<SUBMISSION>
<ACCESSION-NUMBER>0000720672-09-000055
<TYPE>11-K
<PUBLIC-DOCUMENT-COUNT>2
<PERIOD>20081231
<FILING-DATE>20090629
<DATE-OF-FILING-DATE-CHANGE>20090629
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>STIFEL FINANCIAL CORP
<CIK>0000720672
<ASSIGNED-SIC>6211
<IRS-NUMBER>431273600
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>11-K
<ACT>34
<FILE-NUMBER>001-09305
<FILM-NUMBER>09916326
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>ATTN: JAMES G. LASCHOBER
<STREET2>501 N. BROADWAY
<CITY>ST. LOUIS
<STATE>MO
<ZIP>63102-2102
<PHONE>314-342-2000
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>ATTN: JAMES G. LASCHOBER
<STREET2>501 N. BROADWAY
<CITY>ST. LOUIS
<STATE>MO
<ZIP>63102-2102
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>11-K
<SEQUENCE>1
<FILENAME>r401k2008.htm
<DESCRIPTION>FORM 11-K
<TEXT>
<html>
<head></head>
<body lang=EN-US link=blue vlink="#606420">
<p align=center style='text-align:center'><b>UNITED STATES<br>
SECURITIES AND EXCHANGE COMMISSION<br>
Washington, D.C. 20549</b></p>

<p align="center"><b>FORM 11-K</b></p>

<p><b></b></p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Mark One)</p>

<p align="center"><b>[X]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ANNUAL REPORT PURSUANT TO SECTION 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934</b></p>

<p style='margin-left:1.0in' align="center">For the fiscal year ended <b><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December
31, 2008&nbsp;&nbsp;&nbsp; </u></b></p>

<p align=center style='text-align:center'>OR</p>

<p align="center"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TRANSITION REPORT PURSUANT TO SECTION
15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</b></p>

<p style='margin-left:1.0in' align="center">For the transition period from <u>___________________</u>
to <u>___________________</u></p>

<p align=center style='text-align:center'>Commission file number <b><u>1-9305</u></b></p>

<p align="center">A. Full title of the plan and the address of the plan, if different from
that of the issuer named below:</p>

<p align=center style='text-align:center'><b><u><font size="5">STIFEL,
NICOLAUS PROFIT SHARING 401(k) PLAN</font></u></b></p>

<p align="center">B. Name of issuer of the securities held pursuant to the plan and the
address of its principal executive offices:</p>

<p align=center style='text-align:center'><b>STIFEL
FINANCIAL CORP.<br>
</b>One Financial Plaza<br>
501 N. Broadway<br>
  St. Louis, Missouri  63102-2188</p>

<p align=center style='text-align:center'>Issuer's
telephone number, including area code&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 314-342-2000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </u></p>







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

















<p class=CoverPage-ClientName style='margin-bottom:0in;margin-bottom:.0001pt' align="center">
<b><font size="5">Stifel, Nicolaus Profit Sharing 401(k)
Plan </font></b><font size="5"><br>
</font>EIN
43-0538770 PN 001<br>
Accountants'
Report and Financial Statements<br>
December 31, 2008 and 2007</p>
<p class=CoverPage-ClientName style='margin-bottom:0in;margin-bottom:.0001pt' align="center">
&nbsp;</p>
<p class=CoverPage-ClientName style='margin-bottom:0in;margin-bottom:.0001pt' align="center">
&nbsp;</p>
<p class=CoverPage-ClientName style='margin-bottom:0in;margin-bottom:.0001pt' align="center">
&nbsp;</p>
<p class=CoverPage-ClientName style='margin-bottom:0in;margin-bottom:.0001pt' align="center">
&nbsp;</p>

<div class=CoverPage-Period style='margin-bottom:0in;margin-bottom:.0001pt'>

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

</div>





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











<p class=Header-ClientName align="center"><b>Stifel,
Nicolaus Profit Sharing 401(k) Plan<br>
December
31, 2008 and 2007</b></p>







<div align=center>

<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0
 style='border-collapse:collapse'>
 <tr>
  <td width=571 valign=top style='width:5.95in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=Contents-SubheadOne>Contents</p>
  </td>
  <td width=67 valign=top style='width:.7in;padding:0in 5.4pt 0in 5.4pt'>

  </td>
 </tr>
 <tr>
  <td width=571 valign=top style='width:5.95in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=Contents-SubheadOne>Report
  of Independent Registered Public Accounting Firm</p>
  </td>
  <td width=67 valign=top style='width:.7in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=Contents-SubheadOne align=center style='text-align:center'>1</p>
  </td>
 </tr>
 <tr>
  <td width=571 valign=top style='width:5.95in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=Contents-SubheadOne>Financial
  Statements</p>
  </td>
  <td width=67 valign=top style='width:.7in;padding:0in 5.4pt 0in 5.4pt'>

  </td>
 </tr>
 <tr>
  <td width=571 valign=top style='width:5.95in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=Contents-SubheadOne style='text-indent:.25in'>Statements
  of Net Assets Available for Benefits</p>
  </td>
  <td width=67 valign=top style='width:.7in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=Contents-SubheadOne align=center style='text-align:center'>2</p>
  </td>
 </tr>
 <tr>
  <td width=571 valign=top style='width:5.95in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=Contents-SubheadOne style='text-indent:.25in'>Statements
  of Changes in Net Assets Available for Benefits</p>
  </td>
  <td width=67 valign=top style='width:.7in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=Contents-SubheadOne align=center style='text-align:center'>3</p>
  </td>
 </tr>
 <tr>
  <td width=571 valign=top style='width:5.95in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=Contents-SubheadOne style='text-indent:.25in'>Notes
  to Financial Statements</p>
  </td>
  <td width=67 valign=top style='width:.7in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=Contents-SubheadOne align=center style='text-align:center'>4</p>
  </td>
 </tr>
 <tr>
  <td width=571 valign=top style='width:5.95in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=Contents-SubheadOne>Supplemental
  Schedules</p>
  </td>
  <td width=67 valign=top style='width:.7in;padding:0in 5.4pt 0in 5.4pt'>

  </td>
 </tr>
 <tr>
  <td width=571 valign=top style='width:5.95in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=Contents-SubheadOne>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schedule H, Line 4a - Schedule of
  Delinquent Participant Contributions </p>
  </td>
  <td width=67 valign=top style='width:.7in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=Contents-SubheadOne align=center style='text-align:center'>10</p>
  </td>
 </tr>
 <tr>
  <td width=571 valign=top style='width:5.95in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=Contents-SubheadOne style='text-indent:.25in'>Schedule
  H, Line 4i - Schedule of Assets (Held at End of Year)</p>
  </td>
  <td width=67 valign=top style='width:.7in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=Contents-SubheadOne align=center style='text-align:center'>11</p>
  </td>
 </tr>
</table>

<p class="Contents-SubheadOne" align="center">&nbsp;</p>
<p class="Contents-SubheadOne" align="center">&nbsp;</div>







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

</div>





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<p class=MsoNormal align=center style='text-align:center'><b>Report of
Independent Registered Public Accounting Firm</b></p>







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

<p class="Report-Addressee" style="text-align: left">Administrative Committee<br>
Stifel, Nicolaus Profit Sharing 401(k) Plan<br>
St. Louis, Missouri</p>
<p class="Report-Body" style="text-align: left; margin-bottom: 9.0pt">We have
audited the accompanying statements of net assets available for benefits of
Stifel, Nicolaus Profit Sharing 401(k) Plan as of December 31, 2008 and 2007,
and the related statements of changes in net assets available for benefits for
the years then ended.&nbsp; These financial statements are the responsibility of the
Plan's management.&nbsp; Our responsibility is to express an opinion on these
financial statements based on our audits.</p>
<p class="Report-Body" style="text-align: left; margin-bottom: 9.0pt">We
conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States).&nbsp; Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement.&nbsp; The Plan is not
required to have, nor were we engaged to perform, an audit of its internal
control over financial reporting.&nbsp; Our audits included consideration of internal
control over financial reporting as a basis for designing auditing procedures
that are appropriate in the circumstances, but not for the purpose of expressing
an opinion on the effectiveness of the Plan's internal control over financial
reporting.&nbsp; Accordingly, we express no such opinion.&nbsp; Our audits also included
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements, assessing the accounting principles used and
significant estimates made by management and evaluating the overall financial
statement presentation.&nbsp; We believe that our audits provide a reasonable basis
for our opinion.</p>
<p class="Report-Body" style="text-align: left; margin-bottom: 9.0pt">In our
opinion, the financial statements referred to above present fairly, in all
material respects, the net assets available for benefits of Stifel, Nicolaus
Profit Sharing 401(k) Plan as of December 31, 2008 and 2007, and the changes in
its net assets available for benefits for the years then ended in conformity
with accounting principles generally accepted in the United States of America.</p>
<p class="Report-Body" style="text-align: left; margin-bottom: 9.0pt">As
discussed in Note 3, in 2008 the Plan changed its method of accounting for fair
value measurements in accordance with Statement of Financial Accounting
Standards No. 157.</p>
<p class="Report-Body" style="text-align: left; margin-bottom: 9.0pt">The
accompanying supplemental schedules are presented for the purpose of additional
analysis and are not a required part of the basic financial statements, but are
supplementary information required by the Department of Labor's Rules and
Regulations for Reporting and Disclosure under the Employee Retirement Income
Security Act of 1974.&nbsp; These supplemental schedules are the responsibility of
the Plan's management.&nbsp; The supplemental schedules have been subjected to the
auditing procedures applied in the audit of the basic financial statements and,
in our opinion, are fairly stated, in all material respects, in relation to the
basic financial statement taken as a whole.</p>
<p class="Report-Body" style="text-align: left; margin-bottom: 20.0pt">/s/ <b>
BKD,
LLP </b></p>
<p class="Report-Body" style="text-align: left; margin-bottom: .0001pt">St.
Louis, Missouri<br>
June 25, 2009</p>
<p class="Report-Body" style="text-align: left">Federal Employer Identification
Number:&nbsp; 44-0160260</p>

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</div>





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style='page-break-before:always'>
</b>







<p class=Header-StatementPeriod align="center"><b>Stifel,
Nicolaus Profit Sharing 401(k) Plan <br>
Statements of Net Assets Available for Benefits<br>
As of December 31, 2008 and 2007</b></p>





<div align="center">





<table class=MsoTableGrid border=0 cellspacing=0 cellpadding=0 width=624
 style='width:6.5in;margin-left:.1in;border-collapse:collapse'>
 <tr style='height:12.6pt'>
  <td width=381 valign=top style='width:285.9pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.6pt'>
  <p class=NoteTitle style='margin-top:0in'><i>&nbsp;</i></p>
  </td>
  <td width=243 colspan=3 valign=top style='width:182.1pt;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.6pt'>
  <p class=NoteTitle align=center style='margin-top:0in;text-align:center'>December 31,</p>
  </td>
 </tr>
 <tr style='height:12.6pt'>
  <td width=381 valign=top style='width:285.9pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.6pt'>
  <p class=NoteTitle style='margin-top:0in'><i>&nbsp;</i></p>
  </td>
  <td width=112 valign=top style='width:84.15pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:12.6pt'>
  <p class=NoteTitle align=center style='margin-top:0in;text-align:center'>2008</p>
  </td>
  <td width=18 valign=top style='width:13.8pt;border:none;border-top:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:12.6pt'>

  </td>
  <td width=112 valign=top style='width:84.15pt;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;height:12.6pt'>
  <p class=NoteTitle align=center style='margin-top:0in;text-align:center'>2007</p>
  </td>
 </tr>
 <tr>
  <td width=381 valign=top style='width:285.9pt;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=left style='margin-top:0in;text-align:left'>Investments, at fair value</p>
  </td>
  <td width=112 valign=top style='width:84.15pt;border:medium none;background:#FFCC66;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=left style='margin-top:0in;margin-right:-11.55pt;
  margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:left'>$&nbsp;&nbsp; 144,402,814</p>
  </td>
  <td width=18 valign=top style='width:13.8pt;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=112 valign=top style='width:84.15pt;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=left style='margin-top:0in;text-align:left'>$&nbsp;&nbsp; 110,198,167</p>
  </td>
 </tr>
 <tr>
  <td width=381 valign=top style='width:285.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=NoteTitle align=left style='margin-top:0in;text-align:left'>Contributions receivable:</p>
  </td>
  <td width=112 valign=top style='width:84.15pt;padding:0in 5.4pt 0in 5.4pt'>

