Emerging Company IPO Success

Channel Focus: Trading Drives Revenue For Largest Investment Banks Typical Large Bank Asset Management 5% Fixed Income & Equities 70% Source: JMP Securities Prime Brokerage 10% Investment Banking 15% Typical Boutique Bank Asset Management 10% Fixed Income & Equities 40% Investment Banking 50% ■ Large Bank Client Base Dominated by Traders vs. Investors ■ High Frequency Trading Up From <25% to 75% of Volume Over Last 5 Years Research Focused on Large-Cap Stocks That Drive Revenue Confidential 15

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