First Albany Corporation Adds Three Proven Industry Veterans to

 Equity Capital Markets Group 
Business Editors 
NEW YORK--(BUSINESS WIRE)--April 7, 2003-- 
P. Mark Martini Named Managing Director and Head of New York 
Institutional Equities Sales 
Mark Palamountain Named Managing Director of Nasdaq Trading 
Tom Cullum Named Managing Director of Institutional Equity Sales 
First Albany Companies Inc. (Nasdaq:FACT), a leading independent
investment banking firm, announced today the appointments of three new
executives within its Equity Capital Markets Group: Mark Martini,
Managing Director and Head of New York Institutional Equities Sales;
Mark Palamountain, Managing Director, Nasdaq Trading; and Tom Cullum,
Managing Director, Institutional Equity Sales Trading. 
"We are excited by the significant opportunity that exists today
to build an equity capital markets group that is a recognized
powerhouse in the middle market," said Rob Gales, Managing Director
and Head of First Albany's Equity Capital Markets. "As many firms are
cutting back or leaving the equity business altogether, we see a
unique opportunity to better serve our clients and to cultivate new
relationships in areas where the bulge bracket firms are not focusing.
All three of these executives bring extensive experience and
relationships that will help us execute on this growth strategy." 
The following are biographical details on the new hires: 
--  P. Mark Martini has been named Managing Director and Head of 
New York Institutional Equities Sales Group. Martini joins the 
firm from Banc of America Securities where he served in the 
same capacity. Prior to that, he served as Managing Director, 
Bear Stearns; General Manager of Institutional Sales, First 
Call Corporation; Director of Institutional Sales, Financial 
News Network; and Account Executive, Middle Markets for Drexel 
Burnham Lambert. 
Martini began his career at Salomon Brothers on the Foreign 
Exchange Trading Desk. He received a JD from the Massachusetts 
School of Law and earned a BA from Villanova University. 
Martini is based in First Albany's New York City office. 
--  Mark Palamountain joins First Albany Corporation as Managing 
Director of Nasdaq Trading. Palamountain comes to First Albany 
from Thomas Weisel Partners where he was a Senior Trader with 
a focus on the software sector. Palamountain began his career 
as an OTC Trader with Hambrecht & Quist where he spent four 
years, during which Hambrecht & Quist was purchased by Chase 
Manhattan Bank and then merged with JP Morgan, forming 
JPMorgan Chase. 
A licensed holder of a Series 7, 55 and 63, Palamountain 
earned a BS in Finance from the University of Colorado. He is 
based in First Albany's San Francisco office. 
--  Tom Cullum has been named Managing Director of Institutional 
Equity Sales Trading. He joins First Albany Corporation from 
RBC Capital Markets where he served in the same capacity. 
Prior to that, Cullum served as Managing Director and Director 
of Institutional Equity Sales Trading, Dain Rauscher Wessels; 
Managing Director and Partner, Wessels Arnold & Henderson; and 
Vice President and Head of OTC Trading, Bessemer Trust 
Cullum began his career as a Sales Trader at J.P. Dunlevy & 
Company. He graduated from Fairfield University with a BA in 
Economics and attended Fordham University's Graduate Program 
in Economics. A licensed holder of a Series 7, 63 and 24, 
Cullum is based in First Albany's Minneapolis office. 
For the year period from March 2002 to March 2003 First Albany's
equity trading volume has grown sixfold and the firm has added 20
professionals in trading to its Equity Capital Markets Group over that
same time period. 
First Albany 
Founded in 1953, First Albany Companies Inc. is a leading
institutionally focused independent investment bank and asset
management firm. Through its Taxable Fixed-Income, Municipal and
Equity Capital Markets Divisions, the firm focuses on serving the
growing middle market and major government agencies and public
institutions by providing its clients with strategic, research-based,
innovative investment opportunities. It offers a diverse range of
products and advisory services in the areas of corporate and municipal
finance and fixed-income and equity sales and trading. First Albany
Asset Management currently has more than $1 billion under management
for institutional and high net worth clients. First Albany Technology
Ventures, its venture capital fund, has more than $250 million of
assets under management, which it uses to invest in early and
expansion stage information technology (IT) and new energy technology
(ET) companies. First Albany is traded on Nasdaq under the symbol FACT
and today has 18 offices in 11 states.
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