=248 valign=top style='width:186.0pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>

  </td>
  <td width=143 valign=top style='width:107.0pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>

  </td>
 </tr>
 <tr>
  <td width=263 valign=top style='width:197.4pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/ Ben A.
  Plotkin&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </u></p>
  </td>
  <td width=248 valign=top style='width:186.0pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal>Director</p>
  </td>
  <td width=143 valign=top style='width:107.0pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal>March 30, 2009</p>
  </td>
 </tr>
 <tr>
  <td width=263 valign=top style='width:197.4pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal style='text-indent:.5in'>Ben
  A. Plotkin</p>

  </td>
  <td width=248 valign=top style='width:186.0pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>

  </td>
  <td width=143 valign=top style='width:107.0pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>

  </td>
 </tr>
 <tr style='height:18.45pt' style='height:18.45pt !msorm'>
  <td width=263 valign=top style='width:197.4pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm;
  height:18.45pt'>
  <p class=MsoNormal><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/ Kelvin
  R. Westbrook&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </u></p>
  </td>
  <td width=248 valign=top style='width:186.0pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm;
  height:18.45pt'>
  <p class=MsoNormal>Director</p>
  </td>
  <td width=143 valign=top style='width:107.0pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm;
  height:18.45pt'>
  <p class=MsoNormal>March 30, 2009</p>
  </td>
 </tr>
 <tr style='height:18.45pt' style='height:18.45pt !msorm'>
  <td width=263 valign=top style='width:197.4pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm;
  height:18.45pt'>
  <p class=MsoNormal style='text-indent:.5in'>Kelvin
  R. Westbrook</p>
  </td>
  <td width=248 valign=top style='width:186.0pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm;
  height:18.45pt'>

  </td>
  <td width=143 valign=top style='width:107.0pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm;
  height:18.45pt'>

  </td>
 </tr>
</table>



</div>



<p class=MsoNormal align=center style='text-align:center'><b>&nbsp;</b></p>

<p class=MsoFooter align="center">&nbsp;II-6
&nbsp;
</p>

<div class=MsoNormal align=center style='margin:0in;margin-bottom:.0001pt;
text-align:center'>


<hr size=2 width="100%" noshade color=navy align=center>


</div>

<p class=MsoNormal style='margin-top:5.0pt !msorm;margin-right:0in !msorm;
margin-bottom:5.0pt !msorm;margin-left:0in !msorm;line-height:normal !msorm;
margin:0in;margin-bottom:.0001pt;line-height:1.0pt'>&nbsp;</p>



<p class=MsoNormal align=center style='margin-bottom:12.0pt;text-align:center'><b>INDEX TO EXHIBITS</b></p>

<div align="center">

<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0
 style='border-collapse:collapse;border-collapse:collapse !msorm'>

  <tr>
   <td width=79 valign=top style='width:59.4pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
   <div style='border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in'>
   <p class=MsoNormal align=center style='text-align:center;border:none;
   padding:0in'>Exhibit<br>
   Number</p>
   </div>
   </td>
   <td width=559 valign=top style='width:419.4pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
   <div style='border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in'>
   <p class=MsoNormal align=center style='text-align:center;border:none;
   padding:0in'><br>
   Description of Exhibit</p>
   </div>
   </td>
  </tr>

