During the fourth quarter, JMP welcomed three managing directors to the firm -- two in the investment banking division, one in the equity research group.

Alan Stein joins JMP's Investment Banking Group as a senior managing director after serving most recently as a venture partner of Weston Presidio, a venture capital firm, from 1997 to 2004. From 1982 to 1995, Alan was head of investment banking and a member of the Executive Committee at Montgomery Securities. In 1978, he was appointed secretary of the Business, Transportation and Housing Agency for the State of California and served in that capacity until October of 1980. Alan began his career in 1954 with Goldman Sachs and retired as a general partner in 1976.

Jeffrey Westmont joined JMP in October and serves as a managing director and co-head of the Consumer Investment Banking Group. Jeff previously spent nine years at Deutsche Banc Alex. Brown, most recently as a managing director, focused on both corporate finance and M&A in the consumer space. Since 2000, Jeff has provided strategic consulting services to growth companies in the consumer sector and also has authored two books. Earlier in his investment banking career, Jeff worked at Drexel Burnham Lambert and Kidder, Peabody & Co.

Kristine Koerber also joined the firm as a managing director in October and serves as a senior analyst covering specialty retail and branded consumer. Kristine was previously a managing director at WR Hambrecht + Co, from 1999 through September 2004, and has also worked in equity research at Montgomery Securities and CS First Boston. To date, Kristine has initiated coverage of Brookstone, Cost Plus, Pier 1 Imports, Red Envelope, Restoration Hardware, Tuesday Morning Corp. and Williams-Sonoma.

"Alan, Jeff and Kristine each bring terrific perspective and know-how to JMP," stated Craig Johnson, president of JMP Securities. "We are fortunate to add such experienced, respected professionals to our platform. JMP continues to attract top-notch talent."

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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