Client Online Services Self-Enrollment

PiperJaffray is pleased to offer the convenience of free Electronic Shareholder Communications service. You can view shareholder communications, including Annual Reports, Proxy Statements, corporate action notices, and fund prospectuses, online instead of in the mail. Documents that are not available on the Internet will continue to be sent to you by mail.

This will not only save postage and mailing costs for the securities in which you invested, but will also allow you to reduce the amount of mail you receive from us.

To get started, please go to http://www.piperjaffray.com and click on the Client Online Services Self-Enrollment link on the right.

Copyright 2005 Piper Jaffray & Co.® Since 1895. Member SIPC and NYSE.