Press Release: February 15, 2001

WR Hambrecht + Co Initiates Coverage of Adobe (ADBE) with a Buy Rating and a Price Target of $57

San Francisco, CA, February 15, 2001—WR Hambrecht + Co today initiated research coverage on Adobe Systems (ADBE) with a Buy rating and a price target of $57. WR Hambrecht’s eMedia analyst Bill Lennan cites Adobe’s strong customer base, product line and strong balance sheet as key reasons for the recommendation. WR Hambrecht + Co offers all its research reports free and real-time at www.wrhambrecht.com.

“We believe Adobe is well positioned to realize 20 percent EPS growth over the next several years. We also see a number of near-term catalysts for Adobe shares including a new version of Acrobat, expected in the May quarter, the release of Apple Computer’s Mac OS X operating system on March 24, and accelerated release of video applications,” Lennan said.

Lennan projects Adobe’s FY2001 revenue at $1.5 billion and EPS of $1.27 and a FY2002 revenues of $1.9 billion and EPS of $1.53, an increase from FY2000 revenues of $1.2 billion and EPS of $1.11.

Adobe Systems, Inc. is a provider of graphic design, publishing, and imaging software for Web and print production.