Piper Jaffray is a leading middle market investment bank. It has over 100 years of experience guiding clients through mergers and acquisitions, equity and debt offerings, and restructurings. The document provides an overview of Piper Jaffray's services, industry expertise, and recent transactions in various sectors such as technology, healthcare, consumer products, and energy.

1. Begin your journey
Piper Jaffray
Bowdoin College
Information Session
September 21, 2006

2. Who We Are
Piper Jaffray is the leading middle market investment bank
• Client-focused securities firm dedicated to delivering superior financial
advice, products and transaction execution to businesses, institutions
non-profits and public entities within targeted sectors
• Industry leader
– M&A
– Equity / Debt
– Restructuring
– Research
• Operates through two business
segments:
– Corporate and Institutional Services
– Public Finance Services
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3. More Than 100 Years of Guiding Clients
1895 1971 1992 1998 2003 2006
In 1895 George In 1971 Piper, In 1992 Piper, In 1998 Piper In 2003 Piper In 2006 Piper
B. Lane Jaffray & Jaffray & Jaffray was Jaffray once Jaffray
Commercial Hopwood Hopwood became acquired by U.S. again became completed the
Paper and became the first Piper Jaffray Inc. Bancorp and in an independent, sale of the
Collateral Loans regional and the holding 1999 changed its public securities company’s
& Co. was brokerage firm company name name to U.S. firm through a Private Client
established and to offer its own changed to Piper Bancorp Piper spin-off from Services branch
in 1917 merged stock for public Jaffray Jaffray. U.S. Bancorp. network.
with Piper, sale. Companies Inc.
Jaffray & Co.
to form Lane,
Piper & Jaffray.
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4. Leading Middle Market Company Focus
Most Active IPO Underwriters in 2005
Piper Jaffray Focus Sectors IPOs Overall
Rank Manager # of Deals Rank Manager # of Deals
ranked #1 in the 1 Piper Jaffray 31 1 Credit Suisse First Boston 45
number of IPOs 2 Credit Suisse First Boston 27 2 J.P. Morgan 42
3 J.P. Morgan Securities 26 3 Citigroup Global Markets 40
completed in its 4 Goldman Sachs 25 4 UBS Securities 38
focus sectors—the 5 Merrill Lynch & Co. 25 5 Goldman Sachs 37
6 Citigroup Global Markets 23 6 Lehman Brothers 36
growth areas of 7 Banc of America Securities 22 7 Merrill Lynch 34
8 Lehman Brothers 22 8 Deutsche Bank Securities 32
the economy— 9 CIBC World Markets 22 9 Piper Jaffray 31
and ranked #9 in 10 Deutsche Bank Securities 20 10 Morgan Stanley 29
11 Wachovia Capital Markets 20 11 Banc of America Securities 29
the number of 12 Morgan Stanley 19 12 Jefferies & Co. 28
IPOs completed 13 William Blair & Co. 19 13 CIBC World Markets 28
14 Thomas Weisel Partners 18 14 Bear Stearns & Co. 27
overall in 2005 15 UBS Securities 16 15 Wachovia Capital Markets 26
Source: Dealogic and Piper Jaffray

5. Top 20 M&A Advisors In 2005
Number of Number of
Middle Market Advisors* Deals Closed All Advisors Deals Closed
Houlihan Lokey Howard & Zukin 126 Goldman Sachs & Co. 151
Jefferies & Co. 76 Houlihan Lokey Howard & Zukin 126
Wachovia 69 Citigroup 113
Piper Jaffray 48 Morgan Stanley 113
M&A International 40 JP Morgan 109
Keefe Bruyette & Woods 38 Credit Suisse 108
William Blair & Co. 36 Banc of America Securities 103
Sandler O’Neill & Partners 35 Merrill Lynch 103
Lincoln Partners 33 UBS Warburg 96
Daniels & Associates 32 Lehman Brothers 92
BB&T 30 Jefferies & Co. 76
KPMG Corporate Finance 27 Wachovia 69
Goldsmith Agio Helms & Co. 26 Lazard 62
Raymond James & Associate 24 Deutsche Bank 60
CIBC World Markets 24 Piper Jaffray 48
Robert W. Baird & Co. 23 M&A International 40
Rothschild 21 Bear Stearns & Co. 39
Stephens 20 Keefe Bruyette & Woods 38
McDonald Investments 20 William Blair & Co. 36
RBC Capital Markets 18 Sandler O’Neill Partners 35
Source: Thomson Financial and Piper Jaffray; U.S. based buyers/sellers only
* Excludes Investment Banks with Average Deal Size>$500 million

