THE INVESTMENT BANKING GROUP

1. THE INVESTMENT BANKING GROUP Ladenburg Thalmann & Co. Inc. is one of the oldest investment banks serving clients for over the past 125 years. Ladenburg Thalmann & Co. Inc.’s Investment Banking Group has a strong record of success providing its services to all industries and stages of business growth, focusing primarily on emerging growth and middle market companies. We deliver to our clients the highest degree of professional services and advice throughout all forms of capital raising and financial advisory services, including raising equity and debt in private placements, underwriting public offerings of equity and debt, financial advisory, and mergers and acquisitions. Our corporate headquarters are located at: 590 Madison Avenue 34th Floor New York, NY 10022 (212) 409-2004 Ladenburg Home Continue to Investment Banking

2. THE INVESTMENT BANKING GROUP ■ Our professionals have significant experience advising emerging growth and middle market companies across a wide spectrum of industries, including: □ □ □ □ □ □ □ ■Seasoned Investment Bankers specializing in: □ □ □ □ □ □ □ □ □ ■ Energy Healthcare Retail & Restaurants Media & Entertainment Technology & Telecom Real Estate, Gaming & Leisure Infrastructure Public Offerings Mergers and Acquisitions Financial Advisory Leveraged & Management Buyouts Restructurings & Workouts Fairness Opinions Valuations Recapitalizations Private Placements Our team of investment banking professionals Investment Banking Home

3. ENERGY Ladenburg Thalmann & Co. Inc.’s Energy Group focuses on transactions in the following Energy fields: ■Oil and Gas Exploration and Production ■ Oil Service ■ Gathering, Transporting & Marketing ■Master Limited Partnerships (MLPs) ■Utilities ■Power Generation Investment Banking Home

4. HEALTHCARE Ladenburg Thalmann & Co. Inc.’s Healthcare Group focuses on transactions in the following Healthcare fields: ■ Medical Technology ■ Medical Devices ■ Biotechnology ■ Genomics ■ Gene Therapeutics ■ Pharmaceuticals Investment Banking Home

5. RETAIL AND RESTAURANTS Ladenburg Thalmann & Co. Inc.’s Retail and Restaurants Group focuses on transactions in the following fields: ■Fast Food ■Casual Dining ■Franchising ■ Upscale Restaurants ■ Traditional Retail ■ Consumer Products ■ Virtual Retailers Investment Banking Home

6. MEDIA AND ENTERTAINMENT Ladenburg Thalmann & Co. Inc.’s Media and Entertainment Group focuses on transactions in the following fields: ■ Media ■ Cable ■ Film ■ Radio ■ Satellites Investment Banking Home

7. TECHNOLOGY AND TELECOM Ladenburg Thalmann & Co. Inc.’s Technology and Telecom Group focuses on transactions in the following fields: ■ Enterprise Software & Services ■ Consulting & IT Services ■ Communications Technology ■ Wireless Services Investment Banking Home

8. REAL ESTATE, GAMING AND LEISURE Ladenburg Thalmann’s Real Estate, Gaming and Leisure Group focuses on transactions in the following fields: ■ Hotels & Casinos ■ Gaming Equipment ■ Virtual Gaming ■ Leisure ■ REITs ■ Home Builders ■ Hotel & Lodging ■ Infrastructure ■ Special Situations Investment Banking Home

9. INFRASTRUCTURE Ladenburg Thalmann & Co. Inc.’s Infrastructure Group focuses on transactions in the following fields: ■ Cement & Concrete ■ Construction Equipment Investment Banking Home

10. AVAILABLE SERVICES PRIVATE PLACEMENTS PUBLIC OFFERINGS □Initial Public Offerings □ Follow-on Offerings □Special Purpose Acquisition Companies □ □Equity Placements □ Debt Placements □ Public and Private Issuers □PIPE Offerings □ View Tombstones View Tombstones MERGERS & ACQUISITIONS FINANCIAL ADVISORY □Buy-Side Services □ Sell-Side Services □ Takeover Defenses □Fairness Opinions & Valuations □ □ Financial Alternatives □ Restructurings □ Recapitalizations □ View Tombstones View Tombstones Investment Banking Home

11. INVESTMENT BANKING PROFESSIONALS Head of Investment Banking Peter H. Blum Managing Directors Robert Kropp Jonathan Intrater Jonathan Burklund Steve Kaplan Vice President William Murray III (Tripp) Analyst Martin Dolfi John Race Michael Spaddaccini Investment Banking Home

