PROMISSORY NOTE

$214,834                                                           June 19, 2002

      FOR VALUE RECEIVED, Laura Whitaker Stephens 95 Trust UID 12/4/95
("Maker"), promises to pay to the order of Stephens Holding Company, 111 Center
Street, Little Rock, Arkansas, ("Holder"), in lawful money of the United States
of America, the principal sum of Two Hundred Fourteen Thousand Eight Hundred
Thirty Four and NO/l00 Dollars ($214,834) with interest thereon until paid at a
rate of 4.74% per annum, calculated annually both before and, if applicable,
after, default and judgment.

      Principal and interest shall be paid by the Maker to the Holder as
follows:

            (a) All accrued interest shall be due and payable on June 1 of each
year until maturity. Any accrued interest that is not paid when due shall be
compounded and added to the amount of principal due.

            (b) Principal and all accrued interest shall be due June 1, 2011.

      Payment of any sums due hereunder shall be made to the Holder at its
offices in Little Rock, Arkansas, or to such other person and at such other
place as the Holder may designate in writing from time to time.

      The Maker may prepay this Note, in whole or in part, at any time without
penalty or premium. All payments, when received, shall be credited to accrued
and unpaid interest, then principal. No partial prepayment shall excuse Maker
from paying any future installment or principal or interest when the same
becomes due.

      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 become insolvent, shall become generally unable to pay
his/her/its/their debts as they become due, shall voluntarily commence any
proceeding or file any petition under any bankruptcy, insolvency, or similar law
or seeking dissolution or reorganization or the appointment of a receiver,
trustee, custodian, or liquidator for him/her/it/them or for a substantial
portion of his/her/its/their property, assets, or business or to effect a plan
or other arrangement with his/her/its/their creditors, or shall file any answer
admitting the jurisdiction of the court and the material allegations of an
involuntary petition files against him/her/it/them in any bankruptcy,
insolvency, or similar proceeding, or shall be adjudicated bankrupt, or shall
make a general assignment for the benefit of creditors, or shall consent to, or
acquiesce in the appointment of, a receiver, trustee, custodian or liquidator
for him/her/it/them or a substantial portion of his/her/its/their property,
assets, or business; or

      (c) Involuntary proceedings or an involuntary petition shall be commenced
or filed against the Maker under any bankruptcy, insolvency, or similar law for
the appointment of a receiver, trustee, or custodian for the Maker or of a
substantial part of the property, assets, or business of the Maker, or any writ,
order, judgment, warranty of attachment, execution, or similar process shall be
issued or levied against a substantial part or the property, assets, or business
of the Maker and such proceeding or petition shall not be dismissed, or such
writ, order, judgment, warrant of attachment, execution, or similar process
shall not be released, vacated, or fully bonded within thirty (30) days after
commencement, filing, or levy, as the case may be.

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

      If an Event of Default occurs, (i) this Note may be declared due and
payable in full by the Holder upon notice to the undersigned as provided herein,
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 at law or in equity and may take such
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 whether by
reason of maturity of such amounts or acceleration thereof pursuant hereto. If
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 failure to exercise the option to accelerate the maturity of this Note
upon the happening of any Event of Default shall not constitute a waiver of the
right of the Holder to exercise the same or any other option at that time or at
any subsequent time with respect to such uncured default or any other Event of
Default. 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, until
all sums due hereunder have been paid in full. The acceptance by the Holder 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 or the rights
of the Holder to exercise the foregoing option or any other option granted to
the Holder or any party in this Note, 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.

                                    Laura Whitaker Stephens 95 Trust UID 12/4/95


                                    By: /s/ Jon E.M. Jacoby
                                        -------------------
                                            Jon E.M. Jacoby, Trustee