ABOUT WEDBUSH MORGAN

Wedbush Morgan Securities is a top financial services company that offers a full breadth of services, including clearing services, professional trading and processing, public finance, municipal securities, equity research and investment banking. We are a full service brokerage firm with over 20 locations nationwide. We provide clearing services for over 80 correspondents, both domestic and international. We have a long history of financial stability that is complimented by our strong balance sheet with over $1 billion in assets.

Wedbush Morgan Securities started in 1955 when two young entrepreneurs, Ed Wedbush and Robert Werner founded Wedbush & Company to offer mutual funds to the public. Wedbush & Company opened its first office in 1957 in the Crenshaw district of Los Angeles, and focused on growth in brokerage activities.

For more than a decade, Wedbush & Company focused primarily on retail securities sales. In 1969, Wedbush and Company expanded into the wholesale business, and the business began to grow quickly. Soon after, Wedbush acquired Los Angeles based Noble, Cooke & Company, a company that dated back to 1925. Wedbush & Company was able to enhance its existing trading and market making functions and changed its name to Wedbush, Noble, Cooke, Inc.

In 1971, with a net worth of more than $1 million, Ed Wedbush linked to the center of the securities business through membership on the New York Stock Exchange, The Depository Trust Company and the National Securities Clearing Corporation. The next year, Wedbush, Noble, Cooke expanded into the correspondent clearing business, executing and clearing for ourselves and for other brokerage firms. This venture was successful immediately, since we managed the business internally and we were able to provide faster, more efficient service than our competitors.

1n 1975, Wedbush, Noble, Cooke acquired the investment banking activity of one of California’s oldest firms, William R. Staats & Company. This allowed us to expand our already growing research capabilities through the addition of their investment banking group. After the acquisition, Wedbush, Noble, Cooke had 13 offices, an institutional sales force, OTC market makers and four specialist posts on the Pacific Stock Exchange. In 1986, the board of directors voted to change the name of the company to Wedbush Securities, for simplification and to further identify the firm as a full service securities firm.

The next strategic acquisition was Morgan, Olmstead, Kennedy & Gardner, a 58-year-old full service securities firm. The addition of Morgan, Olmstead, Kennedy & Gardner brought expanded trading and research capabilities, as well as additional brokerage offices to expand the existing Wedbush Securities offices. We then changed our name to Wedbush Morgan.

In the 90’s, Wedbush Morgan Securities focused on introducing a variety of new services to clients. Client Link™ was established in order to offer clients access to their account information via the Internet. We launched E InvestmentBank, which offers clients access to initial public offerings via the Internet. A client banking division was also established.

The founding and growth of Wedbush Morgan Securities is a classic American success story, and we are proud of our history. Today, we are recognized among securities professionals as a leader in the industry. Our commitment to providing customized service to our clients is the foundation of our consistent growth.