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SEATTLE (May 9, 2006) — Piper Jaffray & Co. is pleased to announce that R. Stephen Meyers, senior vice president-investments, was chosen by The Winner's Circle Organization as one of America's Top Financial Advisors. Meyers was ranked 87th on the list of 100 financial advisors, which was unveiled in the April 24 issue of Barron's.

Candidates were evaluated by seasoned researcher R.J. Shook, who writes extensively about the brokerage industry in his annual Winner's Circle books. The ranking is chosen through a host of quantitative and qualitative criteria, ranging from assets managed, revenue produced, experience levels, acceptable compliance records and U4 forms, and discussions with management.

“It is a great honor for Steve to be recognized as one of the best in the industry,” said Robert Peterson, head of Private Client Services at Piper Jaffray. “This ranking exemplifies Steven's commitment to servicing our clients and his commitment to our firm's long-standing pledge to conducting himself with integrity.”

According to Shook, "These financial advisors are helping to rewrite the rules of our business and are making a difference in the lives of their clients."

Meyers has been with Piper Jaffray for 21 years. He is also involved in community charitable organizations, contributing his time and chairing several committees for the Northwest Kidney Centers and the Northwest Kidney Centers Foundation where he is responsible for providing oversight and management advice for their various retirement plans as well as for the Foundation's Endowment Fund. Meyers has been affiliated with these organizations for over 10 years.

About Piper Jaffray Companies Piper Jaffray Companies (NYSE: PJC) is 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 currently operates through two primary revenue-generating segments: Capital Markets and Private Client Services. The sale of the company's Private Client Services branch network, announced April 11, 2006, is pending. The company's Capital Markets business generates revenue through two groups: Corporate and Institutional Services and Public Finance Services. Through its chief operating subsidiary, Piper Jaffray & Co., the firm has served corporations, government and nonprofit entities, institutional investors and the financial advisory needs of private individuals since 1895. With headquarters in Minneapolis, Piper Jaffray currently has approximately 2,800 employees in 107 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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