Member FINRA & SIPC
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 Introducing Wunderlich Securities, Inc.
 ECM Overview
 Research
 Institutional Sales and Trading
 Investment Banking Overview
 Institutional Fixed Income
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Who is Wunderlich Securities, Inc.
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Broad based full service securities firm
 Founded in 1996
 Company is headquartered in Memphis
 Equity Capital Markets has a presence in Denver, Baltimore, New York, Memphis,
Houston, Boston, Palo Alto, St. Louis and San Francisco
 Institutional Fixed Income located in NYC
 Over 420 associated professionals
 Website: www.wunderlichsecurities.com
 Regionally focused retail securities brokerage firm
 24 offices in 14 states
 215 investment executives in Wealth Management
 Building an innovative Equity Capital Markets Group with recognized professionals
 17 senior research analysts (covering 5 industry verticals and special situations)
 18 institutional salesmen
 8 position and sales traders
 19 investment bankers (covering 6 industry verticals plus special situations)
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Wunderlich Securities, Inc.
Founded in 1996 with 8 employees, Wunderlich Securities., Inc. has evolved into a full-service regional
investment firm with more than 420 associated professionals and 24 office locations throughout the United
States.
Wunderlich Securities, Inc. concentrates on
four main lines of business:
1.
The Private Client group creates Customtailored solutions for High Net Worth Clients.
Over 200 Financial Advisors provide the
professional advice and service to these clients.
2.
Our banking team is focused on providing
capital and delivering creative investment
banking solutions to our corporate clients.
3.
Institutional sales trading and research provide
proprietary ideas and high touch service to
institutional equity investors.
4.
Fundamental Brokers Inter-Dealer and Fixed
Income Capital Markets provide brokerage
services to institutional clients nationwide.
Private Client
Wealth
Management
Investment
Banking
Institutional
Fixed Income
Equity
Research and
Trading
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Wunderlich Securities, Inc.
Wunderlich Securities, Inc
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Headquartered in Memphis, TN
Approximately 420 associated
professionals
Full service investment firm
$5.0 billion of Assets Under
Administration
WSI was formed in 1996 by Gary Wunderlich with the help of former
executives from Morgan Keegan, a premier regional investment firm
based in Memphis (now part of Raymond James). WSI is a full service
investment bank providing financial advisory, trading and brokerage,
equity research, and investment banking services to individuals and
institutional clients.
Stavanger
Main Lines of Business
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Private Wealth Management
Investment Banking
Institutional Fixed Income
Equity Capital Markets
Geographic Footprint
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24 office locations throughout the
United States, and continuously
expanding our efforts
We are exploring ways to access
institutional investors and export
financial products within the
Norwegian market with help from our
largest investor, Coil Investment
Group
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Norway
Sweden
Finland
Wunderlich Securities, Inc. - Timeline
Vision
To build the premier regional investment
firm in the United States.
We aim to place the Client and the Financial
Advisor as partners in the center of every
decision we make as a firm. We will build
our products, services and technologies to
allow our professionals to provide the
highest quality service in the industry to their
clients.
Culture
Our Culture is defined by the people who
have joined Wunderlich Securities, Inc.; they
are the true leaders of the firm to whom
management reports. Our responsibility is to
provide them with the tools to build their
own entrepreneurial business unit which
benefits our clients and our firm.
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Introducing Wunderlich Securities, Inc.
ECM Overview
Research
Institutional Sales and Trading
Investment Banking Overview
Institutional Fixed Income
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Mission Statement of Equity Capital Markets
 For our institutional equities group, our mission is to have relevancy in the industries
that we cover, to impart the information in a timely and succinct manner, and to help
our institutional clients with trading on a best-execution basis.
 Thought-provoking, relevant research is the foundation we are building upon. Our
value-add to the institutional investment community is our unique ability to define the
underlying themes that will drive the equity markets now and into the future.
 Our mandate is to create mindshare, a partnership, with our clients to serve their
investment needs.
 We must present our investment banking clients with industry domain expertise while
providing the guidance and counsel across the financial spectrum from mergers and
acquisitions to public and private financings.
 It is imperative that our product is strategic in its thinking, thought provoking in its
direction, and relevant in its content.
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Equity Capital Markets Management Team
Gary Wunderlich, Managing Director of Equity Capital Markets - Mr. Wunderlich founded Wunderlich Securities, Inc. in 1996 after he acquired a small brokerage firm.
Since that time, he has repositioned and grown the company into a full-service investment firm. In addition to managing the firm, Mr. Wunderlich is actively involved in all
of the firm's Corporate Finance activities. Prior to forming Wunderlich Securities, Mr. Wunderlich was with Brookfield-Wunderlich and Progressive Capital, two private
equity investment banks. He served on the FINRA District 5 committee and currently is a member of the SIFMA Regional Firms Committee. Mr. Wunderlich received a
B.A. in economics from the University of Virginia in 1992, and received his M.B.A. from the University of Memphis in 1995. He serves on the boards of ArtMemphis and
Memphis University School.
James L. Dobson, Director of Equity Research – James Dobson, CFA has 20 years of investment experience in the utility, power and downstream energy industries. Jay
spent 16 years as a sell-side equity analyst in utilities for Deutsche Bank (2000-2004), Donaldson, Lufkin & Jenrette (1994-2000), Smith Barney (1993) and PaineWebber
(1989-1993). He also spent four years as an investment banker for Deutsche Bank (2004-2008), focused on the electric utility industry. He has been recognized by
Institutional Investor, the Wall Street Journal and StarMine for his research, analysis and stock selection in the electric utility and power industries. He served on the
electricity advisory board to the U.S. Secretary of Energy in 2001 and 2002, and has testified on electricity issues before the U.S. House of Representatives, Missouri
Legislative Subcommittee on Infrastructure and Regulation, the Texas Public Utility Commission and the New Jersey Board of Public Utilities. He is a member of the New
York Society of Security Analysts, the CFA Institute and the Wall Street Utility Group. He graduated from The Catholic University of America. He lives in New York City
with his wife, Gopa.
R. Kevin Andrews, Managing Director Investment Banking - Mr. Andrews has more than 20 years of energy experience through investment banking, industry, and public
accounting. Prior to joining Wunderlich Securities, Inc. in November 2011, Kevin was managing director for Pritchard Capital Partners, LLC as well as managing director
and head of the energy practice for Morgan Keegan & Co., Inc. Prior to Morgan Keegan, Kevin served as chief financial officer of Denali Inc., a provider of fluid handling
products and as a corporate development and financial manager for Moorco International, Inc., and EnviroTech, a subsidiary of Baker Hughes. Kevin earned a bachelor’s
degree in accounting and a master’s in business administration from The University of Tulsa. He resides in Houston, Texas
Thomas S. Stephens, Co-Head of Institutional Sales - With a total of twenty-seven years as a senior institutional equity salesperson, Tom Stephens has joined Wunderlich
Securities to head institutional sales in the new venture into ECM. Mr. Stephens spent 10 years at Tucker Anthony, where he was a Managing Director and Head of
Institutional Equity Sales. Following the sale of Tucker Anthony, Mr. Stephens was Managing Director at Schwab Soundview Capital Markets. Tom joins WSI from Ferris
Baker Watts’ Equity Capital Markets.
Mark McCulloh, Co-Head of Institutional Sales joins Wunderlich Securities as a Senior Vice President of Institutional Equity Sales in the Baltimore office. Mark has over
19 years of experience in the securities business. He began his career at Alex Brown and Sons and was named Principal in the Institutional Equity Sales division 1995. In
June of 1999, Mark and several of his partners left BT Alex Brown to start First Union Capital markets in Baltimore, which later became Wachovia Securities. He then
worked at Signal Hill as Managing Director. He earned his Bachelors of business and finance from Mount St. Mary’s College.
Stephen C. Iskalis, Director of Sales Trading – Mr. Iskalis brings twenty years of equity experience to Wunderlich Securities as a Senior Vice President and Head of
Institutional Equity Trading in its Denver office. Steve joined WSI from Ferris, Baker Watts, where he was a Senior Vice President of the Equity Trading department. Prior
to Ferris, Steve was Director of Institutional Equity trading at Stifel Nicolaus Inc. Steve began his trading career at Cleary Gull in Milwaukee which became Tucker
Anthony Cleary Gull upon the merger of these firms. He currently resides in Golden, CO with his wife and two children.
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Introducing Wunderlich Securities, Inc.
ECM Overview
Research
Institutional Sales and Trading
Investment Banking Overview
Institutional Fixed Income
9
Investment Research Opportunities
Our focus is on secular growth industries and industries that have improving visibility for a long
cyclical recovery.
Industry Focused Research
Diversified Industrials Services
Transportation
Environmental Services
Waste to Energy
Industrial Distribution
Minerals & Mining
Exploration & Production
Energy
Utilities/Power Generation
Master Limited Partnerships
Oilfield Services/Exploration & Production
Regional Banks
Financial Services
Residential Mortgage Finance
REITs
Cable & Satellite
Information Infrastructure
Communications & Networking
Equipment
Technology/Media/Telecommunications
Software-as-a-Service
Entertainment
Specialty Semiconductors &
Components
Information Infrastructure
Healthcare
Medical Devices & Technology
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James L. Dobson, CFA, Director of Research
Electric Utility and Power Investment Thesis
We continue to see an environment conducive to the relative outperformance of the regulated and integrated electric utility sector: 1)
low interest rates leave investors focused on stocks with growing dividend yields; 2) high regulated capital spending in the sector
should sustain earnings growth prospects; 3) slowly rising demand for electricity in an improving U.S. economy should help earnings
growth; 4) ongoing efforts to retire aging generating capacity (albeit at a slower pace with the stay of CSAPR) will reduce supply; and
5) a slowly growing U.S. economy makes the sector’s relative comparison to the broader market more attractive. We believe the
regulated portion of the sector should provide competitive returns with the S&P 500 in 2012. The risk to this scenario is primarily a
stronger-than-expected U.S. economy that would drive investors toward more economically sensitive investments. Alternatively, the
merchant portion of the sector will require higher wholesale power prices in order to provide attractive relative performance; we
expect only modest improvement in power prices over the balance of 2012, but more significant improvements in 2013 and 2014.
Biography
 24 years of experience as an equity analyst and investment
banker in the electric utility and power industries.
 Utility/power equity analyst at Deutsche Bank, Donaldson,
Lufkin & Jenrette (DLJ), Smith Barney and PaineWebber
 Investment banker at Deutsche Bank specializing in
corporate strategy, M&A and equity financing
 Ranked utilities analyst by Institutional Investor, and cited
by Wall Street Journal and Starmine for stock picking and
estimates.
