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.


Earnings Summary
FYE Dec
2008E
2009E
2010E
Operating EPS:
$3.67
$2.53
$3.76
ROAE:
8.0%
5.7%
8.2%



EPS & P/E Summary

2008E 2008 Previous
2009E 2009 Previous
2010E 2010 Previous
EPS:
Q1
$1.46
--
$0.20
$0.20
--
--

Q2
$1.21
--
$0.64
$0.62
--
--

Q3
$0.87
--
$0.79
$0.73
--
--

Q4
$0.19
--
$0.90
$0.79
--
--

Full Year
$3.67
--
$2.53
$2.34
$3.76
$3.72
P/E Ratio:
8.1
--
11.7
--
7.9
--

Fiscal Year Ends Dec

Rating:
Buy
Price:
$29.75
Price Target:
42
52-wk Range:
$11.37-$65.50
Market Capitalization (M):
$23,610
Shares Outstanding (M):
793.6
Shares Outstanding (M) fd:
793.0
Assets (M):
$501,678
Book Value/Share:
$25.75
Book Value Ex. FAS 115:
$44.54

John Nadel
Jason Weyeneth, CFA
(212) 338-4717
(212) 763-8293
jnadel@sterneagee.com
jweyeneth@sterneagee.com





April 30, 2009 | 9 Pages

METLIFE, INC. (NYSE: MET)
EPS IN LINE; BVPS MODESTLY BETTER; REVENUE
GROWTH CONTINUES; CAPITAL LEVELS SOLID
 Results Reflect Poor Equity and Capital Markets Conditions. MET’s
$0.20 was in line with us, but below First Call consensus of $0.34,
which included several outlier estimates. Results reflect equity market
drag (higher DAC amortization, lower fees) of $0.25, and negative
variable investment income “VII” (LBO, private equity, hedge funds,
etc) that was $0.40 below budget. Other one-time items generally
offset. Mgmt indicated normalized EPS ex. the one-timers and market
pressures was $0.83. While this assumes VII returns to budgeted
levels, which mgmt indicates is unlikely near-term, we are mindful
that the $0.83 gives no credit to the drag on NII from continued
elevated cash levels ($26b at 3/31, down only $4b from YE ’08),
which we estimate drags quarterly EPS by approx. $0.15 - $0.20.
 BVPS Modestly Better; We Estimate About 7-10% Higher With
April Credit Improvement. BVPS was $25.75, better than our $24.38
estimate and down 6% sequentially. We estimate the material
improvement in credit during April likely pushed BVPS higher by 7-
10%, to roughly $28. Given this, and MET’s strong balance sheet and
capital levels, we see little downside in the stock from current levels
without deterioration in macro conditions (credit/equity markets).
 Impairments and Investment Losses High. Unlike most peers to-date
in 1Q, MET took meaningful impairments and inv losses in 1Q. On a
pre-tax basis, before gains, MET’s losses and OTTI of $1.6b ran at an
annualized rate of 200bps. OTTI was heaviest in Hybrids at roughly
$300m. A key concern with the level of losses in 1Q is that one of
Moody’s recent “lines in the sand” for MET is $2b of annual a/t inv
losses. MET recorded ~50% of that level in 1Q09, leaving us cautious
on Moody’s near-term. That said, we doubt Moody’s acts before
Gov’t Stress Test results are announced. We expect MET to pass and
thus think a one-notch downgrade by Moody’s would be max hit.
Life Insurance
Company Report
RATING: BUY
METLIFE, INC. (NYSE: MET)
April 30, 2009

