Press Release: March 29, 2001

WR Hambrecht + Co Initiates Coverage of Comverse Technology (CMVT) with a Buy Rating and a Price Target of $75

San Francisco, CA, March 29, 2001—WR Hambrecht + Co today initiated research coverage on Comverse Technology (CMVT) with a Buy rating and a price target of $75. WR Hambrecht’s Wireless analyst Peter Friedland cites Comverse’s strong recurring revenue stream from its legacy voicemail business, opportunities to upsell new wireless Internet software products and excellent track record at meeting or exceeding guidance as key reasons for the recommendations. WR Hambrecht + Co offers all its research reports free and real-time at www.wrhambrecht.com.

“We believe Comverse provides investors with exposure to the high-growth wireless Internet infrastructure software market, with the protection of a steady recurring revenue stream from the company’s legacy business,” Friedland said.

Friedland estimates Comverse will earn $1.78 per share on revenues $1.5 billion in 2001 and $2.12 on $1.875 billion in 2002. In 2000, Converse posted $1.47 EPS on $1.2 billion in revenues.

Comverse Technology, Inc. designs, develops, manufactures, markets and supports computer and telecommunications systems and software for multimedia communications and information processing applications.