1230245--3/1/2006--PIPER_JAFFRAY

related topics

{acquisition, growth, future}

{loss, insurance, financial}

{competitive, industry, competition}

{system, service, information}

{personnel, key, retain}

{operation, international, foreign}

{provision, law, control}

{stock, price, operating}

{debt, indebtedness, cash}

{regulation, change, law}

{financial, litigation, operation}

We may not be able to compete successfully with other companies in the financial services industry who are often larger and better capitalized than we are. We have experienced significant pricing pressure in areas of our business, which may impair our revenues and profitability. Our ability to attract, develop and retain highly skilled and productive employees is critical to the success of our business. Our underwriting and market-making activities may place our capital at risk. An inability to readily divest or transfer trading positions may result in financial losses to our business. Use of derivative instruments as part of our risk management techniques may place our capital at risk, while our risk management techniques themselves may not fully mitigate our market risk exposure. An inability to access capital readily or on terms favorable to us could impair our ability to fund operations and could jeopardize our financial condition. We may make strategic acquisitions of businesses, engage in joint ventures or divest or exit existing businesses, which could cause us to incur unforeseen expense and have disruptive effects on our business but may not yield the benefits we expect. Our technology systems, including outsourced systems, are critical components of our operations, and failure of those systems or other aspects of our operations infrastructure may disrupt our business, cause financial loss and constrain our growth. Our ability to attract, develop and retain highly skilled and productive employees is critical to the success of our business. Our underwriting and market-making activities may place our capital at risk. An inability to readily divest or transfer trading positions may result in financial losses to our business. Use of derivative instruments as part of our risk management techniques may place our capital at risk, while our risk management techniques themselves may not fully mitigate our market risk exposure. An inability to access capital readily or on terms favorable to us could impair our ability to fund operations and could jeopardize our financial condition. We may make strategic acquisitions of businesses, engage in joint ventures or divest or exit existing businesses, which could cause us to incur unforeseen expense and have disruptive effects on our business but may not yield the benefits we expect. Our technology systems, including outsourced systems, are critical components of our operations, and failure of those systems or other aspects of our operations infrastructure may disrupt our business, cause financial loss and constrain our growth. Our business is subject to extensive regulation that limits our business activities, and a significant regulatory action against our company may have a material adverse financial effect or cause significant reputational harm to our company. Regulatory capital requirements may limit our ability to expand or maintain present levels of our business or impair our ability to meet our financial obligations. Our exposure to legal liability is significant, and could lead to substantial damages. The business operations that we conduct outside of the United States subject us to unique risks. We may suffer losses if our reputation is harmed. Our stock price may fluctuate as a result of several factors, including but not limited to changes in our revenues and operating results. Provisions in our certificate of incorporation and bylaws and of Delaware law may prevent or delay an acquisition of our company, which could decrease the market value of our common stock. The business operations that we conduct outside of the United States subject us to unique risks. We may suffer losses if our reputation is harmed. Our stock price may fluctuate as a result of several factors, including but not limited to changes in our revenues and operating results. Provisions in our certificate of incorporation and bylaws and of Delaware law may prevent or delay an acquisition of our company, which could decrease the market value of our common stock.

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1230245--3/1/2006--PIPER_JAFFRAY_COMPANIES