Emerging Company IPO Success

Demand Exists: Emerging Company IPOs Deliver Returns To Investors. ■ Myth: Small-Cap IPOs Lag in Performance ■ Truth: Small-Cap Performance Equal or Exceed Large-Cap IPOs Post-IPO Market Cap $200-$500 Average $1B or more Average 1 Day 27.5% Source: JMP Securities, Dealogic Note: Includes all IPOs from 1/1/2001 - 9/30/2011 35.9% 1 Month 34.8% 39.7% 3 Months 45.1% 37.7% 6 Months 43.9% 32.8% 1 Year 33.5% 28.5% Investor Interviews Showed: Strong Performance & Demand for IPOs Challenge to Get Allocation of Shares Decline in Availability of Research for IPO Companies Confidential 16

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