Page 2
MET Earnings Snapshot
SALI
1Q09A
1Q09A
1Q09E
1Q09E
Estimated
Actual
vs.
vs.
vs.
vs.
1Q08
4Q08
1Q09E
1Q09
1Q08
4Q08
1Q08
4Q08
After-tax Operating Income
Group Life
119
117
113
99
-17%
-15%
-5%
-4%
Retirement & Sav ings
321
84
69
51
-84%
-39%
-78%
-18%
Non-Medical Health & Other
118
71
73
50
-58%
-30%
-38%
3%
Institutional Business
558
272
255
200
-64%
-26%
-54%
-6%
Traditional Life
90
40
43
35
-61%
-13%
-53%
6%
Variable and Universal Life
40
48
24
(22)
-155%
-146%
-40%
-50%
Annuities
167
(204)
(179)
(118)
-171%
-42%
-207%
-12%
Other
14
10
12
7
-50%
-30%
-12%
24%
Total Individual Business
311
(106)
(100)
(98)
-132%
-8%
-132%
-6%
Auto & Home
98
112
82
76
-22%
-32%
-16%
-27%
International Operations
137
94
49
159
16%
69%
-65%
-48%
Subtotal
1,104
372
286
337
-69%
-9%
-74%
-23%
Corporate/Eliminations
(33)
(224)
(126)
(178)
After-tax Operating Income
1,071
148
159
159
-85%
7%
-85%
8%
Operating EPS
$1.46
$0.19
$0.20
$0.20
-87%
5%
-87%
6%
Consensus Estimate
-100%
-100%
Weighted Av erage Diluted Shares Outstanding
732.7
793.6
809.5
810.8
11%
2%
10%
2%
End of Period Common Shares Outstanding
709.4
793.6
814.1
817.8
15%
3%
15%
3%
Operating Earnings ex . One-Timers
$1.46
$0.19
$0.20
$0.20
-87%
5%
-87%
6%
Net Non-Recurring Items
0.09
(0.64)
0.00
0.06
Operating EPS ex . One-Timers
$1.37
$0.83
$0.20
$0.14
-90%
-83%
-86%
-76%
Actual Reported Variable Inv estment Income
370
(120)
(100)
(344)
-193%
187%
-127%
-17%
Per Share Over / (Under)
$0.02
($0.22)
($0.20)
($0.40)
Book Values & ROE
Book Value (Excl. FAS 115)
$45.09
$45.29
$45.12
$44.54
-1%
-2%
0%
0%
Book Value (Incl. FAS 115)
$43.64
$27.33
$24.38
$25.75
-41%
-6%
-44%
-11%
Operating ROE (Excl. FAS 115)
13.4%
1.7%
1.8%
1.8%
Institutional Segment
Group Life Premiums
1,642
1,645
1,724
1,750
7%
6%
5%
5%
Group Life Benefits/Premiums
92.4%
89.8%
92.0%
92.3%
Retirement Serv ices Total Reserv es
127,163
131,890
130,854
125,565
Non-Medical & Health Premiums
1,391
1,450
1,461
1,471
6%
1%
5%
1%
Non-Medical & Health Premiums/Benefits
79.1%
80.8%
82.5%
82.0%
Individual Segment
First Year Life Sales
245
228
227
204
-17%
-11%
-8%
-1%
Renew Life Sales/Deposits
1,595
1,770
1,577
1,588
0%
-10%
-1%
-11%
Traditional Life Benefits/Premiums
80.2%
84.1%
84.0%
86.0%
VA Deposits
3,192
3,424
3,032
3,737
17%
9%
-5%
-11%
FA Deposits
272
4,122
2,500
3,645
1240%
-12%
819%
-39%
VA Account Balances
84,826
62,264
56,810
59,194
-30%
-5%
-33%
-9%
VA Net Flow s
(92)
426
254
910
Auto & Home
Premiums
745
739
767
722
-3%
-2%
3%
4%
Combined Ratio
90.2%
84.6%
92.0%
91.9%
Source: Company Reports, SALI Estimates.
METLIFE, INC. (NYSE: MET)
April 30, 2009

Page 3
One-Timers. In the chart below, we highlight the one-time items, which include the
impact of equity market drag (higher DAC amortization, lower fee revenues) and
substantially lower variable investment income. Included is the segment level impact.

MET 1Q09 UNUSUAL ITEMS
Auto &
Corp. &
($millions, after-tax)
Trad.
V/UL
Annuity
Grp. Life
R&S
Health
Home
Int'l
Other
$mm
Per Share
Positive Contributors:
Favorable Prior Year Reserve Development
-
-
-
-
-
-
17
-
-
17
$0.02
Pension Adjustment
-
-
-
3
3
4
-
-
-
10
$0.01
Argentina Reserve Release
-
-
-
-
-
-
-
95
-
95
$0.12
Negative Contributors:
Lower than '09 Plan Variable Investment Income
22
20
21
8
141
30
-
-
79
321
$0.40
Higher DAC and other equity market-related
-
21
183
-
-
-
-
-
-
204
$0.25
Catastrophes Above Budgeted Levels
-
-
-
-
-
-
8
-
-
8
$0.01
DAC Adjustments Migrating Systems
(3)
17
-
-
-
-
-
-
-
14
$0.02
Tax Restructturing Item in Mexico
-
-
-
-
-
-
-
34
-
34
$0.04
Fx Drag (Peso & Won primarily)
-
-
-
-
-
-
-
28
-
28
$0.03
Severance and OpEx Items
-
-
-
-
-
-
-
-
23
23
$0.03
Net Contribution to Earnings
(19)
(58)
(204)
(5)
(138)
(26)
9
33
(102)
(510)
($0.63)
Net Contribution to EPS
($0.02)
($0.07)
($0.25)
($0.01)
($0.17)
($0.03)
$0.01
$0.04
($0.13)
Source: SALI Estimates, Company Management
Individual Business
Institutional Business
Total Amount