  </td>
  <td width=18 valign=top style='width:13.8pt;padding:0in 5.4pt 0in 5.4pt'>

  </td>
  <td width=112 valign=top style='width:84.15pt;padding:0in 5.4pt 0in 5.4pt'>

  </td>
 </tr>
 <tr>
  <td width=381 valign=top style='width:285.9pt;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=left style='margin-top:0in;margin-right:0in;
  margin-bottom:0in;margin-left:19.8pt;margin-bottom:.0001pt;text-align:left'>Participants</p>
  </td>
  <td width=112 valign=top style='width:84.15pt;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=left style='margin-top:0in;margin-right:-11.55pt;
  margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:left'> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 226,579</p>
  </td>
  <td width=18 valign=top style='width:13.8pt;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=112 valign=top style='width:84.15pt;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=left style='margin-top:0in;text-align:left'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 198,407</p>
  </td>
 </tr>
 <tr>
  <td width=381 valign=top style='width:285.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=NoteTitle align=left style='margin-top:0in;margin-right:0in;
  margin-bottom:0in;margin-left:19.8pt;margin-bottom:.0001pt;text-align:left'>Employer</p>
  </td>
  <td width=112 valign=top style='width:84.15pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p class=NoteTitle align=left style='margin-top:0in;margin-right:-11.55pt;
  margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:left'> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22,399</p>
  </td>
  <td width=18 valign=top style='width:13.8pt;padding:0in 5.4pt 0in 5.4pt'>

  </td>
  <td width=112 valign=top style='width:84.15pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p class=NoteTitle align=left style='margin-top:0in;text-align:left'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14,885</p>
  </td>
 </tr>
 <tr>
  <td width=381 valign=top style='width:285.9pt;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=left style='margin-top:0in;text-align:left'>Total contributions receivable</p>
  </td>
  <td width=112 valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; width:84.15pt;border-bottom:1.0pt solid windowtext;
  background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=left style='margin-top:0in;margin-right:-11.55pt;
  margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:left'> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 248,978</p>
  </td>
  <td width=18 valign=top style='width:13.8pt;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=112 valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; width:84.15pt;border-bottom:1.0pt solid windowtext;
  background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=left style='margin-top:0in;text-align:left'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 213,292</p>
  </td>
 </tr>
 <tr>
  <td width=381 valign=top style='width:285.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=NoteTitle align=left style='margin-top:0in;text-align:left'><b>Net assets available for benefits</b></p>
  </td>
  <td width=112 valign=top style='width:84.15pt;border:none;border-bottom:double windowtext 1.5pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p class=NoteTitle align=left style='margin-top:0in;margin-right:-11.55pt;
  margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:left'>$&nbsp;&nbsp; 144,651,792</p>
  </td>
  <td width=18 valign=top style='width:13.8pt;padding:0in 5.4pt 0in 5.4pt'>

  </td>
  <td width=112 valign=top style='width:84.15pt;border:none;border-bottom:double windowtext 1.5pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p class=NoteTitle align=left style='margin-top:0in;text-align:left'>$&nbsp;&nbsp; 110,411,459</p>
  </td>
 </tr>
</table>

</div>
<p align="center"><i>See Accompanying Notes to Financial Statements</a></i></p>
<p class=Footer-NoteReference align="center">2</p>

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







<p class=Header-StatementPeriod align="center"><b>Stifel,
Nicolaus Profit Sharing 401(k) Plan <br>
Statements of Changes in Net Assets Available for Benefits<br>
Years Ended December 31, 2008 and 2007</b></p>





<div align="center">





<table class=MsoTableGrid border=0 cellspacing=0 cellpadding=0
 style='width:662px;margin-left:.1in;border-collapse:collapse'>
 <tr style='height:12.6pt'>
  <td width=381 valign=top style='width:285.9pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.6pt'>
  <p class=NoteTitle style='margin-top:0in'><i>&nbsp;</i></p>
  </td>
  <td colspan=3 valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; width:296px;border-bottom:1.0pt solid windowtext;height:12.6pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=center style='margin-top:0in;text-align:center'>Year Ended December 31,</p>
  </td>
 </tr>
 <tr style='height:12.6pt'>
  <td width=381 valign=top style='width:285.9pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.6pt'>
  <p class=NoteTitle style='margin-top:0in'><i>&nbsp;</i></p>
  </td>
  <td width=112 valign=top style='width:84.15pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:12.6pt'>
  <p class=NoteTitle align=center style='margin-top:0in;text-align:center'>2008</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-bottom:medium none; width:45px;border-top:1.0pt solid windowtext;
  height:12.6pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td valign=top style='width:109px;border-top:1.0pt solid windowtext;
  border-left:medium none;border-bottom:1.0pt solid windowtext;border-right:medium none;
  height:12.6pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=center style='margin-top:0in;text-align:center'>2007</p>
  </td>
 </tr>
 <tr>
  <td width=381 valign=top style='width:285.9pt;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=left style='margin-top:0in;text-align:left'><b>Additions</b></p>
  </td>
  <td width=112 valign=top style='width:84.15pt;border:medium none;background:#FFCC66;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td valign=top style='width:45px;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td valign=top style='width:109px;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>
 <tr>
  <td width=381 valign=top style='width:285.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=NoteTitle align=left style='margin-top:0in;text-align:left'>Interest and dividends</p>
  </td>
  <td width=112 valign=top style='width:84.15pt;padding:0in 5.4pt 0in 5.4pt' align="right">
  <p class=NoteTitle align=right style='margin-top:0in;text-align:right'>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,048,352</p>
  </td>
  <td valign=top style='width:45px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">

  </td>
  <td valign=top style='width:109px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p class=NoteTitle align=right style='margin-top:0in;text-align:right'>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,950,660</p>
  </td>
 </tr>
 <tr>
  <td width=381 valign=top style='width:285.9pt;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=left style='margin-top:0in;text-align:left'>Net (depreciation)/appreciation
  in fair value of investments</p>
  </td>
  <td width=112 valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; width:84.15pt;border-bottom:1.0pt solid windowtext;
  background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p class=NoteTitle align=right style='margin-top:0in;text-align:right'>(43,003,180)</p>
  </td>
  <td valign=top style='width:45px;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">

  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; width:109px;border-bottom:1.0pt solid windowtext;
  background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p class=NoteTitle align=right style='margin-top:0in;text-align:right'>7,603,147</p>
  </td>
 </tr>
 <tr>
  <td width=381 valign=top style='width:285.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=NoteTitle align=left style='margin-top:0in;margin-right:0in;
  margin-bottom:0in;margin-left:19.8pt;margin-bottom:.0001pt;text-align:left'>Net investment (loss)/income</p>
  </td>
  <td width=112 valign=top style='width:84.15pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt' align="right">
  <p class=NoteTitle align=right style='margin-top:0in;text-align:right'>(39,954,828)</p>
  </td>
  <td valign=top style='width:45px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">

  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; width:109px;border-bottom:1.0pt solid windowtext;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p class=NoteTitle align=right style='margin-top:0in;text-align:right'>9,553,807</p>
  </td>
 </tr>
 <tr>
  <td width=381 valign=top style='width:285.9pt;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=left style='margin-top:0in;text-align:left'>Contributions:</p>
  </td>
  <td width=112 valign=top style='width:84.15pt;border:medium none;background:#FFCC66;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">

  </td>
  <td valign=top style='width:45px;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">

  </td>
  <td valign=top style='width:109px;border:medium none;background:#FFCC66;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">

  </td>
 </tr>
 <tr>
  <td width=381 valign=top style='width:285.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=NoteTitle align=left style='margin-top:0in;margin-right:0in;
  margin-bottom:0in;margin-left:.15in;margin-bottom:.0001pt;text-align:left'>Participants</p>
  </td>
  <td width=112 valign=top style='width:84.15pt;padding:0in 5.4pt 0in 5.4pt' align="right">
  <p class=NoteTitle align=right style='margin-top:0in;text-align:right'>20,553,473</p>
  </td>
  <td valign=top style='width:45px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">

  </td>
  <td valign=top style='width:109px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p class=NoteTitle align=right style='margin-top:0in;text-align:right'>13,992,439</p>
  </td>
 </tr>
 <tr>
  <td width=381 valign=top style='width:285.9pt;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=left style='margin-top:0in;margin-right:0in;
  margin-bottom:0in;margin-left:.15in;margin-bottom:.0001pt;text-align:left'>Employer</p>
  </td>
  <td width=112 valign=top style='width:84.15pt;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p class=NoteTitle align=right style='margin-top:0in;text-align:right'>2,892,406</p>
  </td>
  <td valign=top style='width:45px;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">

  </td>
  <td valign=top style='width:109px;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p class=NoteTitle align=right style='margin-top:0in;text-align:right'>1,492,567</p>
  </td>
 </tr>
 <tr>
  <td width=381 valign=top style='width:285.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=NoteTitle align=left style='margin-top:0in;margin-right:0in;
  margin-bottom:0in;margin-left:.15in;margin-bottom:.0001pt;text-align:left'>Rollovers</p>
  </td>
  <td width=112 valign=top style='width:84.15pt;padding:0in 5.4pt 0in 5.4pt' align="right">
  <p class=NoteTitle align=right style='margin-top:0in;text-align:right'>2,256,101</p>
  </td>
  <td valign=top style='width:45px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">

  </td>
  <td valign=top style='width:109px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p class=NoteTitle align=right style='margin-top:0in;text-align:right'>2,544,156</p>
  </td>
 </tr>
 <tr>
  <td width=381 valign=top style='width:285.9pt;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=left style='margin-top:0in;margin-right:0in;
  margin-bottom:0in;margin-left:.15in;margin-bottom:.0001pt;text-align:left'>Plan
  mergers</p>
  </td>
  <td width=112 valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; width:84.15pt;border-bottom:1.0pt solid windowtext;
  background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p class=NoteTitle align=right style='margin-top:0in;text-align:right'>62,240,178</p>
  </td>
  <td valign=top style='width:45px;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">

  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; width:109px;border-bottom:1.0pt solid windowtext;
  background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p class=NoteTitle align=right style='margin-top:0in;text-align:right'>--</p>
  </td>
 </tr>
 <tr>
  <td width=381 valign=top style='width:285.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=NoteTitle align=left style='margin-top:0in;margin-right:0in;
  margin-bottom:0in;margin-left:19.8pt;margin-bottom:.0001pt;text-align:left'>Total
  contributions</p>
  </td>
  <td width=112 valign=top style='width:84.15pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt' align="right">
  <p class=NoteTitle align=right style='margin-top:0in;text-align:right'>87,942,158</p>
  </td>
  <td valign=top style='width:45px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">

  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; width:109px;border-bottom:1.0pt solid windowtext;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p class=NoteTitle align=right style='margin-top:0in;text-align:right'>18,029,162</p>
  </td>
 </tr>
 <tr>
  <td width=381 valign=top style='width:285.9pt;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=left style='margin-top:0in;text-align:left'>Total
  additions, net</p>
  </td>
  <td width=112 valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; width:84.15pt;border-bottom:1.0pt solid windowtext;
  background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p class=NoteTitle align=right style='margin-top:0in;text-align:right'>47,987,330</p>
  </td>
  <td valign=top style='width:45px;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">

  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; width:109px;border-bottom:1.0pt solid windowtext;
  background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p class=NoteTitle align=right style='margin-top:0in;text-align:right'>27,582,969</p>
  </td>
 </tr>
 <tr>
  <td width=381 valign=top style='width:285.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=NoteTitle align=left style='margin-top:0in;text-align:left'><b>Deductions</b></p>
  </td>
  <td width=112 valign=top style='width:84.15pt;border:none;padding:0in 5.4pt 0in 5.4pt' align="right">

  </td>
  <td valign=top style='width:45px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">

  </td>
  <td valign=top style='width:109px;border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">

  </td>
 </tr>
 <tr>
  <td width=381 valign=top style='width:285.9pt;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=left style='margin-top:0in;text-align:left'>Benefits
  paid to participants</p>
  </td>
  <td width=112 valign=top style='width:84.15pt;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p class=NoteTitle align=right style='margin-top:0in;text-align:right'>13,731,184</p>
  </td>
  <td valign=top style='width:45px;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">

