equity capital markets - raymond · pdf filesince 1969 4 raymond james investment banking...
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Investment BankIngequity Capital markets
Our mission is to remain a premier investment bank built
on trust and relationships. We combine insightful, high-
quality research in select industry sectors with value-added
financial advice and world-class distribution to serve the
needs of growth companies and the institutional and retail
communities that invest in them.
Raymond James Capital Markets
1
Our mission is to remain a premier investment bank built
on trust and relationships. We combine insightful, high-
quality research in select industry sectors with value-added
financial advice and world-class distribution to serve the
needs of growth companies and the institutional and retail
communities that invest in them.
Raymond James Capital Markets
1
Since 1969
4
Raymond James Investment Banking serves the capital and strategic advisory needs of today’s
emerging growth companies. Employing the deep industry knowledge and transactional expertise of
our more than 500 capital markets professionals, we offer a full array of transactional services, comple-
mented by strategic advice and planning throughout the life cycles of middle-market corporations.
Our broad range of investment banking services includes strategic planning; debt and equity capital
formation through public and private offerings; merger and acquisition advisory services, including
sales and divestitures, tender offers, leveraged buyouts, takeover defense, fairness opinions and valua-
tions; and corporate restructuring through in- and out-of-court efforts.
Raymond James Capital Markets is composed of Investment Banking, with 100 professionals
organized along industry and product lines; an award-winning Equity Research team with approxi-
mately 50 analysts covering nearly 700 public companies; Equity Sales and Trading, with professionals
who provide service to over 1,800 active domestic and international accounts; and a Corporate Debt
Origination and Structuring group which, combined with the Fixed Income department, has more
than 200 professionals committed to the debt markets.
Raymond James Capital Markets maintains a significant national presence, enhanced by Raymond
James’ Private Client Group of more than 5,000 domestic financial advisors, as well as international
distribution capabilities in North America and Europe. The collaborative effort of our highly
knowledgeable, industry-focused capital markets professionals ensures a thorough understanding
of client needs and the highest quality investment banking and capital markets services.
the ResouRCes You need
During the past five years, Raymond James has participated in raising
over $90 billion in growth capital for its corporate clients, and has
completed more than 230 advisory and private placement assignments,
including 130 mergers and acquisitions valued at more than $20 billion.
3
Raymond James has assisted small- and medium-sized companies
by providing public and private capital to finance their growth. We
have a large, experienced investment banking team, complemented
by trading support, excellent objective research, and broad retail
and institutional distribution.
Most importantly, Raymond James understands corporate needs and
the requirements of public ownership, as well as the fundamentals
of almost all industry sectors, enabling our professionals to provide
invaluable strategic advice.
Thomas A. James
Chairman and CEO
Raymond James Financial, Inc.
Since 1969
4
Raymond James Investment Banking serves the capital and strategic advisory needs of today’s
emerging growth companies. Employing the deep industry knowledge and transactional expertise of
our more than 500 capital markets professionals, we offer a full array of transactional services, comple-
mented by strategic advice and planning throughout the life cycles of middle-market corporations.
Our broad range of investment banking services includes strategic planning; debt and equity capital
formation through public and private offerings; merger and acquisition advisory services, including
sales and divestitures, tender offers, leveraged buyouts, takeover defense, fairness opinions and valua-
tions; and corporate restructuring through in- and out-of-court efforts.
Raymond James Capital Markets is composed of Investment Banking, with 100 professionals
organized along industry and product lines; an award-winning Equity Research team with approxi-
mately 50 analysts covering nearly 700 public companies; Equity Sales and Trading, with professionals
who provide service to over 1,800 active domestic and international accounts; and a Corporate Debt
Origination and Structuring group which, combined with the Fixed Income department, has more
than 200 professionals committed to the debt markets.
Raymond James Capital Markets maintains a significant national presence, enhanced by Raymond
James’ Private Client Group of more than 5,000 domestic financial advisors, as well as international
distribution capabilities in North America and Europe. The collaborative effort of our highly
knowledgeable, industry-focused capital markets professionals ensures a thorough understanding
of client needs and the highest quality investment banking and capital markets services.
the ResouRCes You need
During the past five years, Raymond James has participated in raising
over $90 billion in growth capital for its corporate clients, and has
completed more than 230 advisory and private placement assignments,
including 130 mergers and acquisitions valued at more than $20 billion.
