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					Company Report
Interactive Entertainment
May 21, 2009 | 8 Pages

GAMESTOP CORP. (NYSE: GME)
WE CONSIDER TODAY’S PRICE ACTION TO OVERREACTION; REITERATING BUY AND $35 TARGET
•

RATING: BUY
BE
AN
Rating:

Fiscal Year Ends Jan
Buy $22.38 $35.00 $16.91-$52.89 $3,759.2 168.0 $4,498.98 4,000.0 23.7% $4,132.7 $13.75

The Call. We recommend buying shares of GME on the pullback today. We believe easier comparisons in the back-half, strong title lineup and potential hardware price cuts should drive stock price from here. At ~7.7x our ’09 EPS estimate, an estimated 14% FCF yield and EPS growth expectation of ~15% in the foreseeable future, we believe shares are suitable for value and GARP investors. We are reiterating our Buy rating and $35 price target (12x 2009 EPS estimate of $2.90). Q109 Results. Reported 1Q09 SSS and EPS of -1.5% and $0.43 (ex debt retirement costs), respectively, which was below/inline with expectations of +1% and $0.42, respectively. We note the US industry sales were down 8% during the comparable period, implying GME still gained share. 1Q09 Gross Margins were 27.4% (+130 bps) or 70bps better than our 26.7% estimate. Used sales grew ~32%, while new video game software sales declined 2.8% during the quarter 2Q09: 2Q09 EPS guidance of $0.28-$0.33 compares to First Call consensus of $0.40. 2Q09 SSS guidance of -8% to -11% compares to our estimate of -1%. This is the first time management has given 2Q09 guidance. Lower than consensus guidance reflects weakness in Europe and weakness in Wii hardware in the US.

Price: Price Target: 52-wk Range: Market Capitalization (M): Shares Outstanding (M): Assets (M): Avg. Daily Vol. (000): Debt/Equity: Enterprise Value: Book Value/Share:

•

Arvind Bhatia, CFA (214) 571-4401
abhatia@sterneagee.com

Luke Shagets (214) 571-4424
lshagets@sterneagee.com

•

FYE Jan Revenue (M): Income (M): Operating Income (M):

2007A $7,094.0 $296.2 $501.4

Earnings Summary 2008A $8,805.9 $401.7 $679.7 EPS & P/E Summary 2008A 2008 Previous 2007 Previous --$0.38 --$0.34 --$0.34 --$1.34 --$2.40 --9.3x

2009E $9,491.7 $488.0 $813.5

EPS:

Q1 Q2 Q3 Q4 Full Year

P/E Ratio:

2007A $0.18 $0.14 $0.33 $1.14 $1.80 12.5x

2009E $0.43 $0.30 $0.45 $1.74 $2.90 7.7x

2009 Previous -$0.40 $0.43 $1.67 $2.90 7.7x

Important Disclosures regarding Price Target Risks, Valuation Methodology, Regulation Analyst Certification, Investment Banking, Ratings Definitions, and potential conflicts of interest begin on Page I of the Appendix Section.

GAMESTOP CORP. (NYSE: GME)
•

May 21, 2009

FY09 Guidance: Reaffirmed full year EPS guidance of $2.83-$2.93 (consensus is $2.87). SSS guidance was lowered to 0% to +2% versus prior estimate of +4% to +6%. We recently lowered our comp estimate to +3.5% (obviously not enough) and our new comp estimate is 0%. The primary reason for the lowered guidance is lowered growth assumption for hardware (low-margin), even as the company kept the industry software guidance intact. The company continues to expect to open 400 stores (50/50 domestic/int’l) this year and generate $500M in free cash flow (~14% FCF yield). Used Business and Competition: With 32% YOY growth in used products this quarter (a slight acceleration from +31% in 4Q), management helped alleviate some of the concerns on competition in this category. We believe a big reason for EPS guidance reiteration, despite disappointing comps, is the strong trends in the used category. As a reminder, this is the highest margin category for GME (48% to 50%) and growing at the fastest pace among all categories. Rating and Target: We are reiterating our Buy rating and $35 price target (12x 2009 EPS estimate of $2.90).

