Press Release: December 4, 2000

WR Hambrecht + Co Expands Operations In Israel

San Francisco, CA, December 4, 2000—WR Hambrecht + Co today announced it expanded its international presence by naming Joshua Segal its representative in Israel. Segal will lead WR Hambrecht’s efforts to educate potential clients about its OpenIPO underwriting and cross-border merger and acquisition capabilities.

“We are delighted to have Joshua represent us in Israel,” said Bruce Mann, WR Hambrecht + Co’s Senior Managing Director. “Our OpenIPO auction and our ability to complete cross-border mergers of emerging technology companies provide new alternatives for Israeli companies. Joshua will help us get this message across.”

Segal, formerly of Global Catalyst Partners and the Israel Venture Association, will be based in Tel Aviv.

WR Hambrecht + Co has a track record in the Israeli high tech community, having served as the lead manager in Nogatech’s $42 million offering in May 2000. The firm then advised Nogatech in its acquisition by Zoran (NASDAQ: ZRAN), a deal valued at $170 million. WR Hambrecht + Co also served as co-manager of Vyyo’s (NASDAQ: VYYO) $105 million offering in April 2000 and $126 million follow-on offering in September 2000. The firm has also made investments in several Israeli pre-IPO companies.

In addition to his role with WR Hambrecht, Segal serves on the advisory board for Techcelerate, a high-tech incubator and Israel High-Tech Investor, a publication targeting the country’s technology community.