 Served on Electricity Advisory Board to Secretary of
Energy in 2001-2002, and testified before the U.S. House
of Representatives Financial Services Committee, the NJ
Board of Public Utilities, the Missouri Legislative
Subcommittee on Infrastructure and Regulation, and the
Texas Public Utility Commission
 Holds designation of Chartered Financial Analyst (CFA);
graduated from the Catholic University of America;
Member of NYSSA, Wall Street Utility Group, U.S.
Association of Energy Economics and CFA Institute
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Richard K. Baldry, CFA, Senior Vice President
Software-As-A-Service Investment Thesis
With the proliferation of cheap, stable and high-bandwidth computer networking technologies, wired and wireless, both within
companies and across global geographies, the backbone necessary to alter the software industry is well established but still a
relatively recent development. We believe that the emerging class of internet-delivered, "on-demand" or "software-as-a-service"
vendors will likely both supplant legacy "on-premise" software vendors and address a large variety of new application areas not
previously viable (by scale or economics) while creating a highly valued, high-margined recurring revenue stream. With only early
penetration into many markets, and new markets emerging steadily, the "SaaS" space should support well above average organic
growth rates for revenues and accelerated earnings growth as high early costs are absorbed with scale. These characteristics, in
combination with rising barriers to competition over time and limited capital requirements, should result in sustained premium
valuations and strong shareholder returns for the foreseeable future in our view.
Biography
 Brings 16 years of technology research experience to his role as a
Senior Vice President covering the Software-as-a-Service (SaaS)
sector.
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Rich was a Senior Research Analyst at Signal Hill where he had a
focus on SaaS.
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Senior Research Analyst covering Enterprise Software with a
SaaS emphasis at Broadpoint Capital/fka First Albany and Roth
Capital Partners
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Principal in the Technology Group at Canaccord Adam where he
was responsible for the Enterprise Software sector with a focus
on SaaS
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Holds designation of Chartered Financial Analyst (CFA) and
graduated Summa Cum Laude with a Bachelor of Business
Administration in Finance & Real Estate Finance from Angelo
State University .
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John R. Cusick, CFA, Senior Vice President
Master Limited Partnerships Investment Thesis
The U.S. master limited partnership sector and related investment vehicles provide investors with a compelling total return
proposition driven primarily by the fee-for-service provision of energy logistics operations. Under section 7704(c) of the internal
revenue code, publicly traded partnerships that move motor gasoline, diesel fuel, natural gas, propane, coal and other depleting
energy products and materials forego Federal entity-level taxation. These partnerships pay out substantially all of their available cash
flow to investors, with typically ~80% of this cash flow consisting of a tax deferred return of capital. With median sector yield of
approximately 6.6%, MLPs typically offer investors access to a stable, tax-advantaged income stream. With the aging of the baby
boomer population driving investors toward income, with inflationary trends on the horizon, and with economic uncertainty adding
risk to other equity sectors, we believe that MLPs offer investors a relatively compelling combination of current income, capital
appreciation, and tax efficiency.
Biography
 Over twelve years of sell-side equity research
experience
 Former Director - Equity Research,
Oppenheimer
 MBA Fordham University; BA Temple
University; Chartered Financial Analyst
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Brian S. Freed, CFA, Senior Vice President
Information Infrastructure Thesis
Over the past decade the growth of data has exceeded 60% annually measured on a per Terabyte basis. Looking ahead, we expect the
growth rate of data to maintain this pace or even accelerate as data generated from consumer and enterprise devices continues to
proliferate.
In light of this exponential growth trajectory for new data, and the fact that this information is central to revenue generation,
improved business efficiency, and product development, we believe technology that delivers efficient storage, management and
protection of information will deliver growth rates well above that of the broader market.
Biography
• 11 Years of research experience in the Information
Infrastructure sector.
• Initiated the first channel survey exclusively focused on
the Information Infrastructure sector in 2000
• 2009 Starmine award for estimate accuracy #3 of
approximately 80 analysts in the software sector
• Ability to identify key technologies within information
ecosystem as evidenced by the acquisition of 10 of 23
companies on which he initiated coverage over the past
six years.
• BA Mathematics, Covenant College
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Mike Gyure, Senior Vice President
Forensic Accounting
Our forensic accounting product addresses investor’s questions and concerns regarding areas where companies have the most latitude
in determining and managing earnings, their balance sheets, and their operating cash flows. Mike’s focus is helping investors
understand the risks and potential benefits associated with companies from an accounting perspective. With the latest wave of M&A
activity, we think investors need to understand “purchase accounting” and how companies account for an acquisition on day one, and
over the following year, as changes in amounts will impact future earnings. We think soon the regulators will finalized their plans on
how U.S and International standards will be converged. This will result in everyone starting to think about the differences between
the two platforms as well as who, when, how, and for how much the conversion process will cost.
Our perspective is from one who has actually prepared and helped companies prepare the books and knows where companies have
the most flexibility. Mike has deep contacts with the “accounting society” (FASB members, and accounting contacts in the industry’s
we follow (CFO’s, Treasury, Controllers, Finance Directors, Tax Managers, Auditors, Consultants). Mike can explain things in terms
investors can understand because he is an investor also. Too often investors talk about “accountants” that don’t understand this
business and talk in confusing technical language.
Biography
 Mike has been a senior accounting analyst since 2002, formerly of
FTN Equity Capital Markets/Midwest Research, covering
companies in nearly all industries and most recently in the
consumer, industrial, technology, healthcare, and financials areas.
 Prior to 2002, Mike worked for the international accounting firm
Arthur Andersen where he spent 13 years as an auditor working in
the Cleveland, Ohio and Silicon Valley, California offices.
 Mike is a CPA and was a founding member of the Financial
Accounting Standards Board's (FASB) Investors Technical
Advisory Committee serving from 2007-2009. The Committee
provides advise to the standard setters on current/potential FASB
projects
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Irene Haas, Senior Vice President
Exploration and Production Investment Thesis
We believe that 2011 could be a year for contrarian moves. Within the E&P space, it has been a world of “haves” and “have-nots”.
Oil leveraged names with the “right zip code” in the “right basins” have out performed its gas leveraged peers. Recent geopolitical
turmoil added fuel to the fire. Looking ahead, we expect more headlines and catalysts from oil resource plays such as the DJ Basin
Niobrara Chalk, the South Alberta Basin Bakken Play and the emerging horizontal oil plays in the Permian Basin, presenting plenty
of trading opportunities. We believe that while the oilier names will still have an edge in terms of margins and returns; we would take
a hard look at the less popular gassy names. We believe that US natural gas could be hitting the bottom, as a number of well known
producers are “throwing in the towel”, selling gassy assets and refusing to drill uneconomic gas wells. We have been waiting for
rational business decision making to return to the oil patch, and finally, the stage might be set for natural gas price recovery in the US.
When supply and demand imbalance begins to equilibrate, well-run gassy names could see multiple expansion, we want to be early
on this ride.
Biography
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14 years as a sell side analyst in the E&P space
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13 years with ExxonMobil as a geophysicists
prospecting in frontier areas looking for giant
fields world wide
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Early on multiple Onshore US resource plays such
as the Eagle Ford Shale and the Niobrara Chalk
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Recognized as Home Runner Hitter by
Institutional Investor for the Burlington Resources
recommendation
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BA and MBA from Rice University
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MS from University of Delaware
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Matthew J. Harrigan, Senior Vice President
Cable and Satellite Investment Thesis
Cable and satellite companies have relatively durable prospects for businesses that directly front the U.S. and global consumer, with
anxieties over wholesale cord cutting by consumers and major negative regulatory developments on net neutrality fading
considerably over the last six months. We think that these companies can largely navigate through secular and cyclical media issues
and feel that prospective market share losses to FiOS/U-Verse and their overseas equivalents are still more than reflected in current
valuations. Our valuation work is driven by a proprietary approach that re-couples media stock valuations to broader indices such as
the S&P 500.
Biography
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20 years of experience as Senior Equity and/or High
Yield Bond analyst.
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Managing Director at Janco Partners, Vice President at
J.P. Morgan Securities and Bear Stearns. Responsible
for media and cable coverage, with focus on
international names.
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Worked on numerous equity transactions for major
Hollywood studios and broadcast companies.
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Ranked on multiple occasions on Wall Street Journal
Best on the Street list, also Institutional Investor ranked
analyst.
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BS, magna cum laude, from Brown University, Rhode
Scholarship Candidate .
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MBA in International Finance with Distinction from
The Wharton School. Attended Stanford Law School.
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William “Sandy” Harrison, Senior Vice President
Technology: Specialty Semiconductors and Components
The convergence of voice, video and data traffic, driven in large part by the ever increasing demand for connectivity, should provide investors an
avenue to participate in the communications infrastructure investment cycle. While near-term visibility appears more challenging, the longer-term
secular themes remain intact and those component providers focusing on the following key markets: 1) Wireless infrastructure, 2) PAN (Home
networking), 3) LAN (Enterprise/datacenter) and 4) WAN (transport, broadband) should be able to outperform the overall market and provide
investors favorable returns.
Biography
• 15+ years experience as Senior Research Analyst
• Twice Cited WSJ “Best on the Street”
• Served as Director of Research and Senior Research
Analyst for Pacific Growth, Equities, LLC
• Held management positions with Integrated Device
Technology
• BA from Washington & Lee University and MBA
from Loyola College in Maryland.
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Michael E. Hoffman, Managing Director
Environmental Services Investment Thesis
The solid waste industry is a necessary service with 80% of revenues that are recession resistant with sustainable core pricing of 35% in a low growth economy and a structural duopoly in disposal. Free cash flow (FCF) growth is sustainable at better than top-line
growth supported by long-term price leverage and productivity gains. As such this group is defensive in the current economic
environment and could under perform on a relative basis in a deep cyclical recovery but can outperform the market in a stable
economy as the price leverage supports above market FCF growth.
Biography
 24 years of experience as a senior analyst and manager
 President & COO Caris & Company
Waste Connections
 Deputy Director of Research, Head of Fixed Income
Research and Group Head of Diversified Industrial
Research at Friedman Billings Ramsey
 Ranked number two by Institutional Investor, Greenwich
Associates and Reuters in Pollution Control.
