ACCOUNT FOR ENTITIES

Account Application and Agreement Kit

This kit contains everything you need to open a Piper Jaffray Prime AccountSM orStandard Account for trusts, corporations, partnerships or other entities. Before yousign the Account Application and Agreement, please review all contents of this kit.

Return the completed Account Application and Agreement to Piper Jaffray and keepthe rest of the documents for future reference.

Trust, Corporation Complete, sign and return to Piper Jaffray.and Other Entity Account Application and Agreement

Entity Certification Form A separate certification form should accompany this kit, based on the type of entity. Complete, sign and return to Piper Jaffray, along with any other requested documents.

Prime and Standard Explains the terms and conditions of trades, margin (if applicable), the pre-dispute Brokerage Account arbitration clause and other important aspects of your Piper Jaffray PrimeAgreement— or Standard account.Terms and Conditions

Fee Schedule Shows the current fees that may apply to your account.

Customer Privacy Explains how Piper Jaffray gathers, discloses and protects client information.

Important Information Explains the risks of using the margin features of your account.About Your Margin Account

Understanding Mutual Explains the expenses you pay for different classes of mutual funds and annuities,Fund and Annuity and discloses the arrangements Piper Jaffray may have with mutual fund and Pricing and Marketing annuity companies.

Business Continuity Explains how Piper Jaffray is prepared to continue meeting your needs in the event Management of a disaster or business disruption.

Order Flow Disclosure Explains how Piper Jaffray routes your orders and payments based on where yourStatement orders are executed.

Account Protection Explains how your account is protected by insurance in the unlikely event Piper Jaffray were to fail financially.

Since 1895. Member SIPC and NYSE.© 2005 Piper Jaffray & Co. 8/05 PC-05-1047c

TRUST, CORPORATION & OTHER ENTITYACCOUNT APPLICATION & AGREEMENT

Account Number Rep No.

Entity Name/Account Registration (Sole Proprietor Accounts include an explanation of business)

1. TYPE OF ENTITY AMA/SP/NA

2. ENTITY INFORMATION

3. ENTITY FINANCIAL & INVESTMENT INFORMATION

WN

Street Address (no P.O. box or C/O address) Mailing Address (if different)

Contact Phone

( )

TitlePrimary Authorized Individual

%

Are any authorized individuals (or their spouses or immediate family member living at the same address) currently, or have they previously been, an officer, director, or owner of 10% or more of a publicly traded company?

If yes, list each person and companyAre any authorized individuals (or their spouses) officers or employees of a brokerage firm, insurance company or financial institution?

If yes, list each person and relationshipAre any authorized individuals (or their spouses) officers or employees of Piper Jaffray or related to one?

IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNTTo help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. What this means for you: When you open an account, we will ask for your name, address, date of birth and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents.

� Taxpayer ID Number or� Social Security Number

� Existing Account� Operating Revenue

� Donation� Sale of Real Estate/Assets

� Legal/Insurance Settlement� Borrowed Funds

� Other (Please Explain):

�

Under $50,000 � � �$50,000-$99,999 � � �$100,000-$249,999 � � �$250,000-$499,999 � � �

$500,000-$999,999 � � �

$1,000,000-$2,999,999 � � �

$3,000,000-$4,999,999 � � �

$5,000,000 & Over � � �

Net Worth

Financial Information AUM/Investable Assets

Revenue/Income

Federal Tax Bracket

Does entity have investment exper-ience at other firms?

If yes, list firm(s)� No� Yes �

Entity Stock & Bond Experience

� < 1 year � 1 - 5 years � > 5 years

If yes, list each person and company� No� Yes �

� No� Yes �

� No� Yes �

Contact Phone

( )

Contact E-mail Address

List any other officers, trustees or other individuals who are currently authorized to provide instructions with respect to the account.AUTHORIZED INDIVIDUAL NAME TITLE

.For Financial Information, Net Worth is entity assets minus liabilities, excluding primary residence and associated mortgages. AUM is entity Assets Under Management. Investable Assets are those that entity has available to purchase financial instruments. Trust & Other Fiduciary Accounts must answer Net Worth and any other relevant questions. Other entities must answer at least 1 category.

� Trust or other Fiduciary � Corporation� Limited Liability Company (LLC)� Partnership� Sole Proprietorship� Retirement Plan� Non-Profit Organization� Public/Government Entity

� Other:_________________________________________

Fiduciary Certification; Title and signature pages of trust agreement/court orderCorporation Certification; Certified Copy of Articles of IncorporationLimited Liability Company (LLC) Certification; Copy of Articles of OrganizationPartnership Certification; Title and signature pages of partnership agreementAdditional Individual SupplementFiduciary CertificationNon-Profit Organization Certification; Proof of non-profit existencePublic/Government Entity Certification; Investment policies & restrictions

Additional Forms and Documentation Required:Entity Type:

Account Opening Source of Assets

� Conservative Income� Income

� Income & Growth� Growth & Income

� Growth� Aggressive Growth

� Liquidation� Speculation

Account Investment Objective ("X" one)

Anticipated Number of Trades

� <10 /year � 10 to 25 /year � > 25 /year � N/A Advisory Acct.

Form E1923 (2/06) 1 Please Return All Pages to Piper Jaffray

Account Number Rep No.

A. PRODUCT SELECTION

F. ELECTRONIC FUNDS TRANSFER

B. DIVIDEND REINVESTMENT C. AUTOMATIC SWEEP FUND (Allows idle cash to be automatically invested.)

Client ID (8-22 characters)

"X" One

� Reinvest All Dividends� Pay All Dividends in Cash� Reinvest Dividends unless Specified� Pay Dividends in Cash unless Specified(Talk to your Financial Advisor to set up specific securities for reinvestment.)

• The Prime Account combines a standard brokerage account with a daily fund sweep, four free standard/IRA accounts, and optional banking features (unlimited checkwriting, debit card with Piper Jaffray Rewards program and online bill pay).

• All accounts are subject to an annual fee. Prime Accounts and Banking/Checkwriting features may involve additional fees. Refer to the Fee Schedule for the current fee amount.

