Press Release: March 22, 2000

WR Hambrecht + Co Launches Full-Service Trading Desk

Company to focus on technology and emerging markets

San Francisco, CA, March 22, 2000—WR Hambrecht + Co today announced the launch of a full-service trading desk. WRH+Co’s trading desk will participate in over-the-counter (OTC) market making, options trading, listed trading and agency trading.

Initially WRH+Co will make markets in more than 50 stocks in technology and emerging markets. The firm expects the number of stocks it trades will increase to 250 by year-end.

"We’ve assembled a team of professionals who have an exceptional knowledge of technology and emerging growth markets. With the launch of our full-service trading desk, WR Hambrecht + Co is adding a core strategic piece to the organization," said Max Straube, Head of Equities for WR Hambrecht + Co.

WRH+Co’s trading operation is comprised of 25 professionals, many of whom joined from Volpe Brown Whelan in January 2000. The firm will do all position trading in San Francisco and sales trading will be in San Francisco and Boston.

The addition of a full-service trading desk brings the firm’s number of business lines to 11, including venture capital, public equity underwriting, private equity financing, debt underwriting, equity research, institutional sales, retail brokerage, mergers and acquisitions, corporate and venture services, and fund raising.