 BSE from Widener University
 MBA from the Johnson School at Cornell University
 Owner-rider winner of the 2001 Maryland Hunt Cup an
avid fly fisherman and errant golfer
WCA Waste Corp
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Chaz Jones, Senior Vice President
Transportation Thesis
Due in part to significant government influence during the past several decades, the transportation industry contains a variety of
competitive dynamics. Some sectors, such as less-than-truckload and railroads, feature limited participants and essentially function
as oligopolies, while companies in the truckload segment compete in a fragmented environment with thousands of independent
carriers. The persistence of a slow growth economy has resulted in muted pricing/volume gains, and while the recent boom in natural
gas production lifted some sectors of the market, ongoing weakness in the housing and construction segments is likely to keep a lid
on demand. On the supply side, the driver market continues to be squeezed by high unemployment benefits and an increased
regulatory bar, both of which are decreasing the ability of smaller carriers to source capacity. We anticipate this balanced
supply/demand dynamic will continue to dampen earnings growth in the intermediate-term, and that outperformance will be
characterized by companies that can drive margin expansion or increase market share (either organically or through consolidation).
Biography
• 12 Years of research experience in the
Transportation sector.
• Prior to joining Wunderlich Securities, Mr. Jones
was the Managing Director at Morgan Keegan for
over seven years and worked with Stephens, Inc.
for over four years.
• Recognized by the Financial Times/StarMine
Global Analyst Awards on four occasions as one of
the top earnings estimators in the Road and Rail
category
• BA and MBA, Oklahoma State University
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Brent Rakers, CFA, Senior Vice President
Industrial Distribution Investment Thesis
The industrial/construction distribution universe remains a sharply fragmented industry segment, where size and scale produce competitive
advantages as customers seek to consolidate vendors, and suppliers provide attractive discounts/incentives for larger purchases. Product
expansion, sales force growth, branch opening efforts, and private label branding continue to represent successful paths to growth for much of the
industry. While the core North American landscape offers further growth opportunities for distributors, recent years have provided evidence of
substantial expansion possibilities in Latin America and Asia, where customers are increasingly drawing key suppliers into these markets, and
distributors prosper from higher emerging market growth rates but also inefficient supply chains. The distribution space has successfully
navigated competitive threats from the big-box home improvement retailers earlier this decade, and we anticipate they will similarly manage an
e-commerce retail challenge. The group provides a variety of exposure throughout the economic cycle with major end markets being the
industrial and construction trades. The industry’s participants are also noteworthy beneficiaries of product inflation, which has contributed to
increased peak and trough cycle earnings during the past decade, a trend we believe will continue into the future.
Biography
 Brings 19 years of combined investment experience as a
sell-side and buy-side analyst to his role as a Research
Analyst covering the Industrial Distribution sector.
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Brent was a Senior Research Analyst at Morgan Keegan
covering the industrial distribution sector for eight years.
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Previously worked with Cozad Asset Management as an
associate portfolio manager.
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Ranked #1 or #2 for earnings accuracy five times in the
Trading Companies and Distributors industry by Financial
Times/Starmine.
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Graduated with a BBA from Millsaps College and holds
designation of Chartered Financial Analyst (CFA).
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Kevin B. Reynolds, CFA, Senior Vice President
Financial Services Investment Thesis
As the long-term recovery in bank stocks continues, we believe investors should favor traditional regional and community banks over
global/money center banks that are heavily dependent on non-bank activities to drive performance. These global banks also face
intensifying government regulation and greater capital requirements. It is our view that over the next few years, the ongoing
transition away from securitizations will benefit regional and community banks as the balance of power shifts back to the originateto-hold banking model. This shift, coupled with valuations that remain near historically inexpensive levels, creates an attractive
opportunity for investors to selectively invest in well-run, high-quality regional and community banks that can gain share and grow
profitability over the long term.
CULLEN/FROST BANKERS, INC.
Biography
CFR - NYSE
San Antonio, TX
www.frostbank.com
 11 years of experience as a senior analyst
covering regional and community banks
 Director – Southern Banks and Thrifts, Janney
Montgomery Scott
 Senior Vice President – Equity Research,
Stanford Group Company and Morgan Keegan
& Company
 Former investment banker in Morgan Keegan’s
Financial Institutions Group (FIG)
 Former commercial lender with Union Planters
Bank, now Regions Financial
 BBA and MBA from the University of
Memphis, concentrations in Finance
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Matthew S. Robison, Senior Vice President
Communications & Network Technology Thesis
Consumer wallet share is moving again to the industry with expansion in emerging markets and growth of the mobile Internet. Smart devices are
bringing mobility to the multimedia web experience and driving investment to support the economics of network traffic that is orders of
magnitude greater than voice or traditional text messaging. Growth spending areas are network optimization at the applications level and network
offload, the latter principally via unlicensed spectrum/802.11. Meanwhile, the capabilities that makes it attractive to offload traffic for mobile
networks are increasingly making 802.11 a mechanism for delivering subscription broadband access.
IT investment is focused on ways to increase resource utilization and ensure security. The central elements are products to enhance capacity for
consolidated data centers and greater agility for internetworking these resources (a.k.a virtualization and cloud computing). These priorities
combined with increasing use of multimedia collaboration (data/voice/video) are driving a robust enterprise upgrade cycle, especially for
companies that supply application networking equipment.
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Seasoned in Markets & Industry
17 years experience as senior analyst and manager, began
coverage at Wunderlich in March of 2010
10 years of semiconductor industry experience in sales,
marketing & product definition associated with
communications ICs: DSP Communications, Philips/Signetics
Two years as a hedge fund general partner
Led technology research at Pacific Growth Equities
Director of research and leader of technology group and at
Ferris, Baker Watts, Inc.
Covered networking and founded wireless technology
coverage at Montgomery Securities (predecessor of Banc of
America Securities)
Repeatedly recognized by The Wall Street Journal, Financial
Times, Forbes and Starmine for stock selection
Director of Anaren, Inc. (ANEN) for more than 10 years, with
experience in audit, compensation and governance committees
BS Physics, University of Denver
Licensed auto racer, ski raced at D.U.
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Merrill Ross, Senior Vice President
REITs, Residential Mortgage Finance, & Homebuilders Thesis
Net interest spread, the main driver of operating earnings of mortgage REITs, is likely to be under pressure in the first half of 2011,
following benchmark rates downward. However, in the absolute, spreads should remain well above historical averages. We estimate
spreads for 2011 in the range of 170-260 basis points on agency RMBS, with leverage turns of 7x to 8x. This could support ROEs in
the 14% to 16% range for the year. While we don’t expect multiple expansion, we do think dividends will provide price support.
Biography
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Over 20 years experience as a sell side
analyst
Former firms include: Salomon Brothers
Inc, CS First Boston, Wheat First
Securities, and FBR Capital Markets
Involved in analytical support for
approximately $7 billion in capital
formation in the past decade, providing a
risk-based assessment of investment
opportunities for existing and newly
formed companies
Ranked twice as among the “Best on the
Street” by the Wall St. Journal
MBA from the Lubin School of Business,
BA in Chemistry from Barnard College at
Columbia University
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Gregory J. Simpson, CFA, Senior Vice President
Medical Devices & Technology Investment Thesis
The Medical Devices & Technology remains in the midst of one of the toughest operating environments we have witnessed in recent
memory. While we believe the practical impact of the health care reform legislation will actually prove to be negligible on the
industry (if the legislation isn’t overturned outright following the Republican gains in the recent mid-term elections), we believe the
difficult economic environment and key secular changes in health care (including tougher pricing and a more onerous regulatory
process) have combined for a more challenging environment for Medical Devices & Technology companies. Nonetheless, we believe
segments of the industry remain attractive, especially those characterized by emerging technologies that offer the potential for
dramatic improvements in patient outcomes. In addition, we believe that stagnating growth rates for several of the largest companies
in the industry, combined with strong cash flow generation and strong balance sheets, is likely to yield a significant acquisition
activity within the industry over the next few years.
Biography
 24 years of experience, including 18 years
covering the Medical Technology sector
 Prior experience includes 15 years at AG
Edwards and 7 years at Stifel Nicolaus
 Awarded 2007 Forbes/Starmine awards-#1
ranked analyst for earnings estimate
accuracy and #2 for stock picking out of 70+
analysts
 Holds Chartered Financial Analyst (CFA)
designation
 MBA from University of Missouri and BS
Degrees in Accounting & Finance from St.
Louis University
25
Jason Wangler, Senior Vice President
Oilfield Services/Exploration and Production (E&P) Thesis
The seemingly ever-rising world demand for oil continues to push E&Ps to new regions, both domestically and internationally, in the
hopes to find and produce the product. Oil prices have recovered from the lows in early-2009 and now sit around $100/bbl with no
real signs of going much lower (or higher) in the short- and medium-terms. However, natural gas couldn’t be more different as
domestically we have an ample supply. The shale revolution has pushed prices down below $3/mcf (and at times below $2/mcf) as
more and more comes to market—forcing E&Ps to look toward oil and natural gas liquids (NGL) plays due to the stronger
economics, and for investors to crowd into oily names while leaving natural gas stocks for dead. Despite the oil/natural gas pricing
disparity, E&Ps continue to increase activity in the liquids-rich plays as quickly as funding will allow—meaning the Oilfield Services
(OFS) names have plenty of work available now. The problem is investors believe we could be at a top, and so despite strong activity
and pricing currently, the perceived future softness has caused record-low earnings and cash flow multiples for the group.
Biography
• 6 years of research experience in the
exploratory and production (E&P) and
oilfield services (OFS) sectors.
• Prior to joining Wunderlich Securities, Mr.
Wangler worked with SunTrust Robinson
Humphrey and Dahlman Rose & Company, as
well as Netherland, Sewell & Associations,
Inc. as a Petroleum Analyst.
• Recognized by the Wall Street Journal as a
“Best on the Street” analyst in 2010. He has
also been a guest on CNBC.
• Masters in Business Administration from the
University of Houston. BS degree from the
University of Nevada.
