JMP Securities Announces New Additions and Appointments
Three Senior Professionals Join the Firm; John Coyle Initiates Coverage as a Senior Analyst

SAN FRANCISCO, March 4, 2005 - JMP Securities LLC, a research-driven, full-service investment bank serving growth companies and their investors, announced today the addition of three senior professionals, bolstering the investment banking group and the firm's corporate and venture services capabilities, and the appointment of a senior analyst.

Investment Banking Group Hires

Kevin Armitage joins JMP as a managing director and will lead JMP's Internet investment banking effort. Prior to joining the firm, Kevin served as an independent consultant to numerous software companies and as a board member of Maximizer Software, the world's largest developer of customer relationship management (CRM) solutions. From 1998 until 2003, Kevin was a managing director at First Albany Capital with oversight of enterprise infrastructure and application software investment banking. Kevin previously spent three years in Robertson Stephens' software investment banking group and began his career at Dillon, Read & Co.

Corporate & Venture Services Hires

Christian Hall joins JMP as a director in Corporate & Venture Services. Prior to joining JMP, Christian served as director of the special equities group at SVB Securities, a unit of Silicon Valley Bank. Christian previously spent eight years with the venture services group at Banc of America Securities and its predecessor, Montgomery Securities.

Andy Lee also joins JMP as a director in Corporate & Venture Services. Andy served as a vice president of the special equities group at SVB Securities before joining JMP. Andy has worked in the venture services group at Banc of America Securities and spent five years as a management consultant, most recently with Ernst & Young Management Consulting.

"Christian and Andy will spearhead an increased corporate and venture services effort at JMP," said Mark Lehmann, JMP's director of equities. "They bring a combined 13 years of experience in venture distribution management, restricted stock sales, special situations trading and structured buying and selling programs, which are complex services that many of JMP's corporate clients require. The addition of a dedicated team to meet these needs broadens JMP's expertise and complements both our investment banking and our sales and trading operations."

Equity Research Promotion and Initiation

John Coyle, a vice president of research, has been promoted to senior analyst with coverage of the IT supply chain. John joined JMP February 2003 as an associate following the communications equipment sector under senior analyst Sam Wilson. Prior to joining JMP, John covered the data networking industry at Merrill Lynch. From 1998 to 2002, John worked in Silicon Valley for a number of emerging technology firms, including Magellan Network Systems and Latitude Communications (since acquired by Cisco Systems), where he managed North American and Asian channel sales. On March 1, John initiated coverage of Bell Microproducts, Ingram Micro, ScanSource, SYNNEX Corp. and Tech Data Corp.

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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