3
Raymond James has assisted small- and medium-sized companies
by providing public and private capital to finance their growth. We
have a large, experienced investment banking team, complemented
by trading support, excellent objective research, and broad retail
and institutional distribution.
Most importantly, Raymond James understands corporate needs and
the requirements of public ownership, as well as the fundamentals
of almost all industry sectors, enabling our professionals to provide
invaluable strategic advice.
Thomas A. James
Chairman and CEO
Raymond James Financial, Inc.
As a full-service investment firm, Raymond James acts as a trusted advisor,
assisting the management teams of growth companies by providing the
individual guidance, in-depth industry and financial analysis, and creative
structuring necessary to raise capital successfully and efficiently, complete
corporate transactions and more.
Raymond James Investment Banking is comprised of professionals
located throughout the country with expertise in a full range of investment
banking services, including public and private equity and debt offerings,
mergers and acquisitions, and financial restructuring.
Whatever your objective – securing an infusion of public or private
capital for business expansion, responding to an interested potential buyer,
determining if your company is in the right position to acquire a competitor
or penetrating new markets through acquisition – the investment banking
professionals at Raymond James can provide the structuring and execution
vital to your success in nearly every phase of your company’s growth.
Investment BankIng
MEZZANINE GROWTH MATURE LATEVENTURE
S T A G E S
Convertible debt offerings
Public/private debt
Initial public offerings
Follow-on offerings
Restructuring and recapitalization
Merchant banking
General strategic and financial advisory
Private placement of high-yield debt and equity
Mergers and acquisitions advisory
Fairness opinions and valuations
Venture capital investments
Trading and market making
Industry and company research coverage
Raymond James
provides a com-
prehensive range
of strategic and
financial advisory
services tailored to
our clients’ needs.
a Comprehensive approach
Raymond James Investment Banking offers expertise in equity and debt offerings, merger and
acquisition advisory services, strategic planning and restructuring.
Organized along industry and product lines, our investment banking teams consist of professionals
who possess both the transactional expertise and industry knowledge necessary to help our clients
achieve their objectives.
Full Range oF CapaBIlItIes
6
As a full-service investment firm, Raymond James acts as a trusted advisor,
assisting the management teams of growth companies by providing the
individual guidance, in-depth industry and financial analysis, and creative
structuring necessary to raise capital successfully and efficiently, complete
corporate transactions and more.
Raymond James Investment Banking is comprised of professionals
located throughout the country with expertise in a full range of investment
banking services, including public and private equity and debt offerings,
mergers and acquisitions, and financial restructuring.
Whatever your objective – securing an infusion of public or private
capital for business expansion, responding to an interested potential buyer,
determining if your company is in the right position to acquire a competitor
or penetrating new markets through acquisition – the investment banking
professionals at Raymond James can provide the structuring and execution
vital to your success in nearly every phase of your company’s growth.
Investment BankIng
MEZZANINE GROWTH MATURE LATEVENTURE
S T A G E S
Convertible debt offerings
Public/private debt
Initial public offerings
Follow-on offerings
Restructuring and recapitalization
Merchant banking
General strategic and financial advisory
Private placement of high-yield debt and equity
Mergers and acquisitions advisory
Fairness opinions and valuations
Venture capital investments
Trading and market making
Industry and company research coverage
Raymond James
provides a com-
prehensive range
of strategic and
financial advisory
services tailored to
our clients’ needs.
a Comprehensive approach
Raymond James Investment Banking offers expertise in equity and debt offerings, merger and
acquisition advisory services, strategic planning and restructuring.
Organized along industry and product lines, our investment banking teams consist of professionals
who possess both the transactional expertise and industry knowledge necessary to help our clients
achieve their objectives.
Full Range oF CapaBIlItIes
6
8
CoRe Investment BankIng seRvICes
7
leveraged Buyouts
We are uniquely positioned to help internal management teams identify
and effect acquisition opportunities. Our services include providing
feasibility advice; determining and negotiating the acquisition price; struc-
turing, arranging and negotiating financing; and closing the transaction.
takeover defense
Drawing on our understanding of both sides of takeover transactions, we
assist our clients in taking advantage of regulatory or corporate mechanisms
designed to help boards of directors adequately evaluate unsolicited offers.
Our objective is always to help discourage and defend against unsolicited
offers; however, if a transaction becomes inevitable, we are committed to
obtaining the optimal result for our client and its shareholders.
