Press Release: March 9, 2000

WR Hambrecht + Co Initiates Coverage of Ashford.com (ASFD) with Market Outperform

Online retailer poised to more than double revenues in 2000 and to lead luxury goods market

San Francisco, CA, March 9, 2000—WR Hambrecht + Co, the online investment bank, today initiated research coverage on Ashford.com (ASFD) with a Market Outperform rating. In her report, WR Hambrecht + Co’s eTailing/Consumer Brands analyst Kristine Koerber cited Ashford’s attractive relative valuation and partnership with Amazon.com as key reasons for the rating. WR Hambrecht + Co offers all its research reports free and real-time at www.wrhambrecht.com.

"We believe Ashford.com presents a good buying opportunity because of the firm’s potential to build significant marketshare in the $133 billion luxury goods category and its attractive valuation," Koerber said. Koerber added Ashford.com’s strategic alliance with Amazon should attract many more users to the site and should drive sales volume.

Koerber projects Ashford’s total revenues to reach $80.5 million in 2000 and $122.5 million in 2001, up from 1999 earnings of $30.6 million.

Ashford.com, Inc. is a Web-based retailer focused exclusively on luxury and premium products, including new and vintage premium watches, fine writing instruments, fragrances, sunglasses and other luxury goods.