6. Our Guiding Principles
Since its beginning in 1895, Piper Jaffray has built its business by
committing itself to its clients, people and communities.
We create and implement superior financial solutions for our
clients. Serving clients is our fundamental purpose.
We earn our clients’ trust by delivering the best
guidance and service.
Great people are our competitive advantage.
As we serve, we are committed to these core values:
Always place our clients’ interests first
Conduct ourselves with integrity and treat others with respect
Work in partnership with our clients and each other
Maintain a high-quality environment that attracts, retains
and develops the best people
Contribute our talents and resources to serve the communities
in which we live and work
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7. Guides for the Journey
• We are committed to guiding our clients to success.
• The best guides are:
– resourceful when the options are few
– aggressive in reacting to changing conditions
– trustworthy by remaining firmly committed to their clients’
success
• The same traits are inherent in the best investment
bankers.
• It is our culture at Piper Jaffray--we will help you
become the best guide for our clients’ journeys.
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8. Broad Product Offering Capabilities
Equity Securities M&A Advisory Convertible Securities Debt Capital Markets
More resources dedicated to middle Top-ranked middle market M&A Significant experience in various types of Dedicated debt capital markets team:
market growth companies on Wall advisor: convertible offerings including: • More than 300 debt financings
Street: • Industry-focused M&A teams • Standard new issue offerings– raising $115 billion since 2002
• Lead manager on top performing • Middle market M&A team focused overnight and marketed transactions • Dedicated team of leveraged
IPOs in recent years on industrial and manufacturing • Placement of private convertible finance experts with more than 120
• Leading aftermarket trading services industries notes or preferred stock offerings years of collective experience
support • Deep relationships with financial • Refinancing of existing convertibles • Product expertise across entire
• Largest number of middle market and strategic investors • Public and private restructuring of leveraged capital spectrum and
companies under coverage in focus • Advised more than 320 M&A existing convertible debt powerful distribution capabilities
sectors transactions worth $45 billion since • Senior, subordinated and
• 350 companies under coverage with 2000 syndicated loan capabilities
$2 billion or less market cap through CIT Group
High-Yield & Structured Products Private Placements Financial Restructuring Corporate & Venture Services
Brings consultative approach to research Extensive industry expertise and Leading advisor to financially stressed Dedicated corporate and venture
and client relationships: knowledge of the marketplace: and distressed businesses, creditor services team with more than 70 years
• Focused on securities under stress, • Discussions with more than 800 constituencies and equity investors: combined experience:
bringing liquidity to an illiquid institutional investors focused on • Proven experience in Chapter 11, • Managed more than 140
market private companies out-of-court workouts, sale of distributions and traded more than
• Credit analysis that delivers deep, • Raised more than $1.6 billion in assets, reorganizations, acquisitions 421 million shares since 2003
forward-looking examination of private placement transactions since and exchange and tender offers • Average block trade size of $35
securities 2000 • Accurate company and securities million
• Value-added research on valuations • Managed over 340 10b5-1 trading
collateralized debt obligations, • Ability to successfully evaluate plans
aircraft finance, health care and various situations • Completed 68 Directed Share
distressed credits • Access to key strategic relationships Programs with up to 2,000
participants; 31 were lead managed

9. Unparalleled Industry Expertise
• Ranked #1 in number of IPOs
completed in our focus sectors in Alternative Energy Health Care
2005 •
•
Clean Technology
Distributed Power Generation
•
•
BioPharmaceuticals
Health Care Services
• Lead manager on the top •
•
Ethanol/Bio-Fuels
Fuel Cells
•
•
Information-Driven Health Care
Life Sciences Tools/Diagnostics
performing IPOs in the industry in • Solar Power • Medical Technology
• Wind
recent years Industrial Growth
Business Services • Aerospace
• Nominated advisor to leading • Business Information Services • Automotive Products
• Facilities Services • Building Products
European growth companies • Human Resource Services • Flow & Process Controls
• Industrial Services • Industrial Distribution
• Top ranked middle market M&A • Learning Services • Metal Processing
• Marketing Services • Packaging
advisor • Professional Services • Plastic Processing
• Security & Safety
Consumer • Specialty Chemicals
• Apparel, Footwear & Softline Retail • Specialty Vehicles
• Consumer Products • Other Manufacturing & Services
• Food & Beverage
• Restaurants Technology
• Specialty & Hardlines Retail • Computer Hardware & Semiconductors
• Enterprise Software
Financial Institutions • Internet
• Asset Management • IT Services
• Broker-Dealers • Wireline & Wireless Communications
• Depository Institutions
• Financial Technology & Services
• Insurance
• Specialty Finance