 <tr>
  <td width=79 valign=top style='width:59.4pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal align=center style='text-align:center'>1.1</p>
  </td>
  <td width=559 valign=top style='width:419.4pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal style='text-align:justify'>Form
  of Underwriting Agreement for Debt Securities*</p>
  </td>
 </tr>
 <tr>
  <td width=79 valign=top style='width:59.4pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal align=center style='text-align:center'>1.2</p>
  </td>
  <td width=559 valign=top style='width:419.4pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal style='text-align:justify'>Form
  of Underwriting Agreement for Common Stock*</p>
  </td>
 </tr>
 <tr>
  <td width=79 valign=top style='width:59.4pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal align=center style='text-align:center'>1.3</p>
  </td>
  <td width=559 valign=top style='width:419.4pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal style='text-align:justify'>Form
  of Underwriting Agreement for Preferred Stock*</p>
  </td>
 </tr>
 <tr>
  <td width=79 valign=top style='width:59.4pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal align=center style='text-align:center'>1.4</p>
  </td>
  <td width=559 valign=top style='width:419.4pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal style='text-align:justify'>Form
  of Underwriting Agreement for Warrants*</p>
  </td>
 </tr>
 <tr>
  <td width=79 valign=top style='width:59.4pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal align=center style='text-align:center'>4.1</p>
  </td>
  <td width=559 valign=top style='width:419.4pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal>Amended and Restated Certificate
  of Incorporation of Stifel Financial Corp. filed with the Secretary of State
  of Delaware on May 31, 2001, incorporated herein by reference to Exhibit
  3.(a) to the Company's Quarterly Report on Form 10-Q for the quarterly period
  ended June 30, 2001</p>
  </td>
 </tr>
 <tr>
  <td width=79 valign=top style='width:59.4pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal align=center style='text-align:center'>4.2</p>
  </td>
  <td width=559 valign=top style='width:419.4pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal style='text-align:justify'>Amended
  and Restated By-Laws of Stifel Financial Corp., incorporated herein by
  reference to Exhibit 3.(b)(1) to the Company's Annual Report on Form 10-K for
  the fiscal year ended July 30, 1993</p>
  </td>
 </tr>
 <tr>
  <td width=79 valign=top style='width:59.4pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal align=center style='text-align:center'>4.3</p>
  </td>
  <td width=559 valign=top style='width:419.4pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal style='text-align:justify'>Form
  of Senior Indenture*</p>
  </td>
 </tr>
 <tr>
  <td width=79 valign=top style='width:59.4pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal align=center style='text-align:center'>4.4</p>
  </td>
  <td width=559 valign=top style='width:419.4pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal style='text-align:justify'>Specimen
  Stock Certificate, incorporated herein by reference to Exhibit 7 to the
  Company's Registration Statement on Form 8-A filed April 29, 1987</p>
  </td>
 </tr>
 <tr>
  <td width=79 valign=top style='width:59.4pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal align=center style='text-align:center'>4.5</p>
  </td>
  <td width=559 valign=top style='width:419.4pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal>Form of Preferred Stock -
  Any amendment to Stifel Financial Corp.'s Restated Certificate of
  Incorporation authorizing the creation of any series of Preferred Stock
  setting forth the rights, preferences and designations thereof will be filed
  as an exhibit subsequently included or incorporated by reference herein.</p>
  </td>
 </tr>
 <tr>
  <td width=79 valign=top style='width:59.4pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal align=center style='text-align:center'>4.6</p>
  </td>
  <td width=559 valign=top style='width:419.4pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal style='text-align:justify'>Form
  of Debt Security*</p>
  </td>
 </tr>
 <tr>
  <td width=79 valign=top style='width:59.4pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal align=center style='text-align:center'>4.7</p>
  </td>
  <td width=559 valign=top style='width:419.4pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal style='text-align:justify'>Form
  of Warrant Agreement (including form of warrant certificate)*</p>
  </td>
 </tr>
 <tr>
  <td width=79 valign=top style='width:59.4pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal align=center style='text-align:center'>5.1</p>
  </td>
  <td width=559 valign=top style='width:419.4pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal style='text-align:justify'>Opinion
  of Bryan Cave LLP</p>
  </td>
 </tr>
 	<tr>
  <td width=79 valign=top style='width:59.4pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal align=center style='text-align:center'>12.1</p>
  </td>
  <td width=559 valign=top style='width:419.4pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal style='text-align:justify'>Statement of Computation of
	Ratio of Earnings to Fixed Charges.</p>
  </td>
 	</tr>
 <tr>
  <td width=79 valign=top style='width:59.4pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal align=center style='text-align:center'>23.1</p>
  </td>
  <td width=559 valign=top style='width:419.4pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal style='text-align:justify'>Consent
  of Bryan Cave LLP (included in Exhibit 5.1)</p>
  </td>
 </tr>
 <tr>
  <td width=79 valign=top style='width:59.4pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal align=center style='text-align:center'>23.2</p>
  </td>
  <td width=559 valign=top style='width:419.4pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal style='text-align:justify'>Consent
  of Ernst &amp; Young LLP</p>
  </td>
 </tr>
 <tr>
  <td width=79 valign=top style='width:59.4pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal align=center style='text-align:center'>23.3</p>
  </td>
  <td width=559 valign=top style='width:419.4pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal style='text-align:justify'>Consent
  of Deloitte &amp; Touche LLP</p>
  </td>
 </tr>
 <tr>
  <td width=79 valign=top style='width:59.4pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal align=center style='text-align:center'>24.1</p>
  </td>
  <td width=559 valign=top style='width:419.4pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal style='text-align:justify'>Powers
  of Attorney (included in the signature page hereto)</p>
  </td>
 </tr>
 <tr>
  <td width=79 valign=top style='width:59.4pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal align=center style='text-align:center'>25.1</p>
  </td>
  <td width=559 valign=top style='width:419.4pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=MsoNormal style='text-align:justify'>Statement
  of Eligibility under the Trust Indenture Act of 1939, as amended, of the
  Trustee under the Senior Indenture**</p>
  </td>
 </tr>
</table>

</div>

<p class=MsoNormal>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; _________________</p>

<blockquote>
	<blockquote>
		<blockquote>
			<blockquote>
				<blockquote>
					<blockquote>
						<blockquote>
							<blockquote>
								<blockquote>
									<p class=MsoNormal style='margin-left:.25in;text-indent:-.25in'>*&nbsp;&nbsp;&nbsp; To be filed either by amendment or as an exhibit
to a Current Report on Form 8-K and incorporated by reference herein.&nbsp; </p>
									<p class=MsoNormal style='margin-left:.25in;text-indent:-.25in'>**&nbsp;&nbsp; To be filed separately pursuant to Section
305(b)(2) of the Trust Indenture Act of 1939, as amended.</p>
								</blockquote>
							</blockquote>
						</blockquote>
					</blockquote>
				</blockquote>
			</blockquote>
		</blockquote>
	</blockquote>
</blockquote>

<p class=MsoFooter align="center">II- 7</p>

<div class=MsoNormal align=center style='margin:0in;margin-bottom:.0001pt;
text-align:center'>


