JMP Securities Announces Addition of Senior Healthcare Analyst
Robert C. Faulkner to Establish Investment Bank’s Equity Research Coverage of Medical Device Manufacturers

SAN FRANCISCO, April 4, 2005 - JMP Securities LLC, a research-driven, full-service investment bank serving growth companies and their investors, announced today the addition of Robert C. Faulkner as a managing director and senior research analyst. Faulkner will join JMP Securities on April 11 and will follow makers of medical devices, diversifying JMP's coverage of the healthcare industry and complementing the firm's biotechnology research.

"We are very happy to add such an experienced, highly-respected analyst to our research team," said JMP Securities' president, Craig Johnson. "By bringing Rob to the firm, JMP broadens its coverage of the healthcare industry and makes medical technology a focus. This move emphasizes JMP's ongoing commitment to serving both healthcare companies and institutional shareholders."

Faulkner joins JMP Securities from Prudential Equity Group, a division of Prudential Financial, where he was a senior vice president and senior equity analyst covering the medical device industry for three years. From 1995 until 2001, he was a managing director and senior research analyst at JPMorgan and its predecessor, Hambrecht & Quist, twice ranking first in a Greenwich Associates survey of small-cap medical device analysts. Faulkner served as a vice president and biotechnology analyst at S.G. Warburg & Co. from 1992 to 1995 and previously worked as a consultant at The Wilkerson Group, assessing new healthcare technologies for healthcare product companies. Faulkner began his career in the healthcare industry at the SmithKline Beckman Corporation, where he served primarily in product management. He received an M.B.A. from the Amos Tuck School of Business at Dartmouth College and a A.B. from Harvard University.

Faulkner's coverage of medical devices will extend JMP Securities' healthcare research far beyond the 25 biotechnology companies already covered by senior analysts Charles Duncan, Ph.D. and Adam Cutler.

"I enthusiastically welcome Rob as a partner in building JMP's healthcare research practice," said Duncan, a managing director. "Equity investors require thoughtful, in-depth analysis to properly understand small- and mid-cap healthcare stocks, and our job is to help them profit by anticipating trends, predicting winners and making timely trading calls."

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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