JMP Group Inc.

Joe Jolson is a founder and Chief Executive Officer of JMP Group, JMP Securities' parent company. He is a member of the executive committee of JMP Group and serves on its board of directors. In addition, he is Chief Executive Officer of JMP Asset Management and JMP Realty Trust. Prior to founding JMP, Joe served as a Senior Managing Director and Senior Research Analyst in the financial services group at Montgomery Securities, now Banc of America Securities, for 15 years. Previously, he was a consulting research analyst at Fidelity Management and Research, in 1983 and 1984, and at Donaldson, Lufkin & Jenrette, from 1980 through 1982. Joe was named to Institutional Investor magazine's All-America Research Team for ten consecutive years, between 1986 and 1995, for his coverage of the savings and loan industry and was also selected as an All-Star Analyst by the Wall Street Journal in the financial services category in 1996 and 1997. Additionally, he was ranked as a top-five thrift analyst by Greenwich Associates every year from 1985 through 1994. Joe received an MBA with distinction from The Wharton School at the University of Pennsylvania and a BA degree from Yale University.

Craig Johnson is President of JMP Group, JMP Securities' parent company, and is a member of JMP Group's executive committee and board of directors. Craig is a founder of Saw Island Asset Management, a manager of investments in hedge funds and other alternative assets. Saw Island was acquired by JMP Asset Management (now Harvest Capital Strategies), a subsidiary of JMP Group, in January 2003. Craig previously spent twenty years, from 1980 through 2000, at Montgomery Securities (now Banc of America Securities), where he was most recently Director of Global Institutional Sales and a member of the firm's executive committee. Craig is a member of the board of directors of Corticon Technology, a rules-based enterprise software platform for decision management. Additionally, he serves on the Stanford University Orthopaedics and Sports Medicine Council and the board of advisors of Palo Alto Investors, an asset management firm. He also serves on the board of directors of Champion Charities and the San Francisco chapter of The First Tee. Craig holds a BA in economics from Stanford University.

Chantal Miklosi joined us in January 2005 and is a managing director and chief financial officer of JMP Securities and JMP Asset Management. Previously, Ms. Miklosi served as a senior finance executive for Orrick, Herrington & Sutcliffe LLP, a national law firm. She was previously senior director of financial planning and analysis at Versata, a publicly traded software company, where in addition to overseeing finance functions she was responsible for investor relations and sales operations. Additionally, Ms. Miklosi has five years of experience as an investment banker, having worked at both Thomas Weisel Partners and Montgomery Securities. Ms. Miklosi received a MBA degree from the University of Western Ontario, Ivey School of Business and a BBA degree from HEC Montreal.

Thomas B. Kilian is a managing director of JMP Group and our chief financial officer. Prior to joining JMP, Mr. Kilian was in the financial services group at NationsBanc Montgomery Securities, now Banc of America Securities, where he advised non-bank financial institutions in the commercial finance, consumer finance and mortgage sectors on capital raising transactions and strategic matters. From 1992 until 1996, Mr. Kilian served as an assistant vice president in Deutsche Bank's corporate development group in Frankfurt, Germany, engaged in strategic planning and business development. Mr. Kilian holds an MBA degree from Stanford University and a masters degree in industrial engineering from Karlsruhe University in Germany.

Jim Wilson is a Managing Director, Director of Research and senior research analyst. Prior to joining JMP, Jim was a Managing Director and senior research analyst for four years at Jefferies & Company, where he covered REITs, homebuilders, manufactured housing and resort, vacation ownership and property-related service companies. From 1989 through 1996, Jim served as a senior research analyst in the real estate and building group at Montgomery Securities—now Banc of America Securities—completing his tenure there as a Managing Director. He previously worked in equity research at Sutro & Company following companies in the financial services, business services and real estate industries. In 2003, 2004, 2005 and 2006, Jim was included in the annual "Best on the Street" analyst survey conducted by the Wall Street Journal, ranking as a top-five stock picker in the Home Construction category each year. Jim holds a BA in Economics from Whitman College.

Janet Tarkoff is a Managing Director and is chief legal officer of JMP Securities and its parent company, JMP Group. Janet was previously associate general counsel of Thomas Weisel Partners, where she was responsible for legal matters regarding its asset management and fund activities. Janet has also been a corporate attorney with Winston & Strawn, has served as legal counsel at Montgomery Securities -- now Banc of America Securities -- and has practiced law as a litigator. Janet holds a JD from University of California, Hastings College of the Law and a BA from Pepperdine University.

Jeff Spurr is a Managing Director, Director of Institutional Sales and Director of Product Management. Prior to joining JMP, Jeff was a vice president in equity sales at Morgan Stanley with coverage of major west coast institutional clients. He previously served as a Managing Director in institutional sales at NationsBanc Montgomery Securities. Jeff was formerly a portfolio manager of Reindeer Capital, L.P. and the general partner of The Steelhead Fund, L.P. Jeff's earlier investment and financial advisory experience includes roles in the real estate investment banking group of Coldwell Banker Commercial, the acquisition and development arm of American Continental Properties, the mergers and acquisitions department of E.F. Hutton and the corporate sale/leaseback division of Integrated Resources. Jeff holds an MBA from the Amos Tuck School of Business Administration at Dartmouth College and a BA from the University of Vermont.

Maureen McCarthy joined JMP Securities in April 2004 and is a Managing Director and Director of Trading. Prior to joining JMP, Maureen spent six years, from 1996 through 2002, at Robertson Stephens, most recently serving as a Managing Director and Head of Trading. From 1990 to 1996, Maureen was a Principal and NASDAQ trader at Montgomery Securities. She began her trading career at Kidder Peabody in 1987. Maureen holds a BA in economics from Vassar College.