  </td>
  <td valign=top style='width:109px;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p class=NoteTitle align=right style='margin-top:0in;text-align:right'>9,743,625</p>
  </td>
 </tr>
 <tr>
  <td width=381 valign=top style='width:285.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=NoteTitle align=left style='margin-top:0in;text-align:left'>Administrative
  expenses</p>
  </td>
  <td width=112 valign=top style='width:84.15pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt' align="right">
  <p class=NoteTitle align=right style='margin-top:0in;text-align:right'>15,813</p>
  </td>
  <td valign=top style='width:45px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">

  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; width:109px;border-bottom:1.0pt solid windowtext;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p class=NoteTitle align=right style='margin-top:0in;text-align:right'>9,956</p>
  </td>
 </tr>
 <tr>
  <td width=381 valign=top style='width:285.9pt;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=left style='margin-top:0in;margin-right:0in;
  margin-bottom:0in;margin-left:19.8pt;margin-bottom:.0001pt;text-align:left'>Total
  deductions</p>
  </td>
  <td width=112 valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; width:84.15pt;border-bottom:1.0pt solid windowtext;
  background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p class=NoteTitle align=right style='margin-top:0in;text-align:right'>13,746,997</p>
  </td>
  <td valign=top style='width:45px;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">

  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; width:109px;border-bottom:1.0pt solid windowtext;
  background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p class=NoteTitle align=right style='margin-top:0in;text-align:right'>9,753,581</p>
  </td>
 </tr>
 <tr>
  <td width=381 valign=top style='width:285.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=NoteTitle align=left style='margin-top:0in;text-align:left'><b>Net increase</b></p>
  </td>
  <td width=112 valign=top style='width:84.15pt;border:none;padding:0in 5.4pt 0in 5.4pt' align="right">
  <p class=NoteTitle align=right style='margin-top:0in;text-align:right'>34,240,333</p>
  </td>
  <td valign=top style='width:45px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">

  </td>
  <td valign=top style='width:109px;border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p class=NoteTitle align=right style='margin-top:0in;text-align:right'>17,829,388</p>
  </td>
 </tr>
 <tr>
  <td width=381 valign=top style='width:285.9pt;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=left style='margin-top:0in;text-align:left'>Net assets
  available for benefits at beginning of year</p>
  </td>
  <td width=112 valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; width:84.15pt;border-bottom:1.0pt solid windowtext;
  background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p class=NoteTitle align=right style='margin-top:0in;text-align:right'>110,411,459</p>
  </td>
  <td valign=top style='width:45px;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">

  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; width:109px;border-bottom:1.0pt solid windowtext;
  background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p class=NoteTitle align=right style='margin-top:0in;text-align:right'>92,582,071</p>
  </td>
 </tr>
 <tr>
  <td width=381 valign=top style='width:285.9pt;padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt !msorm'>
  <p class=NoteTitle align=left style='margin-top:0in;text-align:left'><b>Net assets available for
  benefits at end of year</b></p>
  </td>
  <td width=112 valign=top style='width:84.15pt;border:none;border-bottom:double windowtext 1.5pt;
  padding:0in 5.4pt 0in 5.4pt;border:none !msorm;border-bottom:double windowtext 1.5pt !msorm;
  padding:0in 5.4pt 0in 5.4pt !msorm' align="right">
  <p class=NoteTitle align=right style='margin-top:0in;text-align:right'>$&nbsp;&nbsp; 144,651,792</p>
  </td>
  <td valign=top style='width:45px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">

  </td>
  <td valign=top style='border-left:medium none msorm; border-right:medium none msorm; border-top:medium none msorm; width:109px;border-bottom:1.5pt double msorm;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p class=NoteTitle align=right style='margin-top:0in;text-align:right'>$&nbsp;&nbsp; 110,411,459</p>
  </td>
 </tr>
 <tr>
  <td width=381 valign=top style='width:285.9pt;padding:0in 5.4pt 0in 5.4pt'>

  </td>
  <td width=112 valign=top style='width:84.15pt;border:none;padding:0in 5.4pt 0in 5.4pt'>

  </td>
  <td valign=top style='width:45px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td valign=top style='width:109px;border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

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

</div>

<p align="center"><i>See Accompanying Notes to Financial Statements</a></i></p>



<p class=Footer-NoteReference align="center">3</p>

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

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

</div>











<p class=Header-ClientName align="center"><b>Stifel,
Nicolaus Profit Sharing 401(k) Plan<br>
Notes to
Financial Statements<br>
December 31, 2008 and 2007</b></p>

<p class=Notes-Header><b>Note 1:
Description of the Plan</b></p>

<p class=Notes-Body style='margin-left:0in;text-align:justify'>The following
description of the Stifel, Nicolaus Profit Sharing 401(k) Plan (the &quot;Plan&quot;) provides
only general information. Participants should refer to the Plan document and <i>Summary
Plan Description</i> for a more complete description of the Plan's provisions.</p>

<p class=Notes-Subhead style='margin-left:0in'><i><b>General</b></i></p>

<p class=Notes-Body style='margin-left:0in;text-align:justify'>The Plan is a
defined contribution plan sponsored by Stifel, Nicolaus &amp; Company,
Incorporated and affiliates (the &quot;Company&quot;) for the benefit of its employees
who meet the eligibility provisions of the Plan. The Plan is subject to the
provisions of the Employee Retirement Income Security Act of 1974 (ERISA). The
Plan is administered by the Administrative Committee, whose members are
appointed by the Company's Board of Directors. Prudential Retirement Insurance
and Annuity Company (&quot;Trustee&quot;) is a fiduciary of the Plan and also serves as
the record keeper to maintain the individual accounts of each Plan participant.
</p>

<p class=Notes-Subhead style='margin-left:0in'><i><b>Contributions</b></i></p>

<p class=Notes-Body style='margin-left:0in;text-align:justify'>Each year,
participants may contribute up to 100% of their eligible compensation as
defined by the Plan document. Annual participation amounts are limited to
$15,500 of salary deferrals for the year ended December 31, 2008 ($20,500 for
participants 50 year old and older), as determined by the Internal Revenue
Service. For the years ended December 31, 2008 and 2007, the Board elected to
match 50% of the first $2,000 contributed by each participant. The Company has
the right, under the Plan, to discontinue or modify its matching contributions
at any time.</p>

<p class=Notes-Body style='margin-left:0in;text-align:justify'>In addition,
each year the Company may make a discretionary contribution based on
profitability. Discretionary contributions are allocated to the participants
employed on the last day of the Plan year on the basis of participants'
compensation. There were no discretionary contributions in 2008 or 2007. </p>

<p class=Notes-Body style='margin-left:0in;text-align:justify'>On February 28,
2007, Stifel Financial Corp. (the &quot;Parent&quot;) completed its acquisition of Ryan
Beck and Company, Inc.&nbsp; During 2008, $62,240,178 of assets were transferred
from the Ryan Beck and Company, Inc. Employees' Profit Sharing &amp; 401(k)
Savings Plan into the Plan and are included in the Plan Mergers within the
statement of changes in net assets available for benefits.</p>

<p class=Notes-Subhead style='margin-left:0in'><i><b>Participant
Investment Account Options</b></i></p>

<p class=Notes-Body style='margin-left:0in;text-align:justify'>Participants
direct the investment of their contributions and the Company's matching
contributions into various investment account options offered by the Plan. The
Plan currently offers investments in common stock of the Parent, various pooled
separate accounts, mutual funds, a guaranteed account, and a self-directed
brokerage accounts. Each participant has the option of directing their contributions
into any of the separate investment accounts and may change the allocation
daily.</p>

<p class=Footer-NoteReference align="center">4</p>

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<p class=Notes-Subhead style='margin-left:0in'><i><b>Participant
Accounts</b></i></p>

<p class=Notes-Body style='margin-left:0in;text-align:justify'>Each
participant's account is credited with the participant's and the Company's
contributions and allocations of plan earnings and is charged with an
allocation of administrative expenses. Allocations are based on participant
earnings or account balances, as defined. All amounts in participant accounts
are participant directed.</p>

<p class=Notes-Subhead style='margin-left:0in'><i><b>Vesting</b></i></p>

<p class=Notes-Body style='margin-left:0in;text-align:justify'>All elective
contributions made by participants and earnings on those contributions are 100%
vested at all times. Vesting in the Company's contributions plus earnings
thereon is based on years of service. A participant is fully vested after three
years of service. Participants forfeit the nonvested portion of their accounts
in the Plan upon termination of employment with the Company. Forfeited balances
of terminated participants' nonvested accounts may be used at the Company's
discretion, as outlined in the Plan, to reduce its matching contribution
obligations and then, to the extent any forfeitures remain, reallocated to
participants' accounts. </p>

<p class=Notes-Subhead style='margin-left:0in'><i><b>Payment
of Benefits</b></i></p>

<p class=Notes-Body style='margin-left:0in;text-align:justify'>Upon termination
of service, an employee may elect to receive a lump-sum amount equal to the
vested value of their account, net of any outstanding loan balance. Upon death,
a participant's account is paid in a lump sum to the designated beneficiary.&nbsp; </p>

<p class=Notes-Subhead style='margin-left:0in'><i><b>Participant
Loans</b></i></p>

<p class=Notes-Body style='margin-left:0in;text-align:justify'>Participants may
borrow from their fund accounts a minimum of $1,000 and up to a maximum of
$50,000 or 50% of their vested account balance, whichever is less. Loan terms
may not exceed five years unless the loan is used to purchase a participant's
principal residence, in which case repayment terms may not exceed ten years.
The loans are secured by the balance in the participant's account and bear
interest at a rate commensurate with local prevailing lending rates determined
by the Administrative Committee. Principal and interest is paid ratably through
payroll deductions.</p>

<p class=Notes-Subhead style='margin-left:0in'><i><b>Plan
Termination</b></i></p>

<p class=Notes-Body style='margin-left:0in;text-align:justify'>Although it has
not expressed an intention to do so, the Company has the right, under provisions
of the Plan, to discontinue its contributions at any time and to terminate the
Plan, subject to the provisions of ERISA. In the event of Plan termination,
participants will become 100% vested in their accounts.</p>

<p class=Notes-Header><b>Note 2:
Summary of Significant Accounting Policies</b></p>

<p class=Notes-Subhead style='margin-left:0in'><i><b>Basis
of Accounting</b></i></p>

<p class=Notes-Body style='margin-left:0in;text-align:justify'>The accompanying
financial statements are prepared on the accrual basis of accounting in
accordance with accounting principles generally accepted in the United States.</p>

<p class=Footer-NoteReference align="center">5</p>

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<p class=Notes-Subhead style='margin-left:0in'><i><b>Fair
Value Measurements</b></i></p>

<p class=Notes-Subhead style='margin-left:0in;text-align:justify'>On
January 1, 2008, the Plan adopted Financial Accounting Standards Board (&quot;FASB&quot;)
Statement No. 157, <i>Fair Value Measurements </i>and subsequently
adopted certain related FASB staff positions. Refer to Note 3 for disclosures
provided for fair value measurements of plan investments.</p>

<p class=Notes-Subhead style='margin-left:0in'><i><b>Use
of Estimates</b></i></p>

<p class=Notes-Body style='margin-left:0in;text-align:justify'>The preparation
of financial statements in conformity with accounting principles generally
accepted in the United States requires management to make estimates that affect
the amounts reported in the financial statements and accompanying notes. Actual
results could differ from those estimates.</p>

<p class=Notes-Subhead style='margin-top:12.0pt;margin-right:0in;margin-bottom:
12.0pt;margin-left:0in'><i><b>Valuation
of Investments and Income Recognition</b></i></p>

<p class=Notes-Body style='margin-left:0in;text-align:justify'>Pooled separate
accounts are valued at estimated fair value as provided by the Trustee. The
mutual funds, common stock and self-directed brokerage accounts are stated at
fair value based upon quoted market prices. The Prudential Guaranteed Income
Account is valued at contract value which equals fair value. Participant loans
are valued at cost, which approximates fair value.&nbsp; </p>

<p class=Notes-Body style='margin-left:0in;text-align:justify'>Purchases and
sales of securities are recorded on a trade-date basis. Interest income is
recorded on an accrual basis. Dividends are recorded on the ex-dividend date.</p>

