<SEC-DOCUMENT>0001047469-15-008193.txt : 20151030
<SEC-HEADER>0001047469-15-008193.hdr.sgml : 20151030
<ACCEPTANCE-DATETIME>20151030160349
ACCESSION NUMBER:		0001047469-15-008193
CONFORMED SUBMISSION TYPE:	PRE 14A
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20151221
FILED AS OF DATE:		20151030
DATE AS OF CHANGE:		20151030

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			INSTITUTIONAL FINANCIAL MARKETS, INC.
		CENTRAL INDEX KEY:			0001270436
		STANDARD INDUSTRIAL CLASSIFICATION:	SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
		IRS NUMBER:				161685692
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PRE 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32026
		FILM NUMBER:		151187477

	BUSINESS ADDRESS:	
		STREET 1:		CIRA CENTRE, 2929 ARCH STREET
		STREET 2:		17TH FLOOR
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19104-2870
		BUSINESS PHONE:		215-701-9555

	MAIL ADDRESS:	
		STREET 1:		CIRA CENTRE, 2929 ARCH STREET
		STREET 2:		17TH FLOOR
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19104-2870

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	COHEN & Co INC.
		DATE OF NAME CHANGE:	20091216

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ALESCO FINANCIAL INC
		DATE OF NAME CHANGE:	20061006

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SUNSET FINANCIAL RESOURCES INC
		DATE OF NAME CHANGE:	20031117
</SEC-HEADER>
<DOCUMENT>
<TYPE>PRE 14A
<SEQUENCE>1
<FILENAME>a2226410zpre14a.htm
<DESCRIPTION>PRE 14A
<TEXT>
<HTML>
<HEAD>
</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<P><FONT SIZE=3 >
Use these links to rapidly review the document<BR>
<A HREF="#bg16101_table_of_contents">  TABLE OF CONTENTS</A><BR></font>
</P>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>

<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT> <FONT SIZE=2><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=4><B> SCHEDULE 14A</B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Proxy
Statement Pursuant to Section 14(a) of<BR>
the Securities Exchange Act of 1934 (Amendment No.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;) </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="17pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=2> Filed by the Registrant <FONT FACE="WINGDINGS">&#253;</FONT></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2>Filed by a Party other than the Registrant <FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=2><BR>
Check the appropriate box:</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> <FONT FACE="WINGDINGS">&#253;</FONT></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Preliminary Proxy Statement</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> <FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2><B> Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> <FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Definitive Proxy Statement</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> <FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Definitive Additional Materials</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> <FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Soliciting Material under &sect;240.14a-12<BR></FONT>
</TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;<BR></FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="17pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="20pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD COLSPAN=5 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Institutional Financial Markets,&nbsp;Inc.</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=5 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> (Name of Registrant as Specified In Its Charter)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=5 ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=5 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> (Name of Person(s) Filing Proxy Statement, if other than the Registrant)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=5 style="font-family:times;"><FONT SIZE=2><BR>
Payment of Filing Fee (Check the appropriate box):</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> <FONT FACE="WINGDINGS">&#253;</FONT></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2>No fee required.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> <FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2>Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and&nbsp;0-11.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(1)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>Title of each class of securities to which transaction applies:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(2)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>Aggregate number of securities to which transaction applies:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(3)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(4)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>Proposed maximum aggregate value of transaction:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(5)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>Total fee paid:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> <FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2>Fee paid previously with preliminary materials.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> <FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2>Check box if any part of the fee is offset as provided by Exchange Act Rule&nbsp;0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration
statement number, or the Form or Schedule and the date of its filing.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>(1)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;border-bottom:solid #000000 1.0pt;"><BR><FONT SIZE=2>Amount Previously Paid:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(2)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>Form, Schedule or Registration Statement No.:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(3)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>Filing Party:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(4)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>Date Filed:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&nbsp;</TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=1,EFW="2226410",CP="INSTITUTIONAL FINANCIAL MARKETS,",DN="1",CHK=117541,FOLIO='blank',FILE='DISK128:[15ZCS1.15ZCS16101]BA16101A.;5',USER='JTAYLORA',CD='30-OCT-2015;09:31' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2>

<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg16101a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="bb16101_preliminary_proxy_statement_da__pre02518"> </A>
<A NAME="toc_bb16101_1"> </A>
<BR></FONT><FONT SIZE=2><B>


<!-- COMMAND=ADD_TXTHEX,"" -->


 </B></FONT><FONT COLOR="#FF4040" SIZE=2><B>PRELIMINARY PROXY STATEMENT DATED OCTOBER 30, 2015&#151;SUBJECT TO COMPLETION</B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>
<IMG SRC="g431936.jpg" ALT="LOGO" WIDTH="444" HEIGHT="55">
  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="bb16101_information_about_the_annual_meeting"> </A>
<A NAME="toc_bb16101_2"> </A>
<BR></FONT><FONT SIZE=2><B>  INFORMATION ABOUT THE ANNUAL MEETING    <BR>    </B></FONT></P>

<P ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>November&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
FACE="SYMBOL" SIZE=2>&middot;</FONT><FONT FACE="times" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;, 2015 </FONT></P>

<P style="font-family:times;"><FONT FACE="times" SIZE=2>Dear
Stockholder: </FONT></P>

<P style="font-family:times;"><FONT FACE="times" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
are cordially invited to attend the annual meeting of stockholders of Institutional Financial Markets,&nbsp;Inc., which will be held on December&nbsp;21, 2015, at
10:00&nbsp;a.m., local time, at the offices of Duane Morris&nbsp;LLP, located at 1540 Broadway, New York, New York 10036. </FONT></P>

<P style="font-family:times;"><FONT FACE="times" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
are pleased to furnish our proxy materials to most of our stockholders over the Internet. We believe that this e-proxy process expedites stockholders' receipt of our proxy materials
and reduces the costs and environmental impact of our annual meeting. Only stockholders who directly owned shares of our common stock and/or our Series&nbsp;E Voting Non-Convertible Preferred Stock
(also known as "record holders") as of the close of business on October&nbsp;26, 2015, the record date for the annual meeting, will receive paper copies of our proxy materials. On or about
November&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT FACE="SYMBOL" SIZE=2>&middot;</FONT><FONT FACE="times" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;, 2015, we will have mailed to our record holders our proxy materials and, to all of our
other stockholders, a Notice of Internet Availability of Proxy Materials containing instructions on how to access our 2015 proxy statement and annual report and vote online. For those stockholders
that only receive a Notice of Internet Availability of Proxy Materials, the Notice contains instructions on how you can receive a paper copy of the proxy statement and annual report. </FONT></P>

<P style="font-family:times;"><FONT FACE="times" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
attached proxy statement, with the accompanying formal notice of the meeting, describes the matters expected to be acted upon at the meeting. We urge you to review these materials
carefully and to take part in the affairs of our company by voting on the matters described in the proxy statement. </FONT></P>

<P style="font-family:times;"><FONT FACE="times" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Your
vote is very important. You may vote your shares of common stock or preferred stock via a toll-free telephone number or over the Internet. If you received a paper copy of the proxy
card by mail, you may vote by signing, dating and mailing the proxy card in the envelope provided. Instructions regarding these three methods of voting are contained in our proxy materials. If you
attend the meeting
in person, you may continue to have your shares of common stock or preferred stock voted as instructed in your proxy or you may withdraw your proxy and vote your shares of common stock or preferred
stock at the meeting in person. We look forward to seeing you at the meeting. </FONT></P>

<P style="font-family:times;"><FONT FACE="times" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
behalf of our management team and our Board of Directors, I would like to express our appreciation for your continued support of Institutional Financial Markets,&nbsp;Inc. </FONT></P>


<P style="font-family:times;"><FONT FACE="times" SIZE=2>Sincerely, </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>
<IMG SRC="g52037.jpg" ALT="GRAPHIC" WIDTH="180" HEIGHT="42">
  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Jack
J. DiMaio, Jr.<BR>
Chairman </FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=2,EFW="2226410",CP="INSTITUTIONAL FINANCIAL MARKETS,",DN="1",CHK=440457,FOLIO='blank',FILE='DISK128:[15ZCS1.15ZCS16101]BB16101A.;13',USER='DSLOAN',CD='30-OCT-2015;09:38' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2>

<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg16101a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="bc16101_electronic_and_telephone_proxy_authorization"> </A>
<A NAME="toc_bc16101_1"> </A>
<BR></FONT><FONT SIZE=2><B>  ELECTRONIC AND TELEPHONE PROXY AUTHORIZATION    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Financial Markets,&nbsp;Inc.'s stockholders of record on the close of business on October&nbsp;26, 2015, the record
date for the 2015 annual meeting of stockholders, may authorize their proxies to vote their shares by telephone or Internet by following the instructions in Institutional Financial
Markets,&nbsp;Inc.'s proxy materials. If you have any questions regarding how to authorize your proxy by telephone or Internet, please call Institutional Financial Markets,&nbsp;Inc. Investor
Relations at (215)&nbsp;701-8952. </FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=3,EFW="2226410",CP="INSTITUTIONAL FINANCIAL MARKETS,",DN="1",CHK=312176,FOLIO='blank',FILE='DISK128:[15ZCS1.15ZCS16101]BC16101A.;3',USER='JTAYLORA',CD='30-OCT-2015;09:31' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2>

<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg16101a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="bd16101_preliminary_proxy_statement_da__pre02518"> </A>
<A NAME="toc_bd16101_1"> </A>
<BR></FONT><FONT SIZE=2><B>


<!-- COMMAND=ADD_TXTHEX,"" -->


 </B></FONT><FONT COLOR="#FF4040" SIZE=2><B>PRELIMINARY PROXY STATEMENT DATED OCTOBER 30, 2015&#151;SUBJECT TO COMPLETION</B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>
<IMG SRC="g431936.jpg" ALT="LOGO" WIDTH="444" HEIGHT="55">
  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="bd16101_notice_of_annual_meeting_of_stockholders"> </A>
<A NAME="toc_bd16101_2"> </A>
<BR></FONT><FONT SIZE=2><B>  NOTICE OF ANNUAL MEETING OF STOCKHOLDERS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>To
the Stockholders of Institutional Financial Markets,&nbsp;Inc.: </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notice
is hereby given that the annual meeting of stockholders of Institutional Financial Markets,&nbsp;Inc., a Maryland corporation, will be held on December&nbsp;21, 2015, at
10:00&nbsp;a.m., local time, at the offices of Duane Morris&nbsp;LLP, located at 1540 Broadway, New York, New York 10036, to consider and vote on the following matters: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
elect eight directors, each to serve until the next annual meeting of stockholders and until his or her successor is duly elected and qualified or until his or her
earlier death, resignation or retirement; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
re-approve the Institutional Financial Markets,&nbsp;Inc. (formerly Alesco Financial&nbsp;Inc.) Cash Bonus Plan to comply with Section&nbsp;162(m) of the
Internal Revenue Code of 1986, as amended; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
ratify the appointment of Grant Thornton&nbsp;LLP as our independent registered public accounting firm for the year ending December&nbsp;31, 2015; and </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
transact such other business as may properly come before the meeting or any adjournment or postponement thereof. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
Board of Directors has fixed the close of business on October&nbsp;26, 2015 as the record date for determining the stockholders entitled to notice of, and to vote at, the annual
meeting, and at any adjournments or postponements thereof. Only stockholders of record of our common stock, par value $0.001 per share, and our Series&nbsp;E Voting Non-Convertible Preferred Stock,
par value $0.001 per share, at the close of business on the record date will be entitled to notice of, and to vote at, the annual meeting and at any adjournments or postponements thereof. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board has a contractual obligation to recommend to the Company's stockholders the election of Messrs.&nbsp;Daniel G. Cohen and Christopher Ricciardi, current members of the Board,
at the Company's 2015 annual meeting of stockholders, as further described in the section entitled "</FONT><FONT SIZE=2><I>Rights of Certain Stockholders to Nominate
Directors</I></FONT><FONT SIZE=2>" under Proposal One&#151;Election of Directors.
Additionally, Mr.&nbsp;Cohen, Vice Chairman of our Board of Directors, has notified us that he intends to nominate two director nominees at the annual meeting in opposition to nominees recommended
by the Board of Directors' Nominating and Corporate Governance Committee and unanimously approved for nomination by the Board of Directors. You may receive an opposing proxy statement and proxy card
and letters or other proxy solicitation materials from Mr.&nbsp;Cohen or other persons or entities (other than the Company) affiliated with him or acting on his behalf. Please be advised that we are
not responsible for the accuracy of any information contained in any proxy solicitation materials filed or disseminated by Mr.&nbsp;Cohen or on his behalf. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board of Directors has not endorsed Mr.&nbsp;Cohen's nominees and recommends that you vote FOR the election of each of the nominees recommended by the Board of Directors'
Nominating and Corporate Governance Committee and unanimously approved for nomination by the Board of Directors. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Your vote is very important. Accordingly, you are asked to vote, whether or not you plan to attend the annual meeting.</B></FONT><FONT SIZE=2> You may vote:
(1)&nbsp;by telephone, by calling the toll-free number as instructed in our proxy materials, (2)&nbsp;by using the Internet, as instructed in our proxy materials, (3)&nbsp;by mail (if you
received your proxy materials by mail), by marking, signing, dating and returning the attached proxy card in the postage-paid envelope that we have provided, or (4)&nbsp;by attending the annual
meeting in </FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=4,EFW="2226410",CP="INSTITUTIONAL FINANCIAL MARKETS,",DN="1",CHK=803080,FOLIO='blank',FILE='DISK128:[15ZCS1.15ZCS16101]BD16101A.;6',USER='DSLOAN',CD='30-OCT-2015;09:38' -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg16101a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>person.
For specific instructions on voting, please refer to our proxy materials or the information forwarded to your broker, bank or other holder of record. Any stockholder of our company attending
the annual meeting may vote in person even if he or she has previously voted using the telephone, the Internet or a proxy card. If you plan to attend the annual meeting to vote in person and your
shares are registered with our transfer agent, Computershare, in the name of a broker, bank, or other nominee, you must obtain a proxy issued in your name from such broker, bank or other nominee. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>By
Order of the Board of Directors, </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Rachael
Fink<BR>
Secretary </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>November&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
FACE="SYMBOL" SIZE=2>&middot;</FONT><FONT FACE="times" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;, 2015<BR>
Philadelphia, Pennsylvania </FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=5,EFW="2226410",CP="INSTITUTIONAL FINANCIAL MARKETS,",DN="1",CHK=40157,FOLIO='blank',FILE='DISK128:[15ZCS1.15ZCS16101]BD16101A.;6',USER='DSLOAN',CD='30-OCT-2015;09:38' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2>

<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg16101a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="be16101_attendance_at_annual_meeting_#__att02343"> </A>
<A NAME="toc_be16101_1"> </A>
<BR></FONT><FONT SIZE=2><B>  ATTENDANCE AT ANNUAL MEETING&#151;ADMISSION POLICY AND PROCEDURES    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The 2015 Annual Meeting of Stockholders (the "meeting") of Institutional Financial Markets,&nbsp;Inc. (the "Company") will begin
promptly at 10:00&nbsp;a.m., local time, on December&nbsp;21, 2015 at the offices of Duane Morris&nbsp;LLP, located at 1540 Broadway, New York, New York 10036. All attendees must present a valid
photo identification to be admitted to the meeting. Cameras (including cellular phones or personal digital assistants (PDAs) with photographic capabilities), recording devices and other electronic
devices, and the use of cellular phones or PDAs, will not be permitted at the meeting. Representatives of the Company will be at the entrance to the meeting and these representatives will have the
authority, on the Company's behalf, to determine whether the admission policy and procedures have been followed and whether you will be granted admission to the meeting. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="be16101_admission_policy"> </A>
<A NAME="toc_be16101_2"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Admission Policy    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attendance at the meeting is limited to: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;Stockholders
of record ("record holders") on the close of business on October&nbsp;26, 2015, the record date for the meeting (the "record date"), or authorized
representatives of entities who are record holders. Authorized representatives of entities who are record holders must present a letter from the entity certifying to their status as an authorized
representative. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;Stockholders
whose shares are held for them by banks, brokerages or other intermediaries ("beneficial holders"). Beneficial holders must present evidence of their
ownership, such as a letter from the bank, broker or other intermediary confirming ownership, or the relevant portion of a bank or brokerage firm account statement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;Authorized
representatives of entities who are beneficial holders. In addition to any evidence required under paragraph&nbsp;(B) above, authorized representatives must
present: (1)&nbsp;a letter from the record holder certifying to the beneficial ownership of the entity they represent, and (2)&nbsp;a letter from the entity certifying to their status as an
authorized representative. </FONT></P>

</UL>
<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=6,EFW="2226410",CP="INSTITUTIONAL FINANCIAL MARKETS,",DN="1",CHK=689270,FOLIO='blank',FILE='DISK128:[15ZCS1.15ZCS16101]BE16101A.;3',USER='JTAYLORA',CD='30-OCT-2015;09:32' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2>

<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg16101a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="BG16101A_main_toc"></A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="bg16101_table_of_contents"> </A>
<BR></FONT><FONT SIZE=2><B>  TABLE OF CONTENTS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>
<A NAME="BG16101_TOC2"></A> </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->
<!-- COMMAND=ADD_START_LINKTABLE -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="23pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#AA1"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>INFORMATION ABOUT THE ANNUAL MEETING</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#AA1"><FONT SIZE=2>1</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dc16101_proposal_one_#151;election_of_directors"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>PROPOSAL ONE&#151;ELECTION OF DIRECTORS</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dc16101_proposal_one_#151;election_of_directors"><FONT SIZE=2><BR>
6</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#de16101_corporate_governance_a__de102264"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>CORPORATE GOVERNANCE AND BOARD OF DIRECTORS INFORMATION</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#de16101_corporate_governance_a__de102264"><FONT SIZE=2><BR>
11</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#de16101_meetings_and_committees_of_our_board_of_directors"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>MEETINGS AND COMMITTEES OF OUR BOARD OF
DIRECTORS</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#de16101_meetings_and_committees_of_our_board_of_directors"><FONT SIZE=2><BR>
14</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#de16101_executive_officers"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>EXECUTIVE OFFICERS</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#de16101_executive_officers"><FONT SIZE=2><BR>
16</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#df16101_executive_compensation"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>EXECUTIVE COMPENSATION</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#df16101_executive_compensation"><FONT SIZE=2><BR>
17</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dk16101_compensation_of_directors"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>COMPENSATION OF DIRECTORS</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dk16101_compensation_of_directors"><FONT SIZE=2><BR>
33</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dk16101_equity_compensation_plan_information"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>EQUITY COMPENSATION PLAN INFORMATION</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dk16101_equity_compensation_plan_information"><FONT SIZE=2><BR>
35</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dm16101_proposal_two_#151;re-approval___pro03249"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>PROPOSAL TWO&#151;RE-APPROVAL OF THE INSTITUTIONAL FINANCIAL
MARKETS,&nbsp;INC. CASH BONUS PLAN</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dm16101_proposal_two_#151;re-approval___pro03249"><FONT SIZE=2><BR>
36</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#do16101_proposal_three_#151;ratificati__pro03957"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>PROPOSAL THREE&#151;RATIFICATION OF THE APPOINTMENT OF THE
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#do16101_proposal_three_#151;ratificati__pro03957"><FONT SIZE=2><BR>
39</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dq16101_principal_accounting_firm_fees"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>PRINCIPAL ACCOUNTING FIRM FEES</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dq16101_principal_accounting_firm_fees"><FONT SIZE=2><BR>
40</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#ds16101_report_of_the_audit_co__ds102265"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>REPORT OF THE AUDIT COMMITTEE OF THE BOARD OF DIRECTORS</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ds16101_report_of_the_audit_co__ds102265"><FONT SIZE=2><BR>
41</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#du16101_share_ownership_of_cer__du102404"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>SHARE OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
MANAGEMENT</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#du16101_share_ownership_of_cer__du102404"><FONT SIZE=2><BR>
43</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dw16101_section_16(a)_benefici__dw102035"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>SECTION&nbsp;16(a) BENEFICIAL OWNERSHIP REPORTING
COMPLIANCE</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dw16101_section_16(a)_benefici__dw102035"><FONT SIZE=2><BR>
47</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dy16101_certain_relationships_and_related_party_transactions"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>CERTAIN RELATIONSHIPS AND RELATED PARTY
TRANSACTIONS</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dy16101_certain_relationships_and_related_party_transactions"><FONT SIZE=2><BR>
48</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#ea16101_other_matters"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>OTHER MATTERS</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ea16101_other_matters"><FONT SIZE=2><BR>
52</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#ea16101_stockholder_proposals"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>STOCKHOLDER PROPOSALS</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ea16101_stockholder_proposals"><FONT SIZE=2><BR>
52</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#ea16101_annual_report_on_form_10-k"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>ANNUAL REPORT ON FORM 10-K</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ea16101_annual_report_on_form_10-k"><FONT SIZE=2><BR>
52</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#ea16101_where_you_can_find_more_information"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>WHERE YOU CAN FIND MORE INFORMATION</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ea16101_where_you_can_find_more_information"><FONT SIZE=2><BR>
52</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#la16101_appendix_a_institutional_finan__app03363"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Appendix&nbsp;A&nbsp;&nbsp;&nbsp;&nbsp;Institutional Financial
Markets,&nbsp;Inc. Cash Bonus Plan<BR></FONT>
</A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#la16101_appendix_a_institutional_finan__app03363"><FONT SIZE=2><BR>
A-1</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lc16101_appendix_b_information_concern__app03594"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Appendix&nbsp;B&nbsp;&nbsp;&nbsp;&nbsp;Information Concerning Participants in
the Company's Solicitation of Proxies<BR></FONT>
</A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#lc16101_appendix_b_information_concern__app03594"><FONT SIZE=2>B-1</FONT></A></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
<!-- COMMAND=ADD_END_LINKTABLE -->
 </DIV>
 <HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=7,EFW="2226410",CP="INSTITUTIONAL FINANCIAL MARKETS,",DN="1",CHK=1017145,FOLIO='blank',FILE='DISK128:[15ZCS1.15ZCS16101]BG16101A.;16',USER='JTAYLORA',CD='30-OCT-2015;09:32' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_da16101_1_1"> </A>

<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg16101a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="da16101_institutional_financial_market__ins03643"> </A>
<A NAME="toc_da16101_1"> </A>
<BR></FONT><FONT SIZE=2><B>  INSTITUTIONAL FINANCIAL MARKETS,&nbsp;INC.<BR>  Cira Centre, 2929 Arch Street, 17th&nbsp;Floor Philadelphia, Pennsylvania 19104    <BR>    </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> <A NAME="AA1"></A>PROXY STATEMENT<BR>
ANNUAL MEETING OF STOCKHOLDERS TO BE HELD ON DECEMBER 21, 2015<BR>
INFORMATION ABOUT THE ANNUAL MEETING  </B></FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="da16101_introduction"> </A>
<A NAME="toc_da16101_2"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Introduction    <BR>    </B></FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Why You Have Received This Proxy Statement  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You have received these proxy materials because the Board of Directors (the "Board" or the "Board of Directors") of Institutional
Financial Markets,&nbsp;Inc., a Maryland corporation, or the Company, is soliciting your proxy to vote your shares at the Company's 2015 annual meeting of stockholders, or the "meeting," to be held
on December&nbsp;21, 2015 at 10:00&nbsp;a.m., local time, at the offices of Duane Morris&nbsp;LLP, located at 1540 Broadway, New York, New York 10036, or at any postponement or adjournment of
the meeting. This proxy statement includes information that we are required to provide to you under the rules of the U.S. Securities and Exchange Commission, or the SEC, and that is designed to assist
you in voting your shares. On or about November&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT FACE="SYMBOL" SIZE=2>&middot;</FONT><FONT FACE="times" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;, 2015, paper copies of our proxy materials will
have been mailed to our stockholders who directly own shares of our common stock (known as "record holders") as of the close of business on October&nbsp;26, 2015. In addition, on or about
November&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT FACE="SYMBOL" SIZE=2>&middot;</FONT><FONT FACE="times" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;, 2015, the Notice of Internet Availability of Proxy Materials (the "Notice"), containing
instructions on how to access this proxy statement and our annual report and how to vote over the Internet will have been mailed to all of our other stockholders as of the close of business on
October&nbsp;26, 2015. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Notice of Electronic Availability of Proxy Statement and Annual Report  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As permitted by SEC rules, the Company is making this proxy statement and its annual report available to its stockholders
electronically via the Internet. On or about November&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT FACE="SYMBOL" SIZE=2>&middot;</FONT><FONT FACE="times" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;, 2015, we will have mailed to our
stockholders (other than record holders) the Notice, which contains instructions on how to access this proxy statement and our annual report and vote online. If you received the Notice by mail, you
will not receive a printed copy of the proxy materials in the mail. Instead, the Notice instructs you on how to access and review all of the important information contained in the proxy statement and
annual report over the Internet. The Notice also instructs you on how you may submit your proxy over the Internet. If you received the Notice by mail and would like to receive a printed copy of our
proxy materials, you should follow the instructions for requesting such materials contained in the Notice. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT FACE="times" SIZE=2><A
NAME="da16101_who_may_vote"> </A>
<A NAME="toc_da16101_3"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Who May Vote    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Only holders of record of shares of our common stock, par value $0.001 per share, which is referred to herein as "common stock," and/or
our Series&nbsp;E Voting Non-Convertible Preferred Stock, par value $0.001 per share, which is referred to herein as "Series&nbsp;E Preferred Stock," at the close of business on October&nbsp;26,
2015, the record date for the meeting (the "record date"), are entitled to receive notice of, and to vote at, the meeting or any adjournment or postponement thereof. Each stockholder of record as of
the close of business on the record date is entitled to one vote on each matter properly brought before the meeting for each share of common stock and for each share of Series&nbsp;E Preferred Stock
held by such stockholder as of such time. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>1</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=8,EFW="2226410",CP="INSTITUTIONAL FINANCIAL MARKETS,",DN="1",CHK=289967,FOLIO='1',FILE='DISK128:[15ZCS1.15ZCS16101]DA16101A.;4',USER='JTAYLORA',CD='30-OCT-2015;09:32' -->
<A NAME="page_da16101_1_2"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg16101a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="da16101_how_you_may_vote"> </A>
<A NAME="toc_da16101_4"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


How You May Vote    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You may vote using any of the following methods: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> BY MAIL:</I></FONT><FONT SIZE=2>&nbsp;&nbsp;If you have received your proxy materials by
mail, mark, sign, and date the attached proxy card and return it in the postage-paid envelope that we have provided. The named proxies will vote your shares according to your directions. If you sign
and submit the proxy card, which is attached to this proxy statement, without indicating your vote, the named proxies will vote your shares in favor of the Company's nominees named in this proxy
statement and in favor of all other proposals.  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> BY TELEPHONE OR OVER THE INTERNET:</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Authorize a proxy by
telephone by following the instructions in the attached proxy card or over the Internet by following the instructions in the Notice. If you hold shares of the Company's common stock or Series&nbsp;E
Preferred Stock in "street name," please refer to the voting instruction form used by your broker, bank or nominee to see if you may submit voting instructions by telephone or over the Internet. If
you vote by telephone or over the Internet, you do not need to return the attached proxy card to the Company by mail.  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> BY ATTENDING THE ANNUAL MEETING IN PERSON:</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Attend the
meeting and vote in person. If your shares are held in the name of a bank, broker or other nominee, you must obtain a proxy from the record holder, executed in your favor, and bring it with you to
hand in with your ballot, in order to be able to vote in person at the meeting. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
encourage stockholders to submit their proxies in advance of the meeting. Voting by proxy in advance of the meeting will in no way limit your right to attend and vote at the meeting
if you later decide to attend the meeting in person. If you are a record holder and have given a proxy to vote your shares, then you may revoke your proxy at any time before it is exercised by:
(a)&nbsp;giving written notice of revocation no later than the commencement of the meeting to our Secretary, Rachael Fink, at Institutional Financial Markets,&nbsp;Inc., Cira Centre, 2929 Arch
Street, 17<SUP>th</SUP>&nbsp;Floor, Philadelphia, Pennsylvania 19104; (b)&nbsp;delivering no later than the commencement of the meeting a properly executed, later-dated proxy to our Secretary,
Rachael Fink, at Institutional Financial Markets,&nbsp;Inc., Cira Centre, 2929 Arch Street, 17<SUP>th</SUP>&nbsp;Floor, Philadelphia, Pennsylvania 19104; or (c)&nbsp;voting in person at the
meeting. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
your shares are held in "street name" by a broker, bank or other nominee, you should follow the instructions provided by your broker, bank or other nominee to submit, change or revoke
your voting instructions. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board has a contractual obligation to recommend to the Company's stockholders the election of Messrs.&nbsp;Daniel G. Cohen and Christopher Ricciardi, current members of the Board,
at the Company's 2015 annual meeting of stockholders. See section "</FONT><FONT SIZE=2><I>Rights of Certain Stockholders to Nominate Directors</I></FONT><FONT SIZE=2>" under Proposal
One&#151;Election of Directors. Mr.&nbsp;Cohen, Vice Chairman of our Board of Directors and of the Board of Managers of our majority owned subsidiary, IFMI,&nbsp;LLC, President and Chief
Executive of our European Business, and President, a director and the Chief Investment Officer of our indirect majority owned subsidiary, Cohen&nbsp;&amp; Company Financial Limited (formerly known as
EuroDekania Management Limited) ("CCFL") in his capacity as a shareholder of the Company, has notified us that he intends to nominate two director nominees at the annual meeting in
opposition to nominees recommended by the Board of Directors' Nominating and Corporate Governance Committee and unanimously approved for nomination by the Board of Directors. You may receive an
opposing proxy statement and proxy card and letters or other proxy solicitation materials from Mr.&nbsp;Cohen or other persons or entities (other than the Company) affiliated with him or acting on
his behalf. Please be advised that we are not responsible for the accuracy of any information contained in any proxy solicitation materials filed or disseminated by Mr.&nbsp;Cohen or on his behalf. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>2</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=9,EFW="2226410",CP="INSTITUTIONAL FINANCIAL MARKETS,",DN="1",CHK=874849,FOLIO='2',FILE='DISK128:[15ZCS1.15ZCS16101]DA16101A.;4',USER='JTAYLORA',CD='30-OCT-2015;09:32' -->
<A NAME="page_da16101_1_3"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg16101a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board of Directors has not endorsed Mr.&nbsp;Cohen's nominees and recommends that you vote FOR the election of each of the nominees recommended by the Board of Directors'
Nominating and Corporate Governance Committee and unanimously approved for nomination by the Board of Directors. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
named proxies will vote in accordance with your instructions on the matters set forth below and will vote upon any other business that may properly come before the meeting in their
best judgment to the same extent as the person delivering the proxy would be entitled to vote. If you are a holder of record of common stock or Series&nbsp;E Preferred Stock and you return a
properly executed proxy, but do not provide instructions as to one or more matters, the persons named as proxies intend to cast all of the votes you are entitled to cast (i)&nbsp;FOR the election of
Messrs.&nbsp;Cohen, Costello, Dawson, DiMaio, Donovan, Haraburda, Ricciardi and Subin, the Company's nominees for directorship positions at the meeting; (ii)&nbsp;FOR the re-approval of the
Institutional Financial Markets,&nbsp;Inc. (formerly Alesco Financial&nbsp;Inc.) Cash Bonus Plan (the "Cash Bonus Plan"); and (iii)&nbsp;FOR the ratification of the appointment of Grant
Thornton&nbsp;LLP as the Company's independent registered public accounting firm for the year ending December&nbsp;31, 2015. Other than the matters set forth in this proxy statement and any
procedural matters relating to the matters set forth herein, we are not aware of any other nominees for election as directors or other business that may properly be brought before the meeting. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="da16101_quorum"> </A>
<A NAME="toc_da16101_5"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Quorum    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The presence, in person or represented by proxy, of stockholders entitled to cast a majority of the votes entitled to be cast at the
meeting is necessary to constitute a quorum at the meeting. As of the record date, there were 13,382,811 shares of common stock outstanding and entitled to vote at the meeting and 4,983,557 shares of
Series&nbsp;E Preferred Stock outstanding and entitled to vote at the meeting. The common stock and the Series&nbsp;E Preferred Stock vote together on all matters. Each stockholder of record as of
the close of business on the record date is entitled to one vote on each matter properly brought before the meeting for each share of common stock and for each share of Series&nbsp;E Preferred Stock
held by such stockholder as of such time. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
a quorum is not present at the meeting, the stockholders present in person or represented by proxy have, or the presiding officer at the meeting has, the power to adjourn the meeting
until a quorum is present or represented. Under Maryland law, the presiding officer at the meeting also has the power to adjourn the meeting for any reason, regardless of whether a quorum is present. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="da16101_required_vote_to_approve_each_proposal"> </A>
<A NAME="toc_da16101_6"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Required Vote to Approve Each Proposal    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the election of directors, the eight nominees receiving a plurality of the votes cast (that is, the eight nominees receiving the
greatest number of votes) will be elected to the Board. A proxy marked "withhold" with respect to the election of a director will not be voted as to the director indicated, but will be counted for
purposes of determining whether there is a quorum at the meeting. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Cohen,
in his capacity as a shareholder of the Company, has notified us that he intends to nominate two director nominees at the annual meeting in opposition to nominees
recommended by the Board of Directors' Nominating and Corporate Governance Committee and unanimously approved for nomination by the Board of Directors. This means that, if Mr.&nbsp;Cohen does in
fact nominate two additional individuals for election to the Board at the meeting, only the eight of the ten directors nominated at the meeting receiving the greatest number of votes will be elected
as directors of the Company. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
affirmative vote of a majority of all of the votes cast on the proposal at a meeting at which a quorum is present is required for the re-approval of the Cash Bonus Plan, the
ratification of the appointment of Grant Thornton&nbsp;LLP as the Company's independent registered public accounting firm </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>3</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=10,EFW="2226410",CP="INSTITUTIONAL FINANCIAL MARKETS,",DN="1",CHK=789209,FOLIO='3',FILE='DISK128:[15ZCS1.15ZCS16101]DA16101A.;4',USER='JTAYLORA',CD='30-OCT-2015;09:32' -->
<A NAME="page_da16101_1_4"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg16101a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>for
the year ending December&nbsp;31, 2015, and the approval of any other matters properly presented at the meeting. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please
note that brokerage firms or other nominees may not vote your shares with respect to matters that are not "routine" under the rules that guide how most brokers vote your stock.
The re-approval of the Cash Bonus Plan and the election of directors are not "routine" matters. Accordingly, most brokerage firms or other nominees may not vote your shares with respect to the
re-approval of the Cash Bonus Plan or the election of directors without specific instructions from you as to how your shares are to be voted. The ratification of the appointment of an independent
registered public accounting firm is a "routine" matter. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of the election of directors, the re-approval of the Cash Bonus Plan, the ratification of the appointment of the independent registered public accounting firm and the
approval of any other matters properly presented at the meeting, abstentions, if any, will not be counted as votes cast and will have no effect on the result of the votes, although they will be
considered present for the purpose of determining the presence of a quorum. At our meeting, only Proposal Three (ratifying the appointment of our independent registered public accounting firm) is
considered a routine matter. Your broker will therefore not have discretion to vote on the following "non-routine" matters absent direction from you: the election of directors and the re-approval of
the Cash Bonus Plan. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Cohen
beneficially owns, in the aggregate, approximately 33.7% of the votes entitled to be cast at the meeting, and it is anticipated that he will vote FOR the election of his
director nominees as well as six of the Company Nominees, FOR the re-approval of the Cash Bonus Plan, and FOR the ratification of the appointment of Grant Thornton&nbsp;LLP as the Company's
independent registered public accounting firm for the year ending December&nbsp;31, 2015. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None
of the proposals described in this proxy statement, if approved, entitle stockholders to appraisal rights under Maryland law or our charter documents. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="da16101_persons_who_may_solicit_proxie__per02739"> </A>
<A NAME="toc_da16101_7"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Persons who may solicit proxies on behalf of the Board of Directors    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proxies may be solicited by the directors and certain executive officers of the Company that are identified as "participants" on </FONT> <FONT SIZE=2><I>Appendix&nbsp;B</I></FONT><FONT
SIZE=2> to this proxy statement and attached hereto. Solicitation of proxies by mail may be supplemented by telephone, facsimile, e-mail or
personal solicitation. None of the participants will receive additional compensation for assisting with the solicitation. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
may also be solicited by press releases issued by us and postings on our corporate website. Unless expressly indicated otherwise, information contained on our corporate website is
not part of this proxy statement. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="da16101_other_information_to_review_before_voting"> </A>
<A NAME="toc_da16101_8"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Other Information to Review Before Voting    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This proxy statement and our Annual Report on Form&nbsp;10-K, as amended, are both available on our website at </FONT> <FONT SIZE=2><I>http://www.ifmi.com.</I></FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="da16101_householding_of_proxy_material"> </A>
<A NAME="toc_da16101_9"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Householding of Proxy Material    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The SEC has adopted rules that permit companies and intermediaries (such as banks and brokers) to satisfy the delivery requirements for
proxy statements and annual reports with respect to two or more stockholders sharing the same address by delivering a single proxy statement addressed to those stockholders. This process, which is
commonly referred to as "householding," can result in cost savings. A number of brokers with account holders who are our stockholders will be "householding" our proxy materials. A single Notice will
be delivered to multiple stockholders who share an address unless we received contrary instructions from the impacted stockholders prior to the mailing date. Once you have received notice from your
broker that they will be "householding" communications to your address, </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>4</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=11,EFW="2226410",CP="INSTITUTIONAL FINANCIAL MARKETS,",DN="1",CHK=315144,FOLIO='4',FILE='DISK128:[15ZCS1.15ZCS16101]DA16101A.;4',USER='JTAYLORA',CD='30-OCT-2015;09:32' -->
<A NAME="page_da16101_1_5"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg16101a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"householding"
will continue until you are notified otherwise or until you revoke your consent. If, at any time, you no longer wish to participate in "householding" and would prefer to receive a
separate copy of the Notice, our annual report, proxy statement and other proxy materials, please notify your broker or direct your request in writing or by phone to our Secretary, Rachael Fink, at
Institutional Financial Markets,&nbsp;Inc., 2929 Arch Street, 17<SUP>th</SUP>&nbsp;Floor, Philadelphia, PA 19104; phone: (215)&nbsp;701-9555. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
you are a stockholder sharing an address with another stockholder who receives multiple copies of the proxy materials and wish to request "householding" of your communications, please
contact us at the above address or telephone number. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="da16101_cost_of_proxy_solicitation"> </A>
<A NAME="toc_da16101_10"> </A></FONT> <FONT SIZE=2><B>