10. Consumer
$468,386,400
Apparel and Apparel $265,000,000
Retail
Consumer Products has agreed to be acquired by has agreed to acquire
Initial Public Offering
Bookrun
Initial Public Offering
Services Acquisition
Corp. International and Follow-On Offering
Food & Beverage Pending Pending Pending August 2006
Restaurants $135,000,000 $44,845,338 $174,538,150
Specialty Retail
Sole Managed
has been acquired by Follow-On Offering Initial Public Offering
Pending August 2006 June 2006 February 2006
$382,184,810 $98,920,060 $78,000,000
has been acquired by
Recapitalization Follow-On Offering Follow-On Offering
May 2006 May 2006 May 2006 April 2006
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11. Alternative Energy
$250,000,000
Solar
Solar Thin-Film Supplier Solar / Polysilicon
Wind Bookrun Sole-Managed
Co-Managed
Bio-fuels Initial Public Offering Private Placement
Initial Public Offering
Pending Pending Pending
Hydrogen
$300,000,000 $95,737,500
Fuel Cells $75,000,000
Advanced Materials
Bookrun Bookrun Bookrun
Initial Public Offering Initial Public Offering Follow-On Offering
Pending Pending August 2006
$25,775,000 $394,450,000 $22,099,200
Sole-Managed Co-Managed Bookrun
Private Placement Follow-On Offering Initial Public Offering
May 2006 March 2006 August 2005

12. Financial Institutions
• Banks & Investment Undisclosed $95,738,000 $39,096,000 $423,720,000
Banks Patriot Capital Funding, Inc.
has been acquired by Follow-On Offering Follow-On Offering Follow-On Offering
• Financial Meridian Bank, N.A. Bookrunning Manager Co-Lead Manager Co-Manager
a subsidiary of
Technologies &
Services August 2006 June 2006 June 2006 April 2006
• Specialty Finance $413,600,000 $146,625,000 $10,000,000 $100,000,000
• Specialty Insurance
Follow-On Offering Reg Direct Offering Preferred Units
Co-Manager Initial Public Offering Sole Placement Agent Sole Placement Agent
March 2006 March 2006 February 2006 February 2006
$60,000,000 $115,900,000 $40,000,000 $429,275,000
Initial Public Offering Follow-On Offering Sr. Unsecured Notes Follow-on Offering
Co-Manager Co-Lead Manager Exclusive Placement Co-Manager
Agents
February 2006 January 2006 December 2005 October 2005

13. Health Care
$96,342,973 $715,000,000 $50,600,000 $519,000,000
BioPharmaceuticals
Health Care Services
Follow-on has acquired has been acquired by
Information-Driven Offering Initial Public Offering
Health Care July 2006 July 2006 March 2006 February 2006
Medical Technology $104,500,000 $1,189,400,000 $150,000,000 $260,000,000
Tools & Diagnostics
has been acquired by has been acquired by
Merged with
has been acquired by
December 2005 November 2005 August 2005 July 2005
$167,650,000 $33,975,429 $56,400,000 $45,000,000
Joint Bookrun Sole Bookrun Sole Bookrun Lead Managed
Initial Public Offering Follow-On Offering Initial Public Offering Convertible Offering
June 2005 June 2005 April 2005 February 2005
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14. Technology & Communications
$92,200,000 $25,775,000 $25,000,000 $121,000,000
Computer Hardware
& Semiconductors has acquired CRS
has been acquired by Retail Systems Inc.
Wireline & Wireless from
Communications PIPE Offering Private Placement
June 2006 May 2006 February 2006 December 2005
Enterprise Software
$310,000,000 $21,000,000 $109,090,854 $141,000,000
Internet
IT Services has acquired has been acquired by
Sole Bookrun
Initial Public Offering Initial Public Offering
August 2005 August 2005 August 2005 June 2005
$241,500,000 $199,391,400 $1,012,000,000 $529,000,000
Sole Bookrun has acquired
Convertible & Convertible &
Follow-On Offering Follow-On Offering Initial Public Offering
February 2005 November 2004 August 2004 July 2004
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15. Industrial Growth
Aerospace
a portfolio company of
Automotive Products has acquired has sold a portfolio company of
has been acquired by
Building Products
to
has been acquired by
Flow & Process July 2006 June 2006 May 2006 April 2006
Controls
Industrial Distribution a portfolio company of a portfolio company of
has been recapitalized by a division of
Metal Processing with
United Road Services Inc.
has been acquired by
has been acquired by
has been acquired by
Packaging
March 2006 January 2006 November 2005 November 2005
Plastic Processing
Security & Safety
Numatics, Incorporated
a portfolio company of a portfolio company of
Specialty Chemicals
a portfolio company of
has been acquired by
has been acquired by has been acquired by an
Specialty Vehicles
affiliate of has been acquired by
Emerson Electric Company
Other Manufacturing October 2005 October 2005 September 2005 September 2005
& Services
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16. Business Services
Business Information
Services
PROJECT BRUINS PROJECT CHAMPAGNE
Facilities Services
IT Solutions Provider Rental Services Provider
INITIAL PUBLIC OFFERING INITIAL PUBLIC OFFERING
Human Resource
Services In Process In Registration In Registration In Process
Industrial Services
Learning Services A PORTFOLIO COMPANY OF
Marketing Services INITIAL PUBLIC OFFERING
FOLLOW-ON OFFERING INITIAL PUBLIC OFFERING HAS BEEN ACQUIRED BY
Professional Services August 2006 July 2006 March 2006 February 2006
IT Services
a portfolio company of
HAS BEEN ACQUIRED BY HAS BEEN ACQUIRED BY
has been acquired by
INITIAL PUBLIC OFFERING
December 2005 November 2005 September 2005 August 2005
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17. Private Placements
$25,000,000 $45,200,000 $21,500,000 $112,500,000
Serve as agent to
raise private equity
and/or debt
Series A Convertible Series C Convertible Series A Convertible
Typical transaction Preferred Stock Preferred Stock Preferred Stock Preferred Equity
range–$20 to $50 July 2006 July 2006 June 2006 February 2006
million $24,476,000 $12,000,000 $32,500,000 $18,000,000
Structure deals,
identify investors
Series G Convertible Private Placement Series B Convertible Series C Convertible
and manage the Preferred Stock Common Stock Preferred Stock Preferred Stock
process February 2006 December 2005 November 2005 August 2005
Quality relationships $13,000,000 $22,500,000 $46,500,000 $80,000,000
with venture capital
and private equity
investors Series C Convertible Series D Convertible Series A Convertible Private Placement
Preferred Stock Preferred Stock Preferred Stock Common Stock
July 2005 December 2004 November 2004 October 2004
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18. Restructuring