•

•

GameStop Q109 Variance Analysis SALI Same Store Sales Sales Gross Profit Gross Margin Estimate 1.0% $1,991,852 $530,886 26.7% Actual -1.5% $1,980,753 $542,113 27.4% ($368,532) 18.6% $128,454 6.5% $116,773 $72,399 168.0 $0.43

SG&A (incl. stock based comp)($369,781) SG&A % of Sales 18.6% Operating Income $116,707 Operating Margin 5.9% Pretax Income Net Earnings Diluted Shares Outstanding Diluted Earnings Per Share $104,876 $66,597 167.3 $0.40

* Sterne Agee Estimates and Company reports

Page 2

GAMESTOP CORP. (NYSE: GME)

May 21, 2009

GameStop Corp. Quarterly Income Statement
Arvind Bhatia, CFA (214) 571-4401 GameStop—Quarterly Income Statement
(Dollars in thousands, except per-share data)

Sales Seasonality Costs Of Sales Gross Profit SG&A Depreciation & Amortization Stock Based Comp Amortization of Goodwill Operating Income Net Interest (Expense) Pretax Income Income Taxes Net Earnings Diluted Earnings Per Share Diluted Shares Outstanding (Mil.)
Extraordinary Items Merger Costs (excluded) Debt retirment cost Merger Financing Charges Ratio Analysis

CY 2008A Est Est Est Est CY 2009E Apr-08 Jul-08 Oct-08 Jan-09 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Jan-10 $1,813,617 $1,804,420 $1,695,746 $3,492,114 $8,805,897 $1,980,753 $1,816,851 $1,947,741 $3,746,309 $9,491,654 21% 20% 19% 40% 21% 19% 21% 39% 100% ($3,847,458) ($5,280,255) ($1,340,211) ($1,320,297) ($1,222,317) ($2,652,937) ($6,535,762) ($1,438,640) ($1,299,576) ($1,400,063) ($2,816,802) ($6,955,080) 1,471,442 1,813,707 473,406 484,123 473,429 839,177 2,270,135 542,113 517,275 547,678 929,507 2,536,573 ($1,000,135) ($1,155,105) ($109,862) ($130,270) ($20,978) ($26,911) $0 $0 $340,467 $501,421 ($73,324) 267,143 ($100,995) 166,148 $1.05 158.3 $ ($47,774) 453,647 ($157,448) 296,199 $1.80 164.9 0.12 ($319,867) ($34,836) ($8,800) $0 $109,903 ($8,488) 101,415 ($37,828) 63,587 $0.38 167.4 ($339,345) ($36,309) ($8,400) $0 $100,069 ($9,211) 90,858 ($33,695) 57,163 $0.34 168.1 ($327,322) ($35,767) ($8,400) $0 $101,940 ($8,807) 93,133 ($36,338) 56,795 $0.34 168.0 ($426,385) ($1,412,919) ($38,092) ($145,004) ($6,900) ($32,500) $0 $0 $367,800 $679,712 ($12,331) 355,469 ($131,362) 224,107 $1.34 167.2 ($38,837) 640,875 ($239,223) 401,652 $2.40 167.7 ($368,532) ($37,827) ($7,300) $128,454 ($11,681) 116,773 ($44,374) 72,399 $0.43 168.0 ($381,706) ($38,827) ($7,300) $0 $89,442 ($11,181) 78,261 ($28,565) 49,695 $0.30 168.3 ($372,186) ($37,986) ($7,400) $0 $130,106 ($11,181) 118,925 ($43,408) 75,518 $0.45 168.7 ($417,683) ($1,540,106) ($39,360) ($154,000) ($7,000) ($29,000) $0 $0 $465,465 $813,467 ($10,957) 454,508 ($164,144) 290,364 $1.74 167.1 ($45,000) 768,467 ($280,490) 487,976 $2.90 168.0

CY 2006A Jan-07 $5,318,900

CY 2007A Jan-08 $7,093,962

Total Sales Gross Magin on Total Revenue SG&A Depreciation & Amortization Operating Income Net Interest Pretax Income Tax Rate Net Earnings YoY % Change Same Store Sales Sales Gross Profit SG&A Operating Income Net Income EPS Shares Outstanding