<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Cost of Proxy Solicitation    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All expenses in connection with our solicitation of proxies will be borne by us. In addition to solicitation by mail, proxies may be
solicited on our behalf by our directors, officers or employees in person, by telephone, facsimile or by other electronic means. In accordance with SEC regulations and the rules of the NYSE MKT, we
will reimburse brokerage firms and other custodians, nominees and fiduciaries for their expenses incurred in connection with mailing proxies and proxy materials and soliciting proxies from the
beneficial owners of our common stock. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="da16101_questions_and_additional_copies"> </A>
<A NAME="toc_da16101_11"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Questions and Additional Copies    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you have any questions with respect to the Company or the matters described herein, or questions about how to submit your proxy, or
if you need additional copies of this proxy statement or the attached proxy card, you should contact: </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>Institutional
Financial Markets,&nbsp;Inc.<BR>
Cira Centre<BR>
2929 Arch Street, 17<SUP>th</SUP>&nbsp;Floor<BR>
Philadelphia, Pennsylvania 19104<BR>
Attn: Investor Relations<BR>
Phone: (215)&nbsp;701-8952<BR>
Email: investorrelations@ifmi.com </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>5</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=12,EFW="2226410",CP="INSTITUTIONAL FINANCIAL MARKETS,",DN="1",CHK=244089,FOLIO='5',FILE='DISK128:[15ZCS1.15ZCS16101]DA16101A.;4',USER='JTAYLORA',CD='30-OCT-2015;09:32' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_dc16101_1_6"> </A>

<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg16101a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dc16101_proposal_one_#151;election_of_directors"> </A>
<A NAME="toc_dc16101_1"> </A>
<BR></FONT><FONT SIZE=2><B>  PROPOSAL ONE&#151;ELECTION OF DIRECTORS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the Maryland General Corporation Law and our charter and Bylaws, our business and affairs are managed under the direction
of our Board of Directors. Our Board of Directors, based on the recommendation of its Nominating and Corporate Governance Committee (the "Nominating and Corporate Governance Committee"), has
unanimously nominated all eight of its current directors, Messrs.&nbsp;Cohen, Costello, Dawson, DiMaio, Donovan, Haraburda, Ricciardi and Subin (each a "Company Nominee" and, collectively, the
"Company Nominees"), for election as directors at the annual meeting, each to serve until the next annual meeting of stockholders and until his successor has been duly elected and qualified, or until
his earlier death, resignation or retirement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
Nominating and Corporate Governance Committee knows of no reason why any of the Company Nominees would be unable or unwilling to serve on the Board of Directors, but if any Company
Nominee should be unable or unwilling to serve, the named proxies will vote FOR the election of such
other person for director as the Board of Directors, based on the recommendation of our Nominating and Corporate Governance Committee, may nominate in the place of such Company Nominee. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Cohen,
in his capacity as a shareholder of the Company, has notified us that he intends to nominate two director nominees at the annual meeting in opposition to nominees
recommended by the Board of Directors' Nominating and Corporate Governance Committee and unanimously approved for nomination by the Board of Directors. You may receive an opposing proxy statement and
proxy card and letters or other proxy solicitation materials from Mr.&nbsp;Cohen or other persons or entities (other than the Company) affiliated with him or acting on his behalf. Please be advised
that we are not responsible for the accuracy of any information contained in any proxy solicitation materials filed or disseminated by Mr.&nbsp;Cohen or on his behalf. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board of Directors has not endorsed Mr.&nbsp;Cohen's nominees and recommends that you vote FOR the election of each of the nominees recommended by the Board of Directors'
Nominating and Corporate Governance Committee and unanimously approved for nomination by the Board of Directors. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="dc16101_names_of_the_company_nominees___nam02946"> </A>
<A NAME="toc_dc16101_2"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Names of the Company Nominees and Biographical Information; Qualifications    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>Daniel G. Cohen</I></FONT><FONT SIZE=2>, age 46, has, since September&nbsp;16, 2013, served as the Vice
Chairman of the Board of Directors and of the board of managers of the Company's majority owned subsidiary, IFMI,&nbsp;LLC, as President and Chief Executive of the Company's European Business, and
as President, a director and the Chief Investment Officer of CCFL, a United Kingdom Financial Conduct Authority regulated investment advisor and broker-dealer focusing on the European capital markets.
Mr.&nbsp;Cohen served as the Chief Executive Officer and Chief Investment Officer of the Company from December&nbsp;16, 2009 to September&nbsp;16, 2013 and as the Chairman of the Board of
Directors from October&nbsp;6, 2006 to September&nbsp;16, 2013. Mr.&nbsp;Cohen served as the executive Chairman of the Company from October&nbsp;18, 2006 to December&nbsp;16, 2009. In
addition, Mr.&nbsp;Cohen served as the Chairman of the board of managers of IFMI,&nbsp;LLC from 2001 to September&nbsp;16, 2013, as the Chief Investment Officer of IFMI,&nbsp;LLC from October
2008 to September&nbsp;16, 2013, and as Chief Executive Officer of IFMI,&nbsp;LLC from December&nbsp;16, 2009 to September&nbsp;16, 2013. Mr.&nbsp;Cohen served as the Chairman and Chief
Executive Officer of J.V.B.&nbsp;Financial Group,&nbsp;LLC (formerly C&amp;Co/PrinceRidge Partners&nbsp;LLC) ("JVB"), the Company's indirect broker-dealer subsidiary, from July&nbsp;19, 2012 to
September&nbsp;16, 2013. Mr.&nbsp;Cohen served as a director of Star Asia Finance, Limited ("Star Asia"), a permanent capital vehicle investing in Asian commercial real estate, until the Company's
sale of its interest in Star Asia on February&nbsp;20, 2014. Mr.&nbsp;Cohen served as Chairman of Cohen Financial Group,&nbsp;Inc. since its inception in April 2007 until its liquidation in
February 2012. Mr.&nbsp;Cohen served as a director of Muni Funding Company of America,&nbsp;LLC, a company investing in middle-market non-profit organizations until it merged with </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>6</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=13,EFW="2226410",CP="INSTITUTIONAL FINANCIAL MARKETS,",DN="1",CHK=998427,FOLIO='6',FILE='DISK128:[15ZCS1.15ZCS16101]DC16101A.;7',USER='JTAYLORA',CD='30-OCT-2015;09:32' -->
<A NAME="page_dc16101_1_7"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg16101a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Tiptree
Financial Partners,&nbsp;L.P. in June 2011. Since 2000, Mr.&nbsp;Cohen has been the Chairman of the board of directors of The Bancorp,&nbsp;Inc. (NASDAQ: TBBK), a holding company for The
Bancorp Bank, which provides various commercial and retail banking products and services to small and mid-size businesses and their principals in the United States, and since January 2015 has served
Executive Chairman of The Bancorp Bank. Mr.&nbsp;Cohen is a member of the Academy of the University of Pennsylvania, a member of the Visiting Committees for the Humanities and a member of the Paris
Center of the University of Chicago. Mr.&nbsp;Cohen is also a Trustee of the List College Board of the Jewish Theological Seminary, a member of the board of the Columbia Global Center in Paris, a
Trustee of the Paideia Institute, and a Trustee of the Arete Foundation. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Thomas P. Costello</I></FONT><FONT SIZE=2>, age 69, has served as our director and as the Chairman of the Audit Committee of the Board of Directors, or the Audit
Committee, since October&nbsp;6, 2006. Mr.&nbsp;Costello also serves as a member of the Nominating and Corporate Governance Committee. Mr.&nbsp;Costello served as a trustee and Chairman of the
audit committee of the board of trustees of Alesco Financial Trust, or AFT, from January 2006 until the merger of Sunset Financial Resources,&nbsp;Inc., or Sunset, with AFT. Mr.&nbsp;Costello
served as a director for KPMG&nbsp;LLP from 2002 to 2004. Prior to that, he was employed at Arthur Andersen&nbsp;LLP for 35&nbsp;years, including serving as National Practice Director from 1996
to 2002, where he was responsible for the accounting and audit practices of the Arthur Andersen offices in the southeast region of the United States. From 1985 to 1996, he served as partner in charge
of the accounting and audit practice in Arthur Andersen's Philadelphia office. Prior to that, he acted as engagement partner where he served clients in numerous industries and worked with both large
multinational and small and mid-sized public companies. From December 2006 to February 2011, Mr.&nbsp;Costello served on the board of directors and was the Chairman of the audit committee of Advanta
Corp., a Pennsylvania-based financial services company that is in the process of liquidation. Mr.&nbsp;Costello also is a member of the Board of Trustees and serves on the Audit and Compliance and
Finance Committees of Thomas Jefferson University Hospital. Mr.&nbsp;Costello is a Certified Public Accountant. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>G. Steven Dawson</I></FONT><FONT SIZE=2>, age 58, has served as our director since January&nbsp;11, 2005. Mr.&nbsp;Dawson also serves as the Chairman of the
Nominating and Corporate Governance Committee and as a member of the Audit Committee. Mr.&nbsp;Dawson was previously a member of the compensation committee and nominating and corporate governance
committee for Sunset, and was also the Chairman of Sunset's special committee in connection with Sunset's merger with AFT. Mr.&nbsp;Dawson is a private investor and in addition to his current board
activities noted above, he has, from time to time, served on the boards of other public and private companies. He currently serves on the board of directors of Medical Properties Trust (NYSE: MPW), a
Birmingham, Alabama-based real estate investment trust, or a REIT, specializing in the ownership of acute care facilities and related medical properties (Chairman of the audit committee) and American
Campus Communities (NYSE: ACC), an Austin-based equity REIT focused on student housing (Chairman of the audit committee; member of the compensation committee). From 1990 to 2003, Mr.&nbsp;Dawson
served as Chief Financial Officer of Camden Property Trust and its predecessors, a multi-family REIT based in Houston with apartment operations, construction and development activities throughout the
United States. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Jack J. DiMaio, Jr.</I></FONT><FONT SIZE=2>, age 48, has served as the Chairman of the Board of Directors since September&nbsp;24, 2013. Mr.&nbsp;DiMaio is
the founder and Chief Executive Officer of the Mead Park group of companies and has served in this capacity since September 2011. Prior to founding Mead Park, Mr.&nbsp;DiMaio was a Managing Director
and Global Head of Interest Rate, Credit and Currency Trading of Morgan Stanley, and served in this capacity from September 2009 to August 2011. In addition, Mr.&nbsp;DiMaio served as a member of
Morgan Stanley's Management Committee during his tenure at the firm. Prior to joining Morgan Stanley, Mr.&nbsp;DiMaio co-founded DiMaio Ahmad Capital&nbsp;LLC, a New York-based asset manager
specializing in credit markets, and served as the Chief Executive Officer and Managing Partner from February 2005 to August 2009. Before founding DiMaio Ahmad Capital&nbsp;LLC, </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>7</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=14,EFW="2226410",CP="INSTITUTIONAL FINANCIAL MARKETS,",DN="1",CHK=756396,FOLIO='7',FILE='DISK128:[15ZCS1.15ZCS16101]DC16101A.;7',USER='JTAYLORA',CD='30-OCT-2015;09:32' -->
<A NAME="page_dc16101_1_8"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg16101a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Mr.&nbsp;DiMaio
was a Managing Director and Head of the Diversified Credit Hedge Fund Group at Credit Suisse Alternative Capital,&nbsp;Inc. from March 2004 to February 2005. Prior to that time,
Mr.&nbsp;DiMaio was the Chief Executive Officer of Alternative Investments at Credit Suisse Asset Management. In addition, Mr.&nbsp;DiMaio was an Executive Board Member of Credit Suisse Securities
(USA),&nbsp;Inc. and of Credit Suisse Asset Management. Mr.&nbsp;DiMaio joined Credit Suisse in 1989, and, after completing its sales and trading program, he joined Credit Suisse's credit research
group. In 1990, Mr.&nbsp;DiMaio joined the Credit Suisse corporate bond trading desk where he was appointed Head Trader in 1995 and the Department Head in 1996. At the end of 1997, Mr.&nbsp;DiMaio
was appointed Head of Credit Suisse Global Credit Trading. In 2000, Mr.&nbsp;DiMaio was responsible for Credit Suisse's entire Global Credit Products Cluster and was named Head of Fixed Income
Division North America. Mr.&nbsp;DiMaio holds a B.S. in Finance from New York Institute of Technology. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Joseph M. Donovan,</I></FONT><FONT SIZE=2> age 60, has served as our director since December&nbsp;16, 2009 and currently serves as a member of the Compensation
Committee of the Board of Directors, or the Compensation Committee, and the Chairman of the Investment Committee of the Board of Directors, or the Investment Committee. Mr.&nbsp;Donovan is currently
retired. Prior to his retirement in January 2007, Mr.&nbsp;Donovan was Chairman, ABS and Debt Financing at Credit Suisse, which he joined in March 2000. Prior to that, Mr.&nbsp;Donovan was a
managing director and head of asset finance at Prudential Securities from 1998 to 2000 and at Smith Barney from 1995 to 1997. Mr.&nbsp;Donovan began his banking career at The First Boston
Corporation in 1983, ultimately becoming a managing director at CS First Boston, where he served as Chief Operating Officer of the Investment Banking Department from 1992 to 1995. Mr.&nbsp;Donovan
received his M.B.A. from the Wharton School at the University of Pennsylvania and has a degree in Accountancy from the University of Notre Dame. Mr.&nbsp;Donovan is the Non-Executive Chairman of the
Board and Chairman of the audit committee of FLY Leasing Limited (formerly known as Babcock&nbsp;&amp; Brown Air Limited) (NYSE: FLY), an aircraft leasing company headquartered in Dublin, Ireland.
Mr.&nbsp;Donovan was a director of RAM Holdings,&nbsp;Ltd. (NASDAQ: RAMR), a Bermuda-based provider of financial guaranty reinsurance, until his resignation from that position on March&nbsp;1,
2010. In January 2010 and November 2014, Mr.&nbsp;Donovan joined the board of directors of the Homeownership Preservation Foundation, a non-profit organization, and STORE Capital Corporation (NYSE:
STOR), a net-lease REIT based in Scottsdale, Arizona, respectively. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Jack Haraburda,</I></FONT><FONT SIZE=2> age 76, has served as our director, a member of the Nominating and Corporate Governance Committee (except for a seven
month period in 2010) and the Chairman of the Compensation Committee since October&nbsp;6, 2006. Mr.&nbsp;Haraburda served as a trustee and Chairman of the compensation committee of AFT's board of
trustees from January 2006 until Sunset's merger with AFT. Mr.&nbsp;Haraburda is the managing partner of CJH Securities Information Group, a professional coaching business. Mr.&nbsp;Haraburda
served as managing director for the Philadelphia Complex of Merrill Lynch, Pierce, Fenner&nbsp;&amp; Smith Incorporated from 2003 to 2005. He has also served in various positions at Merrill Lynch from
1984 until 2003, including as managing director of Merrill Lynch's Princeton Complex, resident Vice President of Merrill Lynch's Philadelphia Main Line Complex, marketing director and national sales
manager of Merrill Lynch Life Agency and Chairman of Merrill Lynch Metals Company. From 1980 to 1984, he was managing director of Comark Securities, a government securities dealer. From 1968 until
1980, he served as a financial advisor, national sales manager for the Commodity Division, manager of the Atlanta Commodity Office and the Bala Cynwyd office of Merrill Lynch. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Christopher Ricciardi,</I></FONT><FONT SIZE=2> age 46, has served as a member of the Board of Directors since September&nbsp;24, 2013. Mr.&nbsp;Ricciardi also
serves as a member of the Investment Committee. Mr.&nbsp;Ricciardi is a founding principal of the Mead Park group of companies and has served in that capacity since September 2011.
Mr.&nbsp;Ricciardi has served as the Manager of Mead Park Capital Partners&nbsp;LLC, or Mead Park, since August&nbsp;28, 2015. Prior to joining the Mead Park group, from February 2006 until
August 2011, Mr.&nbsp;Ricciardi served as President of the Company, served as President and Chief </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>8</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=15,EFW="2226410",CP="INSTITUTIONAL FINANCIAL MARKETS,",DN="1",CHK=345483,FOLIO='8',FILE='DISK128:[15ZCS1.15ZCS16101]DC16101A.;7',USER='JTAYLORA',CD='30-OCT-2015;09:32' -->
<A NAME="page_dc16101_1_9"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg16101a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Executive
Officer of IFMI,&nbsp;LLC, and as a member of the board of managers of IFMI,&nbsp;LLC. Mr.&nbsp;Ricciardi served as Chief Executive Officer and as a director of Cohen Financial
Group,&nbsp;Inc. from its inception in April 2007 until August 2011. Mr.&nbsp;Ricciardi has held various positions with Dekania Acquisition Corp., Muni Funding Company of America,&nbsp;LLC, the
Strategos Deep Value Hedge Fund entities and the Brigadier Hedge Fund entities. Prior to joining IFMI,&nbsp;LLC, Mr.&nbsp;Ricciardi was a Managing Director and Global Head of Structured Credit
Products for Merrill Lynch. Prior to joining Merrill Lynch in April 2003, Mr.&nbsp;Ricciardi was a Managing Director and Head of U.S. Structured Credit Products at Credit Suisse.
Mr.&nbsp;Ricciardi began his career at Prudential Securities. Mr.&nbsp;Ricciardi has been a member of the advisory boards of The Robins School of Business (University of Richmond) and the Richmond
Council (University of Richmond) since 2007. Mr.&nbsp;Ricciardi joined the board of the American Fund for LSE, a charitable organization created for the purpose of supporting and advancing the
London School of Economics' mission of research and teaching excellence in the social sciences, in 2010. He earned a B.A. from the University of Richmond with one term at the London School of
Economics and an M.B.A. from the Wharton School at the University of Pennsylvania. He is also a CFA charterholder. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Neil S. Subin</I></FONT><FONT SIZE=2>, age 51, has served as our director since June&nbsp;7, 2011. Mr.&nbsp;Subin also serves as a member of the Audit
Committee, the Compensation Committee and the Investment Committee. Mr.&nbsp;Subin has served as Chairman of the Board of Broadbill Investment Partners,&nbsp;LP, a private investment fund, since
2011. Mr.&nbsp;Subin founded and has been the managing director and president of Trendex Capital Management, a private investment fund focusing primarily on financially distressed companies, since
its
formation in 1991. Prior to forming Trendex Capital, Mr.&nbsp;Subin was a private investor from 1988 to 1991 and was an associate with Oppenheimer&nbsp;&amp;&nbsp;Co. from 1986 to 1988.
Mr.&nbsp;Subin has served as a director of Phosphate Holdings,&nbsp;Inc. (OTC: PHOS.PK) since November 2010, as a director of Hancock Fabrics,&nbsp;Inc. (OTC: HKFI.PK), since August 2009, and as
a director of Federal-Mogul Corporation (NASDAQ: FDML) since December 2007. Mr.&nbsp;Subin also served as a director of Primus Telecommunications Group, Incorporated (OTCBB: PMUG.OB) from July 2009
until December 2013, as a director of Movie Gallery,&nbsp;Inc. (OTC: MOVIQ.PK) from May 2008 to December 2010, and a director of FiberTower Corporation (NASDAQ: FTWR) from December 2001 to December
2009. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When
determining whether it is appropriate to re-nominate a current director to continue on the Board of Directors, the Board focuses primarily on the information provided in each of the
director's individual biographies set forth above and its knowledge of the character and strengths of the sitting directors. With respect to Mr.&nbsp;Cohen, the Company considered his years of
executive leadership with IFMI,&nbsp;LLC as well as other companies, his extensive investment experience and his expertise in strategic planning and business expansion. With regard to
Mr.&nbsp;Costello, the Company considered his significant audit experience as well as his expertise and background with regard to accounting and financial matters generally. With regard to
Mr.&nbsp;Dawson, the Company considered his experience as a director of the Company and its predecessors as well as his prior experience as the Chief Financial Officer of a public company and as an
independent director for other public companies. With regard to Mr.&nbsp;DiMaio, the Company considered his significant experience in the financial services industry, including serving in management
positions of other financial institutions, and his unique perspective with respect to corporate strategy and business development. With regard to Mr.&nbsp;Donovan, the Company considered his
extensive capital markets experience and his general expertise and background with regard to accounting and financial matters. With regard to Mr.&nbsp;Haraburda, the Company considered his
experience as a director of the Company and its predecessors as well as his extensive knowledge of the securities business. With regard to Mr.&nbsp;Ricciardi, the Company considered his extensive
leadership both at the Company and in the financial services industry generally, as well as his deep understanding of the Company, its products and its businesses. With regard to Mr.&nbsp;Subin, the
Company considered his extensive experience and expertise in the investment management field, particularly with respect to investing in financially distressed companies. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>9</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=16,EFW="2226410",CP="INSTITUTIONAL FINANCIAL MARKETS,",DN="1",CHK=930580,FOLIO='9',FILE='DISK128:[15ZCS1.15ZCS16101]DC16101A.;7',USER='JTAYLORA',CD='30-OCT-2015;09:32' -->
<A NAME="page_dc16101_1_10"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg16101a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="dc16101_rights_of_certain_stockholders_to_nominate_directors"> </A>
<A NAME="toc_dc16101_3"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Rights of Certain Stockholders to Nominate Directors    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On May&nbsp;9, 2013, the Company entered into a Securities Purchase Agreement, or the Cohen Purchase Agreement, regarding a strategic
investment in the Company by Cohen Bros. Financial,&nbsp;LLC, or CBF, of which Daniel G. Cohen, the Vice-Chairman of our Board, is the sole member. Pursuant to the Cohen Purchase Agreement, the
Company agreed, among other
things, that at any meeting at which the Company's stockholders may vote for the election of directors, for so long as CBF and certain of its affiliates collectively own 10% or more of the Company's
outstanding common stock (as calculated under the Cohen Purchase Agreement), CBF may designate one individual to stand for election at such meeting. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
October&nbsp;16, 2015, the Company entered into a Termination and Release Agreement, or the Termination and Release Agreement, by and among the Company, Christopher Ricciardi, a
member of our Board, Stephanie Ricciardi, Mr.&nbsp;Ricciardi's spouse, The Ricciardi Family Foundation, a New York charitable not-for-profit corporation of which Mr.&nbsp;and Mrs.&nbsp;Ricciardi
serve as directors, and Mead Park, of which Mr.&nbsp;Ricciardi is the sole member and manager. Pursuant to the Termination and Release Agreement, the Securities Purchase Agreement, dated as of
May&nbsp;9, 2013, by and among the Company, Mead Park and, solely for purposes of Section&nbsp;6.3 thereof, Mead Park Holdings&nbsp;LP (the "Mead Park Purchase Agreement") was terminated.
Further, pursuant to the Termination and Release Agreement, in connection with the termination of the Mead Park Purchase Agreement and all rights and obligations thereunder and the mutual release of
claims set forth in the Termination and Release Agreement, the Company agreed, among other things, that at any meeting at which the Company's stockholders may vote for the election of directors which
occurs on or before October&nbsp;16, 2016, (i)&nbsp;the Company will nominate Christopher Ricciardi to stand for election to the Board at such meeting; and (ii)&nbsp;the Board will
(a)&nbsp;recommend to the Company's stockholders the election of Christopher Ricciardi at such meeting, and (b)&nbsp;solicit proxies for Christopher Ricciardi in connection with such meeting to
the same extent as it does for any of its other nominees to the Board. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
accordance with the Cohen Purchase Agreement and the Termination and Release Agreement, the Company has unanimously nominated Daniel G. Cohen and Christopher Ricciardi, respectively,
to stand for election to the Board at the meeting and the Board is (a)&nbsp;recommending to the Company's stockholders the election of Messrs.&nbsp;Cohen and Ricciardi at the meeting, and
(b)&nbsp;soliciting proxies for Messrs.&nbsp;Cohen and Ricciardi in connection with the meeting to the same extent as it is soliciting proxies for the other Company Nominees. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="dc16101_legal_proceedings"> </A>
<A NAME="toc_dc16101_4"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Legal Proceedings    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None of our directors or executive officers has been involved in any events enumerated under Item&nbsp;401(f) of
Regulation&nbsp;S-K during the past ten years that are material to an evaluation of the ability or integrity of such persons to be our directors or executive officers. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
material proceedings exist in which any of our directors or executive officers is an adverse party to the Company or any of its subsidiaries or has a material interest adverse to the
Company or any of its subsidiaries. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="dc16101_family_relationships"> </A>
<A NAME="toc_dc16101_5"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Family Relationships    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There is no family relationship between any of our directors or executive officers. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>THE BOARD OF DIRECTORS RECOMMENDS THAT YOU VOTE </B></FONT><FONT SIZE=2><B><I>FOR</I></B></FONT><FONT SIZE=2><B> THE ELECTION OF EACH OF THE EIGHT NOMINEES RECOMMENDED BY THE
BOARD OF DIRECTORS' NOMINATING AND CORPORATE GOVERNANCE COMMITTEE AND UNANIMOUSLY APPROVED FOR NOMINATION BY THE BOARD OF DIRECTORS. IN THE ABSENCE OF INSTRUCTIONS TO THE CONTRARY, PROXIES SOLICITED
IN CONNECTION WITH THIS PROXY STATEMENT WILL BE VOTED </B></FONT><FONT SIZE=2><B><I>FOR</I></B></FONT><FONT SIZE=2><B> EACH OF THE EIGHT COMPANY NOMINEES.</B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>10</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=17,EFW="2226410",CP="INSTITUTIONAL FINANCIAL MARKETS,",DN="1",CHK=707168,FOLIO='10',FILE='DISK128:[15ZCS1.15ZCS16101]DC16101A.;7',USER='JTAYLORA',CD='30-OCT-2015;09:32' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_de16101_1_11"> </A>

<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg16101a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="de16101_corporate_governance_a__de102264"> </A>
<A NAME="toc_de16101_1"> </A>
<BR></FONT><FONT SIZE=2><B>  CORPORATE GOVERNANCE AND BOARD OF DIRECTORS INFORMATION    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This section of our proxy statement contains information about a variety of our corporate governance policies and practices. In this
section, you will find information about how we are complying with the corporate governance rules of the NYSE MKT, which were approved by the SEC. We are committed to operating our business under
strong and accountable corporate governance practices. The information found on, or accessible through, our website is not incorporated into, and does not form&nbsp;a part of, this proxy statement
or any other report or document we file with or furnish to the SEC. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="de16101_code_of_business_conduct_and_ethics"> </A>
<A NAME="toc_de16101_2"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Code of Business Conduct and Ethics    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have established a Code of Business Conduct and Ethics, or the Code of Ethics, which sets forth basic principles of conduct and
ethics to guide all of our employees, officers and directors. The purpose of the Code of Ethics is to:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Promote honest and ethical conduct, including fair dealing and the ethical handling of actual or apparent conflicts of interest
between personal and professional relationships; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Promote avoidance of conflicts of interest, including disclosure to an appropriate person or committee of any material transaction or
relationship that reasonably could be expected to give rise to such a conflict; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Promote full, fair, accurate, timely and understandable disclosure in reports and documents that we file with, or submit to, the SEC
and in our other public communications; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Promote compliance with applicable governmental laws, rules and regulations; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Promote the prompt internal reporting to an appropriate person or committee of violations of the Code of Ethics; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Promote accountability for adherence to the Code of Ethics; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Provide guidance to employees, officers and directors to help them recognize and deal with ethical issues; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Provide mechanisms to report unethical conduct; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Help foster our long-standing culture of honesty and accountability. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
waiver of any provision of the Code of Ethics as it relates to any director or executive officer must be approved by our Board of Directors without the involvement of any director who
will be personally affected by the waiver or by a committee consisting entirely of directors, none of whom will be personally affected by the waiver. Waivers of the Code of Ethics for directors or
executive officers will be promptly disclosed to our stockholders as required by applicable law. A waiver of any provision of the Code of Ethics as it relates to any other officer or employee must be
approved by our Chief Financial Officer or Chief Legal Officer, if any, but only upon such officer or employee making full disclosure in advance of the behavior in question. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Code of Ethics is available on our website at </FONT><FONT SIZE=2><I>http://www.ifmi.com</I></FONT><FONT SIZE=2> and is also available in print free of charge to any stockholder who
requests a copy by submitting a written request to Rachael Fink, our Secretary, at Institutional Financial Markets,&nbsp;Inc., Cira Centre, 2929 Arch Street, 17th&nbsp;Floor, Philadelphia,
Pennsylvania 19104. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="de16101_director_independence"> </A>
<A NAME="toc_de16101_3"> </A></FONT> <FONT SIZE=2><B>