<hr size=2 width="100%" noshade color=navy align=center>


</div>

<p class=MsoNormal style='margin-top:5.0pt !msorm;margin-right:0in !msorm;
margin-bottom:5.0pt !msorm;margin-left:12.0pt !msorm;text-indent:-12.0pt !msorm;
line-height:normal !msorm;margin:0in;margin-bottom:.0001pt;line-height:1.0pt'>
&nbsp;
</p>





</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>rexhibit51bryancave1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<html>

<head>


<title> </title>


</head>

<body lang=EN-US link=blue vlink=purple>



<p class=MsoHeader>&nbsp;</p>
<p class=MsoHeader><b>BRYAN CAVE LETTERHEAD</b></p>

<p class=MsoDate>March
30, 2009</p>

<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width=264
 style='width:2.75in;border-collapse:collapse'>
 <tr>
  <td width=264 valign=top style='width:2.75in;padding:0in 5.75pt .15in 5.75pt'>
  <p class=Address>Board of Directors<br>
	Stifel Financial Corp. <br>
	501 N. Broadway<br>
	St. Louis, MO 63102</p>
  </td>
 </tr>
</table>

<p class=ReLine>Re:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stifel Financial Corp.</p>

<p class=MsoSalutation>Ladies and Gentlemen:</p>

<p class=MsoBodyText>We have acted as special counsel to Stifel Financial
Corp., a Delaware corporation (the &quot;Company&quot;), in connection with the Company's
filing of a Registration Statement on Form S-3 (the &quot;Registration Statement&quot;)
with the Securities and Exchange Commission (the &quot;Commission&quot;) under the
Securities Act of 1933, as amended (the &quot;Act&quot;), relating to (i) debt securities
in one or more series (&quot;Debt Securities&quot;); (ii) common stock, par value $0.15
per share (&quot;Common Stock&quot;); (iii) preferred stock, par value $1.00 per share
(&quot;Preferred Stock&quot;); and (iv) warrants or other rights to purchase Debt
Securities, Common Stock or Preferred Stock (such warrants or other rights, &quot;Warrants&quot;)
(all of the foregoing, the &quot;Securities&quot;).&nbsp; An indeterminate amount of the
Securities may be offered at indeterminate prices from time to time by the
Company as set forth in the Registration Statement, any amendment thereto, the
prospectus contained therein (the &quot;Prospectus&quot;) and supplements to the
Prospectus (the &quot;Prospectus Supplements&quot;) filed pursuant to Rule 415 under the
Act.</p>

<p class=MsoBodyText>The Debt Securities will be issued under a Senior
Indenture to be filed by amendment to the Registration Statement or as an
exhibit to a Current Report on Form 8-K and incorporated by reference to the
Registration Statement (the &quot;Senior Indenture&quot;).&nbsp; The Warrants will be issued
under a warrant agreement (the &quot;Warrant Agreement&quot;) between the Company and a
warrant agent (the &quot;Warrant Agent&quot;).&nbsp;&nbsp;&nbsp; </p>

<p class=DateHeader>March 30, 2009<br>
Page 2</p>

<p class=MsoFooter></p>

<div class=MsoNormal align=center style='text-align:center;line-height:normal'>

<hr size=2 width="100%" noshade color=navy align=center>

</div>



<br clear=all
style='page-break-before:always'>







<p class=MsoBodyText>In connection herewith, we have examined and relied
without investigation as to matters of fact upon the Registration Statement and
the exhibits thereto and such certificates, statements and results of inquiries
of public officials and officers and representatives of the Company and
originals or copies, certified or otherwise identified to our satisfaction, of
such other documents, corporate records, certificates and instruments as we have
deemed necessary or appropriate to enable us to render the opinions expressed
herein. We have assumed the genuineness of all signatures on all documents
examined by us, the legal competence and capacity of natural persons, the
authenticity of documents submitted to us as originals, and the conformity with
authentic original documents of all documents submitted to us as copies.</p>

<p class=MsoBodyText>We also have assumed that: (1) at the time of execution,
authentication, issuance and delivery of the Debt Securities, the Senior
Indenture will be the valid and legally binding obligation of any such trustee,
enforceable against such party in accordance with its terms; and (2) at the
time of execution, countersignature, issuance and delivery of any Warrants, the
related Warrant Agreement will be the valid and legally binding obligation of
the Warrant Agent, enforceable against such party in accordance with its terms.
</p>

<p class=MsoBodyText>We have assumed further that: (1) at the time of
execution, authentication, issuance and delivery of the Debt Securities, the
Senior Indenture will continue to be in full force and effect and will not have
been terminated or rescinded by the Company or the trustee; (2) at the time of
execution, countersignature, issuance and delivery of any Warrants, the related
Warrant Agreement will have been duly authorized, executed and delivered by the
Company and the Warrant Agent; and (3) at the time of the issuance and sale of
any of the Securities, the terms of the Securities, and their issuance and
sale, will have been established so as not to violate any applicable law or
result in a default under or breach of any agreement or instrument binding upon
the Company, and so as to comply with any requirement or restriction imposed by
any court or governmental body having jurisdiction over the Company.</p>