26
Research Coverage
Diversified Industrials: Environmental Services
Casella Waste Systems Inc. (CWST)
Clean Harbors Inc. (CLH)
Covanta Holding Corp. (CVA )
Globus Maritime Limited (GLBS)
Newalta Corp. (NAL-CN)
Progressive Waste Solutions Ltd. (BIN)
Prospect Global Resources, Inc. (PGRX)
Republic Services Inc. (RSG)
Sharps Compliance Corp. (SMED)
Stericycle Inc. (SRCL)
US Ecology Inc. (ECOL)
Waste Connections Inc. (WCN )
Waste Management Inc. (WM )
WCA Waste Corporation (WCAA)
Diversified Industrials: Industrial Distribution
Applied Industrial Technologies, Inc. (AIT)
Anixter International Inc. (AXE)
Beacon Roofing Supply, Inc. (BECN)
Fastenal Company (FAST)
Genuine Parts Company (GPC)
W.W. Grainger, Inc. (GWW)
MSC Industrial Direct Co., Inc. (MSM)
Pool Corporation (POOL)
United Stationers Inc. (USTR)
WESCO International, Inc. (WCC)
Diversified Industrials: Transportation
Celadon Group (CGI)
C.H. Robinson Worldwide Inc. (CHRW)
Con-way Inc. (CNW)
Heartland Express Inc. (HTLD)
Hub Group, Inc. (HUBG)
J.B. Hunt Transport Services Inc. (JBHT)
Kirby Corp. (KEX)
Knight Transportation Inc. (KNX)
Landstar System Inc. (LSTR)
Marten Transport Ltd. (MRTN)
Old Dominion Freight Line, Inc. (ODFL)
Rush Enterprises Inc. (RUSHA)
Saia, Inc. (SAIA)
Swift Transportation Company (SWFT)
Werner Enterprises Inc. (WERN)
Energy: Master Limited
Partnerships
Access Midstream Partners, L.P.(ACMP)
El Paso Pipeline Partners L.P. (EPB)
Enterprise Products Partners L.P. (EPD)
Energy Transfer Equity L.P (ETE)
Energy Transfer Partners L.P (ETP)
EV Energy Partners L.P (EVEP)
Legacy Reserves L.P. (LGCY)
LINN Energy, LLC (LINE)
Magellan Midstream Partners L.P. (MMP)
PAA Natural Gas Storage L.P. (PNG)
Plains All American Pipeline L.P.(PAA)
QR Energy, LP (QRE)
SandRidge Permian Trust (PER)
SandRidge Mississippian Trust II (SDR)
SandRidge Mississippian Trust (SDT)
Spectra Energy Partners L.P. (SEP)
Tesoro Logistics LP (TLLP)
Vanguard Natural Resources (VNR)
Energy: Utilities/Power
Ameren Corporation (AEE)
Calpine Corporation (CPN)
DTE Energy Co. (DTE)
Edison International (EIX)
Exelon Corporation (EXC)
Great Plains Energy Incorporated (GXP)
ITC Holdings Corp. (ITC)
Alliant Energy Corporation (LNT)
NextEra Energy, Inc. (NEE)
Nisource Inc. (NI)
NRG Energy Inc. (NRG)
Northeast Utilities (NU)
NV Energy, Inc. (NVE)
OGE Energy Corp. (OGE)
Progress Energy, Inc. (PGN)
Pepco Holdings, Inc. (POM)
SCANA Corporation ( SCG)
Wisconsin Energy Corporation (WEC)
Diversified Industrials: Minerals & Mining
Intrepid Potash, Inc. (IPI)
Prospect Global Resources, Inc. (PGRX)
27
Energy: Exploration & Production
Abraxas Petroleum Corp (AXAS)
Approach Resources Inc. (AREX)
Bonanza Creek Energy, Inc. (BCEI)
BPZ Resources Inc. (BPZ)
Clayton Williams Energy, Inc. (CWEI)
Concho Resources Inc. (CXO)
Endeavor International Corp. (END)
EOG Resources Inc. (EOG)
Magnum Hunter Resources Corp. (MHR)
Noble Energy, Inc. (NBL)
Oasis Petroleum Inc. (OAS)
Petroleum Development Corp (PETD)
Rosetta Resources Inc. (ROSE)
Synergy Resources Corporation (SYRG)
Energy: Oilfield Services/Exploration
& Production
Basic Energy Services, Inc. (BAS)
Bill Barrett Corporation (BBG)
Berry Petroleum Company (BRY)
Chesapeake Energy Corporation (CHK)
Continental Resources, Inc. (CLR)
Denbury Resources Inc. (DNR)
Dawson Geophysical Company (DWSN)
Emerald Oil, Inc. (EOX)
Diamondback Energy, Inc. (FANG)
Gulfport Energy Corporation (GPOR)
Halcón Resources Corporation (HK)
Harvest Natural Resources, Inc. (HNR)
Key Energy Services Inc. (KEG)
Kodiak Oil & Gas Corp. (KOG)
Northern Oil and Gas, Inc. (NOG)
Patterson-UTI Energy, Inc. (PTEN)
Resolute Energy Corporation (REN)
SandRidge Energy, Inc. (SD)
Triangle Petroleum Corporation (TPLM)
TETRA Technologies, Inc. (TTI)
Whiting Petroleum Corporation (WLL)
Research Coverage
Financial Services: Real Estate
AG Mortgage Investment Trust, Inc. (MITT)
Agree Realty Corporation (ADC)
American Capital Agency Corp. (AGNC)
American Capital Mortgage Investment Corp. (MTGE)
AmREIT, Inc. (AMRE)
Annaly Capital Management Inc. (NLY)
Anworth Mortgage Asset Corp. (ANH)
Arlington Asset Investment Corp. (AI)
Capstead Mortgage Corp. (CMO)
Chimera Investment Corp. (CIM)
Cypress Sharpridge Investment Inc. (CYS)
Hatteras Financial Corp. (HTS)
Home Properties, Inc. (HME)
Imperial Holdings, Inc. (IFT)
Invesco Mortgage Capital Inc. (IVR)
MFA Financial Inc (MFA)
Monmouth Real Estate Investment Corp. (MNR)
Preferred Apartment Communities (APTS)
Redwood Trust Inc. (RWT)
Two Harbors Investment Corp. (TWO)
Western Asset Mortgage Capital Corporation (WMC)
Whitestone REIT (WSR)
Financial Services: Regional Banks
American River Bankshares (AMRB)
BB&T Corporation (BBT)
BancorpSouth Inc. (BXS)
Bank of Marin Bancorp (BMRC)
Bank of the Ozarks Inc. (OZRK)
CenterState Banks Inc. (CSFL)
Columbia Banking System Inc. (COLB)
Comerica Incorporated (CMA)
Cullen/Frost Bankers Inc. (CFR)
CVB Financial Corp. (CVBF)
First Horizon National Corp. (FHN)
First PacTrust Bancorp, Inc. (BANC)
Hancock Holding Co. (HBHC)
Heritage Financial Corp. (HFWA)
Home Bancshares, Inc. (HOMB)
IBERIABANK Corp. (IBKC)
Pacific Continental Corp. (PCBK)
PacWest Bancorp. (PACW)
Pinnacle Financial Partners, Inc. (PNFP)
Renasant Corporation (RNST)
SCBT Financial Corp. (SCBT)
Sierra Bancorp (BSRR)
Texas Capital Bancshares, Inc. (TCBI)
Washington Banking Co. (WBCO)
Healthcare: Medical Devices
& Technology
Abiomed Inc. (ABMD)
Alere, Inc. (ALR)
Conceptus, Inc. (CPTS)
DexCom, Inc. (DXCM)
Echo Therapeutics, Inc. (ECTE)
Edwards Lifescience Corporation (EW)
Medtronic, Inc. (MDT)
Novadaq Technologies Inc. (NVDQ)
Insulet Corporation (PODD)
Stryker Corp. (SYK)
Heartware International, Inc. (HTWR)
Synergetics USA, Inc. (SURG)
Thoratec Corp. (THOR)
Wright Medical Group Inc. (WMGI)
Zimmer Holdings Inc. (ZMH)
Media: Entertainment
Cinemark Holdings, Inc. (CNK)
Lions Gate Entertainment Corp. (LGF)
News Corp. (Cl A) (NWSA)
Scripps Networks Interactive Inc. (SNI)
Sirius XM Radio Inc. (SIRI)
Time Warner Inc. (TWX)
Viacom Inc. (Cl B) (VIA.B)
Virgin Media Inc. (VMED)
Walt Disney Co. (DIS)
28
Media: Cable & Satellite
Cablevision Systems Corp. (CVC)
Comcast Corporation (CMCSA)
DIRECTV Group Inc. (DTV)
DISH Network Corp. (Cl A) (DISH)
HSN, Inc. (HSNI)
Liberty Global Inc. (Cl A) (LBTYA)
Liberty Media Holding Corp. Interactive (LINTA)
Liberty Media Corporation (LMCA)
Net Servicos de Comunicacao (NETC)
Regal Entertainment Group (RGC)
Time Warner Cable Inc. (TWC)
Technology: Comm. & Networking
Equipment
Allot Communications LTD. (ALLT)
Brocade Communications Systems Inc. (BRCD)
CEVA Inc. (CEVA)
Cisco Systems, Inc (CSCO)
F5 Networks Inc. (FFIV)
Ixia (XXIA)
Kopin Corp. (KOPN)
NetScout Systems Inc. (NTCT)
Nokia Corp. (NOK1V-FH)
PC-Tel Inc. (PCTI)
Riverbed Technology Inc. (RVBD)
Ubiquiti Networks, Inc. (UBNT)
ViaSat Inc. (VSAT)
Research Coverage
Technology: Information Infrastructure
Check Point Software Technologies Ltd. (CHKP)
CRAY INC. (CRAY)
Comm Vault Systems Inc. (CVLT)
EMC Corp. (EMC)
FalconStor Software, Inc. (FALC)
Fusion-io, Inc. (FIO)
Fortinet, Inc. (FTNT)
Mellanox Technologies, Ltd. (MLNX)
NetApp Inc. (NTAP)
Open Text Corp. (OTEX)
Quest Software, Inc. (QSFT)
Quantum Corp. (QTM)
Silicon Graphics International Corp. (SGI)
Super Micro Computer, Inc. (SMCI)
Symantec Corp. (SYMC)
Vasco Data Security International Inc. (VDSI)
VMware Inc. (VMW)
Technology: Specialty
Semiconductors & Components
Applied Micro Circuits Corporation (AMCC)
Cavium, Inc. (CAVM)
Cypress Semiconductor Corporation (CY)
Entropic Communications, Inc. (ENTR)
Exar Corporation(EXAR)
Integrated Device Technology, Inc. (IDTI)
PLX Technology, Inc. (PLXT)
PMC-Sierra, Inc. (PMCS)
Silicon Laboratories Inc. (SLAB)
Standard Microsystems Corporation (SMSC)
Vitesse Semiconductor Corp. (VTSS)
Technology: Software as-a Service
Concur Technologies, Inc. (CNQR)
Salesforce.com, Inc. (CRM)
Constant Contact, Inc. (CTCT)
Ellie Mae, Inc. (ELLI)
IntraLinks Holdings, Inc. (IL)
Lionbridge Technologies, Inc. (LIOX)
LogMeIn, Inc. (LOGM)
LivePerson, Inc. (LPSN)
NetSuite Inc. (N)
RealPage, Inc. (RP)
Tangoe, Inc. (TNGO)
The Ultimate Software Group, Inc. (ULTI)
Vocus, Inc. (VOCS)
29






Introducing Wunderlich Securities, Inc.