<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Director Independence    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If all of the Company Nominees are elected to the Board of Directors, then our Board of Directors will be comprised of a majority of
independent directors. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>11</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=18,EFW="2226410",CP="INSTITUTIONAL FINANCIAL MARKETS,",DN="1",CHK=842760,FOLIO='11',FILE='DISK128:[15ZCS1.15ZCS16101]DE16101A.;5',USER='JTAYLORA',CD='30-OCT-2015;09:32' -->
<A NAME="page_de16101_1_12"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg16101a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
order for a director to be considered "independent," our Board of Directors must affirmatively determine, based upon its review of all relevant facts and circumstances and after
considering all applicable relationships, if any, that each of the directors has no direct or indirect material relationship with the Company or its affiliates and satisfies the criteria for
independence established by the NYSE MKT and the applicable rules promulgated by the SEC. Our Board of Directors has determined that each of the following Company Nominees is independent: Thomas P.
Costello, G. Steven Dawson, Joseph M. Donovan, Jack Haraburda, and Neil S. Subin. Our Board of Directors has determined that Daniel G. Cohen is not independent because he is an employee of the
Company. Our Board of Directors has determined that Christopher Ricciardi is not independent because of the former contractual obligations and relationships among the Company and Woodlea
Consulting,&nbsp;LLC, an entity controlled by Mr.&nbsp;Ricciardi. Lastly, our Board of Directors has determined that Jack J. DiMaio, Jr. is not independent because of the contractual relationships
and obligations among the Company and Mead Park Advisors,&nbsp;LLC. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It
is the policy of our Board of Directors that the independent members of our Board of Directors meet separately without management directors at least twice per year during regularly
scheduled Board meetings to discuss such matters as the independent directors consider appropriate. In 2014, the Company's independent directors met separately without management and/or
non-independent directors two times. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="de16101_leadership_structure"> </A>
<A NAME="toc_de16101_4"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Leadership Structure    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The roles of Chairman of the Board and Chief Executive Officer are currently filled by separate individuals. Jack J. DiMaio, Jr. is our
Chairman and Lester R. Brafman is our Chief Executive Officer. The Board believes that the separation of the offices of the Chairman and Chief Executive Officer is appropriate at this time because it
allows our Chief Executive Officer to focus primarily on the Company's business strategy, operations and corporate vision. However, the Board does not have a policy mandating that the roles of
Chairman and Chief Executive Officer continue to be separated. Our Board elects our Chairman and our Chief Executive Officer, and each of these positions may be held by the same person or may be held
by different people. We believe it is important that the Board retain flexibility to determine whether the two roles should be separate or combined based upon the Board's assessment of the company's
needs and leadership at a given point in time. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
noted above, the independent directors meet without management present at regularly scheduled executive sessions. The current leadership model, when combined with the composition of
the Board, the strong leadership of our independent directors and Board committees and the highly effective corporate governance structures and processes already in place, strikes an appropriate
balance between consistent leadership and independent oversight of the Company's business and affairs. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="de16101_role_of_the_board_in_risk_oversight"> </A>
<A NAME="toc_de16101_5"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Role of the Board in Risk Oversight    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors as a whole has responsibility for risk oversight, with reviews of certain areas conducted by relevant Board
committees that report on their findings to the Board. The oversight responsibility of the Board and the Board committees is facilitated by management reporting processes designed to provide
information to the Board concerning the identification, assessment and management of critical risks and management's risk mitigation strategies and practices. These areas of focus include
compensation, financial (including accounting, reporting, credit, liquidity and tax), operational, legal, regulatory, compliance, political and strategic risks. The full Board (or the appropriate
Board committee), in concert with the appropriate members of management within the Company, reviews management reports to formulate risk identification, risk management and risk mitigation strategies.
When a Board committee initially reviews management reports, the Chairman of the relevant Board committee briefs the full Board on the specifics of the matter at the next Board meeting. This process
enables the Board to coordinate the risk oversight role, particularly with respect </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>12</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=19,EFW="2226410",CP="INSTITUTIONAL FINANCIAL MARKETS,",DN="1",CHK=473807,FOLIO='12',FILE='DISK128:[15ZCS1.15ZCS16101]DE16101A.;5',USER='JTAYLORA',CD='30-OCT-2015;09:32' -->
<A NAME="page_de16101_1_13"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg16101a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>to
risks spanning more than one operational area. The Board's role in risk oversight does not have a direct effect on the Board's leadership structure. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="de16101_recommendation_of_nominees_to_our_board_of_directors"> </A>
<A NAME="toc_de16101_6"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Recommendation of Nominees to Our Board of Directors    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the rights of certain stockholders to nominate directors (see "Corporate Governance and Board of Directors
Information&#151;Rights of Certain Stockholders to Nominate Directors" above), our Board of Directors is responsible for the selection of nominees for election or appointment to the Board of
Directors based on recommendations of our Nominating and Corporate Governance Committee, which is currently comprised of Mr.&nbsp;Costello, Mr.&nbsp;Dawson and Mr.&nbsp;Haraburda. Our Nominating
and Corporate Governance Committee may consider nominees recommended by management and stockholders using the criteria approved by the Board of Directors to evaluate all candidates. Our Nominating and
Corporate Governance Committee reviews each candidate's qualifications, including whether a candidate possesses any of the specific qualities and skills desirable for members of the Board of
Directors. Evaluations of candidates generally involve a review of background materials, internal discussions and interviews with selected candidates, as appropriate. Upon selection of a qualified
candidate, our Nominating and Corporate Governance Committee recommends the candidate for consideration by the full Board of Directors. Our Nominating and Corporate Governance Committee may engage
consultants or third-party search firms to assist in identifying and evaluating potential nominees. Nominees for the Board of Directors should be committed to enhancing long-term stockholder value and
must possess a high level of personal and professional ethics, sound business judgment and integrity. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
Board of Directors' policy is to encourage the selection of directors who will contribute to our overall corporate goals. Our Nominating and Corporate Governance Committee may, from
time to time, review the appropriate skills and characteristics required of members of our Board of Directors, including such factors as business experience, diversity and personal skills in finance,
marketing, financial reporting and other areas that are expected to contribute to an effective board. We do not have a specific policy on diversity of the Board of Directors. Instead, the Board of
Directors evaluates nominees in the context of the Board of Directors as a whole, with the objective of recommending a group that can best support the success of the business and, based on the group's
diversity of experience, represent stockholder interests through the exercise of sound judgment. Such diversity of experience may be enhanced by a mix of different professional and personal
backgrounds and experiences. Diversity is considered broadly and includes variety in personal and professional backgrounds, experience and skills, geographic location, as well as differences in
gender, race, ethnicity and age. In evaluating potential candidates for our Board of Directors, our Nominating and Corporate Governance Committee will consider these factors in light of the specific
needs of the Board at the time of its evaluation. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
Nominating and Corporate Governance Committee may consider director candidates recommended by our stockholders. Our Nominating and Corporate Governance Committee will apply the same
standards in considering candidates submitted by stockholders as it does in evaluating candidates submitted by members of our Board of Directors. To recommend a prospective nominee for consideration
by our Nominating and Corporate Governance Committee, the candidate's name and qualifications must be submitted in writing to our Secretary at Institutional Financial Markets,&nbsp;Inc., Cira
Centre, 2929 Arch Street, 17<SUP>th</SUP>&nbsp;Floor, Philadelphia, Pennsylvania 19104. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="de16101_communications_with_our_company"> </A>
<A NAME="toc_de16101_7"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Communications with Our Company    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any employee, stockholder or other person may communicate with our Board of Directors or individual directors. Any such communications
may be sent in writing to Institutional Financial Markets,&nbsp;Inc., Cira Centre, 2929 Arch Street, 17<SUP>th</SUP>&nbsp;Floor, Philadelphia, Pennsylvania 19104, Attn: Board of Directors. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>13</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=20,EFW="2226410",CP="INSTITUTIONAL FINANCIAL MARKETS,",DN="1",CHK=8078,FOLIO='13',FILE='DISK128:[15ZCS1.15ZCS16101]DE16101A.;5',USER='JTAYLORA',CD='30-OCT-2015;09:32' -->
<A NAME="page_de16101_1_14"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg16101a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
Audit Committee has also established procedures for (a)&nbsp;the receipt, retention, and treatment of complaints received by our Company regarding accounting, internal accounting
controls, or auditing matters, and (b)&nbsp;the confidential, anonymous submission by our employees of concerns regarding questionable accounting or auditing matters. If you wish to contact our
Audit Committee to report complaints or concerns relating to the financial reporting of our Company, you may do so in writing to the Chairman of the Audit Committee at Institutional Financial
Markets,&nbsp;Inc., Cira Centre, 2929 Arch Street, 17<SUP>th</SUP>&nbsp;Floor, Philadelphia, Pennsylvania 19104. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
such communications may be made anonymously. We also have a compliance telephone hotline that may be used, on an anonymous basis or otherwise, to report any concerns or violations of
our standards of conduct, policies or laws and regulations. The number to the hotline is (800)&nbsp;399-3595. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="de16101_director_attendance_at_annual_meeting"> </A>
<A NAME="toc_de16101_8"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Director Attendance at Annual Meeting    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although director attendance at our annual meeting each year is strongly encouraged, we do not have an attendance policy.
Messrs.&nbsp;Cohen, DiMaio, Costello, Dawson and Ricciardi attended our 2014 annual meeting. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="de16101_meetings_and_committees_of_our_board_of_directors"> </A>
<A NAME="toc_de16101_9"> </A>
<BR></FONT><FONT SIZE=2><B>  MEETINGS AND COMMITTEES OF OUR BOARD OF DIRECTORS    <BR>    </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="de16101_meetings_of_the_board_of_directors"> </A>
<A NAME="toc_de16101_10"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Meetings of the Board of Directors    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the 2014 fiscal year, our Board of Directors held eight meetings. Other than Mr.&nbsp;Cohen, who did not attend special
meetings of the Board addressing the sale of the Company's European operations (described in greater detail below), each of our directors attended at least 75% of the total number of meetings held by
our Board of Directors during 2014. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="de16101_committees_of_the_board_of_directors"> </A>
<A NAME="toc_de16101_11"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Committees of the Board of Directors    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors currently has four standing committees: the Audit Committee, the Compensation Committee, the Investment
Committee and the Nominating and Corporate Governance Committee. The Board of Directors has affirmatively determined that each committee member satisfies the independence requirements of the NYSE MKT
and the SEC for membership on the Audit Committee, the Compensation Committee and the Nominating and Corporate Governance Committee. From time to time our Board of Directors may establish a new
committee or disband a current committee depending upon the circumstances. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Audit Committee  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have a separately designated standing Audit Committee of our Board of Directors, as defined in Section&nbsp;3(a)(58)(A) of the
Securities Exchange Act of 1934, as amended, or the Exchange Act. The Audit Committee is currently comprised of three of our independent directors: Messrs.&nbsp;Costello, Dawson and Subin.
Mr.&nbsp;Costello is the Chairman of our Audit Committee. Our Board of Directors has determined that each of the members of our Audit Committee is "independent" within the meaning of the rules of
the NYSE MKT and the SEC and that each of the members of our Audit Committee is financially literate and has accounting or related financial management expertise, as such qualifications are defined
under the rules of the NYSE MKT. In addition, our Board of Directors has determined that Mr.&nbsp;Costello is an "audit committee financial expert" as defined by the SEC. Our Audit Committee
operates under a written charter that was originally adopted in 2006 and amended in 2007, 2009 and 2014. A copy of the charter may be found on our website at </FONT> <FONT SIZE=2><I>http://www.ifmi.com</I></FONT><FONT SIZE=2> and will be provided in
print, free of charge, to any stockholder who requests a copy by submitting a written request to our
Secretary at Institutional Financial Markets,&nbsp;Inc., Cira Centre, 2929 Arch Street, 17th&nbsp;Floor, Philadelphia, Pennsylvania 19104. Our Audit Committee met five times in 2014. Each of the
committee members attended all of the meetings of our Audit Committee held during fiscal year 2014. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>14</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=21,EFW="2226410",CP="INSTITUTIONAL FINANCIAL MARKETS,",DN="1",CHK=590258,FOLIO='14',FILE='DISK128:[15ZCS1.15ZCS16101]DE16101A.;5',USER='JTAYLORA',CD='30-OCT-2015;09:32' -->
<A NAME="page_de16101_1_15"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg16101a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
Audit Committee has responsibility for engaging independent registered public accounting firms, reviewing with them the plans and results of the audit engagement, approving the
professional services they provide to us, reviewing their independence and considering the range of audit and non-audit fees. Our Audit Committee assists our Board of Directors with oversight of
(a)&nbsp;the integrity of our financial statements; (b)&nbsp;our compliance with legal and regulatory requirements; (c)&nbsp;the qualifications, independence and performance of the registered
public accounting firm that we employ for the audit of our financial statements; and (d)&nbsp;the performance of the people responsible for our internal audit function. Among other things, our Audit
Committee prepares the Audit Committee report for inclusion in our annual proxy statement, conducts an annual review of its charter and evaluates its performance on an annual basis. Our Audit
Committee also establishes procedures for the receipt, retention, and treatment of complaints that we receive regarding accounting, internal accounting controls and auditing matters and the
confidential, anonymous submission by employees of concerns regarding questionable accounting or auditing matters. Our Audit Committee has the authority to retain counsel and other experts or
consultants at our expense that it deems necessary or appropriate to enable it to carry out its duties without seeking approval of our Board of Directors. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Compensation Committee  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The members of the Compensation Committee are Messrs.&nbsp;Donovan, Haraburda and Subin. Mr.&nbsp;Haraburda is the Chairman of the
Compensation Committee. Our Board of Directors has determined that each of the members of the Compensation Committee is "independent" within the meaning of the rules of the NYSE MKT. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Compensation Committee assists our Board of Directors in discharging its responsibilities relating to compensation of our directors and officers. The Compensation Committee has
overall responsibility for evaluating, recommending changes to and administering our compensation plans, policies and programs. Among other things, the Compensation Committee (a)&nbsp;reviews the
Company's overall compensation structure, policies and programs; (b)&nbsp;makes recommendations to the Board of Directors with respect to incentive-compensation plans and equity-based plans;
(c)&nbsp;annually reviews the compensation of directors for service on the Board of Directors and its committees and recommends changes in Board compensation; (d)&nbsp;annually reviews the
performance of our Chief Executive Officer and communicates the results of the review to the Chief Executive Officer and the Board of Directors; (e)&nbsp;if required by applicable law, produces an
annual report on executive compensation for inclusion in our annual proxy statement; (f)&nbsp;annually reviews and reassesses the adequacy of its charter and recommends any proposed changes to the
Board for approval; and (g)&nbsp;annually reviews its performance. The Compensation Committee has authority to grant awards under our 2006 Long-Term Incentive Plan, as amended, and our Second
Amended and Restated 2010 Long-Term Incentive Plan (the "2010 Long-Term Incentive Plan"). The Compensation Committee also has the authority to retain counsel and other experts or consultants at the
Company's expense that it deems necessary or appropriate to enable it to carry out its duties without seeking approval of the Board of Directors. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Compensation Committee operates under a written charter that was originally adopted in 2006 and amended in 2009 and 2014. A copy of the charter may be found on our website at </FONT> <FONT SIZE=2><I>http://www.ifmi.com</I></FONT><FONT SIZE=2> and
will be provided in print, without charge, to any stockholder who requests a copy. The Compensation Committee met five times in
2014. Each of the committee members attended all of the meetings of our Compensation Committee held during fiscal year 2014. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Investment Committee  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The members of the Investment Committee are Messrs.&nbsp;Donovan, Ricciardi and Subin. Mr.&nbsp;Donovan is the Chairman of the
Investment Committee. Formed in 2010, the Investment Committee's primary function is to assist the Board of Directors in its oversight of the Company's investment objectives, practices, strategies and
policies. The Investment Committee met five times in </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>15</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=22,EFW="2226410",CP="INSTITUTIONAL FINANCIAL MARKETS,",DN="1",CHK=220741,FOLIO='15',FILE='DISK128:[15ZCS1.15ZCS16101]DE16101A.;5',USER='JTAYLORA',CD='30-OCT-2015;09:32' -->
<A NAME="page_de16101_1_16"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg16101a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>2014.
Each of the committee members attended at least 75% of the total number of meetings held by our Investment Committee during 2014. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Nominating and Corporate Governance Committee  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The members of the Nominating and Corporate Governance Committee are Messrs.&nbsp;Costello, Dawson and Haraburda. Mr.&nbsp;Dawson
is the Chairman of the Nominating and Corporate Governance Committee. Our Board of Directors has determined that each of the members of the Nominating and Corporate Governance Committee is
"independent" within the meaning of the rules of the NYSE MKT. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Nominating and Corporate Governance Committee's primary functions are to (a)&nbsp;recommend to the Board of Directors qualified candidates for election as directors and recommend a
slate of nominees for election as directors at our annual meeting; (b)&nbsp;periodically prepare and submit to the Board of Directors for adoption its selection criteria for director nominees;
(c)&nbsp;review and make recommendations on matters involving the general operation of the Board of Directors, including development and recommendation of our corporate governance guidelines;
(d)&nbsp;annually recommend to the Board of Directors nominees for each committee of the Board; and (e)&nbsp;facilitate the assessment of the Board's performance as a whole and of the individual
directors and report thereon to the Board of Directors. The Nominating and Corporate Governance Committee has the authority to retain counsel and other experts or consultants at the Company's expense
that it deems necessary or appropriate to enable it to carry out its duties without seeking the approval of the Board of Directors. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Nominating and Corporate Governance Committee operates under a written charter that was originally adopted in 2006 and amended in 2009 and 2014. A copy of the charter may be found on
our website at </FONT><FONT SIZE=2><I>http://www.ifmi.com</I></FONT><FONT SIZE=2> and will be provided in print, without charge, to any stockholder who requests a copy. Our Nominating and Corporate
Governance Committee met two times in 2014. Each of the committee members attended the meeting of our Nominating and Corporate Governance held during fiscal year 2014. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="de16101_executive_officers"> </A>
<A NAME="toc_de16101_12"> </A>
<BR></FONT><FONT SIZE=2><B>  EXECUTIVE OFFICERS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Set forth below is information regarding our executive officers as of October&nbsp;26, 2015. </FONT></P>
 <DIV style="padding:0pt;position:relative;width:62%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"130%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="130%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="26pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="357pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:21pt;"><FONT SIZE=1><B>Name

<!-- COMMAND=ADD_SCROPPEDRULE,21pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Age </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Position </B></FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Lester R. Brafman</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>53</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Chief Executive Officer</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Daniel G. Cohen</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>46</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>President and Chief Executive, European Business</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Joseph W. Pooler, Jr.&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>50</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Executive Vice President, Chief Financial Officer and Treasurer</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Lester R. Brafman</I></FONT><FONT SIZE=2>, age 53, has served as the Chief Executive Officer of the Company and of IFMI,&nbsp;LLC since September&nbsp;16,
2013. Mr.&nbsp;Brafman served as the President of the Company and of IFMI,&nbsp;LLC from June&nbsp;3, 2013 until September&nbsp;16, 2013. Prior to joining the Company and IFMI,&nbsp;LLC,
Mr.&nbsp;Brafman served as a Managing Director at Goldman Sachs&nbsp;&amp;&nbsp;Co. from July 2001 until August 2012. During his tenure at Goldman Sachs, Mr.&nbsp;Brafman held various positions
including in Leveraged Finance Sales; as Chief Operating Officer of Global Credit and Mortgage Trading; and as Head of High Yield and Distressed Trading. Prior to joining Goldman Sachs,
Mr.&nbsp;Brafman served as a Managing Director at Credit Suisse First Boston from July 1994 until October 2000 where, over the course of his employment, he served as Head of High Yield Trading and
as Head of Emerging Market and Sovereign Trading. Prior to joining Credit Suisse, Mr.&nbsp;Brafman worked at Wasserstein Perella&nbsp;&amp;&nbsp;Co. from March 1992 until July 1994, and at Lehman
Brothers Holdings&nbsp;Inc. from September 1988 until March 1992. Mr.&nbsp;Brafman received a B.A. from Columbia University and an M.B.A. from the Amos Tuck School of Business Administration,
Dartmouth College. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>16</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=23,EFW="2226410",CP="INSTITUTIONAL FINANCIAL MARKETS,",DN="1",CHK=1045197,FOLIO='16',FILE='DISK128:[15ZCS1.15ZCS16101]DE16101A.;5',USER='JTAYLORA',CD='30-OCT-2015;09:32' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_df16101_1_17"> </A>

<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg16101a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>Daniel G. Cohen</I></FONT><FONT SIZE=2>, age 46, has served as the President and Chief Executive of the Company's European Business since
September&nbsp;16, 2013. See "Proposal One&#151;Election of Directors" above for Mr.&nbsp;Cohen's biographical information. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Joseph W. Pooler, Jr.</I></FONT><FONT SIZE=2>, age 50, has served as Executive Vice President, Chief Financial Officer and Treasurer of the Company since
December&nbsp;16, 2009 and as IFMI,&nbsp;LLC's Chief Financial Officer since November 2007 and as Chief Administrative Officer since May 2007. From July 2006 to November 2007, Mr.&nbsp;Pooler
also served as Senior Vice President of Finance of IFMI,&nbsp;LLC. From November 2007 to March 2009, Mr.&nbsp;Pooler also served as Chief Financial Officer of Muni Funding Company of
America,&nbsp;LLC, a company investing in middle-market non-profit organizations. Prior to joining IFMI,&nbsp;LLC, from 1999 to 2005, Mr.&nbsp;Pooler held key management positions at Pegasus
Communications Corporation (now known as The Pegasus Companies,&nbsp;Inc. (OTC: PEGX)), which operated in the direct broadcast satellite television and broadcast television station segments. While
at Pegasus, Mr.&nbsp;Pooler held various positions including Chief Financial Officer, Principal Accounting Officer, and Senior Vice President of Finance. From 1993 to 1999, Mr.&nbsp;Pooler held
various management positions with MEDIQ, Incorporated, including Corporate Controller, Director of Operations, and Director of Sales Support. Mr.&nbsp;Pooler holds a B.A. from Ursinus College, an
M.B.A. from Drexel University, and was a Certified Public Accountant in the Commonwealth of Pennsylvania (license lapsed). </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="df16101_executive_compensation"> </A>
<A NAME="toc_df16101_1"> </A>
<BR></FONT><FONT SIZE=2><B>  EXECUTIVE COMPENSATION    <BR>    </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="df16101_compensation_of_executive_officers"> </A>
<A NAME="toc_df16101_2"> </A></FONT> <FONT SIZE=2><B>



<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Compensation of Executive Officers    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table summarizes the executive compensation earned by the Company's named executive officers in 2013 and 2014. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="df16101_summary_compensation_table"> </A>
<A NAME="toc_df16101_3"> </A>
<BR></FONT><FONT SIZE=2><B>  Summary Compensation Table    <BR>    </B></FONT></P>
 <DIV style="padding:0pt;position:relative;width:54%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"150%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="150%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="22pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="32pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="32pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="32pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="40pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="59pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="59pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="59pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="40pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:63pt;"><FONT SIZE=1><B>Name and Principal<BR>
Position

<!-- COMMAND=ADD_SCROPPEDRULE,63pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Year </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Salary<BR>
($) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Bonus<BR>
($) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Stock<BR>
Awards<BR>
($)(1) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Option<BR>
Awards<BR>
($)(1) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Non-Equity<BR>
Incentive<BR>
Plan<BR>
Compensation<BR>
($) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Non-Qualified<BR>
Deferred<BR>
Compensation<BR>
Earnings<BR>
($) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>All Other<BR>
Compensation<BR>
($)(2) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Total<BR>
($) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Lester R. Brafman</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>2014</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>600,000</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>125,001</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>(6)</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>400,000</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>793</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>1,125,794</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-0pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Chief Executive Officer(3)</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>2013</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>347,500</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>400,000</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>2,101,409</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>(7)</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>397</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>2,849,306</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><p style="font-family:times;margin-top:8pt;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Daniel G. Cohen</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>
2014</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>
600,000</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>
&#151;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>
&#151;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>
&#151;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>
147,605</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>
&#151;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>
8,511</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>
756,116</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-0pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Vice Chairman(4)</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>2013</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>600,000</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>8,358</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>608,358</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><p style="font-family:times;margin-top:8pt;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>



<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Joseph W. Pooler, Jr.&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>
2014</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>
420,000</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>
&#151;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>
75,001</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>(6)</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>
&#151;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>
170,000</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>
&#151;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>
8,511</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>
673,512</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-0pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Executive Vice</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>2013</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>419,167</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>125,000</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>75,000</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>(8)</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>8,358</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>627,525</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-0pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 President, Chief<BR>
Financial Officer&nbsp;&amp;<BR>
Treasurer(5)</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" >
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <DL compact>
<DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Amounts
in this column represent the grant date fair value of the restricted stock award and stock option award, computed in accordance with Financial
Accounting Standards Board Accounting Standards Codification Topic 718, Compensation-Stock Compensation ("FASB ASC Topic 718"). The assumptions used in the calculations of these amounts are included
in note&nbsp;20 to the Company's audited financial statements for the year ended December&nbsp;31, 2014 in the Company's Annual Report on Form&nbsp;10-K for the fiscal year ended
December&nbsp;31, 2014. Amounts do not correspond to the actual value that may be recognized by the named executive officer.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(2)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Amounts
in this column represent 401(k) plan matching contributions made by the Company and life insurance premium payments paid by the Company on behalf of
the named executive officer.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(3)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Mr.&nbsp;Brafman
has served as the Chief Executive Officer of the Company since September&nbsp;16, 2013. Mr.&nbsp;Brafman served as the President of
the Company and of IFMI,&nbsp;LLC from June&nbsp;3, 2013 until September&nbsp;16, 2013.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(4)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Mr.&nbsp;Cohen
has, since September&nbsp;16, 2013, served as the Company's Vice Chairman of the Board of Directors and of the board of managers of
IFMI,&nbsp;LLC, President and Chief Executive of the Company's European Business, and President of CCFL. Mr.&nbsp;Cohen served as the Chief Executive Officer and Chief Investment Officer of the
Company from December&nbsp;16, 2009 to September&nbsp;16, 2013 and as the Chairman of the Board of Directors from October&nbsp;6, 2006 to September&nbsp;16, 2013. In addition, Mr.&nbsp;Cohen
served as the Chairman of the board of managers of IFMI,&nbsp;LLC from 2001 to September&nbsp;16, 2013, as the Chief Investment Officer of IFMI,&nbsp;LLC from October 2008 to
September&nbsp;16, 2013, and as Chief Executive Officer of IFMI,&nbsp;LLC from December&nbsp;16, 2009 to September&nbsp;16, 2013.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(5)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Mr.&nbsp;Pooler
has served as the Company's Executive Vice President and Chief Financial Officer and Treasurer since December&nbsp;16, 2009. </FONT></DD></DL>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>17</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=24,EFW="2226410",CP="INSTITUTIONAL FINANCIAL MARKETS,",DN="1",CHK=64049,FOLIO='17',FILE='DISK128:[15ZCS1.15ZCS16101]DF16101A.;16',USER='JTAYLORA',CD='30-OCT-2015;09:32' -->
<A NAME="page_df16101_1_18"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg16101a_main_toc">Table of Contents</A></FONT></P>
 <DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <DL compact>
<DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(6)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Effective
February&nbsp;12, 2015, 75,758 restricted shares of our common stock were awarded to Mr.&nbsp;Brafman, and 45,455 restricted shares of our
common stock were awarded to Mr.&nbsp;Pooler, in each case based on their respective performance in 2014 (as more fully discussed below). The grant date fair value per share of these restricted
shares was $1.65. These restricted shares were awarded under the 2010 Long-Term Incentive Plan. With regard to both such awards, the restrictions expire with respect to one-half of these restricted
shares on January&nbsp;31, 2016 and with respect to the remaining one-half of these restricted shares on January&nbsp;31, 2017, in each case, so long as Mr.&nbsp;Brafman or Mr.&nbsp;Pooler, as
applicable, is then employed by the Company or any of its subsidiaries.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(7)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Effective
November&nbsp;30, 2013 (the "Brafman Grant Date"), the Company granted to Mr.&nbsp;Brafman two Non-Qualified Stock Option Awards. Details
regarding the option granted to Mr.&nbsp;Brafman pursuant to the first Non-Qualified Stock Option Award (the "Initial Award") are as follows: </FONT></DD></DL>
 </DIV>
<DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="145pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="59pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="107pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:93pt;"><FONT SIZE=1><B>Number of Underlying Shares

<!-- COMMAND=ADD_SCROPPEDRULE,93pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Vesting Schedule </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Exercise Price </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Grant&nbsp;Date&nbsp;Fair&nbsp;Value&nbsp;Per<BR>
Underlying&nbsp;Share </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>500,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>Option vests on November&nbsp;30, 2016.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>3.00</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>0.83</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><BR></DT><DD style="font-family:times;"><FONT SIZE=1>Details
regarding the three options granted to Mr.&nbsp;Brafman pursuant to the second Non-Qualified Stock Option Award (the "Second Award"
and, together with the Initial Award, the "Brafman Awards") are as follows: </FONT></DD></DL>
 </DIV>
<DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="157pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="59pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="107pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:93pt;"><FONT SIZE=1><B>Number of Underlying Shares

<!-- COMMAND=ADD_SCROPPEDRULE,93pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Vesting Schedule </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Exercise Price </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Grant&nbsp;Date&nbsp;Fair&nbsp;Value&nbsp;Per<BR>
Underlying&nbsp;Share </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>500,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>Option vests on November&nbsp;30, 2016.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>3.00</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>0.83</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:8pt;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>1,000,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-top:8pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Option vested with respect to 333,333 shares on November&nbsp;30, 2014 and will vest with respect to 333,333 shares on November&nbsp;30, 2015
and with respect to 333,334 shares on November&nbsp;30, 2016.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
4.00</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
0.69</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:8pt;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>1,000,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-top:8pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Option vested with respect to 333,333 shares on November&nbsp;30, 2014 and will vest with respect to 333,333 shares on November&nbsp;30, 2015
and with respect to 333,334 shares on November&nbsp;30, 2016.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
5.00</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
0.59</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><BR></DT><DD style="font-family:times;"><FONT SIZE=1>The
grant date fair values were determined using the following assumptions in the Black Scholes valuation model: (i)&nbsp;expected
volatility&#151;68.5%; (ii)&nbsp;expected dividends&#151;3.49%; (iii)&nbsp;expected life&#151;4.0&nbsp;years; and (iv)&nbsp;risk free interest rate&#151;0.96%.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><BR></DT><DD style="font-family:times;"><FONT SIZE=1>All
of the options granted to Mr.&nbsp;Brafman pursuant to the Brafman Awards (each a "Brafman Option" and, collectively, the "Brafman
Options") were granted under the 2010 Long-Term Incentive Plan.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><BR></DT><DD style="font-family:times;"><FONT SIZE=1>Each
Brafman Option granted under the Second Award was conditioned on the approval of the 2010 Long-Term Incentive Plan by the Company's
stockholders, and such Brafman Options were to be terminated and forfeited if stockholder approval of the 2010 Long-Term Incentive Plan was not obtained within 12&nbsp;months following the Brafman
Grant Date. Stockholder approval of the 2010 Long-Term Incentive Plan was obtained on June&nbsp;10, 2014 at the Company's 2013 Annual Meeting of Stockholders. The Brafman Option granted under the
Initial Award was not subject to the Company's stockholder approval of the 2010 Long-Term Incentive Plan.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><BR></DT><DD style="font-family:times;"><FONT SIZE=1>The
Brafman Options expire on the fifth anniversary of the Brafman Grant Date, subject to earlier expiration or termination of the Brafman
Options as provided under the Brafman Awards and the 2010 Long-Term Incentive Plan.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(8)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Effective
February&nbsp;13, 2014 (the "Pooler Grant Date"), the Company granted to Mr.&nbsp;Pooler a Non-Qualified Stock Option Award (the "Pooler
Award"). Details regarding the option granted to Mr.&nbsp;Pooler (the "Pooler Option") pursuant to the Pooler Award are as follows: </FONT></DD></DL>
 </DIV>
<DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="163pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="59pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="107pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:93pt;"><FONT SIZE=1><B>Number&nbsp;of&nbsp;Underlying&nbsp;Shares

<!-- COMMAND=ADD_SCROPPEDRULE,93pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Vesting Schedule </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Exercise Price </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Grant&nbsp;Date&nbsp;Fair&nbsp;Value&nbsp;Per<BR>
Underlying&nbsp;Share </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>107,143</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>Option vested with respect to 53,571 shares on December&nbsp;31, 2014 and will vest with respect to the remaining 53,572 shares on December&nbsp;31, 2015.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>4.00</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>0.70</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><BR></DT><DD style="font-family:times;"><FONT SIZE=1>The
grant date fair value was determined using the following assumptions in the Black Scholes valuation model: (i)&nbsp;expected
volatility&#151;68.1%; (ii)&nbsp;expected dividends&#151;3.29%; (iii)&nbsp;expected life&#151;3.5&nbsp;years; and (iv)&nbsp;risk free interest rate&#151;0.74%.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><BR></DT><DD style="font-family:times;"><FONT SIZE=1>The
Pooler Option was awarded under the 2010 Long-Term Incentive Plan and expires on the fifth anniversary of the Pooler Grant Date, subject to
earlier expiration or termination of the options as provided under the Pooler Award and the 2010 Long-Term Incentive Plan.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><BR></DT><DD style="font-family:times;"><FONT SIZE=1>The
Pooler Option was granted to Mr.&nbsp;Pooler based on his performance in 2013. </FONT></DD></DL>
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Compensation Committee did not establish performance targets for 2013 incentive plan compensation. Rather, in February 2014, after consultation with Messrs.&nbsp;DiMaio and
Ricciardi,
Mr.&nbsp;Brafman recommended to the Compensation Committee the amount and form of the cash bonus and equity compensation for himself and Mr.&nbsp;Pooler with respect to 2013 performance. In
February 2014, the Board of Directors, upon the Compensation Committee's recommendation, unanimously approved the compensation for each executive officer for 2013. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>18</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=25,EFW="2226410",CP="INSTITUTIONAL FINANCIAL MARKETS,",DN="1",CHK=504911,FOLIO='18',FILE='DISK128:[15ZCS1.15ZCS16101]DF16101A.;16',USER='JTAYLORA',CD='30-OCT-2015;09:32' -->
<A NAME="page_df16101_1_19"> </A>


<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg16101a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
reflected under "Bonus" in the Summary Compensation Table above, Messrs.&nbsp;Brafman and Pooler were awarded discretionary cash bonus awards in the amounts of $400,000 and
$125,000, respectively, for their performance in 2013. In determining such amounts of Messrs.&nbsp;Brafman's and Pooler's discretionary cash bonuses, the Compensation Committee considered
Messrs.&nbsp;Brafman's and Pooler's respective roles during 2013 in connection with the following transactions:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The September 2013 strategic investment in the Company by (i)&nbsp;Mead Park pursuant to the Mead Park Purchase Agreement, and
(ii)&nbsp;CBF pursuant to the Cohen Purchase Agreement; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The proposed merger of the Company's two registered broker-dealer subsidiaries, C&amp;Co/PrinceRidge&nbsp;LLC (formerly known as The
PrinceRidge Group&nbsp;LLC) and JVB, into a single broker-dealer subsidiary. This merger was ultimately consummated in January 2014 and reduced the size of the Company's workforce by approximately
20% by eliminating certain redundant and non-core business lines; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The proposed sale of all of the Company's interests in the Star Asia Group (as defined below) for approximately $20.0&nbsp;million
and a 15% revenue share of certain Star Asia Group management companies (the "Star Asia Revenue Share"). Negotiations surrounding this transaction commenced in the fourth quarter of 2013, and the
transaction was ultimately consummated in February 2014. The "Star Asia Group" includes: the Company's 28% interest in Star Asia; 100% interest in Star Asia Management&nbsp;Ltd.; 2.2% interest in
Star Asia Japan Special Situations&nbsp;LP; 33.3% interest in Star Asia Advisors,&nbsp;Ltd.; 33.3% interest in Star Asia Partners&nbsp;Ltd.; and 33.3% interest in Star Asia Capital
Management,&nbsp;LLC. The Star Asia Revenue Share will last until at least February 2018. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
light of the contractual incentive compensation provisions (as described below) under the Current Cohen Employment Agreement (as defined below), the Compensation Committee, following
consultation with Mr.&nbsp;DiMaio, determined not to award any discretionary cash bonus or equity compensation to Mr.&nbsp;Cohen with respect to his 2013 performance. No executive officer other
than Mr.&nbsp;Brafman had any role in determining or recommending the amount or form of 2013 executive officer or director compensation. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
June 2014, after consultation with Messrs.&nbsp;Brafman and Pooler, the Compensation Committee established performance targets for 2014 incentive plan compensation. The targeted
2014 cash bonuses for the Company's executives were set at 150% of base salary, while the targeted equity bonuses for such executives were set at 25% of salary. Subject to the Compensation Committee's
review and discretion, 50% of performance-based bonuses would be discretionary, based on each executive's respective performance and qualitative achievements in 2014, and the remaining 50% would be
based on a funds from operations metric, which is equivalent to operating income plus depreciation and amortization, plus equity based compensation expense, minus cash interest expense (this
performance-based bonus metric excluded consideration of the funds from operations from the Company's European operations in light of the pending sale of such business operations (the "European
Operations Sale Transaction") to C&amp;Co Europe Acquisition&nbsp;LLC, an entity controlled by Daniel G. Cohen, Vice Chairman of the Board of Directors and of the Board of Managers of IFMI,&nbsp;LLC,
President and Chief Executive of the Company's European Business, and President of CCFL (see Certain Relationships and Related Party Transactions&#151;Sale of European Operations to C&amp;Co Europe
Acquisition&nbsp;LLC for additional information regarding the European Operations Sale Transaction below)). No executive officer other than Messrs.&nbsp;Brafman and Pooler had any role in
determining or recommending the amount or form of 2014 executive officer compensation. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
reflected under "Non-Equity Incentive Plan Compensation" in the Summary Compensation Table above, Messrs.&nbsp;Brafman and Pooler were awarded performance-based bonus awards in the
amounts of $400,000 and $170,000, respectively, for their performance in 2014. The Compensation Committee limited Messrs.&nbsp;Brafman's and Pooler's respective performance-based bonuses to the </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>19</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=26,EFW="2226410",CP="INSTITUTIONAL FINANCIAL MARKETS,",DN="1",CHK=622901,FOLIO='19',FILE='DISK128:[15ZCS1.15ZCS16101]DF16101A.;16',USER='JTAYLORA',CD='30-OCT-2015;09:32' -->
<A NAME="page_df16101_1_20"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg16101a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>amounts
paid based partially upon the Company's micro-market capitalization, despite the favorable 2014 results of operations for the funds from operations metric. In determining such
performance-based bonuses, the Compensation Committee considered the targeted performance metric that was achieved in 2014, as well as qualitative achievements such as Messrs.&nbsp;Brafman's and
Pooler's respective roles during 2014 in connection with the following:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The merger of the Company's two registered broker-dealer subsidiaries, C&amp;Co/PrinceRidge&nbsp;LLC (formerly known as The PrinceRidge
Group&nbsp;LLC) and JVB, into a single broker-dealer subsidiary; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The closing of the sale of all of the Company's interests in the Star Asia Group; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The negotiations regarding the pending European Operations Sale Transaction; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The Company's continued focus on cost savings and the related results; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Enhancements to the Company's broker-dealer operations. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
reflected under "Non-Equity Incentive Plan Compensation" in the Summary Compensation Table above, Mr.&nbsp;Cohen was awarded a performance-based bonus award in the amount of
$147,605, which represents an amount equal to 25% of the aggregate net income of the European Business (as defined in the Current Cohen Employment Agreement, which is described in greater detail
below) in 2014. This amount was paid in accordance with the Allocations (as defined below) Mr.&nbsp;Cohen is entitled to receive under the Current Cohen Employment Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
February 2015, the Board of Directors, upon the Compensation Committee's recommendation, unanimously approved the compensation for each executive officer for 2014. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="df16101_outstanding_equity_awards_at_fiscal_year-end_2014"> </A>
<A NAME="toc_df16101_4"> </A>
<BR></FONT><FONT SIZE=2><B>  Outstanding Equity Awards at Fiscal Year-End 2014    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table summarizes the equity awards the Company has made to each of the named executive officers that were outstanding as
of December&nbsp;31, 2014. </FONT></P>
 <DIV style="padding:0pt;position:relative;width:54%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"150%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="150%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="50pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="58pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="50pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="36pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="45pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="46pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="56pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="56pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="55pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=14 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Option Awards </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=11 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Stock Awards </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:18pt;"><FONT SIZE=1><B>Name

