Piper Jaffray: Adds Wubbels to Team of Financial Advisors

FOR IMMEDIATE RELEASE

MILWAUKEE (October 10, 2005) — Piper Jaffray & Co. today announced the addition of Benjamin Wubbels to its team of financial advisors in its Milwaukee location.

Wubbels’ focus with Piper Jaffray as a financial advisor is to work directly with non-profit organizations, foundations and endowments.

“I find these organizations a particularly interesting niche because I think they are largely under-served by well-informed advisors,” said Wubbels.

Prior to joining Piper Jaffray, Wubbels served as a financial advisor at Morgan Stanley Dean Witter for eight years. Wubbels accumulated more than $8 million in assets under management during his first six months of production. He played a major role in converting approximately $75 million of the Milwaukee team assets from stock, bond and mutual fund portfolios to separately managed accounts.

“Piper Jaffray continues to add talented, highly-skilled financial advisors to our Milwaukee-based team,” said Paul Westphal, senior vice president, investment branch manager of Piper Jaffray’s Milwaukee office. “Ben is a proven advisor that will help take our focus and initiatives in the non-profit sector to the next level.”

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.