Press Release: June 27, 2000

WR Hambrecht + Co Initiates Coverage of Phone.com (PHCM) with a Strong Buy Rating and a Target of $125

Company well positioned to benefit from rapid emergence of wireless InternetUnique service positions Company for long-term profit

San Francisco, CA, June 27, 2000—WR Hambrecht + Co today initiated research coverage on Phone.com (PHCM) with a strong buy rating and an eighteen month price target of $125. WR Hambrecht + Co.’s eWireless analyst Peter Friedland cited Phone.com’s dominant position licensing delivery of Internet content to mobile phonesWAP gateways to wireless carriers and the company’s ability to leverage those carrier relationships to sell additional services as key reasonss for the rating. WR Hambrecht + Co offers all its research reports free and real-time at www.wrhambrecht.com.

"Phone.com’s licensing revenue from its carrier-customers is primarily driven by one-time per subscriber fees, which should directly scale with the growth of wireless Internet subscribers," Friedland said.

Friedland projects Phone.com’s total revenues will reach $64.0 million in fiscal 2000 and $165.0 million in fiscal 2001, up from $13.4 million in 1999.

Phone.com provides wireless Internet infrastructure software based on wireless application protocol (WAP), which enables the delivery of Internet content to mobile phones.