Press Release: March 30, 2001

WR Hambrecht + Co Initiates Coverage of FileNET (FILE) with a Buy Rating and a Price Target of $24

San Francisco, CA, March 30, 2001—WR Hambrecht + Co today initiated research coverage on FileNET Corporation (FILE) with a Buy rating and a price target of $24. WR Hambrecht’s eMedia analyst Bill Lennan cites FileNET’s installed customer base and expertise in key vertical markets as key reasons for the recommendations. WR Hambrecht + Co offers all its research reports free and real-time at www.wrhambrecht.com.

“We believe the FileNET’s leadership position and limited downside risk translate into a very attractive entry point for investors looking for exposure to the content management market. FileNET’s document management experience, its technology and services partnerships, and the advent of XML, in combination position the company exceptionally well to maintain and perhaps increase its market share,” Lennan said.

Lennan estimates FileNET will earn $1.25 per share on revenues $459 million in 2001 up from $1.15 EPS on $398 million in 2000.

FileNET Corporation develops, markets and services e-process-enabled Web Content Management software solutions and packaged e-business applications for selected vertical markets.