 Founded in 1887 - headquartered in St. Louis, MO
 Recognized as one of the securities industry’s best managed firms
 Seventh largest full-service brokerage firm in the U.S.
 Equity capital in excess of $1.7 billion
Top Full Service Brokerage Firms
Number of
Brokers (a)
2004
Rank
1
2
3
4
5
6
7
8
Merrill Lynch
Citigroup/Salomon
Morgan Stanley
Edward Jones
Wachovia Securities
UBS
A.G. Edwards
Raymond James
(a) Source: Institutional Investor (April 2004); public records.
13,000
12,000
10,000
8,744
8,000
7,750
6,873
4,658
Foundation for Growth
• More than 15,000 employees
• More than 6,800 financial
consultants
• 90+ institutional salespeople
• 140 investment banking
professionals
– 80 in Corporate Finance/
M&A
– 60 in Public Finance
• Largest trading operation
outside of New York
Investment Banking
What is an “Investment Bank?”
Corporate Finance/
Mergers &
Acquisitions
Institutional Sales
and Trading
Securities Research
Securities and
Investment Services
Firm
Securities and
Commodities
Brokerage
Syndicate
Asset Management
and Private Client
Services
What is “Investment Banking?”
Capital Raising
Industry Focus
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

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Technology
Healthcare
Financial Services
Consumer Products
Energy
Public Equity Offering
Public Debt Offering
Private Equity Offering
Private Debt Offering
Hybrid/Structured Products
Investment
Banking





Product Focus
Financial Advisory
Equity Capital Markets
Debt Capital Markets
Mergers & Acquisitions
Private Placements
Private Equity

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
Buy-Side Advisory
Sell-Side Advisory
Valuations
Fairness Opinions
Takeover Defense
Recapitalization Services
Overview of Corporate Finance
Our philosophy is to establish long-term relationships by
emphasizing creativity, responsiveness, reliability and
professionalism.
• Research aligned, sector focused, value added banking services
• Focus on middle-market and emerging growth companies
• Continually expand capabilities to satisfy clients’ evolving
needs
• Senior level personnel committed to each transaction
• Emphasis on the development of long term relationships
Corporate Finance Organization
Industry Groups
•
•
•
•
•
•
•
•
Product Groups
Technology

Mergers & Acquisitions
Healthcare

Private Placements
Utilities
Oil and Gas
Financial Institutions
Real Estate
Consumer
Industrial
What Attracts Clients to A.G. Edwards?
• Reputation for integrity, stability and good
management
• Focus on developing long-term relationships
• Extensive experience in serving middle-market
companies
• Strong research coverage
• Extensive national retail and institutional distribution
network
Equity Research
• Consistently rank at the
2 0 0 4 ANALYST S URVEY
FIRM BY FIRM:
THE 2004 BEST ON THE STREET AWARD TALLY
RANK
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
BROKERAGE
HOUSE
Merrill Lynch
UBS
Raymond James
Legg Mason
A.G. Edwards
Bear Stearns
Needham
Sidoti
Wachovia Securities
Piper Jaffrey
SG Cowen
JMP Securities
Morgan Keegan
Robert W. Baird
Prudential Equity Group
Deutsche Bank
Lehman Brothers
Janney Montgomery Scott
Keefe, Bruyette & Woods
William Blair
TOTAL
ALL-STARS
13
12
11
8
8
7
7
7
6
6
5
5
5
5
5
5
5
4
4
4
top of the Wall Street
Journal Survey
• Highly regarded,
independent equity
research is a major factor
in our investment
banking business
AGE Relationship: EPIQ Systems
•
EPIQ Systems, Inc. provides technology-based
case management solutions to attorneys, law
firms, trustees and debtor companies that
administer cases in the federal bankruptcy
system.
•
Introduced to EPIQ by an institutional broker
•
Initiated research coverage in 1998 when the
company had a $50 million market cap
•
Raised over $145 million for the Company since
1998 through two public offerings and three
private placements
•
Helped management greatly reduce their large
positions without negatively impacting the stock
price
•
Currently the #1 market maker in the stock
AGE Relationship: Inergy, L.P.
•
Publicly-traded Master Limited Partnership
which is currently the seventh largest retail
propane distributor in the U.S serving
approximately 275,000 customers
•
Relationship with the Company since 1999
•
Raised approximately $180 million for the
Company through three public offerings
•
Acted as financial advisor to the Company on its
$96.8 million acquisition of Independent
Propane Company
•
Acted as financial advisor to Inergy on its $85
million offering of senior secured notes
•
Acted as financial advisor to Inergy in its
purchase of EOTT Energy Corp’s West Coast
Natural Gas Liquids Business.
The Analyst Program
Investment Banking Hierarchy
Managing
Director
Vice President
Associate
Analyst
The Investment Banking
Analyst Program
• Initiated in 1992
• Program is for students interested in pursuing an MBA
• 2-3 year terms
• Work includes a variety of assignments in Corporate
Finance and Mergers and Acquisitions
The Investment Banking
Analyst Program
• Role is to support team members in the development of
business opportunities and execution of transactions
• Looking to hire 6-8 Investment Banking Analysts this
year in the headquarters
• Currently we have 28 Investment Banking Analysts
Analyst Responsibilities
• Developing industry analyses
• Creating models of financial forecasts
• Analyzing historical and projected financial performance
• Participating in extensive industry and company due
diligence
• Managing multiple projects simultaneously
• Representing A.G. Edwards with clients and peer
investment banks
What Makes a Great Analyst?
• Accounting or finance background
• Detail-oriented
• Highly motivated
• Excellent analytical & communication skills
• Flexible
• Management of multiple projects simultaneously
• Team player
Advantages of the A.G. Edwards
Analyst Program
• Small working group teams.
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–
–
Increased visibility
Increased responsibility
Access to senior bankers
• Commitment to professional development.
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–
–
–
GMAT course
MBA program visits
Tuition reimbursement
Contacts with leading private equity firms
• Work with a diverse group of highly motivated, dedicated
individuals…..
Advantages of the A.G. Edwards
Analyst Program
Analyst Training Program
• 5 week training program
• Exposure to operations of numerous departments
throughout firm
– Equity Research
– Equity Syndicate
•
•
– OTC
– Institutional Sales
Exposure to outside professionals
– Wall St. trainers
– Law firms
Valuation, modeling and case simulations
Investment Banking Analyst
Career Progression
Pursue
MBA
Undergraduate
Return to
Investment
Banking
Enter into
new field of
employment
Joins Analyst
program
2-3 yrs
Pursue
alternative
professional
employment
Attractive Career Opportunities
Our Analysts have gone directly from A.G. Edwards to MBA schools, private
equity / LBO firms and companies such as the following:
Recruiting Contacts
Brian Glass, Vice President
brian.glass@agedwards.com
Analyst Interviews
Oct. 22nd