Kalandiak Joins First Albany Capital as Senior Research Analyst Covering Retail.

NEW YORK -- First Albany Capital Inc., the broker/dealer subsidiary of First Albany Companies Inc. (NASDAQ: FACT), announced today that Paula Kalandiak, CFA, a senior research analyst following the retail sector, has joined the firm as Principal and Senior Analyst in the Equity Research Group.

"We are very excited Paula has joined our research team," stated Christina Rizopoulos Valauri, Equity Research Director of First Albany Capital. "She is one of several Senior Analysts hired recently by First Albany, including David Lickrish, who covers the Specialty Pharmaceutical sector, and a Technology analyst, who we expect to join the firm shortly. Her research focus is both complementary to our existing consumer coverage at the firm and well aligned with the firm's strategic plan to focus on small to mid-cap companies. Adding Paula to our team confirms our strategic decision to expand research coverage of the Consumer sector, while broadening equity research coverage within all of our industry verticals, which we are targeting to increase by approximately 20 percent by year-end. Paula has an in-depth knowledge of the retail industry and those characteristics that comprise successful retail companies, as well as an excellent understanding of consumer trends and their purchasing behavior. We are looking forward to the positive impact both Paula's value-added research and strong client service and relationships will provide to our growing equity capital markets platform."

Kalandiak joins First Albany Capital from Roth Capital, where she was a senior analyst covering small to mid-cap companies in the retail sector. Kalandiak earned a Bachelor's of Arts in International Relations from Brown University, a Master of Business Administration in Finance from New York University, and is a Chartered Financial Analyst.

ABOUT FIRST ALBANY

First Albany Companies Inc. (NASDAQ: FACT) is an independent investment bank that serves the institutional market, state and local governments, and the growing corporate middle market by providing clients with strategic, research-based investment opportunities, as well as advisory and financing services. First Albany offers a diverse range of products through its Equities and Municipal Capital Markets divisions, as well as through Descap Securities Inc., its MBS/ABS trading subsidiary, and FA Technology Ventures Inc., its venture capital division. First Albany maintains offices in major business and commercial markets.