First Albany Capital Launches Industry Sector Coverage of Healthcare Services and Telecom Services & Equipment.

Business Editors

NEW YORK--(BUSINESS WIRE)--Dec. 8, 2003

First Albany Capital Inc., the broker/dealer subsidiary of First Albany Companies Inc. (NASDAQ: FACT), recently announced the equity research coverage launches of the Healthcare Services industry led by Glenn Garmont and the Telecom Services and Equipment industry led by Frank Marsala. Glenn Garmont joins First Albany following his coverage of the Healthcare Distribution and Information Technology sector for Citigroup/Smith Barney and Frank Marsala joins the team after covering the Telecom industry at Robertson Stephens.

"As we continue to build a stronger equity research team within First Albany Capital and focus on emerging growth companies, Glenn and Frank both provide valued and well-known expertise within the Healthcare and Telecom industries respectively," said Christina Valauri, Director of Equity Research for the Equity Capital Markets division of First Albany Capital. "I am thrilled that they have joined our team and feel their extensive knowledge will not only have a tremendous impact on our team but on our clients' returns as well."

Glenn Garmont joins the equity research team after covering the Healthcare Distribution and Information Technology sector including Pharmacy Benefit Managers (PBMs) for Citigroup/Smith Barney. Prior to that he held analyst positions at UBS Warburg and Prudential Healthcare. Glenn received his Bachelor of Science degree from Rutgers University and his MBA from New York University's Stern School of Business. Glenn has initiated the following coverage for First Albany:

-- Advance PCS (ADVP-$56.40) as a Strong Buy and a $73 price

target;

-- Caremark Rx (CMX-$26.99) as a Strong Buy and a $34 price

target;

-- Express Scripts Inc. (ESRX-$63.52) as a Strong Buy and a $78

price target;

-- HealthExtras Inc. (HLEX-$12.70) as a Buy and a $14.50 price

target;

-- Medco Health Solutions Inc. (MHS-$36.66) as a Buy and a $42

price target;

-- MIM Corp. (MIMS-$6.48) with a Neutral rating and a $7 price

target.

Frank Marsala joins First Albany after holding senior equity analyst positions covering the Telecom industry at Robertson Stephens, ING Barings and Gerard Klauer Mattison & Co. Prior to that he worked within the business planning and Global Wireless Portfolio divisions at Bell Atlantic. Frank is a Chartered Financial Analyst (CFA) and holds a Bachelor of Arts degree in Business from Pace University and an MBA from Baruch College. Frank has initiated the following coverage for First Albany:

-- Alvarion Ltd. (ALVR-$11.40) as a Buy and a $14 price target;

-- AudioCodes Ltd. (AUDC-$9.92) as a Buy and a $12.50 price

target;

-- Avaya, Inc. (AV-$12.73) as a Buy and a $17 price target;

-- Ditech Communications (DITC-$16.93) as a Strong Buy and a $25

price target;

-- InterDigital Communication (IDCC-$19.77) with a Neutral

rating;

-- Superconductor Technologies (SCON-$6.62) with a Neutral

rating;

-- Symmetricom Inc. (SYMM-$7.06) with a Neutral rating;

-- UTStarcom, Inc. (UTSI-$37.16) as a Buy and a $48 price target;

-- Wireless Facilities Inc. (WFII-$12.80) as a Buy and an $18

price target.

New analyst contact information:

Glenn Garmont [phone]; [e-mail]

Frank Marsala [phone]; [e-mail]

First Albany

Founded in 1953, First Albany Companies Inc. is a leading institutionally focused independent investment bank and asset management firm. Through its broker/dealer subsidiary, First Albany Capital Inc., the firm provides institutional investors with strategic, research-based investment opportunities and corporations and public institutions with innovative financing solutions. First Albany offers a diverse range of products and advisory services in the areas of corporate and public finance as well as fixed income and equity sales and trading. FA Asset Management Inc. provides institutional clients with expert advice, personal and tailored service and a diverse range of investment products to meet client needs in all market conditions. FA Technology Ventures provides venture capital, management and guidance for companies in the emerging growth sectors of information technology and energy technology. First Albany is traded on NASDAQ under the symbol FACT and today has 19 offices in 12 states.

First Albany Capital makes a market in the securities of ADP, ALVR, AIDC, DITC, ESRX, HLEX, IDCC, MIMS, SCON, SYMM, UTSI, and WFII.

Blue Sky exception in VI for ADP, ALVR, AIDC, DITC, ESRX, HLEX, IDCC, MIMS, SCON, SYMM, UTSI, and WFII.