Fairness opinions and valuations
We can provide fairness opinions in any situation, which may include sales
of companies or material assets, substantial acquisitions, or other significant
corporate transactions.
Recapitalization and Restructuring The Raymond James Recapitalization and Restructuring Advisory group
forms flexible teams of specialists and industry experts to assist companies,
creditors and equity investors facing financial challenges. These circum-
stances may include Chapter 11/out-of-court financial restructurings,
exchange offers and consent solicitations, fairness and solvency opinions,
recapitalizations and valuations, litigation support and testimony, and
mergers and acquisitions.
public offerings
The long-term success of a public offering depends on optimal timing, a coordinated sales effort, appropriate distribution of shares through a combination of institutional and retail investors, and comprehensive research and dependable trading support after the offering.
We provide the expertise, experience and resources necessary to success-fully guide your company through the offering process – from appropriate type and size, to timing, valuation, and strategic marketing positioning.
mergers & acquisitions advisory services
With transactional proficiency in buy- and sell-side representation, our Mergers & Acquisitions group, along with industry-focused specialists, helps companies identify, evaluate and execute strategic merger and acquisition opportunities. Composed of seasoned professionals who focus on the needs of buyers and sellers of middle-market companies, our expertise includes:
sales and divestitures With maximizing value to our clients as our key objective, we can guide a company through the sell-side process by valuing the business, preparing a descriptive memorandum, introducing potential buyers, leading negotiations and coordinating closing.
mergers, acquisitions and tender offers Our experience in identifying strategic merger and acquisition oppor- tunities, as well as executing transactions, allows us to assist acquiring companies with valuing the target company; assessing the financial impact of a transaction; developing a purchase strategy; leading negotiations; and structuring, coordinating and funding the transaction.
8
CoRe Investment BankIng seRvICes
7
leveraged Buyouts
We are uniquely positioned to help internal management teams identify
and effect acquisition opportunities. Our services include providing
feasibility advice; determining and negotiating the acquisition price; struc-
turing, arranging and negotiating financing; and closing the transaction.
takeover defense
Drawing on our understanding of both sides of takeover transactions, we
assist our clients in taking advantage of regulatory or corporate mechanisms
designed to help boards of directors adequately evaluate unsolicited offers.
Our objective is always to help discourage and defend against unsolicited
offers; however, if a transaction becomes inevitable, we are committed to
obtaining the optimal result for our client and its shareholders.
Fairness opinions and valuations
We can provide fairness opinions in any situation, which may include sales
of companies or material assets, substantial acquisitions, or other significant
corporate transactions.
Recapitalization and Restructuring The Raymond James Recapitalization and Restructuring Advisory group
forms flexible teams of specialists and industry experts to assist companies,
creditors and equity investors facing financial challenges. These circum-
stances may include Chapter 11/out-of-court financial restructurings,
exchange offers and consent solicitations, fairness and solvency opinions,
recapitalizations and valuations, litigation support and testimony, and
mergers and acquisitions.
public offerings
The long-term success of a public offering depends on optimal timing, a coordinated sales effort, appropriate distribution of shares through a combination of institutional and retail investors, and comprehensive research and dependable trading support after the offering.
We provide the expertise, experience and resources necessary to success-fully guide your company through the offering process – from appropriate type and size, to timing, valuation, and strategic marketing positioning.
mergers & acquisitions advisory services
With transactional proficiency in buy- and sell-side representation, our Mergers & Acquisitions group, along with industry-focused specialists, helps companies identify, evaluate and execute strategic merger and acquisition opportunities. Composed of seasoned professionals who focus on the needs of buyers and sellers of middle-market companies, our expertise includes:
sales and divestitures With maximizing value to our clients as our key objective, we can guide a company through the sell-side process by valuing the business, preparing a descriptive memorandum, introducing potential buyers, leading negotiations and coordinating closing.
mergers, acquisitions and tender offers Our experience in identifying strategic merger and acquisition oppor- tunities, as well as executing transactions, allows us to assist acquiring companies with valuing the target company; assessing the financial impact of a transaction; developing a purchase strategy; leading negotiations; and structuring, coordinating and funding the transaction.
As part of one of the largest institutional and retail research depart-
ments of any investment banking firm in the industry, approximately
50 fundamental and technical research analysts cover nearly 700
companies in a variety of industry sectors.
