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MINNEAPOLIS (September 26, 2005) — Piper Jaffray & Co. is pleased to announce that Michael P. Swenson, CIMA, Senior Investment Management Consultant with the Swenson Financial Advisory Group at Piper Jaffray, was named one of America's Top 50 Financial Advisors by Registered Rep. magazine.

The ranking was based on ethics, assets under advisement, and tenure at the current firm. Swenson, a 16-year Piper Jaffray veteran, has been with the firm his entire career. Based in Wayzata, the Swenson Financial Advisory Group oversees assets totaling more than $1 billion, with typical relationships ranging in size from $2 million to $50 million.

“What distinguishes our team from others is our relentless pursuit to serve our clients' needs,” said Swenson. “The Swenson Financial Advisory Group is a corporate and family advisory group, and we help protect families' wealth and financial security by providing experienced financial consulting, estate planning and banking services. For companies, we provide the expertise to implement and monitor financial and employee benefit services.”

In addition to the Registered Rep. ranking, Barron's named Swenson one of its Top 100 Financial Advisors earlier this year.

Swenson was awarded the 2004 Gary M. Petrucci Award by Piper Jaffray, recognizing him as the nation's top-performing Piper Jaffray financial advisor. Swenson, 39, was the youngest person in the firm's 110-year history to win this prestigious award. Additionally, Swenson holds the CIMA (Certified Investment Management Analyst) designation.

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. With headquarters 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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