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?” Securities and Investment Services Firm Investment Banking Asset Management and Private Client Services Securities Research Securities and Commodities Brokerage Institutional Sales and Trading Syndicate

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 Financial Advisory Public Equity Offering Public Debt Offering Private Equity Offering Private Debt Offering Hybrid/Structured Products Buy-Side Advisory Sell-Side Advisory Valuations Fairness Opinions Takeover Defense Recapitalization Services

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

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

Investment Banking Career Path Managing Director 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 Return to Investment Banking Pursue MBA Enter into new field of employment Joins Analyst program 2-3 yrs Undergraduate 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 (314) 955-8181 brian.glass@agedwards.com Associate MBA Washington Univ. 2001 BS Indiana University 1995 Kenneth J. Lovik (314) 955-8229 kenneth.lovik@agedwards.com MBA Indiana University 2000 BS Northern Illinois 1992 Joshua D. Pearl (314) 955-8182 joshua.pearl@agedwards.com Analyst BS Indiana University 2003