<!-- COMMAND=ADD_SCROPPEDRULE,18pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Number of<BR>
Securities<BR>
Underlying<BR>
Unexercised<BR>
Options<BR>
(#)<BR>
Exercisable </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Number of<BR>
Securities<BR>
Underlying<BR>
Unexercised<BR>
Options (#)<BR>
Unexercisable </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Equity<BR>
Incentive<BR>
Plan<BR>
Awards;<BR>
Number of<BR>
Securities<BR>
Underlying<BR>
Unexercised<BR>
Unearned<BR>
Options<BR>
(#) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Option<BR>
Exercise<BR>
Price<BR>
($) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Option<BR>
Expiration<BR>
Date </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Number of<BR>
Shares or<BR>
Units of<BR>
Stock That<BR>
Have Not<BR>
Vested<BR>
(#) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Market Value<BR>
of Shares<BR>
or Units<BR>
of Stock<BR>
That Have<BR>
Not<BR>
Vested<BR>
($)(1) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Equity<BR>
Incentive<BR>
Plan<BR>
Awards;<BR>
Number of<BR>
Unearned<BR>
Shares,<BR>
Units<BR>
or Other<BR>
Rights<BR>
That Have<BR>
Not Vested<BR>
(#) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Equity<BR>
Incentive<BR>
Plan Awards:<BR>
Market or<BR>
Payout<BR>
Value of<BR>
Unearned<BR>
Shares,<BR>
Units<BR>
or Other<BR>
Rights That<BR>
Have Not<BR>
Vested<BR>
($) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Lester R. Brafman</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>500,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>(2)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>3.00</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>11/30/2018</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


</FONT>
</TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>500,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>(3)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>3.00</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>11/30/2018</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>



<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


</FONT>
</TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>333,333</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>666,667</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>(3)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>4.00</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>11/30/2018</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


</FONT>
</TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>333,333</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>666,667</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>(3)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>5.00</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>11/30/2018</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Joseph W. Pooler, Jr.&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>107,143</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>(4)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>4.00</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>02/13/2019</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" >
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <DL compact>
<DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>The
amounts set forth in this column equal the number of restricted shares of common stock indicated multiplied by the closing price of the Company's common
stock ($1.75) as reported by the NYSE MKT on December&nbsp;31, 2014.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(2)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Effective
on the Brafman Grant Date, Mr.&nbsp;Brafman was granted the Initial Award. For details regarding the Initial Award, see note&nbsp;7 to the
Summary Compensation Table above.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(3)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Effective
on the Brafman Grant Date, Mr.&nbsp;Brafman was granted the Second Award. For details regarding the Second Award, see note&nbsp;7 to the
Summary Compensation Table above.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(4)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Effective
on the Pooler Grant Date, Mr.&nbsp;Pooler was granted the Pooler Award. For details regarding the Pooler Award, see note&nbsp;8 to the Summary
Compensation Table above. </FONT></DD></DL>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>20</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=27,EFW="2226410",CP="INSTITUTIONAL FINANCIAL MARKETS,",DN="1",CHK=58393,FOLIO='20',FILE='DISK128:[15ZCS1.15ZCS16101]DF16101A.;16',USER='JTAYLORA',CD='30-OCT-2015;09:32' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_dg16101_1_21"> </A>

<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg16101a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="dg16101_employment_agreements;_termina__emp03379"> </A>
<A NAME="toc_dg16101_1"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Employment Agreements; Termination of Employment and Change of Control Arrangements    <BR>    </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Employment Agreements with Named Executive Officers  </I></B></FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Lester R. Brafman, Chief Executive Officer  </I></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Mr.&nbsp;Brafman's Previous Employment Agreements&#151;the June 2013 Employment
Agreement and the September 2013 Employment Agreement  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On June&nbsp;3, 2013, the Company and IFMI,&nbsp;LLC entered into an Employment Agreement with Mr.&nbsp;Brafman (the "June 2013
Brafman Employment Agreement"). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the June 2013 Brafman Employment Agreement, Mr.&nbsp;Brafman served as the President for both the Company and IFMI,&nbsp;LLC. In addition, under the June 2013 Brafman
Employment Agreement, the Board of Directors could appoint Mr.&nbsp;Brafman as Chief Executive Officer of the Company and IFMI,&nbsp;LLC at any time. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
term of the June 2013 Brafman Employment Agreement was scheduled to end on February&nbsp;28, 2014 and provided that Mr.&nbsp;Brafman's minimum base salary was $600,000 per annum.
In addition, the Compensation Committee could periodically review Mr.&nbsp;Brafman's base salary and provide for such increases as it deemed appropriate, in its discretion. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the June 2013 Brafman Employment Agreement, in addition to base salary, for each fiscal year of IFMI,&nbsp;LLC ending during the term, Mr.&nbsp;Brafman had the opportunity to
receive an annual bonus in an amount and on such terms as were to be determined by the Compensation Committee. The Compensation Committee also had the discretion to grant Mr.&nbsp;Brafman other
bonuses in such amounts and on such terms as it determined, in its discretion. The foregoing did not limit Mr.&nbsp;Brafman's eligibility to receive any other bonus under any other bonus plan, stock
option or equity-based plan, or other policy or program of the Company or IFMI,&nbsp;LLC. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the June 2013 Brafman Employment Agreement, Mr.&nbsp;Brafman was entitled to participate in any equity compensation plan of the Company or IFMI,&nbsp;LLC in which he was
eligible to participate, and could be granted, in accordance with any such plan, options to purchase units of membership interest of IFMI,&nbsp;LLC, options to purchase shares of the Company's
common stock, shares of restricted stock, and/or other equity awards in the discretion of the Compensation Committee. The June 2013 Brafman Employment Agreement also provided that Mr.&nbsp;Brafman
was entitled to participate in any group life, hospitalization or disability insurance plans, health programs, retirement plans, fringe benefit programs
and other benefits and perquisites that were available to other senior executives of IFMI,&nbsp;LLC generally, in each case to the extent that Mr.&nbsp;Brafman was eligible under the terms of such
plans or programs. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the June 2013 Brafman Employment Agreement, in the event Mr.&nbsp;Brafman was terminated by the Company due to his death or disability, Mr.&nbsp;Brafman (or his estate or
beneficiaries, as applicable) were to be entitled to receive (i)&nbsp;any base salary earned through the date of termination, all other rights and benefits earned and accrued or vested under the
June 2013 Brafman Employment Agreement or under any plan, program, agreement, corporate governance document or arrangement of IFMI,&nbsp;LLC prior to the date of termination, and reimbursement under
the June 2013 Brafman Employment Agreement for expenses incurred prior to the date of termination, in each case in accordance with the terms and conditions applicable thereto (collectively, the "June
2013 Brafman Accrued Benefits"); (ii)&nbsp;a single-sum cash payment in an amount equal to the value of Mr.&nbsp;Brafman's base salary that would have been paid to him for the remainder of the
year in which the termination occurred; and (iii)&nbsp;a single-sum cash payment in an amount equal to (x)&nbsp;$900,000, multiplied by (y)&nbsp;a fraction, the numerator of which was the number
of days in the calendar year through the date of termination and the denominator of which was 365. In addition, in the event that Mr.&nbsp;Brafman was terminated by the Company due to his death or
disability, all outstanding unvested equity-based awards </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>21</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=28,EFW="2226410",CP="INSTITUTIONAL FINANCIAL MARKETS,",DN="1",CHK=598638,FOLIO='21',FILE='DISK128:[15ZCS1.15ZCS16101]DG16101A.;5',USER='JTAYLORA',CD='30-OCT-2015;09:32' -->
<A NAME="page_dg16101_1_22"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg16101a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>held
by Mr.&nbsp;Brafman were to fully vest and become immediately exercisable, as applicable, subject to the terms of such awards. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
Mr.&nbsp;Brafman terminated his employment without "Good Reason" (as defined in the June 2013 Brafman Employment Agreement) or the Company terminated his employment for "Cause" (as
defined in the June 2013 Brafman Employment Agreement), then Mr.&nbsp;Brafman was to be entitled only to receive any base salary and other benefits earned and accrued prior to the date of
termination. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
Mr.&nbsp;Brafman terminated his employment with "Good Reason" or the Company terminated his employment without "Cause," then (1)&nbsp;Mr.&nbsp;Brafman was to receive all June
2013 Brafman Accrued Benefits; (2)&nbsp;Mr.&nbsp;Brafman was to receive a single-sum cash payment in an amount equal to $950,000; (3)&nbsp;all outstanding unvested equity-based awards (including
without limitation stock options and restricted stock) held by Mr.&nbsp;Brafman were to fully vest and become immediately exercisable, as applicable; and (4)&nbsp;unless otherwise prohibited by
the Employee Retirement Income Security Act of 1974 ("ERISA"), the Internal Revenue Code of 1986, as amended (the "Code"), or applicable law, Mr.&nbsp;Brafman and his eligible dependents were to
continue to be covered under the Company's benefit plans for the 12-month period following the termination of his employment, subject to certain exceptions. Under the June 2013 Brafman Employment
Agreement, if the Board of Directors did not appoint Mr.&nbsp;Brafman to the position of Chief Executive Officer of the Company and IFMI,&nbsp;LLC by February&nbsp;28, 2014, then
Mr.&nbsp;Brafman could have terminated the June 2013 Brafman Employment Agreement for "Good Reason" thereunder. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event of a "Change of Control" (as defined in the June 2013 Brafman Employment Agreement) during the term of the June 2013 Brafman Employment Agreement, all outstanding unvested
equity-based awards then held by Mr.&nbsp;Brafman were to fully vest and become immediately exercisable, as applicable. In addition, if Mr.&nbsp;Brafman terminated his employment with
IFMI,&nbsp;LLC within six months following the date of such a Change of Control and provided transition services for up to six months following such termination, to the extent reasonably requested
by IFMI,&nbsp;LLC, then such termination was to be treated as a termination for "Good Reason," and Mr.&nbsp;Brafman was to be entitled to the compensation set forth in the immediately preceding
paragraph. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the June 2013 Brafman Employment Agreement, if any amount payable to or other benefit to which Mr.&nbsp;Brafman was entitled would be deemed to constitute a "parachute
payment" (as defined in Section&nbsp;280G of the Code), alone or when added to any other amount payable or paid to or other benefit receivable or received by Mr.&nbsp;Brafman, which was deemed to
constitute a parachute payment and would have resulted in the imposition of an excise tax under Section&nbsp;4999 of the Code, then the parachute payments were to be reduced (but not below zero) so
that the maximum amount was $1.00 less than the amount which would have caused the parachute payments to be subject to the excise tax. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
termination payments, other than the June 2013 Brafman Accrued Benefits, were subject to the execution of a general release by Mr.&nbsp;Brafman (or his estate or beneficiaries, as
applicable). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
June 2013 Brafman Employment Agreement contained a non-competition provision restricting Mr.&nbsp;Brafman's ability to engage in certain activities that were competitive with the
Company for a period of three months following the end of the term of the June 2013 Brafman Employment Agreement. The June 2013 Brafman Employment Agreement also contained customary confidentiality
provisions. In addition for a period of six months following the end of the term of the June 2013 Brafman Employment Agreement, regardless of the reason the term of the June 2013 Brafman Employment
Agreement ends, Mr.&nbsp;Brafman was prohibited under certain circumstances from soliciting the Company's employees, customers and clients. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
September&nbsp;16, 2013, the Company and IFMI,&nbsp;LLC entered into an Employment Agreement (the "September 2013 Brafman Employment Agreement") with Mr.&nbsp;Brafman. The
September 2013 </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>22</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=29,EFW="2226410",CP="INSTITUTIONAL FINANCIAL MARKETS,",DN="1",CHK=132595,FOLIO='22',FILE='DISK128:[15ZCS1.15ZCS16101]DG16101A.;5',USER='JTAYLORA',CD='30-OCT-2015;09:32' -->
<A NAME="page_dg16101_1_23"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg16101a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Brafman
Employment Agreement terminated the June 2013 Brafman Employment Agreement; however, Mr.&nbsp;Brafman was not entitled to any payments or other benefits (including, but not limited to, the
acceleration of any payments, awards or other benefits) under the June 2013 Brafman Employment Agreement as a result of, or in connection with, such termination. The September 2013 Brafman
Employment Agreement expired pursuant to its own terms on December&nbsp;31, 2014. Mr.&nbsp;Brafman does not currently have an employment agreement with the Company. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
than as set forth below, the terms and conditions of the September 2013 Brafman Employment Agreement and the June 2013 Brafman Employment Agreement were substantially identical. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the September 2013 Brafman Employment Agreement, Mr.&nbsp;Brafman served as the Chief Executive Officer of both the Company and IFMI,&nbsp;LLC. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the September 2013 Brafman Employment Agreement, if Mr.&nbsp;Brafman was terminated by the Company due to Mr.&nbsp;Brafman's death or disability during the term of the
September 2013 Brafman Employment Agreement, then Mr.&nbsp;Brafman (or his estate or beneficiaries, as applicable) was entitled to receive (i)&nbsp;(A) any base salary earned through the date of
termination, (B)&nbsp;any performance bonus determined by the Company to be earned and payable, but not yet paid in respect of any fiscal year completed before the date of termination,
(C)&nbsp;all other rights and benefits earned and accrued or vested under the September 2013 Brafman Employment Agreement or under any plan, program, agreement, corporate governance document or
arrangement of IFMI,&nbsp;LLC prior to the date of termination, and (D)&nbsp;reimbursement under the September 2013 Brafman Employment Agreement for expenses incurred prior to the date of
termination, in each case in accordance with the terms and conditions applicable thereto (collectively, the "September 2013 Brafman Accrued Benefits"); (ii)&nbsp;a single-sum cash payment in an
amount equal to the value of Mr.&nbsp;Brafman's base salary that would have been paid to him for the remainder of the year in which the termination occurred; and (iii)&nbsp;a single-sum cash
payment in an amount equal to (x)&nbsp;(I) $875,000, if the date of termination occurred on or prior to December&nbsp;31, 2013, or (II)&nbsp;$1,500,000, if the date of termination occurred on or
after January&nbsp;1, 2014, multiplied, in each case, by (y)&nbsp;a fraction, the numerator of which was the number of days in the calendar year through the date of termination and the denominator
of which was 365. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
Mr.&nbsp;Brafman terminated his employment without "Good Reason" (as defined in the September 2013 Brafman Employment Agreement) or the Company terminated his employment for "Cause"
(as defined in the September 2013 Brafman Employment Agreement), then Mr.&nbsp;Brafman was to receive the September 2013 Brafman Accrued Benefits. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
Mr.&nbsp;Brafman terminated his employment with "Good Reason" or the Company terminated his employment without "Cause," then (1)&nbsp;Mr.&nbsp;Brafman was to receive the
September 2013 Brafman Accrued Benefits; (2)&nbsp;Mr.&nbsp;Brafman was to receive a single-sum cash payment in an amount equal to (x)&nbsp;$875,000, if the date of termination occurred on or
prior to December&nbsp;31, 2013, or (y)&nbsp;$1,500,000, if the date of termination occurred on or after January&nbsp;1, 2014; (3)&nbsp;all outstanding unvested equity-based awards (including
without limitation stock options and restricted stock) held by Mr.&nbsp;Brafman were to fully vest and become immediately exercisable, as applicable; and (4)&nbsp;unless otherwise prohibited by
ERISA, the Code, or applicable law, Mr.&nbsp;Brafman and his eligible dependents would have continued to be covered under the Benefits Plans for the 12-month period following the termination of his
employment, subject to certain exceptions. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>23</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=30,EFW="2226410",CP="INSTITUTIONAL FINANCIAL MARKETS,",DN="1",CHK=548886,FOLIO='23',FILE='DISK128:[15ZCS1.15ZCS16101]DG16101A.;5',USER='JTAYLORA',CD='30-OCT-2015;09:32' -->
<A NAME="page_dg16101_1_24"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg16101a_main_toc">Table of Contents</A></FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Daniel G. Cohen, Vice Chairman of the Board of Directors and of the Board of Managers of
IFMI,&nbsp;LLC, President and Chief Executive of the Company's European Business, and President of CCFL  </I></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Mr.&nbsp;Cohen's Previous Employment Agreements&#151;the Cohen IFMI Agreement and the
Cohen PrinceRidge Agreement  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On February&nbsp;18, 2010, the Company and IFMI,&nbsp;LLC entered into an Employment Agreement with Daniel G. Cohen, which was
amended on December&nbsp;18, 2012 by Amendment No.&nbsp;1 to Employment Agreement (as so amended, the "Cohen IFMI Agreement"). Pursuant to the Cohen IFMI Agreement, Mr.&nbsp;Cohen served as the
Chairman, Chief Executive Officer and Chief Investment Officer of both the Company and IFMI,&nbsp;LLC. The initial term of the Cohen IFMI Agreement ended on December&nbsp;31, 2012, however, the
Cohen IFMI Agreement provided that the term of the agreement was to be renewed automatically for additional one year periods unless earlier terminated by the parties thereto. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Cohen IFMI Agreement provided that Mr.&nbsp;Cohen's minimum base salary was to be $1,000,000 per annum through December&nbsp;31, 2010, and that Mr.&nbsp;Cohen's base salary for
fiscal years after 2010 was to be determined by the Compensation Committee. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the term of the Cohen IFMI Agreement, in addition to base salary, for each fiscal year of the Company ending during the term, Mr.&nbsp;Cohen had the opportunity to receive an
annual cash bonus in an amount and on such terms to be determined by the Compensation Committee. Although the Cohen IFMI Agreement did not provide for any specific equity awards, the Cohen IFMI
Agreement did provide that Mr.&nbsp;Cohen could participate in any Company equity compensation plan in which he was eligible to participate, and was able to, without limitation, be granted, in
accordance with any such plan, options to purchase shares of the Company's common stock, shares of restricted stock, and other equity awards in the discretion of the Compensation Committee. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Cohen IFMI Agreement provided that Mr.&nbsp;Cohen could participate in any group life, hospitalization or disability insurance plans, health programs, retirement plans, fringe
benefit programs and other benefits that were available to other senior executives of the Company generally, in each case to the extent that Mr.&nbsp;Cohen was eligible under the terms of such plans
or programs. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the Cohen IFMI Agreement, in the event Mr.&nbsp;Cohen was terminated by the Company due to his death or disability, Mr.&nbsp;Cohen (or his estate or beneficiaries, as
applicable) was to be entitled to (a)&nbsp;any base salary and other benefits earned and accrued prior to the date of termination; (b)&nbsp;a single-sum payment equal to the value of his base
salary that would have been paid to him for the remainder of the year in which the termination occurred; (c)&nbsp;without duplication of amounts due under (a)&nbsp;and (b), a single-sum payment
equal to the value of the highest bonus earned by Mr.&nbsp;Cohen in the one year period preceding the date of termination, multiplied by a fraction (x)&nbsp;the numerator of which was the number
of days in the fiscal year preceding the termination and (y)&nbsp;the denominator of which was 365; and (d)&nbsp;all of his outstanding unvested equity-based awards became fully vested and
immediately exercisable, as applicable, subject to the terms of such awards. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the Cohen IFMI Agreement, if Mr.&nbsp;Cohen terminated his employment without "Good Reason" (as defined in the Cohen IFMI Agreement) or the Company terminated his
employment for "Cause" (as defined in the Cohen IFMI Agreement), Mr.&nbsp;Cohen was to be entitled only to any base salary and other benefits earned and accrued prior to the date of termination. If
Mr.&nbsp;Cohen terminated his employment with "Good Reason," the Company terminated his employment without "Cause," or the Company chose not to renew the Cohen IFMI Agreement at its termination,
Mr.&nbsp;Cohen was to be entitled to (a)&nbsp;any base salary and other benefits earned and accrued prior to the date of termination; (b)&nbsp;a single-sum payment equal to three times
(x)&nbsp;the average of the base salary amounts paid to Mr.&nbsp;Cohen over the three calendar years prior to the date of termination, (y)&nbsp;if less than three years had elapsed between the
date of the Cohen IFMI Agreement and the date of termination, the highest base salary paid to Mr.&nbsp;Cohen in any calendar year prior to the date of termination, or (z)&nbsp;if less than </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>24</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=31,EFW="2226410",CP="INSTITUTIONAL FINANCIAL MARKETS,",DN="1",CHK=588152,FOLIO='24',FILE='DISK128:[15ZCS1.15ZCS16101]DG16101A.;5',USER='JTAYLORA',CD='30-OCT-2015;09:32' -->
<A NAME="page_dg16101_1_25"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg16101a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>12&nbsp;months
had elapsed from the date of the Cohen IFMI Agreement to the date of termination, the highest base salary received in any month times 12; and (c)&nbsp;all of his outstanding
unvested equity-based awards were to become fully vested and immediately exercisable, as applicable, subject to the terms of such awards. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the Cohen IFMI Agreement, in the event of a "Change of Control" (as defined in the Cohen IFMI Agreement), all of Mr.&nbsp;Cohen's outstanding unvested equity-based awards
were to become fully vested and immediately exercisable, as applicable, subject to the terms of such awards. If Mr.&nbsp;Cohen remained with the Company through the first anniversary of a "Change of
Control," but left the Company within six months thereafter, such termination was to be treated as a termination for
"Good Reason," and Mr.&nbsp;Cohen was to be entitled to the compensation set forth in the preceding paragraph. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the Cohen IFMI Agreement, if any amount payable to or other benefit to which Mr.&nbsp;Cohen was entitled would be deemed to constitute a "parachute payment" (as defined in
the Code), alone or when added to any other amount payable or paid to or other benefit receivable or received by Mr.&nbsp;Cohen, which was deemed to constitute a parachute payment and would have
resulted in the imposition of an excise tax under Section&nbsp;4999 of the Code, then the parachute payments were to be reduced (but not below zero) so that the maximum amount was $1.00 less than
the amount which would have caused the parachute payments to be subject to the excise tax. However, if the reduction of the parachute payments was equal to or greater than $50,000, then there was not
to be any reduction and the full amount of the parachute payment was to be payable to Mr.&nbsp;Cohen. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
termination payments, other than for death or disability, were subject to Mr.&nbsp;Cohen signing a general release. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Cohen IFMI Agreement contained a non-competition provision restricting Mr.&nbsp;Cohen's ability to engage in certain activities that were competitive with the Company for a period
of six months after the end of the term of the Cohen IFMI Agreement. The Cohen IFMI Agreement also contained customary confidentiality provisions. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition to the Cohen IFMI Agreement, on May&nbsp;31, 2011, Mr.&nbsp;Cohen entered into an Executive Agreement (the "Cohen PrinceRidge Agreement") with J.V.B. Financial Group
Holdings (formerly known as C&amp;Co/PrinceRidge Holdings&nbsp;LP and as PrinceRidge Holdings&nbsp;LP), or PrinceRidge, pursuant to which Mr.&nbsp;Cohen served as the Vice Chairman, the Chief
Investment Officer, and Managing Director and Head of the Structured Products division of PrinceRidge. The initial term of the Cohen PrinceRidge Agreement was to end on December&nbsp;31, 2013,
however, the Cohen PrinceRidge Agreement provided that the term of the agreement was to be renewed automatically for additional one year periods unless earlier terminated by the parties thereto. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the Cohen PrinceRidge Agreement, Mr.&nbsp;Cohen was to be entitled to receive a guaranteed payment, or the Cohen Guaranteed Payment. For 2012 and 2013, the Cohen Guaranteed
Payment was to be equal to $200,000, plus the amount of the Initial Annual Allocation, or the Cohen Initial Annual Allocation, for the immediately preceding year, if any. The "Initial Annual
Allocation" was defined in the Cohen PrinceRidge Agreement was an amount equal to 20% of the "Adjusted Profit" (as defined in the Cohen PrinceRidge Agreement) of PrinceRidge, up to a maximum of
$800,000. The Cohen Initial Annual Allocation for 2012 was $0. Consequently, the Cohen Guaranteed Payment for 2013 was equal to $200,000, of which Mr.&nbsp;Cohen received $175,000 prior to the
termination of the Cohen PrinceRidge Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the Cohen PrinceRidge Agreement, in addition to the Cohen Initial Annual Allocation, Mr.&nbsp;Cohen was entitled to an annual allocation from PrinceRidge equal to
8<SUP>1</SUP>/<SMALL>3</SMALL>% of "Post-Initial
Allocation Profit" (as defined in the Cohen PrinceRidge Agreement) of PrinceRidge, or the Cohen Supplemental Annual Allocation. Subject to certain conditions, for a period of 60&nbsp;days </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>25</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=32,EFW="2226410",CP="INSTITUTIONAL FINANCIAL MARKETS,",DN="1",CHK=300496,FOLIO='25',FILE='DISK128:[15ZCS1.15ZCS16101]DG16101A.;5',USER='JTAYLORA',CD='30-OCT-2015;09:32' -->
<A NAME="page_dg16101_1_26"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg16101a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>following
the payment of the Cohen Initial Annual Allocation and the Cohen Supplemental Annual Allocation, Mr.&nbsp;Cohen had the opportunity to purchase additional units (the value of which could
not exceed the amount of the Cohen Initial Annual Allocation and the Cohen Supplemental Annual Allocation) of PrinceRidge at a price based on the then-current book value of PrinceRidge. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Cohen PrinceRidge Agreement provided that Mr.&nbsp;Cohen could participate in any group life, hospitalization or disability insurance plans, health programs, retirement plans,
fringe benefit programs and other benefits that were available to other senior executives of PrinceRidge generally, in each case to the extent that Mr.&nbsp;Cohen was eligible under the terms of
such plans or programs. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the Cohen PrinceRidge Agreement, in the event Mr.&nbsp;Cohen was terminated by PrinceRidge due to his death or disability, Mr.&nbsp;Cohen (or his estate or beneficiaries,
as applicable) was to be entitled to receive (a)&nbsp;any Cohen Guaranteed Payment and other benefits (including any allocations, or the Cohen Prior Year Allocations, for a fiscal year completed
before termination of the Cohen PrinceRidge Agreement but not yet paid) earned and accrued under the Cohen PrinceRidge Agreement prior to the date of termination, as well as any Cohen Initial Annual
Allocation and Cohen Supplemental Annual Allocation, or the Cohen Partial Year Allocations, for any portion of a fiscal year completed before termination and earned and accrued but not yet paid under
the Cohen PrinceRidge Agreement prior to the termination of the Cohen PrinceRidge Agreement; (b)&nbsp;a single-sum payment equal to the Cohen Guaranteed Payment that would have been paid to him for
the remainder of the year in which the termination occurs; (c)&nbsp;a single-sum payment equal to the sum of (1)&nbsp;the Cohen Initial Annual Allocation, and (2)&nbsp;the Cohen Supplemental
Annual Allocation earned by Mr.&nbsp;Cohen, if any, in the fiscal year preceding the date of termination (which amount was to be annualized to the extent the termination occurred prior to the
completion of a full fiscal year), multiplied by a fraction (x)&nbsp;the numerator of which was the number of days in the fiscal year preceding the termination, and (y)&nbsp;the denominator of
which was 365. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
Mr.&nbsp;Cohen terminated his employment without "Good Reason" (as defined in the Cohen PrinceRidge Agreement) or PrinceRidge terminated his employment for "Cause" (as defined in
the Cohen PrinceRidge Agreement), then Mr.&nbsp;Cohen was to be entitled only to any Cohen Guaranteed Payment and other benefits (including Cohen Prior Year Allocations and Cohen Partial Year
Allocations) earned and accrued prior to the date of termination. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the Cohen PrinceRidge Agreement, if Mr.&nbsp;Cohen terminated his employment with Good Reason, or PrinceRidge terminated his employment without Cause, then Mr.&nbsp;Cohen
was to be entitled
to receive (a)&nbsp;a single-sum payment equal to accrued but unpaid Cohen Guaranteed Payments and other benefits (including any Cohen Prior Year Allocations), as well as the Cohen Partial Year
Allocations, (b)&nbsp;a single-sum payment of an amount equal to three times (1)&nbsp;the average of the Cohen Guaranteed Payment amounts paid to Mr.&nbsp;Cohen over the three calendar years
prior to the date of termination, (2)&nbsp;if less than three years had elapsed between the date of the Cohen PrinceRidge Agreement and the date of termination, the highest Cohen Guaranteed Payment
paid to Mr.&nbsp;Cohen in any calendar year prior to the date of termination, or (3)&nbsp;if less than 12&nbsp;months had elapsed from the date of the Cohen PrinceRidge Agreement to the date of
termination, the highest Cohen Guaranteed Payment received in any month times 12; and (c)&nbsp;a single-sum payment equal to the sum of (1)&nbsp;the Cohen Initial Annual Allocation and
(2)&nbsp;the Cohen Supplemental Annual Allocation earned by Mr.&nbsp;Cohen, if any, in the fiscal year preceding the date of termination (which amount was to be annualized to the extent the
termination occurred prior to the completion of a full fiscal year), multiplied by a fraction (x)&nbsp;the numerator of which was the number of days in the fiscal year preceding the termination, and
(y)&nbsp;the denominator of which was 365. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the Cohen PrinceRidge Agreement, in the event of a "Change of Control" of the Company (as defined in the Cohen PrinceRidge Agreement), all of Mr.&nbsp;Cohen's outstanding
unvested equity-based awards were to become fully vested and immediately exercisable, as applicable. Only with respect </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>26</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=33,EFW="2226410",CP="INSTITUTIONAL FINANCIAL MARKETS,",DN="1",CHK=529595,FOLIO='26',FILE='DISK128:[15ZCS1.15ZCS16101]DG16101A.;5',USER='JTAYLORA',CD='30-OCT-2015;09:32' -->
<A NAME="page_dg16101_1_27"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg16101a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>to
a Company Change of Control transaction that was first announced after the nine-month anniversary of May&nbsp;31, 2011, if Mr.&nbsp;Cohen remained with PrinceRidge through the first anniversary
of a Change of Control, but left PrinceRidge within six months thereafter, such termination was to be treated as a termination for Good Reason, and Mr.&nbsp;Cohen was to be entitled to the
compensation set forth in the preceding paragraph. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the Cohen PrinceRidge Agreement, if any amount payable to or other benefit to which Mr.&nbsp;Cohen was entitled would be deemed to constitute a "parachute payment" (as
defined in Section&nbsp;280G of the Code), alone or when added to any other amount payable or paid to or other benefit receivable or received by Mr.&nbsp;Cohen, and would have resulted in the
imposition of an excise tax under Section&nbsp;4999 of the Code, then the parachute payments were to be reduced (but not below zero) so that the maximum amount was $1.00 less than the amount which
would have caused the parachute payments to be subject to the excise tax. However, if the reduction of the parachute payments was equal to or greater than $50,000, then there was not to be any
reduction and the full amount of the parachute payment was to be payable to Mr.&nbsp;Cohen. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
termination payments, other than for death or disability, were subject to Mr.&nbsp;Cohen's signing a general release. The Cohen PrinceRidge Agreement contained a non-competition
provision restricting Mr.&nbsp;Cohen's ability to engage in certain activities that were competitive with PrinceRidge for a period of three months after the end of the term of the Cohen PrinceRidge
Agreement. The Cohen PrinceRidge Agreement also contained customary confidentiality provisions. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Mr.&nbsp;Cohen's Current Employment Agreement  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On May&nbsp;9, 2013, in connection with the Cohen Purchase Agreement, Mr.&nbsp;Cohen entered into an Amended and Restated
Employment Agreement with the Company and IFMI,&nbsp;LLC, and, solely for purposes of Sections&nbsp;6.4 and 7.5 thereof, PrinceRidge and JVB (the "Current Cohen Employment Agreement"). </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Current Cohen Employment Agreement became effective on September&nbsp;16, 2013. Under the Current Cohen Employment Agreement, Mr.&nbsp;Cohen will serve as Vice Chairman of the
Board of Directors, Vice Chairman of the board of managers of IFMI,&nbsp;LLC, President and Chief Executive of the "European Business" (as defined in the Current Cohen Employment Agreement), and
President of CCFL. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Current Cohen Employment Agreement amended and restated the Cohen IFMI Agreement and terminated the Cohen PrinceRidge Agreement. The amendment and restatement of the Cohen IFMI
Agreement and the termination of the Cohen PrinceRidge Agreement did not result in any benefits to Mr.&nbsp;Cohen or trigger any severance payments or any other provisions thereunder. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
initial term of the Current Cohen Employment Agreement ended on December&nbsp;31, 2014, however, pursuant to the terms of the Current Cohen Employment Agreement, the term renewed
automatically for an additional one year period at such time and will continue to be renewed for additional one year periods at the end of any renewed term unless terminated by the parties in
accordance with the terms of the Current Cohen Employment Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the Current Cohen Employment Agreement, Mr.&nbsp;Cohen will receive, during the term thereof, a guaranteed payment from IFMI,&nbsp;LLC of at least $600,000 annually (the
"Current Guaranteed Payment"), and will be entitled to receive the following allocations (collectively, "Allocations") from the Company: (a)&nbsp;a payment equal to 25% of the aggregate net income,
if any, of the European Business in each calendar year as determined in accordance with generally accepted accounting principles in the United States ("GAAP"), subject to an off-set equal to 25% of
the aggregate net losses, if any, in prior periods until such net losses have been fully off-set by net income in future periods, and (b)&nbsp;a payment equal to 20% of the gross revenues generated
on transactions that </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>27</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=34,EFW="2226410",CP="INSTITUTIONAL FINANCIAL MARKETS,",DN="1",CHK=360676,FOLIO='27',FILE='DISK128:[15ZCS1.15ZCS16101]DG16101A.;5',USER='JTAYLORA',CD='30-OCT-2015;09:32' -->
<A NAME="page_dg16101_1_28"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg16101a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Mr.&nbsp;Cohen
is responsible for generating for the Company's non-European broker-dealers during each semi-annual calendar period as determined in accordance with GAAP. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event that the annual allocations would result in allocations earned for that calendar year related to the European Business to exceed $5,000,000 (the "European Business Annual
Allocation Cap"), the Compensation Committee may, in its sole discretion and at any time prior to the payment of such allocation, reduce the amount of or totally eliminate any such allocation to the
extent such allocation is in excess of the European Business Annual Allocation Cap. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the term of the Current Cohen Employment Agreement, the Compensation Committee may, in its sole discretion, award Mr.&nbsp;Cohen additional allocations in amounts and on such
terms to be determined by the Compensation Committee. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Current Cohen Employment Agreement provides that Mr.&nbsp;Cohen may participate in any group life, hospitalization or disability insurance plans, health programs, retirement plans,
fringe benefit programs and other benefits that may be available to other senior executives of the Company generally, in each case to the extent that Mr.&nbsp;Cohen is eligible under the terms of
such plans or programs. Mr.&nbsp;Cohen is entitled to participate in any equity compensation plan of the Company or IFMI,&nbsp;LLC in which he is eligible to participate, and may, without
limitation, be granted in accordance with any such plan options to purchase units of membership interests in IFMI,&nbsp;LLC, shares of common stock and other equity awards in the discretion of the
Compensation Committee. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the Current Cohen Employment Agreement, in the event Mr.&nbsp;Cohen is terminated by the Company due to his death or disability, Mr.&nbsp;Cohen (or his estate or
beneficiaries, as applicable) will be entitled to receive (a)&nbsp;any Current Guaranteed Payment and other benefits (including any Allocations for any period completed before termination of the
Current Cohen Employment Agreement (the "Prior Period Allocations")) earned and accrued, but not yet paid, under the Current Cohen Employment Agreement prior to the date of termination; (b)&nbsp;a
single-sum payment equal to the Current Guaranteed Payment that would have been paid to him for the remainder of the year in which the termination occurs; (c)&nbsp;a single-sum payment equal to
(x)&nbsp;the allocations for the period in which the termination occurs to which he would have been entitled if a termination had not occurred in such period, multiplied by (y)&nbsp;a fraction
(1)&nbsp;the numerator of which is the number of days in such period preceding the termination and (2)&nbsp;the denominator of which is the total number of days in such period. In addition, in the
event Mr.&nbsp;Cohen is terminated by the Company due to his death or disability, all outstanding unvested equity based awards (including, without limitation, stock options and restricted stock)
held by Mr.&nbsp;Cohen will fully vest and become immediately exercisable, as applicable, subject to the terms of such awards. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
Mr.&nbsp;Cohen terminates his employment without "Good Reason" (as defined in the Current Cohen Employment Agreement) or the Company terminates his employment for "Cause" (as
defined in the Current Cohen Employment Agreement), Mr.&nbsp;Cohen will only be entitled to any Current Guaranteed Payment and other benefits earned and accrued, but unpaid, prior to the date of
termination. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
Mr.&nbsp;Cohen terminates his employment with Good Reason, or the Company terminates his employment without Cause, or the Company or IFMI,&nbsp;LLC terminates the Current Cohen
Employment Agreement by not renewing the term of the Current Cohen Employment Agreement as provided therein, then Mr.&nbsp;Cohen will be entitled to receive (a)&nbsp;a single-sum payment equal to
accrued but unpaid Current Guaranteed Payment and other benefits (including any Prior Period Allocations earned by Mr.&nbsp;Cohen), (b)&nbsp;a single-sum payment of an amount equal to three times
(1)&nbsp;the average of the Current Guaranteed Payment amounts paid to Mr.&nbsp;Cohen over the three calendar years prior to the date of termination, (2)&nbsp;if less than three years have
elapsed between the date of the Current Cohen Employment Agreement and the date of termination, the highest Current Guaranteed Payment paid to Mr.&nbsp;Cohen in any calendar year prior to the date
of termination, or (3)&nbsp;if less than twelve months have </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>28</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=35,EFW="2226410",CP="INSTITUTIONAL FINANCIAL MARKETS,",DN="1",CHK=346369,FOLIO='28',FILE='DISK128:[15ZCS1.15ZCS16101]DG16101A.;5',USER='JTAYLORA',CD='30-OCT-2015;09:32' -->
<A NAME="page_dg16101_1_29"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg16101a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>elapsed
from the date of the Current Cohen Employment Agreement to the date of termination, the highest Current Guaranteed Payment received in any month times twelve; provided that if the applicable
calculation under (1), (2)&nbsp;or (3)&nbsp;yields less than $3,000,000, then Mr.&nbsp;Cohen will receive a single-sum payment of $3,000,000 in lieu of such amount; and (c)&nbsp;a single-sum
payment equal to the allocations for the period in which the termination occurs to which he would have been entitled if a termination had not occurred in such period, multiplied by a fraction
(x)&nbsp;the numerator of which is the number of days in such period preceding the termination and (y)&nbsp;the denominator of which is the total number of days in such period. In addition, if
Mr.&nbsp;Cohen terminates his employment with Good Reason, or the Company terminates his employment without Cause, or the Company or IFMI,&nbsp;LLC terminates the Current Cohen Employment
Agreement by not renewing the term of the Current Cohen Employment Agreement as provided therein, then all outstanding unvested equity based awards (including, without limitation, stock options and
restricted stock) held by Mr.&nbsp;Cohen will fully vest and become immediately exercisable, as applicable, subject to the terms of such awards. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event of a "Change of Control" (as defined in the Current Cohen Employment Agreement) of the Company, all of Mr.&nbsp;Cohen's outstanding unvested equity-based awards become
fully vested and immediately exercisable, as applicable. With respect to a Change of Control transaction, if Mr.&nbsp;Cohen remains with the Company through the first anniversary of a Change of
Control, but leaves the Company within six months thereafter, such termination will be treated as a termination for Good Reason, and Mr.&nbsp;Cohen will be entitled to the compensation set forth in
the preceding paragraph. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the Current Cohen Employment Agreement, if any amount payable to or other benefit to which Mr.&nbsp;Cohen is entitled would be deemed to constitute a "parachute payment"
(as defined in Section&nbsp;280G of the Code), alone or when added to any other amount payable or paid to or other
benefit receivable or received by Mr.&nbsp;Cohen, which is deemed to constitute a parachute payment and would result in the imposition of an excise tax under Section&nbsp;4999 of the Code, then
the parachute payments shall be reduced (but not below zero) so that the maximum amount is $1.00 less than the amount which would cause the parachute payments to be subject to the excise tax. However,
if the reduction of the parachute payments is equal to or greater than $50,000, then there will not be any reduction and the full amount of the parachute payment will be payable to Mr.&nbsp;Cohen. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
termination payments, other than for death or disability, are subject to Mr.&nbsp;Cohen signing a general release. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event Mr.&nbsp;Cohen employment is terminated by the Company for Cause, by Mr.&nbsp;Cohen without Good Reason, or by Mr.&nbsp;Cohen as a result of not renewing the Current
Cohen Employment Agreement, Mr.&nbsp;Cohen will be restricted for a period of six months after the end of the term of the Current Cohen Employment Agreement in his ability to engage in certain
activities that are competitive with the Company's sales and trading of fixed income securities or investment banking activities in any European country in which the Company or any of its controlled
affiliates operates (each a "Competing Business"), provided, however, Mr.&nbsp;Cohen may serve as a member of the board of directors or equivalent position of any corporation or other company that
is a Competing Business, provided, further, that Mr.&nbsp;Cohen is obligated to recuse himself from any discussion in such position if it raises a conflict of interest with respect to
Mr.&nbsp;Cohen's duties to the Company or adversely affects the Company. In addition for a period of six months following the end of the term of the Current Cohen Employment Agreement, regardless of
the reason the term of the Current Cohen Employment Agreement ends, Mr.&nbsp;Cohen is prohibited under certain circumstances from soliciting the Company's employees, customers and clients. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>29</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=9,SEQ=36,EFW="2226410",CP="INSTITUTIONAL FINANCIAL MARKETS,",DN="1",CHK=856243,FOLIO='29',FILE='DISK128:[15ZCS1.15ZCS16101]DG16101A.;5',USER='JTAYLORA',CD='30-OCT-2015;09:32' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_di16101_1_30"> </A>

