JMP Securities Announces Addition of Senior Research Analyst
Alexander Y. Draper, CFA, to Broaden Firm's Healthcare Coverage with Focus on Healthcare Services and Healthcare Information Technology

SAN FRANCISCO, May 16, 2005 - JMP Securities LLC, a research-driven, full-service investment bank serving growth companies and their investors, announced today the addition of Alexander Y. Draper, CFA, as a director and senior analyst in the research group. Draper will follow healthcare services and healthcare information technology, expanding JMP's coverage of the healthcare industry.

Prior to joining JMP, Draper operated an independent research firm, Draper Investment Research, focusing on pharmaceutical distribution, pharmacy benefit management, clinical laboratory companies and healthcare information technology. From 2003 through 2004, Draper was a director and research analyst at Deutsche Bank Securities. He also served as a director and research analyst at Robinson-Humphrey, from 1998 to 2003. In addition, Draper has worked in equity research at Cruttenden Roth, Hancock Institutional Equity Services and Wedbush Morgan Securities.

"We are very pleased to welcome Sandy Draper to JMP. Sandy is very well regarded by healthcare industry participants—both company executives and institutional money managers—and we expect him to have an immediate impact," said Director of Equities Mark Lehmann. "By matching Sandy's coverage of healthcare services and healthcare IT providers with the biotech and medical device research produced by Charles Duncan, Adam Cutler and Rob Faulkner, JMP can now offer equity investors insight on the complete spectrum of companies in this space."

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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