19. Convertible Securities
Overnight and marketed transactions (typically
Standard new •
under Rule 144A)
Prospectus Offering Memorandum
issue
$373,750,000 $600,000,000
• $75 million - $1 billion+ in aggregate amount raised
• Piper Team originated numerous Issuer-friendly 3.25% Convertible Senior 1.25% Convertible Subordinated
(R)
Subordinated Notes
innovations
Plus Cash Notes due 2008
Due 2026
Price 100%
– Auto-Conversion We acted as lead manager We acted as book manager and structuring
of this registered offering. agent of this offering under SEC Rule 144A.
– Plus Cash® June 21, 2006 May 29, 2003
– Laddered Equity Hedge
• Typical market capitalization of issuer
– Over $300 million
Private Placement Private convertible note or preferred stock Offering Memorandum Offering Memorandum
• $30,000,000 $75,000,000
offerings
of convertibles
• $15 - $75 million in aggregate amount raised 5.50% Senior Convertible Notes 10% Senior Secured Bridge Notes due 2005
Typical market capitalization of issuer
due 2026 plus Warrants Mandatorily Exchangeable into
• Price 100% 6% Senior Secured Convertible Notes
Due 2009
– $50 - $300 million We acted as sole placement agent We acted as sole placement agent
of this private offering. of this private offering.
May 18, 2006 October 18, 2004
Refinancing of • Registered exchange offers
• Funded exchange offers Prospectus Prospectus
existing $60,000,000 Old Notes Exchanged $199,324,000 Old Notes Exchanged
• Private exchange offers $12,000,000 New Money $60,000,000 New Money
convertibles • Private stock-for-bond swaps Offer to Exchange all 6.50% Offer to Exchange all 3.75%
Convertible Senior Notes due 2012 Convertible Subordinated Notes due 2007
• Cash repurchases for 6.5% Convertible SNAPsSM due 2012 for 6.52% Convertible Senior
Subordinated Notes due 2009
• Early conversions We acted as dealer-manager and
placement agent of this public offering.
We acted as dealer-manager and
placement agent of this public offering.
• Consent solicitations February 8, 2006 December 31, 2002

