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PARK MEADOWS, COLO. –January 22, 2004 –Scott Ansel, vice president of investments at Piper Jaffray & Co., has been named the chair of the Denver Regional Community Involvement Council (RCIC) covering the states of Colorado, Utah and Wyoming. In addition, he has been named to the firm's Corporate Community Involvement Council (CCIC). The CCIC, a group of Piper Jaffray employees from across the firm's business lines and geographic markets within the organization, will provide direction for grantmaking, sponsorship and volunteer efforts. Ansel was chosen as the chair of the RCIC because of his commitment to community involvement and leadership within the firm. The RCIC will make decisions regarding grantmaking in the firm's local, Denver region communities.

“We are pleased to have Scott as the chair of our Denver Regional Community Involvement Council,” said Andrew Duff, chairman and chief executive officer at Piper Jaffray. “Scott's commitment to the Denver area community makes him the perfect candidate to represent our firm in this important effort to build stronger communities by focusing our talents and resources in community redevelopment, arts and culture and education.”

Ansel has been active with the Colorado Community Church, The Denver Children's Home and Open Fairways. He has been at Piper Jaffray for over 10 years. Ansel has a bachelor's degree in finance from the University of Colorado.

Headquartered in Minneapolis, Piper Jaffray is a client-focused securities firm dedicated to delivering superior financial advice, investment products and transaction execution within selected sectors of the financial services marketplace. The company operates through two primary revenue-generating segments - Capital Markets and Private Client Services. Investment Research, an independent group reporting to the CEO, supports clients of both segments. The firm serves corporations, government and non-profit entities, and institutional investors on a national basis and serves the financial advisory needs of private individuals predominantly across the western half of the United States. The firm has over 2900 employees in 123 offices in 23 states across the country and in London, England. For more information about Piper Jaffray, visit us online at www.piperjaffray.com.

© 2004 Piper Jaffray Companies, 800 Nicollet Mall, Suite 800, Minneapolis, Minnesota 55402-7020. Securities products and services offered through Piper Jaffray & Co., member SIPC and NYSe, Inc., and a subsidiary of Piper Jaffray Companies.

C O N T A C T
Susan Beatty Public Affairs and Media Relations Piper Jaffray Tel: 612 303-5680