"

Piper Jaffray + Co.newscom.S.
In comparing the rich with the affluent, the rich spend three times more
than the affluent in both the luxury goods and luxury experiences categories
-- an astounding $81,172 total per year. As we know from
our Platinum Cardmembers, they are willing to pay for goods and services as
long as they see the value.

About American Express
The Platinum Card from American Express was the first of its kind in the
market, offering Cardmembers access to exceptional travel benefits and
services.

Personal pages should be submitted to the appropriate letter category of Society /People/Personal_Homepages.

campfire realities

-- Nearly 50 percent of companies surveyed say they will not add any
voluntary benefits to their offerings during the next three years. There are 47,000
employees working in Aon's 500 offices in more than 120 countries. Households that were surveyed had an average annual income of
$235,900, were among the top 8% in the U.

Members of Gen X Mighty in Luxury Buying Power
Overall, the wealthy members of Gen X have an average income of $213,000
and spend 18 % more than the Boomers on luxury goods annually, $26,751
compared with $22,631.

$3,769). Since the 1950s, American Express has
been offering Card members high-quality products and services, including the
Green and Gold Charge Cards and travel assistance and office facilities to
travelers.

Similar terms include 'twentysomethings' and 'thirtysomethings'.

askew diminished

"
Based in Minneapolis , the Wealth Management Group provides clients with a
suite of specialized services. Those services include financial planning,
investment consulting, estate and wealth transfer, philanthropy, insurance ,
trust services and credit solutions. The group is based in Minneapolis. The company
operates through two primary revenue-generating segments: Capital Markets and
Private Client Services.
-- More than three-quarters (77 percent) of surveyed employers offer
voluntary benefits . Aon Consulting delivers integrated consulting solutions
to help clients with employee benefits, human resources outsourcing,
compensation, communication and management consulting. Further information concerning the Company and its
business, including factors that potentially could materially affect the
Company's financial results, is contained in the Company's filings with the
Securities and Exchange Commission. The Boomers are more likely to own original art
(31% as compared with 24% among Gen X), a fine jewelry collection (29% to
25%), a vacation/second home (26% to 18%) and an antique or other collection
(24% to 18%).
The rich also indulge more in luxury experiences than the affluent,
spending three times more in almost every category: $6,281 on personal and
health services vs. Since the time of it's introduction, the company has been employing
many methods to understand what motivates and engages this consumer set.

coined diminished

Headquartered in
Minneapolis, Piper Jaffray has approximately 3,000 employees in 104 offices in
23 states across the country and in London.com/cgi-bin/prnh/20041215 /CGW049LOGO )
Aon Consulting surveyed employers nationwide and found that Baby Boomers
(ages 45-60) and Generation Xers (ages 25-40) both purchase disability
coverage more than any other employer -offered voluntary benefit*."
Companies surveyed indicate that disability coverage (37 percent ) and life
insurance (19 percent) are the most popular voluntary benefits among all
employees as well. However, 67 percent of companies do not
measure success of these programs, or do so only as needed.

This press release contains certain statements related to future results,
or states our intentions, beliefs and expectations or predictions for the
future which are forward-looking statements as that term is defined in the
Private Securities Litigation Reform Act of 1995. These forward-looking
statements are subject to certain risks and uncertainties that could cause
actual results to differ materially from either historical or anticipated
results depending on a variety of factors.

"Marketers tend to think of the Gen Xers as a cohort too small to even
worry about, but this research shows that Gen X may be small in size but they
are mighty in luxury buying power," Pam Danziger, founder of Unity Marketing,
a marketing consulting firm that specializes in marketing to the luxury
market, and who conducted this year's Platinum Luxury Survey.

uber loosely

This group will play a crucial role in helping to meet our clients' changing
needs. However, the similarities end there, as
companies rank long-term care insurance as the third most popular voluntary
benefit for Baby Boomers (11 percent), while individual home/auto/liability
insurance is third among Generation X workers (14 percent).com . Furthermore, their overall wealth may
even decline after retirement . $1,880. $2,891; $7,611 on dining vs. It is world leader in charge and credit
cards, Travelers Cheques , travel, financial planning, business services,
insurance and international banking.

generation stereotypes

Specifically , 45 percent of those surveyed say Baby Boomers purchase
disability coverage, while 37 percent say Generation X workers do the same. Similarly, many Generation Xers are buying their
first homes, making homeowners insurance a popular voluntary benefit choice
for this group.aon. $2,722),
-- 17% more for personal/health services ($3,324 vs. $5,163 by the affluent; $12,831 on
luxury pet products vs."
-- Sometimes buying luxury is based on pure convenience with 43% of
wealthy consumers agreeing, "I often trade off spending more money for
convenience, because I know I could find it cheaper but it is just too
much of a hassle. For more information , visit
http://www.

xers realities

MINNEAPOLIS, Piper Jaffray + Co.
The survey results show that wealthy members of the younger Gen X, despite
being the smallest total generational group in the U. $3,577;
$9,931 on luxury fashion accessories vs."
-- 63% agreed that "The price of most luxury goods is too high, and I
rarely pay full price for a luxury brand.

diminished loosely

is the chief operating subsidiary of Piper Jaffray
Companies (NYSE: PJC), a focused securities firm dedicated to delivering
superior financial advice, investment products and transaction execution
within selected sectors of the financial services marketplace. "These programs can be very beneficial to employees
and help serve as a point of differentiation for employers. Forty-
three percent of these companies have 500 or fewer employees , 23 percent have
between 500 and 2,000 workers, 24 percent have a workforce of 2,000 to 10,000
and 10 percent have more than 10,000 employees.

