 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

2004 Number of
Rank Brokers (a)
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.

 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
Investment Banking
What is an “Investment Bank?”
Corporate Finance/
Mergers &
Acquisitions
Securities Research Institutional Sales
and Trading

Securities and
Investment Services
Firm
Securities and
Commodities Syndicate
Brokerage
Asset Management
and Private Client
Services
 What is “Investment Banking?”
Industry Focus Capital Raising
 Technology  Public Equity Offering
 Healthcare  Public Debt Offering
 Financial Services  Private Equity Offering
 Consumer Products  Private Debt Offering
 Energy  Hybrid/Structured Products

Investment
Banking
Product Focus Financial Advisory
 Equity Capital Markets  Buy-Side Advisory
 Debt Capital Markets  Sell-Side Advisory
 Mergers & Acquisitions  Valuations
 Private Placements  Fairness Opinions
 Private Equity  Takeover Defense
 Recapitalization Services
 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
Corporate Finance Organization

Industry Groups Product Groups

• Technology  Mergers & Acquisitions
• Healthcare  Private Placements
• Utilities
• Oil and Gas
• Financial Institutions
• Real Estate
• Consumer
• Industrial
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
Equity Research

• Consistently rank at the

2 0 0 4 ANALYST S URVEY top of the Wall Street
FIRM BY FIRM:
THE 2004 BEST ON THE STREET AWARD TALLY Journal Survey
BROKERAGE TOTAL

• Highly regarded,
RANK HOUSE ALL-STARS
1. Merrill Lynch 13
2. UBS 12
3.
4.
Raymond James
Legg Mason
11
8 independent equity
5.
6.
7.
A.G. Edwards
Bear Stearns
Needham
8
7
7
research is a major factor
8.
9.
Sidoti
Wachovia Securities
7
6
in our investment
10.
11.
Piper Jaffrey
SG Cowen
6
5 banking business
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
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

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.
The Analyst Program
Investment Banking Hierarchy

Managing
Director

Vice President

Associate

Analyst
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
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

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
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
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…..
Advantages of the A.G. Edwards
Analyst Program
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
 Investment Banking Analyst
Career Progression

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

Pursue
alternative
professional
employment
 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:
Recruiting Contacts

Brian Glass, Vice President

brian.glass@agedwards.com

Analyst Interviews Oct. 22nd