� Prime Account w/Banking (also complete Banking Application)

� Prime Account� Standard Account

� Prime Obligations Class A (default)� Prime Obligations Class Y ($1 Million

household balance required.)� Government Obligations Class A� Tax-Free Obligations Class A� Treasury Obligations Class A

� Arizona Municipal Cash Trust � California Municipal Cash Trust � Minnesota Municipal Cash Trust � No Sweep (No interest on Idle Cash)

� Other:__________________________________

D. NAME DISCLOSUREDo you want your name, address and security position information released to requesting companies ofsecurities you hold? If you select No, we are still required to send you annual reports and voting materials.

�

� Yes� No (default)

E. ONLINE ACCOUNT ACCESSYou can check balances anytime, anywhere, sign up for e-delivery of communications, transfer funds, and many other options. Please provide a Client ID or self-enroll by visiting www.pjc.com.

Recurring Fixed or Variable Transfers may also be set up.

This is a: � Checking Account (Attach preprinted voided check) OR � Savings Account (Attach preprinted savings deposit slip)

�

Name of Bank

Bank Account Number Bank Account Name

Bank Routing No. (must begin with 0, 1, 2 or 3)

Fixed Amount � Monthly� Quarterly

Fixed Transfers: $

Start Date (mm/dd/yyyy)

Start Date (mm/dd/yyyy)

Frequency� Deposit into Piper Jaffray from Bank� Withdrawal from Piper Jaffray to Bank

You can set up your account to electronically transfer funds between Piper Jaffray and your bank account as needed.

Note: Third party transfers are not allowed - the bank account must be in the name of the Entity. If interested, please provide your bank information below.

� Daily� Monthly

� Weekly� Quarterly

Frequency

G. 3RD PARTY INFORMATION RELEASE

Your account contains a credit feature, also known as margin, which may be used for investing or other purposes as needed. Your Financial Advisor can explain the benefits, costs and risks of using this feature in more detail.Unless you indicate otherwise, your account will have the credit (margin) feature.

� (default) I DO want the credit (margin) feature on this account. I agree toall terms and conditions concerning credit in the account agreement.

� I DO NOT want the credit (margin) feature on this account. I understandthat I will not be eligible for some banking features, overdraft protection for checks and trades, and other account features.

H. CREDIT (Margin) - Revocable Trust, Corporation, LLC, Partnership & Sole Proprietor Accounts ONLY

DA3/COS3

MA

AD/TP/AI

4. ACCOUNT FEATURES (See Agreement Terms and Conditions for complete details.)

� Principal� Dividends� Interest

� Money Market Dividend� Free Credits� Capital Gains

� Maturity� Return on Principal� Return of Capital

VariableTransfers:("X" all that apply)

Complete this section to allow Piper Jaffray to release inforamtion about your account to a third party. For your protection, we may periodically ask you to renew these instructions. Because it is not secure, Piper Jaffray cannot release information via internet e-mail.

Name / Company � Attorney� Accountant � Other: _______________________

Relationship

INFORMATION TO RELEASE ("X" All that apply)

Address (required if mailing information)

Phone Number (optional) Fax Number (optional)

City ZipState

� Mail All Statements Monthly� Mail All Trade Confirmations Daily� Mail All Tax Forms (1099s) Annually

� Discuss /Release Account Information When Requested

Mailing not available if online viewing selected

� Existing� New �

Client ID (8-22 Characters, letters or #s) Inc lude Online Documents (Confirms not available)If New, Provide Temporary Password (with 8-22 characters, 2 letters/2 numbers, case sensitive.)� View Account

Online � � Statements Only � Tax Forms Only

� All (default)� None

2 Please Return All Pages to Piper JaffrayForm E1923 (2/06)

Account Number Rep No.

FOR INTERNAL USE ONLY

(1) I certify that all the information on this Application & Agreement and any supplements is true and accurate.(2) I understand that, if I have completed the Electronic Funds Transfer feature in section 4F, I authorize Piper Jaffray to initiate transfers

and make adjustments for entries made in error to or from my Piper Jaffray or bank account. These instructions remain in effect until Piper Jaffray is notified in writing of any changes or cancellations.

(3) I certify that I have received, read, and understood the Account Disclosures. (4) I certify that I have received, read, understood, and agree and consent to, the terms and conditions of this Application & Agreement and

the Prime & Standard Brokerage Account Agreement-Terms & Conditions in order for me to maintain my account with Piper Jaffray. (5) I understand that the Terms & Conditions contains legal rights of the parties, including, but not limited to, a PREDISPUTE

ARBITRATION CLAUSE, appearing on PAGES 6 & 7, PARAGRAPH 15 of the PRIME & STANDARD BROKERAGE ACCOUNT AGREEMENT-TERMS & CONDITIONS. By signing this Application & Agreement, I specifically acknowledge that, before I signed this Application & Agreement, I received, read, and understood the terms and conditions of the predispute arbitration clause. By signing this Application & Agreement, and thus accepting the terms and conditions of the predispute arbitration clause, I understand I am, among other things, agreeing to waive my right to seek remedies in court, including the right to a jury trial.

IMPORTANT NOTICE: INTERNAL REVENUE SERVICE REQUIRES THAT A W-9 BE COMPLETED WITHIN 30 DAYS OF THE OPENING OF ANY NEW ACCOUNT. IF AN ACCOUNT DOES NOT HAVE A W-9, 28% OF ANY REPORTABLE PAYMENTS RECEIVED WILL BE WITHHELD FROM YOUR ACCOUNT AND SENT TO THE IRS. TO RECEIVE CREDIT FOR ANY WITHHELD AMOUNT, PLEASE CONSULT YOUR TAX PREPARER.Certification: Under penalties of perjury, I certify by signing below that: (1) The Social Security Number or Tax Payer ID number shown in Part I of this form is my correct taxpayer identification number (or I am waiting for a number to be issued to me), and

(2) I am not subject to backup withholding because: a) I am exempt from backup withholding or b) I have not been notified by the Internal Revenue Service (IRS) that I am subject to backup withholding as a result of a failure to report all interest or dividends, or c) The IRS has notified me that I am no longer subject to backup withholding, and(3) I am a U.S. person (including a U.S. resident alien).