<p class=Notes-Body style='margin-left:0in;text-align:justify'>The Plan offers
a fully-benefit responsive investment contract with Prudential as an investment
option to Plan participants. Prudential maintains the contributions in a
general account. The account is credited with earnings on the underlying
investments and charged for participant withdrawals and administrative
expenses. The contract is included in the financial statements at contract
value as reported to the Plan by Prudential. Contract value represents
contributions made by participants, plus interest at a specified rate
determined semiannually. There is no market value adjustment upon
discontinuance of a contract and no specific securities in the general account
that back the liabilities of these contracts. As there are no known cash flows
that could be discounted, the fair value for these contracts is equal to the
contract value.</p>

<p class=Notes-Body style='margin-left:0in;text-align:justify'>There are no
reserves against the contract value for credit risk of the contract issuer or
otherwise. The stated rate of return of the contract was 3.80% and 3.65% for the
years ended December 31, 2008 and 2007, respectively. </p>

<p class=Notes-Subhead style='margin-left:0in'><i><b>Income
Tax Status</b></i></p>

<p class=Notes-Body style='margin-left:0in;text-align:justify'>The Plan has not
obtained or requested a determination letter from the Internal Revenue Service.
However, the plan administrator believes that the Plan and related trust are
currently designed and being operated in compliance with the applicable
requirements of the Internal Revenue Code and that the Plan was qualified and
the related trust was tax exempt as of the financial statement date.</p>

<p class=Notes-Subhead style='margin-left:0in'><i><b>Payment
of Benefits</b></i></p>

<p class=Notes-Body style='margin-left:0in'>Benefit payments to participants
are recorded upon distribution.</p>

<p class=Footer-NoteReference align="center">6</p>

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<p class=Notes-Subhead style='margin-left:0in'><i><b>Stock
Dividend</b></i></p>

<p class=Notes-Body style='margin-left:0in;text-align:justify'>On May 12, 2008,
the Board of Directors of the Parent approved a 50% stock dividend, in the form
of a three-for-two stock split, of the Parent's common stock payable on June
12, 2008 to stockholders of record as of May 29, 2008. Share data, for all
periods presented, have been adjusted to give effect to this stock split.</p>

<p class=Notes-Header><b>Note 3: Fair
Value Measurements</b></p>

<p class=Notes-Body style='margin-left:0in;text-align:justify'>On January 1,
2008, the Plan adopted FASB Statement No. 157, <i>Fair Value Measurements</i> (&quot;SFAS
157&quot;), which defines fair value as the price that would be received from
selling an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date.&nbsp; When determining the fair
value measurements for assets and liabilities required to be recorded at fair
value, the Plan considers the principal or most advantageous market in which it
would transact and considers assumptions that market participants would use
when pricing the asset or liability, such as inherent risk, transfer
restrictions, and risk of nonperformance.</p>

<p class=Notes-Body style='margin-left:0in;text-align:justify'>SFAS 157 also
establishes a fair value hierarchy that requires the Plan to maximize the use
of observable inputs and minimize the use of unobservable inputs when measuring
fair value.&nbsp; A financial instrument's categorization within the fair value
hierarchy is based upon the lowest level of input that is significant to the
fair value measurement.&nbsp; SFAS 157 establishes three levels of inputs that may
be used to measure fair value:</p>

<p class=Notes-Body style='margin-left:0in;text-align:justify'>Level 1 - quoted
prices in active markets for identical assets or liabilities;</p>

<p class=Notes-Body style='margin-left:0in;text-align:justify'>Level 2 - inputs
other than Level 1 that are observable, either directly or indirectly, such as
quoted market prices in active markets for similar assets or liabilities,
quoted prices for identical or similar assets or liabilities in markets that
are not active, or other inputs that are observable or can be corroborated by
observable market data for substantially the full term of the assets or
liabilities; or</p>

<p class=Notes-Body style='margin-left:0in;text-align:justify'>Level 3 -
unobservable inputs that are supported by little or no market activity and that
are significant to the fair value of the assets or liabilities.</p>

<p class=Notes-Subhead style='margin-left:0in'><i><b>Investments
Measured at Fair Value on a Recurring Basis</b></i></p>

<p class=Notes-Body style='margin-left:0in'>Investments measured at fair value
on a recurring basis consisted of the following types of instruments as of
December 31, 2008:</p>

<div align="center">

<table class=MsoTableGrid border=0 cellspacing=0 cellpadding=0
 style='width:861px;margin-left:.1in;border-collapse:collapse'>
 <tr style='height:12.6pt'>
  <td valign=top style='width:277px;height:12.6pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle style='margin-top:0in'><i>&nbsp;</i></p>
  </td>
  <td colspan=5 valign=top style='width:556px;height:12.6pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>
 <tr style='height:12.6pt'>
  <td valign=top style='width:277px;height:12.6pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle style='margin-top:0in'><i>&nbsp;</i></p>
  </td>
  <td colspan=5 valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; width:556px;border-bottom:1.0pt solid windowtext;height:12.6pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=center style='margin-top:0in;text-align:center'>Fair Value Measurements at Reporting Date Using</p>
  </td>
 </tr>
 <tr style='height:43.15pt'>
  <td valign=top style='width:277px;height:43.15pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle style='margin-top:0in'><i>&nbsp;</i></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; width:132px;border-bottom:1.0pt solid windowtext;
  height:43.15pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=center style='margin-top:0in;text-align:center'><b>Quoted Prices in Active Markets for Identical Assets
  (Level 1)</b></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; width:121px;border-bottom:1.0pt solid windowtext;
  height:43.15pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=center style='margin-top:0in;text-align:center'><b>Significant Other Observable Inputs <br>
  &nbsp;(Level 2)</b></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; width:132px;border-bottom:1.0pt solid windowtext;
  height:43.15pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=center style='margin-top:0in;text-align:center'><b>Significant Unobservable Inputs <br>
  (Level 3)</b></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; width:125px;border-bottom:1.0pt solid windowtext;
  height:43.15pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=center style='margin-top:0in;text-align:center'><b>
  <br>
  <br>
  <br>
  Total</b></p>
  </td>
  <td style='border:none;padding:0in 0in 0in 0in' width=4><p class='MsoNormal'>&nbsp;</td>
 </tr>
 <tr>
  <td valign=top style='width:277px;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=left style='margin-top:0in;text-align:left'>Common/collective trust fund</p>
  </td>
  <td valign=top style='width:132px;border:medium none;background:#FFCC66;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p class=NoteTitle style='margin-top:0in'>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; --</p>
  </td>
  <td valign=top style='width:121px;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p class=NoteTitle style='margin-top:0in'>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; --</p>
  </td>
  <td valign=top style='width:132px;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p class=NoteTitle style='margin-top:0in'>$&nbsp;&nbsp;&nbsp; 28,311,207</p>
  </td>
  <td valign=top style='width:125px;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p class=NoteTitle style='margin-top:0in'>$&nbsp;&nbsp; 28,311,207</p>
  </td>
  <td style='border:none;padding:0in 0in 0in 0in' width=4 bgcolor="#FFCC66"><p class='MsoNormal'>&nbsp;</td>
 </tr>
 <tr>
  <td valign=top style='width:277px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=left style='margin-top:0in;text-align:left'>Self-directed brokerage accounts</p>
  </td>
  <td valign=top style='width:132px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p class=NoteTitle style='margin-top:0in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,738,517</p>
  </td>
  <td valign=top style='width:121px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p class=NoteTitle style='margin-top:0in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; --</p>
  </td>
  <td valign=top style='width:132px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p class=NoteTitle style='margin-top:0in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; --</p>
  </td>
  <td valign=top style='width:125px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p class=NoteTitle style='margin-top:0in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,738,517</p>
  </td>
  <td style='border:none;padding:0in 0in 0in 0in' width=4><p class='MsoNormal'>&nbsp;</td>
 </tr>
 <tr>
  <td valign=top style='width:277px;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=left style='margin-top:0in;text-align:left'>Common stocks</p>
  </td>
  <td valign=top style='width:132px;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p class=NoteTitle style='margin-top:0in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26,097,711</p>
  </td>
  <td valign=top style='width:121px;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p class=NoteTitle style='margin-top:0in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; --</p>
  </td>
  <td valign=top style='width:132px;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p class=NoteTitle style='margin-top:0in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; --</p>
  </td>
  <td valign=top style='width:125px;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p class=NoteTitle style='margin-top:0in'>&nbsp;&nbsp;&nbsp;&nbsp; 26,097,711</p>
  </td>
  <td style='border:none;padding:0in 0in 0in 0in' width=4 bgcolor="#FFCC66"><p class='MsoNormal'>&nbsp;</td>
 </tr>
 <tr>
  <td valign=top style='width:277px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=left style='margin-top:0in;text-align:left'>Pooled separate accounts</p>
  </td>
  <td valign=top style='width:132px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p class=NoteTitle style='margin-top:0in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; --</p>
  </td>
  <td valign=top style='width:121px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p class=NoteTitle style='margin-top:0in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35,067,773</p>
  </td>
  <td valign=top style='width:132px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p class=NoteTitle style='margin-top:0in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; --</p>
  </td>
  <td valign=top style='width:125px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p class=NoteTitle style='margin-top:0in'>&nbsp;&nbsp;&nbsp;&nbsp; 35,067,773</p>
  </td>
  <td style='border:none;padding:0in 0in 0in 0in' width=4><p class='MsoNormal'>&nbsp;</td>
 </tr>
 <tr>
  <td valign=top style='width:277px;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=left style='margin-top:0in;text-align:left'>Mutual funds</p>
  </td>
  <td valign=top style='width:132px;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p class=NoteTitle style='margin-top:0in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43,803,537</p>
  </td>
  <td valign=top style='width:121px;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p class=NoteTitle style='margin-top:0in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; --</p>
  </td>
  <td valign=top style='width:132px;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p class=NoteTitle style='margin-top:0in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; --</p>
  </td>
  <td valign=top style='width:125px;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p class=NoteTitle style='margin-top:0in'>&nbsp;&nbsp;&nbsp;&nbsp; 43,803,537</p>
  </td>
  <td style='border:none;padding:0in 0in 0in 0in' width=4 bgcolor="#FFCC66"><p class='MsoNormal'>&nbsp;</td>
 </tr>
 <tr>
  <td valign=top style='width:277px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=left style='margin-top:0in;text-align:left'>Participant loans</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; width:132px;border-bottom:1.0pt solid windowtext;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p class=NoteTitle style='margin-top:0in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; --</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; width:121px;border-bottom:1.0pt solid windowtext;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p class=NoteTitle style='margin-top:0in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; --</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; width:132px;border-bottom:1.0pt solid windowtext;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p class=NoteTitle style='margin-top:0in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,384,069</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; width:125px;border-bottom:1.0pt solid windowtext;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p class=NoteTitle style='margin-top:0in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,384,069</p>
  </td>
  <td style='border:none;padding:0in 0in 0in 0in' width=4><p class='MsoNormal'>&nbsp;</td>
 </tr>
 <tr>
  <td valign=top style='width:277px;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle style='margin-top:0in;margin-right:0in;margin-bottom:0in;
  margin-left:19.8pt;margin-bottom:.0001pt'>Total investments measured at fair value</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; width:132px;border-bottom:1.5pt double windowtext;
  background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p class=NoteTitle style='margin-top:0in'>$&nbsp;&nbsp;&nbsp;&nbsp; 77,639,765</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; width:121px;border-bottom:1.5pt double windowtext;
  background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p class=NoteTitle style='margin-top:0in'>$&nbsp;&nbsp;&nbsp;&nbsp; 35,067,773</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; width:132px;border-bottom:1.5pt double windowtext;
  background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p class=NoteTitle style='margin-top:0in'>$&nbsp;&nbsp;&nbsp; 31,695,276</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; width:125px;border-bottom:1.5pt double windowtext;
  background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p class=NoteTitle style='margin-top:0in'>$ 144,402,814</p>
  </td>
  <td style='border:none;padding:0in 0in 0in 0in' width=4 bgcolor="#FFCC66"><p class='MsoNormal'>&nbsp;</td>
 </tr>
</table>

