JMP Group Announces Self-Tender Offer

SAN FRANCISCO–(BUSINESS WIRE)–JMP Group LLC (NYSE: JMP),
an investment banking and alternative asset management firm, today
announced its plan to launch a tender offer to purchase up to 3,000,000
shares representing limited liability company interests in JMP Group
(the “Shares”) at a purchase price per Share of $3.95. On May 13, 2019,
the closing price of the Shares was $3.72 per Share. The offer to
purchase the Shares is expected to commence on Thursday, May 16, 2019,
and is expected to expire at 11:59 p.m. New York City time on June 13,
2019, unless extended. The offer will not be conditioned on any minimum
number of Shares being tendered.

If the tender offer is fully subscribed, JMP Group will have purchased
approximately 14.1% percent of its outstanding Shares as of March 31,
2019.

While JMP Group’s board of directors has authorized the company to make
the tender offer, neither JMP Group nor its board of directors makes any
recommendation to any shareholder as to whether to tender or refrain
from tendering any Shares. JMP Group has not authorized any person to
make any such recommendation. Shareholders must decide whether to tender
their Shares and, if so, how many Shares to tender. In doing so,
shareholders should carefully evaluate all of the information in the
tender offer documents, when available, before making any decision with
respect to the tender offer and should consult their own broker or other
financial and tax advisors.

The company has retained JMP Securities LLC as the dealer manager for
the tender offer and D.F. King & Co., Inc. as the information agent.

Copies of the Offer to Purchase and the Letter of Transmittal are being
mailed to holders of the Shares. Additional copies of the Offer to
Purchase, the Letter of Transmittal, or the Notice of Guaranteed
Delivery may be obtained at JMP Group’s expense from the information
agent, D.F. King & Co., Inc. at 48 Wall Street, 22nd Floor, New York,
New York 10005. Banks and brokerage firms should call (212) 269-5550;
all others should call (800) 622-1569 (toll-free).

Questions regarding the tender offer should be directed to D.F. King &
Co., Inc. by telephone at (800) 622-1569 (toll-free) or by email at jmp@dfking.com.

Certain Information Regarding the Tender Offer

The tender offer described in this press release has not yet commenced.
The information in this press release describing JMP Group’s tender
offer is for informational purposes only and does not constitute an
offer to buy or the solicitation of an offer to sell Shares in the
tender offer. On the commencement date of the tender offer, a tender
offer statement on Schedule TO, including an offer to purchase, a letter
of transmittal and related materials, will be filed with the United
States Securities and Exchange Commission (the “SEC”) by JMP Group. The
tender offer will only be made pursuant to the offer to purchase, the
letter of transmittal and related materials filed as a part of the
Schedule TO. Shareholders should read the offer to purchase and the
related materials carefully, because they contain important information,
including the various terms and conditions of the tender offer. Once the
tender offer is commenced, shareholders will be able to obtain a free
copy of the Schedule TO, the offer to purchase and other documents that
JMP Group will be filing with the SEC from the SEC’s website at www.sec.gov.
Shareholders may also obtain a copy of these documents, without charge,
from D.F. King & Co., Inc., the information agent for the tender offer,
by calling (800) 622-1569 (toll-free). Shareholders are urged to
carefully read these materials prior to making any decision with respect
to the tender offer. Shareholders and investors who have questions or
need assistance may contact D.F. King & Co., Inc., the information agent
for the tender offer, by telephone at (800) 622-1569 (toll-free) or by
email at jmp@dfking.com.

Cautionary Note Regarding Forward-Looking Statements

JMP Group has made statements in this press release that are
forward-looking statements, including the expected timing, size or other
terms of the tender offer and the company’s ability to complete the
tender offer. In some cases, you can identify these statements by
forward-looking words such as “may”, “will”, “expect”, “plan”, or
“believe”, the negative of these terms, and other comparable
terminology. These forward-looking statements, which are subject to
risks, uncertainties and assumptions about JMP Group, may include
projections of the company’s future financial performance, based on its
growth strategies and anticipated trends in its business. These
statements are only predictions based on JMP Group’s current
expectations and projections about future events. There are important
factors that could cause the company’s actual results, level of
activity, performance or achievements to differ materially from the
results, level of activity, performance or achievements expressed or
implied by the forward-looking statements. In particular, you should
consider the numerous risks outlined under “Risk Factors” in JMP Group’s
2018 Annual Report on Form 10-K and should carefully review the other
reports filed by the company with the SEC from time to time, including
Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. JMP
Group is under no duty to, and it does not undertake any obligation to,
update or review any of these forward-looking statements after the date
of this press release.

About JMP Group

JMP Group LLC is a diversified capital markets firm that provides
investment banking, equity research, and sales and trading services to
corporate and institutional clients as well as alternative asset
management products and services to institutional and high-net-worth
investors. JMP Group conducts its investment banking and research, sales
and trading activities through JMP Securities; its hedge fund, venture
capital and private capital activities through Harvest Capital
Strategies and JMP Asset Management; and the management of Harvest
Capital Credit Corporation (NASDAQ: HCAP), a business development
company, through HCAP Advisors. For more information, visit www.jmpg.com.

Contacts

Investor Relations Contact
JMP Group LLC

Andrew Palmer
(415) 835-8978
apalmer@jmpg.com

Media Relations Contacts
Dukas Linden Public Relations, Inc.

Zach Leibowitz
(646) 722-6528
zach@dlpr.com

Alyssa Noud
(646) 722-6525
alyssa@dlpr.com