ECM Overview
Research
Institutional Sales and Trading
Investment Banking Overview
Institutional Fixed Income
30
Sales and Trading

Our Sales and Trading department is built on unrivaled relationships based on decades of experience and a
passion for the equity capital markets.

We strive to provide accurate, succinct and timely information to our institutional clients; we must be relevant
with a differentiated product as we build mind share with our clients as partners.

Our team is noted for leveraging our Research coverage to gain access to management teams as well as
uncovered companies related to our existing industry coverage.

We bring creative options to gaining valuable insight to our clients while providing a valuable resource in their
decision making process.

Our team oriented approach to trading, with strong relationships and advanced technology allow us to provide
our customers a personalized level of service by experienced professionals that has been lost in recent years.
Institutional Sales
 Seasoned Team of 18 Institutional Salespeople
 Relationships with over 500 Domestic and International
Institutions
Offices
 Denver, Baltimore, NYC, Boston, Dallas, Chicago and
Memphis
31
Trading and Marketing
 8 position and Sales Traders
 20 years average experience
 144 Transactions in Related Filing
 Share Repurchase
 ESPP/DRIP/Exchange Distribution
Equity Sales Biographies
Thomas S. Stephens, Director of Sales with a total of 27 years as a senior salesperson in Institutional Equity Sales has joined Wunderlich Securities to
head institutional sales in 2008. Mr. Stephens spent 10 years at Tucker Anthony, where he was a Managing Director and Head of Institutional Equity Sales.
Following the sale of Tucker Anthony, Mr. Stephens was Managing Director at Schwab Soundview Capital Markets. Tom joins Wunderlich from Ferris
Baker Watts’ Equity Capital Markets.
Mark McCulloh, Co-head of Sales joins Wunderlich Securities as a Senior Vice President of Institutional Equity Sales in the Baltimore office. Mark has
over 19 years of experience in the securities business. He began his career at Alex Brown and Sons and was named Principal in the Institutional Equity
Sales division 1995. In June of 1999, Mark and several of his partners left BT Alex Brown to start First Union Capital markets in Baltimore, which later
became Wachovia Securities. He then worked at Signal Hill as Managing Director. He earned his Bachelors of business and finance from Mount St. Mary’s
College.
Beth Adams joins Wunderlich Securities as a Senior Vice President of Institutional Sales. Ms. Adams brings 26 years of Financial Industry experience of
which 18 years have been spent in Institutional Equity Sales. Beth joins us from Kaufman Brothers where she was a Principal and Director of Institutional
Equity Sale. Prior to Kaufman Brothers Beth was a Principal and Senior V.P. at Ferris Baker Watts for 5 years. Beth has covered the NYC and Boston
territory for the last 18 years.
Clifford Athey joined the institutional equity sales group at Wunderlich Securities following a successful 6 year tenure with Avondale Partners. Cliff
primarily focuses on institutional accounts in California and other Western cities. He graduated in 2000 from the University of the South (Sewanee) with an
economics degree and received his M.B.A. in 2005 from Georgetown University, where his activities included the Presidency of the school’s Graduate
Investment Fund.
Greg Brown joins Wunderlich Securities as a Senior Vice President of Institutional Sales in its Denver office primarily covering Connecticut and New
York. Greg joined Wunderlich from Ferris, Baker Watts, where he was a Vice President in Institutional Sales. Prior to joining Ferris, Greg was an
Institutional Equity Salesman at Janco Partners, a research boutique that specializes in Media and Telecommunications companies. Greg has a Masters in
Finance from the University of Denver, and a BA in Economics from Colorado College. Greg has also received his CFA designation. Greg currently
resides in Denver with his wife and two sons.
Brett Chiles joins Wunderlich Securities as Senior Vice President of Institutional Sales in its Memphis office. Prior to Wunderlich Securities, Chiles served
as a Managing Director with Morgan Keegan where he was responsible for coverage of accounts in the New York area. Prior to that, he was a member of
the firm's Equity Strategy Group and a participant on Morgan Keegan's Focus List. He has his Bachelor of Science in Finance from the University of
Tennessee in Knoxville.
James Donovan joins Wunderlich Securities as a Senior Vice President Institutional Equity Research Sales. Jim brings over 25 years of experience to
Wunderlich Securities after spending the majority of his career at the combined DLJ/Credit Suisse servicing institutional customers. Jim is a graduate of
Michigan State University. Jim resides in Winchester Mass with his wife and two children.
32
Equity Sales Biographies
Paul Gillespie joins Wunderlich from Morgan Keegan & Company where he spent the past three years in Institutional Sales. Prior to Institutional Sales,
Gillespie was an associate equity research analyst at Morgan Keegan where he covered the technology sector. He has his undergraduate degree from
Vanderbilt University and resides in Memphis, TN.
Tom Hadley joins Wunderlich Securities as a Senior Vice President of Institutional Sales and Trading in its Denver office. Tom joined Wunderlich from
Ferris, Baker Watts, where he was a Vice President in the Institutional Sales and Trading department. At Ferris, Tom was primarily responsible for west
coast coverage of large mutual funds and hedge funds. Prior to joining Ferris, Tom was an Institutional Equity Salesman at Janco Partners, a research
boutique that specializes in Media and Telecommunications companies. He began his career with Morgan Stanley in their Denver offices. Tom holds a
bachelors degree in Finance and Business Management from the University of Wisconsin-Superior. He currently resides in Littleton, CO with his wife and
two children.
Haywood Henderson joins Wunderlich Securities as Senior Vice President of Institutional Sales in its Memphis office. Prior to Wunderlich Securities,
Henderson worked with Morgan Keegan and served in the Institutional Equity Sales department where he focused on international markets for 25 years. He
holds a B.E. from Vanderbilt University and a D.D.S. from the University of Tennessee.
John Hohweiler joined Wunderlich Securities in March of 2009 as a Senior Vice President of Institutional Equity Sales from Stanford Financial where he
covered much of the Midwest and Mid Atlantic. Previously, he spent three years at Davenport & Company covering the Mid Atlantic and Texas regions.
Mr. Hohweiler began his career at Tucker Anthony where he worked for nine years covering the Mid Atlantic region. He has a M.A. in Foreign Affairs from
the University of Virginia and a B.A. in Government from Georgetown University. John’s interests include Grant's Interest Rate Observer and NCAA
basketball.
Ethel McGlynn joins Wunderlich Securities as a Senior Vice President of Institutional Sales in the Denver office covering accounts in Denver and the west
coast. Ethel joined Wunderlich from Janco Partners, where she was Head of Institutional Sales and responsible for sales coverage of institutional money
managers in the New York metropolitan area. Prior to Janco Partners, Ethel ran the corporate services practice for Stifel Nicolaus. Ethel has 10 years of
investment experience and holds a Bachelors Degree in communications from Cleveland State University and an MBA from the University of Colorado.
Blake Kukar joins Wunderlich Securities as a Senior Vice President of Institutional Sales in its Memphis Office. Blake brings over 20 years experience in
institutional sales to the firm. Prior to Wunderlich Securities, Kukar worked at Morgan Keegan for 12 years covering accounts in the Midwest. Previous
firms include Stephens, Inc. , Lehman Brothers, & UBS Securities. Blake is a graduate of the University of Arkansas.
Kyle Norton joins Wunderlich Securities as a Vice President of Institutional Sales in the New York office. Kyle joined Wunderlich from Kaufman Bros.,
where he started his career and has over 5 years of industry experience in the equity capital markets. Kyle holds a Bachelors of Science in Finance from the
Carroll School of Management, Boston College and minored in English. Kyle is an avid hockey fan and enjoys returning to his hometown of Nantucket as
frequently as possible.
.
33
Equity Sales Biographies
Kristi Papanikolaw joins Wunderlich Securities as a Senior Vice President of Institutional Equity Sales. Kristi brings over 15 years’ experience
in the equity capital markets, managing institutional accounts at Lehman Brothers, Natexis Bleichroeder and most recently at Merriman Capital,
Inc.. Prior to her career in Equities, she started as a New York Silver market maker at Scotia Mocatta. Kristi is a graduate of Boston University
with a bachelor of science in business administration with a concentration in finance from the School of Management.
Christina Rosso joins Wunderlich Securities as a Vice President of Institutional Sales in our New York office. Prior to joining Wunderlich
Securities, Christina co-covered New York City and Dallas for Kaufman Brothers, LP. Ms. Rosso began her career at Brean Murray, Carret &
Co. as a junior market maker on the trading desk.
.
34
Equity Trading Biographies
Steve Iskalis, Director of Trading, brings twenty years of equity experience to Wunderlich Securities as a Senior Vice President and Head of
Institutional Equity Trading in its Denver office. Steve joined Wunderlich from Ferris, Baker Watts, where he was a Senior Vice President of the
Equity Trading department. Prior to Ferris, Steve was Director of Institutional Equity trading at Stifel Nicolaus Inc. Steve began his trading career at
Cleary Gull in Milwaukee and continued his career with Tucker Anthony Cleary Gull. He currently resides in Golden, CO with his wife and two
children.
John “Jack” Belgrade joins Wunderlich Securities as Senior Vice President of Sales Trading in our Baltimore office. Prior to joining Wunderlich
Securities, Jack was with Janney Montgomery Scott and spent more than 15 years with Ferris Baker Watts where he headed the Sales Trading Desk.
Charles Berry joins Wunderlich Securities as a Senior Vice President of Sales Trading in our Denver office. Charles joins us from Janco Partners
where he was head of Trading. Prior to joining Janco, Charles was a trader with John G. Kinnard. He also worked at Herzog, Heine, Geduld. Mr.
Berry received a Bachelor of Science in Finance from the University of Florida.
Bob Bianco joins Wunderlich Securities as Senior Vice President of Institutional Equity Trading in our Baltimore office. Prior to joining Wunderlich
Securities, he was with Janney Montgomery Scott and spent more than 13 years with Ferris, Baker Watts, Inc.
Erik Briggs has over 10 years of industry experience in Sales & Trading. Prior to joining Wunderlich Securities he was with Signal Hill from
2008. He was also Vice President of Institutional Sales Trading at Ferris, Baker Watts which was acquired by RBC Wealth Management in 2008. He
began his career at Deutsche Bank Alex Brown in New York.
