NEW YORK, NY, November 29, 1999 Jacob Asset Management announced today that it has received approval from the SEC to begin marketing the Jacob Internet Fund, an open-end mutual fund that has no sales charge to purchase or redeem shares. The firm will begin to send fulfillment kits to investors who have requested them. The fund's prospectus and application will shortly be available from the fund's website at www.jacobinternet.com.

"We are creating a fund to focus exclusively on the new breed of companies that are using the Internet to revolutionize the global economy," said Ryan Jacob, Chairman and Chief Investment Officer of Jacob Asset Management and the portfolio manager for the Jacob Internet Fund.

While the fund's registration is now effective, the fund will not begin trading until December 13, to allow investors an opportunity to buy shares at the initial net asset value (NAV) during a special subscription period. Investors who are interested in participating in the subscription period should call 888-JACOB-FX and request a special application. Submissions must be received on or prior to December 10. Money sent during the subscription period will be invested at the initial NAV of $10/share when the fund begins trading.

Alternatively, investors who wish to purchase shares of the fund at the initial NAV through one of the participating brokerages may do so by placing purchase orders on December 13. A list of participating brokerages will be available on the fund's website.

"We have received a great deal of interest from potential shareholders who want to invest in the fund from day one," said Mr. Jacob. "While having a subscription period delays the fund's launch, we're trying to be as fair as possible to people who have shown us a great deal of support."

Jacob Asset Management is a registered investment advisor headquartered in New York City. The firm's focus is to invest in companies engaged in Internet and Internet-related businesses. For more complete information about the Jacob Internet Fund, including charges and expenses, please request a prospectus from Jacob Asset Management by calling 888-JACOB-FX (888-522-6239) or write to Jacob Asset Management, 1675 Broadway 16th Floor, New York, NY 10019. Read the prospectus carefully before you invest or forward funds.