<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg16101a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As previously announced, the Company has entered into a definitive agreement to sell its European operations in the European Operations Sale Transaction (the
"European Operations Sale Agreement") to C&amp;Co Europe Acquisition&nbsp;LLC, an entity controlled by Mr.&nbsp;Cohen, for approximately $8,700,000. In the event of the closing of the European
Operations Sale Transaction, the Current Cohen Employment Agreement would be terminated and Mr.&nbsp;Cohen would be deemed to have voluntarily terminated his employment with the Company and its
affiliates and to have resigned from all other positions and offices that he holds with the Company and its affiliates. Notwithstanding the foregoing, Mr.&nbsp;Cohen would receive no severance or
other compensation related to such termination and resignation, and Mr.&nbsp;Cohen would remain Vice Chairman of the Company's Board of Directors and the Company's largest stockholder. The parties
to the European Operations Sale Agreement have extended the deadline for the closing of the European Operations Sale Transaction on two separate occasions, with the current deadline being
December&nbsp;31, 2015. In connection with the second deadline extension, the parties to the European Operations Sale Agreement agreed that, if the European Operations Sale Transaction is terminated
in accordance with its terms, then (i)&nbsp;Mr.&nbsp;Cohen will pay $600,000 of the legal and financial advisory fees incurred by the Company and the Special Committee of the Company's Board of
Directors formed in connection with the European Operations Sale Transaction since April&nbsp;1, 2014, and (ii)&nbsp;the Current Cohen Employment Agreement will be amended to provide that, if
Mr.&nbsp;Cohen's employment is terminated by the Company without "cause" or by Mr.&nbsp;Cohen for "good reason" (as such terms are defined in the Current Cohen Employment Agreement), the Company
will pay Mr.&nbsp;Cohen a maximum of $1,000,000 as a severance benefit (in lieu of the minimum of $3,000,000 severance benefit described above). See Certain Relationships and Related Party
Transactions&#151;Sale of European Operations to C&amp;Co Europe Acquisition&nbsp;LLC for additional information regarding the sale of the European Operations Sale Transaction. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Joseph W. Pooler, Jr., Chief Financial Officer  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Pooler's Employment Agreement, dated May&nbsp;7, 2008 and amended on February&nbsp;20, 2009 and February&nbsp;18,
2010, or, collectively, the Pooler Agreement, provides for a minimum salary of $400,000 per annum through December&nbsp;31, 2010. Mr.&nbsp;Pooler's base salary for fiscal years after 2010 will be
determined by the Compensation Committee. On January&nbsp;15, 2013, the Compensation Committee increased Mr.&nbsp;Pooler's salary to $420,000 per year. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
initial term of the Pooler Agreement ended on December&nbsp;31, 2012, however, pursuant to the terms of the Pooler Agreement, the term renewed automatically for an additional one
year period at such time and will continue to be renewed for additional one year periods at the end of any renewed term unless terminated by either of the parties in accordance with the terms of the
Pooler Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the Pooler Agreement, if Mr.&nbsp;Pooler terminates his employment with "Good Reason" (as defined in the Pooler Agreement), the Company terminates his employment without
"Cause" (as defined in the Pooler Agreement), or the Company chooses not to renew the Pooler Agreement at its expiration, Mr.&nbsp;Pooler will be entitled to (a)&nbsp;any base salary and other
benefits earned and accrued prior to the date of termination; (b)&nbsp;a single-sum payment equal to three times (x)&nbsp;the average of the base salary amounts paid to Mr.&nbsp;Pooler over the
three calendar years prior to the date of termination, (y)&nbsp;if less than three years have elapsed between the date of the Pooler Agreement and the date of termination, the highest base salary
paid to Mr.&nbsp;Pooler in any calendar year prior to the date of termination, or (z)&nbsp;if less than 12&nbsp;months have elapsed from the date of the Pooler Agreement to the date of
termination, the highest base salary received in any month times 12; (c)&nbsp;all of his outstanding unvested equity-based awards becoming fully vested and immediately exercisable, as applicable,
subject to the terms of such awards; (d)&nbsp;payment for outplacement assistance appropriate for Mr.&nbsp;Pooler's position for a period of one year following termination, such services not to
exceed $25,000; and (e)&nbsp;continued family coverage, without incremental cost, in Company sponsored health and dental plans at then-current cost for a period of nine months. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>30</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=37,EFW="2226410",CP="INSTITUTIONAL FINANCIAL MARKETS,",DN="1",CHK=835401,FOLIO='30',FILE='DISK128:[15ZCS1.15ZCS16101]DI16101A.;4',USER='JTAYLORA',CD='30-OCT-2015;09:32' -->
<A NAME="page_di16101_1_31"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg16101a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event of a "Change of Control" (as defined in the Pooler Agreement), all of Mr.&nbsp;Pooler's outstanding unvested equity-based awards become fully vested and immediately
exercisable, as
applicable, subject to the terms of such awards. If Mr.&nbsp;Pooler terminates his employment within the twelve-month period following a Change of Control, such termination will be treated as a
termination for "Good Reason" so long as Mr.&nbsp;Pooler makes himself available to provide transition services to the Company, at the request of the Company, for up to twelve months following the
Change of Control. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the Pooler Agreement, if any amount payable to or other benefit to which Mr.&nbsp;Pooler is entitled would be deemed to constitute a "parachute payment" (as defined in
Section&nbsp;280G of the Code), alone or when added to any other amount payable or paid to or other benefit receivable or received by Mr.&nbsp;Pooler, which is deemed to constitute a parachute
payment and would result in the imposition of an excise tax under Section&nbsp;4999 of the Code, then the parachute payments shall be reduced (but not below zero) so that the maximum amount is $1.00
less than the amount which would cause the parachute payments to be subject to the excise tax. However, if the reduction of the parachute payments is equal to or greater than $50,000, then there will
not be any reduction and the full amount of the parachute payment will be payable to Mr.&nbsp;Pooler. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Pooler Agreement contains a waiver of any "Good Reason" termination that was available to Mr.&nbsp;Pooler pursuant to the terms of his original employment agreement as a result of
the closing of a transaction pursuant to which IFMI,&nbsp;LLC became a majority owned subsidiary of the Company. The Pooler Agreement also acknowledges that Mr.&nbsp;Pooler's equity-based awards
in IFMI,&nbsp;LLC became fully vested and immediately exercisable as of December&nbsp;16, 2009, the date of the closing of the transaction pursuant to which IFMI,&nbsp;LLC became a majority
owned subsidiary of the Company. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the period of Mr.&nbsp;Pooler's employment with IFMI,&nbsp;LLC, and the period ending one year following the termination of his employment with IFMI,&nbsp;LLC,
Mr.&nbsp;Pooler may not, directly or indirectly through another entity, (a)&nbsp;induce or attempt to induce any employee of IFMI,&nbsp;LLC or its affiliates to leave the employ of
IFMI,&nbsp;LLC or such affiliates, or in any way interfere with the relationship between IFMI,&nbsp;LLC and any of its affiliates and any employee thereof, or (b)&nbsp;hire any person who was an
employee of IFMI,&nbsp;LLC or any of its affiliates or subsidiaries within 180&nbsp;days after such person ceased to be an employee of IFMI,&nbsp;LLC or any of its affiliates. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Compensation Upon Change of Control or Termination  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As described above, Messrs.&nbsp;Cohen and Pooler have provisions in their respective employment agreements providing for certain
benefits upon the occurrence of certain events, including terminations of their respective employment without cause or for good reason, upon a change of control, or upon their death or disability. As
a part of the negotiations of each employment agreement, the Board of Directors believed that circumstances giving rise to the payments set forth above were appropriate. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Other Compensation Plans  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company does not generally provide its executive officers with payments or other benefits at, following, or in connection with
retirement. The Company does not generally have a nonqualified deferred compensation plan that provides for deferral of compensation on a basis that is not tax-qualified for its executive officers. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="di16101_cash_and_equity_plan_compensation"> </A>
<A NAME="toc_di16101_1"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Cash and Equity Plan Compensation    <BR>    </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


The Cash Bonus Plan  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In August 2009, the Board of Directors adopted the Cash Bonus Plan, which was approved by stockholders on December&nbsp;15, 2009. The
purpose of the Company's Cash Bonus Plan is to provide performance-based cash bonus compensation for participants based on the attainment of one or more </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>31</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=38,EFW="2226410",CP="INSTITUTIONAL FINANCIAL MARKETS,",DN="1",CHK=1024320,FOLIO='31',FILE='DISK128:[15ZCS1.15ZCS16101]DI16101A.;4',USER='JTAYLORA',CD='30-OCT-2015;09:32' -->
<A NAME="page_di16101_1_32"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg16101a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>performance
goals or targets that are related to the financial success of the Company, and that are established from time to time by the Compensation Committee, as part of an integrated compensation
program. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
reflected under "Non-Equity Incentive Plan Compensation" in the Summary Compensation Table above, Messrs.&nbsp;Brafman and Pooler were awarded performance-based bonus awards in the
amounts of
$400,000 and $170,000, respectively, for their performance in 2014. These awards were granted under the Company's Cash Bonus Plan. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See
"Proposal Two&#151;Re-Approval of the Institutional Financial Markets,&nbsp;Inc. Cash Bonus Plan" and </FONT><FONT SIZE=2><I>Appendix&nbsp;A</I></FONT><FONT SIZE=2> to
this proxy statement and attached hereto for additional information regarding the Cash Bonus Plan. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>



<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


The 2010 Long-Term Incentive Plan  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The 2010 Long-Term Incentive Plan, as amended from time to time, is administered by the Compensation Committee, except that, in certain
circumstances the Board of Directors may act in its place. The purpose of the 2010 Long-Term Incentive Plan is to induce key employees, directors, officers, advisors and consultants to continue
providing services to the Company and its subsidiaries and to encourage them to increase their efforts to make the Company's business more successful, whether directly or through its subsidiaries or
other affiliates. In furtherance of these objectives, the 2010 Long-Term Incentive Plan is designed to provide equity-based incentives to such persons in the form of options (including stock
appreciation rights), restricted shares, phantom shares, dividend equivalent rights and other forms of equity based awards as contemplated by the 2010 Long-Term Incentive Plan, with eligibility for
such awards determined by the Compensation Committee. The Compensation Committee and Board of Directors believe that awards of restricted shares, typically vesting over a multi-year periods, are the
most effective of the equity-based incentives available under the 2010 Long-Term Incentive Plan in accomplishing its compensation goals. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity-based
awards to key personnel are generally subject to vesting periods in order to support the achievement of the Company's performance goals over the long-term and to help retain
key personnel. The Compensation Committee determines the number and type of equity-based incentives that should be awarded from time to time to key personnel in light of the Company's compensation
goals and objectives. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective
on the Brafman Grant Date, the Company granted to Mr.&nbsp;Brafman the Brafman Awards under the 2010 Long-Term Incentive Plan. In addition, effective on the Pooler Grant
Date, the Company granted to Mr.&nbsp;Pooler the Pooler Award under the 2010 Long-Term Incentive Plan. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective
February&nbsp;12, 2015, the Compensation Committee, under the 2010 Long-Term Incentive Plan, awarded 75,758 and 45,455 restricted shares of our common stock to
Mr.&nbsp;Brafman and Mr.&nbsp;Pooler, respectively, based on their respective performance in 2014. The closing price of our common stock on February&nbsp;12, 2015 was $1.65. With regard to both
such awards, the restrictions expire with respect to one-half of these restricted shares on January&nbsp;31, 2016 and with respect to the remaining one-half of
these restricted shares on January&nbsp;31, 2017, in each case, so long as Mr.&nbsp;Brafman or Mr.&nbsp;Pooler, as applicable, is then employed by the Company or any of its subsidiaries. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="di16101_perquisites"> </A>
<A NAME="toc_di16101_2"> </A></FONT> <FONT SIZE=2><B>



<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Perquisites    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Perquisites did not constitute a material portion of the compensation paid to the executive officers for fiscal year 2013 or 2014.
Executive officers are eligible to participate in all of the Company's employee benefit plans, such as medical, dental, group life, disability, accidental death and dismemberment insurance and our
401(k) plan, in each case on the same basis as other employees, subject to applicable law. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>32</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=39,EFW="2226410",CP="INSTITUTIONAL FINANCIAL MARKETS,",DN="1",CHK=467658,FOLIO='32',FILE='DISK128:[15ZCS1.15ZCS16101]DI16101A.;4',USER='JTAYLORA',CD='30-OCT-2015;09:32' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_dk16101_1_33"> </A>

<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg16101a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dk16101_compensation_of_directors"> </A>
<A NAME="toc_dk16101_1"> </A>
<BR></FONT><FONT SIZE=2><B>  COMPENSATION OF DIRECTORS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company uses a combination of cash and stock-based compensation to attract and retain qualified candidates to serve on the Board of
Directors. In accordance with the Company's compensation policy, for serving as a director for the fiscal year ended December&nbsp;31, 2014, non-employee directors each received an annual cash fee
of $32,000 and $55,000 in restricted common stock in the Company. The Chairman of the Audit Committee, the Chairman of the Compensation Committee, the Chairman of the Investment Committee and the
Chairman of the Nominating and Corporate Governance Committee received additional annual cash fees of $20,000, $3,750, $3,750 and $3,750, respectively. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
February 2015, the Board of Directors decreased the dollar value of restricted common stock in the Company that each non-employee director will receive for serving as a director for
the fiscal year ended December&nbsp;31, 2015 to $50,000. Further, the Board determined in February 2015 to increase the
annual fee to be paid for the fiscal year ended December&nbsp;31, 2015 to the Chairman of the Investment Committee to $10,500. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
table below summarizes the compensation information for the Company's non-employee directors for the fiscal year ended December&nbsp;31, 2014. Daniel G. Cohen, Vice Chairman of the
Board of Directors and of the board of managers of IFMI,&nbsp;LLC, President and Chief Executive of the Company's European Business, and President of CCFL, is not included in the table below as he
is deemed a "named executive officer" of the Company. Compensation for Mr.&nbsp;Cohen is shown on the Summary Compensation Table above. </FONT></P>
 <DIV style="padding:0pt;position:relative;width:54%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"150%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="150%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="49pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="39pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="36pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="68pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="67pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="67pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="45pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:21pt;"><FONT SIZE=1><B>Name

<!-- COMMAND=ADD_SCROPPEDRULE,21pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Fees<BR>
Earned<BR>
or Paid in<BR>
Cash<BR>
($)(1) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Stock<BR>
Awards<BR>
($)(2) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Option<BR>
Awards<BR>
($) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Non-Equity<BR>
Incentive Plan<BR>
Compensation<BR>
($) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Nonqualified<BR>
Deferred<BR>
Compensation<BR>
Earnings<BR>
($) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>All Other<BR>
Compensation<BR>
($) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Total<BR>
($) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Thomas P. Costello</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>52,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>55,001</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>107,001</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>G. Steven Dawson</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>35,750</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>55,001</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>90,751</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Jack DiMaio</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>32,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>55,001</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>87,001</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Joseph M. Donovan</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>60,750</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(3)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>55,001</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>115,751</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Jack Haraburda</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>35,750</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>55,001</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>90,751</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Christopher Ricciardi</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>47,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(3)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>55,001</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>102,001</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Neil Subin</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>47,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(3)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>55,001</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>102,001</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" >
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Amounts
in this column represent annual board fees and annual chair fees earned by non-employee directors for service in 2014.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Amounts
in this column represent the grant date fair value of the restricted stock award, computed in accordance with FASB ASC Topic 718. The grant date
fair value per share for these restricted shares was $2.43 and each director, as indicated, was granted 22,634 restricted shares of Company's common stock. The assumptions used in the calculations of
these amounts were included in note&nbsp;20 to the Company's audited financial statements for the year ended December&nbsp;31, 2014 in the Company's Annual Report on Form&nbsp;10&#151;K
for the fiscal year ended December&nbsp;31, 2014. Amounts do not correspond to the actual value that may be recognized by the director. As of December&nbsp;31, 2014, the aggregate number of
restricted stock awards outstanding at December&nbsp;31, 2014 for each director was as follows: (i)&nbsp;Mr.&nbsp;Costello&#151;22,634 shares;
(ii)&nbsp;Mr.&nbsp;Dawson&#151;22,634 shares; (iii)&nbsp;Mr.&nbsp;DiMaio&#151;22,634 shares; (iv)&nbsp;Mr.&nbsp;Donovan&#151;22,634 shares;
(v)&nbsp;Mr.&nbsp;Haraburda&#151;22,634 shares; (vi)&nbsp;Mr.&nbsp;Ricciardi&#151;22,634 shares; and (vii)&nbsp;Mr.&nbsp;Subin&#151;22,634 shares. The restrictions on
the foregoing shares expired on February&nbsp;12, 2015.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Messrs.&nbsp;Donovan,
Ricciardi, and Subin received fees of $25,000, $15,000 and $15,000, respectively, for their service on the Special Committee of the
Board of Directors which was formed for the </FONT></DD></DL>
 </DIV>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>33</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=40,EFW="2226410",CP="INSTITUTIONAL FINANCIAL MARKETS,",DN="1",CHK=727025,FOLIO='33',FILE='DISK128:[15ZCS1.15ZCS16101]DK16101A.;7',USER='JTAYLORA',CD='30-OCT-2015;09:32' -->
<A NAME="page_dk16101_1_34"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg16101a_main_toc">Table of Contents</A></FONT></P>
 <DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <UL>

<P style="font-family:times;"><FONT SIZE=2>purpose
of evaluating and negotiating the European Operations Sale Transaction (see Certain Relationships and Related Party Transactions&#151;Sale of European Operations to C&amp;Co Europe
Acquisition&nbsp;LLC for additional information regarding the European Operations Sale Transaction).  </FONT></P>

</UL>
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company reimburses all non-employee directors for travel and other reasonable expenses incurred in connection with attending its Board of Directors, committee and annual meetings. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>34</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=41,EFW="2226410",CP="INSTITUTIONAL FINANCIAL MARKETS,",DN="1",CHK=312485,FOLIO='34',FILE='DISK128:[15ZCS1.15ZCS16101]DK16101A.;7',USER='JTAYLORA',CD='30-OCT-2015;09:32' -->
<A NAME="page_dk16101_1_35"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg16101a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dk16101_equity_compensation_plan_information"> </A>
<A NAME="toc_dk16101_2"> </A>
<BR></FONT><FONT SIZE=2><B>  EQUITY COMPENSATION PLAN INFORMATION    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table provides information regarding the 2006 Long-Term Incentive Plan and the 2010 Long-Term Incentive Plan as of
December&nbsp;31, 2014. </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="100pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="84pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="107pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>(a) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>(b) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>(c) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Number of securities<BR>
to be issued upon the<BR>
exercise of<BR>
outstanding options,<BR>
warrants and rights </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Weighted-average<BR>
exercise price of<BR>
outstanding<BR>
options, warrants,<BR>
and rights </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Number of securities<BR>
remaining available for<BR>
future issuance under<BR>
equity compensation<BR>
plans (excluding<BR>
securities reflected in<BR>
column (a)) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Equity compensation plans approved by security holders</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,192,857</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4.00</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,239,488</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Equity compensation plans not approved by security holders</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>35</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=42,EFW="2226410",CP="INSTITUTIONAL FINANCIAL MARKETS,",DN="1",CHK=106805,FOLIO='35',FILE='DISK128:[15ZCS1.15ZCS16101]DK16101A.;7',USER='JTAYLORA',CD='30-OCT-2015;09:32' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_dm16101_1_36"> </A>

<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg16101a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dm16101_proposal_two_#151;re-approval___pro03249"> </A>
<A NAME="toc_dm16101_1"> </A>
<BR></FONT><FONT SIZE=2><B>  PROPOSAL TWO&#151;RE-APPROVAL OF THE INSTITUTIONAL FINANCIAL MARKETS,&nbsp;INC. CASH BONUS PLAN    <BR>    </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are re-submitting the Institutional Financial Markets,&nbsp;Inc. (formerly Alesco Financial&nbsp;Inc.) Cash Bonus Plan (the
"Cash Bonus Plan") for stockholder approval so that the Compensation Committee may award bonuses under the Cash Bonus Plan that qualify for the qualified performance-based compensation exemption from
the $1,000,000 deduction limit under Section&nbsp;162(m) of the Code. The Cash Bonus Plan, including the material terms of the performance goals thereunder, was initially adopted by the Board of
Directors on August&nbsp;4, 2009 and was approved by our stockholders on December&nbsp;15, 2009. Section&nbsp;162(m) of the Code generally requires re-approval of the material terms of the
performance goals under an incentive program, such as the Cash Bonus Plan, every five years in order for a company to continue to have the ability to grant awards that qualify as performance-based
compensation under Section&nbsp;162(m) of the Code. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Cash Bonus Plan provides for the award of cash bonuses to eligible participants based on their achievement of certain preset performance objectives. The Board of Directors believes
that the Cash Bonus Plan furthers our compensation structure and strategy and encourages results-oriented actions on the part of our eligible participants under the Cash Bonus Plan.
Section&nbsp;162(m) of the Code permits us to deduct "qualified performance-based compensation" in excess of $1,000,000 in any taxable year to our Chief Executive Officer and certain of our other
executive officers, if, among other things, the material terms of the performance-based compensation have been approved by our stockholders. The Board of Directors believes that our interests, as well
as the interests of our stockholders, will be advanced if we continue to have the ability to structure incentive awards under the Cash Bonus Plan that qualify for the exemption from the $1,000,000
deduction limitation under Section&nbsp;162(m) of the Code. If our stockholders approve this Proposal Two, we will continue to have the ability to provide performance-based bonuses under the Cash
Bonus Plan that will meet the requirements of Section&nbsp;162(m) of the Code. If our stockholders do not approve this Proposal Two, the Cash Bonus Plan will continue; however, the Compensation
Committee will not be able to grant awards under the Cash Bonus Plan that qualify for the qualified performance-based exemption under Section&nbsp;162(m) of the Code. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
material terms of the Cash Bonus Plan are summarized below. A copy of the Cash Bonus Plan is attached hereto as </FONT><FONT SIZE=2><I>Appendix&nbsp;A</I></FONT><FONT SIZE=2>. The
summary below is not intended to be a complete description of the Cash Bonus Plan and is qualified in its entirety by the text of the Cash Bonus Plan, which is incorporated by reference into this
proxy statement. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Material Provisions of the Cash Bonus Plan  </I></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The purpose of the Cash Bonus Plan is to provide bonuses to eligible participants, including our executive officers, on the basis of
performance and to provide an incentive for participants to increase the Company's performance and stockholder value. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
design and administration of the Cash Bonus Plan are intended to cause amounts paid under the Cash Bonus Plan to be treated as "performance-based" compensation as that term is used
for purposes of Section&nbsp;162(m) of the Code. As a consequence, compensation paid under the Cash Bonus Plan is intended to be exempt from the provisions of the Code that would otherwise limit our
ability to deduct, for federal income tax purposes, senior executive compensation in excess of $1,000,000 per executive. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Eligibility</U>.&nbsp;&nbsp;&nbsp;&nbsp;Participants in the Cash Bonus Plan are those executives designated as participants by the Compensation
Committee or by another committee established by our Board of Directors. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Term of Cash Bonus Plan</U>.&nbsp;&nbsp;&nbsp;&nbsp;The Cash Bonus Plan became effective as of August&nbsp;4, 2009, and will continue until it is
terminated by our Board of Directors. The Cash Bonus Plan may be submitted </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>36</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=43,EFW="2226410",CP="INSTITUTIONAL FINANCIAL MARKETS,",DN="1",CHK=554949,FOLIO='36',FILE='DISK128:[15ZCS1.15ZCS16101]DM16101A.;6',USER='JTAYLORA',CD='30-OCT-2015;09:32' -->
<A NAME="page_dm16101_1_37"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg16101a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>periodically
for re-approval by the stockholders from time to time, and should be so re-approved no later than the stockholders meeting that occurs in the fifth year following its last stockholder
approval in order to remain qualified as a "performance-based" compensation arrangement for purposes of the Code rules regarding deductibility of senior executive compensation. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Administration of the Cash Bonus Plan</U>.&nbsp;&nbsp;&nbsp;&nbsp;The Cash Bonus Plan is administered by either the Compensation Committee or by
another committee of our Board of Directors, or the plan committee, which must consist exclusively of two or more "outside directors" (as that term is defined under the Treasury Regulations issued
under Section&nbsp;162(m) of the Code), designated by our Board of Directors. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
plan committee has the authority to establish and amend rules relating to the Cash Bonus Plan and to make all other determinations necessary and advisable for the administration
thereof. The plan committee may reduce any amount that would be otherwise payable under the Cash Bonus Plan if it determines that the reduction is necessary or appropriate, or in the best interests of
our stockholders. The plan committee may not exercise discretion to increase a payment due under the Cash Bonus Plan. Subject to applicable law, all decisions made by the plan committee regarding the
Cash Bonus Plan are made in its sole discretion and are final and binding. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Benefits Under the Cash Bonus Plan</U>.&nbsp;&nbsp;&nbsp;&nbsp;In general, the benefits under the Cash Bonus Plan consist of a cash bonus payable
to participants upon the achievement of objective performance goals established by the plan committee. The target bonus amounts for each participant are established by the plan committee, in its
discretion, at the start of each performance period. The maximum amount that can be paid to any one participant under the Cash Bonus Plan with respect to any one calendar year may not exceed
$5,000,000. This limitation is not pro-rated for the first performance period under the Cash Bonus Plan, even though the duration of that performance period is less than 12&nbsp;months. This
limitation may not be increased without stockholder approval. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
bases for such performance goals may include any of the following criteria: stock price, revenues, pretax income, operating income, cash flow, earnings per share, return on equity,
return on invested
capital or assets, cost reductions and savings, return on revenues, productivity, level of managed assets, and near or long-term earnings potential, or any variation or combination of the preceding
business criteria, as determined by the plan committee. Performance goals may be stated with respect to our business as a whole, or with respect to a specified subsidiary, division or other
operational unit. In addition, performance goals may be stated in absolute terms or may be expressed relative to performance in a specified prior period or to the performance of other specified
enterprises. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
plan committee may utilize as an additional performance measure (to the extent such criteria are objectively structured in a manner consistent with the tax rules relating to
"performance-based" compensation) the attainment by a participant of one or more of the following personal objectives and/or goals specified by the plan committee: implementation of the Company's
policies, negotiation of significant corporate transactions, development of long-term business goals or strategic plans, or the exercise of specific areas of managerial responsibility. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
all such cases, however, the measurement of corporate or individual achievement of any of these goals must be objectively determinable and is to be determined, to the extent
applicable, according to GAAP as in existence on the date on which performance goal or goals for the year in question were established. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the terms of the Cash Bonus Plan, a performance period may be a full year or any portion of that year. The performance goals for an entire year must be established no later than
90&nbsp;days after the beginning of the year. In the event a performance period is established for less than a full year, then the goal or goals for that performance period must be established
before the beginning of the performance period, or within the first 25% of the performance period. The achievement of </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>37</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=44,EFW="2226410",CP="INSTITUTIONAL FINANCIAL MARKETS,",DN="1",CHK=369504,FOLIO='37',FILE='DISK128:[15ZCS1.15ZCS16101]DM16101A.;6',USER='JTAYLORA',CD='30-OCT-2015;09:32' -->
<A NAME="page_dm16101_1_38"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg16101a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>performance
goals established under the Cash Bonus Plan must be certified by the plan committee in writing before any bonus may be paid. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Amendment and Termination of the Cash Bonus Plan</U>.&nbsp;&nbsp;&nbsp;&nbsp;Our Board of Directors may terminate or revoke the Cash Bonus Plan at
any time and may amend the Cash Bonus Plan from time to time. However, no amendment may increase the annual per person limit on awards, expand the group of eligible participants or expand the business
criteria on which performance goals may be based without stockholder approval. The Cash Bonus Plan may also be modified or amended by the plan committee, as it deems appropriate, in order to comply
with the tax rules related to deductibility of "performance-based" compensation. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Federal Tax Issues</U>.&nbsp;&nbsp;&nbsp;&nbsp;Bonuses payable under the Cash Bonus Plan are intended to be provided only on the attainment of the
performance goals established by the plan committee for the year for which the bonus is paid. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assuming
the Cash Bonus Plan is re-approved by our stockholders and is administered in accordance with the provisions set forth therein, the taxable compensation payable under the Cash
Bonus Plan should qualify as "qualified performance-based" compensation and, therefore, is expected to be fully deductible by the Company. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments
under the Cash Bonus Plan are expected to be taxable as ordinary income to participants upon receipt. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>New Plan Benefits</U>.&nbsp;&nbsp;&nbsp;&nbsp;Because payments under the Cash Bonus Plan depend on its implementation, including establishment of
participation, future performance of the Company and on the Company's actual performance during future performance periods, the actual amounts that the Company will pay under the plan with respect to
future performance periods are not yet determinable. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Vote Required</U>.&nbsp;&nbsp;&nbsp;&nbsp;Re-approval of the Cash Bonus Plan requires the affirmative vote of a majority of the votes cast at the
meeting. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>THE BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS THAT YOU VOTE </B></FONT><FONT SIZE=2><B><I>FOR</I></B></FONT><FONT SIZE=2><B> THE RE-APPROVAL OF THE CASH BONUS PLAN AS SET
FORTH IN PROPOSAL TWO. IN THE ABSENCE OF INSTRUCTIONS TO THE CONTRARY, PROXIES SOLICITED IN CONNECTION WITH THIS PROXY STATEMENT WILL BE VOTED </B></FONT><FONT SIZE=2><B><I>FOR</I></B></FONT><FONT SIZE=2><B> SUCH
RE-APPROVAL.</B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>38</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=45,EFW="2226410",CP="INSTITUTIONAL FINANCIAL MARKETS,",DN="1",CHK=224578,FOLIO='38',FILE='DISK128:[15ZCS1.15ZCS16101]DM16101A.;6',USER='JTAYLORA',CD='30-OCT-2015;09:32' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_do16101_1_39"> </A>

