Brean Murray & Co., Inc. Announces Business Combination With Carret Securities, an Affiliate of Carret Asset Management LLC, New Entity Now Known as Brean Murray, Carret & Co.

Thursday, November 10, 2005

Brean Murray & Co., Inc., a leading investment bank and brokerage house specializing in small and mid capitalization companies, and its affiliate BMI Capital, an asset management firm, which operated together for over three decades, announced that it has entered into a business combination with Carret Securities, an affiliate of Carret Asset Management LLC, an established 42-year-old asset management and brokerage firm with approximately $2 billion of assets under management. The newly formed entity will be known as Brean Murray, Carret & Co., a full-service investment banking, brokerage and asset management firm with $3 billion in combined assets under management (including affiliates). The investment bank will continue to expand its focus on small and mid capitalization companies globally within the Consumer Products and Retailing, Technology, Financial Services, and Healthcare sectors as well as other select industries. The asset management firm will continue to seek superior returns for its individual, institutional and corporate clients by pursuing both value and growth investment strategies.

Willliam J. McCluskey, current President & CEO of Brean Murray & Co., Inc., will continue in his position as President & CEO of the newly combined company.

Mr. McCluskey stated, "We are very excited about the prospects for the combined entity, which joins two firms with long and successful histories in equity capital markets and asset management. This combination will add to the significant growth and expansion strategy currently underway at Brean Murray. Further, we look forward to strengthening our equity capital markets business by continuing to build the U.S. operations, as well as growing our international capabilities through Carret and its affiliates existing presence in China, India, the Middle East and Eastern Europe, in addition to other new emerging markets that will be pursued."

About Carret Asset Management LLC

Carret Asset Management LLC ("Carret") is a privately owned investment advisory firm, managing approximately $2 billion in assets for high net worth individuals and institutions.

Carret was founded in 1963 by Philip Carret, who launched one of the world's first mutual funds, the Pioneer Fund, in 1928. Philip Carret is acknowledged as having created one of the world's greatest investment records over his long career.

For over 40 years, Carret has maintained a singular focus on investing in companies, industries and economies characterized by quality and representing exceptional value. This principle remains the cornerstone of Carret as its investment activities include those in international, as well as U.S., markets.

Carret offers traditional equity, fixed income, and balanced investment strategies as well as continues to develop innovative alternative investment strategies.

Brean Murray, Carret & Co., (www.breanmurraycarret.com) is a full service institutional research, investment banking, brokerage and asset management firm with $3 billion in combined assets under management. The firm specializes in small-cap growth companies.