The required number of authorized individuals must review and sign below.By signing this application:

Date Print NameAuthorized Signature

XDate Print NameAuthorized Signature

XDate Print NameAuthorized Signature

XDate Print NameAuthorized Signature

X

Date (mm/dd/yyyy)FA Signature

XDate Approved (mm/dd/yyyy)Registered Supervisor Signature*

Tran Level Statement CodeX

Certification Instructions: You must cross out item (2) if you have been notified by the IRS that you are currently subject to backup withholding because of underreporting interest or dividends on your tax return.

*If you are not a U.S. person or resident alien, this section does not apply to you. Please instead complete the appropriate W-8 form.

NOTE: The Internal Revenue Service does not require your consent to any provisions of this document other than the certifications required to avoid backup withholding.

� Yes � No

Keep a completed copy for your records.

� 1=Cash

FA Registered In State? � Household� Associate:

� 2=Cash/Margin� 15=Transaction

ALLY

This Application & Agreement must be accompanied by an Application & Agreement kit. This kit contains: The Prime & Standard Brokerage Account Agreement Terms and Conditions (including a predispute arbitration clause); a fee schedule; and important disclosures explaining our Customer Privacy, Margin (if applicable), Mutual Fund & Annuity Marketing & Pricing, Business Continuity, Order Flow, and Account Protection policies (the "Account Disclosures"). If you received this Application & Agreement without all of these other documents, contact your financial advisor to obtain the complete kit before signing this Application & Agreement. When you sign this Application & Agreement, you will be asked to acknowledge that you have received, read, and understood all of these documents.

6. AGREEMENTS, DISCLOSURES AND SIGNATURES

5. SUBSTITUTE W-9 CERTIFICATION (Social Security or Tax ID Number required on first page of this form to be valid*)

(* BOMs may not approve their own accounts - only sign as FA)

3 Please Return All Pages to Piper JaffraySince 1895. Member SIPC and NYSE.Form E1923 (2/06)

Form E1948 (9/05) 1

PRIME & STANDARD BROKERAGE ACCOUNT AGREEMENTTerms and Conditions

This agreement (“Agreement”) governs your Piper Jaffray & Co. (“Piper Jaffray”) Standard InvestmentAccount or your Prime Account (the “Account”). Forindividual accounts and accounts owned or directed by morethan one person, “you” are sometimes referred to as the“Client.” Piper Jaffray and its affiliates are sometimes referredto as “we,” “us” or the “Company. ” This Agreement issubject to the prospectuses for the money market investmentfunds offered by the Company as a component of the Account(the “Funds”). (The prospectuses, including any amendmentsor supplements, are referred to as the “Prospectuses”).

1. Description of Standard Investment Account.The Standard Investment Account is an integrated financialservices program that links together several components:• A Piper Jaffray securities account (the “Securities

Account”);• An automatic margin lending feature (for eligible

accounts only); and• The Funds offered by the Company.

2. Description of Prime Account.The Prime Account is an integrated financial services programthat links together all of the elements of the Standard InvestmentAccount plus these additional components (if requested):• Check-writing;• VISA® Platinum Debit card and automated teller

machine (“ATM”) privileges; and• Online bill pay services

These services are provided by PNC Bank, Delaware (“PNCBank”). If you elect any of these features for your PrimeAccount, you will need to complete a Banking ServicesApplication & Agreement.

The principal attributes of each Account component and theirrelation to one another are described below and in the BankingService Application & Agreement, if applicable.

3. Securities Account.The Account is linked to a margin account that you can use tobuy and sell securities using credit issued to you by the Company.Any references to margin, credit, or short sales are onlyapplicable to eligible accounts for which you have not declinedthis feature on the account application or otherwise.

The amount available for a margin loan varies depending on theamount of eligible securities in your Account and regulatoryrequirements. The availability of margin is subject to you having$2,000 minimum equity in the account.

A. Placing Orders: Client Responsibilities. When youbuy securities, the Company will first apply any cash inyour Account on the settlement date to pay for thepurchase. If there is insufficient cash, the Company willthen redeem Fund shares at net asset value to pay theamount due.

If there are not enough Fund shares in the Account to paythe balance due, the trade will be treated as a credittransaction. The Company may extend credit to you onthe terms and conditions set forth in this Agreement. Anycredit the Company extends to you will be automaticallycollateralized by eligible securities in your Account. Ifthere are not sufficient eligible securities in the Account,you must deposit additional cash or eligible securities intoyour Account within the time frames required byregulations and the Company’s policies. If cash or eligiblesecurities are not deposited on time, the Company mayliquidate the securities at market risk and exposure to you.

B. Sales of Securities. When you place an order to sellsecurities that you own, you will let the Company knowthat you currently own them and you understand that theCompany will mark the order as being “long.” If theCompany does not hold the securities in your Account,you agree to deliver the securities to the Company bysettlement date or before the expiration of any extensionthe Company grants to you.

When you place any order to sell securities that you donot then own, you will let the Company know that, andyou understand the Company will mark the order a“short” sale. If the Company makes a short sale for you,you authorize the Company to borrow the securitiesnecessary to make delivery to the purchaser, and youagree to be responsible for any costs the Company mayincur as a result. You designate the Company and theCompany’s correspondents as your agents to complete allsuch transactions and take any other necessary actions.

C. Insufficient Assets in Account. The Company mayapply any cash and sell any securities in the Account (andin any other account the Company carries for yourbenefit) to cover any shortfall in the Account with respectto amounts owed by you to the Company or another thirdparty in connection with the Account.

After deducting all costs and expenses of any suchpurchase or sale and delivery, the Company is authorizedto apply any remaining proceeds to the payment of yourliabilities to the Company. The Company will credit youraccount or return the surplus, if any, to you. You shallremain liable for any deficiency. If the Company sells anysecurities at public auction or on any exchange, board ormarket, the Company may become the purchaser for itselfor on behalf of anyone else.

D. Placing Orders: Piper Jaffray Responsibilities. Atany time, the Company is authorized (but not required)to:• Cancel any outstanding orders you have given the

Company;• Purchase, sell, assign, receive or deliver all or any part

of the securities held or carried for you; and

Form E1948 (9/05) 2

• Close out any short sales by purchase on anyexchange, board or market or in any public or privatesale at the Company’s option.