As testament to the high-caliber analysts who make up our equity
research group, Raymond James is regularly recognized with a
number of individual analyst awards in The Wall Street Journal’s
“Best on the Street.” In 2006, Raymond James Equity Research claimed
five awards in the Journal’s “Best on the Street” survey that ranked 72
firms after evaluating analysts from more than 280 sell-side firms.
Raymond James has a long-standing reputation for high quality,
independent research. Raymond James’ stock picks performed better
than those of 11 other brokers over both the short and long term,
reported Worth magazine in 2006, quoting from a Zacks Investment
Research study that ranked Raymond James first among the 12
brokerage firms evaluated for stock-picking prowess. The firm
also ranked second among small- and mid-cap fund managers in
Greenwich Associates’ 2006 Quality Index study.
equItY ReseaRCh
9Past performance does not guarantee future results. The Wall Street Journal does not sponsor, endorse or approve Raymond James & Associates’ investment programs.
During the seven-year period reviewed by Zacks Investment Research, Raymond James recommended 463 securities through its Focus List. Of these 220 advanced and 243 declined. Performance noted in the study includes dividends and a 1% trading commission on additions and deletions. Individual results will vary and an investor would incur commissions (and interest charges if transacted in a margin account) to transact these recommendations. A complete record of all Focus List recommendations since 1998 is available upon request. The results should not and cannot be viewed as an indicator of future performance. The market value of securities fluctuates and investors may incur profits or losses.
The Greenwich Quality Index measures overall small-cap and mid-cap equities sales and research quality among United States institutions. Investing in small-cap and mid-cap equities generally involves greater risks and may not be appropriate for everyone.
Raymond James is regularly recognized with a number of individual analyst awards
in The Wall Street Journal’s “Best on the Street.”
As part of one of the largest institutional and retail research depart-
ments of any investment banking firm in the industry, approximately
50 fundamental and technical research analysts cover nearly 700
companies in a variety of industry sectors.
As testament to the high-caliber analysts who make up our equity
research group, Raymond James is regularly recognized with a
number of individual analyst awards in The Wall Street Journal’s
“Best on the Street.” In 2006, Raymond James Equity Research claimed
five awards in the Journal’s “Best on the Street” survey that ranked 72
firms after evaluating analysts from more than 280 sell-side firms.
Raymond James has a long-standing reputation for high quality,
independent research. Raymond James’ stock picks performed better
than those of 11 other brokers over both the short and long term,
reported Worth magazine in 2006, quoting from a Zacks Investment
Research study that ranked Raymond James first among the 12
brokerage firms evaluated for stock-picking prowess. The firm
also ranked second among small- and mid-cap fund managers in
Greenwich Associates’ 2006 Quality Index study.
equItY ReseaRCh
9Past performance does not guarantee future results. The Wall Street Journal does not sponsor, endorse or approve Raymond James & Associates’ investment programs.
During the seven-year period reviewed by Zacks Investment Research, Raymond James recommended 463 securities through its Focus List. Of these 220 advanced and 243 declined. Performance noted in the study includes dividends and a 1% trading commission on additions and deletions. Individual results will vary and an investor would incur commissions (and interest charges if transacted in a margin account) to transact these recommendations. A complete record of all Focus List recommendations since 1998 is available upon request. The results should not and cannot be viewed as an indicator of future performance. The market value of securities fluctuates and investors may incur profits or losses.
The Greenwich Quality Index measures overall small-cap and mid-cap equities sales and research quality among United States institutions. Investing in small-cap and mid-cap equities generally involves greater risks and may not be appropriate for everyone.
Raymond James is regularly recognized with a number of individual analyst awards
in The Wall Street Journal’s “Best on the Street.”
sales
Through 11 domestic and international offices, and with a research-driven
approach, the Raymond James Institutional Sales division provides service
to some of the world’s leading institutions in the United States and Europe,
with particular emphasis on money managers who focus on small- to medium-
market capitalization companies. Our institutional sales force currently covers
more than 1,800 active domestic and international accounts, which complements
our broad retail distribution network.
trading
With its team of experienced professionals, the Raymond James Institutional
Trading division is organized into areas of specialization to most efficiently
accommodate a full range of order execution and trading flow. Committed to
market making for our corporate clients, our sales trading professionals service
more than 1,000 active accounts, and provide primary and backup coverage
to designated regions throughout North America and Europe. Composed
of industry-focused teams, our OTC Principal Trading department makes
markets in more than 260 domestic stocks, most of which are covered by our
Equity Research department.
