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    Coverage: Disclosures

    For a complete list of past recommendations and corresponding research reports, please send a request to: research-request@wrhambrecht.com


    Markets Maintained

    This list was last updated on January 14, 2008, unless specifically noted otherwise.

    WR Hambrecht + Co maintains a market in the shares of the following companies:

    AAPLApple Inc.
    ACTSActions Semiconductor Co., Ltd.
    ACTUActuate Corporation
    ACUSAcusphere Inc.
    ADBEAdobe Systems Incorporated
    ADEXADE Corporation
    AKAMAkamai Technologies, Inc.
    ALKSAlkermes Inc.
    ALTIAltair Nanotechnologies Inc.
    AMATApplied Materials Inc.
    AMLNAmylin Pharmaceuticals Inc.
    AMZNAmazon.com Inc.
    ARBAAriba, Inc.
    ARTCArthrocare Corp.
    ARUNAruba Networks, Inc.
    ATYTATI Technologies Inc.
    AVCTAvocent Corp
    AVRXAvalon Pharmaceuticals, Inc.
    BCSIBlue Coat Systems Inc
    BEASBEA Systems Inc.
    BLKBBlackbaud, Inc.
    BOFIBofI Holding Inc.
    CLNEClean Energy Fuels Corp.
    CMGICMGI, Inc.
    CMRGCasual Male Retail Group Inc.
    CRYOCryoCor, Inc.
    CSCOCisco Systems Inc.
    DELLDell, Inc.
    DEPODepomed, Inc.
    DOVRDover Saddlery, Inc.
    DRRXDurect Corporation
    EBAYeBay Inc.
    EMISEmisphere Technologies, Inc.
    ENCYEncysive Pharmaceuticals
    ENDPEndo Pharmaceuticals
    EXTRExtreme Networks Inc.
    FCSEFOCUS Enhancements Inc.
    FDRYFoundry Networks Inc.
    FFIVF5 Networks Inc.
    FNETFortuNet, Inc.
    GOOGGoogle Inc.
    GSIT GSI Technology
    GTOPGenitope Corporation
    HRAYHurray! Holding Co., Ltd
    HTCHHutchinson Technology Inc.
    IOPMIntraop Medical Corp.
    JRJCChina Finance Online Co. Limited
    LPSNLivePerson, Inc.
    MNKDMannKind Corporation
    MORNMorningstar Inc.
    NLSTNetlist, Inc.
    NBIXNeurocrine Biosciences Inc.
    NKTRNektar Therapeutics
    ORCLOracle Corporation
    OSTKOverstock.com Inc.
    PEETPeet's Coffee & Tea Inc.
    PKTRPacketeer, Inc.
    PNRAPanera Bread Company
    QCOMQualcomm Inc.
    REDERedEnvelope Inc.
    RFMDRF Micro Devices Inc.
    RIMMResearch in Motion Ltd.
    RVBDRiverbed Technology
    RNOWRightNow Technologies Inc.
    SALNSalon Media
    SBUXStarbucks Corporation
    SHPGYShire Pharmaceuticals Group Plc
    SIMOSilicon Motion Technology Corp.
    SNDKSanDisk Corporation
    SNWLSonicWALL Inc.
    SWKSSkyworks Solutions Inc.
    SYMCSymantec Corporation
    TEVATeva Pharmaceutical Industries Ltd.
    UEICUniversal Electronics Inc.
    VRSNVeriSign, Inc.
    VRTXVertex Pharmaceuticals, Inc.
    WINDWind River Systems, Inc.
    YHOOYahoo! Inc.

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    Deals Managed and Investment Banking Services

    WR Hambrecht + Co managed or co-managed a public offering of securities and/or received compensation for investment banking services from the following WR Hambrecht + Co Research Coverage companies on the respective dates as indicated. In addition, the following companies currently are, or during the past 12 months were, clients of WR Hambrecht + Co.

    NetSuite (N)
      Co-Manager, 12/19/07
     

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    Expected Compensation for Investment Banking Services

    WR Hambrecht + Co and/or its affiliates expects to receive or intends to seek compensation during the next three months for investment banking services from these WR Hambrecht + Co Research Coverage companies, their subsidiaries, or affiliates:

    [No companies at this time.]

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    Compensation for Products and Services Other Than Investment Banking Services

    WR Hambrecht + Co received compensation for products or services other than investment banking services in the past 12 months from the following companies. In addition, the following companies currently are, or during the past 12 months were, clients of WR Hambrecht + Co:

    [No companies at this time.]

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    Beneficial Ownership Disclosure

    As of 7/09/08, WR Hambrecht + Co has a beneficial ownership of greater than 1% in the common equity securities of the following WR Hambrecht + Co Research Coverage companies:

    [No companies at this time.]

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    Ownership Positions

    As of 7/09/08, WR Hambrecht + Co has an ownership position in the following WR Hambrecht + Co Research Coverage companies:

    [No companies at this time.]

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    Price Target Risks

    Investment risks associated with the achievement of the price target include, but are not limited to, the companyÆs failure to achieve our earnings and revenue estimates, unforeseen macroeconomic and/or industry events that adversely impact demand for the companyÆs products or services, product obsolescence, changes in investor sentiment regarding the specific company or industry, intense and rapidly changing competitive pressures, the continuing development of industry standards, the companyÆs ability to compete for talent, and adverse market conditions. For a complete discussion of the risk factors that could affect the market price of the companyÆs shares, refer to the most recent form 10-Q or 10-K that the company has filed with the SEC.

