Working Togetherto Make Stifel Stronger Than Ever

The joining of two forces in the Public Finance sector: Stifel Nicolaus and Stone & Youngberg

Notable Stats/Awards

Public Finance is a core line of business for Stifel Nicolaus. Unlike many of its competi-tors who have downsized their public finance presence over the past several years, Stifel has expanded the scope of its public finance practice, as exemplified by the acquisition of Stone & Youngberg.

Stifel and Stone & Youngberg were recently named as the top national underwriter for K-12 education transactions for third quarter 2011.

Additionally, Stifel Financial was named to Fortune magazine's annual global list of the 100 Fastest Growing Companies in 2009 and 2010. Below are recent notable statistics for both firms.

For more information on both firms, please visit our web sites or call your nearest location.

november 2011

Stifel and Stone & Youngberg: An Overview

Stifel Nicolaus has grown to be one of the largest independent brokerage firms in the nation. Over the past two years, Stifel also accessed the public stock market three times, raising over $150 million to bolster our capital and support our growth. Stifel’s market capitalization now exceeds $1.5 billion. Through recent acquisitions and its continued growth and development, Stifel Nicolaus now offers its public finance clients an unmatched combination of premier structuring, pricing, sales distribution, and research capabilities.

On October 1, 2011, Stifel Nicolaus announced the completion of its acquisition of the public finance firm Stone & Youngberg, LLC. Stone & Youngberg is the West Coast’s largest regional investment banking firm, specializing in fixed income securities. Founded in San Francisco in 1931, Stone & Youngberg has worked with public agencies for over eight decades to fund the infrastructure that built the West. The firm has a rich history of providing investment banking and brokerage services to local government entities, high-net-worth investors, community banks, and institutional investment funds.

As a division of Stifel Nicolaus, Stone & Youngberg remains dedicated to regional core issuer clients, as well as national issuers of land-secured, tax increment, utilities and transportation debt. On a combined basis, Stifel and Stone & Youngberg employ 90 public finance professionals serving issuers from 15 cities across the country. In 2010, the two firms senior managed more than 500 negotiated municipal bond issues raising more than $8.5 billion and co-managed an additional 301 transactions. On the institutional front, Stone & Youngberg’s highly regarded sales force is further enhanced by Stifel’s institutional sales group to offer maximum coverage of top-tier and second-tier institutional investors.

Stifel Nicolaus

• Brookfield, WI• Cleveland, OH• Columbus, OH• Denver, CO• Edwardsville, IL• New York, NY• Okemos, MI• San Antonio, TX• St. Louis, MO• Wichita, KS

Stone & Youngberg• Annapolis, MD• Los Angeles, CA• New York, NY

• Phoenix, AZ• Richmond, VA• San Francisco, CA

Stifel Nicolaus / Stone & YoungbergRobert W. Baird & Co. Inc.RBC Capital MarketsPiper Jaffray & Co.Morgan Keegan & Co. Inc.D A Davidson & Co.George K. Baum & Company, Inc.Roosevelt & Cross Inc.BOSC Inc.Bank of America Merrill Lynch

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Underwriter Issues

National K-12 Education & CCD Senior Manager UW Rankings(Negotiated and Competitive)

Year to date as of 9/30/2011Source: Thomson Reuters

#1 Underwriter of California Long-Term Municipal Bonds(by Number of Issues, 2006-2010)

#1 Underwriter of K-12 Education Financings in California (2006-2010)

#2 Underwriter of Water & Wastewater Financings in California (by Number of Issues, 2006-2010)

#1 Underwriter of Long-Term Municipal Bonds in Arizona(by Number of Issues, 2006-2010)

#1 Underwriter of K-12 Education Financings in Arizona(2006-2010)

#1 Underwriter of Land-Secured & Tax Increment Financings Nationwide (2006-2010)

www.stifel.com/publicfinancewww.syllc.com

Stone & Youngberg, LLC is a division of Stifel Nicolaus.Stifel, Nicolaus & Company, Incorporated | Member SIPC and NYSE