FAC/Equities Appoints New Research Director: Christina Rizopoulos Valauri, 18-Year Veteran of Equity Research, Named Director.

Business Editors

NEW YORK--(BUSINESS WIRE)--May 30, 2001

FAC/Equities, the sector-focused equity research and investment banking division of First Albany Corporation (Nasdaq:FACT), has named Christina Rizopoulos Valauri its Director of Research.

Valauri, with nearly two decades of sell-side research experience, joins FAC/Equities from ING Barings, where she was a Managing Director and Associate Director of the firm's U.S. Equity Research team. Prior to ING Barings, Valauri was a Managing Director and Director of U.S. Equity Research for Credit Lyonnais Securities.

"Christina comes to FAC/Equities at a critical time in our growth. We are continuing to build our organization and by expanding and enhancing our research effort, we will provide increased value to our institutional and corporate clients," stated Timothy Welles, Senior Vice President and Co-Director of FAC/Equities. "Christina not only has extensive experience in building and managing the research capabilities of well-regarded firms, she also has an excellent reputation for her analysis of the healthcare sector with specific focus on medical technology, and biomedical and pharmaceutical companies."

Valauri is a member of the Association of Investment Management and Research, the New York Society of Security Analysts and Financial Women's Association. She is also a co-founder and serves on the board of directors of Women's O.W.N. and is a trustee of the National Council on Women's Health.

"Joining FAC/Equities at this very exciting time in their development is a great opportunity for me," stated Ms. Valauri. "FAC/Equities has built a strong reputation on providing high quality independent research in growth sectors of the market and its relationship with META Group gives it a strong cachet in the technology arena. I am looking forward to working with other members of the firm's management team to build upon the foundation and increase our presence in the marketplace," she added.

FAC/Equities, the equity capital markets division of First Albany Corporation, provides research, corporate finance and capital markets capabilities to high growth companies. The firm has an affiliate relationship with META Group (Nasdaq:METG), a leading independent market assessment company providing research and analysis of technology industries. META Group customers comprise both the principal customer and vendors of IT products and services, including many of the Global 2000 companies.

First Albany Companies, the parent company of First Albany Corporation, provides investment banking services to corporate and public clients, and engages in market-making and trading of corporate, government and municipal securities. The firm also provides venture capital and merchant banking services to the investment and corporate communities, and asset management services to individuals and institutions.