PIPER JAFFRAY RESEARCH ANALYSTS RECOGNIZED AMONG …

[Pages:2]PIPER JAFFRAY RESEARCH ANALYSTS RECOGNIZED AMONG "BEST ON THE STREET"

Anthony N. Gikas Senior Research Analyst ? Ranked third for his earnings accuracy in the Leisure Equipment & Products sector*

Aaron M. Kessler Senior Research Analyst ? Ranked first for his earnings accuracy in the Internet & Catalog Retail industry sector*

Jeffrey P. Klinefelter Senior Research Analyst ? Ranked first among stock pickers in the Textiles Apparel & Luxury Goods industry* ? Ranked second in Clothing & Accessories in the Wall Street Journal "Best on the Street" survey

Deborah A. Knobelman, Ph.D. Senior Research Analyst ? Among the Institutional Investor AllAmerica Research Team as a "Next Generation Analyst" for her coverage of the Specialty Pharmaceuticals sector

Robert P. Napoli Senior Research Analyst ? Ranked second among stock pickers in the Consumer Finance industry*

*StarMine

Peter H. Oakes, CFA Senior Research Analyst ? Ranked number five in the Restaurants sector in the Wall Street Journal "Best on the Street" survey ? Member of the "Best on the Street" Hall of Fame for his eight-time recognition in the annual Wall Street Journal survey

Safa Rashtchy Senior Research Analyst ? Ranked second for earnings accuracy in the Internet & Catalog Retail Industry sector* ? Ranked fourth in Internet & Computer Services in the Wall Street Journal "Best on the Street" survey ? "Runner Up" on the Institutional Investor AllAmerican Research Team

Neely J.N. Tamminga Senior Research Analyst ? Ranked number five in the Retailers: Broad Line & Apparel sector in the Wall Street Journal "Best on the Street" survey

Thomas Wei Senior Research Analyst ? Ranked number one for his earnings accuracy in the Biotechnology industry sector* ? Ranked number five in the Biotechnology sector in the Wall Street Journal "Best on the Street" survey

Sean W. Wieland Senior Research Analyst ? Ranked number three in the Software sector in the Wall Street Journal "Best on the Street" survey

Piper Jaffray ranked sixth among 72 securities firms in the nation in the 2006 Wall Street Journal "Best on the Street Analyst Survey." The firms recognized in this year's survey were ranked according to the total number of "Best on the Street" awards their analysts earned. According to the Wall Street Journal, 213 analysts were ranked this year, though awardwinning analysts were selected from a universe of more than 4,000 analysts at more than 280 firms. Of that group, 1,707 analysts met the survey's eligibility tests and qualified to have their research analyzed in detail. In addition to the strong representation in the Wall Street Journal survey, Piper Jaffray analysts were also recognized by StarMine where six analysts were recognized for their earnings accuracy and stock picking skills.

ABOUT THE SURVEYS The annual StarMine rankings sort brokerage analysts into two categories: picking stocks and predicting earnings. In producing the rankings, StarMine considered only earnings estimates and stock recommendations made for U.S. companies during calendar year 2005. According to the Wall Street Journal, analysts' skill in picking stocks was measured using recommendation-performance scores. These scores were calculated by Thomson Financial on the basis of the estimated total return, including price changes and dividends, of each eligible stock an analyst covered in an industry. Total-return data were provided by Thomson Datastream. Analysts got credit for being right about "buy" and "sell" recommendations. For a stock rated a "buy," a positive total return yielded a positive score on that stock, but a negative return produced a negative score. Similarly, for a stock rated "sell," a negative total return yielded a positive score while a positive return resulted in a negative score. "Hold" recommendations did not affect the score. The final performance score also reflects such factors as the number of stocks in an analyst's "portfolio." To be eligible, analysts must have been based in the U.S. or Canada. Typically, they worked for the same firm throughout 2005. For more information on Piper Jaffray analyst rankings from the Wall Street Journal and StarMine, visit our Web site at researchrankings.

Since 1895. Member SIPC and NYSE. Securities and products are offered in the United Kingdom through Piper Jaffray Ltd., which is an affiliate of Piper Jaffray & Co., incorporated under the laws of England and Wales, authorized and regulated by the Financial Services Authority and a member of the London Stock Exchange.

? 2006 Piper Jaffray & Co. 6/06 CM-06-1085

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