<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg16101a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="do16101_proposal_three_#151;ratificati__pro03957"> </A>
<A NAME="toc_do16101_1"> </A>
<BR></FONT><FONT SIZE=2><B>  PROPOSAL THREE&#151;RATIFICATION OF THE APPOINTMENT OF THE<BR>  INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM    <BR>    </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee has appointed Grant Thornton&nbsp;LLP to be the Company's independent registered public accounting firm for the
fiscal year ending December&nbsp;31, 2015. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stockholder
ratification of the selection of Grant Thornton&nbsp;LLP as our independent registered public accounting firm is not required under the laws of the State of Maryland, by
our Bylaws or otherwise. However, our Board of Directors believes that it is good corporate practice to seek stockholder ratification of the selection of our independent registered public accounting
firm. If the appointment of Grant Thornton&nbsp;LLP is not ratified, the Audit Committee will reconsider the appointment. Even if the appointment is ratified, the Audit Committee in its discretion
may direct the appointment of a different independent registered public accounting firm during the year if it determines that such a change would be in our best interests and those of our
stockholders. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Representatives
of Grant Thornton&nbsp;LLP are expected to be present at the Company's 2015 Annual Meeting of Stockholders, will have the opportunity to make a statement if they desire
to do so and are expected to be available to respond to appropriate questions from our stockholders. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>THE BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS THAT YOU VOTE </B></FONT><FONT SIZE=2><B><I>FOR</I></B></FONT><FONT SIZE=2><B> THE RATIFICATION OF THE APPOINTMENT OF GRANT
THORNTON&nbsp;LLP AS THE COMPANY'S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM FOR THE FISCAL YEAR ENDING DECEMBER 31, 2015 AS SET FORTH IN PROPOSAL THREE. IN THE ABSENCE OF INSTRUCTIONS TO THE
CONTRARY, PROXIES SOLICITED IN CONNECTION WITH THIS PROXY STATEMENT WILL BE VOTED </B></FONT><FONT SIZE=2><B><I>FOR</I></B></FONT><FONT SIZE=2><B> SUCH RATIFICATION.</B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>39</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=46,EFW="2226410",CP="INSTITUTIONAL FINANCIAL MARKETS,",DN="1",CHK=218034,FOLIO='39',FILE='DISK128:[15ZCS1.15ZCS16101]DO16101A.;4',USER='JTAYLORA',CD='30-OCT-2015;09:32' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_dq16101_1_40"> </A>

<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg16101a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dq16101_principal_accounting_firm_fees"> </A>
<A NAME="toc_dq16101_1"> </A>
<BR></FONT><FONT SIZE=2><B>  PRINCIPAL ACCOUNTING FIRM FEES    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the years ended December&nbsp;31, 2014 and December&nbsp;31, 2013, Grant Thornton&nbsp;LLP provided various audit and
non-audit services to the Company and its subsidiaries. The aggregate fees billed by Grant Thornton&nbsp;LLP to the Company and its subsidiaries for the years ended December&nbsp;31, 2014 and 2013
were as follows: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="64pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="64pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Year<BR>
Ended<BR>
December&nbsp;31,<BR>
2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Year<BR>
Ended<BR>
December&nbsp;31,<BR>
2013 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Audit Fees(1)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>626,732</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>730,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Audit-Related Fees(2)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>26,686</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>70,325</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Tax Fees</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>All Other Fees</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total Principal Accounting Firm Fees</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>653,418</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>800,325</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" >
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:15%;">
 <DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Audit
fees relate to services rendered by Grant Thornton&nbsp;LLP in connection with: (a)&nbsp;the audits of the annual financial statements included in
our Annual Reports on Form&nbsp;10-K and services attendant to, or required by, statute or regulation; (b)&nbsp;the reviews of the financial statements included in our Quarterly Reports on
Form&nbsp;10-Q; (c)&nbsp;other services related to SEC and other regulatory filings, including providing consents; (d)&nbsp;services provided in connection with the statutory audits of our U.S.
broker-dealer and United Kingdom and French subsidiaries; (e)&nbsp;accounting and financial consultation attendant to the audit; and (f)&nbsp;an audit of Star Asia Management&nbsp;Ltd. in 2013.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Audit-related
fees include fees related to the Company's 401(k) savings plan.  </FONT></DD></DL>
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Audit Committee must pre-approve all audit services and non-audit services provided to the Company or our subsidiaries by our independent registered public accounting firm, except
for non-audit services covered by the </FONT><FONT SIZE=2><I>de minimis</I></FONT><FONT SIZE=2> exception in Section&nbsp;10A of the Exchange Act. All of the audit and audit-related fees described
above for which Grant Thornton&nbsp;LLP billed for the fiscal years ended December&nbsp;31, 2014 and December&nbsp;31, 2013 were pre-approved by the Audit Committee. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Audit Committee considers and pre-approves any audit and non-audit services to be performed by our independent registered public accounting firm at our Audit Committee's regularly
scheduled and special meetings. The Audit Committee has delegated to its Chairman, an independent member of our Board of Directors, the authority to grant pre-approvals of all audit, review and attest
services and non-attest services other than the fees and terms for our annual audit, provided that any such pre-approval by the Chairman shall be reported to our Audit Committee at its next scheduled
meeting. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Audit Committee has considered whether the provision of these services is compatible with maintaining the independent registered public accounting firm's independence and has
determined that such services have not adversely affected the independence of our independent registered public accounting firm. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>40</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=47,EFW="2226410",CP="INSTITUTIONAL FINANCIAL MARKETS,",DN="1",CHK=670375,FOLIO='40',FILE='DISK128:[15ZCS1.15ZCS16101]DQ16101A.;4',USER='JTAYLORA',CD='30-OCT-2015;09:32' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_ds16101_1_41"> </A>

<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg16101a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ds16101_report_of_the_audit_co__ds102265"> </A>
<A NAME="toc_ds16101_1"> </A>
<BR></FONT><FONT SIZE=2><B>  REPORT OF THE AUDIT COMMITTEE OF THE BOARD OF DIRECTORS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a report by the Audit Committee regarding the responsibilities and functions of the Audit Committee. This report does
not constitute soliciting material and shall not be deemed filed or incorporated by reference into any other Company filing under the Exchange Act, except to the extent the Company specifically
incorporates this report of the Audit Committee by reference therein. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Audit Committee oversees our financial reporting process on behalf of the Board of Directors in accordance with the Audit Committee charter. Management is responsible for the
financial reporting process, including the system of internal controls, and for the preparation of consolidated financial statements in accordance with GAAP. Our independent registered public
accounting firm is responsible for performing an audit of the consolidated financial statements and, if required by applicable law, an audit of the effective operation of the Company's internal
control over financial reporting. The Audit
Committee's responsibility is to oversee and review these processes. In fulfilling its oversight responsibilities, the Audit Committee reviewed and discussed with management and the independent
registered public accounting firm the audited financial statements in the Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2014, including discussions regarding critical
accounting policies, other financial accounting and reporting principles and practices appropriate for the Company, the quality of such principles and practices, the reasonableness of significant
judgments and the clarity of disclosures in the financial statements. The Audit Committee also reviewed and discussed with management and the independent registered public accounting firm the
Company's internal controls over financial reporting, including a review of management's and the independent registered public accounting firm's assessments of and reports on the effectiveness of
internal controls over financial reporting and any significant deficiencies or material weaknesses and discussed with management and the independent registered public accounting firm, as applicable,
the process used to support certifications by our Chief Executive Officer and Chief Financial Officer that are required by the SEC and the Sarbanes-Oxley Act of 2002, as amended, to accompany the
Company's periodic filings with the SEC. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, the Audit Committee obtained from the independent registered public accounting firm a formal written statement describing all relationships between the independent
registered public accounting firm and the Company that might bear on their independence consistent with Independence Standards Board Standard No.&nbsp;1, "Independence Discussions with Audit
Committees," as currently in effect, discussed with the independent registered public accounting firm any relationships that may impact their objectivity and independence, and satisfied itself as to
their independence. When considering the independence of the independent registered public accounting firm, the Audit Committee considered whether their provision of services to the Company beyond
those rendered in connection with their audit of the Company's consolidated financial statements and reviews of its consolidated financial statements, including in its quarterly reports on
Form&nbsp;10-Q, was compatible with maintaining their independence. The Audit Committee also reviewed, among other things, the audit and non-audit services performed by, and the amount of fees paid
for such services to, the independent registered public accounting firm. The Audit Committee also discussed with the independent registered public accounting firm the matters required to be discussed
by generally accepted auditing standards, including those described in Statement on Auditing Standards (SAS) No.&nbsp;61, as amended (AICPA, Professional Standards, Vol. 1, AU Section&nbsp;380),
as adopted by the Public Company Accounting Oversight Board in Rule&nbsp;3200T. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
reliance on the reviews and discussions referred to above, but subject to the limitations on the role and responsibilities of the Audit Committee referred to below and in the Audit
Committee charter, the Audit Committee recommended to the Board of Directors (and the Board approved) that the audited financial statements for the year ended December&nbsp;31, 2014 be included in
the Annual Report on Form&nbsp;10-K. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>41</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=48,EFW="2226410",CP="INSTITUTIONAL FINANCIAL MARKETS,",DN="1",CHK=101324,FOLIO='41',FILE='DISK128:[15ZCS1.15ZCS16101]DS16101A.;4',USER='JTAYLORA',CD='30-OCT-2015;09:32' -->
<A NAME="page_ds16101_1_42"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg16101a_main_toc">Table of Contents</A></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Audit Committee is composed of three independent non-employee directors and operates under a written charter adopted by the Board of Directors (which is available on our website at </FONT> <FONT SIZE=2><I>http://www.ifmi.com</I></FONT><FONT SIZE=2>).
The Audit Committee consists of Messrs.&nbsp;Dawson, Subin and Costello, who serves as the Audit Committee Chairman. The Board
of Directors, in its judgment, has determined that each committee member meets the independence requirements of the SEC and NYSE MKT. The Board of Directors has also determined that each member of our
Audit Committee is financially literate and has accounting or related financial management expertise, as such qualifications are defined under the applicable NYSE MKT listing standards currently in
effect, and that Mr.&nbsp;Costello is an "audit committee financial expert," as defined under Item&nbsp;407(d)(5) of Regulation&nbsp;S-K. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Audit Committee held five meetings during fiscal year 2014. The meetings were designed, among other things, to facilitate and encourage communication among the Audit Committee,
management, and the independent registered public accounting firm. The members of the Audit Committee are not professionally engaged in the practice of accounting or auditing. Committee members rely,
without independent investigation or verification, on the information provided to them and on the representations made by management and the independent registered public accounting firm. Accordingly,
the Audit Committee's oversight does not provide an independent basis to determine that management has maintained appropriate accounting and financial reporting principles or appropriate internal
controls and procedures designed to assure compliance with accounting standards and applicable laws and regulations. Furthermore, the Audit Committee's considerations and discussions referred to above
do not assure that the audit of the financial statements has been carried out in accordance with the standards of the Public Company Accounting Oversight Board (United States), that the financial
statements are presented in accordance with GAAP or that Grant Thornton&nbsp;LLP is in fact "independent." </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Respectfully
Submitted, </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>Audit Committee</B></FONT><FONT SIZE=2><BR>
Thomas P. Costello, Chairman<BR>
Steve Dawson<BR>
Neil Subin </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>42</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=49,EFW="2226410",CP="INSTITUTIONAL FINANCIAL MARKETS,",DN="1",CHK=317511,FOLIO='42',FILE='DISK128:[15ZCS1.15ZCS16101]DS16101A.;4',USER='JTAYLORA',CD='30-OCT-2015;09:32' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_du16101_1_43"> </A>

<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg16101a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="du16101_share_ownership_of_cer__du102404"> </A>
<A NAME="toc_du16101_1"> </A>
<BR></FONT><FONT SIZE=2><B>  SHARE OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth certain information known to us regarding the beneficial ownership of our common stock and
Series&nbsp;E Preferred Stock as of October&nbsp;26, 2015 by (1)&nbsp;each person known by us to own beneficially more than 5% of our outstanding common stock or Series&nbsp;E Preferred Stock,
as applicable, (2)&nbsp;each current director, (3)&nbsp;each named executive officer, and (4)&nbsp;all current directors and executive officers as a group. The number of shares of our stock
beneficially owned by each entity, person, director, executive officer or named executive officer is determined under the rules of the SEC, and the information is not necessarily indicative of
beneficial ownership for any other purpose. Under such rules, beneficial ownership includes any stock as to which the individual has the sole or shared voting power or investment power and also any
stock that the individual has a right to acquire within 60&nbsp;days from October&nbsp;26, 2015 through the exercise of any share option or other right. Unless otherwise indicated, each person has
sole voting and investment power with respect to the stock set forth in the following table. </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="55pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="49pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="55pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="49pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:21pt;"><FONT SIZE=1><B>Name

<!-- COMMAND=ADD_SCROPPEDRULE,21pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Series&nbsp;E<BR>
Preferred<BR>
Stock<BR>
Beneficially<BR>
Owned </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Percent of<BR>
Class(1) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Common<BR>
Stock<BR>
Beneficially<BR>
Owned </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Percent of<BR>
Class(2) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><I>Five or greater percent owner:</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Betsy Zubrow Cohen(3)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>835,950</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Edward E. Cohen(4)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,516,717</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>17.0</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>EBC 2013 Family Trust(5)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,600,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>11.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><I>Directors and Named Executive Officers:</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Lester R. Brafman(6)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,409,090</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>9.6</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Daniel G. Cohen(7)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4,983,557</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>100</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,998,039</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>14.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Thomas P. Costello(8)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>135,090</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.0</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>G. Steven Dawson(9)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>149,099</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Jack J. DiMaio, Jr.(10)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>52,937</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Joseph M. Donovan(11)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>179,746</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Jack Haraburda(12)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>134,890</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.0</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Joseph W. Pooler, Jr.(13)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>249,714</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.9</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Christopher Ricciardi(14)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>768,139</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5.4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Neil S. Subin(15)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>195,795</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><I>All current executive officers and directors as a group (10&nbsp;persons)(16)</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4,983,557</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>100</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5,272,539</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>32.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" >
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>*</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Beneficial
ownership of less than 1% of the class is omitted.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Based
on 4,983,557 shares of the Series&nbsp;E Voting Non-Convertible Preferred Stock issued and outstanding on October&nbsp;26, 2015.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Based
on 13,382,811 shares of the Company's common stock issued and outstanding on October&nbsp;26, 2015.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
common stock includes 88,365 shares held by Solomon Investment Partnership,&nbsp;L.P. (the "Solomon Investment Partnership Shares"). Betsy Zubrow
Cohen and Edward E. Cohen, her spouse, are the sole shareholders, officers and directors of the corporate general partner of Solomon Investment Partnership,&nbsp;L.P. and are the sole partners of
the partnership. Betsy Zubrow Cohen and Edward E. Cohen share voting and dispositive power over the Solomon Investment Partnership Shares. Betsy Zubrow Cohen is the mother of Daniel G. Cohen, Vice
Chairman of the Board of Directors and of the Board of Managers of IFMI,&nbsp;LLC, President and Chief Executive of the Company's European Business, and President of CCFL. </FONT></DD></DL>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>43</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=50,EFW="2226410",CP="INSTITUTIONAL FINANCIAL MARKETS,",DN="1",CHK=301524,FOLIO='43',FILE='DISK128:[15ZCS1.15ZCS16101]DU16101A.;5',USER='JTAYLORA',CD='30-OCT-2015;09:32' -->
<A NAME="page_du16101_1_44"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg16101a_main_toc">Table of Contents</A></FONT></P>
 <DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">

<UL>

<P style="font-family:times;"><FONT SIZE=2>The
number of shares of common stock beneficially owned by Betsy Zubrow Cohen and set forth in the table above is based on the Schedule&nbsp;13D filed by Betsy Zubrow Cohen with the SEC on
September&nbsp;8, 2015.  </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The
address for this stockholder is 1240 North Casey Key Road, Osprey, Florida 34229.  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(4)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
common stock includes the Solomon Investment Partnership Shares, over which Edward E. Cohen and Betsy Zubrow Cohen, his spouse, share voting and
dispositive power. The common stock also includes 1,461,876 shares of common stock (the "Edward E. Cohen Conversion Shares") into which certain convertible senior promissory notes (in the aggregate
principal amount of $4,385,628) (the "Cohen MP Notes") that were issued to Mead Park in connection with the Mead Park Purchase Agreement on September&nbsp;25, 2013 and which were purchased by Edward
E. Cohen from Mead Park on August&nbsp;28, 2015, may be converted, subject to certain customary anti-dilution adjustments. The Cohen MP Notes may be converted by the holder thereof at any time prior
to September&nbsp;25, 2018, in such holder's sole discretion. Under the Cohen MP Notes, the outstanding principal amount is due and payable to the holder thereof, in full, on September&nbsp;25,
2018. The common stock does not include the 390,144 additional shares of common stock into which the Cohen MP Notes may be converted in the event that, pursuant to the terms and conditions of the
Cohen MP Notes, the Company elects to pay interest on the Cohen MP Notes by increasing the principal amount thereof. Edward E. Cohen is the father of Daniel G. Cohen, Vice Chairman of the Board of
Directors and of the Board of Managers of IFMI,&nbsp;LLC, President and Chief Executive of the Company's European Business, and President of CCFL.  </FONT>
<BR>

<P style="font-family:times;"><FONT SIZE=2>The
number of shares of common stock beneficially owned by Edward E. Cohen and set forth in the table above is based on the Schedule&nbsp;13D filed by Edward E. Cohen with the SEC on
September&nbsp;8, 2015.  </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The
address for this stockholder is 1240 North Casey Key Road, Osprey, Florida 34229.  </FONT></P>

</DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(5)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
common stock includes 800,000 shares of common stock (the "EBC Shares") issued to the EBC 2013 Family Trust ("EBC Trust"), as assignee of CBF, on
September&nbsp;25, 2013 at $2.00 per share (for an aggregate amount of $1,600,000) in connection with the Cohen Purchase Agreement. The common stock also includes 800,000 shares of common stock (the
"EBC Conversion Shares") into which the convertible senior promissory note (in the aggregate principal amount of $2,400,000) (the "EBC Note") that was issued to EBC Trust in connection with the Cohen
Purchase Agreement on September&nbsp;25, 2013 may be converted, subject to certain customary anti-dilution adjustments. The EBC Note may be converted by EBC Trust at any time prior to
September&nbsp;25, 2018, in EBC Trust's sole discretion. Under the EBC Note, the outstanding principal amount is due and payable to the holder thereof, in full, on September&nbsp;25, 2018. The
common stock does not include the 213,503 additional shares of common stock (the "Additional EBC Conversion Shares") into which the EBC Note may be converted in the event that, pursuant to the terms
and conditions of the EBC Note, the Company elects to pay interest on the EBC Note by increasing the principal amount thereof. All of the common stock is pledged as security. </FONT>
<BR>

<P style="font-family:times;"><FONT SIZE=2>The
number of shares of common stock beneficially owned by EBC Trust and set forth in the table above is based on the Schedule&nbsp;13D filed by EBC Trust with the SEC on September&nbsp;30, 2013. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The
address for this stockholder is c/o Institutional Financial Markets,&nbsp;Inc., Cira Centre, 2929 Arch Street, 17th&nbsp;Floor, Philadelphia, Pennsylvania&nbsp;19104. </FONT></P>

</DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(6)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Mr.&nbsp;Brafman
is the Chief Executive Officer of the Company and of IFMI,&nbsp;LLC. The common stock includes 75,758 restricted shares, half of which
will vest on January&nbsp;31, 2016 and the remaining half of which will vest on January&nbsp;31, 2017, in each case, so long as Mr.&nbsp;Brafman is then employed by the Company or any of its
subsidiaries. The common stock includes 1,333,332 shares (the "Brafman Second Award Exercise Shares") which Mr.&nbsp;Brafman has a right to acquire within </FONT></DD></DL>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>44</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=51,EFW="2226410",CP="INSTITUTIONAL FINANCIAL MARKETS,",DN="1",CHK=875164,FOLIO='44',FILE='DISK128:[15ZCS1.15ZCS16101]DU16101A.;5',USER='JTAYLORA',CD='30-OCT-2015;09:32' -->
<A NAME="page_du16101_1_45"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg16101a_main_toc">Table of Contents</A></FONT></P>
 <DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
<UL>

<P style="font-family:times;"><FONT SIZE=2>60&nbsp;days
from October&nbsp;26, 2015 under the Second Award, of which Mr.&nbsp;Brafman may be deemed to be the beneficial owner.  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(7)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Mr.&nbsp;Cohen
is the Vice Chairman of the Board of Directors and of the board of managers of IFMI,&nbsp;LLC, President and Chief Executive of the
Company's European Business, and as President, a director and the Chief Investment Officer of CCFL.  </FONT>
<BR>

<P style="font-family:times;"><FONT SIZE=2>Of
the common stock, 1,603,250 shares are pledged as security. The common stock includes 398,039 held directly by Mr.&nbsp;Cohen. The common stock also includes the EBC Shares and the EBC Conversion
Shares, of which Mr.&nbsp;Cohen may be deemed a beneficial owner as the result of his being a trustee of EBC Trust and because Mr.&nbsp;Cohen has sole voting power with respect to all shares held
by the EBC Trust. The common stock does not include any portion of the Additional EBC Conversion Shares.  </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The
address for this stockholder is c/o Institutional Financial Markets,&nbsp;Inc., Cira Centre, 2929 Arch Street, 17th&nbsp;Floor, Philadelphia, Pennsylvania&nbsp;19104. </FONT></P>

</DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(8)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Mr.&nbsp;Costello
is a director of the Company. The common stock includes 30,303 restricted shares that will vest on February&nbsp;4, 2016.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(9)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Mr.&nbsp;Dawson
is a director of the Company. All of the common stock is held by Corriente Private Trust. Mr.&nbsp;Dawson is the primary trustee and
sole beneficiary of Corriente Private Trust and, through Corriente Private Trust, he has voting and investment control with respect to the securities held therein. The common stock includes 30,303
restricted shares that will vest on February&nbsp;4, 2016.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(10)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Mr.&nbsp;DiMaio
is a director of the Company. The common stock includes 30,303 restricted shares that will vest on February&nbsp;4, 2016.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(11)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Mr.&nbsp;Donovan
is a director of the Company. The common stock includes 30,303 restricted shares that will vest on February&nbsp;4, 2016.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(12)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Mr.&nbsp;Haraburda
is a director of the Company. The common stock includes 30,303 restricted shares that will vest on February&nbsp;4, 2016.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(13)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Mr.&nbsp;Pooler
is the Executive Vice President, Chief Financial Officer and Treasurer of the Company. The common stock includes 45,455 restricted
shares, half of which will vest on January&nbsp;31, 2016 and the remaining half of which will vest on January&nbsp;31, 2017, in each case, so long as Mr.&nbsp;Pooler is then employed by the
Company or any of its subsidiaries. The common stock includes 53,571 shares (the "Pooler Option Exercise Shares") which are exercisable under the Pooler Option, of which Mr.&nbsp;Pooler may be
deemed the beneficial owner.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(14)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Mr.&nbsp;Ricciardi
is a director of the Company. The common stock includes 12,403 restricted shares that will vest on February&nbsp;4, 2016. The common
stock also includes 487,291 shares of common stock into which a convertible senior promissory note (in the aggregate principal amount of $1,461,873) that was issued to Mead Park in connection with the
Mead Park Purchase Agreement on September&nbsp;25, 2013 may be converted, subject to certain customary anti-dilution adjustments, which may be issued to Mr.&nbsp;Ricciardi upon the exchange of his
membership units of Mead Park and of which Mr.&nbsp;Ricciardi may be deemed the beneficial owner. The common stock also includes 268,445 units of membership interests in IFMI,&nbsp;LLC (223,520 of
which are owned by Mr.&nbsp;Ricciardi and 44,925 of which are owned by Stephanie Ricciardi, Mr.&nbsp;Ricciardi's spouse) which Mr.&nbsp;Ricciardi may cause the Company to redeem into, at the
Company's option, shares of common stock or cash.  </FONT>
<BR>

<P style="font-family:times;"><FONT SIZE=2>The
number of shares of common stock beneficially owned by Mr.&nbsp;Ricciardi and set forth in the table above is based on the Schedule&nbsp;13D filed by Mr.&nbsp;Ricciardi with the SEC on
July&nbsp;2, 2009, as </FONT></P>

</DD></DL>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>45</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=52,EFW="2226410",CP="INSTITUTIONAL FINANCIAL MARKETS,",DN="1",CHK=328382,FOLIO='45',FILE='DISK128:[15ZCS1.15ZCS16101]DU16101A.;5',USER='JTAYLORA',CD='30-OCT-2015;09:32' -->
<A NAME="page_du16101_1_46"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg16101a_main_toc">Table of Contents</A></FONT></P>
 <DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <UL>

<P style="font-family:times;"><FONT SIZE=2>amended
on December&nbsp;21, 2009, December&nbsp;24, 2009, April&nbsp;25, 2011, July&nbsp;17, 2011, May&nbsp;15, 2013, September&nbsp;30, 2013, September&nbsp;1, 2015 and
October&nbsp;19, 2015, and other information provided to the Company by Mr.&nbsp;Ricciardi.  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(15)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Mr.&nbsp;Subin
is a director of the Company. The common stock includes 30,303 restricted shares that will vest on February&nbsp;4, 2016.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(16)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
common stock includes (i)&nbsp;the EBC Conversion Shares, of which Daniel G. Cohen may be deemed to be a beneficial owner, (ii)&nbsp;the Brafman
Second Award Exercise Shares, of which Lester Brafman may be deemed to be a beneficial owner, (iii)&nbsp;the Pooler Option Award Exercise Shares, of which Joseph W. Pooler, Jr. may be deemed to be a
beneficial owner, as described in notes&nbsp;(5), (6)&nbsp;and (13)&nbsp;above, respectively.  </FONT></DD></DL>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>46</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=53,EFW="2226410",CP="INSTITUTIONAL FINANCIAL MARKETS,",DN="1",CHK=528785,FOLIO='46',FILE='DISK128:[15ZCS1.15ZCS16101]DU16101A.;5',USER='JTAYLORA',CD='30-OCT-2015;09:32' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_dw16101_1_47"> </A>

<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg16101a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dw16101_section_16(a)_benefici__dw102035"> </A>
<A NAME="toc_dw16101_1"> </A>
<BR></FONT><FONT SIZE=2><B>  SECTION&nbsp;16(a) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;16(a) of the Exchange Act requires our directors and executive officers and persons who own more than 10% of our common
stock, which are referred to in this report as "reporting persons," to file reports of ownership and changes in ownership with the SEC. Reporting persons are also required by SEC regulations to
furnish us with copies of all Section&nbsp;16(a) forms filed by them with the SEC. To our knowledge, based solely on our review of the copies of the Section&nbsp;16(a) forms furnished to us or
upon written representations from certain of these reporting persons that no other reports were required, all Section&nbsp;16(a) filing requirements applicable to the reporting persons were timely
filed during our 2014 fiscal year. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>47</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=54,EFW="2226410",CP="INSTITUTIONAL FINANCIAL MARKETS,",DN="1",CHK=877980,FOLIO='47',FILE='DISK128:[15ZCS1.15ZCS16101]DW16101A.;4',USER='JTAYLORA',CD='30-OCT-2015;09:32' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_dy16101_1_48"> </A>

<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg16101a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dy16101_certain_relationships_and_related_party_transactions"> </A>
<A NAME="toc_dy16101_1"> </A>
<BR></FONT><FONT SIZE=2><B>  CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company has identified the following related party transactions since January&nbsp;1, 2013. Unless indicated otherwise, all
dollar amounts (except share and per share data) in the section below are in thousands. Each of the transactions below were approved or ratified in accordance with our policies regarding related party
transactions, which are described in greater detail below. </FONT></P>

<UL>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


A. CBF and EBC Trust  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CBF has been identified as a related party because CBF is wholly owned by Mr.&nbsp;Cohen. In September 2013, EBC, as an assignee of
CBF, made a $4,000 investment in the Company in connection with the Cohen Purchase Agreement. Mr.&nbsp;Cohen is a trustee of EBC. The Company issued $2,400 in principal amount of the EBC Note, and
$1,600 of the Company's common stock to EBC. The Company incurred an interest expense on the EBC Note in 2013 and 2014 in the aggregate amounts of $59 and $224, respectively. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


B. Mead Park and Mead Park Advisors,&nbsp;LLC ("Mead Park Advisors")  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mead Park has been identified as a related party because Christopher Ricciardi, a member of the Board of Directors, is the sole member
and manager of Mead Park. In connection with the September&nbsp;25, 2013 closing of the transactions contemplated by the Mead Park Purchase Agreement, Mead Park made a $9,746 investment in the
Company. Pursuant to such investment, the Company issued to Mead Park convertible senior promissory notes (in the aggregate principal amount of $5,848) on September&nbsp;25, 2013 (collectively, the
"MP Notes"). The MP Notes accrue 8% interest per year, payable quarterly, and the outstanding principal amounts thereof are due and payable, in full, on September&nbsp;25, 2018. As of
October&nbsp;26, 2015, the Company had not paid any of the principal amounts under the MP Notes. Accordingly, the aggregate amount of principal outstanding under the MP Notes as of such date and the
largest aggregate amount of principal outstanding under the MP Notes in each of 2013 and 2014 was $5,848. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
August&nbsp;28, 2015, that certain Stock and Note Purchase Agreement was entered into by and among Mead Park, The Betsy Zubrow Cohen IRA, The Edward&nbsp;E. Cohen IRA, the
Company, solely for purposes of Sections&nbsp;6 and 7 thereof, and Mead Park Holdings&nbsp;LP, solely for purposes of Section&nbsp;8 thereof, whereby Mead Park sold (i)&nbsp;961,876 shares of
the Company's Common Stock to Edward&nbsp;E. Cohen for an aggregate purchase price of $1,279, (ii)&nbsp;$4,386 of the aggregate principal amount of the MP Notes to Edward&nbsp;E. Cohen for an
aggregate purchase price of $5,422, and (iii)&nbsp;500,000 shares of the Company's Common Stock to Betsy Zubrow Cohen for an aggregate purchase price of $665. Each of Mr.&nbsp;DiMaio, the Chairman
of our Board of Directors, and Mr.&nbsp;Ricciardi, a member of our Board of Directors is a partner in Mead Park Holdings&nbsp;LP. Betsy and Edward Cohen are the parents of Daniel&nbsp;G. Cohen,
Vice Chairman of the Board of Directors and of the board of managers of IFMI,&nbsp;LLC, President and Chief Executive of the Company's European Business, and President of CCFL. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of October&nbsp;26, 2015, Mead Park remained the owner of the $1,462 of the aggregate principal amount of the MP Notes. Mr.&nbsp;Ricciardi is the owner of all of the issued and
outstanding securities interests in Mead Park. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company incurred an interest expense on the MP Notes in 2013 and 2014 in the aggregate amounts of $144 and $547, respectively. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


CDO Sub-Advisory Agreement with Mead Park Advisors  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In July 2014, the Company's majority owned subsidiaries, Cohen&nbsp;&amp; Company Financial Management&nbsp;LLC ("CCFM"), and Dekania
Capital Management,&nbsp;LLC ("DCM"), entered into a CDO </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>48</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=55,EFW="2226410",CP="INSTITUTIONAL FINANCIAL MARKETS,",DN="1",CHK=418131,FOLIO='48',FILE='DISK128:[15ZCS1.15ZCS16101]DY16101A.;5',USER='JTAYLORA',CD='30-OCT-2015;09:32' -->
<A NAME="page_dy16101_1_49"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg16101a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>sub-advisory
agreement with Mead Park Advisors whereby Mead Park Advisors will render investment advice and provide assistance to CCFM and DCM with respect to their management of certain CDOs. The
Company incurred consulting fee expense related to this agreement in the amount of $91 in 2014. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>