</div>

<p class=Footer-NoteReference align="center">7</p>

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

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

</div>



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










<p class=Notes-Body style='margin-top:6.0pt;margin-right:0in;margin-bottom:
0in;margin-left:0in;margin-bottom:.0001pt;text-align:justify'>The Plan's
valuation methodology used to measure the fair values of the self-directed
brokerage accounts, pooled separate accounts, common stock and mutual funds were derived from
quoted market prices as substantially all of these instruments have active
markets. The valuation techniques used to measure fair value of participant
loans above, all of which mature by the end of 2017 and are secured by vested
account balances of borrowing participants, were derived using a discounted
cash flow model with inputs derived from unobservable market data. The
participant loans are included at their carrying values, in the statements of
net assets available for benefits, which approximated their fair values at
December 31, 2008. The valuation techniques used to measure fair value of
common/collective trust fund were derived from deposits made to the contract by
participants, plus earnings at guaranteed crediting rates, less withdrawals and
fees.&nbsp; The inputs used to estimate the fair value of the common/collective
trust fund were derived from unobservable market data.</p>

<p class=Notes-Body style='margin-top:6.0pt;margin-right:0in;margin-bottom:
0in;margin-left:0in;margin-bottom:.0001pt;text-align:justify'>The table below
sets forth a summary of changes in the fair value of the Plan's level 3 assets
for the year ended December 31, 2008. </p>
<p class=Notes-Body 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=MsoTableGrid border=0 cellspacing=0 cellpadding=0 width=541
 style='width:405.65pt;margin-left:.1in;border-collapse:collapse'>
 <tr style='height:12.6pt'>
  <td width=296 valign=top style='width:222.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.6pt'>
  <p class=NoteTitle style='margin-top:0in'><i>&nbsp;</i></p>
  </td>
  <td width=123 valign=bottom style='width:92.6pt;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.6pt'>
  <p class=NoteTitle align=center style='margin-top:0in;text-align:center'><b>Participant loans</b></p>
  </td>
  <td width=121 valign=top style='width:91.05pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.6pt'>
  <p class=NoteTitle align=center style='margin-top:0in;text-align:center'><b>Common/collective trust fund</b></p>
  </td>
 </tr>
 <tr>
  <td width=296 valign=top style='width:222.0pt;padding:0in 5.4pt 0in 5.4pt' bgcolor="#FFCC66">
  <p class=NoteTitle align=left style='margin-top:0in;text-align:left'>Balance as of January 1, 2008</p>
  </td>
  <td width=123 valign=top style='width:92.6pt;border:none;padding:0in 5.4pt 0in 5.4pt' bgcolor="#FFCC66">
  <p class=NoteTitle align=right style='margin-top:0in;text-align:right'>$&nbsp;&nbsp;&nbsp; 2,807,269</p>
  </td>
  <td width=121 valign=top style='width:91.05pt;border:none;border-top:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt' bgcolor="#FFCC66">
  <p class=NoteTitle align=right style='margin-top:0in;text-align:right'>$&nbsp;&nbsp;&nbsp; 12,960,509</p>
  </td>
 </tr>
 <tr>
  <td width=296 valign=top style='width:222.0pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=NoteTitle align=left style='margin-top:0in;text-align:left'>Issuances, repayments and
  settlements, net</p>
  </td>
  <td width=123 valign=top style='width:92.6pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p class=NoteTitle align=right style='margin-top:0in;text-align:right'>576,800</p>
  </td>
  <td width=121 valign=top style='width:91.05pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=NoteTitle align=right style='margin-top:0in;text-align:right'>15,350,698</p>
  </td>
 </tr>
 <tr>
  <td width=296 valign=top style='width:222.0pt;padding:0in 5.4pt 0in 5.4pt' bgcolor="#FFCC66">
  <p class=NoteTitle align=left style='margin-top:0in;text-align:left'>Balance as of December 31, 2008</p>
  </td>
  <td width=123 valign=top style='width:92.6pt;border:none;border-bottom:double windowtext 1.5pt;
  padding:0in 5.4pt 0in 5.4pt' bgcolor="#FFCC66">
  <p class=NoteTitle align=right style='margin-top:0in;text-align:right'>$&nbsp;&nbsp;&nbsp; 3,384,069</p>
  </td>
  <td width=121 valign=top style='width:91.05pt;border-top:solid windowtext 1.0pt;
  border-left:none;border-bottom:double windowtext 1.5pt;border-right:none;
  padding:0in 5.4pt 0in 5.4pt' bgcolor="#FFCC66">
  <p class=NoteTitle align=right style='margin-top:0in;text-align:right'>$&nbsp;&nbsp;&nbsp; 28,311,207</p>
  </td>
 </tr>
</table>

</div>



<p class=Notes-Header><b>Note 4:
Investments</b></p>

<p class=Notes-Body style='margin-left:0in'>The fair values of individual
investments that represent 5% or more of the Plan's net assets available for
benefits at December 31, 2008 and 2007 were:</p>

<div align="center">

<table class=MsoTableGrid border=0 cellspacing=0 cellpadding=0 width=624
 style='width:6.5in;margin-left:.1in;border-collapse:collapse'>
 <tr style='height:12.6pt'>
  <td width=381 valign=top style='width:285.9pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.6pt'>
  <p class=NoteTitle style='margin-top:0in'><i>&nbsp;</i></p>
  </td>
  <td width=243 colspan=3 valign=top style='width:182.1pt;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.6pt'>
  <p class=NoteTitle align=center style='margin-top:0in;text-align:center'>December 31,</p>
  </td>
 </tr>
 <tr style='height:12.6pt'>
  <td width=381 valign=top style='width:285.9pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.6pt'>
  <p class=NoteTitle style='margin-top:0in'><i>&nbsp;</i></p>
  </td>
  <td width=112 valign=top style='width:84.15pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:12.6pt'>
  <p class=NoteTitle align=center style='margin-top:0in;text-align:center'>2008</p>
  </td>
  <td width=18 valign=top style='width:13.8pt;border:none;border-top:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:12.6pt'>

  </td>
  <td width=112 valign=top style='width:84.15pt;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;height:12.6pt'>
  <p class=NoteTitle align=center style='margin-top:0in;text-align:center'>2007</p>
  </td>
 </tr>
 <tr>
  <td width=381 valign=top style='width:285.9pt;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=left style='margin-top:0in;text-align:left'>Stifel Financial Corp.
	Common
  Stock</p>
  </td>
  <td width=112 valign=top style='width:84.15pt;border:medium none;background:#FFCC66;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=right style='margin-top:0in;text-align:right'>$&nbsp;&nbsp;&nbsp; 26,097,711</p>
  </td>
  <td width=18 valign=top style='width:13.8pt;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=112 valign=top style='width:84.15pt;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=right style='margin-top:0in;text-align:right'>$&nbsp;&nbsp;&nbsp; 19,095,131</p>
  </td>
 </tr>
 <tr>
  <td width=381 valign=top style='width:285.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=NoteTitle align=left style='margin-top:0in;text-align:left'>Fidelity Contrafund</p>
  </td>
  <td width=112 valign=top style='width:84.15pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=NoteTitle align=right style='margin-top:0in;text-align:right'>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9,219,758</p>
  </td>
  <td width=18 valign=top style='width:13.8pt;padding:0in 5.4pt 0in 5.4pt'>

  </td>
  <td width=112 valign=top style='width:84.15pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=NoteTitle align=right style='margin-top:0in;text-align:right'>*</p>
  </td>
 </tr>
 <tr>
  <td width=381 valign=top style='width:285.9pt;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=left style='margin-top:0in;text-align:left'>American Investment Company
  of America</p>
  </td>
  <td width=112 valign=top style='width:84.15pt;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=right style='margin-top:0in;text-align:right'>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,679,657</p>
  </td>
  <td width=18 valign=top style='width:13.8pt;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=112 valign=top style='width:84.15pt;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=right style='margin-top:0in;text-align:right'>$&nbsp;&nbsp;&nbsp; 11,751,161</p>
  </td>
 </tr>
 <tr>
  <td width=381 valign=top style='width:285.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=NoteTitle align=left style='margin-top:0in;text-align:left'>Growth Fund of America-R5</p>
  </td>
  <td width=112 valign=top style='width:84.15pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=NoteTitle align=right style='margin-top:0in;text-align:right'>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,560,909</p>
  </td>
  <td width=18 valign=top style='width:13.8pt;padding:0in 5.4pt 0in 5.4pt'>

  </td>
  <td width=112 valign=top style='width:84.15pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=NoteTitle align=right style='margin-top:0in;text-align:right'>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,682,559</p>
  </td>
 </tr>
 <tr>
  <td width=381 valign=top style='width:285.9pt;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=left style='margin-top:0in;text-align:left'>TimesSquare
	Small Cap Growth </p>
  </td>
  <td width=112 valign=top style='width:84.15pt;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=right style='margin-top:0in;text-align:right'>*</p>
  </td>
  <td width=18 valign=top style='width:13.8pt;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=112 valign=top style='width:84.15pt;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=right style='margin-top:0in;text-align:right'>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8,003,719</p>
  </td>
 </tr>
 <tr>
  <td width=381 valign=top style='width:285.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=NoteTitle align=left style='margin-top:0in;text-align:left'>
	Wellington Large Cap Value</p>
  </td>
  <td width=112 valign=top style='width:84.15pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=NoteTitle align=right style='margin-top:0in;text-align:right'>*</p>
  </td>
  <td width=18 valign=top style='width:13.8pt;padding:0in 5.4pt 0in 5.4pt'>

  </td>
  <td width=112 valign=top style='width:84.15pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=NoteTitle align=right style='margin-top:0in;text-align:right'>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,194,928</p>
  </td>
 </tr>
 <tr>
  <td width=381 valign=top style='width:285.9pt;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=left style='margin-top:0in;text-align:left'>LSV Asset
  Management International Value</p>
  </td>
  <td width=112 valign=top style='width:84.15pt;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=right style='margin-top:0in;text-align:right'>*</p>
  </td>
  <td width=18 valign=top style='width:13.8pt;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=112 valign=top style='width:84.15pt;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=right style='margin-top:0in;text-align:right'>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,814,547</p>
  </td>
 </tr>
 <tr>
  <td width=381 valign=top style='width:285.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=NoteTitle align=left style='margin-top:0in;text-align:left'>Prudential Guaranteed Income
  Account</p>
  </td>
  <td width=112 valign=top style='width:84.15pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=NoteTitle align=right style='margin-top:0in;text-align:right'>$&nbsp;&nbsp;&nbsp; 28,311,207</p>
  </td>
  <td width=18 valign=top style='width:13.8pt;padding:0in 5.4pt 0in 5.4pt'>

  </td>
  <td width=112 valign=top style='width:84.15pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=NoteTitle align=right style='margin-top:0in;text-align:right'>$&nbsp;&nbsp;&nbsp; 12,960,509</p>
  </td>
 </tr>
</table>

</div>

<p class=Notes-Body style='margin-left:.5in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; * not a 5% investment in
respective year</p>



<p class=Footer-NoteReference align="center">8</p>

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

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

</div>



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










<p class=Notes-Body style='margin-left:0in;text-align:justify'>For the year
ended December 31, 2008 and 2007, the Plan's investments, including investments
purchased and sold, as well as held during the year, (depreciated)
appreciated in fair value as follows:</p>

<div align=center>

<table class=MsoTableGrid border=0 cellspacing=0 cellpadding=0 width=605
 style='width:454.1pt;border-collapse:collapse'>
 <tr style='height:12.6pt'>
  <td width=279 valign=top style='width:209.05pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.6pt'>
  &nbsp;</td>
  <td width=24 valign=top style='width:.25in;padding:0in 5.4pt 0in 5.4pt;
  height:12.6pt'>

  &nbsp;</td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; width:303px;border-bottom:1.0pt solid windowtext;
  height:12.6pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' colspan="2">
  <p class=NoteTitle align=center style='margin-top:0in;text-align:center'>Net Realized and Unrealized Depreciation in Fair
  Value of Investments</p>
  </td>
 </tr>
 <tr style='height:12.6pt'>
  <td width=279 valign=top style='width:209.05pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.6pt'>
  <p class=NoteTitle style='margin-top:0in'><i>&nbsp;</i></p>
  </td>
  <td width=24 valign=top style='width:.25in;padding:0in 5.4pt 0in 5.4pt;
  height:12.6pt'>

