Press Release: June 15, 1999

WR Hambrecht + Co Announces Equity Agreement With Fidelity Ventures

Investment brings total equity investment stake in
WR Hambrecht + Co to $50 million

San Francisco, CA, June 15, 1999—WR Hambrecht + Co, an entrepreneurial investment bank founded by industry leader Bill Hambrecht, today announced an equity agreement with Fidelity Ventures, the venture capital arm of Fidelity Investments. The investment by Fidelity Ventures represents a minority stake in WR Hambrecht + Co.

Fidelity Ventures’ investment completes a series of five equity agreements completed by WR Hambrecht + Co in the past several weeks, bringing the investment bank’s total cash infusion to $50 million. Fidelity Ventures’ investment, and the investments made by Instinet Corp., Novell, American Century, and epartners, the new media private equity arm of News Corp., will fuel WR Hambrecht + Co’s pursuit of a wide variety of growth and new business objectives.

"WR Hambrecht + Co’s goal is to change the face of investment banking by leveraging technology to create an open market system," said Bill Hambrecht, CEO of WR Hambrecht + Co "This series of investments in WR Hambrecht + Co, made by five industry leaders who share our vision for the future of financial services is a broad endorsement of efforts to level the investing playing field."

WRH+Co/FIDELITY EQUITY AGREEMENT

Later this year, Fidelity Brokerage Services plans to offer its online brokerage customers the opportunity to participate directly in the WR Hambrecht + Co OpenIPO process.

In February 1999, WR Hambrecht + Co launched its OpenIPO system, an auction-based method of taking companies public on the Internet, and has quickly moved to the forefront of technology-driven investment banking companies. The company offers companies a way to generate capital more efficiently through technology by creating a level playing field; offers individuals greater access to the IPO process through its OpenIPO system; and, has introduced transparency among its investors by giving all investors — individuals and institutions — equal weight.

Fidelity Ventures

Fidelity Ventures is the venture capital arm of Fidelity Investments, the nation’s largest mutual fund company and one of the leading providers of financial services. It invests private equity on behalf of Fidelity Investments in a wide variety of businesses including telecommunications, technology, healthcare services and real estate.