<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


C. Directors and Employees  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to the employment agreements the Company has entered into with Daniel&nbsp;G. Cohen and Joseph W. Pooler, Jr., its Chief
Financial Officer, the Company has entered into its standard indemnification agreement with each of its directors and executive officers. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


D. Purchase of IFMI Common Stock from Daniel&nbsp;G. Cohen  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the third quarter of 2014, the Company repurchased 100,000 shares of the Company's Common Stock from Daniel&nbsp;G. Cohen at
$2.07 per share. The Company retired these shares. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the fourth quarter of 2014, the Company repurchased 100,000 shares of the Company's Common Stock from Daniel&nbsp;G. Cohen at $1.77 per share. The Company retired these shares. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


E. Purchase of Common Stock from Christopher Ricciardi, Stephanie Ricciardi, The Ricciardi
Family Foundation and Mead Park  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On October&nbsp;16, 2015, the Company entered into the Termination and Release Agreement, by and among the Company, Christopher
Ricciardi, a member of our Board of Directors, Stephanie Ricciardi, Mr.&nbsp;Ricciardi's spouse, The Ricciardi Family Foundation, a New York charitable not-for-profit corporation of which
Mr.&nbsp;and Mrs.&nbsp;Ricciardi serve as directors, and Mead Park, of which Mr.&nbsp;Ricciardi is the sole member and manager. Pursuant to the Termination and Release Agreement, in connection
with the termination of the Mead Park Purchase Agreement and all rights and obligations thereunder and the mutual release of claims set forth in the Termination and Release Agreement, among other
things: (i)&nbsp;Mead Park transferred to the Company 487,291 shares of the Company's common stock; (ii)&nbsp;Mr.&nbsp;and Mrs.&nbsp;Ricciardi and The Ricciardi Family Foundation transferred
to the Company an aggregate of 1,512,709 shares of the Company's common stock; (iii)&nbsp;the Company and Mead Park terminated the Mead Park Purchase Agreement in its entirety, effective on
October&nbsp;16, 2015; and (iv)&nbsp;the Company transferred $4,000,000 in cash to accounts designated by Mr.&nbsp;Ricciardi for the benefit of Mr.&nbsp;and Mrs.&nbsp;Ricciardi, The
Ricciardi Family Foundation and Mead Park. The Company retired all shares of the Company's common stock transferred to the Company pursuant to the Termination and Release Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Termination and Release Agreement provides that, during the period beginning on October&nbsp;16, 2015 and ending on the date that is one year from such date (the "Agreement
Period"), if the Company or its majority owned subsidiary, IFMI,&nbsp;LLC, makes any public or nonpublic offering or sale of any securities ("New Securities"), subject to certain exceptions, then
Christopher Ricciardi will be afforded the opportunity to acquire, for the same price and on the same terms as New Securities are proposed to be offered to others, up to the amount of New Securities
required to enable Christopher Ricciardi to maintain his proportionate equivalent interest in the Company immediately prior to any such issuance of New Securities. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, pursuant to the Termination and Release Agreement, if, during the Agreement Period, any meeting occurs at which the Company's stockholders vote for the election of the
Company's directors, then (i)&nbsp;the Board will nominate Christopher Ricciardi to stand for election to the Board at such meeting; and (ii)&nbsp;the Board will (a)&nbsp;recommend to the
Company's stockholders the election of Christopher Ricciardi at such meeting, and (b)&nbsp;solicit proxies for Christopher Ricciardi in connection with such meeting to the same extent as it does for
any of its other nominees to the Board. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>49</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=56,EFW="2226410",CP="INSTITUTIONAL FINANCIAL MARKETS,",DN="1",CHK=875152,FOLIO='49',FILE='DISK128:[15ZCS1.15ZCS16101]DY16101A.;5',USER='JTAYLORA',CD='30-OCT-2015;09:32' -->
<A NAME="page_dy16101_1_50"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg16101a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


F. Sale of European Operations to C&amp;Co Europe Acquisition&nbsp;LLC  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C&amp;Co Europe Acquisition&nbsp;LLC has been identified as a related party because Daniel&nbsp;G. Cohen is the entity's sole member.
On August&nbsp;19, 2014, IFMI,&nbsp;LLC entered into the European Operations Sale Agreement to sell its European operations to C&amp;Co Europe Acquisition&nbsp;LLC for approximately $8,700. The
purchase price for the Company's European operations consists of an upfront payment at closing of $4,750 (subject to adjustment) and up to $3,950 to be paid over the four years following the closing
of the sale. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event of a closing of the European Operations Sale Transaction, IFMI,&nbsp;LLC will also enter into a non-cancellable trust deed agreement with one of the entities included in
the European Operations Sale Transaction (the manager of the Munda CLO I), which will result in IFMI,&nbsp;LLC retaining the right to substantially all revenues from the management of Munda CLO I,
as well as the proceeds from any potential future sale of the Munda CLO I management agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the terms of the European Operations Sale Agreement, in the event of a closing of the European Operations Sale Transaction, IFMI,&nbsp;LLC will divest its European operations,
including asset management and capital market activities through offices located in London, Paris, and Madrid, and approximately 30 employees will transition from IFMI,&nbsp;LLC to C&amp;Co Europe
Acquisition&nbsp;LLC. Upon a closing of the European Operations Sale Transaction, Mr.&nbsp;Cohen will be deemed to have voluntarily terminated employment with the Company and its affiliates and
will resign from all other positions and offices that he holds with the Company and its affiliates. Notwithstanding the foregoing, Mr.&nbsp;Cohen will receive no severance or other compensation
related to such termination and resignation, and Mr.&nbsp;Cohen will remain Vice Chairman of the Company's Board of Directors and the Company's largest stockholder. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the terms of the European Operations Sale Agreement, IFMI,&nbsp;LLC had the right to initiate, solicit, facilitate, and encourage alternative acquisition proposals from third
parties for a "go shop" period of up to 90&nbsp;days from the signing of the definitive agreement. On October&nbsp;29, 2014, the special committee of the Board of Directors elected to end the "go
shop" period. The "go shop" period did not result in IFMI,&nbsp;LLC receiving a superior proposal from a third party, and IFMI,&nbsp;LLC intends to pursue the transaction with C&amp;Co Europe
Acquisition&nbsp;LLC. The sale of the European business is subject to customary closing conditions. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
March&nbsp;26, 2015, the parties to the European Operations Sale Agreement entered into an amendment to (i)&nbsp;extend the deadline for the closing of the European Operations
Sale Transaction from March&nbsp;31, 2015 to June&nbsp;30, 2015, and (ii)&nbsp;extend the date on which C&amp;Co Europe Acquisition&nbsp;LLC will be obligated to cause the settlement of
intercompany accounts (collectively, the "Intercompany Payables") of CCFL, Cohen&nbsp;&amp; Compagnie, SAS, a wholly owned subsidiary of IFMI,&nbsp;LLC, and Unicum Capital, S.L., a wholly owned
subsidiary of CCFL, owed to IFMI,&nbsp;LLC from March&nbsp;31, 2015 to June&nbsp;30, 2015. On June&nbsp;30, 2015, the parties to the European Operations Sale Agreement agreed to extend the
deadline for the closing of the European Operations Sale Transaction from June&nbsp;30, 2015 to December&nbsp;31, 2015 and the settlement date of the Intercompany Payables from June&nbsp;30,
2015 to December&nbsp;31, 2015 (the "Second Extension"). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with the Second Extension, the parties to the European Operations Sale Agreement agreed that if the European Operations Sale Agreement is terminated in accordance with its
terms (as amended by the Second Extension) prior to the closing of the European Operations Sale Transaction, then (i)&nbsp;Mr.&nbsp;Cohen will pay $600 of the legal and financial advisory fees
incurred by the Company and the Special Committee of the Company's Board of Directors formed in connection with the European Operations Sale Transaction since April&nbsp;1, 2014, and (ii)&nbsp;the
Current Cohen Employment Agreement will be amended to provide that, if Mr.&nbsp;Cohen's employment is terminated by the Company without "cause" or by Mr.&nbsp;Cohen for "good reason" (as such
terms are defined in the Current Cohen Employment Agreement), the Company will pay Mr.&nbsp;Cohen a maximum of $1,000 as a severance </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>50</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=57,EFW="2226410",CP="INSTITUTIONAL FINANCIAL MARKETS,",DN="1",CHK=822199,FOLIO='50',FILE='DISK128:[15ZCS1.15ZCS16101]DY16101A.;5',USER='JTAYLORA',CD='30-OCT-2015;09:32' -->
<A NAME="page_dy16101_1_51"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg16101a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>benefit
in lieu of the $3,000 minimum severance payment currently provided for under the Current Cohen Employment Agreement (see "Employment Agreements with Named Executive
Officers&#151;Mr.&nbsp;Cohen's Current Employment Agreement" above for additional information regarding Mr.&nbsp;Cohen's Current Employment Agreement). </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


G. Advisory Agreement with Woodlea Consulting,&nbsp;LLC  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In March 2015, IFMI,&nbsp;LLC entered into an advisory agreement with Woodlea Consulting,&nbsp;LLC ("Woodlea"), a Delaware limited
liability company of which Mr.&nbsp;Ricciardi is the sole member. Pursuant to the advisory agreement, Woodlea agreed to render advisory services on the execution of strategic alternatives to
IFMI,&nbsp;LLC. The advisory agreement was terminated on June&nbsp;2, 2015. The Company incurred a consulting fee expense related to the advisory agreement in the amount of $38.7 during the nine
months ended September&nbsp;30, 2015. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="dy16101_policies_regarding_related_party_transactions"> </A>
<A NAME="toc_dy16101_2"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Policies Regarding Related Party Transactions    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the Company's Code of Conduct (the "Code of Conduct"), unless approved or ratified by the Audit Committee, the Nominating
and Corporate Governance Committee, or a majority of the directors of the Company not having an interest in a Related Party Transaction (as defined below) (each an "Authorizing Body"), no
(a)&nbsp;employee, officer or director of the Company, (b)&nbsp;member of the immediate family of any employee, officer or director of the Company, (c)&nbsp;entity in which an employee, officer
or director of the Company has an economic interest of more than 5% or a controlling interest, or (d)&nbsp;affiliate of any of the foregoing (each a "Related Party") may (i)&nbsp;enter into any
transaction with the Company or any of its subsidiaries involving the acquisition or sale of any of the Company's or any of its subsidiaries' assets or other property; (ii)&nbsp;enter into any
transaction involving a loan to or from the Company or any of its subsidiaries; or (iii)&nbsp;enter into any other transaction with the Company or any of its subsidiaries (each a "Related Party
Transaction"). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
Related Party Transaction entered into without pre-approval of an Authorizing Body will not be deemed to violate the Code of Conduct, or be invalid or unenforceable, so long as the
Related Party Transaction is, as promptly as reasonably practical after it is entered into, brought to and ratified by an Authorizing Body. Every Related Party Transaction to which the Company is a
party will be deemed to include as a condition that it be approved in accordance with the Code of Conduct. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
Related Party Transaction or categories of Related Party Transactions may be reviewed in advance and pre-approved in advance by an Authorizing Body. If a Related Party Transaction or a
series of Related Party Transactions will be ongoing, an Authorizing Body may establish guidelines for the Company's management to follow in its ongoing dealings with the Related Party. Thereafter, an
Authorizing Body will periodically review and assess the ongoing relationships with the Related Party. Any material amendment, renewal or extension of a Related Party Transaction which has been
previously reviewed and/or approved under the Code of Conduct will be subject to subsequent review and/or approval under the Code of Conduct. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>51</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=58,EFW="2226410",CP="INSTITUTIONAL FINANCIAL MARKETS,",DN="1",CHK=522415,FOLIO='51',FILE='DISK128:[15ZCS1.15ZCS16101]DY16101A.;5',USER='JTAYLORA',CD='30-OCT-2015;09:32' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_ea16101_1_52"> </A>

<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg16101a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ea16101_other_matters"> </A>
<A NAME="toc_ea16101_1"> </A>
<BR></FONT><FONT SIZE=2><B>  OTHER MATTERS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of the mailing date of this proxy statement, our Board of Directors knows of no matters to be presented at the annual meeting other
than those set forth in the Notice and described in this proxy statement. Should any other matter requiring a vote of the stockholders arise at the annual meeting, the persons named in the attached
proxy will vote on such matter in their discretion. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ea16101_stockholder_proposals"> </A>
<A NAME="toc_ea16101_2"> </A>
<BR></FONT><FONT SIZE=2><B>  STOCKHOLDER PROPOSALS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stockholder proposals intended to be presented at the 2016 annual meeting of stockholders must be received by our Secretary at our
principal executive offices no later than&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT FACE="SYMBOL" SIZE=2>&middot;</FONT><FONT FACE="times" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;, 2016 in order to be considered for inclusion in our proxy
statement relating to the 2016 annual meeting pursuant to Rule&nbsp;14a-8 under the Exchange Act. </FONT></P>

<P style="font-family:times;"><FONT FACE="times" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
than a stockholder proposal included in the proxy statement pursuant to Rule&nbsp;14a-8, in order to be presented at the 2016 annual meeting of stockholders, a proposal of a
stockholder, including any proposed director nominations, must be received by our Secretary at our principal executive offices in the timeframe as provided in our Bylaws. To be timely, our Bylaws
currently require that such a stockholder's notice set forth all information required under Section&nbsp;1.11 of our Bylaws and be delivered to our Secretary at our principal executive office not
earlier than the 150th&nbsp;day nor later than 5:00&nbsp;p.m., Eastern Time, on the 120th&nbsp;day prior to the first anniversary of the date of mailing of the notice for the preceding year's
annual meeting; provided, however, in the event that the date of the annual meeting is advanced or delayed by more than 30&nbsp;days from the first anniversary of the date of the preceding year's
annual meeting, notice by the stockholder to be timely must be delivered to our Secretary at our principal executive office not earlier than the 150th&nbsp;day prior to the date of such annual
meeting and not later than 5:00&nbsp;p.m., Eastern Time, on the later of the 120th&nbsp;day prior to the date of such annual meeting or the tenth day following the day on which public announcement
of the date of such meeting is first made. Our Bylaws also currently provide that, in the event that our Board of Directors increases or decreases the maximum or minimum number of directors in
accordance with our Bylaws, and there is no public announcement of such action at least 130&nbsp;days prior to the first anniversary of the date of mailing of the notice of the preceding year's
annual meeting, a stockholder's notice shall also be considered timely, but only with respect to nominees for any new positions created by such increase, if it shall be delivered to our Secretary at
our principal executive office not later than 5:00&nbsp;p.m., Eastern Time, on the tenth day following the day on which such public announcement is first made by the Company. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT FACE="times" SIZE=2><A
NAME="ea16101_annual_report_on_form_10-k"> </A>
<A NAME="toc_ea16101_3"> </A>
<BR></FONT><FONT SIZE=2><B>  ANNUAL REPORT ON FORM 10-K    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2014, as amended, accompanies this proxy statement. </FONT> <FONT SIZE=2><B>The Company will furnish a copy of
its Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2014, as amended, free of charge to each stockholder who
forwards a written request to our Secretary, at Institutional Financial Markets,&nbsp;Inc., Cira Centre, 2929&nbsp;Arch Street, 17<SUP>th</SUP>&nbsp;Floor, Philadelphia, Pennsylvania 19104.
You also may access the EDGAR version of our Annual Report on Form&nbsp;10-K (with exhibits) on our website at </B></FONT><FONT SIZE=2><B><I>http://www.ifmi.com </I></B></FONT><FONT SIZE=2><B>and on the SEC's
website at </B></FONT><FONT SIZE=2><B><I>http://www.sec.gov</I></B></FONT><FONT SIZE=2><B>.</B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ea16101_where_you_can_find_more_information"> </A>
<A NAME="toc_ea16101_4"> </A>
<BR></FONT><FONT SIZE=2><B>  WHERE YOU CAN FIND MORE INFORMATION    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We file annual, quarterly and current reports, proxy statements and other information with the SEC. You may read and copy these
reports, statements or other information filed by us at the SEC's Public Reference Room at 100&nbsp;F Street, N.E., Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 for further
information on the public reference rooms. Our SEC filings are also available to the public from commercial document retrieval services and at the website maintained by the SEC at </FONT> <FONT SIZE=2><I>http://www.sec.gov</I></FONT><FONT SIZE=2>.
</FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>52</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=59,EFW="2226410",CP="INSTITUTIONAL FINANCIAL MARKETS,",DN="1",CHK=323421,FOLIO='52',FILE='DISK128:[15ZCS1.15ZCS16101]EA16101A.;4',USER='JTAYLORA',CD='30-OCT-2015;09:32' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_la16101_1_1"> </A>

<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg16101a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="la16101_appendix_a_institutional_finan__app03363"> </A>
<A NAME="toc_la16101_1"> </A>
<BR></FONT><FONT SIZE=2><B>  APPENDIX A<BR>  INSTITUTIONAL FINANCIAL MARKETS,&nbsp;INC. CASH BONUS PLAN    <BR>    <BR>    Effective as of August&nbsp;4, 2009    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2>PURPOSE&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Institutional Financial Markets,&nbsp;Inc. (formerly Alesco Financial&nbsp;Inc.) Cash Bonus Plan (the "Plan"), as set forth herein, sets forth the terms and conditions pursuant
to which certain cash bonuses may be payable to certain key executives of the Company. The Plan is subject, in its entirety, to approval by
the Company's stockholders, consistent with the requirements of applicable Treasury Regulations promulgated pursuant to Code Section&nbsp;162(m) relating to qualified performance-based compensation.
The purpose of the Plan, as herein restated, is to provide performance-based cash bonus compensation for Participants based on the attainment of one or more performance goals or targets that are
related to the financial success of the Company, and that are established from time to time by the Compensation Committee, as part of an integrated compensation program. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2>DEFINITIONS&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following words and phrases as used herein shall have the following meanings, unless a different meaning is plainly required by the context: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;"Board"
or "Board of Directors" shall mean the board of directors of the Company. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;"Bonus
Schedule" shall mean the schedule pursuant to which each Participant's bonus payable for each Performance Period is determined, based on the extent to which the
performance goal or goals set forth therein have been achieved during the Performance Period, which schedule can be varied on a Participant by Participant basis, all as established at the discretion
of the Compensation Committee. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;"Code"
shall mean the Internal Revenue Code of 1986, as amended, or any successor thereto. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;"Compensation
Committee" shall mean the Compensation Committee of the Board of Directors, or such other committee established by the Board, in any case consisting
exclusively of two or more Outside Directors, to act as the administration committee with respect to the Plan. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;"Company"
shall mean Alesco Financial&nbsp;Inc. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;"Designated
Beneficiary" shall mean the person, if any, specified in writing by the Participant to receive any payments due to the Participant in the event of the
Participant's death. In the event no person is specified by the Participant, the Participant's estate shall be deemed to be the Designated Beneficiary. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;"Effective
Date" shall mean August&nbsp;4, 2009. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;"Outside
Director" shall mean a member of the Board of Directors who is treated as an "outside director" for purposes of Code Section&nbsp;162(m). </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;"Participant"
shall mean each executive designated as a participant by the Compensation Committee. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;"Performance-Based
Bonus" shall mean the cash bonus payable to a Participant under Section&nbsp;6(a). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;"Performance-Based
Compensation Rules" shall mean those provisions of Code Section&nbsp;162(m) and regulations promulgated thereunder that provide the rules pursuant
to which </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-1</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=60,EFW="2226410",CP="INSTITUTIONAL FINANCIAL MARKETS,",DN="1",CHK=167957,FOLIO='A-1',FILE='DISK128:[15ZCS1.15ZCS16101]LA16101A.;6',USER='JTAYLORA',CD='30-OCT-2015;09:32' -->
<A NAME="page_la16101_1_2"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg16101a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>compensation
that is paid to executives on the basis of performance is exempt from the limitations on deductibility applicable to certain compensation paid to executives in excess of $1,000,000. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;"Performance
Period" shall mean a calendar year or any other period (not more than a year) established by the Compensation Committee at its discretion, with respect to
which a Bonus Schedule is established. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;"Target
Bonus" shall mean, for each Participant, a specified dollar amount established by the Compensation Committee, and which is incorporated into the Bonus Schedule
in effect for each Participant for each Performance Period. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2>PARTICIPATION&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
executive who is designated as a Participant by the Compensation Committee shall participate in the Plan for each Performance Period for which an applicable Target Bonus has been
established, consistent with the terms of the Plan and shall be a Participant for that Performance Period. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2>TERM OF PLAN&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to approval of the Plan by the stockholders of the Company, the Plan shall be in effect as of the Effective Date, and shall continue until terminated by the Board of Directors.
Notwithstanding the foregoing, the Plan shall only continue in effect to the extent bonus payments may properly be characterized as "performance-based compensation" under the Performance-Based
Compensation Rules. The material features of the Plan shall be disclosed to the Company's stockholders, and the continuation of the Plan shall be subject to the approval of the Company's stockholders,
in each case to the extent required under the Performance-Based Compensation Rules. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2>BONUS ENTITLEMENT&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Achievement of Performance Goals.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;A Participant shall be entitled to receive a bonus with respect to a
Performance Period in accordance with the provisions of Section&nbsp;6 of the Plan only after certification in writing by the Compensation Committee that the performance goals, consistent with the
provisions of Section&nbsp;6, and as set forth in the Bonus Schedule applicable for such Performance Period, have been satisfied. Unless a different payment date is established by the Compensation
Committee with respect to a Performance Period, the bonus payment with respect to a Performance Period shall be payable to the Participant on or about the May&nbsp;1st&nbsp;that occurs following
the end of such Performance Period. Except as may be otherwise provided by the Compensation Committee, at its discretion, no bonus payment shall be made to any Participant who is not employed by the
Company as of the date of such payment. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Stockholder Approval Requirement.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary contained herein, no bonus shall
be payable under the Plan without the prior disclosure of the material terms of the Plan to the stockholders of the Company and the approval of the Plan by such stockholders, in each case to the
extent and in the manner required under the Performance-Based Compensation Rules. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2>DETERMINATION OF PERFORMANCE-BASED COMPENSATION BONUS&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Performance-Based Bonus.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Each Participant, or the Designated Beneficiary of a deceased Participant, shall be
entitled to a bonus with respect to a Performance Period that is equal to the amount determined by reference to the Bonus Schedule for such Participant and applicable for such Performance Period;
provided, however, that any bonus payment may be </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-2</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=61,EFW="2226410",CP="INSTITUTIONAL FINANCIAL MARKETS,",DN="1",CHK=497072,FOLIO='A-2',FILE='DISK128:[15ZCS1.15ZCS16101]LA16101A.;6',USER='JTAYLORA',CD='30-OCT-2015;09:32' -->
<A NAME="page_la16101_1_3"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg16101a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>reduced
or eliminated at the discretion of the Compensation Committee, as provided in Section&nbsp;6(d) below. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Performance Goals.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The bonus payable to a Participant for a Performance Period shall be derived from the
Bonus Schedule for that Performance Period depending on the attainment of one or more performance goals or targets as are specified on the Bonus Schedule for such Participant, which performance goals
or targets shall be based on one or more of the following business criteria (which may be determined for these purposes either by reference to the Company as a whole or by reference to any one or more
of its subsidiaries, operating divisions or other operating units): stock price, revenues, pretax income, operating income, cash flow, earnings per share, return on equity, return on invested capital
or assets, cost reductions and savings, return on revenues, productivity, level of managed assets and near or long-term earnings potential, or any variation or combination of the preceding business
criteria. The foregoing performance goals may be stated in absolute terms or may be expressed relative to performance in a specified prior period or to the performance of other specified enterprises.
In addition, the Compensation Committee may utilize as an additional performance measure (to the extent consistent with the Performance-Based Compensation Rules) the attainment by a Participant of one
or more personal objectives and/or goals that the Compensation Committee deems appropriate, including, but not limited to, implementation of Company policies, negotiation of significant corporate
transactions, development of long-term business goals or strategic plans for the Company, or the exercise of specific areas of managerial responsibility. The measurement of the Company's or a
Participant's achievement of any of such goals must be objectively determinable and shall be determined, to the extent applicable, according to generally accepted accounting principles as in existence
on the date on which the Bonus Schedule for the Performance Period is established. In all cases, the Compensation Committee shall establish the Bonus Schedule for each Performance Period no later than
90&nbsp;days after the beginning of the Performance Period (or no later than the end of the first&nbsp;25% of the Performance Period if the Performance Period is less than a full year), and shall
establish such Bonus Schedule in a manner that is consistent with the Performance-Based Compensation Rules. In the event a Bonus Schedule is not established for a Performance Period for a Participant
for whom a Bonus Schedule was in effect for the preceding Performance Period, the Bonus Schedule for such Participant for the preceding Performance Period shall be treated as the Bonus Schedule for
such Participant for the current Performance Period. For purposes of the limitations on payments set forth in Section&nbsp;6(c), below, a Performance-Based Bonus potentially payable with respect to
a Performance Period shall be considered to be a Performance-Based Bonus payable with respect to the calendar year within which such Performance Period ends. The use of a Performance Period that is
less than a full year shall not require any reduction to the limitations on maximum permitted bonus payments under the Plan or require that less than a Participant's full annual base salary be taken
into account in determining bonuses payable or limits on payments. To the extent specified by the Compensation Committee in a Bonus Schedule or by other action taken by the Compensation Committee at
the time the Bonus Schedule for a Performance Period is established, the measurement of specified performance goals may be subject to adjustment to exclude items of gain, loss or expense that are
determined to be extraordinary or unusual in nature, infrequent in occurrence, related to a corporate transaction (including, without limitation, a disposition or acquisition) or related to a change
in accounting principles, all as determined in accordance with standards published by the Financial
Accounting Standards Board (or any predecessor or successor body) from time to time. In addition, equitable adjustments will be made to any performance goal related to Company stock
(e.g.,&nbsp;earnings per share) to reflect changes in corporate capitalization, including, without limitation, stock splits and reorganizations. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Maximum Permissible Performance-Based Bonus.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything contained in the Plan to the contrary,
for each Participant, the maximum Performance-Based Bonus payable with respect to any one calendar year shall in no event exceed $5,000,000. For these purposes, each </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-3</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=62,EFW="2226410",CP="INSTITUTIONAL FINANCIAL MARKETS,",DN="1",CHK=946120,FOLIO='A-3',FILE='DISK128:[15ZCS1.15ZCS16101]LA16101A.;6',USER='JTAYLORA',CD='30-OCT-2015;09:32' -->
<A NAME="page_la16101_1_4"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg16101a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>Performance-Based
Bonus payable with respect to a Performance Period shall be considered as paid with respect to the calendar year which ends simultaneously with such Performance Period, or within
which such Performance Period ends. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Committee Discretion.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the determination of a Participant's bonus or bonuses under the
provisions of this Section&nbsp;6 (without regard to this Section&nbsp;6(d)), the Compensation Committee may, at its sole discretion and at any time prior to the time a particular bonus is paid,
reduce the amount of or totally eliminate any such bonus or bonuses to the extent the Compensation Committee determines that such reduction or elimination is appropriate under such facts and
circumstances as the Compensation Committee deems relevant. In no event shall the Compensation Committee have the authority to increase the amount of any Participant's bonus or bonuses as determined
under the provisions of the Plan. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2>PLAN ADMINISTRATION COMMITTEE&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Powers.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Compensation Committee shall have the power and duty to do all things necessary or convenient to
effect the intent and purposes of the Plan and not inconsistent with any of the provisions hereof, whether or not such powers and duties are specifically set forth herein, and, by way of amplification
and not limitation of the foregoing, the Compensation Committee shall have the power to: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;provide
rules and regulations for the management, operation and administration of the Plan, and, from time to time, to amend or supplement such rules and regulations; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;construe
the Plan, which construction, as long as made in good faith, shall be final and conclusive upon all parties hereto; and </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;correct
any defect, supply any omission, or reconcile any inconsistency in the Plan in such manner and to such extent as it shall deem expedient to carry the same into
effect, and it shall be the sole and final judge of when such action shall be appropriate. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The
resolution of any questions with respect to payments and entitlements pursuant to the provisions of the Plan shall be determined by the Compensation Committee, and all such determinations shall be
final and conclusive. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Indemnity.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;No member of the Compensation Committee shall be directly or indirectly responsible or under any
liability by reason of any action or default by him as a member of the Compensation Committee, or the exercise of or failure to exercise any power or discretion as such member. No member of the
Compensation Committee shall be liable in any way for the acts or defaults of any other member of the Compensation Committee, or any of its advisors, agents or representatives. The Company shall
indemnify and save harmless each member of the Compensation Committee against any and all expenses and liabilities arising out of his own membership on the Compensation Committee. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Participant Information.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Company shall furnish to the Compensation Committee in writing all information
the Company deems appropriate for the Compensation Committee to exercise its powers and duties in administration of the Plan. Such information shall be conclusive for all purposes of the Plan and the
Compensation Committee shall be entitled to rely thereon without any investigation thereof; provided, however, that the Compensation Committee may correct any errors discovered in any such
information. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Inspection of Documents.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Compensation Committee shall make available to each Participant and his
Designated Beneficiary, for examination at the principal office of the Company (or at such other location as may be determined by the Compensation Committee), a copy of the </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-4</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=63,EFW="2226410",CP="INSTITUTIONAL FINANCIAL MARKETS,",DN="1",CHK=628429,FOLIO='A-4',FILE='DISK128:[15ZCS1.15ZCS16101]LA16101A.;6',USER='JTAYLORA',CD='30-OCT-2015;09:32' -->
<A NAME="page_la16101_1_5"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg16101a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>Plan
and such of its records, or copies thereof, as may pertain to any benefits of such Participant and beneficiary under the Plan. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2>EFFECTIVE DATE, TERMINATION AND AMENDMENT&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Effective Date of the Plan.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Subject to stockholder approval of the Plan, the Plan shall be effective as of
the Effective Date. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Amendment and Termination of the Plan.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Plan may be terminated or revoked by the Board at any time and
amended by the Board from time to time, provided that neither the termination, revocation or amendment of the Plan may, without the written approval of the Participant, reduce the amount of a bonus
payment that has been determined by the Compensation Committee to be due and payable, but has not yet been paid; and provided further that no modification to the Plan that would increase the amount of
any bonus payable hereunder beyond the amount determined pursuant to Section&nbsp;6 of the Plan shall be effective without (i)&nbsp;approval by the Compensation Committee, (ii)&nbsp;disclosure
to the stockholders of the Company of such modification, and (iii)&nbsp;approval of such modification by the stockholders of the Company in a separate vote that takes place prior to the payment of
any bonuses under such modified Plan provisions. The Plan may also be modified or amended by the Compensation Committee, as it deems appropriate, in order to comply with the Performance-Based
Compensation Rules. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2>MISCELLANEOUS PROVISIONS&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Unsecured Creditor Status.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;A Participant entitled to a bonus payment hereunder shall rely solely upon the
unsecured promise of the Company, as set forth herein, for the payment thereof, and nothing herein contained shall be construed to give to or vest in a Participant or any other person now or at any
time in the future, any right, title, interest, or claim in or to any specific asset, fund, reserve, account, insurance or annuity policy or contract, or other property of any kind whatever owned by
the Company, or in which the Company may have any right, title, or interest, now or at any time in the future. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Other Company Plans.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;It is agreed and understood that any benefits under this Plan are in addition to any
and all benefits to which a Participant may otherwise be entitled under any other contract,
arrangement, or voluntary pension, profit sharing or other compensation plan of the Company, whether funded or unfunded, and that this Plan shall not affect or impair the rights or obligations of the
Company or a Participant under any other such contract, arrangement, or voluntary pension, profit sharing or other compensation plan, including any other bonus plan or arrangement as may currently be
in place or as may be established hereafter. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Separability.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;If any term or condition of the Plan shall be invalid or unenforceable to any extent or in any
application, then the remainder of the Plan, with the exception of such invalid or unenforceable provision, shall not be affected thereby, and shall continue in effect and application to its fullest
extent. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Continued Employment.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Neither the establishment of the Plan, any provisions of the Plan, nor any action of
the Compensation Committee shall be held or construed to confer upon any Participant the right to a continuation of employment by the Company. The Company reserves the right to dismiss any employee
(including a Participant), or otherwise deal with any employee (including a Participant) to the same extent as though the Plan had not been adopted. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Incapacity.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;If the Compensation Committee determines that a Participant or Beneficiary is unable to care for
his affairs because of illness or accident, or is a minor, any benefit due such Participant or Beneficiary under the Plan may be paid to his spouse, child, parent, or any other person deemed by the
Compensation Committee to have incurred expense for such Participant or </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-5</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=64,EFW="2226410",CP="INSTITUTIONAL FINANCIAL MARKETS,",DN="1",CHK=109543,FOLIO='A-5',FILE='DISK128:[15ZCS1.15ZCS16101]LA16101A.;6',USER='JTAYLORA',CD='30-OCT-2015;09:32' -->
<A NAME="page_la16101_1_6"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg16101a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>Beneficiary
(including a duly appointed guardian, committee, or other legal representative), and any such payment shall be a complete discharge of the Company's obligation hereunder. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Jurisdiction.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Plan shall be construed, administered, and enforced according to the laws of the
Commonwealth of Pennsylvania, except to the extent that such laws are preempted by the Federal laws of the United States of America. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Withholding.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Participant or the Designated Beneficiary shall make appropriate arrangements with the
Company for satisfaction of any federal, state or local income tax withholding requirements and Social Security or other tax requirements applicable to the accrual or payment of benefits under the
Plan. If no other arrangements are made, the Company may provide, at its discretion, for any withholding and tax payments as may be required. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Interpretation.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Plan is intended to pay compensation only on the attainment of the performance goals set
forth in the Bonus Schedule for the applicable Performance Period, in a manner that will exempt such compensation from the limitations on the deduction of certain compensation payments under Code
Section&nbsp;162(m). To the extent that any provision of the Plan would cause a conflict with the conditions required for such an exemption or would cause the administration of the Plan to fail to
satisfy the applicable requirements for the performance-based compensation exemption under Code Section&nbsp;162(m), such provision shall be deemed null and void to the extent permitted by
applicable law. </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-6</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=65,EFW="2226410",CP="INSTITUTIONAL FINANCIAL MARKETS,",DN="1",CHK=804177,FOLIO='A-6',FILE='DISK128:[15ZCS1.15ZCS16101]LA16101A.;6',USER='JTAYLORA',CD='30-OCT-2015;09:32' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_lc16101_1_1"> </A>

