JMP Securities Analysts Rank Among Wall Street's Top Stock Pickers in 2004
Annual StarMine Survey Scores Three JMP Analysts in Top Five

SAN FRANCISCO, Calif. Jan. 26, 2005 - JMP Securities LLC, a research-driven, full- service investment bank serving growth companies and their investors, announced today that StarMine, an independent data provider that measures the performance of equity research analysts, ranked three senior JMP analysts among the top stock pickers in their respective coverage areas in 2004.

Jim Fowler, co-director of research and senior analyst of mortgage and specialty finance, ranked first among 58 analysts in the real estate category, with a portfolio return of 11.2 percent for the twelve months ended December 31, 2004.

Jim Wilson, co-director of research and senior analyst of housing, ranked second among 23 analysts in the household durables category, with a portfolio return of 12.8 percent for the twelve months ended December 31, 2004.

Sam Wilson, managing director and senior analyst of communications equipment, ranked fifth among 60 analysts in the communications equipment category, with a portfolio return of 18.9 percent for the twelve months ended December 31, 2004. Wilson's portfolio significantly outperformed the communications equipment industry's overall return of 4.4 percent for the same period.

"Equity research forms the backbone of JMP Securities, and the recent StarMine rankings prove that we've assembled top-tier talent to produce that research," said Craig R. Johnson, president of JMP Securities. "Our veteran analyst team has a passion for stock picking and provides insightful investment ideas - ideas that make money for institutional investors."

StarMine tracks every recommendation published by sell-side research analysts and measures analysts' performance relative to their peers and their specific coverage. The portfolio return calculated by StarMine is reflective of a portfolio managed according to an analyst's recommendations. The portfolio is rebalanced each month and whenever the analyst adds coverage, drops coverage or changes a rating. The benchmark for this portfolio is the market-cap weighted average of the returns of all stocks, judged by StarMine, to make up the industry. High-ranking analysts are those who are best able to forecast the stock price performance of the companies they follow.

JMP's 15 senior analysts primarily cover small- to mid-cap stocks in growth industries that collectively represent a substantial portion of U.S. capital markets and M&A activity and constitute a significant portion of the S&P 500. JMP publishes equity research on nearly 200 companies.

JMP Securities LLC is a full-service investment bank providing equity research, institutional brokerage and investment banking services to public and private growth companies and their investors. Headquartered in San Francisco, JMP Securities serves five industries that exhibit above-average long-term growth characteristics: Technology, Healthcare, Consumer, Financial Services and Business Services. For more information, visit www.jmpsecurities.com.

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