<p class=MsoBodyText>Based upon the foregoing, in reliance thereon and subject
to the assumptions, comments, qualifications, limitations and exceptions stated
herein and the effectiveness of the Registration Statement under the Act, we
are of the opinion that: </p>

<p class=MsoBodyText>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; With respect to the Debt
Securities, assuming the (a) taking of all necessary corporate action to
authorize and approve the issuance and terms of any Debt Securities, the terms
of the offering thereof and related matters by the Board of Directors of the
Company, a duly constituted and acting committee of such board or duly
authorized officers of the Company (such Board of Directors, committee or
authorized officers being referred to herein as the &quot;Board&quot;) and (b) due
execution, authentication, issuance and delivery of such Debt Securities, upon
payment of the consideration therefor provided for in the applicable definitive
purchase, underwriting or similar agreement approved by the Board and otherwise
in accordance with the provisions of the applicable indenture or &nbsp;upon the
exercise of a Warrant, such Debt Securities will constitute valid and legally
binding obligations of the Company, enforceable against the Company in
accordance with their terms.</p>

<p class=MsoBodyText>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; With respect to the Common Stock,
assuming the (a) taking by the Board of all necessary corporate action to
authorize and approve the issuance of the Common Stock and (b) due issuance and
delivery of the Common Stock, upon payment therefor in accordance with the
applicable definitive purchase, underwriting or similar agreement approved by
the Board or upon the exercise of a Warrant, the Common Stock will be validly
issued, fully paid and nonassessable. </p>

<p class=DateHeader>&nbsp;</p>
<p class=DateHeader>March 30, 2009<br>
Page 3</p>



<div class=MsoNormal align=center style='text-align:center;line-height:normal'>

<hr size=2 width="100%" noshade color=navy align=center>

</div>



<br clear=all
style='page-break-before:always'>






<p class=NoStyle style='line-height:normal'>







<p class=MsoBodyText>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; With respect to the Preferred
Stock, assuming the (a) taking by the Board of all necessary corporate action
to authorize and approve the issuance of the Preferred Stock, (b) due filing of
a certificate of amendment to the Restated Certificate of Incorporation of the
Company, if necessary, and (c) due issuance and delivery of the Preferred
Stock, upon payment therefor in accordance with the applicable definitive
purchase, underwriting or similar agreement approved by the Board or upon the
exercise of a Warrant, the Preferred Stock will be validly issued, fully paid
and nonassessable.</p>

<p class=MsoBodyText>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; With respect to the Warrants,
assuming the (a) taking of all necessary corporate action to authorize and
approve the issuance and terms of the Warrants, the terms of the offering
thereof and related matters and (b) due execution, countersignature, issuance
and delivery of such Warrants, upon payment of the consideration for such
Warrants provided for in the applicable definitive purchase, underwriting or
similar agreement approved by the Board and otherwise in accordance with the
provisions of the applicable Warrant Agreement, such Warrants will constitute
valid and legally binding obligations of the Company, enforceable against the
Company in accordance with their terms.</p>

<p class=MsoBodyText>In addition to the assumptions, comments, qualifications,
limitations and exceptions set forth above, the opinions set forth herein are
further limited by, subject to and based upon the following:</p>

<p class=MsoBodyText>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This opinion is not rendered with
respect to any laws other than the General Corporation Law of the State of
Delaware.&nbsp; The opinions set forth herein are made as of the date hereof and are
subject to, and may be limited by, future changes in the factual matters set
forth herein, and we undertake no duty to advise you of the same.&nbsp; The opinions
expressed herein are based upon the law in effect (and published or otherwise
generally available) on the date hereof, and we assume no obligation to revise
or supplement these opinions should such law be changed by legislative action,
judicial decision or otherwise.&nbsp; In rendering our opinions, we have not
considered, and hereby disclaim any opinion as to, the application or impact of
any laws, decisions, rules or regulations of any other jurisdiction, court or
administrative agency.</p>

<p class=MsoBodyText>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Our opinions herein are subject to
and may be limited by (i) applicable bankruptcy, insolvency, reorganization,
receivership, moratorium and other similar laws affecting or relating to the
rights and remedies of creditors generally including, without limitation, laws
relative to fraudulent conveyances, preference and equitable subordination;
(ii) general principles or equity (regardless of whether considered in a
proceeding in equity or at law); (iii) an implied covenant of good faith and
fair dealing; (iv) requirements that a claim with respect to any Securities
denominated other than in United States dollars (or a judgment denominated
other than in United States dollars with respect to such a claim) be converted
into United States dollars at a rate of exchange prevailing on a date
determined pursuant to applicable law; and (v) governmental authority to limit,
delay or prohibit the making of payments outside the United States or in
foreign currency or composite currency.</p>
<p class=MsoBodyText>&nbsp;</p>

<p class=DateHeader>March 30, 2009<br>
Page 4</p>



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style='page-break-before:always'>