  </td>
  <td width=156 valign=top style='width:117.0pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:12.6pt'>
  <p class=NoteTitle align=center style='margin-top:0in;text-align:center'><b>2008</b></p>
  </td>
  <td width=147 valign=top style='width:110.05pt;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.6pt'>
  <p class=NoteTitle align=center style='margin-top:0in;text-align:center'><b>2007</b></p>
  </td>
 </tr>
 <tr>
  <td width=279 valign=top style='width:209.05pt;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=left style='margin-top:0in;text-align:left'>Mutual funds</p>
  </td>
  <td width=24 valign=top style='width:.25in;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=156 valign=top style='width:117.0pt;border:medium none;background:#FFCC66;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=right style='margin-top:0in;text-align:right'>$&nbsp;&nbsp;&nbsp; (25,452,506)</p>
  </td>
  <td width=147 valign=top style='width:110.05pt;border:medium none;background:#FFCC66;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=right style='margin-top:0in;text-align:right'>$&nbsp;&nbsp;&nbsp; (85,967)</p>
  </td>
 </tr>
 <tr>
  <td width=279 valign=top style='width:209.05pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=NoteTitle align=left style='margin-top:0in;text-align:left'>Stifel Financial Corp. common
  stock</p>
  </td>
  <td width=24 valign=top style='width:.25in;padding:0in 5.4pt 0in 5.4pt'>

  </td>
  <td width=156 valign=top style='width:117.0pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=NoteTitle align=right style='margin-top:0in;text-align:right'>7,572,277</p>
  </td>
  <td width=147 valign=top style='width:110.05pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=NoteTitle align=right style='margin-top:0in;text-align:right'>4,731,120</p>
  </td>
 </tr>
 <tr>
  <td width=279 valign=top style='width:209.05pt;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=left style='margin-top:0in;text-align:left'>Self-directed brokerage</a> accounts</p>
  </td>
  <td width=24 valign=top style='width:.25in;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=156 valign=top style='width:117.0pt;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=right style='margin-top:0in;text-align:right'>(4,279,737)</p>
  </td>
  <td width=147 valign=top style='width:110.05pt;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=right style='margin-top:0in;text-align:right'>639,975</p>
  </td>
 </tr>
 <tr>
  <td width=279 valign=top style='width:209.05pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=NoteTitle align=left style='margin-top:0in;text-align:left'>Pooled separate accounts</p>
  </td>
  <td width=24 valign=top style='width:.25in;padding:0in 5.4pt 0in 5.4pt'>

  </td>
  <td width=156 valign=top style='width:117.0pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p class=NoteTitle align=right style='margin-top:0in;text-align:right'>(20,843,214)</p>
  </td>
  <td width=147 valign=top style='width:110.05pt;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=NoteTitle align=right style='margin-top:0in;text-align:right'>2,318,019</p>
  </td>
 </tr>
 <tr>
  <td width=279 valign=top style='width:209.05pt;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=24 valign=top style='width:.25in;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=156 valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; width:117.0pt;border-bottom:1.5pt double windowtext;
  background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=right style='margin-top:0in;text-align:right'>$&nbsp;&nbsp;&nbsp; (43,003,180)</p>
  </td>
  <td width=147 valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; width:110.05pt;border-bottom:
  1.5pt double windowtext;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=right style='margin-top:0in;text-align:right'>$&nbsp;&nbsp;&nbsp; 7,603,147</p>
  </td>
 </tr>
</table>

</div>



<p class=Notes-Header><b>Note 5:
Party-in-Interest Transactions</b></p>

<p class=Notes-Body style='margin-left:0in;text-align:justify'>Party-in-interest
transactions include those with fiduciaries or employees of the Plan, any
person who provides services to the Plan, an employer whose employees are
covered by the Plan, a person who owns 50% or more of such an employer or
relatives of such persons.</p>

<p class=Notes-Body style='margin-left:0in;text-align:justify'>As noted in Note
1 above, Prudential Retirement Insurance and Annuity Company is a fiduciary of
the Plan and also serves as the record keeper to maintain the individual
accounts of each participant.</p>

<p class=Notes-Body style='margin-left:0in;text-align:justify'>Active
participants can purchase the common stock of the Parent from their existing
account balances. At December 31, 2008 and 2007, participants held 569,198 and 544,848
shares, respectively.</p>

<p class=Notes-Body style='margin-left:0in;text-align:justify'>The Plan invests
in certain funds of the Trustee. The Plan paid $15,813 and $9,956 of record
keeping fees to the Trustee during 2008 and 2007, respectively. The Company
provides certain administrative services at no cost to the Plan and pays
certain accounting and auditing fees related to the Plan.&nbsp; </p>

<p class=Notes-Header><b>Note 6: Risks
and Uncertainties</b></p>

<p class=Notes-Body style='margin-left:0in;text-align:justify'>The Plan
provides for various investment options in common stock, registered investment
companies (mutual funds), and short-term investments. The Plan's exposure to
credit loss in the event of nonperformance of investments is limited to the
carrying value of such investments. Investment securities, in general, are
exposed to various risks, such as interest rate, credit, and overall market
volatility risk. During the year ended December 31, 2008, net depreciation in
fair value of investments totaled $43,003,180 due to a significant amount of
market volatility that was, in part, a result of a general decline in global
economic conditions. Due to the level of risk associated with certain
investment securities, it is reasonably possible that changes in the values of
investment securities will occur in the near term and that such changes could
materially affect the amounts reported in the statements of net assets
available for benefits and participant account balances.</p>

<p class=Footer-NoteReference align="center">9</p>

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

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

</div>





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












<p class=Header-ClientName align="center"><b>Supplemental
Schedules</b></p>
<p class=Header-ClientName align="center">&nbsp;</p>







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

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

</div>





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



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







<p class=Header-ClientName align="center"><b>Stifel,
Nicolaus Profit Sharing 401(k) Plan<br>
EIN
43-0538770&nbsp; PN 001<br>
Schedule
H, Line 4(a) - Schedule of Delinquent Participant Contributions<br>
Year
Ended December 31, 2008</b></p>



<div align=center>

<table class=MsoTableGrid border=0 cellspacing=0 cellpadding=0
 style='width:612px;margin-left:-.3in;border-collapse:collapse'>
 <tr style='height:12.6pt'>
  <td width=294 valign=top style='width:220.5pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:12.6pt'>
  <p class=NoteTitle align=center style='margin-top:0in;text-align:center'><br>
  Participant Contributions Transferred Late to Plan</p>
  </td>
  <td width=16 valign=top style='width:12.2pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.6pt'>

  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; width:283px;border-bottom:1.0pt solid windowtext;
  height:12.6pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=center style='margin-top:0in;text-align:center'><br>
  Total that Constitute Nonexempt Prohibited Transactions</p>
  </td>
 </tr>
 <tr>
  <td width=294 valign=top style='width:220.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'>
  <p class=NoteTitle align=center style='margin-top:0in;margin-right:0in;
  margin-bottom:0in;margin-left:11.8pt;margin-bottom:.0001pt;text-align:center;
  text-indent:-11.8pt'>$3,856</p>
  </td>
  <td width=16 valign=top style='width:12.2pt;padding:0in 5.4pt 0in 5.4pt'>

  </td>
  <td valign=top style='width:283px;border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=center style='margin-top:0in;text-align:center'>$3,856</p>
  </td>
 </tr>
</table>

<p class="NoteTitle" align="center" style="margin-top: 0in">&nbsp;</p>
<p class="NoteTitle" align="center" style="margin-top: 0in">&nbsp;</div>
<p class=Footer-NoteReference align=center>10</p>

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

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

</div>



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










<p class=Header-ClientName align="center"><b>Stifel,
Nicolaus Profit Sharing 401(k) Plan<br>
EIN
43-0538770&nbsp; PN 001<br>
Schedule
H, Line 4(i) - Schedule of Assets (Held at End of Year)<br>
December
31, 2008</b></p>
<div align="center">



<table class=MsoTableGrid border=0 cellspacing=0 cellpadding=0
 style='width:804px;margin-left:-.3in;border-collapse:collapse'>
 <tr style='height:12.6pt'>
  <td width=37 valign=top style='width:27.8pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:12.6pt'>
  <p class=NoteTitle align=center style='margin-top:0in;text-align:center'><br>
  <br>
  <br>
  <br>
  (a)</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; width:304px;border-bottom:
  1.0pt solid windowtext;height:12.6pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=center style='margin-top:0in;text-align:center'><br>
  <br>
  (b)<br>
  Identity of Issue, Borrower,<br>
  Lessor, or Similar Party</p>
  </td>
  <td valign=top style='width:11px;height:12.6pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; width:238px;border-bottom:1.0pt solid windowtext;
  height:12.6pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=center style='margin-top:0in;text-align:center'><br>
	(c)<br>
  Description of Investment, Including Maturity Date, Rate of Interest,
  Collateral, Par or Maturity Value</p>
  </td>
  <td valign=top style='width:4px;height:12.6pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; width:127px;border-bottom:1.0pt solid windowtext;
  height:12.6pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=center style='margin-top:0in;text-align:center'><br>
  <br>
  <br>
  (e)<br>
  Current Value</p>
  </td>
 </tr>
 <tr>
  <td width=37 valign=top style='width:27.8pt;border:none;padding:0in 5.4pt 0in 5.4pt'>