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    Stock Rating System

    The WR Hambrecht + Co stock ratings system reflects the investment decisions our clients face every day, and is meant to assist clients in making these decisions by recommending a specific action to take with each stock we cover. All of the ratings correspond to a specific investment action that we recommend taking on the date the research is published. Thus, Buy ratings are reserved only for stocks that we would be actively buying at the time the research is published. Hold ratings are reserved for stocks that we recommend holding. Sell ratings are assigned to stocks where the analyst anticipates stock price declines for any reason. None of our ratings are qualitative in nature (e.g., Strong Buy) because these recommendations do not correspond to an investment action (investors cannot Strong Buy a stock). Please note also that the price expectations that determine the rating are in absolute dollar terms, not in terms of relative performance to a sector or an index. Therefore, analysts will not use the Buy rating for stocks that are expected to perform well relative to their sector but only for stocks that are expected to appreciate in actual dollar returns.

    NOTE: WR Hambrecht + Co does not assign ratings to research reports of companies for which investment banking services have been provided.

    WR Hambrecht + Co uses the following rating system (last updated July 9, 2008):

      % of companies under coverage with this rating % for which
    Investment Banking
    services have been provided in the previous twelve months

    Buy

    Stocks rated Buy are those we recommend actively buying; these stocks are expected in absolute dollar terms to appreciate at least 10% over the next 6 months.

    39%

    0%

    Hold

    Stocks rated Hold are those stocks we would continue to hold in our portfolio; these stocks are expected to appreciate or depreciate in absolute dollar terms less than 10% over the next 6 months.

    15%

    0%

    Sell

    Stocks rated Sell are those we would be actively selling; these stocks are expected to depreciate in absolute dollar terms at least 10% over the next 6 months

    0%

    0%

    Not Rated

    46%

    17%



    Stock Performance and Ratings & Price Targets


    To view the Stock Performance and Ratings & Price Targets chart for a company, click on the linked symbol or company name.
     
    Enterprise Software
    akam Akamai Technologies, Inc.
    arba Ariba, Inc.
    beas BEA Systems, Inc.
    blkb Blackbaud, Inc.
    cmgi CMGI Inc.
    ca Computer Associates Int'l. Inc.
    mfe McAfee, Inc.
    n NetSuite
    nsr NeuStar Inc.
    opwv Openwave Systems, Inc.
    orcl Oracle Corp.
    rht Red Hat, Inc.
    symc Symantec Corp.
    vrsn VeriSign, Inc.
    wind Wind River Systems, Inc.
     
    Financial Services
    morn Morningstar Inc.
     
    IT Hardware and Storage
    aapl Apple, Inc.
    dell Dell, Inc.
    fnet FortuNet, Inc.
    htch Hutchinson Technology, Inc.
    stx Seagate Technology
    ueic Universal Electronics, Inc.
    wdc Western Digital Corp.
     
    Special Situations
    clne Clean Energy Fuels Corp.
    dovr Dover Saddlery, Inc.
    peet Peet's Coffee & Tea

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    Analyst investment positions

    Analyst Lawrence Petrone has a long investment position in Blackbaud (BLKB).

    Analyst Matthew Kather has a long investment position in Universal Electronics Inc. (UEIC).

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    Obtaining Current Disclosures

    Applicable current disclosures can be obtained by calling the toll-free telephone number listed below or by writing to the address listed below.

    WR Hambrecht + Co
    Compliance Department
    Pier 1, Bay 3
    San Francisco, CA 94111
     
    1-877-828-5200


     

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    WRH+Co Research Dissemination Policy

    WRH+Co research reports are made available simultaneously to institutional and retail clients and WRH+Co employees within Sales and Trading through email and through the WRH+Co client website. Parties interested in obtaining copies of WRH+Co research reports may request such research reports by emailing research-request@wrhambrecht.com. WRH+Co may also disseminate its research through other distribution channels such as First Call or news organizations, which generally occurs on a delayed basis.  Typically, WRH+Co will distribute research to First Call approximately two hours after the research has been distributed to clients, employees and through the WRH+Co client website.  WRH+Co may not be able to control the timing or channels of any distribution of a research report subsequent to the release of the research report to its clients and employees.  WRH+Co is under no obligation to continue to distribute WRH+Co research through First Call or any other news organizations and may discontinue such distribution at any time without further notice.


     

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    Morningstar Research:

    Morningstar, Inc. provides W.R Hambrecht + Co., LLC and its users with access to Morningstar research content and analytical tools pursuant to a fee-based licensing arrangement.


     

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    IMPORTANT NOTE

    The information contained herein about the companies under research coverage is based on sources believed to be reliable but is neither all-inclusive nor guaranteed by WR Hambrecht + Co, LLC (WRH+Co). The information contained herein relative to WRH+Co's and the analyst's involvement with the issuer is accurate. Any opinions expressed in this report reflect our judgment at this time, are subject to change without notice, and may differ or be contrary to opinions expressed by other business areas or groups of WRH+Co as a result of using different assumptions and criteria. WRH+Co does not undertake to advise you of changes in its opinion or information. Most of the companies WRH+Co follows are emerging growth companies whose securities typically involve a higher degree of risk and more volatility than the securities of more established companies. The securities discussed in the reports included in WRH+Co Research may be unsuitable for investors depending on their specific investment objectives and financial situation and needs. No report included in WRH+Co Research is a recommendation that any particular investor should purchase or sell any particular security in any amount or at all, and is not a solicitation of any offer to purchase or sell from or to any particular investor. WRH+Co research analysts are compensated out of general firm revenues, which include fees earned in investment banking transactions. For additional information that may be available on the securities mentioned, please contact WRH+Co. Copyright 2007, WR Hambrecht + Co. All rights reserved. Member FINRA/SIPC.


     

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