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Founded in 1887 - headquartered in St. Louis, MO

Founded in 1887 - headquartered in St. Louis, MO Recognized as one of the securities industry’s best managed firms Seventh largest full-service brokerage firm in the U.S. Equity capital in excess of $1.7 billion. Top Full Service Brokerage Firms. Number of Brokers (a). 2004 Rank.

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Founded in 1887 - headquartered in St. Louis, MO

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  1. Founded in 1887 - headquartered in St. Louis, MO • Recognized as one of the securities industry’s best managed firms • Seventh largest full-service brokerage firm in the U.S. • Equity capital in excess of $1.7 billion

  2. Top Full Service Brokerage Firms Number ofBrokers(a) 2004 Rank 1 Merrill Lynch 13,000 2 Citigroup/Salomon 12,000 3 Morgan Stanley 10,000 4 Edward Jones 8,744 5 Wachovia Securities 8,000 6 UBS 7,750 7 A.G. Edwards 6,873 8 Raymond James 4,658 (a) Source: Institutional Investor (April 2004); public records.

  3. Foundation for Growth • More than 15,000 employees • More than 6,800 financial consultants • 90+ institutional salespeople • 140 investment banking professionals • 80 in Corporate Finance/ M&A • 60 in Public Finance • Largest trading operation outside of New York

  4. Investment Banking

  5. What is an “Investment Bank?” Corporate Finance/ Mergers & Acquisitions Institutional Sales and Trading Securities Research Securities and Investment Services Firm Securities and Commodities Brokerage Syndicate Asset Management and Private Client Services

  6. What is “Investment Banking?” Capital Raising Industry Focus • Public Equity Offering • Public Debt Offering • Private Equity Offering • Private Debt Offering • Hybrid/Structured Products • Technology • Healthcare • Financial Services • Consumer Products • Energy Investment Banking Product Focus Financial Advisory • Equity Capital Markets • Debt Capital Markets • Mergers & Acquisitions • Private Placements • Private Equity • Buy-Side Advisory • Sell-Side Advisory • Valuations • Fairness Opinions • Takeover Defense • Recapitalization Services

  7. Overview of Corporate Finance Our philosophy is to establish long-term relationships by emphasizing creativity, responsiveness, reliability and professionalism. • Research aligned, sector focused, value added banking services • Focus on middle-market and emerging growth companies • Continually expand capabilities to satisfy clients’ evolving needs • Senior level personnel committed to each transaction • Emphasis on the development of long term relationships

  8. Corporate Finance Organization Product Groups • Mergers & Acquisitions • Private Placements Industry Groups • Technology • Healthcare • Utilities • Oil and Gas • Financial Institutions • Real Estate • Consumer • Industrial

  9. What Attracts Clients to A.G. Edwards? • Reputation for integrity, stability and good management • Focus on developing long-term relationships • Extensive experience in serving middle-market companies • Strong research coverage • Extensive national retail and institutional distribution network

  10. 2 0 0 4 A N A L Y S T S U R V E Y FIRM BY FIRM:THE2004BESTONTHESTREETAWARDTALLY BROKERAGE TOTAL RANK HOUSE ALL-STARS 1. Merrill Lynch 13 2. UBS 12 3. Raymond James 11 4. Legg Mason 8 5. A.G. Edwards 8 6. Bear Stearns 7 7. Needham 7 8. Sidoti 7 9. Wachovia Securities 6 10. Piper Jaffrey 6 11. SG Cowen 5 12. JMP Securities 5 13. Morgan Keegan 5 14. Robert W. Baird 5 15. Prudential Equity Group 5 16. Deutsche Bank 5 17. Lehman Brothers 5 18. Janney Montgomery Scott 4 19. Keefe, Bruyette & Woods 4 20. William Blair 4 Equity Research • Consistently rank at the top of the Wall Street Journal Survey • Highly regarded, independent equity research is a major factor in our investment banking business

  11. AGE Relationship: EPIQ Systems • EPIQ Systems, Inc. provides technology-based case management solutions to attorneys, law firms, trustees and debtor companies that administer cases in the federal bankruptcy system. • Introduced to EPIQ by an institutional broker • Initiated research coverage in 1998 when the company had a $50 million market cap • Raised over $145 million for the Company since 1998 through two public offerings and three private placements • Helped management greatly reduce their large positions without negatively impacting the stock price • Currently the #1 market maker in the stock

  12. AGE Relationship: Inergy, L.P. • Publicly-traded Master Limited Partnership which is currently the seventh largest retail propane distributor in the U.S serving approximately 275,000 customers • Relationship with the Company since 1999 • Raised approximately $180 million for the Company through three public offerings • Acted as financial advisor to the Company on its $96.8 million acquisition of Independent Propane Company • Acted as financial advisor to Inergy on its $85 million offering of senior secured notes • Acted as financial advisor to Inergy in its purchase of EOTT Energy Corp’s West Coast Natural Gas Liquids Business.

  13. The Analyst Program

  14. Investment Banking Hierarchy ManagingDirector Vice President Associate Analyst

  15. The Investment Banking Analyst Program • Initiated in 1992 • Program is for students interested in pursuing an MBA • 2-3 year terms • Work includes a variety of assignments in Corporate Finance and Mergers and Acquisitions

  16. The Investment Banking Analyst Program • Role is to support team members in the development of business opportunities and execution of transactions • Looking to hire 6-8 Investment Banking Analysts this year in the headquarters • Currently we have 28 Investment Banking Analysts

  17. Analyst Responsibilities • Developing industry analyses • Creating models of financial forecasts • Analyzing historical and projected financial performance • Participating in extensive industry and company due diligence • Managing multiple projects simultaneously • Representing A.G. Edwards with clients and peer investment banks

  18. What Makes a Great Analyst? • Accounting or finance background • Detail-oriented • Highly motivated • Excellent analytical & communication skills • Flexible • Management of multiple projects simultaneously • Team player

  19. Advantages of the A.G. Edwards Analyst Program • Small working group teams. • Increased visibility • Increased responsibility • Access to senior bankers • Commitment to professional development. • GMAT course • MBA program visits • Tuition reimbursement • Contacts with leading private equity firms • Work with a diverse group of highly motivated, dedicated individuals…..

  20. Advantages of the A.G. Edwards Analyst Program

  21. Analyst Training Program • 5 week training program • Exposure to operations of numerous departments throughout firm • Equity Research • Equity Syndicate • OTC • Institutional Sales • Exposure to outside professionals • Wall St. trainers • Law firms • Valuation, modeling and case simulations

  22. Investment Banking AnalystCareer Progression Return to Investment Banking Pursue MBA Enter into new field of employment Joins Analyst program 2-3 yrs Undergraduate Pursue alternative professional employment

  23. Attractive Career Opportunities Our Analysts have gone directly from A.G. Edwards to MBA schools, private equity / LBO firms and companies such as the following:

  24. Recruiting Contacts Brian Glass, Vice President brian.glass@agedwards.com Analyst Interviews Oct. 22nd

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