Below we highlight the impact of unusual items, excluding the drag from equity markets
and lower variable investment income, by segment relative to our estimate. Overall, we
estimated lower VII would drag EPS by $0.20 in 1Q09 versus the $0.40 drag actually
reported. In addition, we estimated higher DAC amortization and other equity-related
items would drag EPS in 1Q09 by $0.45 versus actual drag of $0.25. Net/net, our
overestimation of the hit from equity markets was offset by our underestimation of the hit
from lower VII.

SALI vs. Reported Results
SALI Est. Reported
Rep. ex. Unusuals
($millions, after-tax)
[A]
[B]
[C]
$mm
%
Explanation
Trad Life
43
35
32
(11)
-25% Higher expenses
V/UL
24
(22)
(5)
(29)
-121% Underestimated higher DAC amortization
Annuities
(179)
(118)
(118)
61
-34% Overestimated higher DAC amortization
Other
12
7
7
(5)
-43%
Individual Busines
(100)
(98)
(84)
16
-16%
Group Life
113
99
96
(17)
-15%
Lower fees on S/A related group life contracts
R&S
69
51
48
(21)
-30%
Lower NII driven by lower variable inv income
N/M Health
73
50
46
(27)
-37%
Lower NII driven by lower variable inv income
Institutional Business
255
200
190
(65)
-25%
Auto & Home
82
76
67
(15)
-19%
Lower premiums
International
49
159
126
77
159% Better revenues and expense levels
Corporate
(126)
(178)
(155)
(29)
23%
Lower NII driven by lower variable inv income
Total Oper. Earnings
159
159
144
(15)
-10%
Diluted Shares
809.5
810.8
810.8
1.3
0.2%
EPS
$0.20
$0.20
$0.18
($0.02)
-9.8%
Source: FPK Estimates, Company Management
Difference [C-A]


Modest Increase to EPS Estimates. Given the solid rebound in the S&P during April,
we expect the majority of the 1Q09 $0.25 drag from the equity market to not recur
looking out (this could obviously change with another market downturn). In addition,
while we do not expect VII to rebound to budgeted levels near-term, we think it’s likely
to improve from the awful level of 1Q09. Further, we expect continued benefits from
ongoing expense initiatives to positively impact results. Thus, we think our forward
estimates have some modest upside, though they remain highly sensitive to capital
markets through DAC and VII. Our 2009 EPS bumps up to $2.53 from $2.34 and our
2010 moves to $3.76 from $3.72 (less impact since we already embedded some
meaningful recovery previously).