<p class=NoStyle style='line-height:normal'>







<p class=MsoBodyText>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Our opinions are further subject to
the effect of generally applicable rules of law arising from statutes, judicial
and administrative decisions, and the rules and regulations of governmental
authorities that: (i) limit or affect the enforcement of provisions of a
contract that purport to require waiver of the obligations of good faith, fair
dealing, diligence and reasonableness; (ii) limit the availability of a remedy
under certain circumstances where another remedy has been elected; (iii) limit
the enforceability of provisions releasing, exculpating or exempting a party
from, or requiring indemnification of a party for, liability for its own action
or inaction, to the extent the action or inaction involves negligence,
recklessness, willful misconduct or unlawful conduct; (iv) may, where less than
all of the contract may be unenforceable, limit the enforceability of the balance
of the contract to circumstances in which the unenforceable portion is not an
essential part of the agreed exchange; and (v) govern and afford judicial
discretion regarding the determination of damages and entitlement to attorneys'
fees.</p>

<p class=MsoBodyText>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; We express no opinion as to the
enforceability of any rights to indemnification or contribution provided for in
any Senior Indenture, Warrant Agreement or other agreement which are violative
of public policy underlying any law, rule or regulation (including any federal
or state securities law, rule or regulation) or the legality of such rights.</p>

<p class=MsoBodyText>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; We express no opinion as to the
enforceability of any provision in any Senior Indenture, Warrant Agreement or
other agreement purporting or attempting to (A) confer exclusive jurisdiction
and/or venue upon certain courts or otherwise waive the defenses of forum non
conveniens or improper venue, (B) confer subject matter jurisdiction on a court
not having independent grounds therefor, (C) modify or waive the requirements
for effective service of process for any action that may be brought, (D) waive
the right of the Company or any other person to a trial by jury, (E) provide
that remedies are cumulative or that decisions by a party are conclusive, or
(F) modify or waive the rights to notice, legal defenses, statutes of
limitations or other benefits that cannot be waived under applicable law.</p>

<p class=MsoBodyText>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; You have informed us that you
intend to issue the Securities from time to time on a delayed or continuous
basis, and this opinion is limited to the laws, including the rules and
regulations, as in effect on the date hereof.&nbsp; We understand that prior to
issuing any Securities you will afford us an opportunity to review the
operative documents pursuant to which such Securities are to be issued
(including the applicable prospectus supplement) and will file such supplement
or amendment to this opinion (if any) as we may reasonably consider necessary
or appropriate by reason of the terms of such Securities.</p>

<p class=MsoBodyText>We hereby consent to the filing of this opinion as an
exhibit to the Registration Statement and to the use of our name under the
caption &quot;Validity of Securities&quot; in the Prospectus.&nbsp; We also consent to your
filing copies of this opinion as an exhibit to the Registration Statement with agencies
of such states as you deem necessary in the course of complying with the laws
of such states regarding the offering and sale of the Securities.&nbsp; In giving
such consent, we do not thereby concede that we are within the category of
persons whose consent is required under Section 7 of the Act or the Rules and
Regulations of the Commission thereunder.&nbsp; </p>

<p class=MsoClosingCxSpFirst>Very truly yours,</p>





<p class=MsoClosingCxSpLast>/s/ Bryan Cave LLP</p>



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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-12.1
<SEQUENCE>3
<FILENAME>rexhibit121.htm
<DESCRIPTION>EXHIBIT 12.1
<TEXT>
<html>

<head>



<title>Exhibit 12</title>


</head>

<body lang=EN-US>



<p class=MsoNormal align=center style='margin-bottom:12.0pt;text-align:center'><b>&nbsp;</b></p>

<p class=MsoNormal align=center style='margin-bottom:12.0pt;text-align:center'><b>&nbsp;</b></p>









<p class=MsoNormal align=center style='margin-bottom:12.0pt;text-align:center'><b>Exhibit 12.1</b></p>

<p class=MsoNormal align=center style='text-align:center'><b>STIFEL FINANCIAL CORP.<br>
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES<br>
(dollars in thousands)</b></p>
<div align="center">



<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0
 style='width:792px;margin-left:5.4pt;border-collapse:collapse'>
 <tr>
  <td width=238 valign=top style='width:178.8pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center'><i>&nbsp;</i></p>
  </td>
  <td colspan=6 valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; width:560px;border-bottom:1.0pt solid windowtext;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=MsoNormal align=center style='text-align:center'><b><i>Year Ended December
  31, </i></b></p>
  </td>
 </tr>
 <tr>
  <td width=238 valign=top style='width:178.8pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center'><i>&nbsp;</i></p>
  </td>
  <td width=82 valign=top style='width:61.8pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center'><b><i>2008</i></b></p>
  </td>
  <td width=85 valign=top style='width:63.45pt;border-top:solid windowtext 1.0pt;
  border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none;
  padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center'><b><i>2007</i></b></p>
  </td>
  <td width=85 valign=top style='width:63.45pt;border-top:solid windowtext 1.0pt;
  border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none;
  padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center'><b><i>2006</i></b></p>
  </td>
  <td width=82 valign=top style='width:61.8pt;border-top:solid windowtext 1.0pt;
  border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none;
  padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center'><b><i>2005</i></b></p>
  </td>
  <td valign=top style='width:81px;border-top:1.0pt solid windowtext;
  border-left:medium none;border-bottom:1.0pt solid windowtext;border-right:medium none;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=MsoNormal align=center style='text-align:center'><b><i>2004</i></b></p>
  </td>
  <td valign=top style='width:84px;border-top:1.0pt solid windowtext;
  border-left:medium none;border-bottom:1.0pt solid windowtext;border-right:medium none;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=MsoNormal align=center style='text-align:center'><b><i>2003</i></b></p>
  </td>
 </tr>
 <tr>
  <td width=238 valign=top style='width:178.8pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal>Ratio
  of earnings to fixed charges:</p>
  </td>
  <td width=82 valign=top style='width:61.8pt;border:none;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal>&nbsp;</p>
  </td>
  <td width=85 valign=top style='width:63.45pt;border:none;padding:0in 5.4pt 0in 5.4pt'>