12. HEAD OF INVESTMENT BANKING – PETER BLUM • Career Background • Prior to joining Ladenburg Thalmann & Co. Inc. in 2004, he was President of Bear Ridge Capital LLC, a financial advisory firm specializing in providing strategic merger and acquisition advice as well as providing private capital to mid-size businesses and start-ups primarily in the energy sector. Mr. Blum formerly served as Senior Managing Director and Head of Investment Banking of GBI Capital a predecessor to Ladenburg. Before joining GBI in 1997, Mr. Blum was Managing Director and Head of the Energy, Merger and Acquisition, and Restructuring Groups of Rodman and Renshaw Inc. and Mabon Securities Corp. Mr. Blum has taken active management roles with public and private companies in order to facilitate their sale or restructuring. Mr. Blum also was a Partner at Houghton and Company, an advisory and leveraged buyout boutique. He started his career at Arthur Young and Company. Mr. Blum currently serves as Chairman of Mitcham Industries Inc. (NASDAQ – MIND). • Education B.B.A., Accounting, University Of Wisconsin at Madison • C.P.A. • Selected Transaction Experience • Lead Manager in a $20 million initial public offering for Ready Mix, Inc. • Financial Advisor to El Paso Energy Corp. in its $116 million acquisition of Cornerstone Natural Gas • Co-Manager in a $65 million debt private placement for Mallon Resources Corporation • Co-Manager in a $100 million bond offering for Panaco, Inc. • Financial Advisor to Hallmark Healthcare, Inc. in its $185 million acquisition by Community Heath Care • Financial Advisor to Endevco Inc. in its $90 million restructuring and asset sale • Co-Manager in a $85 million equity offering for Comstock Resources Inc. • Financial Advisor to Frontier Natural Gas, Inc. in its $56 million merger with Essenjay Exploration, Inc. • Co-Manager in a $36 million equity offering for Mitcham Industries, Inc. • Sole-Manager in a $14 million follow-on offering for Environmental Power Corporation • Financial Advisor to Floriscan Inc. in its $80 million acquisition by Hologic Inc. Investment Banking Home Our Professionals

13. DIRECTOR OF INVESTMENT BANKING – ROBERT KROPP • Career Background • Prior to joining Ladenburg Thalmann & Co. Inc., Mr. Kropp served as Director of Corporate Finance at W. J. Nolan & Company Inc. Mr. Kropp is also an attorney and CPA, with prior experience at Edwards & Angell and Deloitte & Touche in New York. Over his 23 years of professional experience, Mr. Kropp has been involved in numerous investment banking transactions with particular emphasis on public and private debt and equity financings, as well as mergers and acquisitions. • Education • B.S. cum laude, Accounting, Drake University • J.D., Fordham University School of Law • C.P.A. • Selected Transaction Experience • Placement Agent in a $10.4 million private placement for Castle Brands Inc. • Financial Advisor to dick clark productions in its $140 million acquisition by CDP Capital Communications • Financial Advisor to Command Systems, Inc. in its $40 million acquisition by ICICI Infotech, Inc. • Placement Agent in a $25 million private placement for US Restaurant Properties, Inc. • Placement Agent in a $7 million private placement for iCad, Inc. • Co-Manager in a $225 million senior notes offering for Wendy’s International, Inc. • Lead Manager in a $12 million follow-on equity offering for Benihana, Inc. • Sole Manager in a $4 million secondary equity offering for Benihanna, Inc. • Financial Advisor to Cedar Shopping Centers, Inc. in its $24 million internal acquisition of its Advisor • Financial Advisor to Scientific Games Corporation in its $19 million acquisition by MDI Entertainment, Inc. Investment Banking Home Our Professionals

14. MANAGING DIRECTOR – JONATHAN INTRATER • Career Background • Prior to joining Ladenburg Thalmann & Co. Inc., Mr. Intrater was a Managing Director at Brenner Securities Corporation. In these capacities, he has been involved in over $2 billion of transactions over the past twelve years which include public equity and high-yield note offerings and private placements of bank debt, subordinated debt and equity in both public and private companies. Mr. Intrater also has completed numerous buy and sell side merger advisory and debt restoring transactions. Prior to his employment in investment banking, Mr. Intrater was a Senior Vice President at BIA/Frazier, Gross & Kadlec, a nationally known communications industry valuation firm. • Education • B.A., University of Pennsylvania • M.B.A., Vanderbilt University • Selected Transaction Experience • Financial Advisor to Segovia, Inc. in its $15 million senior notes offering • Financial Advisor to Phonetel Technologies in its $330 million merger with Davel Communications • Sole Placement Agent in a $25 million senior debt placement for Telebeam Telecommunications • Financial Advisor to Aquis Communications in its $36 million senior debt offering • $15 million follow-on offering for Benihana, Inc. • Financial Advisor to dick clark productions, Inc. in its $140 million acquisition by Mosaic Media Group • Financial Advisor to Saber Communications, Inc. in its $38.7 million equity placement with Nextel • Financial Advisor to Phonetel Technologies in its $125 million senior debt offering • Financial Advisor to Phonetel Technologies, Inc. in its $76 million debt restructuring • Financial Advisor to USA Mobile Communications, Inc. in its $40 million acquisition by Premiere Page Inc. • $70 million senior debt offering for Lanser Wireless Inc. • $125 million senior debt offering for USA Mobile Communication, Inc. Investment Banking Home Our Professionals

