You are cordially invited to join us for our 2006 annual ... - Piper Jaffray

800 Nicollet Mall, Suite 800Mail Stop J09N05Minneapolis, Minnesota 55402612 303-6000Date and Time:Place:Items of Business:Record Date:Voting by Proxy:NOTICE OF ANNUAL MEETING OF SHAREHOLDERSTuesday, May 2, 2006, at 3:30 p.m., Central TimeStars Room50th Floor, IDS Center80 South Eighth StreetMinneapolis, MN 554021. The election of three directors, each for a three-year term.2. Approval of the Piper Jaffray Companies Amended and Restated 2003Annual and Long-Term Incentive Plan.3. Ratification of the selection of Ernst & Young LLP as the independentauditor of Piper Jaffray Companies for the year ending December 31, 2006.4. Consideration of a shareholder proposal requesting declassification of theBoard and annual election of all directors.5. Any other business that may properly be considered at the meeting orany adjournment or postponement of the meeting.You may vote at the meeting if you were a shareholder of record at theclose of business on March 6, 2006.Whether or not you plan to attend the annual meeting, please vote yourshares by proxy to ensure they are represented at the meeting. You maysubmit your proxy vote by Internet or telephone, as described in thefollowing materials, by no later than 11:59 p.m. Eastern Daylight Time onMonday, May 1, 2006, or by completing, signing and promptly returningthe enclosed proxy card by mail. We encourage you to vote by Internet ortelephone in order to reduce our mailing and handling expenses. If youchoose to submit your proxy by mail, we have enclosed an envelopeaddressed to our vote tabulator, ADP Investor Communication Services,Inc., for which no postage is required if mailed in the United States.By Order of the Board of DirectorsJAMES L. CHOSYSecretaryMarch 16, 2006