Ladenburg Thalmann Financial Services in $132.25 Million Preferred Stock Offering

May 31, 2013

Cleary Gottlieb represented Mitsubishi UFJ Securities (USA), Inc. as representative of the underwriters in a registered offering by Ladenburg Thalmann Financial Services Inc. of 4,600,000 shares of its 8.00% Series A Cumulative Redeemable Preferred Stock (Liquidation Preference $25.00 per share) (the “Series A Preferred Stock”). The offering was upsized from the original offering size of 2,000,000 shares. The underwriters exercised in full their option to purchase up to 690,000 shares of the Series A Preferred Stock to cover over-allotments. The offering launched on May 14, priced on May 20 and closed on May 24. The closing of the sale of the additional 690,000 shares took place on May 31, 2013.

LTS is engaged in independent brokerage and advisory services, investment banking, equity research, institutional sales and trading, asset management services and trust services. LTS is one of the top ten independent broker-dealers by client assets and revenues.