100.0% 27.7% 18.8% 2.1% 6.4% 1.4% 5.0% 37.8% 3.1%

100.0% 25.6% 16.3% 1.8% 7.1% 0.7% 6.4% 36.8% 4.2%

100.0% 26.1% 17.6% 1.9% 6.1% 0.5% 5.6% 37.3% 3.5%

100.0% 26.8% 18.8% 2.0% 5.5% 0.5% 5.0% 37.3% 3.2%

200.0% 27.9% 19.3% 2.1% 6.0% 0.5% 5.5% 39.0% 3.3%

100.0% 24.0% 12.2% 1.1% 10.5% 0.4% 10.2% 37.0% 6.4%

100.0% 25.8% 16.0% 1.6% 7.7% 0.4% 7.3% 37.3% 4.6%

100.0% 27.4% 18.6% 1.9% 6.5% 0.6% 5.9% 38.0% 3.7%

100.0% 28.5% 21.0% 2.1% 4.9% 0.6% 4.3% 36.5% 2.7%

100.0% 28.1% 19.1% 2.0% 6.7% 0.6% 6.1% 36.5% 3.9%

100.0% 24.8% 11.1% 1.1% 12.4% 0.3% 12.1% 36.1% 7.8%

100.0% 26.7% 16.2% 1.6% 8.6% 0.5% 8.1% 36.5% 5.1%

10.1% 21.1%

123.1% 109.1% 102.1% 3.4%

24.9% 33.4% 23.3% 15.5% 47.3% 78.3% 71.1% 4.2%

27.1% 41.8% 35.7% 27.9% 81.3% 119.8% 111.8% 3.8%

20.0% 34.8% 34.0% 24.9% 97.2% 147.7% 142.8% 2.0%

-1.8% 5.2% 12.8% 16.0% 5.2% 4.4% 3.4% 1.0%

9.6% 21.9% 22.7% 21.5% 25.5% 18.1% 17.9% 0.2%

12.3% 24.1% 25.2% 22.3% 35.6% 35.6% 33.3% 1.7%

-1.5% 9.2% 14.5% 15.2% 16.9% 13.9% 13.5% 0.4%

-9.0% 0.7% 6.8% 12.5% -10.6% -13.1% -13.2% 0.1%

6.0% 14.9% 15.7% 13.7% 27.6% 33.0% 32.4% 0.4%

2.0% 7.3% 10.8% -2.0% 26.6% 29.6% 29.7% -0.1%

0.0% 7.8% 11.7% 9.0% 19.7% 21.5% 21.2% 0.2%

Source: Company reports and Sterne Agee estimates

Page 3

GAMESTOP CORP. (NYSE: GME)

May 21, 2009

APPENDIX SECTION
Company Description: Company Description: GameStop is the leading specialty retailer of interactive entertainment, including
video game hardware, software, and accessories, as well as PC entertainment software and other related merchandise. GameStop operates more than 6,200 stores in strip centers and malls throughout the United States, Puerto Rico, and Guam and international markets.

IMPORTANT DISCLOSURES: Price Target Risks & Related Risk Factors:
Investment risks associated with the achievement of the price target include, but are not limited to, a company's failure to achieve Sterne, Agee & Leach, Inc., earnings and revenue estimates; unforeseen macroeconomic and/or industry events that adversely affect demand for a company's products or services; product obsolescence; changes in investor sentiment regarding the specific company or industry; intense and rapidly changing competitive pressures; the continuing development of industry standards; the company's ability to recruit and retain competent personnel; and adverse market conditions. For a complete discussion of the risk factors that could affect the market price of a company's shares, refer to the most recent Form 10-Q or 10-K that a company has filed with the Securities Exchange Commission.

Valuation Methodology:
Methodology for assigning ratings and target prices includes qualitative and quantitative factors including an assessment of industry size, structure, business trends and overall attractiveness; management effectiveness; competition; visibility; financial condition; and expected total return, among other factors. These factors are subject to change depending on overall economic conditions or industry or company-specific occurrences. Stern, Agee & Leach, Inc., analysts base valuations on a combination of forward looking earnings multiples. Sterne, Agee & Leach, Inc. believes this accurately reflects the strong absolute value of earnings, the strong earnings growth rate, the inherent profitability, and adjusted balance sheet factors.

Regulation Analyst Certification:
I, Arvind Bhatia, CFA, hereby certify the views expressed in this research report accurately reflect my personal views about the subject security(ies) or issuer(s). I further certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed by me in this report. Sterne, Agee & Leach, Inc. Disclosure Legend as of May 21, 2009: Company GameStop Corp. (GME - NYSE): 1. 2. 3. 4. 5. 6. Disclosure(s) – See Below 3

Sterne, Agee & Leach, Inc. makes a market in the shares of the subject company. Sterne, Agee & Leach, Inc. has, over the past 12 months, managed or co-managed a public securities offering or provided other investment banking services for the subject company. Sterne, Agee & Leach, Inc. has various security accounts open for the subject company. Sterne, Agee & Leach, Inc. provides administration for 401(k) plans for the subject company. Sterne Agee Financial Services, Inc. has clearing agreements with the subject company. The analyst who wrote this report owns a position in the subject company.

