Press Release: September 13, 2000

WR Hambrecht + Co Initiates Coverage of Pixar Animation Studios (PIXR) with a Buy Rating and a Price Target of $50

Animation giant leverages exclusive technological and creative resources

San Francisco, CA, September 13, 2000—WR Hambrecht + Co today initiated research coverage on Pixar Animation Studios (PIXR) with a buy rating and a price target of $50. WR Hambrecht + Co’s Gaming analyst Jeffrey B. Logsdon cited the Company’s blend of technology and creativity, accelerated production schedule and output contract with Disney as key reasons for the rating. WR Hambrecht + Co offers all its research reports free and real-time at www.wrhambrecht.com.

“Pixar is accelerating its production output to an anticipated one film per year over the next three years. We believe this should create an earnings layering and growth through 2006. Pixar’s first three films have generated over one billion dollars in operating income, and we expect that significant profitability should continue over the next few releases,” Logsdon said.

Logsdon projects total revenues will reach $157 million in 2000, $42.3 million in 2001, and $105 million in 2002, up from $1.1 million in 1999.

Pixar Animation Studios is a digital animation studio that has developed proprietary technology that allows animators to manipulate hundreds of motion control points within a single character, allowing for more intricacy and subtlety of character and personality than traditional two-dimensional cel-based animation.