KBW, Inc. Announces Record Date and Meeting Date for Special Meeting of Stockholders in Connection with Merger Agreement

  KBW, Inc. Announces Record Date and Meeting Date for Special Meeting of
  Stockholders in Connection with Merger Agreement

Business Wire

NEW YORK -- December 14, 2012

KBW, Inc. (“KBW”) (NYSE: KBW) announced today that it has established a record
date and a meeting date for a special meeting of its stockholders to, among
other things, consider and vote on a proposal to adopt the previously
announced Agreement and Plan of Merger dated as of November 5, 2012, among
KBW, Stifel Financial Corp. (“Stifel”), and two wholly-owned subsidiaries of
Stifel, SFKBW One, Inc. and SFKBW Two, LLC.

KBW stockholders of record at the close of business on December 24, 2012, will
be entitled to notice of the special meeting and to vote at the special
meeting. The special meeting will take place on January 30, 2013, commencing
at 10:00 a.m., Eastern time, in the Luce Room of the Time Life Building,
located at 1271 Avenue of the Americas, New York, New York 10020.

About KBW

KBW, Inc., headquartered in New York, operates in the U.S., Europe and Asia
through its broker dealer subsidiaries, Keefe, Bruyette & Woods, Inc., Keefe,
Bruyette & Woods Limited and Keefe, Bruyette & Woods Asia Limited. Celebrating
its 50th anniversary, KBW has established itself as a leading independent
authority in the banking, insurance, brokerage, asset management, mortgage
banking, real estate and specialty finance sectors. Founded in 1962, the firm
maintains industry-leading positions in the areas of research, corporate
finance, mergers and acquisitions as well as sales and trading in equities and
debt securities of financial services companies.

Cautionary Statement Concerning Forward-Looking Statements

Statements in this document that relate to Stifel’s or KBW’s future plans,
objectives, expectations, performance, events and the like may constitute
“forward-looking statements” within the meaning of the Private Securities
Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as amended.
Future events, risks and uncertainties, individually or in the aggregate,
could cause our actual results to differ materially from those expressed or
implied in these forward-looking statements. The material factors and
assumptions that could cause actual results to differ materially from current
expectations include, without limitation, the following: (1) the inability to
close the merger in a timely manner; (2) the inability to complete the merger
due to the failure to obtain KBW stockholder adoption of the merger agreement
or the failure to satisfy other conditions to completion of the merger,
including required regulatory and court approvals; (3) the failure of the
transaction to close for any other reason; (4) the possibility that the
integration of KBW’s business and operations with those of Stifel may be more
difficult and/or take longer than anticipated, may be more costly than
anticipated and may have unanticipated adverse results relating to KBW’s or
Stifel’s existing businesses; (5) the challenges of integrating and retaining
key employees; (6) the effect of the announcement of the transaction on
Stifel’s, KBW’s or the combined company’s respective business relationships,
operating results and business generally; (7) the possibility that the
anticipated synergies and cost savings of the merger will not be realized, or
will not be realized within the expected time period; (8) the possibility that
the merger may be more expensive to complete than anticipated, including as a
result of unexpected factors or events; (9) the challenges of maintaining and
increasing revenues on a combined company basis following the close of the
merger; (10) diversion of management’s attention from ongoing business
concerns; (11) general competitive, economic, political and market conditions
and fluctuations; (12) actions taken or conditions imposed by the United
States and foreign governments; (13) adverse outcomes of pending or threatened
litigation or government investigations; (14) the impact of competition in the
industries and in the specific markets in which Stifel and KBW, respectively,
operate; and (15) other factors that may affect future results of the combined
company described in the section entitled “Risk Factors” in the proxy
statement/prospectus to be mailed to KBW’s shareholders and in Stifel’s and
KBW’s respective filings with the U.S. Securities and Exchange Commission
(“SEC”) that are available on the SEC’s web site located at
http://www.sec.gov, including the sections entitled “Risk Factors” in Stifel’s
Annual Report on Form 10-K for the fiscal year ended December 31, 2011, and
“Risk Factors” in KBW’s Annual Report on Form 10-K for the fiscal year ended
December 31, 2011. Readers are strongly urged to read the full cautionary
statements contained in those materials. We assume no obligation to update any
forward-looking statements to reflect events that occur or circumstances that
exist after the date on which they were made.

Additional Information

In connection with the proposed transaction, Stifel has filed with the SEC a
registration statement on Form S-4 that also constitutes a preliminary
prospectus of Stifel and other relevant documents relating to the acquisition
of KBW with the SEC. The registration statement on Form S-4 includes a
preliminary proxy statement of KBW, and the definitive proxy
statement/prospectus will be mailed to shareholders of KBW. Stifel and KBW
shareholders are urged to read the final registration statement and any other
relevant documents filed with the SEC, including the definitive proxy
statement/prospectus, because they will contain important information about
Stifel, KBW and the proposed transaction. Investors and securityholders will
be able to obtain free copies of the final registration statement and the
definitive proxy statement/prospectus (when available) as well as other filed
documents containing information about Stifel and KBW, without charge, at the
SEC’s website (http://www.sec.gov). Free copies of Stifel’s filings also may
be obtained by directing a request to Stifel’s Investor Relations by phone to
(314) 342-2000, in writing to Stifel Financial Corp., Attention: Investor
Relations, 501 North Broadway, St. Louis, Missouri 63102, by email to
investorrelations@stifel.com or at Stifel’s website (http://www.stifel.com).
Free copies of KBW’s filings also may be obtained by directing a request to
KBW’s Investor Relations by phone to (866) 529-2339, in writing to KBW, Inc.,
Attn: Alan Oshiki, c/o King Worldwide Investor Relations, 48 Wall Street, 32nd
Floor, New York, New York 10005, or by email to kbw.inv.relations@kbw.com.

Proxy Solicitation

Stifel, KBW and their respective directors and executive officers may be
deemed, under SEC rules, to be participants in the solicitation of proxies
from the shareholders of KBW with respect to the proposed transaction. More
detailed information regarding the identity of the potential participants, and
their direct or indirect interests, by securities holdings or otherwise, will
be set forth in the final registration statement and definitive proxy
statement/prospectus and other materials filed with the SEC (when available)
in connection with the proposed transaction. Information regarding Stifel’s
directors and executive officers is also available in Stifel’s definitive
proxy statement for its 2012 Annual Meeting of Shareholders filed with the SEC
on April 20, 2012. Information regarding KBW’s directors and executive
officers is also available in KBW’s definitive proxy statement for its 2012
Annual Meeting of Shareholders filed with the SEC on April 27, 2012. These
documents are available free of charge at the SEC’s web site at www.sec.gov
and from Investor Relations at KBW and Stifel.

Contact:

Investors:
KBW Investor Relations
Alan Oshiki, 866-529-2339
or
Media:
Intermarket Communications
Neil Shapiro, 212-754-5423