720672--2/27/2009--STIFEL_FINANCIAL

related topics

{financial, litigation, operation}

{personnel, key, retain}

{condition, economic, financial}

{capital, credit, financial}

{loss, insurance, financial}

{system, service, information}

{product, market, service}

{competitive, industry, competition}

{stock, price, share}

{acquisition, growth, future}

{provision, law, control}

{regulation, change, law}

Our results of operations may be adversely affected by conditions in the global financial markets and economic downturn. Recent government actions to stabilize credit markets and financial institutions may not be effective and could adversely affect our competitive position. Lack of sufficient liquidity or access to capital could impair our business and financial condition. Current trends in the global financial markets could cause significant fluctuations in our stock price. We face intense competition in our industry. Regulatory and legal developments could adversely affect our business and financial condition. Regulatory and legal developments related to auction rate securities ( ARS ) could adversely affect our business. Failure to comply with regulatory capital requirements would significantly harm our business. We have experienced significant pricing pressure in areas of our business, which may impair our revenues and profitability. Our underwriting and market-making activities place our capital at risk. Our ability to attract, develop and retain highly skilled and productive employees is critical to the success of our business. We may recruit financial advisors, make strategic acquisitions of businesses, engage in joint ventures or divest or exit existing businesses, which could cause us to incur unforeseen expenses and have disruptive effects on our business and may strain our resources. Our risk management policies and procedures may leave us exposed to unidentified or unanticipated risk. We continually encounter technological change, and we may have fewer resources than many of our competitors to continue to invest in technological improvements, which are important to attract and retain financial advisors. Our operations and infrastructure and those of the service providers upon which we rely may malfunction or fail. We may suffer losses if our reputation is harmed. Our current stockholders may experience dilution in their holdings if we issue additional shares of common stock as a result of the Ryan Beck acquisition, or future offerings or acquisitions where we use our stock. We are subject to an increased risk of legal proceedings, which may result in significant losses to us that we cannot recover. Claimants in these proceedings may be customers, employees, or regulatory agencies, among others, seeking damages for mistakes, errors, negligence or acts of fraud by our employees. Misconduct by our employees or by the employees of our business partners could harm us and is difficult to detect and prevent. Provisions in our certificate of incorporation and bylaws and of Delaware law may prevent or delay an acquisition of our company, which could decrease the market value of our common stock.

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720672--2/27/2009--STIFEL_FINANCIAL_CORP