METLIFE, INC. (NYSE: MET)
April 30, 2009

Page 4
Reducing Price Target to $42 from $49. We are reducing our price target from $49 to
$42, which equates to a 50/50 blend of 1.20x 1Q09 BVPS incl. and excl. FAS 115.
While our price target equates to a very high 16.5x P/E on our ’09 EPS of $2.53, we
estimate that ’09 EPS is roughly 50% below a normalized level. Our $2.53 reflects a
very modest 5.7% operating ROE for 2009, roughly one-half the level (conservatively)
we think MET would normally achieve during a more normal environment. Thus, while
the P/E appears rich currently, we believe it’s reasonable when viewed against
conservative, normalized EPS.
Expect Commentary on Statutory Results and RBC (Directionally) on Conference Call.
While mgmt would not provide us an estimate of RBC at 1Q09, they were willing to
indicate that preliminary Statutory results indicate positive earnings in 1Q (we expect Stat
to exceed GAAP near-term since Stat does not exhibit drag from higher DAC
amortization). This, combined with modest shrinkage of the balance sheet, should serve
to leave RBC relatively unchanged from YE ’08 levels of 398%.
Annuity Sales Very Strong; Surrender Rates Continue to Come Down. Both Fixed and
Variable Annuity sales were strong in the quarter. The former we expected, the latter is a
bit of a surprise. FA sales were a whopping $3.6 billion, down modestly from the $4.1
billion in 4Q08, but continuing a trend of VERY elevated levels. Mgmt indicated that
despite dropping crediting rates several times during the quarter, they continued to see
strong inflows, largely through the independent channel (flight to quality continues, in
our view). VA sales totaled $3.7 billion, up 9% sequentially and 17% YoY. We suspect
we could be seeing the results of distribution aggressively pushing older VA products in
advance of much-advertised product revisions that will result in both lower benefits and
higher consumer costs. Surrender rates continued to come down – FA annualized
surrender rate was 11.4%, down from roughly 14% in 4Q08; and VA annualized
surrenders fell to 8.9% down from 10% level in 4Q08.
Quick Thought On Impairments and Investment Losses. We note that several insurers
have reported significantly lower tax benefits from investment losses this quarter, or have
generated investment gains alongside losses to ensure full tax credit for the losses. We
note that MET should not suffer from this, largely owing to the significant investment
gains generated over the past several years, most notably from well-time real estate
property sales. As such, we continue to expect that MET will be able to take full tax
credit of 35% for losses generated for the foreseeable future.
Modest Reduction in Securities Lending. While spreads probably remain very good on
securities lending activity, helping to provide a modest buffer in variable investment
income against negative LBO, Private Equity, and Hedge Fund returns, the balance of
securities lending dropped further in 1Q09. Securities on loan totaled roughly $24.3
billion, down 22% from $31.1 billon at YE ’08. While this clearly reduces risk and
leverage on the balance sheet (assets / equity), it does leave VII improvement almost
completely dependent upon capital markets improvement moving forward.
Conference Call. Mgmt will host a call at 8:00am ET on Friday, May 1st. Dial-in is 612-
326-1003.

METLIFE, INC. (NYSE: MET)
April 30, 2009


Appendix Section, Page I

APPENDIX SECTION

Company Description: MetLife, Inc's principal activity is to provide insurance and financial services to individuals and
institutional customers. The Group offers life insurance, annuities, automobile and property insurance and mutual funds to
individuals, group insurance, reinsurance, as well as retirement and savings products and services to corporations and other
institutions. The Group is organized into five business segments: Institutional, Individual, Auto & Home, International & Reinsurance,
and Corporate & Other. The Group has international operations in Latin America and Asia.

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 estimates and/or book value estimates; unforeseen macroeconomic and/or industry events that
adversely affect asset values, interest rates, or foreign currency rates; changes in investor sentiment regarding the specific company or
industry; 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 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. Sterne, 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 growth rate, the inherent profitability,
and adjusted balance sheet factors. Additional company-specific valuation methodology is available through Sterne, Agee & Leach,
Inc.

Regulation Analyst Certification:
I, John Nadel, 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 April 30, 2009:

Company
Disclosure(s) – See Below
MetLife, Inc. (MET - NYSE):
6

1.
Sterne, Agee & Leach, Inc. makes a market in the shares of the subject company.
2.
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.
3.
Sterne, Agee & Leach, Inc. has various security accounts open for the subject company.
4.
Sterne, Agee & Leach, Inc. provides administration for 401(k) plans for the subject company.
5.
Sterne Agee Financial Services, Inc. has clearing agreements with the subject company.
6.
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:


We expect this stock to outperform the industry over the next 12 months.
NEUTRAL:

We expect this stock to perform in line with the industry over the next 12 months.
SELL:

We expect this stock to underperform the industry over the next 12 months.
RESTRICTED:
Restricted list requirements preclude comment.

METLIFE, INC. (NYSE: MET)
April 30, 2009


Appendix Section, Page II
Ratings Distribution:
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):


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

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
Managing Dir., Eq. Cap. Mkts.
(205) 949-3623
Robert Lake
Vice President
(205) 949-3624
Karen Bell
Assistant Vice President
(205) 380-1766
David Lee
Director, Equity Products
(205) 949-3689
Chuck Carlisle
Sr. Portfolio Analyst
(205) 949-3571


EQUITY RESEARCH

Robert Hoehn
Director of Research
(212) 338-4731

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

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

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

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


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

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






Energy


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


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

Financial Services


Banks & Thrifts
James M. Schutz
Dir. of FIG
(205) 949-3617
John Schutz
Associate
(205) 949-3538
Adam Barkstrom, CFA
Mng. Dir.
(800) 906-0577
William R. Griffin, CFA
Analyst
(800) 621-8635
Matthew Kelley
Mng. Dir.
(207) 699-5800
Financial Services (cont.)
Mike I. Shafir
VP, Sr. Analyst
(212) 763-8239
Matthew Breese
Associate
(212) 763-8235
Edward D. Timmons
VP, Sr. Analyst
(800) 203-5332
Brett Rabatin, CFA
SVP, Sr. Analyst  
(877) 457-8625
Peyton Green
Mng. Dir.
(877) 492-2663
Michael Lipman
Analyst

