JMP Securities Hires Trading Veterans Maureen McCarthy and Lee Geiger

Their Additions Bolster JMP’s Trading Platform, which Continues to Achieve Strong Volume Growth

SAN FRANCISCO, April 6, 2004 — JMP Securities, a research-driven, full-service investment bank helping growth companies and their investors, announced today that industry veterans Maureen McCarthy and Lee Geiger have joined the firm.

Ms. McCarthy joins JMP as co-director of trading with Robert Goddard, who has built and managed JMP’s trading since November of 2001. Most recently, Ms. McCarthy was managing director and head of trading at Robertson Stephens. From 1990 to 1996, Maureen was a principal and Nasdaq trader at Montgomery Securities. She began her career as a Nasdaq trader with Kidder Peabody in 1987. Maureen earned a Bachelor of Arts degree in economics from Vassar College in 1986.

“With JMP trading volumes growing 100 percent year-over-year, Maureen’s leadership and experience serve as a cornerstone for JMP’s burgeoning trading environment,” said Mr. Goddard. “Her presence will bring immediate breadth and depth to our trading platform.”

With 17 years of sales trading experience, Mr. Geiger joins JMP as director of sales trading and will manage senior-level relationships with large mutual and hedge funds. Prior to that, Lee spent nine years at Bank of America (formerly Montgomery Securities), the last six as a managing director and senior sales trader. Previously, he spent three years as a principal and senior sales trader at Robertson Stephens. He began his career at First Boston in Atlanta in 1986. Mr. Geiger earned a Bachelor of Arts degree in economics from Claremont McKenna College in 1982 and an MBA from Dartmouth College, Amos Tuck School of Business, in 1986.

“With 15 senior research analysts and 18 senior salespeople now at JMP, the depth of our relationships with the institutional community has driven demand for our trading capabilities,” stated Mark Lehmann, Director of Equities. “We are thrilled that the entrepreneurial culture and focused platform we’ve created continues to attract the kind of talent Maureen McCarthy and Lee Geiger represent.”

JMP Securities actively trades Nasdaq and listed stocks focused in the growth sectors of the economy.

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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