20. Debt Capital Markets
$805,000,000 $115,157,000 $190,000,000 $560,000,000
Transaction Types
P-JETS UAL00-1
Acquisition Capital
Series 2005-1 A1 / A2 Call
Recapitalizations Senior Secured Credit Non-rated 144A
Facilities & Subordinated Repackaged EETC Senior Unsecured Notes
Growth Capital Bridge Financing Grantor Trust 10.00% Notes Due 2013 Institutional Syndication
$40,000,000 $500,000,000 $200,000,000 $195,000,000
Product Suite
Senior Credit Facilities Private Placement
Sole Placement Agent
Piper Jaffray
Second Lien Term Debt 6.650% Notes due 2036
6.12% Senior Notes due 2015 7.625% Notes due 2013 8.500% Notes due 2016 6.500% Notes due 2018
Bridge Financing
$300,000,000 $225,000,000 $270,000,000 $300,000,000
Structured Financing
Mezzanine Debt
Senior & Subordinated
Notes
7.500% Notes due 2016 8.125% Notes due 2016 11.500% Notes due 2014 7.875% Notes due 2015

21. Strategic Office Locations
London
Minneapolis
San Francisco Madrid
New York
Chicago
Palo Alto Shanghai
Piper Jaffray has offices that are strategically located. Our headquarters are in Minneapolis, with investment banking and
research offices in San Francisco, Palo Alto, Chicago, New York, London and strategic alliances in Madrid and Shanghai.
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22. A Career in Investment
Banking

23. Why is Piper Jaffray Unique?
Piper Jaffray has a unique culture
• A high-energy environment
generates enthusiasm among
our professionals
• Supportive executive team
that respects the balance between
professional and personal growth
• Exceptional staff from the top undergraduate and graduate institutions in
the country
• Significant interaction with senior management of clients who value our
expertise
• Opportunity to work closely with senior bankers
• Superior career visibility in meritocracy-based culture
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24. Our Recruiting Philosophy
• We hire the best people and empower them to use their skills, innovation
and creativity to find solutions for our clients.
• We seek people from diverse
backgrounds who are highly
motivated, dedicated and productive.
• We promote open exchange
of ideas and a team-oriented approach.
• We invest heavily in our people
because they are our greatest resource.
Andrew Duff
Chairman and CEO, Piper Jaffray
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25. A Day in the Life
Industry Team:
Consumer
Location:
Minneapolis
Education:
B.S., California Polytechnic University
Laura
Investment Banking Analyst
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26. A Day in the Life
Investment Banking Analyst
8:15 Arrive at work; check e-mail and voice mail
8:30 Grab coffee with Consumer Group analysts
8:30 Browse headlines from the Wall Street Journal, Capital Markets
Updates and industry specific publications such as Women’s Wear
Daily
9:00 Draft Confidential Information Memorandum (CIM) for a sell-side
M&A assignment for a grocery co-op corporation. Involves:
– Industry research on size of grocery market, including competition and local
demographics
– Requesting, organizing and synthesizing due diligence information
11:00 Participate in drafting call for Initial Public Offering (IPO) for action
sports apparel manufacturer. Involves:
– Review of growth opportunities, key business strengths and company financials
– Industry research on action sports market
– Planning a trip to southern California to meet with company management and
tour headquarters (including on-site skate park) 26

27. A Day in the Life
Investment Banking Analyst
12:00 Lunch with Consumer Group analysts
12:30 Develop management presentation for lead-managed
IPO for golf specialty retailer. Involves:
– Research on golf industry
– Review of historical and projected financials
– Setting up a call with management to discuss presentation
– Planning a trip with company management and bankers for IPO roadshow
3:30 Begin pitch for toy manufacturer. Involves:
– Creating buyer profiles
– Valuation analysis: comparable company analysis, comparable M&A
transactions, discounted cash flow analysis, leveraged buyout analysis
– Work with Capital Markets to develop update on equity market conditions
5:30 Grab dinner with Consumer Group analysts
6:00 Review draft of pitch with associate
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28. A Day in the Life
Investment Banking Analyst
7:30 Head to gym for quick workout
8:30 Review pitch and courier book to senior banker’s
home
10:00 Review CIM, e-mail to company and set up drafting call
11:00 Head home
“P.S. No day is typical in investment banking—that’s what makes it
exciting. You may be working on equity financings, buy- or sell-side
M&A assignments or debt financings. Think on your feet because you
may have to travel across country at a moment’s notice.”
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29. 2006/2007 Recruiting Plan
Hiring Plan
• Investment Banking—30 Analysts for 2007
• All industry groups and functional areas in most office locations
Process/Schedule
• Resume deadline—September 29
• Interview invitation extended—week of October 2nd
• First round interviews—in Boston, October 12th and 13th
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30. Career Opportunities at Piper Jaffray
Visit our Web site to learn more about career opportunities at
Piper Jaffray:
www.piperjaffray.com/careers
Investment Banking recruiting contact:
• Megan McManus: 612 303-6349
megan.t.mcmanus@pjc.com
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