JMP Securities Adds Industry Veteran To Institutional Sales Force
Philip C. Gardner Joins Investment Bank as a Managing Director

SAN FRANCISCO, November 08, 2005 - JMP Securities LLC, a research-driven, full-service investment bank serving growth companies and their investors, announced today the addition of Philip C. Gardner as a managing director in institutional equity sales.

"Phil Gardner is a seasoned professional, and we expect him to have immediate success on our platform" said Director of Equities Mark Lehmann. "JMP's sales and trading business has prospered in 2005; and we believe that, by selectively adding industry veterans with longstanding relationships, JMP can continue to build on its momentum. Phil's decision to join JMP is further proof that we have built an attractive franchise and that JMP stands as one of Wall Street's most exciting young firms."

Prior to joining JMP Securities, Gardner served as a senior managing director at Friedman Billings Ramsey, where, until May of this year, he oversaw that firm's west coast equity sales effort since the opening of its San Francisco office in September 2002. Gardner previously spent 15 years in institutional sales at Robertson Stephens, during which time he established that firm's Tel Aviv office and served on the board of directors of Robertson Stephens International. Gardner has also been a salesperson at Montgomery Securities and Sanford C. Berstein & Co.

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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