Sterne, Agee & Leach, Inc.’s research analysts receive compensation that is based upon various factors, including Sterne, Agee & Leach, Inc.’s total revenues, a portion of which is generated by investment banking activities.

Definition of Investment Ratings:
BUY: NEUTRAL: SELL: RESTRICTED: We expect this stock to outperform the industry over the next 12 months. We expect this stock to perform in line with the industry over the next 12 months. We expect this stock to underperform the industry over the next 12 months. Restricted list requirements preclude comment.

Appendix Section, Page I

GAMESTOP CORP. (NYSE: GME) Ratings Distribution:

May 21, 2009

Of the securities rated by Sterne, Agee & Leach, Inc., as of March 31, 2009, 33.3% had a BUY rating, 58.3% had a NEUTRAL rating, 8.3% had a SELL rating, and 0% was RESTRICTED. Within those ratings categories, 1.25% of the securities rated BUY, 1.43% rated NEUTRAL, 0% rated SELL, and 0% rated RESTRICTED received investment banking services from Sterne, Agee & Leach, Inc., within the 12 months preceding March 31, 2009.

ADDITIONAL INFORMATION AVAILABLE UPON REQUEST: Contact Robert Hoehn at 1-212-338-4731.
Other Disclosures: Opinions expressed are our present opinions only. This material is based upon information that we consider reliable, but we do not represent that it is accurate or complete, and it should not be relied upon as such. Sterne, Agee & Leach, Inc., its affiliates, or one or more of its officers, employees, or consultants may, at times, have long or short or options positions in the securities mentioned herein and may act as principal or agent to buy or sell such securities. Copyright © 2009 Sterne, Agee & Leach, Inc. All Rights Reserved.

Price Chart(s):

Appendix Section, Page II

STERNE, AGEE & LEACH, INC.
Founded in 1901, Sterne Agee has been providing investors like you with high-quality investment opportunities for over a century. During the early years, our founders prominently established themselves in the financial securities industry in the southeastern United States. Today, we have expanded to serve all regions of the country. Sterne, Agee is headquartered in Birmingham, Alabama with offices in 22 states including Alabama, Arkansas, California, Florida, Georgia, Illinois, Kentucky, Louisiana, Maine, Massachusetts, Minnesota, Mississippi, Missouri, New Jersey, New York, North Carolina, Pennsylvania South Carolina, Tennessee, Texas, Virginia, and Wisconsin. Sterne Agee is one of the largest independent firms in the country. Sterne, Agee & Leach, Inc. is a division of Sterne Agee Group, Inc., which also includes The Trust Company of Sterne, Agee & Leach, Inc.; Sterne Agee Asset Management, Inc.; Sterne Agee Clearing, Inc.; and Sterne Agee Financial Services, Inc.—www.sterneagee.com

EQUITY CAPITAL MARKETS ADMINISTRATION
Ryan Medo Robert Lake Karen Bell Managing Dir., Eq. Cap. Mkts. Vice President Assistant Vice President (205) 949-3623 (205) 949-3624 (205) 380-1766 David Lee Director, Equity Products Sr. Portfolio Analyst (205) 949-3689

Chuck Carlisle

(205) 949-3571

EQUITY RESEARCH
Robert Hoehn Director of Research (212) 338-4731

Basic Materials
Mark Connelly Ashish Gupta Mng. Dir. Associate (212) 338-4712 (212) 338-4721

Financial Services (cont.)
Adam Barkstrom, CFA William R. Griffin, CFA Matthew Kelley Mike I. Shafir Matthew Breese Edward D. Timmons Brett Rabatin, CFA Peyton Green Michael Lipman Kenneth James Mng. Dir. Analyst Mng. Dir. VP, Sr. Analyst Associate VP, Sr. Analyst SVP, Sr. Analyst Mng. Dir. Analyst Analyst (800) 906-0577 (800) 621-8635 (207) 699-5800 (212) 763-8239 (212) 763-8235 (800) 203-5332 (877) 457-8625 (877) 492-2663 (615) 269-7323 (615) 760-1474

China Internet & Media
James Lee Jiawen Zhou Yan Chao SVP, Sr. Analyst Analyst Associate (617) 794-7851 (617) 281-6497 (205) 949-3622

Consumer Apparel Retailing & Toys
Margaret Whitfield Jennifer Milan SVP, Sr. Analyst VP, Analyst (973) 519-1019 (212) 763-8211