InstItutIonal sales & tRadIng
1211
Worth magazine in 2006 reported that a Zacks Investment Research study ranked Raymond James
first among 12 national brokerage firms for both its short-term and long-term stock picking abilities.
sales
Through 11 domestic and international offices, and with a research-driven
approach, the Raymond James Institutional Sales division provides service
to some of the world’s leading institutions in the United States and Europe,
with particular emphasis on money managers who focus on small- to medium-
market capitalization companies. Our institutional sales force currently covers
more than 1,800 active domestic and international accounts, which complements
our broad retail distribution network.
trading
With its team of experienced professionals, the Raymond James Institutional
Trading division is organized into areas of specialization to most efficiently
accommodate a full range of order execution and trading flow. Committed to
market making for our corporate clients, our sales trading professionals service
more than 1,000 active accounts, and provide primary and backup coverage
to designated regions throughout North America and Europe. Composed
of industry-focused teams, our OTC Principal Trading department makes
markets in more than 260 domestic stocks, most of which are covered by our
Equity Research department.
InstItutIonal sales & tRadIng
1211
Worth magazine in 2006 reported that a Zacks Investment Research study ranked Raymond James
first among 12 national brokerage firms for both its short-term and long-term stock picking abilities.
private Client group
Raymond James Financial’s domestic and international broker/dealer network
of more than 5,000 financial advisors – one of the largest in the nation – creates an
extensive distribution channel central to serving the needs of corporate issuers.
Corporate debt
Our Corporate Debt Origination and Structuring group, in conjunction with the
firm’s Fixed Income department, has the ability to bring new fixed income issues
to market. With focus on sectors for which we have a commitment to research and
investment banking, we have also expanded the scope of our high-yield effort.
Segmented into divisions – Taxable Fixed Income, Public Finance, Municipal
Fixed Income and Fixed Income Banking – the Raymond James Fixed Income
department is comprised of more than 200 associates. Among them are 100 sales
professionals providing service to more than 2,400 institutional accounts, 19 senior
institutional traders managing approximately $4 billion in monthly sales, and 19
seasoned professionals focusing on high-yield and municipal debt.
pRIvate ClIent gRoup & CoRpoRate deBt
13
broker/dealer network of more than 5,000 financial advisors creates
an extensive distribution channel central to serving the needs of corporate issuers.
Raymond James Financial’s domestic and international
private Client group
Raymond James Financial’s domestic and international broker/dealer network
of more than 5,000 financial advisors – one of the largest in the nation – creates an
extensive distribution channel central to serving the needs of corporate issuers.
Corporate debt
Our Corporate Debt Origination and Structuring group, in conjunction with the
firm’s Fixed Income department, has the ability to bring new fixed income issues
to market. With focus on sectors for which we have a commitment to research and
investment banking, we have also expanded the scope of our high-yield effort.
Segmented into divisions – Taxable Fixed Income, Public Finance, Municipal
Fixed Income and Fixed Income Banking – the Raymond James Fixed Income
department is comprised of more than 200 associates. Among them are 100 sales
professionals providing service to more than 2,400 institutional accounts, 19 senior
institutional traders managing approximately $4 billion in monthly sales, and 19
seasoned professionals focusing on high-yield and municipal debt.
pRIvate ClIent gRoup & CoRpoRate deBt
13
broker/dealer network of more than 5,000 financial advisors creates
an extensive distribution channel central to serving the needs of corporate issuers.
Raymond James Financial’s domestic and international
Ballast point ventures
Five principals with nearly 100 years of combined investment, operating and
transaction experience direct Ballast Point Ventures. A venture capital fund
established to provide expansion capital for rapidly growing, privately owned
companies in diverse industries, Ballast Point places particular emphasis on
businesses located in the Southeast and Texas.
With a focus on industries that the principals believe have favorable growth
and investment characteristics, and in which they have substantial knowledge
and experience, the fund provides expansion financing for existing businesses,
acquisition financing, management-led buyouts of growth companies, recapi-
talizations of rapidly growing private companies, and may provide liquidity
to one or more of the company’s existing shareholders.
Raymond James Capital
Raymond James Capital is the merchant banking division of Raymond James
Financial. The fund invests in the recapitalization or management buyouts
of established businesses, with additional capital available to fund the future
growth of its portfolio companies. Together, the fund’s principals have more
than 50 years of private equity, investment banking and senior corporate
operating experience.