(615) 269-7323
Kenneth James
Analyst
(615) 760-1474

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

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

Global Industrial Infrastructure (GII)

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

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


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

Multi-Industry
Nicholas P. Heymann
Mng. Dir.
(212) 338-4703
Samuel H. Eisner
Analyst
(212) 338-4705

Immacolata Arlia
Associate
(212) 338-4762
Jordan Calabrese
Associate
(212) 338-4729

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


Administration


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


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


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

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

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

CHICAGO
Bill Channell
(312) 525-8425
Scott Hallermann
(312) 525-8421
Scott Hootman
(312) 525-8426
Robert Hurley
(312) 525-8440
Erica Mullins
(312) 525-8423
Vesna Radovic
(312) 525-8429
Dan Roesner
(312) 5258433
Curt Thompson
(312) 525-8427
DALLAS
Jennifer Elkins
(214) 571-4447
Dan Griffith
(214) 571-4444
Candace Martin
(214) 571-4433
Bob Nasi
(214) 571-4417
Steve Pokorny
(214) 571-4400
John Schwalenberg
(214) 571-4410

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

MINNEAPOLIS
John Regan III
(952) 841-6408


NEW ORLEANS
Henry Corder
(504) 636-4921
Patrick Donnelly
(504) 636-4902
Cheryl Grabert
(504) 636-4911
John Regan, Jr.
(850) 650-5676
NEW YORK
Jason Barber
(212) 763-8219
Matt Boskin
(212) 763-8247
Adam Cavise
(212) 763-8292
Mike Cline
(212) 763-8268
Tom Criscoula
(212) 338-4719
Noel Cueto
(212) 763-8251
Enrico DeMatt
(212) 338-4724
Geri DeVito
(212) 763-8242
Eric Dusansky
(212) 763-8231
Mike Flanagan
(212) 763-8282
Rich Gallagher
(212) 763-8260
Brian Haise
(212) 763-8206
Jeff Hood
(212) 490-1453
Alex Jones
(212) 338-4701
Carey Kaufman
(212) 763-8274
Konrad Krill
(212) 763-8218
Robert McGuire
(212) 763-8236
Brian McIlravy
(212) 763-8258
Adam Merlo
(212) 763-8232
John Molster
(212) 763-8210
Jake Morton
(212) 763-8261
Matt O’Kelly
(212) 763-8227
David O’Shea
(212) 763-8260
Jon Palan
(212) 763-8225
Bruce Rae
(212) 763-8271
Jon Schenk
(212) 763-8221
Chuck Schroeder
(212) 763-8264
Jason Scott
(212) 763-8215
Miko Tam
(212) 763-8252
Scott Tashman
(212) 763-8256
Ray Wardell
(212) 763-8272

SAN FRANCISCO
Ravi Sadarangani
(415) 954-7125
Tom Cervantez
(415) 954-7115

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.
(205) 949-3592
D. Timothy Speegle, SVP
(205) 380-1720
John McCrory, SVP
(205) 949-3664

NON-BANK FINANCIALS
Norman Chaleff, SVP
(212) 763-8263
Jeffrey W. Prochnow, CFA, SVP
(402) 778-5054


NON-FINANCIALS
John Bolebruch, Mng. Dir. – Industrials
(212) 338-4716
Richard Cunniffe, SVP – Industrials
(212) 338-4713
W. Barry McRae, Mng. Dir. - Energy
(205) 949-3555
Everett Titus III, Mng. Dir – Energy
(908) 730-7882

Dru Walsh, Associate - Energy
(205) 949-3650
Will Brooke, Analyst
(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


OTHER LOCATIONS

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


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


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


1201 Elm Street
Suite 4241
Dallas, TX 75270
(214) 571-4420
(800) 666-9174
(214) 571-4445 fax


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


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


7701 France Ave. South
Suite 200
Minneapolis, MN 55435
(952) 841-6410
(800) 949-4102


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


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




620 Newport Center Dr.
Suite 1100
Newport Beach, CA 92660
(949) 721-6651
(949) 721-6652 fax


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


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


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


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