Interview

Interviewer 1: Brad Silver

1. Associate Vice President 2. Bradley Michael Silver, Roanoke Rapids North Carolina, The Fonz (Secretary)

Company

1. B. Riley FBR 2. Merger of FBR capital markets, B. Riley Financial and Wunderlich Securities 3. Full service investment bank: corporate finance, research, sales and trading for corporate, institutional, and HNW clients

Why am I interested

1. Economics major: unsure coming into college 2. Mom works in sales, dad is a lawyer 3. Cousin got a job at a small IB in Chicago in equity sales, really liked it 4. I looked into it and wanted to find an internship last summer 5. GF dad offered me marketing position, gave me 24 hours to decide (bird in the hand) 6. Interest in markets persisted, also interest for sales 7. Offer from CEB around the corner and BRG (analysis and sales) 8. Even if paid the least, most interested in this, fast paced, exciting, high potential, interested in markets, excitement of rise and fall, something I would enjoy doing day in and day out 9. Would love to be head of East Coast sales some day

Interviewer 2: Jimmy Baker

1. Executive VP, brokerage 2. As EVP, Brokerage, I target internal improvement and external opportunities. Internally, I focus on realizing revenue and cost synergies across our growing platform - namely between FBR Capital Markets and B. Riley & Co. In this capacity, I oversee and aim to improve all aspects of the institutional brokerage, including research, sales, and trading.

What's going on in the market

1. Fed (inflation/unemployment) 2. Political uncertainty, steel tariff, china retail tariff, trade wars

Interviewer 6: Elizabeth Keys

1. Head of corporate access

Why interested in company

1. Heard about it from a mutual connection with Mr. Silver, who is a Wake Forest Alum 2. Have become very interested in sales

Questions

1. How Frequent are interactions? 2. Do we contact them more or do they contact us at all looking for pitches? 3. How do you deal with crisis management in market downturns? 4. Favorite and least favorite part of the job? 5. What kind of person succeeds in this role?

Fiance Experience

1. I like working in finance, analysis and money, like to make money, 2. I like working with people, I like collaborating, I like coming up with creative solutions.

Personal Skills (and specific examples)

1. Leadership 2. Organization 3. Persuasion 4. Communication 5. Motivated/Ambitious 6. Curious 7. Inquisitive 8. Quick learner 9. Interpersonal skills

Stocks to pitch

1. Long term 2. Short term 3. To short 4. Crypto-currencies

Interviewer 4: Mance Edmondson

1. Managing Director

Interviewer 3: Dan Ondeck

1. Managing Director, Head of East Coast Sales 2. Mr. Ondeck has raised more pre-IPO equity capital than any broker on Wall Street today and, for ten years in a row, has raised the most 144a equity capital on Wall Street.

Interviewer 5: Randy Binner

1. Managing Director, research

Conversation

1. March madness

Position

1. Sales assistant for support on sales/trading desk 2.Seeking to take the first step on a career path to learning the institutional brokerage business and one day earning a seat as an Institutional Equity Sales Broker. 3. Fast paced, exciting, research, analysis, client interaction, sink or swim 4. Young professionals looking to join an organization that is dynamic and entrepreneurial will enjoy working at FBR 5. build skills in analyzing equities, understanding the capital markets, and executing transactions.

Interviewer 7: David Gallagher

1. Sales associate

Don't have much experience but hungry to learn more

1. Tom Brady: didn't necessarily seem promising and now debatably the best QB in history 2. Hire the athlete and teach him to play the sport

Entrepreneurial Experience

1. Worked since I was in middle school 2. Sold bracelets in middle school 3. Sold inner tubes to float on in HS 4. Philanthropy chair at DKE 5. Entrepreneurship minor 6. Love making money

Where I see myself in the future

1. Would love to be in your position 2. Making money, selling securities, FX, commodities, wherever I specialize

Series 7 Exam

In the United States, stockbrokers take this test to get a license to trade.

Personal Story

NH- University

Economics Education

w

Marketing Experience (Transferable skills)

w

SPAC's

Special purpose acquisition companies (SPAC) are publicly-traded buyout companies that raise collective investment funds in the form of blind pool money, through an initial public offering (IPO), for the purpose of completing an acquisition of an existing private company

Preferred stock

Stock that entitles the holder to a fixed dividend, whose payment takes priority over that of common-stock dividends.

Series 63 Exam

The Series 63 is a securities license entitling the holder to solicit orders for any type of security in a particular state. Securities agents must acquire the Series 63 license, in addition to a Series 7 or Series 6 license, to sell securities. To obtain a Series 63 license, the applicant must pass an exam and possess knowledge of ethical practices and fiduciary obligations.

Primary vs. Secondary markets

The difference between the primary capital market and the secondary capital market is that in the primary market, investors buy securities directly from the company issuing them, while in the secondary market, investors trade securities among themselves, and the company with the security being traded does usually not participate in the transaction.

144a

What is the 'Rule 144A' Rule 144(a) is a Securities and Exchange Commission (SEC) rule modifying a two-year holding period requirement on privately placed securities to permit qualified institutional buyers to trade these positions among themselves.

Baby bonds

A baby bond is a fixed income security issued in small dollar denominations, with a par value of less than $1,000. The small denominations enhance the attraction of baby bonds to average retail investor.

Bought Deals

A bought deal is a securities offering in which an investment bank commits to buy the entire offering from the client company. A bought deal eliminates the issuing company's financing risk, ensuring that it will raise the intended amount. However, the client firm will likely get a lower price by taking this approach instead of pricing it via the public markets with a preliminary prospectus filing

MiFID II

A revamped version of the Markets in Financial Instruments Directive, or Mifid II, is designed to offer greater protection for investors and inject more transparency into all asset classes: from equities to fixed income, exchange traded funds and foreign exchange.

CMPO's

CMPOs provide issuers and underwriters with flexibility to gauge market interest on a confidential basis prior to making a deal public. For the right issuer, CMPOs can be an effective alternative to the more conventional marketed underwritten public offering.

Stock pitch steps (fund, stock, commodity)

Typical layout for a stock pitch: 1. Valuation - I like X as a buy. It's currently trading at 8x P/E vs. 15x it's peer group (undervalued) OR it's currently down X% on the year and I think it's a good entry point 2. Catalysts - here's what I think will drive the stock up in the near term: Catalyst 1, Catalyst 2.... 3. Upside/Downside - If these catalysts play out, I see X% upside in the stock. Potential downside if these don't play out is X%

Reg D

Under another SEC rule known as Regulation D, which exempts companies that seek to raise less than $1 million from capital markets in a 12-month period, some smaller companies can offer and sell securities without registering the transaction.