PROMISSORY NOTE

$3,785,143                                          October 1, 2003

FOR VALUE RECEIVED, Stephens Investment Partners 2000A LLC, an Arkansas limited
liability company (referred to herein as "Maker"), promises to pay to the order
of Stephens Holding Company, an Arkansas corporation (referred to herein as
"Holder"), in lawful money of the United States of America, the principal sum of
up to Three Million Seven Hundred Eighty-five Thousand One Hundred Forty-three
Dollars ($3,785,143), or so much thereof that may be disbursed from time to time
pursuant to the terms hereof, with interest on each outstanding advance from
date of disbursement until paid at a rate determined for each calendar month
equal to the greater of (i) the applicable federal rate (for annual compounding)
as determined pursuant to Section 1274(d) of the Internal Revenue Code of 1986,
as amended, for the calendar month in which such advance is made or (ii) the
average effective rate for federal funds ("Fed Funds") during the calendar month
for which the calculation is made, as reported on Bloomberg's index "FEDL01" (or
a similar reporting of the Fed Funds effective rate if this index is not
available) less 25 basis points. If not paid, interest shall be compounded
annually. This Note shall supercede that certain Promissory Note dated October
1, 2000 given to Holder by Maker (the "October 2000 Note"), and all outstanding
principal and accrued interest under the October 2000 Note shall be deemed
outstanding principal and accrued interest under this Note.

The principal of this Note shall be disbursed to the Maker at such times and in
such amounts as Maker may request. Principal and accrued interest shall be due
September 30, 2006

The Maker may prepay this Note, in whole or in part, at any time without penalty
or premium. All payments shall, when received, be credited to sums due and owing
in the following order (i) accrued and unpaid interest then, (ii) principal in
the order which advances of principal were made.

Maker hereby pledges, assigns, and hypothecates all of Maker's right, title, and
interest in all of its assets (collectively, the "Collateral") and hereby grants
to Holder a first lien on, and first priority security interest in, the
Collateral and in all proceeds, profits, and income thereof and rights with
respect thereto, as collateral security for all liabilities of Maker to Holder
whether now existing or hereafter arising at any time between the date hereof
and satisfaction of the lien of this instrument, and whether arising under this
Note or any renewals, extensions, or modifications thereof, and all judgments,
decrees, awards, or orders in connection therewith. Holder is authorized to file
financing statements and amendments and continuations thereof with respect to
the Collateral.

An "Event of Default" shall be deemed to have occurred under this Note if:

(a) The Maker shall fail to pay fully and punctually any sum hereunder when due;

(b) The Maker shall file a voluntary petition under any bankruptcy or insolvency
laws consenting to voluntary or involuntary adjudication in bankruptcy or
insolvency or requesting or consenting to an order for relief, or consenting to
reorganization, or shall be adjudged a bankrupt or insolvent or shall have an
order for relief entered against them in any bankruptcy or insolvency
proceedings, or shall make an assignment for the benefit of creditors, or if a
receiver or trustee shall be appointed for any substantial portion of their
assets, or if they shall generally become unable to or shall fail to pay their
debts as such come due;

(c) The Maker violates, breaches or otherwise fails to fully perform each and
every term, condition, covenant and agreement of the Pledge, or an event of
default occurs under the Pledge; or

(d) Any event occurs which could result in a default under, or acceleration of,
any other indebtedness of the Maker to any person or entity.

In case an Event of Default shall occur, (i) this Note may be declared due and
payable in full by the Holder without notice to the undersigned in which event
this Note shall be and become immediately due and payable in full, provided,
however, in the case of an Event of Default under paragraph (b) above, this Note
shall become immediately due and payable in full without any notice or action by
the Holder hereof and (ii) the Holder of this Note may avail itself of any
remedies provided for under the Pledge or at law or in equity and may take
actions or proceedings at law or in equity which the Holder deems advisable to
collect and enforce payment of all amounts then due upon this Note and the
Pledge, whether by reason of maturity of such amounts or acceleration thereof
pursuant thereto. In the event this Note, or any part hereof, is placed in the
hands of an attorney for collection, then the undersigned agrees to pay all
expenses and costs of collection, including reasonable attorneys' fees, which
expenses, costs and fees shall be due regardless of whether any suit to enforce
or collect is filed by the Holder.

The Maker and all sureties or endorsers and guarantors of this Note waive all
notices, demands for payment, presentations for payment, notices of intention to
accelerate maturity, protests and notices of protest as to this Note, and each
consents that the Holder may at any time, and from time to time, upon request of
or by agreement with any of such parties, extend the time of payment of all or
any part of this Note before, at, or after maturity.

The remedies of the Holder, as provided in this Note, shall be cumulative and
concurrent and may be pursued separately, successively, or together as often as
occasion therefor shall arise, at the sole discretion of the Holder hereof until
all sums due hereunder have been paid in full. The acceptance by the Holder
hereof of any payment under this Note which is less than the payment in full of
all amounts due and payable at the time of such payment shall not (i) constitute
a waiver of or impair, reduce, release, or extinguish any remedy of the Holder
hereof or the rights of the Holder hereof to exercise the foregoing option or
any other option granted to the Holder, at that time or at any subsequent time,
or nullify any prior exercise of any such option, or (ii) impair, reduce,
release, extinguish or adversely affect the obligations of any party liable
under such documents as originally provided therein.

This Note shall be construed in accordance with and governed by the laws of
Arkansas.

                                         Stephens Investment Partners 2000A LLC

                                         By:   /s/ Warren A. Stephens
                                            -----------------------------------
                                         Manager