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MINNEAPOLIS – April 26, 2007 —Piper Jaffray & Co. recently released the results of its first proprietary survey of high school guidance counselors regarding the intent of this year's high school graduates in pursuing technology-oriented college degree programs and the type of postsecondary institution they plan to attend. The results show that high school graduates interested in technology degree programs favor community colleges and public universities, versus DeVry Inc., ITT Educational Services and other for-profit institutions.

Piper Jaffray recently surveyed 41 high school guidance counselors across the U.S. One-third of the guidance counselors surveyed noted this year's high school graduates have more interest in pursuing technology degree programs compared to last year. Of the guidance counselors who have seen greater interest among high school students in enrolling in technology degree programs, 89 percent indicated students have strong interest in technology programs at community colleges and public universities. On the other hand, 75 percent indicated high school students have little interest in enrolling in technology degree programs at for-profit schools.

“Our initial survey of high school guidance counselors indicated an improvement in interest levels among this year's high school graduates in pursuing technology degree programs,” said Mark Marostica, senior research analyst at Piper Jaffray. “While this improvement is clearly an opportunity for the for-profit postsecondary education industry, the survey results indicate for-profit higher education companies are finding it challenging to tap into the high school student demographic.”

Specifically, guidance counselors surveyed expressed concern over the relatively high cost of for-profit higher education and the ability to transfer credits to other traditional universities. In addition, there appears to be a general lack of understanding among guidance counselors as to career opportunities in the technology field.

About Piper Jaffray
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 international locations in London and Shanghai. Piper Jaffray & Co. is the firm's principal operating subsidiary. (NYSE: PJC; http://www.piperjaffray.com )

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