WR Hambrecht + Co and the Motley Fool^® Present:

CAPS Investment Challenge: Clients vs. The Company

Official Contest Rules

1.ENTRY: No purchase necessary to enter or win. The contest will begin scoring on July 1, 2007 and end scoring on 12/31/2007. The entry deadline for the contest is 12/30/2007. Players must have between 1 and 25 picks to enter the contest. Players may not end any active picks.

Note: Players may not end any active picks. (once you make a pick, it is locked in for the duration of the contest.)

Clients simply need to visit www.caps.fool.com. in order to set up a model portfolio of between 1 and 25 stocks that they believe will perform well over the next 6 months. WR Hambrecht + Co employees will also set up model portfolios, and the results will be tracked by the Motley Fool to determine whether the best stock pickers are the account holders or the employees. At the end of six months, we’ll measure whether the overall performance of the employee’s portfolios or the client’s portfolios performed better.

2.ELIGIBILITY: This contest is open only to account holders and employees of WR Hambrecht +Co over the age of 18.Employees and their families of The Motley Fool, Inc. (along with its contractors, affiliates and subsidiaries) are not eligible. Void where prohibited by law. Contestants residing in those areas where the contest is void may participate in the contest but may not win any prizes.

3.WINNER SELECTION: Entrants will be rated by the same ranking system as the main CAPS service (2/3 of score rank plus 1/3 accuracy rank).

4.PRIZES: The winner will receive a 4GB iPhone from Apple. The approximate value of this prize is $499.00. Employees of WR Hambrecht + Co are ineligible for this prize. The highest rated client portfolio will be the winner.

5.WINNER NOTIFICATION: The winner will be notified within 14 days after the determination date. Inability to contact a winner may result in disqualification and selection of an alternate winner.

6.GENERAL CONDITIONS: The winner will be required to execute and return a Certificate of Eligibility, Consent and General Release form within 14 days of notification. The winner may also be required to complete and return a W-9 for tax purposes. Non-compliance within this time period may result in disqualification and selection of an alternate winner. Any income tax liability is the sole responsibility of the winner. By acceptance of the prize, the winner consent to the use of his or her name and/or likeness for purposes of advertising or trade without further compensation, unless prohibited by law.

7.USE OF CONTEST INFORMATION: All entries become the property of The Motley Fool. The Motley Fool reserves the right to use any and all information related to the contest, including submissions provided by the contestants, for editorial, marketing and any other purpose, unless prohibited by law.

8.CONDUCT: All contest participants agree to be bound by these Official Rules. The Motley Fool in its sole discretion, reserves the right to disqualify any person it finds to be tampering with the entry process, the operation of this Web site or is otherwise in violation of these rules.

9.LIMITATIONS OF LIABILITY: The Motley Fool is not responsible for late, lost or misdirected email or for any computer, online, telephone or technical malfunctions that may occur. If for any reason, the contest is not capable of running as planned, including infection by computer virus, bugs, tampering, unauthorized intervention or technical failures of any sort, The Motley Fool may cancel, terminate, modify or suspend the contest. Entrants further agree to release The Motley Fool from any liability resulting from, or related to participation in the contest.