Any order you give the Company is binding on you andyour personal representative until the Company has actualnotice of your death. Your death and notice thereof shallnot in any way affect the Company’s right to take anyaction under this Agreement that the Company could havetaken if you had not died (either before or after receivingnotice of your death). The Company may take such actions,require such papers and inheritance or state tax waivers, orretain such portion of or restrict transactions in yourAccount as the Company deems advisable to protect itselfagainst any tax, liability, penalty or loss under any presentor future laws or otherwise.

E. “When Issued” Securities. On transactions insecurities when, as and if issued, the Company is entitledto protection against its contingent liability pending theissue of the securities to the same extent as in purchasesand sales of securities already issued.

F. Waiver of Notice. The Company may take any actionprovided in this Agreement without demand of or noticeto you. No specific demand or notice shall invalidate thisgeneral and express waiver.

G. Power of Attorney. You may give another person“power of attorney,” authorizing that person to performtransactions for your Account. If you are naming anattorney-in-fact, we may request that all owners of theAccount complete a trading authorization form. You agreeto provide us with any documentation we may require inconnection with the power of attorney. Until we receivewritten notice that you have died or that the authority of theattorney-in-fact under a “power of attorney” has beencanceled and we have had time to act on the notice, we maycontinue to accept without question that person’s authorityto deal with the Account as permitted in the “power ofattorney” form. You agree to hold harmless and indemnifythe Company from any liability resulting from any actiontaken by any person to whom you have given power ofattorney.

H. Piper Jaffray Order Handling. Consistent with ourobligation to provide best execution of your order, anddepending on the particular security, we may internalizeyour order. This means that we may execute your orderas principal and/or cross your order with other client(either institutional or retail) or dealer orders in the samesecurity on the opposite side of the market. Regardless ofwhether we internalize your order, your tradeconfirmation will reflect the capacity (principal or agent)in which we acted. Internalization of client order flowmay provide us with certain benefits (such as additionalrevenue opportunities and/or cost savings) that we wouldnot otherwise realize if we were to simply route yourorder to an exchange, another dealer, or another marketcenter or market participant and execute your order asagent. Piper Jaffray stands to share in 100% of whateverprofits we generate by trading as principal with ourcustomer orders.

Unless you specifically instruct us to the contrary, anyorder to buy or sell any security that you place with usmay be aggregated with other orders in the particularsecurity on the same side of the market and executed as asingle bunched or block order at an average price. Theaverage price that you receive may be better than, equalto, or worse than the price that you would have receivedhad your order not been aggregated.

4. Credit Extensions.PLEASE NOTE: The provisions of this Agreementconcerning credit only apply when and if you arecarrying a settlement date debit balance in your Account(that is, if the Company is lending you money againstsecurities in your account).

If the Company extends you a margin loan in your SecuritiesAccount, the Company will begin to charge interest on the dayit extends you credit.

A. Client Obligation. You will pay interest on allamounts advanced by, and other balances you owe to, theCompany, including all commissions and other chargesimposed by the Company. You specifically give theCompany your consent to check your credit references atany time, and you authorize anyone to provide theCompany that information. The Company may at anytime demand immediate re-payment by you of any and allamounts the Company has advanced you and otherbalances you owe the Company, with interest andcommissions. Unless demand is made sooner, interest isdue and payable monthly or upon the balances due beingpaid in full. You will at all times maintain sufficientcollateral as required by the Company.

B. Credit Terms. You will be charged interest on anycredit the Company extends to you for the purpose ofpurchasing, carrying, trading or selling securities. Suchextensions of credit include, but are not limited to:

• Prepayment of proceeds of sale prior to settlement;• Late payment on any purchase;• Payments on “no good delivery” securities prior to

clearance; and• Specific transactions where interest expenses are incurred.

You understand that the standard annual rate of interestcharged by the Company on client debit balances iscalculated by adding a 2.25% to the available Prime Rateas determined by the Company. You also understand thatthe Company, in its sole discretion, may charge lowerrates, depending upon factors such as the size of your netbalance.

The Company may change the rate of interest charged onyour debit balance without prior notice to you inaccordance with changes in the Prime rate, your netbalance due, or other factors we have negotiated. If yourinterest rate is increased for any other reason, theCompany will give you prior notice of the change.

The method of computing interest is as follows: Interest is accrued daily and charged monthly based on allfunds you owe Piper Jaffray (debit balances). Free creditbalances in your account are used to offset the debit

Form E1948 (9/05) 3

balance each day. The interest period for Piper Jaffrayruns from the last business day of the previous month tothe second to the last business day of the current month.Therefore, it will be necessary to use the prior month’sstatement as well as the current month’s statement tocalculate your interest charge.

To begin, you will need to use the previous month’sstatement to determine your beginning debit balance for themost recent interest cycle. Starting with the last businessday of the previous month and each day through the end ofthe interest cycle, you need to add any debits and subtractany credits to the beginning debit balance. This willdetermine each day’s debit balance. The actual debitbalance is determined by adding the debit balances for eachday. Multiply this by the annual rate of interest and divideby 360. This total is the amount of interest accrued to youraccount on a daily basis.

Monthly statements will contain the followinginformation: annual rate of interest charged to youraccount, the average debit balance, and ending debitbalance of interest period.

The credit that appears on your statement due to shortsales (including short sales against the box) is offset by adebit of like amount because the Company has to borrowthe same security to deliver it to the buying broker. Thismeans that the credit generated by any short sale does notreduce your debit balance for the purpose of computinginterest until the short position is covered.

If the security that you sold short (or sold short against thebox) appreciates in market price over the selling price,interest will be charged on the appreciation of the value. Ifthe security that you sold short depreciates in market price,interest is correspondingly reduced by the drop in value.Periodically, and depending upon prevailing conditions,this practice of “marking-to-the-market” is performed.

