Indiana University Finance P.O.O.P. Session A.G. Edwards & Sons, Inc. Investment Banking

Major Securities Brokerage Firms Number of Representatives* Merrill Lynch & Co. 13,600 Morgan Stanley Dean Witter 11,238 Salomon Smith Barney 10,350 Paine Webber 6,951 A.G. Edwards & Sons 6,528 Prudential Securities 6,281 * 1999, Institutional Investor

Securities Firms Broad-Based Services Equity & fixed - income research Individual asset management & private client services Investment banking; corporate finance Securities Firms Broad-Based Services Investment banking; public finance Securities & commodities brokerage Syndicate & trading

Role of Investment Banking Capital Markets Corporation Services Provided: Public & private offerings of equity & debt Mergers & acquisitions Financial advisory Valuations & fairness opinions

Recent Investment Banking Transactions Common Stock Price $16.00 Per Share March 1998 4,700,000 Shares Co-Manager 2,875,000 Shares Common Stock Co-Manager March 1998 Price $13.00 Per Share has agreed to be acquired by A.G. Edwards & Sons acted as financial advisor to West Publishing Company. June 1996 The Thomson Corporation for $3.425 Billion . A.G. Edwards & Sons, Inc. acted as financial advisor to The Registry acquired Shamrock Computer Resources, Inc. The Registry Senior Notes due 2006 $100,000,000 Co-Agent Reinsurance Group of America, Incorporated $6,000,000 Series B Convertible Preferred Stock Co-Agent

Working Groups Managing Director Vice President Associate Analyst

Investment Banking Analyst Responsibilities include: Developing industry analyses Creating models of financial forecasts Analyzing historical & projected financial performance Developing & participating in pitches for prospective clients Representing firm with clients & 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 Return to Investment Banking Pursue MBA Enter into new field of employment Joins Analyst program 2-3 yrs Undergraduate Pursue alternative professional employment

Investment Banking Analyst Training Program 4 week training program Exposure to operations of numerous departments throughout firm Equity Research Equity Syndicate OTC Institutional Sales Exposure to outside professionals Accountants Law firms IPO and mergers & acquisitions case simulation Mentor program

A.G. Edwards Investment Banking Questions or Concerns, please contact us: Kenneth J. Lovik lovikkj@agedwards.com Associate MBA Indiana Univ. 2000 B.S. Northern Ill. Univ. 1992 Wade B. Achenbach achenbachwb@agedwards.com Analyst B.S. Indiana Univ. 1999