  </td>
  <td width=85 valign=top style='width:63.45pt;border:none;padding:0in 5.4pt 0in 5.4pt'>

  </td>
  <td width=82 valign=top style='width:61.8pt;border:none;padding:0in 5.4pt 0in 5.4pt'>

  </td>
  <td valign=top style='width:81px;border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td valign=top style='width:84px;border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>
 <tr>
  <td width=238 valign=top style='width:178.8pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-left:12.6pt;text-indent:-12.6pt'>Income from continuing
  operations before income taxes:</p>
  </td>
  <td width=82 valign=top style='width:61.8pt;padding:0in 5.4pt 0in 5.4pt' align="right">
  <p class=MsoNormal><br>
  $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91,769</p>
  </td>
  <td width=85 valign=top style='width:63.45pt;padding:0in 5.4pt 0in 5.4pt' align="right">
  <p class=MsoNormal><br>
  $&nbsp;&nbsp;&nbsp;&nbsp; 53,846</p>
  </td>
  <td width=85 valign=top style='width:63.45pt;padding:0in 5.4pt 0in 5.4pt' align="right">
  <p class=MsoNormal><br>
  $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23,369</p>
  </td>
  <td width=82 valign=top style='width:61.8pt;padding:0in 5.4pt 0in 5.4pt' align="right">
  <p class=MsoNormal><br>
  $&nbsp;&nbsp;&nbsp; 32,722</p>
  </td>
  <td valign=top style='width:81px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p class=MsoNormal><br>
  $&nbsp;&nbsp;&nbsp; 36,617</p>
  </td>
  <td valign=top style='width:84px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p class=MsoNormal><br>
  $&nbsp;&nbsp;&nbsp; 25,060</p>
  </td>
 </tr>
 <tr>
  <td width=238 valign=top style='width:178.8pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='text-indent:1.8pt'>Add:</p>
  </td>
  <td width=82 valign=top style='width:61.8pt;padding:0in 5.4pt 0in 5.4pt' align="right">

  </td>
  <td width=85 valign=top style='width:63.45pt;padding:0in 5.4pt 0in 5.4pt' align="right">

  </td>
  <td width=85 valign=top style='width:63.45pt;padding:0in 5.4pt 0in 5.4pt' align="right">

  </td>
  <td width=82 valign=top style='width:61.8pt;padding:0in 5.4pt 0in 5.4pt' align="right">

  </td>
  <td valign=top style='width:81px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">

  </td>
  <td valign=top style='width:84px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">

  </td>
 </tr>
 <tr>
  <td width=238 valign=top style='width:178.8pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-left:12.6pt'>Fixed charges</p>
  </td>
  <td width=82 valign=top style='width:61.8pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt' align="right">
  <p class=MsoNormal>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29,070</p>
  </td>
  <td width=85 valign=top style='width:63.45pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt' align="right">
  <p class=MsoNormal>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39,740</p>
  </td>
  <td width=85 valign=top style='width:63.45pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt' align="right">
  <p class=MsoNormal>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24,434</p>
  </td>
  <td width=82 valign=top style='width:61.8pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt' align="right">
  <p class=MsoNormal>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9,518</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; width:81px;border-bottom:1.0pt solid windowtext;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p class=MsoNormal>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,570</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; width:84px;border-bottom:1.0pt solid windowtext;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p class=MsoNormal>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,981</p>
  </td>
 </tr>
 <tr>
  <td width=238 valign=top style='width:178.8pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal>Total
  earnings</p>
  </td>
  <td width=82 valign=top style='width:61.8pt;border:none;border-bottom:double windowtext 1.5pt;
  padding:0in 5.4pt 0in 5.4pt' align="right">
  <p class=MsoNormal>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120,839</p>
  </td>
  <td width=85 valign=top style='width:63.45pt;border:none;border-bottom:double windowtext 1.5pt;
  padding:0in 5.4pt 0in 5.4pt' align="right">
  <p class=MsoNormal>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93,586</p>
  </td>
  <td width=85 valign=top style='width:63.45pt;border:none;border-bottom:double windowtext 1.5pt;
  padding:0in 5.4pt 0in 5.4pt' align="right">
  <p class=MsoNormal>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50,803</p>
  </td>
  <td width=82 valign=top style='width:61.8pt;border:none;border-bottom:double windowtext 1.5pt;
  padding:0in 5.4pt 0in 5.4pt' align="right">
  <p class=MsoNormal>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42,240</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; width:81px;border-bottom:1.5pt double windowtext;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p class=MsoNormal>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44,187</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; width:84px;border-bottom:1.5pt double windowtext;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p class=MsoNormal>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33,041</p>
  </td>
 </tr>
 <tr>
  <td width=238 valign=top style='width:178.8pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal><b><i>&nbsp;</i></b></p>
  </td>
  <td width=82 valign=top style='width:61.8pt;border:none;padding:0in 5.4pt 0in 5.4pt' align="right">