C. Liens, Pledging and Lending of Securities inAccount. Margin lending is provided for all eligibleaccounts. If you have a margin loan balance in yourAccount, you understand that the Company has the right torequire additional funds or collateral when it deemsdesirable. The Company might make such a request, forexample, if there is a decline in the market value of thesecurities that are the collateral for your debit balance.Ordinarily, the Company will make such a request whenthe “equity” in the Account falls below 30% of themarginable market value of the securities in the Account(the “equity” is the excess marginable market value of thesecurities in the account plus the value of cash and cashequivalents over the debit balance). The Company reservesthe right, however, to change that level from time to timefor any securities in your Account or for all of the accountsthe Company carries. If you use the margin lending featureof your Account, any securities in any of your accounts arecollateral and can be sold by the Company to reduce or toliquidate entirely any debit balances in your Account.

All securities held or purchased by the Company for youare subject to a lien for the payment of all your liabilitiesto the Company. You authorize the Company withoutnotice to you, whenever the Company deems it advisable,

to transfer between any accounts you have with theCompany any or all of the securities so held. You alsoauthorize the Company to pledge, repledge, hypothecate,rehypothecate or lend any securities the Company holdsas collateral, either to itself or to others (these arereferred to as “Collateral Transactions”). CollateralTransactions may be for the amount you owe theCompany, or for a greater or lesser sum. If you have anoutstanding debit in your Account and the Company lendsany of your securities that the Company holds ascollateral, you could receive payments in lieu ofdividends that may be taxed at a higher rate thandividends. You may also lose voting rights for yoursecurities if the Company has loaned your securities overthe record date. The Company may commingle securitiesit holds for you with securities carried for other clients inentering into Collateral Transactions. The Company mayenter into Collateral Transactions without notice to youand regardless of whether the Company has in itspossession or control other securities of the same kind andamount. The Company is not required to deliver to youthe identical securities deposited or received, but onlysecurities of the same kind and amount.

5. Cash Investment Options.You authorize the Company to invest daily any cash in yourAccount automatically in shares of whichever Fund you havedesignated or in the absence of a designation, the Companywill select a default fund for you, both of which will bereferred to as the “Designated Fund.” Prime Accounts andmanaged Standard Investment Accounts will sweep daily, allother Standard Investment Accounts will sweep everyFriday. Although cash will be invested automatically only inthe Designated Fund, you may purchase shares of otherFunds at any time. You may change your Designated Fundby written or oral request to the Company.

All Fund shares will be redeemed at their net asset value andyou authorize automatic redemptions, as necessary, to satisfydebit balances resulting from securities transactions or from useof the cash access check-writing, check card, ATM or bill payprivileges, as described below. You may also redeem Fundshares directly by written or oral request to the Company.

These funds have various cut-off times for redemptions, and ifyou request a withdrawal of funds after that cut-off time, yourrequest will be processed on the next business day. Thecompany may in its discretion process your request to withdrawfunds on the same day, and you will be charged interest asspecified in section 4B.

Orders to purchase or redeem Fund shares will becomeeffective as provided in the Prospectuses. Ordinarily, apurchase order will not be entered until cash becomesavailable to the Company. Availability of check deposits is aminimum of two business days. The Company may,however, advance Federal Funds to the Account on yourbehalf to enable you to purchase Fund shares and earn Funddividends prior to final collection of checks or otherinstruments deposited in your Account. While such advanceshave been made, however, you agree that the Company mayreasonably withhold access by you to the redemptionproceeds of Fund shares until full and final payment fromyou.

Form E1948 (9/05) 4

The Funds will declare dividends on each business day asearned and credit dividends monthly on shares of the Fundsyou own. You recognize that dividends are paid in additionalFund shares.

6. Mutual Fund Trades.Mutual funds generally price their shares at 4 p.m. EasternStandard Time, but note that mutual funds may price theirshares at any set time during the day. If you request apurchase or redemption after the cut-off time, you will receivethe price that is set for the next business day. In addition,many mutual funds have short-term redemption fees that areintended to recover the administrative costs to the fundassociated with short-term transfers and to deter short-termtrading that many funds have determined are detrimental tolong-term shareholders in the funds. You represent that youwill comply with each mutual fund’s policy on short-termtrading, and furthermore acknowledge that it is not theresponsibility of the Company to monitor your compliancewith those policies. You moreover acknowledge that themutual fund company or the Company may choose to rejectyour fund purchases, redemptions, or transfers if you do notcomply with those policies.

7. Account Fees.An annual fee may be deducted from your Account unless youhave made other payment arrangements. The Fee Scheduleprovided to you will disclose the current amount of the annualfee. In commission-based accounts, all trades (purchases andsales) will be charged a $5 transaction fee, in addition to the feesoutlined in the fee schedule The minimum transaction fee doesnot apply to advisory and fee-based brokerage accounts, mutualfund trades, syndicate offerings, annuities, insurance, and tradeswith a total dollar value of less than $5.

You understand that the fee structure for the Account youhave chosen may or may not exceed the cost of the servicesyou could obtain from us in other account arrangements weoffer. Accordingly, you acknowledge that, depending on thenumber of transactions executed in your Account, otheraccount arrangements we offer (which may or may notprovide all the services of this Account arrangement) may bemore or less costly. You acknowledge that you are awarethat you can opt-out of the fee structure you have selected atany time, and that in some instances a fee may be charged toyou for early termination.

Other fees may apply, depending on additional services desired.The Company will provide you with prior notification of suchother fees or increases in any of the above fees. These fees aresubject to change. See the Fee Schedule for additional fees.

8. Periodic Reports.After the execution of any purchase or sell order, the Companywill send to you a report of the execution (a “Confirmation”). AllConfirmations shall be conclusive if not objected to by you inwriting within five business days.

The Company will send you a report of any Account assetsthat are transferred or delivered at your request to any accountin which any Account owner does not have an ownershipinterest or when securities held in the Account or a check fromthe Account is issued without the names of all of the Accountowners.

The Company will send an account statement (the“Statement”) to you monthly (or quarterly if no activityoccurs) at the mailing address you furnish.

The Statement will provide information on interest charges,dividends received, checks drawn on PNC Bank, check cardtransactions, ATM transactions, or other cash access transactionsrelated to your Account, positions in your Account, and executedtrades during the Statement period. Once a year, the amount ofthe annual fee for the Standard Investment Account or PrimeAccount will be indicated on the Statement. You authorize theCompany to deduct that amount from your Account.

You understand that a copy of your Statement will be sent toyour Piper Jaffray financial advisor.

