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LONDON — September 13, 2006—Piper Jaffray is pleased to announce continued growth in the firm's research presence in the United Kingdom with the addition of its first senior consumer research analyst and the appointment of a deputy head of research. Mike Dennis joins the firm as a senior research analyst covering Pan European consumer companies. In addition, Sam Fazeli, Ph.D., has been appointed as the deputy head of European research in London.

Dennis joins the firm with over 13 years of experience covering UK consumer and Pan European consumer companies. Most recently, he worked at Cheuvreux, where he was a senior research analyst covering food retail, Pan-European Thematic and Boots/Alliance, GUS and clothing retailers. Dennis received a combined honors degree in geography and economic history from Exeter University.

Fazeli is currently a senior research analyst covering UK biopharmaceutical companies. He will continue his coverage and oversee the UK research team. Fazeli joined Piper Jaffray in 2005 and will report to Joel Denney, head of Investment Research.

“We are excited to continue the expansion of our research presence and coverage in the United Kingdom as we look to be a leading global middle market investment bank,” said Denney. “Sam Fazeli will provide tremendous leadership and coordination to the UK research team and we look forward to entering the consumer industry in Europe with Mike Dennis.”

Piper Jaffray Companies is a leading, international middle-market investment bank and institutional securities firm, serving the needs of middle-market corporations, private equity groups, public entities, nonprofit clients and institutional investors. Founded in 1895, Piper Jaffray provides a comprehensive set of products and services, including equity and debt capital markets products; public finance services; mergers and acquisitions advisory services; high-yield and structured products; institutional equity and fixed income sales and trading; and equity and high-yield research. With headquarters in Minneapolis, Piper Jaffray has 25 offices across the United States and an office in London. The firm's UK operating subsidiary, Piper Jaffray Ltd., is authorized and regulated by the Financial Services Authority and is a member of the London Stock Exchange. Piper Jaffray & Co. is the firm's principal operating subsidiary. (NYSE: PJC; http://www.piperjaffray.com )

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Susan Beatty
Media Relations
Piper Jaffray & Co.
Tel: 612 303-5680