Life Insurance
John M. Nadel Jason Weyeneth, CFA Mng. Dir. Analyst (212) 338-4717 (212) 763-8293

Footwear & Apparel
Sam Poser Kenneth M. Stumphauzer SVP, Sr. Analyst Analyst (212) 763-8226 (212) 763-8287

Mortgage Finance & Specialty Finance
Henry J. Coffey, Jr., CFA John Sites, CFA SVP, Sr. Analyst Associate (615) 760-1472 (615) 760-1470

Interactive Entertainment
Arvind Bhatia, CFA Luke Shagets Mng. Dir. Analyst (214) 571-4401 (214) 571-4424

Global Industrial Infrastructure (GII) Agriculture, Construction & Mining Equipment
Lawrence T. De Maria, CFA Ben Elias, CFA SVP, Sr. Analyst VP, Sr. Analyst (212) 338-4704 (212) 338-4706

Leisure & Entertainment
David Bain Sherry Yin Mng. Dir. Associate (949) 721-6651 (949) 721-6651

Building, Power & Water Infrastructure
Michael J. Coleman, CFA VP, Sr. Analyst (212) 338-4718

Restaurants
Lynne Collier Philip May Mng. Dir. Analyst (214) 571-4402 (504) 636-4953

Engineering and Construction
Chase Jacobson VP, Sr. Analyst (212) 338-4753

Energy Oilfield Services & Equipment
David S. Havens Karl Sowislo SVP, Sr. Analyst Analyst (212) 763-8238 (212) 338-4732

Multi-Industry
Nicholas P. Heymann Samuel H. Eisner Immacolata Arlia Jordan Calabrese Mng. Dir. Analyst Associate Associate (212) 338-4703 (212) 338-4705 (212) 338-4762 (212) 338-4729

Exploration & Production
J. David Anderson, PE, CFA Mng. Dir. Adam Aron VP, Associate (212) 338-4749 (212) 338-4748

Administration
Marianne Pence Nathan Mitchell Mgr., Res. Admin. Editor (205) 949-3618 (205) 949-3635

Financial Services Banks & Thrifts
James M. Schutz John Schutz Dir. of Fin. Ser. Associate (205) 949-3617 (205) 949-3538

Email Address for Sterne Agee Employees: first initial + last name@sterneagee.com (e.g., jsmith@sterneagee.com)

SALES & TRADING
ATLANTA
Adam Aspes Adam Kramer Joe Maloney Jamie Pennington John T. Riley (404) 812-3068 (404) 814-3902 (404) 814-3942 (404) 814-3948 (404) 814-3966

DALLAS
Jennifer Elkins Dan Griffith Candace Martin Bob Nasi Steve Pokorny John Schwalenberg (214) 571-4447 (214) 571-4444 (214) 571-4433 (214) 571-4417 (214) 571-4400 (214) 571-4410

NEW YORK
Jason Barber Matt Boskin Adam Cavise Mike Cline Tom Criscoula Noel Cueto Enrico DeMatt Geri DeVito Eric Dusansky Mike Flanagan Rich Gallagher Brian Haise Jeff Hood Alex Jones Carey Kaufman Konrad Krill Robert McGuire Brian McIlravy Adam Merlo John Molster Jake Morton Matt O’Kelly David O’Shea Jon Palan Bruce Rae Jon Schenk Chuck Schroeder Jason Scott Miko Tam Scott Tashman Ray Wardell (212) 763-8219 (212) 763-8247 (212) 763-8292 (212) 763-8268 (212) 338-4719 (212) 763-8251 (212) 338-4724 (212) 763-8242 (212) 763-8231 (212) 763-8282 (212) 763-8260 (212) 763-8206 (212) 490-1453 (212) 338-4701 (212) 763-8274 (212) 763-8218 (212) 763-8236 (212) 763-8258 (212) 763-8232 (212) 763-8210 (212) 763-8261 (212) 763-8227 (212) 763-8260 (212) 763-8225 (212) 763-8271 (212) 763-8221 (212) 763-8264 (212) 763-8215 (212) 763-8252 (212) 763-8256 (212) 763-8272

BIRMINGHAM
Gary Hagstrom Sam Haskell Scott Hughen Claude Preston Amber Spitzer (205) 380-1782 (205) 380-1781 (205) 380-1764 (205) 380-1762 (205) 380-1761

MILWAUKEE
Bob Butendorf Vince Curatola Paul Kujawa Kathy Rosploch Rob Wirthlin (414) 918-7956 (414) 918-7958 (414) 918-7954 (414) 918-7955 (414) 918-7957

