1. Penson Worldwide: A Leading Execution, Settlement, Clearing, & Technology Firm Tiburon Research March 1, 2012

2. 12.03.01 – Penson Worldwide © Tiburon Strategic Advisors, LLC™ 1 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 Comments Source:2/15/11 Finextra Web Site; 2/15/11 PR Newswire Web Site; 11/15/10 Penson Worldwide Web Site; Tiburon Research & Analysis

3. 12.03.01 – Penson Worldwide © Tiburon Strategic Advisors, LLC™ 2 Penson Worldwide Today Early 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: -- 1995 Source:11/15/10 Penson Worldwide Web Site; Tiburon Research & Analysis

4. 12.03.01 – Penson Worldwide © Tiburon Strategic Advisors, LLC™ 3 Founded in 1995 –Founded by Phil Pendergraft & Daniel Son –Founded as Penson Financial Services Based in Dallas, TX CEO: Phil Pendergraft Comments 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

5. 12.03.01 – Penson Worldwide © Tiburon Strategic Advisors, LLC™ 4 Penson Worldwide Businesses Penson Financial Services -- 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

6. 12.03.01 – Penson Worldwide © Tiburon Strategic Advisors, LLC™ 5 -- Comments 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

7. 12.03.01 – Penson Worldwide © Tiburon Strategic Advisors, LLC™ 6 Phil Pendergraft CEO -- 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 Son President

8. 12.03.01 – Penson Worldwide © Tiburon Strategic Advisors, LLC™ 7 Penson Worldwide’s Board of Directors Include John Drew Penson Worldwide Board 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

9. 12.03.01 – Penson Worldwide © Tiburon Strategic Advisors, LLC™ 8 Penson Worldwide is Privately Owned -- Comments Source:Tiburon Research & Analysis

10. 12.03.01 – Penson Worldwide © Tiburon Strategic Advisors, LLC™ 99 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 Comments