Piper Jaffray Continues Global Expansion, Opens Office in Shanghai

Piper Jaffray Continues Global Expansion, Opens Office in Shanghai

September 26, 2006

    MINNEAPOLIS and SHANGHAI, China, Sept. 26
/Xinhua-PRNewswire/ -- Piper Jaffray Companies (PJC), today
announced that its chief operating subsidiary, Piper Jaffray
& Co., has opened its new investment banking and
research office in Shanghai. The new office is part of the
firm's continued global expansion in Asia and Europe and
will allow Piper Jaffray the opportunity to offer clients
broadened international investment banking and research
services. 

    "Our expansion into Shanghai is a key part of our
overall growth initiative at Piper Jaffray enhancing our
drive to be a leading international middle market
investment bank and institutional securities firm,"
said Andrew Duff, chairman and chief executive officer of
Piper Jaffray Companies. "We are thrilled to launch
our first Piper Jaffray office in Shanghai, to serve our
increasing number of Asian clients in our areas of industry
expertise." 

    Piper Jaffray & Co., has been active in the
financial markets in Asia since 2000, having completed six
IPO and follow-on transactions year-to-date and 20
transactions overall. The firm's first transaction for a
company with China-based operations was a U.S. IPO for
UTStarcom in 2000, which has been followed by transactions
for other leading Chinese technology companies including:
Baidu.com Inc., Ctrip.com International Ltd., Focus Media
Holding Limited, New Oriental Education and Technology
Group, Shanda Interactive Entertainment Limited, Tom Online
Inc. and Vimicro International Corporation. In addition,
Piper Jaffray has hosted its China Internet and Technology
conference in Beijing the past three years. The firm
currently covers 17 Asian companies in its investment
research department. 

    The Shanghai office officially opens today and is
located in the Platinum Building on Tai Cang Road in the
Luwan District in Shanghai.  

    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 24 offices across the United States and
International locations in London, Madrid and Shanghai.
Piper Jaffray & Co. is the firm's principal operating
subsidiary. (NYSE: PJC) ( http://www.piperjaffray.com )

    Since 1895. Member SIPC and NYSE.

    For more information, please contact:

     Susan Beatty
     Media Relations 
     Tel: [phone]

SOURCE  Piper Jaffray & Co.