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LONDON – March 27, 2007 —Piper Jaffray Ltd., the United Kingdom subsidiary of Piper Jaffray Companies (PJC), recently completed its first UK fashion trend survey detailing how well retailers interpreted top trends and related them to their core customer. The survey covered 26 men's and women's clothing brands, addressing more than 50 trends from this spring and summer fashion season.

Trends for the survey were identified by visits to several main shopping locations within Greater London referencing a summary list of key trends developed from catwalk and design research. The brands that best interpreted the fashion trends according to the survey included: Mango, Topshop, Zara, H&M, French Connection, River Island, Oasis, Warehouse, M&S and Primark.

“Most of these winners should come as no surprise as their collections have been consistently strong for many seasons,” said Mike Dennis, senior retail analyst at Piper Jaffray Ltd. “Primark had a strong spring season coming close to companies like Mango and Topshop. M&S also proved themselves to be a strong performer this season with some key trends within LimitedCollection and Autograph.”

Other retailers presented many key looks of the season, but failed to develop catwalk-inspired themes as well as the top performers. Those retailers included: Monsoon, New Look, Urban Outfitters, Debenhams, Bershka, Dorothy Perkins, Espirit, Ted Baker, Asda and Miss Selfridge. A small set of retailers did not manage to present their products with a clear theme or definition. Those included: Next, Tesco and Matalan.

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 25 offices across the United States and international locations in London and Shanghai. The firm's UK operating subsidiary, Piper Jaffray Ltd., is registered in England, no. 3846990 and its registered office is 7 Pilgrim St., London EC4V 6LB. Piper Jaffray Ltd. is authorized and regulated by the Financial Services Authority, entered on the FSA's register,, no. 191657 and is a member of the London Stock Exchange.

Piper Jaffray & Co. is the firm's principal operating subsidiary. (NYSE: PJC;

Since 1895. Member SIPC and NYSE.
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