Steve Ortiz is a Managing Director and is Director of Equity Capital Markets. Prior to joining JMP, Steve held equity capital markets roles at Banc of America Securities and its predecessor, Montgomery Securities, from 1991 to 2003, most recently as a Managing Director and U.S. Head of Equity Syndicate and Equity Capital Markets. Steve previously spent a total of four years at Hambrecht & Quist and Wedbush Morgan. Steve holds a BA from the University of California, Berkeley.

Mr. Pollack is president of Toronto-based The JMP Group. Established in 2000, The JMP Group provides mergers and acquisitions advice and strategic advisory services to a select group of Canadian, American and Latin American companies and family groups. Since its founding, The JMP Group has acted as financial advisor to a number of leading companies that includes Canpark Services, Lifebank Corp and IVAX Pharmaceuticals Mexico. Prior to founding The JMP Group, Mr. Pollack was vice president of Violy, Byorum & Partners LLC, a leading investment bank based in New York. Mr. Pollack received a Masters of Science in Finance from the London School of Economics and Political Science as well as a Bachelor of Commerce from McGill University. Mr. Pollack is a governor of Mt. Sinai Hospital, Treasurer of Leadership Sinai and is involved in several other philanthropic organizations.

Peter Hunt is Director of Mergers and Acquisitions and co-head of healthcare investment banking at JMP Securities. Prior to joining JMP, Peter served as a Managing Director at Shattuck Hammond Partners specializing in all areas of the healthcare industry, including pharmaceuticals, distribution, biotechnology, medical technology and information technology. Peter previously spent four years as a Senior Managing Director at Montgomery Securities, now Banc of America Securities, where he was a member of the healthcare investment banking group. For the first ten years of his investment banking career, Peter held positions at JP Morgan and Lehman Brothers. Additionally, Peter was co-founder, President and COO of CornerHardware.com and is the author of a book on mergers and acquisitions. Peter holds an MBA in Finance from Columbia University's Graduate School of Business and a BS from Washington & Lee University.

Kent Ledbetter is Director of Corporate Finance and head of real estate and lodging investment banking at JMP Securities. Prior to joining JMP, Kent was an Executive Director at Lehman Brothers in the real estate investment banking group, based in London. Kent previously served as a Senior Vice President in PaineWebber's real estate investment banking group in San Francisco. Since 1995, Kent has been involved in over $5 billion of public debt and equity capital raising transactions and over $10 billion of domestic and international mergers and acquisitions transactions. Kent holds a BBA in Finance from the University of Oklahoma.

Edward J. Sebastian serves as a member of the board of directors of JMP Group. Mr. Sebastian is the founder, chairman and chief executive officer of SMR Group LLC, a private equity investment firm located in Newport Beach, California. He is the former chairman and chief executive officer of Resource Bancshares Mortgage Group, a residential mortgage company headquartered in Columbia, South Carolina, founded by Mr. Sebastian as a division of Republic National Bank in May 1989. Resource Bancshares Mortgage Group went public in 1993 and merged with NetBank, Inc. in March 2002. Previously, Mr. Sebastian was vice chairman of Bankers Trust of South Carolina and corporate executive vice president of NCNB Corporation, which are both now part of Bank of America. Mr. Sebastian is currently a member of the board of directors of the South Financial Group, a financial institution headquartered in Greenville, South Carolina, and is active on the boards of advisors of various venture capital funds.

Carter Mack is a founder, Co-President and Director of Investment Banking of JMP Securities. He is also a member of the executive committee of JMP Group, JMP Securities' parent company, and serves on its board of directors. Prior to founding JMP, Carter served as a Managing Director in the financial services group at Montgomery Securities, now Banc of America Securities, from 1996 to 1999. Carter previously spent five years in the investment banking group at Merrill Lynch focused on financial institutions. During his career, he has advised specialty finance companies, financial technology companies, depository institutions and other financial intermediaries on corporate finance and mergers and acquisitions transactions totaling more than $20 billion in value. Carter holds an MBA from the UCLA Anderson School of Management and a BA from the University of California, Berkeley.

Kenneth Karmin serves as a member of the board of directors of JMP Group. Mr. Karmin is a principal of High Street Holdings, a diversified investment company, and is chief executive officer of Ortho Mattress Inc. From 1993 to 1998, Mr. Karmin served as a managing director at Credit Agricole Futures, SNC in London. He was also managing director of the financial futures and options department in the London offices of Rodman & Renshaw, Inc. prior to the acquisition of the firm's U.K. branch by Credit Agricole. Mr. Karmin previously worked at Drexel Burnham Lambert Inc. in its institutional financial futures division.

Mark L. Lehmann , age 44, joined us in October 2003, is Director of Equities and Co-President of JMP Securities and a member of our Executive Committee. Mr. Lehmann has served as a member of our Board of Directors since August 2004. Previously, Mr. Lehmann was a Managing Director at U.S. Bancorp Piper Jaffray, where he initiated and managed the firm s middle-market sales effort. He previously served as both the Global Director of Institutional Sales and the Global Director of Equity Research at Banc of America Securities after serving as an institutional salesperson at the firm and its predecessor, Montgomery Securities, for 10 years. Mr. Lehmann was also a founding partner of Baypoint Trading, a provider of trading execution services to investment managers. Mr. Lehmann received a JD degree from the New York University School of Law and a BA degree from the University of Illinois. He is a certified public accountant.