15. MANAGING DIRECTOR – STEVE KAPLAN • Career Background • Mr. Kaplan has worked in the financial community for over fifteen years and has substantial experience advising companies in a variety of industries. Prior to joining Ladenburg Thalmann & Co. Inc., Mr. Kaplan was Co-Founder of River Capital Partners, a healthcare investment banking boutique. Prior to forming River Capital Partners, Mr. Kaplan spent three years with Prudential Securities where he was a Vice President in Health Care Investment Banking and three years as a Vice President in the Corporate Advisory Group of Jefferies & Company. During his tenure with these firms, Mr. Kaplan primarily focused on the health care industry, though he completed transactions in the technology, retailing, and financial services industries. Mr. Kaplan's background also includes three years as a Manager in the Corporate Finance Group of Deloitte & Touche, where he primarily focused on performing due diligence reviews related to acquisition transactions and four years as an auditor with Price Waterhouse. Mr. Kaplan has completed over 30 transactions including private placements, initial and follow-on offerings, M&A and restructurings. • Education • B.B.A. cum laude, Accounting, Babson College • M.B.A., The University of North Carolina • C.P.A. • Selected Transaction Experience • Financial Advisor to AMD Pharmacy in its sale to CVS/Procare • Financial Advisor to Capital Z Partners in its $100 million investment in Brookdale Assisted Living • Financial Advisor to FoxMeyer Health Corporation in its acquisition of ScripCard Enterprises • $465 million secondary offering for Health & Retirement Property Trust • $56.7 million secondary offering for Pathogenesis Corp. • Financial Advisor to River Oaks Imaging and Diagnostics in its $80 million sale to The CapStreet Group • $175 million preferred stock offering for Meditrust Corporation • $100 million high yield offering for Prime Medical Services Investment Banking Home Our Professionals

16. VICE PRESIDENT – WILLIAM “TRIPP” MURRAY III • Career Background • Prior to joining Ladenburg Thalmann & Co. Inc., Mr. Murray worked for TM Capital Corp., a boutique investment banking firm located in New York and Atlanta, focusing on mergers & acquisitions for middle market clients. Prior to TM Capital, Mr. Murray worked for Oppenheimer & Co. (formerly Fahnestock & Co.) as an Analyst focusing on public equity offerings. He started his career at PriceWaterhouseCoopers, as a Financial Consultant in their Financial Advisory Services Group, focusing on corporate recoveries and bankruptcy work. • Education • B.S. cum laude, Finance & Investments, Babson College • M.B.A., Fordham University [Candidate] • Selected Transaction Experience • Lead Manager in a $20 million initial public offering for Ready Mix, Inc. • Sole-Manager in a $14 million follow-on offering for Environmental Power Corporation • Placement Agent in a $10.4 million private placement for Castle Brands Inc. • Financial Advisor to Segovia, Inc. in its $15 million senior notes offering • Lead Manager in a $47.4 million initial public offering for Web Street, Inc. • Co-Manager in a $34.2 million initial public offering for EDGAR Online, Inc. • Co-Manager in a $169.9 million follow-on offering for Cima Labs, Inc. • Financial Advisor to IFR Systems, Inc. in its $60 million merger with Aeroflex Inc. • Financial Advisor to Zartic, Inc. in its $27.5 million refinancing Investment Banking Home Our Professionals

17. ANALYST – MARTIN DOLFI • Career Background • Prior to joining Ladenburg Thalmann, Mr. Dolfi worked for NatCity Investments, Inc., a financial advisory firm focusing on high net worth clients. • Education • B.B.A., Finance and Commercial Law, Western Michigan University • Selected Transaction Experience • Delivered a fairness opinion to Cogdell Spencer Advisors Inc. in its REIT consolidation transaction • Lead Manager in a $20 million initial public offering for Ready Mix, Inc. • Sole-Manager in a $14 million follow-on offering for Environmental Power Corporation • Placement Agent in a $10.4 million private placement for Castle Brands Inc. • Financial Advisor to Segovia, Inc. in its $15 million senior notes offering Investment Banking Home Our Professionals

18. SELECTED RECENT PUBLIC OFFERINGS Below are recent equity and debt offerings to the public in which Ladenburg Thalmann & Co. Inc. acted as Sole or Co-manager Investment Banking Home Available Services

19. SELECTED RECENT PRIVATE PLACEMENTS Below are recent private placement transactions of equity and debt in which Ladenburg Thalmann & Co. Inc. acted as Placement Agent Investment Banking Home Available Services

20. SELECTED RECENT PRIVATE PLACEMENTS Below are recent private placement transactions of equity and debt in which Ladenburg Thalmann & Co. Inc. acted as Placement Agent Investment Banking Home Available Services

21. SELECTED RECENT PRIVATE PLACEMENTS Below are recent private placement transactions of equity and debt in which Ladenburg Thalmann & Co. Inc. acted as Placement Agent Investment Banking Home Available Services

22. SELECTED RECENT PRIVATE PLACEMENTS Below are recent private placement transactions of equity and debt in which Ladenburg Thalmann & Co. Inc. acted as Placement Agent Investment Banking Home Available Services

23. SELECTED RECENT FINANCIAL ADVISORIES FOR M&A TRANSACTIONS Below are recent transactions in which Ladenburg Thalmann & Co. Inc. acted as Financial Advisor Investment Banking Home Available Services