<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg16101a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="lc16101_appendix_b_information_concern__app03594"> </A>
<A NAME="toc_lc16101_1"> </A>
<BR></FONT><FONT SIZE=2><B>  APPENDIX B<BR>  INFORMATION CONCERNING PARTICIPANTS IN THE COMPANY'S SOLICITATION OF PROXIES    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under applicable rules and regulations of the U.S. Securities and Exchange Commission (the "SEC"), members of our Board, who the Board
is also nominating as continuing directors at the meeting) and certain executive officers are considered to be "participants" with respect to the solicitation of proxies on behalf of the Company in
connection with the meeting. Certain information concerning such "participants" is provided below. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="lc16101_directors"> </A>
<A NAME="toc_lc16101_2"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Directors    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The principal occupations or employment of our directors and nominees who are considered "participants" in the Company's solicitation
are set forth in the section of the proxy statement entitled "Proposal 1&#151;Election of Directors." The name, principal business and address of any corporation or other organization of
employment, if any, of such directors are as set forth below: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:54%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"150%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="150%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="220pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="211pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:21pt;"><FONT SIZE=1><B>Name

<!-- COMMAND=ADD_SCROPPEDRULE,21pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Present Principal Occupation or Employment </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Name, Principal Business and Address of any<BR>
Corporation or Other Organization of<BR>
Employment </B></FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Daniel G. Cohen</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>President and Chief Executive Officer, European Business, Institutional Financial Markets,&nbsp;Inc.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Institutional Financial Markets,&nbsp;Inc.<BR>
Cira Centre<BR>
2929 Arch Street, 17<SUP>th</SUP>&nbsp;Floor<BR>
Philadelphia, Pennsylvania</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2>Thomas P. Costello</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Retired, Certified Public Accountant, Former Partner, Arthur Andersen&nbsp;LLP</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>&#151;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2>G. Steven Dawson</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Private Investor</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Institutional Financial Markets,&nbsp;Inc.<BR>
Cira Centre<BR>
2929 Arch Street, 17<SUP>th</SUP>&nbsp;Floor<BR>
Philadelphia, Pennsylvania</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2>Jack J. DiMaio, Jr.&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Chief Executive Officer</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Mead Park Holdings&nbsp;LP<BR>
70 East 55th&nbsp;Street, 21st&nbsp;Floor<BR>
New York, New York 10022</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2>Joseph M. Donovan</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Retired Chairman, Credit Suisse's ABS and Debt Financing Group</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>&#151;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2>Jack Haraburda</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Managing Partner, CJH Securities Information Group</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>CJH Securities Information Group<BR>
506 Guinevere Drive<BR>
Newtown Square, Pennsylvania 19073</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2>Christopher Ricciardi</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Manager, Mead Park Capital Partners&nbsp;LLC</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Mead Park Capital Partners&nbsp;LLC<BR>
70 East 55th&nbsp;Street, 21st&nbsp;Floor<BR>
New York, New York 10022</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2>Neil S. Subin</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Chairman, Broadbill Investment Partners,&nbsp;LP</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Broadbill Investment Partners,&nbsp;LP<BR>
20 West 22 Street, #816<BR>
New York, New York 10010</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="lc16101_officers"> </A>
<A NAME="toc_lc16101_3"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Officers    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The principal occupations of our executive officers who are considered "participants" in the Company's solicitations are set forth
below, except Daniel G. Cohen who is listed above as a director </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>B-1</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=66,EFW="2226410",CP="INSTITUTIONAL FINANCIAL MARKETS,",DN="1",CHK=628958,FOLIO='B-1',FILE='DISK128:[15ZCS1.15ZCS16101]LC16101A.;8',USER='JTAYLORA',CD='30-OCT-2015;09:32' -->
<A NAME="page_lc16101_1_2"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg16101a_main_toc">Table of Contents</A></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>"participant."
The principal occupation refers to such person's position with the Company, and the business address for each person is Institutional Financial Markets,&nbsp;Inc., at Cira Centre,
2929 Arch Street, 17<SUP>th</SUP>&nbsp;Floor, Philadelphia, Pennsylvania. </FONT></P>
 <DIV style="padding:0pt;position:relative;width:54%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"150%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="150%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="218pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="341pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:21pt;"><FONT SIZE=1><B>Name

<!-- COMMAND=ADD_SCROPPEDRULE,21pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Title </B></FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Lester R. Brafman</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Chief Executive Officer, Institutional Financial Markets,&nbsp;Inc.</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Joseph W. Pooler, Jr.&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Executive Vice President, Chief Financial Officer, and Treasurer, Institutional Financial Markets,&nbsp;Inc.</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="lc16101_stock_ownership"> </A>
<A NAME="toc_lc16101_4"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Stock Ownership    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The number of shares of the Company's common stock beneficially owned by each of the directors above is as set forth in the section of
the Proxy Statement entitled "Share Ownership of Certain Beneficial Owners and Management." Except as otherwise disclosed in the Proxy Statement, each of those participants beneficially owns the
shares of record listed in that table opposite such participant's name. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="lc16101_information_regarding_transact__inf03006"> </A>
<A NAME="toc_lc16101_5"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Information Regarding Transactions in Company Securities by Participants    <BR>    </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth purchases and sales of equity securities of the Company, if any, by the participants during the past two
years. None of the purchase price or market value of the below </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>B-2</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=67,EFW="2226410",CP="INSTITUTIONAL FINANCIAL MARKETS,",DN="1",CHK=210981,FOLIO='B-2',FILE='DISK128:[15ZCS1.15ZCS16101]LC16101A.;8',USER='JTAYLORA',CD='30-OCT-2015;09:32' -->
<A NAME="page_lc16101_1_3"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg16101a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>securities
is represented by funds borrowed or otherwise obtained for the purpose of acquiring or holding such securities. </FONT></P>
 <DIV style="padding:0pt;position:relative;width:57%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"140%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="140%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="49pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="55pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="290pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:21pt;"><FONT SIZE=1><B>Name

<!-- COMMAND=ADD_SCROPPEDRULE,21pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Date </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Number of<BR>
Shares </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Transaction Description </B></FONT></TH>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Daniel G. Cohen</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>12/31/13</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>30,103</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Disposition: surrender of shares for tax withholding</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>8/26/14</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>100,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Disposition: disposition to the Company</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>4/10/14</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>75,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Disposition: bona fide gift</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>11/13/14</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>100,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Disposition: disposition to the Company</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Thomas P. Costello</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2/12/14</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
22,634</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Acquisition: restricted stock grant</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2/04/15</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>30,303</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Acquisition: restricted stock grant</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 G. Steven Dawson</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2/12/14</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
22,634</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Acquisition: restricted stock grant</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>



<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2/04/15</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>30,303</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Acquisition: restricted stock grant</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Jack J. DiMaio, Jr.&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2/12/14</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
22,634</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Acquisition: restricted stock grant</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2/04/15</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>30,303</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Acquisition: restricted stock grant</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>8/28/15</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>974,585</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Disposition: private sale</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Joseph M. Donovan</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2/12/14</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
22,634</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Acquisition: restricted stock grant</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2/04/15</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>30,303</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Acquisition: restricted stock grant</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Jack Haraburda</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2/12/14</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
22,634</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Acquisition: restricted stock grant</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2/04/15</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>30,303</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Acquisition: restricted stock grant</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Christopher Ricciardi</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2/12/14</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
22,634</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Acquisition: restricted stock grant</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>



<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2/04/15</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>30,303</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Acquisition: restricted stock grant</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>10/16/15</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,399,286</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Disposition: private sale to Company</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>10/16/15</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>487,291</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Disposition: private sale to Company</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>10/16/15</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>48,448</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Disposition: private sale to Company</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Neil S. Subin</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2/12/14</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
22,634</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Acquisition: restricted stock grant</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2/04/15</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>30,303</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Acquisition: restricted stock grant</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Lester R. Brafman</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>11/30/13</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
500,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Acquisition: stock option grant</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>6/10/14</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,500,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Acquisition: stock option grants</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>



<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2/12/15</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>75,758</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Acquisition: restricted stock grant</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Joseph W. Pooler, Jr.&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>12/31/13</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
11,185</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Disposition: surrender of shares for tax withholding</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2/13/14</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>107,143</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Acquisition: stock option grant</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>12/31/14</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>6,022</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Disposition: surrender of shares for tax withholding</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2/12/15</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>45,455</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Acquisition: restricted stock grant</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="lc16101_miscellaneous_information_concerning_participants"> </A>
<A NAME="toc_lc16101_6"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Miscellaneous Information Concerning Participants    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as described otherwise disclosed in the proxy statement, to the knowledge of the
Company:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> None of the participants nor any of their respective affiliates or associates (together, the "Participant Affiliates")
(a)&nbsp;directly or indirectly beneficially owns any shares of the Company's common stock or any securities of any subsidiary of the Company or (b)&nbsp;has had any relationship with the Company
in any capacity other than as a stockholder, employee, officer or director. An "affiliate" of a person is a person who directly or indirectly through one or more intermediaries controls, is controlled
or is under common control with the person specified. The term "associate" is defined in Rule&nbsp;14a-1(a) under the Exchange Act to mean (a)&nbsp;any corporation or organization of which such
person is an officer or partner or is, directly or indirectly, the beneficial owner of 10% or more of any class of equity securities, (b)&nbsp;any trust or </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>B-3</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=68,EFW="2226410",CP="INSTITUTIONAL FINANCIAL MARKETS,",DN="1",CHK=994842,FOLIO='B-3',FILE='DISK128:[15ZCS1.15ZCS16101]LC16101A.;8',USER='JTAYLORA',CD='30-OCT-2015;09:32' -->
<A NAME="page_lc16101_1_4"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg16101a_main_toc">Table of Contents</A></FONT></P>

<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>estate
in which such person has a substantial beneficial interest or as to which such person serves as a trustee or in a similar fiduciary capacity, and (c)&nbsp;any relative or spouse of such
person, or any relative of such spouse, who has the same home as such person or who is a director or officer of the Company or any of its subsidiaries. </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> No participant or Participant Affiliate is either a party to any transaction or series of transactions since January&nbsp;1, 2014,
or has knowledge of any currently proposed transaction or series of transactions, (a)&nbsp;in which the Company or any of its subsidiaries was or is to be a party, (b)&nbsp;in which the amount
involved exceeds the lesser of $120,000 or one percent of the average of the Company's total assets at year end for the last two completed fiscal years, and (c)&nbsp;in which any participant or
Participant Affiliate had or will have a direct or indirect material interest. The term "transaction" includes, but is not limited to, any financial transaction, arrangement or relationship (including
any indebtedness or guarantee of indebtedness) or any series of similar transactions, arrangements or relationships. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> No participant or Participant Affiliate has any substantial interest, direct or indirect, by security holdings or otherwise, in any
matter to be acted upon at the meeting. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> No participant or Participant Affiliate has entered into any agreement or understanding with any person respecting any future
employment by the Company or any of its affiliates or any future transactions to which the Company or any of its affiliates will or may be a party. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> There are no contracts, arrangements or understandings by any participant or Participant Affiliate within the past year with any
person with respect to Company securities, including, but not limited to, joint ventures, loan or option arrangements, puts or calls, guarantees against loss or guarantees of profit, division of
losses or profits, or the giving or withholding of proxies. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>B-4</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=69,EFW="2226410",CP="INSTITUTIONAL FINANCIAL MARKETS,",DN="1",CHK=294297,FOLIO='B-4',FILE='DISK128:[15ZCS1.15ZCS16101]LC16101A.;8',USER='JTAYLORA',CD='30-OCT-2015;09:32' -->
<UL>
<UL>
</UL>
</UL>
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt 12.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting:</font></b> The Notice&nbsp;&amp; Proxy Statement and The Annual Report on Form&nbsp;10-K are available at www.proxyvote.com.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in .3in .0001pt 0in;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">M72184-P51737</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" color="#ff4040" face="Times New Roman" style="color:#FF4040;font-size:10.0pt;font-weight:bold;">PRELIMINARY PROXY CARD,</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" color="#ff4040" face="Times New Roman" style="color:#FF4040;font-size:10.0pt;font-weight:bold;">SUBJECT TO COMPLETION DATED OCTOBER&nbsp;29, 2015</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">INSTITUTIONAL FINANCIAL MARKETS,&nbsp;INC.</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS FOR</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">THE 2015 ANNUAL MEETING OF STOCKHOLDERS TO BE HELD ON</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">DECEMBER 21, 2015 AT 10:00 A.M., LOCAL TIME</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The undersigned stockholder of INSTITUTIONAL FINANCIAL MARKETS,&nbsp;INC., a Maryland corporation (the &#147;Company&#148;), hereby appoints Joseph W. Pooler,&nbsp;Jr. and Douglas Listman, and each of them, as proxies for the undersigned with full power of substitution in each of them, to attend the 2015 Annual Meeting of Stockholders to be held on December&nbsp;21, 2015 at 10:00 a.m.&nbsp;local time, at the offices of Duane Morris LLP, located at 1540 Broadway, New York, New York 10036, and any adjournments or postponements thereof, to cast on behalf of the undersigned all votes which the undersigned would be entitled to cast at the meeting and otherwise to represent the undersigned at the meeting with all powers possessed by the undersigned if personally present at the meeting.</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Whether or not you expect to attend in person, we urge you to authorize your proxy by phone, via the Internet, or by signing, dating, and returning this proxy card at your earliest convenience. This will help to ensure the presence of a quorum at the meeting. Promptly authorizing your proxy will save the Company the expense and extra work of additional solicitation. An addressed envelope, for which no postage is required if mailed in the United States, is enclosed if you wish to authorize your proxy by mail. Submitting your proxy now will not prevent you from voting the shares at the meeting if you desire to do so, as your vote by proxy is revocable at your option.</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Address&nbsp;Changes/Comments:</font></b></p>
<p style="margin:0in 0in .0001pt .5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(If you noted any Address Changes/Comments above, please mark corresponding box on the reverse side.)</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Continued and to be signed on reverse side</font></b></p>
<p align="center" style="margin:0in 0in .0001pt 8.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">INSTITUTIONAL FINANCIAL MARKETS,&nbsp;INC.</font></i></b></p>
<p style="margin:0in 0in .0001pt .5in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">CIRA CENTRE</font></i></b></p>
<p style="margin:0in 0in .0001pt .5in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">2929 ARCH STREET - 17TH FLOOR</font></i></b></p>
<p style="margin:0in 0in .0001pt .5in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">PHILADELPHIA, PA 19104</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">VOTE BY INTERNET - www.proxyvote.com</font></b></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Use the Internet to transmit your voting instructions and for electronic delivery of information up until 11:59 P.M.&nbsp;Eastern Daylight Time the day before the cut-off date or meeting date. Have your proxy card in hand when you access the web site and follow the instructions to obtain your records and to create an electronic voting instruction form.</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ELECTRONIC DELIVERY OF FUTURE PROXY MATERIALS</font></b></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If you would like to reduce the costs incurred by our company in mailing proxy materials, you can consent to receiving all future proxy statements, proxy cards and annual reports electronically via e-mail or the Internet. To sign up for electronic delivery, please follow the instructions above to vote using the Internet and, when prompted, indicate that you agree to receive or access proxy materials electronically in future years.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=70,EFW="2226410",CP="INSTITUTIONAL FINANCIAL MARKETS,",DN="1",CHK=1034654,FOLIO='',FILE="DISK130:[15ZCS2.15ZCS16102]22061-2-BG_ZCS16102.CHC",USER="BFLANNO",CD='Oct 30 20:08 2015' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">VOTE BY PHONE - 1-800-690-6903</font></b></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Use any touch-tone telephone to transmit your voting instructions up until 11:59 P.M.&nbsp;Eastern Daylight Time the day before the cut-off date or meeting date. Have your proxy card in hand when you call and then follow the instructions.</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">VOTE BY MAIL</font></b></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mark, sign and date your proxy card and return it in the postage-paid envelope we have provided or return it to Vote Processing, c/o Broadridge, 51 Mercedes Way, Edgewood, NY 11717.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">M72183-P51737&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;KEEP THIS PORTION FOR YOUR RECORDS</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">DETACH AND RETURN THIS PORTION ONLY</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND DATED.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="66%" colspan="8" valign="top" style="padding:0in 0in 0in 0in;width:66.42%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">INSTITUTIONAL FINANCIAL   MARKETS,&nbsp;INC.</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">For<br>   All</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:9.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Withhold<br>   All</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.28%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">For&nbsp;All<br>   Except</font></b></p>    </td>   </tr>
<tr>
<td width="66%" colspan="8" valign="top" style="padding:0in 0in 0in 0in;width:66.42%;">
<p style="margin:0in 0in .0001pt .2in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">The Board of Directors recommends you vote FOR the   following:</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:9.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.28%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="66%" colspan="8" valign="top" style="padding:0in 0in 0in 0in;width:66.42%;">
<p style="margin:0in 0in .0001pt .2in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="9%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:9.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.28%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="66%" colspan="8" valign="top" style="padding:0in 0in 0in 0in;width:66.42%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt .2in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Election of Directors</p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:9.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.28%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="15" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="15" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt .2in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To   withhold authority to vote for any individual nominee(s), mark &#147;For All   Except&#148; and write the number(s)&nbsp;of the nominee(s)&nbsp;on the line   below.</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="15" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt .2in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="15" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt .5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Nominees:</font></b></p>    </td>   </tr>
<tr>
<td width="100%" colspan="15" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="15" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">01)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Daniel&nbsp;G.&nbsp;Cohen</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="15" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="15" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">02)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thomas&nbsp;P.&nbsp;Costello</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="15" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="15" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">03)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; G. Steven Dawson</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="15" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="15" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">04)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jack J. DiMaio,&nbsp;Jr.</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="15" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="15" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">05)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Joseph&nbsp;M.&nbsp;Donovan</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="15" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="15" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">06)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jack Haraburda</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="15" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="15" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">07)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Christopher&nbsp;Ricciardi</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="15" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="15" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">08)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Neil S. Subin</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="15" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt .2in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="15" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt .2in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">The Board of Directors recommends you vote FOR the   following proposals:</font></b></p>    </td>   </tr>
<tr>
<td width="100%" colspan="15" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt .2in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="66%" colspan="8" valign="top" style="padding:0in 0in 0in 0in;width:66.42%;">
<p style="margin:0in 0in .0001pt .45in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">For</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:9.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Against</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.28%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Abstain</font></b></p>    </td>   </tr>
<tr>
<td width="66%" colspan="8" valign="top" style="padding:0in 0in 0in 0in;width:66.42%;">
<p style="margin:0in 0in .0001pt .45in;text-indent:-.25in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="9%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:9.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.28%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="66%" colspan="8" valign="top" style="padding:0in 0in 0in 0in;width:66.42%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt .45in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>To re-approve the Institutional Financial   Markets,&nbsp;Inc. (formerly Alesco Financial Inc.) Cash Bonus Plan to comply   with Section&nbsp;162(m)&nbsp;of the Internal Revenue Code of 1986, as   amended.</p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:9.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.28%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>   </tr>
<tr>
<td width="66%" colspan="8" valign="top" style="padding:0in 0in 0in 0in;width:66.42%;">
<p style="margin:0in 0in .0001pt .45in;text-indent:-.25in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="9%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:9.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.28%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="66%" colspan="8" valign="top" style="padding:0in 0in 0in 0in;width:66.42%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt .45in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>To ratify the appointment of Grant Thornton   LLP as the Company&#146;s independent registered public accounting firm for the   year ending December&nbsp;31, 2015.</p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:9.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.28%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="15" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt .2in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="15" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt .2in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">NOTE:</font></b> In their discretion, the proxies are authorized to vote upon such   other matters which may properly come before the annual meeting or any   adjournments or postponements thereof.</p>    </td>   </tr>
<tr>
<td width="100%" colspan="15" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt .2in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="15" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt .2in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">THE   VOTES ENTITLED TO BE CAST BY THE UNDERSIGNED WILL BE CAST AS DIRECTED.</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="15" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt .2in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="15" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt .2in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">IF   THIS PROXY IS EXECUTED BUT NO DIRECTION IS INDICATED, THE VOTES ENTITLED TO   BE CAST BY THE UNDERSIGNED WILL BE CAST &#147;<u>FOR</u>&#148; THE ELECTION OF </font>MESSRS.   COHEN, COSTELLO, DAWSON, DIMAIO, DONOVAN, HARABURDA, RICCIARDI AND SUBIN</font>, &#147;<u>FOR</u>&#148; PROPOSAL 2 AND &#147;<u>FOR</u>&#148;   PROPOSAL 3.</p>    </td>   </tr>
<tr>
<td width="100%" colspan="15" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt .2in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="15" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt .2in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">For   address changes and/or comments, please check this box and write them</font>  </font>on the back where indicated.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Wingdings">o</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="15" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt .2in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="42%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:42.38%;">
<p style="margin:0in 0in .0001pt .2in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Please   indicate if you plan to attend this meeting.</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>
<td width="5%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>
<td width="45%" colspan="8" valign="top" style="padding:0in 0in 0in 0in;width:45.96%;">
<p style="margin:0in 0in .0001pt .2in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="42%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:42.38%;">
<p style="margin:0in 0in .0001pt .2in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="5%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="45%" colspan="8" valign="top" style="padding:0in 0in 0in 0in;width:45.96%;">
<p style="margin:0in 0in .0001pt .2in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="42%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:42.38%;">
<p style="margin:0in 0in .0001pt .2in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Yes</font></b></p>    </td>
<td width="5%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">No</font></b></p>    </td>
<td width="45%" colspan="8" valign="top" style="padding:0in 0in 0in 0in;width:45.96%;">
<p style="margin:0in 0in .0001pt .2in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="42%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:42.38%;">
<p style="margin:0in 0in .0001pt .2in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="45%" colspan="8" valign="top" style="padding:0in 0in 0in 0in;width:45.96%;">
<p style="margin:0in 0in .0001pt .2in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="15" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt .2in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Please   sign exactly as your name(s)&nbsp;appear(s)&nbsp;hereon. When signing as   attorney, executor, administrator, or other fiduciary, please give full title   as such. Joint owners should each sign personally. All holders must sign. If   a corporation or partnership, please sign in full corporate or partnership   name by authorized officer.</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="15" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt .2in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.38%;">
<p style="margin:0in 0in .0001pt .2in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="34%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:34.32%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="12%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.76%;">
<p style="margin:0in 0in .0001pt .2in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="33%" colspan="6" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:33.08%;">
<p align="center" style="margin:0in 0in .0001pt 10.0pt;text-align:center;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.38%;">
<p style="margin:0in 0in .0001pt .2in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.32%;">
<p style="margin:0in 0in .0001pt 17.3pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Signature&nbsp;[PLEASE&nbsp;SIGN&nbsp;WITHIN&nbsp;BOX]</font></p>    </td>
<td width="12%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:12.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.76%;">
<p style="margin:0in 0in .0001pt .2in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="33%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:33.08%;">
<p style="margin:0in 0in .0001pt 17.3pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Signature&nbsp;(Joint&nbsp;Owners)</font></p>    </td>
<td width="14%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:14.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date</font></p>    </td>   </tr>
<tr height="0">
<td width="17" style="border:none;"></td>
<td width="243" style="border:none;"></td>
<td width="40" style="border:none;"></td>
<td width="42" style="border:none;"></td>
<td width="9" style="border:none;"></td>
<td width="20" style="border:none;"></td>
<td width="12" style="border:none;"></td>
<td width="88" style="border:none;"></td>
<td width="15" style="border:none;"></td>
<td width="70" style="border:none;"></td>
<td width="9" style="border:none;"></td>
<td width="40" style="border:none;"></td>
<td width="30" style="border:none;"></td>
<td width="9" style="border:none;"></td>
<td width="64" style="border:none;"></td>   </tr> </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=71,EFW="2226410",CP="INSTITUTIONAL FINANCIAL MARKETS,",DN="1",CHK=325611,FOLIO='',FILE="DISK130:[15ZCS2.15ZCS16102]22061-2-BG_ZCS16102.CHC",USER="BFLANNO",CD='Oct 30 20:08 2015' -->

<BR>
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>g431936.jpg
<DESCRIPTION>G431936.JPG
<TEXT>
begin 644 g431936.jpg
M_]C_X  02D9)1@ ! 0$!L &P  #__@!$35),3%]'4D%02$E#4SI;24Y35$E4
M551)3TY!3%]&24Y!3D-)04Q?34%22T5474E&34E?1E!/7S1#7TQ/1T\N15!3
M_]L 0P ! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!_]L 0P$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$!_\  $0@ -P&\ P$B  (1 0,1 ?_$ !\   (" P # 0$            )
M!P@!!@H"!0L#!/_$ %<0   % P,"! ,$! @)!!,   $" P0%!@<1  @A$C$)
M$Q1!%2)1%A=AD0H8<8$9(R8R-CA7L24G-3<Y0G6A\"1&M,$I-$-%1U)55F)G
M=GB"A8:CMN'Q_\0 '0$  00# 0$               $" P<$!0D&"/_$ $\1
M  (! @4" P0"#0@%#0    $" P01  4&$B$3,0<B010R46$((Q47-#=25'&!
ME*&UU? D-D1E=7:1L18E,T)%-4958F1F<H2CLL'1\?_:  P# 0 "$0,1 #\
MC_Q1KO76@O$)W;1$)<ROH>*87<<H,8V,J^>8L&2 4Q3)@2:,VSY-NV2*83'
MB29"9,<W3U"(C0H+YWL /\[US<_ZN*YJ4 $ 'GO(C_N[>PYP&K9>*X(!XC.\
M'@<_>^ZR/MQ2]+_^B(^_;/8!'(=]+Y#\0' ?7 8#Z!@?8>0Q@>P@(#R'4S1F
M5Y8^C]*.^74+N^F\C9F>CIV9F;*Z4LS,8]S%C<DDDDDF_../>OLSS)-<:PC3
M,*Z-%U/G@5%JZA555S*HL%59 J@<< #UXQ*H7TO:(@/WOW+ 0SWKBI!_ .\D
M/;O@<CC\>='WZ7J$>;O7-$. P-=5('L& $0DL9[?O[ZBD,=@[AW'\<8SC.?S
M#OSKH=\//P4*#WK;6:<W"3U\:LH:4GJ@KN%/3D/2T3)L6R=(U ^A&ZX/G<B@
MNLH]!GZA8GDD*D*GED$^!-INJ\ZT;HK+(\VU#2T=)0S5D5"DD64+5,:F:.:9
M$,=/3R2 %*>5BY4*"MB;L 4T;I_6VO<UER;3,]769A#12USQ2YO[&HI898(I
M'$M34Q1DK)41 (&WG<2!93A' WVO8'/WNW,* AC/VWJ7&,CG'^$A 3"'  .1
MR&1$.VL??I>SG%WKG"'&,US4?./?B1SG'T$,B/.M7N)3"=#5U7M'H.SOTJ.J
M^KJ:2>J) BJ^3IJ:DHE%VH@4RA$CNR,2K*)E4,"9U3$(8Y2@(]2%FOT=.UUS
M[06KN8[W(5U%.KB6UH:NG<8C1D$LA&N:OI:)J!RP07/*IG609+R"C=%90A#J
MIIE44(4YA*&!JK5F@=%TF6UNH(:2EI\VWBA>+)35&7IQPRON6"ED:.R31GZP
M+>Y')#8V.CM$^(FO*S-*'3+5-;4Y/TS7I+G4=((@\LD*;7JJN)929(G7ZMGM
MM#< B_,P-];V=/-W;G (!@!"N*E]P$1#_*/. X#.>.1$1UX??K>O^UZY>!$H
M9"N*D[!CN/Q'N(>X!GN&1#C75B/Z,[:,0P.Z.O1XQ_0FG_SQ\8QG]W;4.[A?
MT>FUUE;"WHO!';C*UG']JK55]<-G#.J/@FS66=4=3$E/H1KIPE*J*-V[Y5B1
MLLLDF=1,JG60IC  #X^F\9O!ZKJ*>E@EC::IGB@A5M-52AI9G2.,%C16 9W4
M$M95O<FU[>WJO ?QMHJ6IK*BDD2GI()JJ=AJB@<I#3QM+(P1<Q+,51"0J@L3
MP 2<<V7WZWKR(C=^Y>1SG-<U)[\#_P!\@QSVQC ]L:P-]KV  XN_<SD  <US
M4F<>PA_A+@1#&<@//N/O+VR:PE%;E=PU!6BN-5<_0%(UO)H4TO74'%(RX0%3
M3Y565%-)%!R*35%I4=2>DA/5.'38B!W'F=2AR^6-V/%)\*ESX?"%L*JI6NIF
MY]NZ]&8BI";D:=+%.Z9J>+,U5092!XY5['ECYA@^;#%N%W#=PX?(O6R:!RH%
M5/[NKS[1-!J?+](5=/0P9YFM.:B@@?*5Z%0J+*Q058IS3+/M@<B%Y%E8;/+]
M;'OKJBTWKK,-*9GK2CDK:C(,FJ4I<QJ$S8&HI7=J=$=J$U(JV@+U$:B=(GBN
M)//:*38LH;Z7LR&;O7-YP 9KBI<\9_\ %D@#MP(X[![#R-AMJ"&X+<[N+M'8
MR'NQ=,_WAUE%PTNY0KFJ2#'TP0YG]4R/JB/%RLU&E.LY15HNN0$?7 U3,8!4
M#5)\^V,^X=\^^ #L'?/;'(<ZZQOT<?:@5FPN=O'JQJEY3U-S:RVQGK?H*V28
MNF4M6U0$,[1*44S'3@HZ-DV9_+!,DZW,MDJA2ZWQ+S?*-%:,SC.QE^6K6+ :
M/*U]CIMTF9UEX:3:!$=W0):KD%^8J>3L>^V\*<ASG7NNLBR U^8M0O4"MS=Q
M65&V'*:+;/6;FZEEZZ(*6,DGZZ>,6([7&\;S<PWVJ;*:7V^T)4T@TN)=-*FZ
M*@WX2RR=5,;>405@I4U5$?9,Y7>.5F$/3[UT"A' 'J59VDL19(IR\8A;Z7K#
MJ_QOW-P X#%<U*(@';&!D@Y_$!R/MWU?3Q>MT,MNEWC5A42?JT[>4,@M0-JB
MG,_)'R]*P4U*M7=7L&KS"21JDFT'Z3IRS*+9V2$:"154$BB%K?#1\&ZB-^.W
MQ]>BH[T510#UK7E04@G!PM,1<JU,C!D:F*].[>2#=457!G'*14P(F!,=1A'(
M>'T31:9\*O#/+<VUE'"D^;U25V9U$F7_ &0F2OS12]-2%(H)I4%/2T\<<J6"
M1U"SEMK.0; U_6:J\9/%?-,GT.TLM/DU(<MRBFCS$9=3MEN4$"HK!)//!$_M
M-5/+-$UR[T[0(-RH+)>"^MZ@$/\ &_<S(#V^W-2\B/O@9'G\>P#GM],_?I>K
MVN[<T2CP(#7%2A@ $>W^$LY_# _3ZB.Q[HK0Q]@-QU\;(1<P[J"-M/<ZK*#8
M3KYLBR>R[6G)$[%*0=-4#+(MEW)2@HJDDL<B8_*0Y@YU ^.0[#C///N&>WMG
M..0_?SS==%2Y'F%'25]+EV7O35M+3U=.YH($9H*F%)H69&A5T9HW4E6 922#
MS>]"U]3GN6UU9EU9F%?'5T-3/25,:U\\BI/32M%*HDCF9'"R(0'5B#:ZDCG$
MJ&OI>PHX&[US<B(B(_;FI  /VC\2[<B/XC^[':K^CV554U7['JEDZKJ&<J62
M3O\ 7":$D)^4>RSTC5*$HI1)L5T^676!!(ZRIB(@<$R&4.)2AU#KA9$,B';
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MX4P4Y>G11*#.$:Y92%#-8BP47-@;'XVXXQ/U=;W+ VY^R05343]F-;4=#UU
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MF6AC!U=#AL@Z0(FH0 RJB"IEDNRJ9!R 4&:2"L+XDMUI1D!@<Q%HZX?M$T0
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M!@T:-&C!@T:-&C!@T:-&C!@T:-&C!@T:-&C!@T:-&C!@T:-&C!CYP?BN /\
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M*RMRJU<KLZ2H;:Q:NJ*D=-&+B3<MX>'M73KQ^LA'M$U73U4B"1S$;()G55,
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ME3<W"[=*#I*38*-:BB[.T]3[^,.=(RS>8:T:VCW#(YR',B*B;PAD#&(H9,3
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M_C!@<@/^L(X-Q^WW]@SP(<<" !^'>OX"G^C0MY_[=7J__/9OZZX*>V1 1]\
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MCNS7'F/X)NE!,1!-+C(>4E[".<)E]OH "'/MV#D=9+_.$P#W[!GV^OOP Y#
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M1=>)_#-G"2:S=S;F4;N$%2E436;N*69I+H+)G 2J(K)',DH0P"4Y3&*8! 1
M=94K*99*;?)#>?*H=JS.XCZE/(K!9"0S^;DL0"]@6%^V1"5"+)M5[15;^:-1
MN*R1D747 ]; 7M<@8WZKMQ4K</P]JBNY1U42$/7,92E/QLW+0S[TDU#U<RG:
M=8RY@<MB)@U<R35<)+RT0Z2,I8B(CR(:FW:M<215VA4%<JX$_*3SUG1E25#4
M4]+.5'\J^0AYFHEE55W"F5'*Y6+(C=$.3F!-)(H"(%#2E]PQ9C:]-[D[#"T5
M+;>^D4RJVA$DC9;QKLE2LGS?T[=$!:Q[=,[6:BG28%(L+6,A!-@IDP&6ZPN$
M_IGPUK!T'3ZBQJGNT\"EF+9FY4;R*L:WK.;D'XM3)B45"N7A(J&<H"<I5D9<
MR1^I,QR&FAKY$GFDFW=6CRV2*6,D[6J(ZE$1@"2"9=R&]K^<CM;#&IPT<80
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M/M^..=*&N4&;!^'%D1*4)BL<\9# 7/I8  0^@AG(CV_#6/F[R"HJ55W4?8^
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M**-ER>4=T5R44Q%1$I3)F4-&JP\7=?9QJ32#9=74V610#-*&??20U22[XUJ
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M6/&(O>^']M+D7;I\\M459T]<+.G*OVPKLGF+KJ&55.!25,4A.HYA'!"E*&<
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?_>,<:H6_\14 G\^%:1WMO=FL+#<Q-A:W%SQP/3'_V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>g52037.jpg
<DESCRIPTION>G52037.JPG
<TEXT>
begin 644 g52037.jpg
M_]C_X  02D9)1@ ! 0$!L &P  #__@!'35),3%]'4D%02$E#4SI;24Y35$E4
M551)3TY!3%]&24Y!3D-)04Q?34%22T5474I!0TM?2E]$24U!24]?2U]324<N
M15!3_]L 0P ! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!_\  "P@ *@"T 0$1 /_$ !X
M  (" @,! 0             *" D&!P$%"P0"_\0 -A   0,$ @$# P," @L
M    !0,$!@$"!P@ "1$2$R$*%#$5%A=!<2)1&!HE*#9887*!E]?_V@ ( 0$
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M9>Y7:IM'DC)E=W.M9AI7@UM%5C.*I80RLS.3M[*$#0EI9!I)"';G]POJOPA
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M19.BEMJ3]EB51LK?92OI6LLOK<BI2J:E+;Z5ISKO]:#Z/?\ G43_ /0NR?\
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MWHQRY06JIZ5NCK16>[]=A.C&_D.F^6\YZ7Y! &,?LT)3),=XXR;A)9Z1$HS
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&APX<.?_9

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
