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MINNEAPOLIS (September 15, 2005)—Piper Jaffray & Co. is pleased to announce that Charles Major and Louis Close, with the Major & Close Wealth Management team at Piper Jaffray, were chosen by Research Magazine as one of the nation's Top Horizontal Teams. Major and Close were ranked 14th on the list.

“The most important facet of our job day in and day out is serving our clients needs and exceeding their expectations,” said Major. “Lou and I strive to guide our clients through their journey to ensure their financial goals match their personal aspirations, and it is through this commitment that we have built our business.”

R.J. Shook, a veteran researcher who writes extensively about the brokerage industry, authored the list. The horizontal teams are categorized as two or more advisors that do most of their business together and share substantial ownership. The ranking is based on a minimum of seven years of financial services experience and other weighted criteria ranging from productivity per partner, acceptable compliance records and customer satisfaction reports. According to the ranking, Major & Close Wealth Management oversees assets totaling more than $1 billion.

“This is a great honor for our team, and it's also a credit to the resources that we have available at Piper Jaffray,” said Close.

Major, an 18-year Piper Jaffray veteran, is active as a volunteer youth basketball coach. Close, who has been with Piper Jaffray since 1992, serves on the board of directors as vice president for Bolder Options.

Piper Jaffray & Co. is the chief operating subsidiary of Piper Jaffray Companies (NYSE: PJC), a 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. Piper Jaffray & Co. has served corporations, government and non-profit entities, institutional investors and the financial advisory needs of private individuals since 1895. Headquartered in Minneapolis, Piper Jaffray has approximately 3,000 employees in 104 offices in 23 states across the country and in London. For more information about Piper Jaffray, visit us online at www.piperjaffray.com.

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