Penson Worldwide:A Leading Execution, Settlement, Clearing, & Technology Firm

Tiburon ResearchMarch 1, 2012

12.03.01 – Penson Worldwide © Tiburon Strategic Advisors, LLC™ 2

Penson Worldwide

• Founded in 1995– Founded by Phil Pendergraft & Daniel Son– Founded as Penson Financial Services

• Based in Dallas, TX• CEO: Phil Pendergraft

– President: Daniel Son• Web site: www.penson.com

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Source: 2/15/11 Finextra Web Site; 2/15/11 PR Newswire Web Site; 11/15/10 Penson Worldwide Web Site; Tiburon Research & Analysis

12.03.01 – Penson Worldwide © Tiburon Strategic Advisors, LLC™ 3

Penson Worldwide

TodayEarly Phase

Approximate Dates: 1996 - 2000

• XXXX: --

2007 - 2012

Key Steps:

Penson Worldwide was Founded as Penson Financial Services in 1995 and Has Evolved Through Three Phases, Including its Early, Middle, & Recent Phases

Middle Phase

Penson Worldwide History

Penson Financial Services Founded

2012

Recent Phase

2001 - 2006

• 1995: Penson Worldwide founded

• XXXX: -- • XXXX: --

1995

Source: 11/15/10 Penson Worldwide Web Site; Tiburon Research & Analysis

12.03.01 – Penson Worldwide © Tiburon Strategic Advisors, LLC™ 4

• Founded in 1995– Founded by Phil Pendergraft & Daniel Son– Founded as Penson Financial Services

• Based in Dallas, TX• CEO: Phil Pendergraft

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Penson Worldwide was Founded by Phil Pendergraft & Daniel Son as Penson Financial Services in 1995

Source: 11/15/10 Penson Worldwide Web Site; Tiburon Research & Analysis

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2011 2012

Penson WorldwideEmployees

Penson Worldwide Has __ Employees

Source: Tiburon Research & Analysis

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2011 2012

Penson WorldwideInstitutional Clients

Penson Worldwide Has __ Institutional Clients

Source: Tiburon Research & Analysis

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2011 2012

Penson WorldwideRevenues($ Millions)

Penson Worldwide Generates $__ Million Revenues

Source: Tiburon Research & Analysis

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2011 2012

Penson WorldwideNet Profits($ Millions)

Penson Worldwide Earns $__ Million

Source: Tiburon Research & Analysis

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Penson Worldwide Businesses

Penson Financial Services

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Penson Worldwide Businesses

Penson Worldwide Has a Number of Businesses, Including Penson Financial Services

Source: 11/15/10 Penson Worldwide Web Site; Tiburon Research & Analysis

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Penson Worldwide’s First Business is its Clearing Brokerage Business Called Penson Financial Services

Source: 11/15/10 Penson Worldwide Web Site; Tiburon Research & Analysis

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Penson Worldwide Web Site

Penson Worldwide Web Site

Penson Worldwide’s Web Site Has Seven Core Sections, Including About Us, Services & Products, Our Firms, Investor Relations, News, Career Opportunities, & Contact

About UsServices & Products

Our FirmsInvestor

RelationsNews

Career Opportunities

Contact

Source: 11/15/10 Penson Worldwide Web Site; Tiburon Research & Analysis

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Phil PendergraftCEO

-- -- ---- --

Penson Worldwide Organizational Chart

Penson Worldwide is Led by its CEO Phil Pendergraft & President Daniel Son

Source: 2/15/11 Finextra Web Site; 2/15/11 PR Newswire Web Site; 11/15/10 Penson Worldwide Web Site; Tiburon Research & Analysis

Daniel SonPresident

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Penson Worldwide’s Board of Directors Include John Drew

Penson WorldwideBoard of Directors

-- John Drew -- -- -- --

• -- • Partner, Technology Crossover Ventures

• -- • -- • -- • --

Source: 2/15/11 Finextra Web Site; 2/15/11 PR Newswire Web Site; Tiburon Research & Analysis

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Penson Worldwide is Privately Owned

• --

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Source: Tiburon Research & Analysis

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Source: Tiburon Research & Analysis

Tiburon Strategic Advisors

• Focus on corporate-level strategy- Serve senior executives only at financial

services companies- Key services: market seminars, market

research, & strategy consulting - Served over 300 corporate clients and

completed over 1,400 projects since 1998- Host semi-annual CEO Summits, offer free

weekly research releases, and offer free business benchmarking tools for all types of advisors

• Chip Roame background- McKinsey & Company- Charles Schwab & Company- Tiburon since 1998

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