W.R. Hambrecht + Co. Corrects and Replaces Previous Announcment, BW0036, CA-W.R.-HAMBRECHT

Business Wire, May 28, 1999

SAN FRANCISCO--(BUSINESS WIRE)--May 28, 1999--

W.R. Hambrecht Co. Signs Equity Agreement With

News Corporation's `Epartners;'

News Corp.'s Investment Arm Makes Its First Move by Investing

in Company Founded by Financial Services Leader Bill Hambrecht

W.R. Hambrecht Co., an entrepreneurial investment bank founded by industry leader Bill Hambrecht, today announced that epartners, the new investment vehicle of News Corporation, has made an investment in W.R. Hambrecht Co. The equity agreement with epartners represents a minority interest in W.R. Hambrecht Co.

"The internet revolution is fundamentally a worldwide communication revolution; there is no company more knowledgeable about global information and communication than News Corp.; we are fortunate to have their new vehicle, epartners, select us as one of the founding strategic investments," said Bill Hambrecht, CEO of W.R. Hambrecht Co. "This relationship brings together two companies with innovative approaches to doing business in the information economy."

"This alliance with W.R. Hambrecht Co. marks epartners' first entrepreneurial investment for News Corporation," said Mark Booth, CEO of epartners. "We are impressed with the W.R. Hambrecht Co. strategy of leveraging technology to create a truly open marketplace, and look forward to being a part of its future success."

As a growth company, W.R. Hambrecht Co. looks for strategic capital to fund its ongoing business objectives. epartners' investment will help W.R. Hambrecht Co. pursue a wide variety of growth and new business objectives to which it is committed.

In February 1999, W.R. 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 businesses 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.

epartners

epartners, was formed by News Corp. in April 1999 to function as an investment vehicle for News Corp., enabling the company to make strategic minority investments and take equity stakes in entrepreneurial opportunities. epartners will have offices in both London and Silicon Valley. The CEO of epartners is Mark Booth who will shortly be stepping down as CEO of British Sky Broadcasting Limited.

News Corporation

The News Corporation Limited (NYSE: NWS, NWS.A; ASX: NCP, NCPDP; LSE: NEWCP) is one of the world's largest media companies. The company's global operations include the production and distribution of motion pictures and television programming; television, satellite and cable broadcasting; the publication of newspapers, magazines, books; the production and distribution of promotional and advertising products and services; the development of digital broadcasting; the development of conditional access and subscriber management systems; and the creation and distribution of popular on-line programming.

W.R. Hambrecht Co.

W.R. Hambrecht Co. offers a full range of financial services that builds on its stated 'early investing' philosophy focusing on emerging companies. Founded in January 1998 by Silicon Valley pioneer Bill Hambrecht, W.R. Hambrecht Co. became a licensed broker-dealer in July 1998. The company is active in investment banking, electronic brokerage services, private equity, mergers and acquisitions advisory services, research, trading and electronic underwriting through its OpenIPO system. Initially, W.R. Hambrecht Co. is focusing on three growth industries significantly affected by new technological developments: software, the Internet, and branded consumer products.