BOSTON
Richard Gill Tom Goode Ted Sheehan Mike Roncone Nicholas White (617) 478-5006 (617) 478-5008 (617) 478-5003 (617) 478-5001 (617) 478-5002

MINNEAPOLIS
John Regan III (952) 841-6408

NEW ORLEANS
Henry Corder Patrick Donnelly Cheryl Grabert John Regan, Jr. (504) 636-4921 (504) 636-4902 (504) 636-4911 (850) 650-5676

CHICAGO
Mark Burrier Scott Hallermann Scott Hootman Robert Hurley Erica Mullins Vesna Radovic Dan Roesner Curt Thompson (312) 525-8425 (312) 525-8421 (312) 525-8426 (312) 525-8440 (312) 525-8423 (312) 525-8429 (312) 5258433 (312) 525-8427

SAN FRANCISCO
Tom Cervantez Chris Larson (415) 954-7115 (415) 954-7125

INVESTMENT BANKING
Mark Behrman, Mng Dir, Head of Inv Banking (212) 763-8286 Kimberlee Taylor, Admin. Asst. (212) 338-4715

FINANCIAL INSTITUTIONS GROUP
Michael J. O’Boyle, Mng. Dir. Michael Perry, Mng. Dir. Jeffrey W. Prochnow, CFA, SVP D. Timothy Speegle, SVP John McCrory, SVP (205) 949-3592 (212) 338-4736 (402) 778-5054 (205) 380-1720 (205) 949-3664

NON-FINANCIALS
John Bolebruch, Mng. Dir. – Industrials Richard Cunniffe, SVP – Industrials W. Barry McRae, Mng. Dir. - Energy Everett Titus III, Mng. Dir – Energy Dru Walsh, Associate - Energy Will Brooke, Analyst - Industrials (212) 338-4716 (212) 338-4713 (205) 949-3555 (908) 730-7882 (205) 949-3650 (212) 763-8278

EQUITY SYNDICATE
Craig B. Jampol, Mng. Dir. (212) 338-4708

Email Address for Sterne Agee Employees: first initial + last name@sterneagee.com (e.g., jsmith@sterneagee.com)

LOCATIONS
Corporate Headquarters 800 Shades Creek Parkway Suite 700 Birmingham, AL 35209 (205) 949-3500 (800) 239-2408 (205) 802-1414 fax 1201 Elm Street Suite 4241 Dallas, TX 75270 (214) 571-4420 (800) 666-9174 (214) 571-4445 fax 620 Newport Center Dr. Suite 1100 Newport Beach, CA 92660 (949) 721-6651 (949) 721-6652 fax

OTHER LOCATIONS
3475 Lenox Road Suite 800 Atlanta, GA 30326 (404) 365-9630 (404) 812-3097 fax

706 E. Washington Street Greenville, SC 29601 (864) 233-6630 (864) 233-6630 fax

2 Union Street Suite 403 Portland, ME 04101 (207) 699-5800 (207) 699-5888 fax

8400 Normandale Lake Boulevard Suite 920 Bloomington, MN 55437 (952) 841-6410 (800) 949-4102

411 East Wisconsin Ave Suite 1260 Milwaukee, WI 56202 (414) 918-7954 (866) 827-8625 (414) 226-0267 fax

5609 Patterson Avenue Suite B Richmond, VA 23226 (804) 521-3224 (804) 521-3199 fax

265 Franklin Street Suite 310 Boston, MA 02110 (617) 478-5000 (800) 836-4616 (617) 443-0310 fax

3100 West End Avenue Suite 930 Nashville, TN 37203 (615) 269-7323 (615) 269-9223

1001 Craig Road Suite 330 St. Louis, MO 63146 (314) 872-2125 (314) 872-2126 fax

123 N. Wacker Drive Suite 1250 Chicago, IL 60606 (312) 525-8440 (800) 966-0815 (312) 525-8438 fax

639 Loyola Ave Suite 200 New Orleans, LA 70113 (504) 299-1021 (888) 978-3763 (504) 299-0956 fax

1750 Montgomery Street Suite 134 San Francisco, CA 94111 (415) 954-7125 (415) 391-7784 fax

2 Grand Central Tower 140 East 45th Street 18th Floor New York, NY 10017 (212) 763-8224 (800) 966-0814 (212) 763-8201 fax

Email Address for Sterne Agee Employees: first initial + last name@sterneagee.com (e.g., jsmith@sterneagee.com)


				
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