Edwin “Trip” Carey III, Senior Vice President of Sales Trading, brings 23 years of equity trading experience to Wunderlich Securities in its Boston
office. Trip joined WSI from Fidelity Capital Markets , where he was the Co-head of the Prime Services equity trading desk. Prior to that he was a
sales trader with Ferman Seles ING Barring and Rauscher Peirce Refsnes. Trip began his carrier on the floor of the New York Stock Exchange with
Kidder Peabody moved to Boston and was a floor broker on the Boston Stock Exchange with Adler, Coleman. He currently resides in Hingham, MA
with his wife and three children.
William Kitchens, Senior Vice President, Mr. Kitchens was with Morgan Keegan for thirty years in its Institutional Equity Markets department. Most
recently he was Managing Director, Head of Institutional Sales Trading and Co-Manager of Trading.
Dan Muhly has over 19 years of investment and trading experience. Prior to joining Wunderlich Securities he was with Signal Hill and Merrill
Lynch. Mr. Muhly has traded U.S. Equities since 1992 in both a principal trading and sales-trading role.
35
Equity Trading Biographies
Chris Rolla has 23 years of financial and operational experience including Mergers & Acquisitions, Refinancing, Brokerage & Investment Banking,
Initial & Secondary Public Offerings, SEC Reporting and Equity Research. Mr. Rolla’s responsibilities at Wunderlich include day to day
management of trading and market making. He is also actively involved in branch management, back office operations and compliance. He was
affiliated with the big-six public accounting firm of Deloitte & Touche for 6 years where he was responsible for Deloitte’s services to several
regional broker/dealers and was a member of the St. Louis office’s Corporate Finance Group. Chris graduated from Southern Illinois and is a
Certified Public Accountant.
.
36






Introducing Wunderlich Securities, Inc.
ECM Overview
Research
Institutional Sales and Trading
Investment Banking Overview
Institutional Fixed Income
37
Investment Banking Overview
Wunderlich Investment Banking has successfully:
 YTD 2012, we co-managed 46 public offerings raising approximately $8.3
billion
 Calendar 2011, we managed or co-managed 31 transactions consisting of 4
lead-managed and 27 co-managed public offerings total in excess of $7 billion.
 In 2010, managed or co-managed 22 public offerings of common stock raising
approximately $4.8 billion
 Historically raised over $400 million in 32 private placement transactions
and completed 24 merger and acquisition advisory transactions for our clients
 Our bankers have an average of 15 years of transactional experience, and
specialize in the industry verticals where we provide research industry expertise.
38
Investment Banking Overview
Twood@icapllc.net
Wunderlich Securities, Inc. Investment Bank offers a wide variety of services including Public Offerings, Merger
& Acquisitions, Valuations, Private Placements and many other services for our corporate clients. Wunderlich is
dedicated to building trusted partnerships and lasting relationships with each client we serve both before and
beyond transactions. At Wunderlich, we take each client’s goals and success personally.
Full Service Investment Bank
Equity New Issues
Private
Placements
Mergers &
Acquisitions
Advisory
Valuation Opinions
Sale of Company
Assets
Structuring of
debt, equity, and
hybrid securities
Fairness Opinions
Merger of Equals
Share Repurchase
Programs
Restricted
Securities
Merchant Banking
Consulting
Monitoring
PIPES
Advisory
Public Offerings
Securities:
Common
Preferred
Convertibles
Acquisition of
Company Assets
Dividend Policy
Management
Buyouts
Options
ESOP
Re-capitalization
39
Principal
Investments
Recent Offerings
$215,760,000
November
2012
$100,000,000
November
2012
October
2012
$100,000,000
October
2012
$250,000,000
October
2012
$79,800,000
Legacy Reserves
OFS Capital
Gulf Bend Resources
GulfPort Energy Corporation
Harvest Natural Resources
Follow-on Offering
Initial Public Offering
Mezzanine Facility
High Yield Offering
High Yield Offering
Co-Manager
Exclusive Advisor
Co-Manager
Co-Lead
Co-Manager
$138,000,000
October
2012
$75,000,000
October
2012
October
2012
$112,500,000
October
2012
$80,500,000
October
2012
$251,562,500
Lehigh Gas Partners
Monroe Capital
Urstadt Biddle Properties
Triangle Capital
Diamondback Energy
Initial Public Offering
Initial Public Offering
Preferred Stock Offering
Senior Notes Offering
Initial Public Offering
Co-Manager
Co-Manager
Co-Manager
Co-Manager
October
2012
$36,000,000
October
2012
$32,968,688
$40,000,000
September
2012
$135,000,000
Co-Manager
September
2012
$162,412,500
September
2012
KCAP Financial
Gladstone Investment Corp.
Casella Waste
Cushing MLP Asset Management
Approach Resources
Senior Notes Offering
Follow-on Offering
Follow-on Offering
Initial Public Offering
Follow-on Offering
Co-Manager
Co-Manager
Co-Manager
Co-Manager
$115,000,000
Co-Manager
September
2012
$75,000,000
September
2012
$281,750,000
September
2012
$189,819,000
September
2012
$46,200,000
September
2012
AG Mortgage Investment Trust
Hercules Technology Growth
Capital
Halcon Resources
Vanguard Natural Resources
Magnum Hunter Resources
Preferred Stock Offering
Senior Notes Offering
Follow-on Offering
Follow-on Offering
Preferred Stock Offering
Co-Manager
Co-Manager
Co-Manager
Co-Manager
40
Co-Bookrunner
Recent Offerings
$61,824,000
August
2012
$155,250,000
August
2012
$115,000,000
July
2012
July
2012
$58,145,164
$51,750,000
July
2012
Whitestone REIT
AG Mortgage Investment Trust
Investors Real Estate Trust
AmREIT
AG Mortgage Investment Trust
Follow-on Offering
Follow-on Offering
Preferred Stock Offering
Initial Public Offering
Preferred Stock Offering
Co-Manager
$42,126,779
Co-Manager
Co-Manager
July
2012
$325,000,000
July
2012
$40,040,000
Co-Manager
June
2012
Co-Manager
June
2012
$60,637,011
$796,750,000
Hercules Technology Growth
Capital
Tortoise Energy Independence Fund
Prospect Global Resources
Ellie Mae Inc.
ClearBridge Advisors
Senior Notes Offering
Initial Public Offering
Follow-on Offering
Follow-on Offering
Initial Public Offering
$50,000,000
May
2012
$290,697,000
Co-Manager
Co-Manager
Co-Manager
Co-Manager
May
2012
$180,000,000
May
2012
American Capital Mortgage
Investment
Salient Midstream & MLP Fund
PDC Energy
Preferred Stock Offering
Follow-on Offering
Initial Public Offering
Follow-on Offering
Co-Manager
$157,500,000
Co-Manager
May
2012
$160,000,000
Co-Manager
May
2012
$7,060,000
Co-Manager
May
2012
$172,250,000
Monmouth Real Estate Investment
Corp.
$33,000,000
$443,907,000
May
2012
Magnum Hunter Resources
High Yield Offering
Co-Manager
Co-Manager
April
2012
June
2012
April
2012
$627,900,000
April
2012
Magnum Hunter Resources
Western Asset Mortgage Capital
Corp.
Gulf United Energy
First Pactrust Bancorp, Inc.
Sandridge Mississippian Trust II
Follow-on Offering
Initial Public Offering
Private Placement
Senior Notes Offering
Royalty Trust
Co-Manager
Co-Manager
Lead Placement Agent
41
Co-Lead Manager
Co-Manager
Recent Offerings
April
2012
$43,000,000
April
2012
$385,997,500
April
2012
$84,812,500
March
2012
$150,000,000
March
2012
$368,000,000
Hercules Technology
Growth Capital
QR Energy LP
TCP Capital Corp.
American Capital Agency
Whiting Trust II
Senior Notes Offering
Follow-on Offering
Initial Public Offering
Preferred Stock Offering
Royalty Trust
March
2012
$30,000,000
Co-Manager
Co-Manager
Co-Manager
Co-Manager
March
2012
$40,000,000
March
2012
$400,000,000
$238,625,000
Co-Manager
February
2012
$40,000,000
February
2012
Horizon Technology Finance Corp.
Medley Capital Corp.
Covanta Holdings Corp.
Cushing Royalty & Income Fund
Gladstone Investment Corp.
Senior Notes Offering
Senior Notes Offering
Senior Notes Offering
Initial Public Offering
Preferred Stock Offering
Co-Manager
Co-Manager
$69,000,000
February
2012
$336,000,000
Co-Manager
Co-Manager
February
2012
$273,498,750
February
2012
Co-Manager
January
2012
$38,500,000
January
2012
$95,000,000
Triangle Capital Partners
Endeavour International Corp.
EV Energy Partners
Gladstone Commercial Corp.
AG Mortgage Investment Trust
Senior Notes Offering
First Priority Notes Offering
Follow-on Offering
Preferred Stock Offering
Follow-on Offering
Co-Manager
Co-Manager
$227,439,330
January
2012
$702,822,500
Co-Manager
January
2012
$128,800,000
Co-Manager
Co-Manager
November
2011
$91,131,250
November
2011
$98,090,000
November
2011
Vanguard Natural Resources
Linn Energy, LLC
Approach Resources
Allot Communications
Legacy Reserves LP
Follow-on Offering
Follow-on Offering
Follow-on Offering
Follow-on Offering
Follow-on Offering
Co-Manager
Co-Manager
Co-Manager
42
Co-Manager
Co-Manager
Recent Offerings
$591,877,500
November
2011
$290,400,000
November
2011
$35,000,000
October
2011
$1,021,200,000
October
2011
October
2011
$60,375,000
Energy Transfer Partners LP
Enduro Royalty Trust
Gladstone Capital Corp.
American Capital Agency
Main Street Capital Corp.
Follow-on Offering
Royalty Trust
Preferred Stock Offering
Follow-on Offering
Follow-on Offering
Co-Manager
Co-Manager
$30,041,600
October
2011
$621,000,000
Co-Manager
August
2011
Co-Manager
July
2011
$19,400,000
$122,662,000
Co-Manager
June
2011
June
2011
$22,000,000
Ashford Hospitality Trust
SandRidge Permian Trust
Apartment Investment &
Management
AG Mortgage Investment Trust
Globus Maritime Ltd.
Preferred Stock Offering
Royalty Trust
Preferred Stock Offering
Initial Public Offering
Follow-on Offering
$25,088,936
Co-Manager
Co-Manager
Co-Manager
June
2011
First PacTrust Bancorp Inc.