  </td>
  <td width=85 valign=top style='width:63.45pt;border:none;padding:0in 5.4pt 0in 5.4pt' align="right">

  </td>
  <td width=85 valign=top style='width:63.45pt;border:none;padding:0in 5.4pt 0in 5.4pt' align="right">

  </td>
  <td width=82 valign=top style='width:61.8pt;border:none;padding:0in 5.4pt 0in 5.4pt' align="right">

  </td>
  <td valign=top style='width:81px;border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">

  </td>
  <td valign=top style='width:84px;border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">

  </td>
 </tr>
 <tr>
  <td width=238 valign=top style='width:178.8pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal>Fixed
  charges:</p>
  </td>
  <td width=82 valign=top style='width:61.8pt;padding:0in 5.4pt 0in 5.4pt' align="right">

  </td>
  <td width=85 valign=top style='width:63.45pt;padding:0in 5.4pt 0in 5.4pt' align="right">

  </td>
  <td width=85 valign=top style='width:63.45pt;padding:0in 5.4pt 0in 5.4pt' align="right">

  </td>
  <td width=82 valign=top style='width:61.8pt;padding:0in 5.4pt 0in 5.4pt' align="right">

  </td>
  <td valign=top style='width:81px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">

  </td>
  <td valign=top style='width:84px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">

  </td>
 </tr>
 <tr>
  <td width=238 valign=top style='width:178.8pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-left:12.6pt'>Interest expense</p>
  </td>
  <td width=82 valign=top style='width:61.8pt;padding:0in 5.4pt 0in 5.4pt' align="right">
  <p class=MsoNormal>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18,510</p>
  </td>
  <td width=85 valign=top style='width:63.45pt;padding:0in 5.4pt 0in 5.4pt' align="right">
  <p class=MsoNormal>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30,025</p>
  </td>
  <td width=85 valign=top style='width:63.45pt;padding:0in 5.4pt 0in 5.4pt' align="right">
  <p class=MsoNormal>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19,581</p>
  </td>
  <td width=82 valign=top style='width:61.8pt;padding:0in 5.4pt 0in 5.4pt' align="right">
  <p class=MsoNormal>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,275</p>
  </td>
  <td valign=top style='width:81px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p class=MsoNormal>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,366</p>
  </td>
  <td valign=top style='width:84px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p class=MsoNormal>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,108</p>
  </td>
 </tr>
 <tr>
  <td width=238 valign=top style='width:178.8pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-left:12.6pt'>Rental expense interest factor <sup>(1)</sup></p>
  </td>
  <td width=82 valign=top style='width:61.8pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt' align="right">
  <p class=MsoNormal>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10,560</p>
  </td>
  <td width=85 valign=top style='width:63.45pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt' align="right">
  <p class=MsoNormal>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9,715</p>
  </td>
  <td width=85 valign=top style='width:63.45pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt' align="right">
  <p class=MsoNormal>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,853</p>
  </td>
  <td width=82 valign=top style='width:61.8pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt' align="right">
  <p class=MsoNormal>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,243</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; width:81px;border-bottom:1.0pt solid windowtext;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p class=MsoNormal>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,204</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; width:84px;border-bottom:1.0pt solid windowtext;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p class=MsoNormal>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,873</p>
  </td>
 </tr>
 <tr>
  <td width=238 valign=top style='width:178.8pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal>Total
  fixed charges</p>
  </td>
  <td width=82 valign=top style='width:61.8pt;border:none;border-bottom:double windowtext 1.5pt;
  padding:0in 5.4pt 0in 5.4pt' align="right">
  <p class=MsoNormal>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29,070</p>
  </td>
  <td width=85 valign=top style='width:63.45pt;border:none;border-bottom:double windowtext 1.5pt;
  padding:0in 5.4pt 0in 5.4pt' align="right">
  <p class=MsoNormal>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39,740</p>
  </td>
  <td width=85 valign=top style='width:63.45pt;border:none;border-bottom:double windowtext 1.5pt;
  padding:0in 5.4pt 0in 5.4pt' align="right">
  <p class=MsoNormal>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24,434</p>
  </td>
  <td width=82 valign=top style='width:61.8pt;border:none;border-bottom:double windowtext 1.5pt;
  padding:0in 5.4pt 0in 5.4pt' align="right">
  <p class=MsoNormal>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9,518</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; width:81px;border-bottom:1.5pt double windowtext;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p class=MsoNormal>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,570</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; width:84px;border-bottom:1.5pt double windowtext;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p class=MsoNormal>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,981</p>
  </td>
 </tr>
 <tr>
  <td width=238 valign=top style='width:178.8pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal>Ratio
  of earnings to fixed charges</p>
  </td>
  <td width=82 valign=top style='width:61.8pt;border:none;border-bottom:double windowtext 1.5pt;
  padding:0in 5.4pt 0in 5.4pt' align="right">
  <p class=MsoNormal>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.16x</p>
  </td>
  <td width=85 valign=top style='width:63.45pt;border:none;border-bottom:double windowtext 1.5pt;
  padding:0in 5.4pt 0in 5.4pt' align="right">
  <p class=MsoNormal>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.35x</p>
  </td>
  <td width=85 valign=top style='width:63.45pt;border:none;border-bottom:double windowtext 1.5pt;
  padding:0in 5.4pt 0in 5.4pt' align="right">
  <p class=MsoNormal>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.08x</p>
  </td>
  <td width=82 valign=top style='width:61.8pt;border:none;border-bottom:double windowtext 1.5pt;
  padding:0in 5.4pt 0in 5.4pt' align="right">
  <p class=MsoNormal>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.44x</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; width:81px;border-bottom:1.5pt double windowtext;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p class=MsoNormal>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.84x</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; width:84px;border-bottom:1.5pt double windowtext;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p class=MsoNormal>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.14x</p>
  </td>
 </tr>
</table>