  </td>
  <td valign=top style='width:304px;border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=left style='margin-top:0in;margin-right:0in;
  margin-bottom:0in;margin-left:11.8pt;margin-bottom:.0001pt;text-align:left;
  text-indent:-11.8pt'>Prudential Retirement Insurance and Annuity Company
  Pooled Separate Accounts:</p>
  </td>
  <td valign=top style='width:11px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td valign=top style='width:238px;border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td valign=top style='width:4px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td valign=top style='width:127px;border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>
 <tr>
  <td width=37 valign=top style='width:27.8pt;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=center style='margin-top:0in;text-align:center'>*</p>
  </td>
  <td valign=top style='width:304px;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=left style='margin-top:0in;margin-right:0in;
  margin-bottom:0in;margin-left:20.8pt;margin-bottom:.0001pt;text-align:left'>Artisan International Growth</p>
  </td>
  <td valign=top style='width:11px;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td valign=top style='width:238px;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=center style='margin-top:0in;text-align:center'>251,047 shares</p>
  </td>
  <td valign=top style='width:4px;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td valign=top style='width:127px;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=right style='margin-top:0in;text-align:right'>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,457,837</p>
  </td>
 </tr>
 <tr>
  <td width=37 valign=top style='width:27.8pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=NoteTitle align=center style='margin-top:0in;text-align:center'>*</p>
  </td>
  <td valign=top style='width:304px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=left style='margin-top:0in;margin-right:0in;
  margin-bottom:0in;margin-left:20.8pt;margin-bottom:.0001pt;text-align:left'>Artisan Mid Cap Growth</p>
  </td>
  <td valign=top style='width:11px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td valign=top style='width:238px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=center style='margin-top:0in;text-align:center'>392,264 shares</p>
  </td>
  <td valign=top style='width:4px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td valign=top style='width:127px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=right style='margin-top:0in;text-align:right'>3,260,129</p>
  </td>
 </tr>
 <tr>
  <td width=37 valign=top style='width:27.8pt;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=center style='margin-top:0in;text-align:center'>*</p>
  </td>
  <td valign=top style='width:304px;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=left style='margin-top:0in;margin-right:0in;
  margin-bottom:0in;margin-left:20.8pt;margin-bottom:.0001pt;text-align:left'>Dryden S&amp;P 500(R) Index Fund</p>
  </td>
  <td valign=top style='width:11px;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td valign=top style='width:238px;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=center style='margin-top:0in;text-align:center'>77,319 shares</p>
  </td>
  <td valign=top style='width:4px;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td valign=top style='width:127px;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=right style='margin-top:0in;text-align:right'>4,368,253</p>
  </td>
 </tr>
 <tr>
  <td width=37 valign=top style='width:27.8pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=NoteTitle align=center style='margin-top:0in;text-align:center'>*</p>
  </td>
  <td valign=top style='width:304px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=left style='margin-top:0in;margin-right:0in;
  margin-bottom:0in;margin-left:20.8pt;margin-bottom:.0001pt;text-align:left'>GSAM High Grade Bond</p>
  </td>
  <td valign=top style='width:11px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td valign=top style='width:238px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=center style='margin-top:0in;text-align:center'>226,110 shares</p>
  </td>
  <td valign=top style='width:4px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td valign=top style='width:127px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=right style='margin-top:0in;text-align:right'>3,623,297</p>
  </td>
 </tr>
 <tr>
  <td width=37 valign=top style='width:27.8pt;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=center style='margin-top:0in;text-align:center'>*</p>
  </td>
  <td valign=top style='width:304px;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=left style='margin-top:0in;margin-right:0in;
  margin-bottom:0in;margin-left:20.8pt;margin-bottom:.0001pt;text-align:left'>LSV Asset Management
  International Value</p>
  </td>
  <td valign=top style='width:11px;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td valign=top style='width:238px;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=center style='margin-top:0in;text-align:center'>436,811 shares</p>
  </td>
  <td valign=top style='width:4px;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td valign=top style='width:127px;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=right style='margin-top:0in;text-align:right'>3,596,016</p>
  </td>
 </tr>
 <tr>
  <td width=37 valign=top style='width:27.8pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=NoteTitle align=center style='margin-top:0in;text-align:center'>*</p>
  </td>
  <td valign=top style='width:304px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=left style='margin-top:0in;margin-right:0in;
  margin-bottom:0in;margin-left:20.8pt;margin-bottom:.0001pt;text-align:left'>Mellon Capital Small Cap Value</p>
  </td>
  <td valign=top style='width:11px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td valign=top style='width:238px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=center style='margin-top:0in;text-align:center'>166,815 shares</p>
  </td>
  <td valign=top style='width:4px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td valign=top style='width:127px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=right style='margin-top:0in;text-align:right'>2,792,336</p>
  </td>
 </tr>
 <tr>
  <td width=37 valign=top style='width:27.8pt;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=center style='margin-top:0in;text-align:center'>*</p>
  </td>
  <td valign=top style='width:304px;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=left style='margin-top:0in;margin-right:0in;
  margin-bottom:0in;margin-left:20.8pt;margin-bottom:.0001pt;text-align:left'>TimesSquare Small Cap Growth</p>
  </td>
  <td valign=top style='width:11px;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td valign=top style='width:238px;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=center style='margin-top:0in;text-align:center'>339,500 shares</p>
  </td>
  <td valign=top style='width:4px;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td valign=top style='width:127px;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=right style='margin-top:0in;text-align:right'>6,356,725</p>
  </td>
 </tr>
 <tr>
  <td width=37 valign=top style='width:27.8pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=NoteTitle align=center style='margin-top:0in;text-align:center'>*</p>
  </td>
  <td valign=top style='width:304px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=left style='margin-top:0in;margin-right:0in;
  margin-bottom:0in;margin-left:20.8pt;margin-bottom:.0001pt;text-align:left'>Wellington Large Cap Growth</p>
  </td>
  <td valign=top style='width:11px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td valign=top style='width:238px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=center style='margin-top:0in;text-align:center'>383,940 shares</p>
  </td>
  <td valign=top style='width:4px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td valign=top style='width:127px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=right style='margin-top:0in;text-align:right'>1,962,617</p>
  </td>
 </tr>
 <tr>
  <td width=37 valign=top style='width:27.8pt;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=center style='margin-top:0in;text-align:center'>*</p>
  </td>
  <td valign=top style='width:304px;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=left style='margin-top:0in;margin-right:0in;
  margin-bottom:0in;margin-left:20.8pt;margin-bottom:.0001pt;text-align:left'>Wellington Large Cap Value</p>
  </td>
  <td valign=top style='width:11px;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td valign=top style='width:238px;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=center style='margin-top:0in;text-align:center'>517,988 shares</p>
  </td>
  <td valign=top style='width:4px;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td valign=top style='width:127px;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=right style='margin-top:0in;text-align:right'>4,678,081</p>
  </td>
 </tr>
 <tr>
  <td width=37 valign=top style='width:27.8pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=NoteTitle align=center style='margin-top:0in;text-align:center'>*</p>
  </td>
  <td valign=top style='width:304px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=left style='margin-top:0in;margin-right:0in;
  margin-bottom:0in;margin-left:20.8pt;margin-bottom:.0001pt;text-align:left'>Wellington Mid Cap Value</p>
  </td>
  <td valign=top style='width:11px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td valign=top style='width:238px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=center style='margin-top:0in;text-align:center'>148,682 shares</p>
  </td>
  <td valign=top style='width:4px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td valign=top style='width:127px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=right style='margin-top:0in;text-align:right'>1,972,482</p>
  </td>
 </tr>
 <tr>
  <td width=37 valign=top style='width:27.8pt;background:aqua;padding:0in 5.4pt 0in 5.4pt'>

  </td>
  <td valign=top style='width:304px;background:aqua;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td valign=top style='width:11px;background:aqua;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td valign=top style='width:238px;background:aqua;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td valign=top style='width:4px;background:aqua;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td valign=top style='width:127px;background:aqua;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>
 <tr>
  <td width=37 valign=top style='width:27.8pt;padding:0in 5.4pt 0in 5.4pt' bgcolor="#FFCC66">
  <p class=NoteTitle align=center style='margin-top:0in;text-align:center'>*</p>
  </td>
  <td valign=top style='width:304px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#FFCC66">
  <p class=NoteTitle align=left style='margin-top:0in;text-align:left'>Prudential Guaranteed Income
  Account</p>
  </td>
  <td valign=top style='width:11px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#FFCC66">

  </td>
  <td valign=top style='width:238px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#FFCC66">
  <p class=NoteTitle align=center style='margin-top:0in;text-align:center'>3.8%</p>
  </td>
  <td valign=top style='width:4px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#FFCC66">

  </td>
  <td valign=top style='width:127px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#FFCC66">
  <p class=NoteTitle align=right style='margin-top:0in;text-align:right'>28,311,207</p>
  </td>
 </tr>
 <tr>
  <td width=37 valign=top style='width:27.8pt;background:aqua;padding:0in 5.4pt 0in 5.4pt'>

  </td>
  <td valign=top style='width:304px;background:aqua;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td valign=top style='width:11px;background:aqua;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td valign=top style='width:238px;background:aqua;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td valign=top style='width:4px;background:aqua;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td valign=top style='width:127px;background:aqua;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>
 <tr>
  <td width=37 valign=top style='width:27.8pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=NoteTitle align=center style='margin-top:0in;text-align:center'>*</p>
  </td>
  <td valign=top style='width:304px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=left style='margin-top:0in;text-align:left'>Stifel Financial Corp. Common
  Stock</p>
  </td>
  <td valign=top style='width:11px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td valign=top style='width:238px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=center style='margin-top:0in;text-align:center'>569,198 shares</p>
  </td>
  <td valign=top style='width:4px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td valign=top style='width:127px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=right style='margin-top:0in;text-align:right'>26,097,711</p>
  </td>
 </tr>
 <tr>
  <td width=37 valign=top style='width:27.8pt;background:aqua;padding:0in 5.4pt 0in 5.4pt'>

  </td>
  <td valign=top style='width:304px;background:aqua;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td valign=top style='width:11px;background:aqua;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td valign=top style='width:238px;background:aqua;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td valign=top style='width:4px;background:aqua;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td valign=top style='width:127px;background:aqua;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>
 <tr>
  <td width=37 valign=top style='width:27.8pt;padding:0in 5.4pt 0in 5.4pt'>

  </td>
  <td valign=top style='width:304px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=left style='margin-top:0in;text-align:left'>Mutual Funds:</p>
  </td>
  <td valign=top style='width:11px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td valign=top style='width:238px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td valign=top style='width:4px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td valign=top style='width:127px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>
 <tr>
  <td width=37 valign=top style='width:27.8pt;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td valign=top style='width:304px;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=left style='margin-top:0in;margin-right:0in;
  margin-bottom:0in;margin-left:20.75pt;margin-bottom:.0001pt;text-align:left'>Alger Mid Cap Growth Institutional</p>
  </td>
  <td valign=top style='width:11px;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td valign=top style='width:238px;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=center style='margin-top:0in;text-align:center'>148,127 shares</p>
  </td>
  <td valign=top style='width:4px;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td valign=top style='width:127px;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=right style='margin-top:0in;text-align:right'>1,167,241</p>
  </td>
 </tr>
 <tr>
  <td width=37 valign=top style='width:27.8pt;padding:0in 5.4pt 0in 5.4pt'>

  </td>
  <td valign=top style='width:304px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=left style='margin-top:0in;margin-right:0in;
  margin-bottom:0in;margin-left:20.75pt;margin-bottom:.0001pt;text-align:left'>American
  Bond Fund</p>
  </td>
  <td valign=top style='width:11px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td valign=top style='width:238px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=center style='margin-top:0in;text-align:center'>248,650
  shares</p>
  </td>
  <td valign=top style='width:4px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td valign=top style='width:127px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=right style='margin-top:0in;text-align:right'>2,675,476</p>
  </td>
 </tr>
 <tr>
  <td width=37 valign=top style='width:27.8pt;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td valign=top style='width:304px;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=left style='margin-top:0in;margin-right:0in;
  margin-bottom:0in;margin-left:20.75pt;margin-bottom:.0001pt;text-align:left'>American
  Euro Pac Growth</p>
  </td>
  <td valign=top style='width:11px;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td valign=top style='width:238px;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=center style='margin-top:0in;text-align:center'>83,408
  shares</p>
  </td>
  <td valign=top style='width:4px;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td valign=top style='width:127px;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=right style='margin-top:0in;text-align:right'>2,331,242</p>
  </td>
 </tr>
 <tr>
  <td width=37 valign=top style='width:27.8pt;padding:0in 5.4pt 0in 5.4pt'>

  </td>
  <td valign=top style='width:304px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=left style='margin-top:0in;margin-right:0in;
  margin-bottom:0in;margin-left:20.75pt;margin-bottom:.0001pt;text-align:left'>American
  Investment Company of America</p>
  </td>
  <td valign=top style='width:11px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td valign=top style='width:238px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=center style='margin-top:0in;text-align:center'>366,571
  shares</p>
  </td>
  <td valign=top style='width:4px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td valign=top style='width:127px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=right style='margin-top:0in;text-align:right'>7,679,657</p>
  </td>
 </tr>
 <tr>
  <td width=37 valign=top style='width:27.8pt;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td valign=top style='width:304px;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=left style='margin-top:0in;margin-right:0in;
  margin-bottom:0in;margin-left:20.75pt;margin-bottom:.0001pt;text-align:left'>Davis NY Venture A</p>
  </td>
  <td valign=top style='width:11px;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td valign=top style='width:238px;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=center style='margin-top:0in;text-align:center'>154,358
  shares</p>
  </td>
  <td valign=top style='width:4px;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td valign=top style='width:127px;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=right style='margin-top:0in;text-align:right'>3,681,429</p>
  </td>
 </tr>
 <tr>
  <td width=37 valign=top style='width:27.8pt;padding:0in 5.4pt 0in 5.4pt'>

  </td>
  <td valign=top style='width:304px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=left style='margin-top:0in;margin-right:0in;
  margin-bottom:0in;margin-left:20.75pt;margin-bottom:.0001pt;text-align:left'>Fidelity
  Contrafund</p>
  </td>
  <td valign=top style='width:11px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td valign=top style='width:238px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=center style='margin-top:0in;text-align:center'>203,707
  shares</p>
  </td>
  <td valign=top style='width:4px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td valign=top style='width:127px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=right style='margin-top:0in;text-align:right'>9,219,758</p>
  </td>
 </tr>
 <tr>
  <td width=37 valign=top style='width:27.8pt;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td valign=top style='width:304px;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=left style='margin-top:0in;margin-right:0in;
  margin-bottom:0in;margin-left:20.75pt;margin-bottom:.0001pt;text-align:left'>Growth Fund
  of America - R5</p>
  </td>
  <td valign=top style='width:11px;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td valign=top style='width:238px;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=center style='margin-top:0in;text-align:center'>369,907
  shares</p>
  </td>
  <td valign=top style='width:4px;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td valign=top style='width:127px;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=right style='margin-top:0in;text-align:right'>7,560,909</p>
  </td>
 </tr>
 <tr>
  <td width=37 valign=top style='width:27.8pt;padding:0in 5.4pt 0in 5.4pt'>