Duplicate copies of statements, confirmation, tax forms, andother account information will not be sent to any other partywithout your written consent. If you have provided suchconsent, you agree to promptly notify the Company if you nolonger wish to release information the Company will continueto provide copies of such information to third parties asrequested until we receive written notice from you. For yourprotection, the Company may require you to re-authorize therelease of such information from time to time.

9. Client Representations.You must provide the Company all information required on theAccount Application & Agreement. Until you advise theCompany of a change of address, the Company can regard theaddress provided when you opened your Account as accurate. Itis your responsibility to provide the Company any change ofaddress. The posting of mail by the Company to your addressshall constitute delivery to you. You are of legal age. Unlessyou have otherwise informed the Company, you are not adirector, executive officer, or 10 percent shareholder of apublicly traded company; an employee of any exchange; acorporation majority owned by an exchange; a member of anexchange; a firm registered on an exchange; a bank, trustcompany or insurance company; or a corporation, association,firm or individual engaged in the business of dealing, either asbroker or principal, in stocks, bonds or other securities or anyform of commercial paper. If at any time during the life of thisAgreement you become so, you will notify the Company. Noone other than you has or will have an interest in the Account,except as you advise the Company in writing. The informationyou have supplied the Company concerning your financialresources and experience in trading securities is true andaccurate. You also agree to provide the Company with any otherappropriate information that it may request from time to time. Ifyou authorize the opening of the Account in the name of apartnership, in the event of the death or retirement of any of themembers of the partnership, you authorize the Company, to takesuch proceedings, require such papers, retain such portion of orrestrict transactions in the Account as the Company deemsadvisable to protect itself against any liability, penalty or lossunder law or otherwise. It is further agreed that in the event ofthe death or resignation from the partnership of any member ofthe partnership, the remaining members will immediately causethe Company to be notified of such fact by a written noticedelivered to the Company. Until that notice is received by theCompany at its main office, the Company is presumed to haveno knowledge of the death or resignation.

Form E1948 (9/05) 5

10. Limitations on Piper Jaffray Liability.The Company may employ subbrokers and deal withspecialists, odd lot dealers and others (individually a“Subbroker”) in effecting transactions for you, either asprincipal or agent. The Company is responsible only forreasonable care in its selection of Subbrokers and is nototherwise responsible for any actions a Subbroker takes orfails to take. The Company may settle contracts andcontroversies according to the regulations and customs of theexchange, board or market where the orders are executed. TheCompany is responsible for executing your orders in areasonable manner in accordance with industry custom andpractice. The Company is not liable to you for any loss youincur due to the failure or delay of any order to be executeddue to the failure or malfunction of any electronic, electric ormechanical equipment, whether under or outside of theCompany’s control.

You agree that, unless negligent in fulfilling this Agreement,neither the Company nor its officers, directors, employees,affiliates or agents are liable for any loss you may incur. In noevent will the Company be liable for consequential, special orindirect damages or loss.

11. Transactions Subject to Applicable Rules, Customs ofTrade and Laws. All transactions made by the Company for you are subject to theconstitutions, rules, customs and practices of the exchanges,boards or markets where executed and of their respectiveclearing houses and are subject to state and federal laws.

12. Termination of the Account.You may terminate the Account, including the SecuritiesAccount, at any time, subject to the rights of the Company inany assets within the Account arising from any liens, right ofoffset, fees or other charges created by this Agreement or anyother agreement between you and the Company. Youunderstand that such termination will result in the cancellationof check-writing, check card, ATM and bill pay privileges.You will remain responsible, however, for the payment ofcharges to your Account as well as for any checks and allcharges resulting from use of the check-writing, check card,ATM and Bill Pay privileges, in each case whether arisingbefore or after termination.

The Company in its discretion may terminate your Accountand/or the related services at any time. Should your Accountbe terminated, you authorize the Company to redeem all Fundshares in your Account and to make the proceeds available toyou after all your obligations to the Company are settled. Ifyour Account is terminated, you will not use, and willpromptly destroy, all unused checks and your check card.

13. Ownership Types.

A. Individual. You are applying in your own name andrelying solely on your income and assets and not on theincome or assets of another person as a basis forrepayment of any amounts due to the Company.

B. Joint. You are applying with another person orpersons, each of whom will have an ownership interest inthe Account as well as a responsibility for repayment ofany amounts due to the Company.

i. Joint Liability. Each of you jointly and severally agreesthat each of you has authority on behalf of the Account to:• Buy, sell (including short sales), and otherwise deal

in, through or with the Company;• Receive demands, notices, Confirmations, reports,

Statements, and communications of every kind;• Receive and dispose of money, securities and

property of every kind;• Use the Account to the extent of the credit available in

the Account and will be liable for all extensions of creditunder the Account to any account owner.

• Make, terminate or modify agreements or waive anyof their provisions; and

• Deal with the Company as if only one of you wereinterested in the Account, without notice to othersinterested in the Account.

The Company is authorized to:• Follow the instructions of any of you in every respect

concerning the Account;• Make deliveries to any of you, of any or all securities

in the Account, which shall be registered in accountname; and

• Make payments to any of you, or upon any of yourorders, of any monies in the Account. Payments willbe payable in account name unless otherwiseinstructed in writing.

If any such delivery or payment is requested, the Companyis under no duty or obligation to inquire into the purpose orpropriety of the request. The Company is not required toinquire into the application or disposition of the securitiesor monies so delivered or paid. The authority herebyconferred shall remain in force until written notice ofrevocation addressed to the Company is delivered at theCompany’s main office.

The liability of each of you concerning the Account shallbe joint and several. All property held or carried by theCompany for any one or more of you shall be subject to alien in the Company’s favor for the discharge of theobligations of the Account to the Company. This lien is inaddition to, and not in substitution of, the Company’sother rights and remedies. In the event of the death of anyco-owner, the Company shall have the same rights as ifonly the decedent were interested in the Account. Thesurvivor or survivors of any co-owner shall immediatelygive the Company written notice thereof. The decedent’sestate and each survivor shall remain liable, jointly andseverally, to the Company for any net balance or loss inthe Account resulting from transactions initiated beforethe Company received written notice of a co-owner’sdeath or incurred in liquidating the Account or adjustingthe interest of the respective parties.

ii. Types of Joint Tenancy. The form in which jointtenancy interests are held between spouses may affect therights of the co-owners upon the dissolution of themarriage, as well as their rights in the event of the deathof either co-owner. You may wish to consult yourattorney to be sure you understand the effect of the formyou are choosing.

