Press Release: June 7, 2000

Wall Street Journal all-star analyst, industry veteran joins firm

WR Hambrecht + Co names Jeffrey Logsdon Director of Research

San Francisco, CA , June 7, 2000—WR Hambrecht + Co today announced Jeffrey Logsdon has joined the firm as its Director of Research. Mr. Logsdon was previously Executive Vice President and Managing Director of Capital Markets at The Seidler Companies Incorporated, a Los Angeles-based research firm.

As Director of Research, Mr. Logsdon will oversee activities in the firm’s research coverage which extends into 11 technology- and Internet-focused areas: Branded Consumer/eTailing, eNetwork Infrastructure, eNetwork Technologies, eWireless, eFinance, eServices, eMarkets/Portals, eMedia, eHealth, eLearning and Open Source/Embedded Devices.

“Jeff’s depth of knowledge of the capital markets and experience managing equity research teams will allow us to significantly enhance our overall research capabilities,” said Bill Hambrecht, Chairman and CEO of WR Hambrecht + Co.

Mr. Logsdon has been involved with investment research since 1982. Before joining Seidler, he served as Managing Director of Capital Markets at Cruttenden Roth. Prior to that, he was a partner at Crowell Weedon and Co. Mr. Logsdon’s equity research experience includes filmed entertainment, broadcasting, cable, home video, and exhibition segments of the entertainment industry as well as major and emerging gaming companies. He was named to The Wall Street Journal All-Star Analyst team in both Gaming (1994, 1995 and 1996) and Cable and Broadcasting (1995).

Mr. Logsdon received his B.A. from Biola University, an M.A. from Talbot Theological Seminary and an M.B.A. from Pepperdine University. He served on the adjunct faculties of Biola University and Talbot Theological Seminary and on the extension faculty of the University of California, Los Angeles. He is also on the Board of Directors of Dick Clark Productions, Inc.