2. 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

3. Top Full Service Brokerage Firms (a) Source: Institutional Investor (April 2004); public records. 1Merrill Lynch 13,000 2Citigroup/Salomon 12,000 3Morgan Stanley10,000 4Edward Jones 8,744 5Wachovia Securities8,000 6UBS7,750 7A.G. Edwards 6,873 8Raymond James4,658 Number of Brokers (a) 2004 Rank

4. 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 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

5. Investment Banking

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

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

8. Overview of Corporate Finance 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 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 Our philosophy is to establish long-term relationships by emphasizing creativity, responsiveness, reliability and professionalism.

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

10. 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 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

11. 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 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 2 0 0 4 A N A L Y S T S U R V E Y FIRM BY FIRM: THE 2004 BEST ON THE STREET AWARD TALLY BROKERAGETOTAL RANKHOUSEALL-STARS 1.Merrill Lynch13 2.UBS12 3.Raymond James11 4.Legg Mason8 5.A.G. Edwards8 6.Bear Stearns7 7.Needham7 8.Sidoti7 9.Wachovia Securities6 10.Piper Jaffrey6 11.SG Cowen5 12.JMP Securities5 13.Morgan Keegan5 14.Robert W. Baird5 15.Prudential Equity Group5 16.Deutsche Bank5 17.Lehman Brothers5 18.Janney Montgomery Scott4 19.Keefe, Bruyette & Woods4 20.William Blair4

12. 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 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

13. 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. 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.

14. The Analyst Program

15. Investment Banking Hierarchy Managing Director Associate Analyst Vice President

16. 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 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

17. 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 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

18. 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 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

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

20. 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….. 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…..

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

22. 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 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

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

24. 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:

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