Form E1948 (9/05) 6

a. As Joint Tenants With Right Of Survivorship.It is your express intention to create an account asJoint Tenants With Rights of Survivorship. If eitherof you dies, the entire interest in the joint accountshall be vested in the survivor or survivors on thesame terms and conditions as theretofore held,subject to any right of severance that may exist underapplicable state law, without in any manner releasingthe decedent’s estate from the liability provided for inthe “Placing Orders: Piper Jaffray Responsibilities”section of this Agreement.

b. As Tenants In Common or Tenants in CommonTrust. It is your express intention to create anaccount as Tenants in Common or Tenants inCommon Trust Without Rights of Survivorship. Youhave indicated on the Application & Agreement, thenames of each tenant and the percentage interest toapply for dissolution of assets upon death of a tenant.You understand that each of you has access to all ofthe assets of the account, and you each take fullresponsibility to oversee all activity in the account,including any outlays to any other tenant. Youunderstand that the Company has no responsibility tomonitor control over, access to or use of the accountby any of you until notified of the death of a tenant. Ifany of you dies, any taxes, costs, expenses or othercharges becoming a lien against or being payable outof the account as the result of the death of thedecedent, or through the exercise by his or her estateor representatives of any rights in the account shall,to the extent possible and to the extent permitted bylaw, be deducted from the interest of the estate ofsuch decedent. This provision shall not release thedecedent’s estate from the liability provided for inthis Agreement.

C. Uniform Gifts/Transfers to Minors Act. This lawallows you to open an account and deposit funds for thebenefit of a minor. The funds are considered the propertyof the minor; however, you (as the custodian) have thesole right to perform transactions and take other actionswith the account for the benefit of the minor, and areresponsible for the repayment of any amounts due to theCompany. We may disclose information about theaccount to the minor or the minor’s representative.

D. Fiduciary, Corporation, Partnership, SoleProprietorship, Non-Profit Organization, Public /Government Entity, or Other Entity. You are applyingin the name of the entity and relying solely on the entity’sincome and assets and not on the income or assets ofanother person or entity as a basis for repayment of anyamounts due to the Company. Your signature on theaccount Application & Agreement binds the entity to theterms of this Agreement and any future modifications orchanges to this Agreement.

14. Special Notice to Married Applicants RegardingCommunity and Marital Property.If you are a current or former resident of a communityproperty or marital property state such as Arizona, California,Idaho, Louisiana, Nevada, New Mexico, Texas, Washingtonor Wisconsin; property you acquired or earned while you werea married resident of that state may be community or maritalproperty. The community property or marital property laws ofthose states may give your spouse an interest in contributionsto and earnings from the Account, regardless of their source,even if the Account is established in your sole name or jointlywith a third party or other than your spouse. Your spouse mayrelease any such community or marital property interest byexecuting an appropriate consent.

If your account is subject to community or marital propertylaws, the account may be established with or without a right ofsurvivorship. A right of survivorship means that, upon thedeath of the first spouse, all property in the account becomesthe property of the surviving spouse.

If you are a resident of a community property or maritalproperty state, you also agree that any credit extended underthis Account will be incurred for a community benefit. As aresult, the assets of your marital community may be liable forrepayment of any amounts due to the Company, even if youapply for a separate account and the Application & Agreementis not signed by your spouse (unless you attach a statementthat you wish to apply for a separate account based solely onyour separate assets).

In the case of property held by spouses in a joint or co-ownedaccount, the form of the account may affect thecharacterization of the property in the account for purposes ofa state’s community property or marital property laws.Depending on the applicable state law, opening such a joint orco-owned account in a particular form may or may not changethe character of property held in the Account from communityproperty or marital property to separate property or fromseparate property to community property or marital property.

You may wish to consult an attorney to confirm yourunderstanding of your property rights in spousal or maritalproperty in your state of residence and to insure that anychanges in those rights, whether due to the signing of aconsent by you or your spouse, the form of the account thatyou choose to open, or otherwise, are acceptable to you.

15. ARBITRATIONClient understands that this Agreement contains apredispute arbitration clause. By signing this Agreement,which contains a predispute arbitration clause, the partiesagree as follows:

• All parties to this Agreement are giving up the right to sueeach other in court, including the right to a trial by jury,except as provided by the rules of the arbitration forum inwhich a claim is filed.

• Arbitration awards are generally final and binding; aparty’s ability to have a court reverse or modify anarbitration award is very limited.

Form E1948 (9/05) 7

• The ability of the parties to obtain documents, witnessstatements and other discovery is generally more limited inarbitration than in court proceedings.

• The arbitrators do not have to explain the reason(s) fortheir award.

• The panel of arbitrators will typically include a minority ofarbitrators who were or are affiliated with the securitiesindustry.

• The rules of some arbitration forums may impose timelimits for bringing a claim in arbitration. In some cases, aclaim that is ineligible for arbitration may be brought incourt.

• The rules of the arbitration forum in which the claim isfiled, and any amendments thereto, shall be incorporatedinto this Agreement.

Client agrees that any claim, dispute or controversyarising out of or relating directly or indirectly to (a)Client’s relationship with Piper Jaffray, or (b) thisAgreement or any other agreement Client has entered intowith Piper Jaffray or any alleged breach of any suchagreement, or (c) any investment by Client under thisAgreement or under any other agreement entered intowith Piper Jaffray or any investment by Client made with,by or through Piper Jaffray, or (d) any transaction of anykind executed by, through, or with Piper Jaffray, itsofficers, directors, agents, employees, or affiliates, shall besettled by arbitration pursuant to the Federal ArbitrationAct and in accordance with the rules, then in effect, of theNational Association of Securities Dealers, Inc. (“NASD”)or the New York Stock Exchange, Inc. (“NYSE”).

Client may elect in the first instance whether arbitrationwill be conducted before the NASD or NYSE. However, ifClient fails to make such election by registered letter ortelegram addressed to Piper Jaffray at its main officebefore the expiration of five days after receipt of a writtenrequest to make such election, then Piper Jaffray maymake such decision.

