Press Release: February 1, 2001

Bob Colgan Joins WR Hambrecht + Co as Director of East Coast Operations

San Francisco, CA, February 1, 2001—WR Hambrecht + Co today announced that Robert T. Colgan has joined the firm as Senior Managing Director, East Coast for the firm. Mr. Colgan was formerly President, US Equities for Optimark Technologies, Inc. Prior to joining Optimark, Mr. Colgan spent 16 years at Jefferies & Company in various positions including institutional sales and Director of Equity Capital Markets.

“We are extremely pleased to have Bob join WRH+Co,” said Bill Hambrecht, Chairman and CEO of WR Hambrecht + Co. “With his background at an institutional trading powerhouse and more recently at the leading exchange technology provider, Bob has a depth of experience that will serve us well as we continue to expand our auction platform strategy.”

As Director of East Coast Operations at WR Hambrecht + Co, Mr. Colgan will oversee the New York, Boston and Philadelphia offices as well as manage the firm’s strategic partnerships.

“WR Hambrecht’s solid platform in sales, trading and research, coupled with innovative capital raising techniques puts it in the unique position to become a powerful financial services firm to the technology industry,” said Bob Colgan. “The technology sector will continue to be a driving force in this country and I believe that there is a real need for a firm that is focused and committed to providing the full range of services for these growth companies. WRH+Co will fill that void and provide new paradigms for raising capital.”