  </td>
  <td valign=top style='width:304px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=left style='margin-top:0in;margin-right:0in;
  margin-bottom:0in;margin-left:20.75pt;margin-bottom:.0001pt;text-align:left'>Lord Abbett
  Mid Cap Value A</p>
  </td>
  <td valign=top style='width:11px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td valign=top style='width:238px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=center style='margin-top:0in;text-align:center'>158,442
  shares</p>
  </td>
  <td valign=top style='width:4px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td valign=top style='width:127px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=right style='margin-top:0in;text-align:right'>1,652,548</p>
  </td>
 </tr>
 <tr>
  <td width=37 valign=top style='width:27.8pt;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td valign=top style='width:304px;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=left style='margin-top:0in;margin-right:0in;
  margin-bottom:0in;margin-left:20.75pt;margin-bottom:.0001pt;text-align:left'>Lord Abbett
  Small Cap Value</p>
  </td>
  <td valign=top style='width:11px;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td valign=top style='width:238px;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=center style='margin-top:0in;text-align:center'>130,820
  shares</p>
  </td>
  <td valign=top style='width:4px;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td valign=top style='width:127px;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=right style='margin-top:0in;text-align:right'>2,509,124</p>
  </td>
 </tr>
 <tr>
  <td width=37 valign=top style='width:27.8pt;padding:0in 5.4pt 0in 5.4pt'>

  </td>
  <td valign=top style='width:304px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=left style='margin-top:0in;margin-right:0in;
  margin-bottom:0in;margin-left:20.75pt;margin-bottom:.0001pt;text-align:left'>Oakmark
  Equity and Income Fund</p>
  </td>
  <td valign=top style='width:11px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td valign=top style='width:238px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=center style='margin-top:0in;text-align:center'>104,114 shares</p>
  </td>
  <td valign=top style='width:4px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td valign=top style='width:127px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=right style='margin-top:0in;text-align:right'>2,244,695</p>
  </td>
 </tr>
 <tr>
  <td width=37 valign=top style='width:27.8pt;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td valign=top style='width:304px;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=left style='margin-top:0in;margin-right:0in;
  margin-bottom:0in;margin-left:20.75pt;margin-bottom:.0001pt;text-align:left'>Oppenheimer
  Developing Markets</p>
  </td>
  <td valign=top style='width:11px;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td valign=top style='width:238px;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=center style='margin-top:0in;text-align:center'>107,357
  shares</p>
  </td>
  <td valign=top style='width:4px;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td valign=top style='width:127px;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=right style='margin-top:0in;text-align:right'>1,705,903</p>
  </td>
 </tr>
 <tr>
  <td width=37 valign=top style='width:27.8pt;padding:0in 5.4pt 0in 5.4pt'>

  </td>
  <td valign=top style='width:304px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=left style='margin-top:0in;margin-right:0in;
  margin-bottom:0in;margin-left:20.75pt;margin-bottom:.0001pt;text-align:left'>Oppenheimer
  Global Fund A</p>
  </td>
  <td valign=top style='width:11px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td valign=top style='width:238px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=center style='margin-top:0in;text-align:center'>35,934
  shares</p>
  </td>
  <td valign=top style='width:4px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td valign=top style='width:127px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=right style='margin-top:0in;text-align:right'>1,375,555</p>
  </td>
 </tr>
 <tr>
  <td width=37 valign=top style='width:27.8pt;background:aqua;padding:0in 5.4pt 0in 5.4pt'>

  </td>
  <td valign=top style='width:304px;background:aqua;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td valign=top style='width:11px;background:aqua;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td valign=top style='width:238px;background:aqua;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td valign=top style='width:4px;background:aqua;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td valign=top style='width:127px;background:aqua;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>
 <tr>
  <td width=37 valign=top style='background:#FFCC66 url(&#039;&#039;); width:27.8pt;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td valign=top style='background:#FFCC66 url(&#039;&#039;); width:304px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=left style='margin-top:0in;'>Self-Directed
  Brokerage Accounts</p>
  </td>
  <td valign=top style='background:#FFCC66 url(&#039;&#039;); width:11px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td valign=top style='background:#FFCC66 url(&#039;&#039;); width:238px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=center style='margin-top:0in;'>7,738,517
  shares</p>
  </td>
  <td valign=top style='background:#FFCC66 url(&#039;&#039;); width:4px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td valign=top style='background:#FFCC66 url(&#039;&#039;); width:127px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=right style='margin-top:0in;'>7,738,517</p>
  </td>
 </tr>
 <tr>
  <td width=37 valign=top style='width:27.8pt;background:aqua;padding:0in 5.4pt 0in 5.4pt'>

  </td>
  <td valign=top style='width:304px;background:aqua;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td valign=top style='width:11px;background:aqua;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td valign=top style='width:238px;background:aqua;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td valign=top style='width:4px;background:aqua;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td valign=top style='width:127px;background:aqua;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>
 <tr>
  <td width=37 valign=top style='width:27.8pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=NoteTitle align=center style='margin-top:0in;text-align:center'>*</p>
  </td>
  <td valign=top style='width:304px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=left style='margin-top:0in;text-align:left'>Participant
  Loans</p>
  </td>
  <td valign=top style='width:11px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td valign=top style='width:238px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=center style='margin-top:0in;text-align:center'>5.0% -
  10.0%, maturing through 2017</p>
  </td>
  <td valign=top style='width:4px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; width:127px;border-bottom:1.0pt solid windowtext;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=right style='margin-top:0in;text-align:right'>3,384,069</p>
  </td>
 </tr>
 <tr>
  <td width=37 valign=top style='width:27.8pt;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td valign=top style='width:304px;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=left style='margin-top:0in;margin-right:0in;
  margin-bottom:0in;margin-left:29.8pt;margin-bottom:.0001pt;text-align:left'>Total
  investments, at fair value</p>
  </td>
  <td valign=top style='width:11px;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td valign=top style='width:238px;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td valign=top style='width:4px;background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; width:127px;border-bottom:1.5pt double windowtext;
  background:#FFCC66;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p class=NoteTitle align=right style='margin-top:0in;text-align:right'>$&nbsp;&nbsp;&nbsp; 144,402,814</p>
  </td>
 </tr>
 <tr>
  <td width=37 valign=top style='width:27.8pt;padding:0in 5.4pt 0in 5.4pt'>

  </td>
  <td valign=top style='width:304px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td valign=top style='width:11px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td valign=top style='width:238px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td valign=top style='width:4px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td valign=top style='width:127px;border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

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

</div>

<p class=MsoNormal style='margin-top:5.0pt;margin-right:0in;margin-bottom:5.0pt;
margin-left: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;Indicates a
party-interest to the Plan.</p>

<p class=MsoNormal style='margin-top:5.0pt;margin-right:0in;margin-bottom:5.0pt;
margin-left: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; Column (d), cost, has been
omitted, as all investments are participant directed.</p>

<p class=Footer-NoteReference align=center>11</p>

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

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

</div>



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










<p class=MsoNormal align=center style='margin-top:5.0pt;margin-right:0in;
margin-bottom:5.0pt;margin-left:.5in;text-align:center'><b><u>SIGNATURES</u></b></p>

<p class=MsoNormal style='margin-top:5.0pt;margin-right:0in;margin-bottom:5.0pt;
margin-left:0in;text-align:justify'>Pursuant to
the requirements of Securities Exchange Act of 1934, the persons who administer
the employee benefit plan have duly caused this annual report to be signed on their
behalf by the undersigned hereunto duly authorized.</p>



<div align=center>

<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width=638
 style='width:478.5pt;border-collapse:collapse'>
 <tr>
  <td width=319 valign=top style='width:239.25pt;padding:0in 5.25pt 0in 5.25pt'>

  </td>
  <td width=319 valign=top style='width:239.25pt;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 5.25pt 0in 5.25pt'>
  <p class=MsoNormal align=center style='margin-top:5.0pt;margin-right:0in;
  margin-bottom:5.0pt;margin-left:0in;text-align:center'>Stifel, Nicolaus Profit Sharing 401(k) Plan</p>
  </td>
 </tr>
 <tr style='height:12.35pt'>
  <td width=319 valign=top style='width:239.25pt;padding:0in 5.25pt 0in 5.25pt;
  height:12.35pt'>

  </td>
  <td width=319 valign=top style='width:239.25pt;border:none;padding:0in 5.25pt 0in 5.25pt;
  height:12.35pt'>
  <p class=MsoNormal align=center style='margin-top:5.0pt;margin-right:0in;
  margin-bottom:5.0pt;margin-left:0in;text-align:center'>(Name of Plan)</p>
  </td>
 </tr>
 <tr>
  <td width=319 valign=top style='width:239.25pt;padding:0in 5.25pt 0in 5.25pt'>
  <p class=MsoNormal style='margin-top:5.0pt;margin-right:0in;margin-bottom:
  5.0pt;margin-left:0in'>Date: June 29, 2009</p>
  </td>
  <td width=319 valign=top style='width:239.25pt;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 5.25pt 0in 5.25pt'>
  <p class=MsoNormal style='margin-top:5.0pt;margin-right:0in;margin-bottom:
  5.0pt;margin-left:0in'>By: /s/ Bernard N.
  Burkemper</p>
  </td>
 </tr>
 <tr>
  <td width=319 valign=top style='width:239.25pt;padding:0in 5.25pt 0in 5.25pt'>

  </td>
  <td width=319 valign=top style='width:239.25pt;border:none;padding:0in 5.25pt 0in 5.25pt'>
  <p class=MsoNormal style='margin-top:5.0pt;margin-right:0in;margin-bottom:
  5.0pt;margin-left:0in'>Bernard N. Burkemper <br>
  (Senior Vice-President / Review Committee)</p>
  </td>
 </tr>
</table>

</div>



<p class=Footer-NoteReference align=center>12</p>

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

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

</div>



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










<p class=MsoNormal align=center style='margin-left:.5in;text-align:center'><b>STIFEL FINANCIAL CORP. AND SUBSIDIARIES<br>
EXHIBIT INDEX</b></p>

<p class=MsoNormal align=center style='margin-top:5.0pt;margin-right:0in;
margin-bottom:5.0pt;margin-left:.5in;text-align:center'><b>December 31, 2008</b></p>



<div align=center>

<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0
 style='border-collapse:collapse'>
 <tr>
  <td width=127 valign=top style='width:95.3pt;padding:0in 5.25pt 0in 5.25pt'>
  <p class=MsoNormal style='margin-top:5.0pt;margin-right:0in;margin-bottom:
  5.0pt;margin-left:0in'><b><u>Exhibit Number</u></b></p>
  </td>
  <td width=270 style='width:202.45pt;padding:0in 5.25pt 0in 5.25pt'>
  <p class=MsoNormal align=center style='margin-top:5.0pt;margin-right:0in;
  margin-bottom:5.0pt;margin-left:0in;text-align:center'><b><u>Description</u></b></p>
  </td>
 </tr>
 <tr>
  <td width=127 valign=top style='width:95.3pt;padding:0in 5.25pt 0in 5.25pt'>
  <p class=MsoNormal align=center style='margin-top:5.0pt;margin-right:0in;
  margin-bottom:5.0pt;margin-left:0in;text-align:center'>23.1</p>
  </td>
  <td width=270 valign=top style='width:202.45pt;padding:0in 5.25pt 0in 5.25pt'>
  <p class=MsoNormal align=center style='margin-top:5.0pt;margin-right:0in;
  margin-bottom:5.0pt;margin-left:0in;text-align:center'>Consent of BKD, LLP</p>
  </td>
 </tr>
</table>

</div>

<p class=Footer-NoteReference align=center>13</p>







</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>2
<FILENAME>r11k2008_231.htm
<DESCRIPTION>AUDITORS CONSENT
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 23.1</TITLE>
</HEAD>

<FONT FACE="Times New Roman">
<P ALIGN="CENTER">Exhibit 23.1</P></FONT>

<B>
<P ALIGN="CENTER"></P>
<FONT FACE="Times New Roman">
<p class="Report-Header" align="center"><font size="4">Consent of Independent Registered Public Accounting Firm</font></p>
<p class="Report-Body">&nbsp;</p></FONT>
</B><FONT FACE="Times New Roman">We consent to the incorporation by reference in
the Registration Statement (Form S-8 No. 333-60516) pertaining to the Stifel,
Nicolaus Profit Sharing 401(k) Plan, of our report dated June 25, 2009, on our
audits of the statements of net assets available for benefits of Stifel,
Nicolaus Profit Sharing 401(k) as of December 31, 2008 and 2007, and the related
statements of changes in net assets available for benefits for the years ended
December 31, 2008 and 2007, which report appears in the December 31, 2008,
annual report on Form 11-K of Stifel, Nicolaus Profit Sharing 401(k) Plan.<br>
&nbsp;</p>
/s/ BKD, LLP<br>
&nbsp;</p>
</p>
St. Louis, Missouri<br>
June 25, 2009</p>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SUBMISSION>
