Press Release: May 10, 2000

WR HAMBRECHT + Co. SIGNS EQUITY AGREEMENT WITH MUTUAL FUND COMPANY AMERICAN CENTURY INVESTMENTS

American Century Investments to take minority stake in entrepreneurial investment bank founded by financial services leader Bill Hambrecht

San Francisco, CA, May 10, 2000—WR Hambrecht + Co, an entrepreneurial investment bank founded by industry leader Bill Hambrecht, today announced that American Century Investments (www.americancentury.com), an investment manager serving nearly 2.5 million individual and institutional investors, has made an investment in WR Hambrecht + Co The investment by American Century represents a minority interest in WR Hambrecht + Co.

"American Century is a highly diversified fund manager with more than $85 billion in assets under management," said Bill Hambrecht, CEO of WR Hambrecht + Co "WR Hambrecht + Co is enthusiastic about this alliance, not only because American Century is one of the largest direct marketed fund companies in the U.S., but because it is the most innovative and forward-looking thinker in the investment management industry."

"American Century and WR Hambrecht + Co are each pioneers in their respective fields, known for their technological innovations that provide access, control and efficiency for investors," said Harold Bradley, Senior Vice President of American Century Investments. "The Internet is changing the fundamental relationship between financial service providers and their customers - we think WR Hambrecht + Co represents a potent new force in providing access to initial public offerings online for investors."

As a growth company, WR Hambrecht + Co looks for strategic capital to fund its ongoing business objectives. American Century’s investment will help WR Hambrecht + Co pursue a wide variety of growth and new business objectives to which it is committed.

In February 1999, WR Hambrecht + Co launched its OpenIPO system, an auction-based method of taking companies public on the Internet, and has quickly moved to the forefront of technology-driven investment banking companies. The company offers companies a way to generate capital more efficiently through technology by creating a level playing field; offers individuals greater access to the IPO process through its OpenIPO system; and, has introduced transparency among its investors by giving all investors - individuals and institutions - equal weight.

American Century Investments

American Century Investments is a mutual fund company serving nearly 2.5 million individual and institutional investors. Through its broad selection of nearly 70 mutual funds, the Kansas City-based company manages approximately $85 billion in assets. James E. Stowers Jr. founded the company in 1958 and serves as chairman. His son, James E. Stowers III, is chief executive officer and William M. Lyons is president and chief operating officer.