Press Release: September 9, 2004

Clay Corbus Named Co-CEO of WR Hambrecht + Co; Brian Bristol Promoted to Head of Investment Banking

San Francisco, CA, September 9, 2004—WR Hambrecht + Co today announced that Clay Corbus has been named Co-CEO of the firm. In his previous role as Senior Managing Director, Corporate Finance and Equity Auction Products, Mr. Corbus led the investment banking effort. Brian Bristol, Senior Managing Director, will now assume that position.

“Clay has been instrumental in managing all ten of our OpenIPOSM auctions and this recognizes his enormous contribution to our firm,” said Bill Hambrecht, Chairman and Co-CEO of WR Hambrecht + Co. “Clay has been doing much of the day-to-day management of the firm for the last several months which has freed me up to do what I enjoy the most - working on new business and the strategic direction of the firm. This promotion formalizes Clay’s role.”

Brian Bristol joined WRH+Co in March from SoundView Technology Group where he was Head of Investment Banking from its creation to over $200 million in revenues in less than ten years. Prior to SoundView, Mr. Bristol headed the technology banking effort at Salomon Brothers, Inc.

“I am very proud to be part of the firm that has led the way in reforming the traditional public offering process by promoting Dutch auctions for equity and debt offerings,” said Brian Bristol, Senior Managing Director and Head of Investment Banking at WR Hambrecht + Co. “I look forward to building on Clay’s achievements as auction products continue to proliferate across Wall Street.”

“We are thrilled to have a leader of Brian’s caliber on our team,” said Clay Corbus, Co-CEO of WR Hambrecht + Co. “Brian is a great partner. His enthusiasm, experience and organizational skills will be crucial to our continued success in investment banking.”

“We are pleased that the auction has taken hold and with the success we have had in our focus sectors,” continued Bill Hambrecht. “We think these management changes will help us take advantage of the many market opportunities ahead.”