Press Release: May 2, 2000

WR Hambrecht + Co Initiates Coverage of PCTel (PCTI) with a Buy Rating and a Target of $75

Company positioned to leverage soft modem technology into broadband markets

San Francisco, CA, May 2, 2000—WR Hambrecht + Co today initiated research coverage on PCTel, Inc. (PCTI) with a buy rating and a twelve-month price target of $75. WR Hambrecht + Co.’s eNetwork Technologies analyst Jim Liang cited PCTel’s potential to leverage its soft modem technology into multiple emerging broadband markets and its current share valuation as key reasons for the rating. WR Hambrecht + Co offers all its research reports free and real-time at www.wrhambrecht.com.

"We believe significant potential exists for valuation multiple expansion as the current share valuation does not reflect the broadband upside, and that investors could be rewarded once the Company’s revenue mix shifts toward broadband," Liang said.

Liang projects PCTel’s total revenues will reach $110 million in 2000 and $150million in 2001, up from $76 million in 1999.

PCTel is a leading supplier of software-based modems for desktop and laptop computers.