JMP Securities Announces Addition of Senior Research Analyst To Cover Internet and Digital Media
Recent Hires Establish Long-Term Commitment to a High-Growth Industry

SAN FRANCISCO, March 17, 2005 - JMP Securities LLC, a research-driven, full-service investment bank serving growth companies and their investors, announced today the hiring of William S. Morrison as a senior research analyst covering the Internet sector.

Prior to joining JMP, Bill worked in the U.S. equity research group at Citigroup Smith Barney, following Internet media and e-commerce since 2002. In both 2003 and 2004, Citigroup Smith Barney's coverage of the sector was ranked second in Institutional Investor magazine's annual review of sellside U.S. equity research providers. Bill previously spent two years at Bowman Capital Management, where he evaluated late-stage private equity investments in the Internet, telecommunications and enterprise software industries.

"Bill's Internet coverage will augment JMP's existing technology research and provide JMP's institutional client base with insight into a segment of the marketplace that continues to gain relevance," stated Jim J. Fowler, co-director of JMP Securities' research group. "Over the past several years, JMP has strategically built and diversified its research platform, and we believe this is the right time to introduce coverage of Internet and digital media stocks. There are now many seasoned management teams with healthy business models that can be profitable investments for JMP's institutional customers."

Bill Morrison's hiring follows the addition of managing director Kevin Armitage to JMP's investment banking group in early March. Kevin is responsible for JMP's Internet and digital media investment banking effort after focusing on enterprise software at both First Albany and Robertson Stephens.

"Kevin's arrival marks a significant, long-term commitment by JMP to building a premier Internet investment banking practice," said Gerald L. Tuttle, Jr., co-director of JMP Securities' investment banking group. "Kevin will focus on Internet technology and infrastructure, digital media and online consumer services areas that are fast becoming central to the nation's economy and the U.S. equity markets. The Internet's development is still in its early stages; there will be tremendous opportunity for JMP to provide strategic advice and capital raising services as current industry participants grow and new entrants emerge."

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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