Press Release: March 23, 2001

WR Hambrecht + Co Initiates Coverage of Docent (DCNT) with a Buy Rating and a Price Target of $15

San Francisco, CA, March 23, 2001—WR Hambrecht + Co today initiated research coverage on Docent, Inc. (DCNT) with a Buy rating and a price target of $15. WR Hambrecht’s eLearning analyst Trace Urdan cites Docent’s blue-chip client base, attractive business model as well as growth prospects for the learning/content management sector as key reasons for the recommendations. WR Hambrecht + Co offers all its research reports free and real-time at www.wrhambrecht.com.

“We expect Docent’s revenue to experience triple-digit growth for at least the next two years. Docent shares are steeply discounted and offer a tremendous opportunity for medium and long-term appreciation,” Urdan said.

Urdan estimates that revenues should reach $42.1 million in 2001 and $98.5 million in 2002, up from 2001 revenues of $11 million. Further, Urdan projects profitability for Docent in Q3:02.

Docent, Inc. provides infrastructure software products and services that enable the exchange of knowledge within and among the Company’s three groups of customers: large enterprises, educational content providers and online professional communities.