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Understanding FBR

FBR Capital Markets Corporation (FBR Capital Markets; NASDAQ:FBCM) is a top ten investment bank1 with an international franchise, one of the strongest equities distribution capabilities in the securities industry and an active asset management business.

From 2003 to 2008, FBR Capital Markets' Investment Banking group has been ranked as the:

  • #3 book-running manager of all common stock offerings for U.S. companies with a market capitalization of $1 billion or less in the last five years2
  • #1 book-running manager for all U.S. IPOs and 144A equity placements combined for all industries3
  • #1 book-running manager of all common stock offerings for domestic mining, oil and gas, and utility and energy companies, with a market capitalization of $1 billion or less4
  • #1 book-running manager of all common stock offerings for U.S. and Bermuda finance and insurance companies with a market capitalization of $1 billion or less5

FBR Capital Markets focuses its banking, advisory, trading and research efforts in seven broad industry sectors including consumer, diversified industrials, energy & natural resources, financial institutions, insurance, real estate and technology, media & telecom. With our headquarters in the Washington, D.C. metropolitan area, our Washington Policy Analysis group offers clients a comprehensive overview of national economic trends along with a unique perspective on the impact that legislation and regulation will have on industry sectors and individual companies.

With a substantial team of brokers, traders and sales traders in Washington, New York, Boston and London, FBR Capital Markets is, as of December 2008, a market-maker or trader in 980 securities and provided independent research on more than 380 companies representing 22% of the S&P 500 by market capitalization.6

On the asset management side of our business, FBR Capital Markets Corporation's registered investment advisory subsidiaries manage a range of investment products that includes a family of mutual funds* and a number of private funds.

FBR Capital Markets is headquartered in Arlington, Virginia. FBR Capital Markets also has offices in Boston, Dallas, Houston, Irvine, New York, San Francisco and London.

*Investors should consider the investment objectives, risks, charges, and expenses carefully before investing. This and other important information can be found in the fund's prospectus. To obtain data current to the most recent month-end and a free prospectus, please call 888.200.4710 or visit www.fbrfunds.com. Investment return and principal will fluctuate so that investors’ shares, when redeemed, may be worth more or less than their original costs. Please read the prospectus carefully before investing. The FBR Funds are distributed by FBR Investment Services, Inc., member FINRA/SIPC.

1) Source: Dealogic. As measured by the aggregate value of the U.S. common equity underwritings priced between 1/1/04 and 12/31/08 with apportioned credit including over-allotment to all book-runners. Includes only rank eligible transactions.

2) Source: Dealogic. Relates to total deal value of all common stock or common equity, including private placements, offered for all U.S. companies with a market capitalization of $1 billion or less. Transactions priced between 1/1/04 and 12/31/08 with apportioned credit including over-allotment to all book-runners. Includes only rank eligible transactions.

3) Source: Dealogic. Relates to total deal value of all common stock of U.S. issuers offered in IPOs or transactions pursuant to rule 144A, on a combined basis. Transactions priced between 1/1/04 and 12/31/08 with apportioned credit including over-allotment to all book-runners. Includes only rank eligible transactions.

4) Source: Dealogic. Relates to total deal value of all common stock or common equity, including private placements, offered for all U.S. mining, oil and gas, and utility and energy companies with a market capitalization of $1 billion or less. Transactions priced between 1/1/04 and 12/31/08, with apportioned credit including over-allotment to all book-runners. Includes only rank eligible transactions.

5) Source: Dealogic. Relates to total deal value of all common stock or common equity, including private placements, offered for all U.S. and Bermuda finance and insurance companies with a market capitalization of $1 billion or less. Transactions priced between 1/1/04 and 12/31/08, with apportioned credit including over-allotment to all book-runners. Includes only rank eligible transactions.

6) Research is provided by FBR Capital Markets & Co. (FBRC) Research department, which is independent from the Investment Banking department of FBRC and has the sole authority to determine which companies receive research coverage and the recommendation contained in the coverage. In the normal course of its business, FBRC seeks to perform investment banking and other fee generating services for companies that are the subject of FBRC research reports. Research analysts are eligible to receive bonus compensation that is based on FBRC’s overall operating revenues, including revenues generated by FBRC’s Investment Banking department. Specific information is contained in each research report concerning FBRC’s relationship with the company that is the subject of the report.