Presentation to Presentation Overview of Investment Banking Overview

Presentation to

Presentation: Overview of Investment Banking Overview of A. G. Edwards’ Investment Banking Analyst Program

Overview of Investment Banking

What is an “Investment Bank? ” Investment Banking Institutional Sales and Trading Securities Research Securities and Investment Services Firm Securities and Commodities Brokerage Syndicate Asset Management and Private Client Services

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

What is the Role of Investment Banking? Public Client Investment Banking Capital Markets Private Equity Offering Debt Offering Financial Advisory

Types of Investment Banks Bulge Bracket Investment Banks Strengths Global reach Large equity transaction expertise Public debt expertise M&A expertise Firms Goldman Sachs Merrill Lynch Morgan Stanley Dean Witter Middle Market Investment Banks Strengths Regional distribution system Strong retail-client relationships Middle market M&A experience Strong geographic expertise Firms A. G. Edwards Friedman Billings Legg Mason Raymond James Global Commercial Banks Boutique Investment Banks Strengths Global Reach Strengths IPO expertise Corporate relationships Strong debt expertise Large product offering Primary research coverage Small cap focus Strong industry expertise Firms Credit Suisse First Boston Firms Thomas Weisel Partners Bank of America Securities Citigroup/Salomon JP Morgan Chase & Co. Adams, Harkness & Hill Putnam Lovell Sandler O’Neill & Partners

Investment Banking Career Path Managing Director/ Vice President Associate Analyst

Investment Banking Analyst Responsibilities include: Assessing the valuation of public and private companies based on various valuation methodologies Creating models of financial forecasts Analyzing historical & projected financial performance Developing & participating in pitches for prospective clients Representing firm with clients, attorneys, accountants & peer investment banks Assist in creating marketing materials for upcoming transactions

Investment Banking Analyst Accounting or finance background Detail-oriented Highly motivated Excellent analytical & communication skills Flexible Management of multiple projects simultaneously Team player

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

Overview of A. G. Edwards’ Investment Banking Analyst Program

Analyst Training Program Initial training program Exposure to operations of numerous departments throughout firm – – Equity Research Equity Syndicate Institutional Sales OTC Exposure to outside professionals – Accountants – Law firms IPO and mergers & acquisitions case simulation

Advantages of the A. G. Edwards Analyst Program Small working group teams – Increased visibility – Increased responsibility – Access to senior bankers Commitment to professional development – – On-site GMAT course On-site MBA program visits/recruitment Potential MBA tuition reimbursement Contacts with leading private equity firms Work with a diverse group of highly motivated, dedicated individuals

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

For more information about Investment Banking Wall Street Journal – Read it! Websites – – www. vault. com www. careers-in-finance. com/ib. htm www. wetfeet. com www. agedwards. com Books – Monkey Business – Liar’s Poker

A. G. Edwards Investment Banking Questions or Concerns, please contact us: Brian R. Glass Associate MBA Washington Univ. 2001 BS Indiana University 1995 Associate MBA Indiana University 2000 BS Northern Illinois 1992 Analyst BS Indiana University 2003 (314) 955 -8181 brian. glass@agedwards. com Kenneth J. Lovik (314) 955 -8229 kenneth. lovik@agedwards. com Joshua D. Pearl (314) 955 -8182 joshua. pearl@agedwards. com