Dr. Phillip Frost, Chairman of Ladenburg, said, “2012 is an important transition year as we further established Ladenburg as one of the leading independent broker-dealer networks and generated a significant increase in revenue and adjusted EBITDA as a result of the Securities America acquisition. After successfully integrating Securities America, we have strengthened conditions there and at our other subsidiaries for strong and sustainable growth through recruiting and disciplined acquisitions.”Richard Lampen, President and Chief Executive Officer of Ladenburg, added, “Ladenburg’s strong performance allowed us to meet our cash debt service obligations, and in the fourth quarter of 2012 we satisfied the conditions for a significant forgiveness of our loan from our primary clearing firm. We have also identified and begun the process of implementing synergies across all of our broker-dealer firms. These synergies arise from the scale associated with our network of approximately 2,700 independent financial advisors with approximately $70 billion of client assets. Importantly, we have done all of this while maintaining strong organic growth and margins at Investacorp and Triad Advisors, and also expanding our capabilities on the investment banking and capital markets side of our business.” Loan Forgiveness In 2009 and 2011, the primary clearing firm of the Company’s subsidiaries, National Financial Services LLC (“NFS”), a Fidelity Investments company, provided the Company with forgivable loans, the proceeds of which were used to help fund the Company’s growth strategy. Under the terms of the loans, on an annual basis commencing November 2012, based on the Company’s subsidiaries continuing to clear with NFS and, in the case of one of the loans, meeting certain annual clearing revenue targets, a portion of the principal amount of the loans and related interest are forgiven. In November 2012, approximately $3.9 million aggregate principal amount of the loans was forgiven together with related interest, and the Company anticipates it will recognize an increase in pre-tax income for the fourth quarter of 2012 of approximately $3.5 million, net of compensation expense, resulting from the forgiveness.