16
Corporate and executive services
The Raymond James Corporate and Executive Services group is committed
to providing corporate clients and their management teams and owners with
integrated solutions designed to meet their individual or corporate objectives via
a full range of equity trading, wealth protection and financial planning services.
The Raymond James Equity Services team interfaces with our institutional
trading professionals to provide directors, officers, management and employees
of our corporate clients with a complete suite of sophisticated proprietary
trading services. Specialties include employee stock option plan (ESOP)
transactions, cashless option exercises, restricted securities transactions,
Rule 144 execution, corporate share repurchase programs and more.
With services ranging from collars and prepaid forwards to restricted stock
lending and purchase, the Equity Hedging team provides hedging and
monetization strategies for clients with concentrated equity positions.
Finally, our Wealth Management team draws on the vast array of resources
throughout our firm to craft personal solutions tailored to the needs of
corporate executives and business owners. Our services include financial
and estate planning, tax planning, portfolio design and management,
alternative investments and more.
and moRe
15
Ballast point ventures
Five principals with nearly 100 years of combined investment, operating and
transaction experience direct Ballast Point Ventures. A venture capital fund
established to provide expansion capital for rapidly growing, privately owned
companies in diverse industries, Ballast Point places particular emphasis on
businesses located in the Southeast and Texas.
With a focus on industries that the principals believe have favorable growth
and investment characteristics, and in which they have substantial knowledge
and experience, the fund provides expansion financing for existing businesses,
acquisition financing, management-led buyouts of growth companies, recapi-
talizations of rapidly growing private companies, and may provide liquidity
to one or more of the company’s existing shareholders.
Raymond James Capital
Raymond James Capital is the merchant banking division of Raymond James
Financial. The fund invests in the recapitalization or management buyouts
of established businesses, with additional capital available to fund the future
growth of its portfolio companies. Together, the fund’s principals have more
than 50 years of private equity, investment banking and senior corporate
operating experience.
16
Corporate and executive services
The Raymond James Corporate and Executive Services group is committed
to providing corporate clients and their management teams and owners with
integrated solutions designed to meet their individual or corporate objectives via
a full range of equity trading, wealth protection and financial planning services.
The Raymond James Equity Services team interfaces with our institutional
trading professionals to provide directors, officers, management and employees
of our corporate clients with a complete suite of sophisticated proprietary
trading services. Specialties include employee stock option plan (ESOP)
transactions, cashless option exercises, restricted securities transactions,
Rule 144 execution, corporate share repurchase programs and more.
With services ranging from collars and prepaid forwards to restricted stock
lending and purchase, the Equity Hedging team provides hedging and
monetization strategies for clients with concentrated equity positions.
Finally, our Wealth Management team draws on the vast array of resources
throughout our firm to craft personal solutions tailored to the needs of
corporate executives and business owners. Our services include financial
and estate planning, tax planning, portfolio design and management,
alternative investments and more.
and moRe
15
Raymond James Investment Banking employs the
deep industry expertise of its specialty groups – in
coordination with one of the most respected Equity
Research departments on Wall Street – to provide
strategic planning and financial solutions for growth
companies. With more than 500 equity and debt
capital markets professionals and a Private Client
Group of more than 5,000 financial advisors, we
have the resources to meet your company’s capital
and advisory needs.
For more information on how Raymond James
Investment Banking can help your company achieve
its strategic objectives, please contact us today.
Raymond James Investment Banking employs the
deep industry expertise of its specialty groups – in
coordination with one of the most respected Equity
Research departments on Wall Street – to provide
strategic planning and financial solutions for growth
companies. With more than 500 equity and debt
capital markets professionals and a Private Client
Group of more than 5,000 financial advisors, we
have the resources to meet your company’s capital
and advisory needs.
For more information on how Raymond James
Investment Banking can help your company achieve
its strategic objectives, please contact us today.
the Raymond James Financial Center
880 Carillon parkway I st. petersburg, Fl 33716
727-567-1000 I 800-248-8863 I rjcapitalmarkets.com
atlanta I Boston I Chicago I dallas I houston I los angeles I nashville I new York I palo alto I st. petersburg
Brussels I düsseldorf I geneva I london I paris
©2008 Raymond James & Associates, Inc., member New York Stock Exchange/SIPC . 34680108 DW/ML 1/08