At-the-Market Issuance (ATM)

At-the-Market Issuance (ATM) is a type of shelf based (S-3) offering which provides a public issuer the ability to sell publicly traded shares at the prevailing market price at the time and amount of its choosing.

Under our ATM the issuer has control over timing and size, and can modify parameters as desired. MLV & Co makes use of sophisticated trading venues and can opportunistically cross large blocks of shares at-the-market price.

Prior to forming MLV & Co, MLV principals had originated approximately 40 ATM transactions and raised over $6 billion in equity capital through at-the-market issuance. In 2010, MLV implemented 20 ATMs (the most of any underwriter) for a total of $820mm. In the first eight months of 2011 MLV has originated 26 ATMs (27% of all ATMs filed during that same time period).

We believe that this success is due to:

• our ease of implementation
• the alignment of our interests with those of the issuer
• the quality of our trading execution and
• our ability to cross large blocks with natural buyers