Judgment upon any award rendered by the arbitratorsmay be entered in any court having jurisdiction over theparties, and each party agrees to submit itself and itspersonal representatives to the jurisdiction of that court.

No person shall bring a putative or certified class action toarbitration, nor seek to enforce any predispute arbitrationagreement against any person who has initiated in a courta putative class action; or who is a member of a putativeclass who has not opted out of the class with respect to anyclaims encompassed by the putative class action until:

(i) the class certification is denied; or(ii) the class is decertified; or(iii) the person is excluded from the class by the court.

Such forbearance to enforce an agreement to arbitrateshall not constitute a waiver of any rights under thisAgreement except to the extent stated herein.

16. Complaints.Complaints regarding your Piper Jaffray account can bedirected to the Branch Manager of the office in which youraccount is maintained. They may also be submitted in writingto the Regulatory & Complaint Manager, General CounselDepartment, 800 Nicollet Mall, J09N02, Minneapolis, MN55402. Questions regarding the complaint process can bedirected to 612-303-6572.

17. Entire Agreement and Amendments.All transactions in your account, whether before or after yousigned the account application, shall be treated as thoughmade under and governed by the terms of this Agreement, theterms of the Banking Services Agreement if applicable, andany other Agreement referencing the Account between youand the Company. This Agreement shall inure to the benefit ofthe Company and of any assignee or successor firm or firms,irrespective of any change in their personnel. This Agreementsupersedes any existing agreement you may have with theCompany. Except as modified by disclosure in theProspectuses, we have the right to amend this Agreement bygiving you at least 30 days prior written notice of the effectivedate of such amendment. This Agreement shall be continuousand shall survive any temporary or intermittent closing out ofany account with the Company. Piper Jaffray may transferyour account to its successors and assigns.

18. General.This Agreement is governed by laws of the State ofMinnesota, without regard to the conflict of laws provisionsthereof. The terms and conditions of this Agreement apply toyou and to your heirs, executors, administrators and assigns. Ifany provision of this Agreement is held unenforceable in anyjurisdiction, the remaining provisions of the Agreement shallbe unimpaired. All provisions of the Agreement shall remainin full force and effect in all other jurisdictions.

Since 1895. Member SIPC and NYSE.

ANNUAL ACCOUNT FEE $150 $50 $50**Waived for clients have aggregate assets of: $500,000 $200,000† $200,000†Reduced fee for clients having aggregate assets of $200,000 $100† ----- -----

BANKING SERVICES Free ----- $30^First check order (custom, 150 wallet style) Free ----- FreeCheck reorders (custom, 150 wallet style) $16.50 (1 free box per year) ----- $16.50^(1 free box per year)

Express delivery of checks (normal delivery 7-10 days): Overnight $15.95 ----- $15.95Copy of a canceled check $3 ----- $3Stop payment orders (per item) $18 ----- $18Non-sufficient funds (NSF) check $20 ----- $20Monthly check image statement $1.50 per month ----- $1.50 per monthDebit card (one free card provided for each user) Free ----- -----Express delivery of debit cards $15 ----- -----PNC Bank ATM withdrawals Free ----- -----Non-PNC Bank ATM withdrawals 5 free per month* ----- -----Online bill pay services (requires debit card) Free ----- -----

OTHER SERVICE FEESTransfer account to outside firm (ACAT) $75 $75 $85Inheritance account setup/processing $0/$200 $75/$200 -----

ALL ACCOUNTSOutgoing wire transfer, Domestic/International $18/$35Certificate delivery, per certificate $50Returned deposit of stopped, replaced or escheated certificate $75Returned deposited checks $18 Certificate deposit requiring mandatory exchange/redemption $60 / $35Bearer bond coupon redemption, per issue $21 per coupon dateDeposit or Withdrawal at Custodian (DWAC) transactions $0–$60 (Transfer Agent charge)Restricted stock legend removal and/or change of registration $100 Physical certificate safekeeping charge, annually per issue $25/$100 max. per accountPrivate equity placements/Limited partnership units

Purchase or transfer $100Safekeeping and pricing, annually per issue $100/$300 max. per account

Fees are subject to change. Please see Account Agreement for any additional fees.*While Piper Jaffray does not charge a fee for ATM usage, there may be a host fee associated with the ATM. Piper Jaffray will waive five host fees per month.**Clients will pay one annual fee of $50, regardless of how many IRAs are listed under the same Social Security number/same household. That fee is waived if IRA assets are greater than $100,000.^Available for clients aged 59

1/2 and older. Free check-writing and check reorders for IRAs with at least $500,000 AUM.

†Clients qualify for a reduced Prime Account of $100, one free Standard Account, or one free IRA for each $200,000 in aggregate assets.

ACCOUNT FEE SCHEDULE FE

ATU

RES

AN

D B

ENEF

ITS

STANDARD IRA PRIME

Dividend reinvestment

Household SummaryStatement

Weekly money marketsweep

Online account access

Dividend reinvestment

Household Summary Statement

Daily money market sweep

Online account access

Banking Services ($30)^, includingcheck-writing

PIPER JAFFRAY PENSION ANDPROFIT SHARING PLANS

Same as IRA, excluding banking services

$75 annual fee per plan

$25 setup fee, plus $10 for each participant

• Maximum setup fee $200; no setup fee for transfer of an existing plan

Four free standard and/or retirement accounts

Unlimited check-writing with free custom checks (150 per year)

Platinum delayed debit card with ability to earn rewardsredeemable for travel, merchandise and more.Earn Rewards points for every dollar spent.Complimentary concierge service—it’s like having your own

personal assistant .Ability to make withdrawals at 810,000 ATMs worldwide and

deposits at 17,000 ATMs nationwide

Prime Playback Annual Summary

Toll-free access to Prime LineSM for 24-hour access to customer service

Dividend reinvestment

Household Summary Statement

Daily money market sweep

Online account access

PRICING SCHEDULE PRIME STANDARD IRA

Since 1895. Member SPIC and NYSE. ©2006 Piper Jaffray & Co. 4/06 PC-05-1047 #1960 piperjaffray.com