</div>



<p class=MsoFooter><sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) </sup>Equal to one-third of
lease expense for operating leases for the years ended December 31, 2008, 2007,
2006, 2005, 2004 and 2003, respectively.&nbsp; </p>

<div class=MsoNormal align=center style='text-align:center'>

<hr size=2 width="100%" noshade color=navy align=center>

</div>







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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>4
<FILENAME>rexhibit232ey.htm
<DESCRIPTION>EXHIBIT 23.2
<TEXT>
<html>

<head>


<title>Exhibit 23</title>



</head>

<body lang=EN-US>



<p class=MsoNormal align=center style='margin-bottom:12.0pt;text-align:center'>&nbsp;</p>

<p class=MsoNormal align=center style='margin-bottom:12.0pt;text-align:center'><b>Exhibit 23.2</b></p>

<p class=MsoNormal align=center style='margin-bottom:12.0pt;text-align:center'><b>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM</b></p>







<p class=MsoNormal style='margin-top:6.0pt;text-align:justify'>We consent to the reference to our firm under the
caption &quot;Experts&quot; in the Registration Statement (Form S-3) and
related Prospectus of Stifel Financial Corp. for the registration of its common
stock, preferred stock, debt securities, and warrants to purchase its common
stock or debt securities or any combination thereof, and to the incorporation
by reference therein of our report dated February 26, 2009, with respect to the
consolidated financial statements and schedule of Stifel Financial Corp. and
subsidiaries, and the effectiveness of internal control over financial
reporting of Stifel Financial Corp. and subsidiaries, included in its Annual
Report (Form 10-K) for the year ended December 31, 2008, filed with the Securities and Exchange Commission.</p>







<p class=MsoNormal style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in;
margin-left:3.0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in'>/s/ Ernst &amp; Young LLP </p>





<p class=MsoNormal style='margin-top:6.0pt;text-align:justify'>Chicago, Illinois</p>

<p class=MsoNormal>March 30, 2009</p>

<p class=MsoFooter>&nbsp;</p>

<div class=MsoNormal align=center style='text-align:center'>

<hr size=2 width="100%" noshade color=navy align=center>

</div>

<p class=MsoNormal style='line-height:normal !msorm;line-height:1.0pt'>&nbsp;</p>





</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.3
<SEQUENCE>5
<FILENAME>rexhibit232dt.htm
<DESCRIPTION>EXHIBIT 23.3
<TEXT>
<html>

<head>



<title>Exhibit 23</title>



</head>

<body lang=EN-US>



<p class=MsoNormal style='margin-bottom:12.0pt !msorm;text-align:center !msorm;
line-height:normal !msorm;line-height:1.0pt'>&nbsp;</p>

<p class=MsoNormal align=center style='margin-bottom:12.0pt;text-align:center'><b>Exhibit 23.3</b></p>

<p class=MsoNormal align=center style='margin-bottom:12.0pt;text-align:center'><b>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM</b></p>







<p class=MsoNormal style='text-align:justify'>We
consent to the incorporation by reference in this Registration Statement on
Form S-3 of Stifel Financial Corp. of our report dated February 28, 2008
relating to the consolidated financial statements and financial statement
schedule of Stifel Financial Corp. and subsidiaries, appearing in Stifel
Financial Corp's Annual Report on Form 10-K for the year ended December 31,
2008, and to the reference to us under the heading &quot;Experts&quot; in the Prospectus,
which is part of such Registration Statement.</p>







<p class=MsoNormal style='text-align:justify'>/s/
Deloitte &amp; Touche LLP</p>





<p class=MsoNormal style='text-align:justify'>St.
  Louis, Missouri</p>

<p class=MsoFooter>March 30, 2009</p>

<div class=MsoNormal align=center style='text-align:center'>

<hr size=2 width="100%" noshade color=navy align=center>

</div>

<p class=MsoNormal style='text-align:justify !msorm;line-height:normal !msorm;
line-height:1.0pt'>&nbsp;</p>





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</TEXT>
</DOCUMENT>
</SUBMISSION>