June
2011
$21,060,000
$60,000,000
Gladstone Commercial Corp.
Co-Manager
May
2011
Whitestone REIT
$267,702,750
Lead Manager
May
2011
VOC Energy Trust
$362,050,000
April
2011
SandRidge Mississippian Trust I
TM
VOC Energy Trust
Creating Communities in our Properties™
Follow-on Offering
Follow-on Offering
Co-Manager
Co-Manager
$45,000,000
Follow-on Offering
March
2011
$18,800,000
Initial Public Offering
Lead Manager
March
2011
$133,260,000
Royalty Trust
Co-Manager
March
2011
$620,800,000
Co-Manager
March
2011
$60,000,000
February
2011
Preferred Apartment Communities
Magnum Hunter Resources
EV Energy Partners
Linn Energy, LLC
Cushing MLP Total Return Fund
Initial Public Offering
Preferred Stock Offering
Follow-on Offering
Follow-on Offering
Follow-on Offering
Co-Manager
Co-Manager
Sole Lead Manager
Co-Manager
Lead Manager
43
Recent Financial Advisory Transactions
August
2011
May
2012
September
2012
Austin Chalk Petroleum Services
December
2009
has been acquired by
acquired
The undersigned served as a Sell
Side Financial Advisor to Vestin
Realty Mortgage I in connection with
this transaction.
HCS Investors, LLC
a division of
The undersigned acted as Buy-side
financial advisor to
First PacTrust Bancorp, Inc.
March
2009
August
2009
December
2007
The undersigned acted as Buyside financial advisor to HCS
Investors, LLC
The undersigned acted as Sell-side
financial advisor
to Nationwide Card Services, Inc.
The undersigned acted as
financial advisor to the Special
Committee of PetroSearch
September
2007
December
2007
has acquired
The undersigned acted as financial
advisor to a Special Committee of
the Board of Directors
The undersigned acted as financial
advisor to Paymate, Inc
November
2008
has been acquired by
acquired certain assets and
operations of
Home Care Solutions, Inc.
The undersigned acted as Sellside financial advisor to
Holliday’s Fashions
September
2010
has been acquired by
Has been acquired by
The undersigned served as exclusive
Sell-side Financial Advisor to Austin
Chalk Petroleum Services
March
2011
Floratine BioSciences, Inc.
acquired certain assets from
Floratine Products Group,
Inc.
The undersigned acted as Sellside financial advisor to
Floratine Products Group, Inc.
44
The undersigned acted as
financial advisor to the Special
Committee of the Board of
Directors
June
2007
The undersigned acted as financial
advisor to Assembled Products
Corporation in a recapitalization
transaction
The undersigned acted as
financial advisor to the Special
Committee of Jacksonville
Bancorp
August
2008
Golden Set, LLC
has acquired
The Tennis Club of Memphis,
LLC
Regions/Morgan Keegan
Championship
The undersigned acted as Sellside financial advisor to Golden
Set, LLC
June
2007
Eaton-Moery Environmental
Services, Inc.
d.b.a.
acquired all the assets of
Delta Disposal, Inc.
The undersigned acted as Buy-side
advisor to Eaton-Moery
Environmental Services, Inc.
Investment Banking Biographies
R. Kevin Andrews, Managing Director Investment Banking - Mr. Andrews has more than 20 years of energy experience through investment banking, industry, and
public accounting. Prior to joining Wunderlich Securities, Inc. in November 2011, Kevin was managing director for Pritchard Capital Partners, LLC as well as managing
director and head of the energy practice for Morgan Keegan & Co., Inc. Prior to Morgan Keegan, Kevin served as chief financial officer of Denali Inc., a provider of
fluid handling products and as a corporate development and financial manager for Moorco International, Inc., and EnviroTech, a subsidiary of Baker Hughes. Kevin
earned a bachelor’s degree in accounting and a master’s in business administration from The University of Tulsa. He resides in Houston, Texas.
Darin Ackerman, Managing Director - Mr. Ackerman has more than fifteen years of investment banking experience. He has completed a broad array of public and
private equity, leveraged finance, convertible, MLP financing transactions, and strategic advisory assignments for companies in various sectors of the energy industry.
Prior to joining Wunderlich Securities, he was a managing director, head of energy investment banking, and member of the equity commitment committee at CRT Capital
Group LLC. Prior to CRT, he founded East Side Advisors, an energy industry focused advisory boutique after serving as a principal in the Global Energy Group of BT
Alex. Brown, where he led the oilfield services and equipment practice. Previously, he was a vice president in Schroder Wertheim's New York-based energy department
and a vice president and associate in the Energy and Industrial Groups of Smith Barney Shearson. After business school, Mr. Ackerman worked in the consulting division
of Ernst & Whinney. Mr. Ackerman has an M.B.A. and a B.B.A. from the University of Texas at Austin.
David Doyle, Managing Director – Prior to joining Wunderlich Securities, Inc., Mr. Doyle was a managing director for Milestone Merchant Partners with a focus on
distressed commercial real estate recapitalization. Prior to Milestone, Mr. Doyle was the co-founder and CEO of Harbor Asset Management, a structured real estate
credit manager with $2 billion under management. In his capacity at Harbor, Mr. Doyle served as COO of Kodiak Funding, a commercial real estate debt investor,
underwriting in excess of $1.5 billion of private debt securities for public and private real estate companies. Prior to co-founding Harbor Asset Management, he spent 10
years in the Real Estate Investment Banking department of Friedman, Billings, Ramsey & Co., becoming Group Head in 2001. During his 10 years at FBR, Mr. Doyle
was involved in capital raising transactions with proceeds in excess of $9 billion and merger transactions in excess of $2 billion. Mr. Doyle received his Master of
Business Administration from Columbia University and a Bachelor of Arts from Hobart College.
Chris A. Freeman, Managing Director – Prior to joining Wunderlich Securities, Inc. in 2008, Chris was with Ferris, Baker Watts as a Vice President of the Energy
Investment Banking Team. From 1998 to 2002 he was a Vice President of Investment Banking for C.E. Unterberg, Towbin, working on public offerings, private
placements of debt and equity capital as well as mergers and acquisitions. Prior to joining C. E. Unterberg, Towbin, he worked in the Corporate Finance Group at Arthur
Andersen. Prior to business school, Chris was press secretary for a member of Congress. He holds a B.A. degree in Politics from U.C.L.A and a M.B.A. from U.C.
Berkeley.
Wesley Grace, Managing Director – Mr. Grace is a managing director in the Financial Institutions Group. His main role includes calling on banks and thrifts on the west
coast and southeast regions of the United States. Prior to joining Wunderlich Securities in January 2007, Mr. Grace was a Managing Partner of Heritage Capital Advisors,
LLC, a private equity investment firm based in Atlanta, Georgia, where he originated and structured investments in financial institutions and middle market businesses.
Previously, Mr. Grace served as Senior Vice President of Legacy Securities Corp., a boutique investment banking firm, where he originated and executed capital raising
and merger & acquisition assignments on behalf of financial institutions and middle market companies. With over 17 years of investment banking experience, Mr. Grace
has advised clients in the areas of mergers & acquisitions, equity & debt offerings, recapitalizations, management & leveraged buyouts, and private equity fund financing.
Mr. Grace holds a M.B.A. in Finance from Tulane University and a B.B.A. in Finance from the University of Mississippi.
45
Investment Banking Biographies
David A. Hanse, Managing Director - Mr. Hanse has over 10 years of experience in M&A, private equity and public equity transactions within the E&P, oilfield
service and midstream sectors. Prior to joining Wunderlich Securities, Inc. in November 2011, David was senior vice president of Pritchard Capital Partners, LLC, as
well as senior vice president in Morgan Keegan & Co., Inc.’s energy practice. Prior to that, he was a senior manager in Ernst & Young’s transaction advisory practice
in New York and in Houston, where he focused on energy private equity transactions after a short stint in their assurance group. He was previously a business
development analyst and later a division controller at Industrial Holdings. David received a B.B.A. from Texas A&M University and is a Certified Public Accountant.
He resides in Houston, Texas.
Clayton M. Jones, Managing Director - Mr. Jones joined Anderson & Strudwick in July 2008 from Ferris, Baker Watts (FBW) and has been involved in over 15
public and private financings which raised in excess of $1 billion. Before joining FBW, Mr. Jones structured and underwrote over $500 million of debt and equity
transactions in the Energy Industry with GE Energy Financial Services. Mr. Jones began his career at the defense contracting firm BAE Systems North America as a
Strategy and Acquisition Analyst. Prior to joining BAE Systems North America, Mr. Jones served as an Infantry Officer in the U.S. Army for six years. He earned a
Master of Business Administration degree with a concentration in finance from William and Mary, and a Bachelor of Science degree with a concentration in
environmental science from The United States Military Academy. Mr. Jones is licensed by FINRA as a General Securities Representative (Series7, 79 &63). Mr.
Jones currently serves on the Board of Directors of Shelter Legal Services Foundation, a non-profit organization offering free legal advice and representation to
homeless and low-income individuals in the Boston area, with a specific focus on veterans.
Ken Leung, Managing Director - During his career, Mr. Leung was named an “All-Star Analyst” by Institutional Investor numerous times. He served as Chief
Investment Officer for Environmental Opportunities Funds I and II managing over $113 million of private-equity funds for 10 years. Before joining Wunderlich
Securities, Ken was a Managing Director and Head of Environmental Services Investment Banking at Madison Williams and Company. Prior to 1994, Ken was a
Managing Director at Smith Barney focusing on environmental services investment research. Mr. Leung holds a Bachelor of Arts from Fordham College and a
Master of Business Administration from Columbia University.
Brian McNiell, Managing Director - Mr. McNiell has over 10 years of experience in M&A, hedge funds and investment banking experience in the E&P, coal and
alternative energy sectors. Prior to joining Wunderlich Securities, Inc. in November 2011, Brian was senior vice president of Pritchard Capital Partners, LLC as well
as senior vice president in Morgan Keegan & Co., Inc.’s energy practice. Prior to that, Brian served as Chief Operating Officer for a hedge fund located in Memphis.
He also served as a principal in a boutique investment banking group specializing in energy transactions involving sovereign entities following a period in public
accounting. Brian obtained a B.B.A. in accounting from the University of Memphis and is a Certified Public Accountant and a CFA charterholder. He resides in
Memphis, Tennessee.
