Press Release: November 16, 1999

WR Hambrecht + Co Announces Bruce Mann to Join as General Counsel

High-tech attorney and former investment banker brings wealth of
Silicon Valley experience

San Francisco, CA, November 16, 1999—WR Hambrecht + Co, the online investment bank, today announced that Bruce Mann, who has been both a lawyer and an investment banker, has joined the firm as General Counsel.

"We are delighted to have Bruce join our firm," said Bill Hambrecht, Chairman and CEO of WR Hambrecht + Co. "He has been instrumental in the formation of some of the early technology companies that are the foundation of Silicon Valley. Bruce’s vast experience in underwriting securities issues makes him a great asset to WRH+Co as we continue our efforts to provide transparency in capital markets."

"Bill Hambrecht has a history of producing innovative solutions to the financing needs of emerging companies," said Bruce Mann, General Counsel of WR Hambrecht + Co. "I am thrilled and honored to be a part of the firm’s efforts to provide more cost-effective financing for issuers and a more level playing field for investors."

"We are counting on Bruce’s experience and expertise as we continue to break ground in online investment banking," said Hambrecht. "The Internet has put a spotlight on the individual investor and forced a lot of changes in traditional investment banking — greater access, reduced costs, more rational distribution. But there are some obvious areas that still need to evolve — opening up roadshows to individuals is one. Bruce shares our commitment to provide greater opportunities for investors to participate early in the capital raising process."

Prior to joining Morrison & Foerster in 1987, where he continues as a partner, Mr. Mann was Managing Director of L.F. Rothschild, Unterberg, Towbin in charge of Mergers and Acquisitions and Investment Banking. From 1960 to 1983 he was with Pillsbury, Madison & Sutro as the partner in charge of the securities group. He has served on numerous boards, both public and private; was a governor of the National Association of Securities Dealers, Inc. (FINRA); served as chairman of the ABA Federal Regulation of Securities Committee; as a consultant to the Securities and Exchange Commission; and is a current member of the New York Stock Exchange Legal Advisory Committee.