Michael E. Mendelson, Managing Director - Mr. Mendelson was at Anderson & Strudwick and Ferris, Baker Watts (FBW) where he was involved in over 30 public
and private financings which raised in excess of $4 billion. Prior to joining FBW, Mr. Mendelson served as founder and CEO of a general management and
information technology consultancy which serves property and casualty insurance clients in the United States, Europe and the Caribbean. Over the course of nearly 15
years, Mr. Mendelson provided the strategic direction to lead his firm to both rapid growth and industry leading levels of profitability. He sold his business to a
publicly traded consulting firm in 1997, but repurchased it in early 2001. The business was sold a second time to a large privately held consultancy in mid-2003. Mr.
Mendelson was a recipient of the prestigious Ernst & Young Entrepreneur of the Year in 2002. Mr. Mendelson is licensed by FINRA as both a General Securities
Representative (Series7, 79, & 63) and a General Securities Principal (Series24). He holds a Bachelor of Science in Business Administration degree from the
University of Richmond and an MBA from the Wharton School. Mr. Mendelson served on the executive committees of both the University of Richmond’s Board of
Associates and The Sabot School. Mr. Mendelson currently serves on the Board of Directors of Top Level Domain Holdings.
46
Investment Banking Biographies
Paul Nowak – Managing Director – Mr. Nowak joins Wunderlich Securities specializing in providing financial advisory and capital-raising services to clients in the
environmental services industry. He has enjoyed a 16-year career advising public and private middle market companies and entrepreneurs. Mr. Nowak was
previously a senior member of the investment banking departments of Madison Williams and Company, Sanders Morris Harris, and Crest Advisors LLC. Prior to his
employment at Crest, Mr. Nowak served as a member of Smith Barney’s (now Citigroup’s) Mergers & Acquisitions and Advisory Groups. During his career, he has
worked on a variety of mergers, acquisitions and corporate finance transactions in multiple industries, including insurance, communications, energy, industrial
services, distribution, healthcare, retail, and security services. Mr. Nowak is a graduate of the McIntire School of Commerce at the University of Virginia.
David Stastny, Managing Director- Mr. Stastny is a Managing Director of Centaur Partners, which provides strategic merger and acquisition advisory and
management consulting services to high technology companies. From 1999 through 2010, Mr. Stastny has been a senior managing member of both the Osprey and
GKM venture capital funds. Osprey Ventures is a 1999 vintage ,$92 million expansion stage fund, investing in the technology sector. GKM SBIC, L.P. is a 2002
vintage $81 million SBIC fund with the same expansion stage technology focus. Previously, Mr. Stastny held senior investment banking positions at Soundview
Financial Group, Oppenheimer and Co. (now CIBC) and Robertson Stephens & Co. (acquired by Bank of America and Fleetbank). Mr. Stastny was the lead or senior
banker on a large number of premier technology IPOs, secondary offerings, M&A, private placements, spinouts and restructurings.
Atul Tiwary, Director – Mr. Tiwary is a Director of Centaur Partners, which provides strategic merger and acquisition and private placement advisory services to high
technology companies. He has over 15 years of investment banking and consulting experience in the software industry. He has worked on over 25 active transactions
including M&A advisory and equity and debt financings for both public and private companies and executed more than $3 billion in transactions. Mr. Tiwary gained
his investment banking experience in the Technology Group at RBC Capital Markets. Previously, he worked as a Principal in Hewlett Packard's consulting division
and various technology startups in the Silicon Valley. Mr. Tiwary earned a BE (Honors) in Electrical Engineering from the University of Delhi, an MSE in Computer
Science and Engineering from the University of Michigan, Ann Arbor and an MBA from the Haas School of Business, University of California at Berkeley.
Rachel Menn, Senior Vice President – Prior to joining Wunderlich Securities, Inc. in March of 2012, Ms. Menn was a senior institutional equity salesperson for
Compass Point Research & Trading, LLC in Washington, DC. She was responsible for leveraging the firm’s equity research to develop business with institutional
buy-side accounts. Prior to Compass, Rachel spent over 11 years at FBR Capital Markets Corporation where she began her banking career in the Real Estate group.
She successfully completed more than $5 billion in public and private capital raising transactions focusing mainly on middle market companies in the Real Estate and
Specialty Finance sector. Prior to FBR, Rachel worked for 12 years at Integrated Microwave Corporation as a sales engineer, selling and designing custom RF devices
for the aerospace, defense and communication industry.
Matthew Hayden, Vice President - Prior to joining Wunderlich Securities, in May 2012, Matt was a vice president in Morgan Keegan & Co., Inc.'s investment
banking group. During his tenure with Morgan Keegan, he specialized in M&A and capital raising transactions in the industrial and transportation sectors. Prior to
Morgan Keegan, Matt was an associate with Ernst & Young, where he performed assurance and advisory services for public and private companies. Matt obtained
both a bachelor's and master's degree in accounting from the University of Mississippi. He is a Certified Public Accountant (inactive).
47
Investment Banking Biographies
J. Carlo Limchuatuan, Vice President - Mr. Limchuatuan graduated from Houston Baptist University with a bachelor’s degree in business administration and
accounting. He spent 11 years in public accounting, for local and international firms, performing tax, assurance, advisory and most recently merger & acquisition
consulting for PricewaterhouseCoopers LLP. He then went on to be an analyst for Marathon Oil Co.’s acquisitions and dispositions group. Prior to joining Wunderlich
Securities in November 2011, Carlo was vice president of Pritchard Capital Partners, LLC as well as an associate in Morgan Keegan & Co., Inc.’s energy practice.
Carlo is a past board member and co-founder of Young Professionals in Finance and is a Certified Public Accountant. He resides in Houston, Texas.
Michael Tsang, Associate – Mr. Tsang began his banking career in 2007 with Morgan Keegan’s energy investment banking practice. At Morgan Keegan, he focused
on early stage raises for E&P companies and midstream capital markets. Prior to joining Wunderlich in 2011, Michael was an associate at Pritchard Capital Partners
where he specialized in oil and gas related mergers and acquisitions. Michael began his professional career in 2006 with Ernst & Young’s energy consulting group
focused on derivative valuations. Mr. Tsang holds a B.B.A. degree in Finance from the business honors program at Texas A&M University and a M.B.A. from the
University of Texas at Austin. He resides in Houston, TX.
Eric R. Clark, Analyst – Prior to joining Wunderlich Securities, Inc. in May 2012, Eric was part of International Research and Sales at FSR Global Markets AB in
Göteborg, Sweden. While at FSR, Eric led market research in Singapore, South Africa, and Hong Kong. He currently operates as a supporting analyst in the Real Estate
Investment Banking group under the Senior Vice President. Mr. Clark received his B.S. BA in Finance from Bryant University (magna cum laude).
48
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Introducing Wunderlich Securities, Inc.
ECM Overview
Research
Institutional Sales and Trading
Investment Banking Overview
Institutional Fixed Income
49
Institutional Fixed Income
Wunderlich Securities serves our institutional clients with fixed
income brokerage and trading through our two separate
divisions, Fixed Income Capital Markets and Fundamental
Brokers Inter-Dealer. Based out of New York, these divisions
are the fastest growing in the firm. Our client base and trading
volumes are expanding rapidly in each division.
50
Institutional Fixed Income
Fixed Income Capital Markets (“FICM”) is the institutional fixed income division of Wunderlich Securities,
Inc. Manned by its highly motivated and experienced team of professionals, our institutional fixed-income division
plays an important role in the fixed income market where every day billions of dollars of securities are traded. Our
client base includes banks, insurance companies, asset managers, hedge funds, pension funds, portfolio managers
and corporations. To help our clients achieve their objectives, our sales and trading teams design value-added
trading strategies across a broad spectrum of fixed income securities including:
•
•
•
•
•
U.S. Government Securities
Government Agency Securities
Mortgage Backed Securities
Corporate Bonds
Certificates of Deposit
Our institutional knowledge, client relationships and expertise in fixed income, enables us to provide our customers
with premier services in the fixed income markets. We accomplish this through our focus on the following
fundamentals:
Experience - We provide our clients with access to our experienced trading personnel, which have the skills to
work and execute all orders discreetly and professionally; and
Anonymity – Our ability to keep our client’s orders anonymous from the rest of the market is paramount.
51
Institutional Fixed Income
Fundamental Brokers Inter-Dealer (“FBI”) is the dealer-to-dealer fixed income “voice” brokerage division of
Wunderlich Securities, Inc. FBI has assembled an experienced team of highly respected fixed income personnel.
FBI transacts business predominately with the broker/dealer community, and also with FICM’s customers that
utilize FBI’s financing capabilities. FBI does not trade for its own account or maintain and/or carry inventory
positions for its own account; accordingly, we limit our activities to brokerage services, which includes blind
brokering and give-up transactions. We accomplish this through our focus on the following fundamentals:
Experience - Our experienced trading personnel have the skills to work all orders discreetly and
professionally;
Anonymity – Our ability to provide anonymous trade execution is paramount; and
Alignment of Interests – We only handle transactions on an agency basis or on a riskless principal basis;
therefore, ensuring that we will never be in a conflicting position as to their interests.
.
We offer our customers value-added brokerage and financing services in the following markets:
•
•
•
•
•
Mortgage Backed Securities
Treasuries
Government Agency Securities
Repurchase Agreements
Certificates of Deposit
52
Headquarters
Wunderlich Securities, Inc.
6000 Poplar Avenue
Suite 150
Memphis, TN 38119
(P): 800.726.0557
(P): 901.251.1330
(F): 901.251.1349
Baltimore Office
400 East Pratt Street
Suite 720
Baltimore, MD 21202
(P): 866.297.8259
(F): 410.369.2590
Boston Office
260 Franklin Street
5th Floor
Boston, MA 02210
(P): 617.892.7150
Chicago Office
200 W. Madison Street
Suite 2950
Chicago, IL 60606
(P): 800.388.3851
Denver Office
1099 18th Street
Suite 2015
Denver, CO 80202
(P): 303.175.7900
(F): 303.965.7969
Houston Office
4400 Post Oak Parkway
Suite 1400
Houston, TX 77027
(P): 888.385.6928
(F): 713.403.2118
New York Office
60 East 42nd St
Suite 1007
New York, NY 10165
(P): 866.575.2223
(F): 212.402.2051
Palo Alto Office
502 Waverley Street
Palo Alto, CA 94301
(P): 650.743.9520
San Francisco
275 Battery St.
Suite 480
San Francisco, CA 94111
(P): 415.489.6800
(F): 415.315.1516
St. Louis Office
7711 Bonhomme St.
Suite 600
St. Louis, MO 63105
(P): 888.432.5671
www.wunderlichsecurities.com
53