For more information, contact:
Joe Micucci, Aon Consulting, 312-381-4786, joe_micucci@aon.
Their influence is destined to grow even more in the luxury market in the
future now that the leading edge of this generation reaches 40 years of age
this year. And in several categories the rich
spend nearly four times as much as the affluent .
$1,791; $9,313 on sporting events vs."
About two-thirds (64%) of wealthy consumers surveyed are willing to pay
more for special services when they travel or shop at a more exclusive
boutique .

All of the participants purchased a luxury good or experience in the past
12 months to qualify.

askew defining

247 billion and 7,000 professionals in 120 offices
throughout the world.S."
Contrary to the Gen X population, many Baby Boomers are approaching a near
plateau in terms of their career trajectory, as the leading edge of the
generation turns 59 years old in 2005.

Value Conscious But Willing to Pay More For Personal Service and High
Quality

While the luxury consumers surveyed buy luxury in a variety of categories,
they also enjoy shopping wisely and searching for the best value and price.

twentysomethings busters

"Our goal is to help our clients live the way they envision and
help them develop a plan that reflects their personal values and financial
goals.

Since 1895. Members of Gen X, by comparison, are more likely to place a
greater emphasis on active or experiential 'toys ' such as sports cars, (owned
by 28% of Gen X compared with 24% of Boomers) and boats and yachts (21% to
17%.
When American Express launched the Platinum Card in 1984, the company's
reputation for providing outstanding service to frequent travelers and Card
members was already well established .

uber dispelling

is
pleased to introduce the newly developed Wealth Management Group, which is
part of the Private Client Services business.
(Logo: http://www. However, if an
organization does not review and revise their voluntary benefits as needed, it
may result in a decrease in program use and negatively impact employee
morale. (numbering 49 million)
budget their luxury dollars quite differently than the wealthy older Baby
Boomers, whose generation has 78 million people. $1,316; $11,679 on luxury children's goods vs. "Most of the wealthy consumers surveyed come from
middle-class backgrounds and are thus more value-conscious. The average income of the respondents was $235,900. Today the Platinum Card continues to evolve with the changing
luxury marketplace, making it one of the most desired cards in the market.

fiends inspiring

piperjaffray.

Employees Value Voluntary Benefits, but Few Employers Measure Program Success

CHICAGO, While workplace differences
abound between Baby Boom and Generation X employees, there are at least two
similarities, according to Aon Consulting, a leading global human capital
consulting firm. "At the same time, an increasing
number of Baby Boomers have begun caring for their parents, which has prompted
many of these workers to purchase long-term care insurance as a voluntary
benefit for themselves."

Additional Data Points
This survey also revealed the following.)

Dramatic Spending Differences Among Rich vs. For instance, the rich spend
$17,185 on luxury jewelry and watches vs.
-- Nearly 80% of the luxury consumers surveyed agreed with the statement,
"An important part of my enjoyment of a luxury experience is how well
the service personnel treat me and the extra service they provide.

campfire diminished

has served corporations ,
government and non-profit entities, institutional investors and the financial
advisory needs of private individuals since 1895. Long-term care insurance (26 percent) and retiree
medical/Medicare supplemental insurance (19 percent) are the top two voluntary
benefits that employees are requesting , but currently are not offered by many
employers.
-- More companies offer pet insurance (4 percent) than identity theft
"insurance" (3 percent). In this survey, the "rich"
sample earn an average of $390,400 per year with approximately $10 million in
investible assets and represent the top 2% of American households.

The term 'Generation X' appears to have come into common use following the book of the same name by Canadian novelist Douglas Coupland, although it was also the name of Billy Idol's '70s punk-pulp band.

philosophies coined

"As they
make this transition, they are seeking comprehensive wealth management advice. Member SIPC and NYSE.

Gen X spending far exceeds the Baby Boomers in a number of luxury goods
categories including:
-- 60% more than Baby Boomers on fragrance , cosmetics and beauty products
($3,235 vs. $2,017),
-- 47% more on fashion accessories ($6,066 vs. The Boomers are at a different life stage and
thus have accumulated many of the "big purchases" the Gen X are currently
making, or planning to make. Affluent
The survey also looked at the difference in spending patterns and
attitudes between the rich and the affluent."

About The American Express Platinum Luxury Survey
The American Express Platinum Luxury Survey was a quantitative survey
conducted in March 2005 among a random cross-section of 770 wealthy consumers
in the U.

televisions campfire

Piper Jaffray + Co. Announces the Formation of the Wealth Management Group

For more information about Piper
Jaffray, visit us online at http://www.com .
Meanwhile, 27 percent say they plan to add only one voluntary benefit
during that time. Backed by
broad resources , industry knowledge and technical expertise, Aon professionals
help a wide range of clients develop effective risk management and workforce
productivity solutions.S.

However, in a number of luxury experience categories Gen X spending
exceeds the Baby Boomers:
-- 33% more than Boomers for entertainment ($3,629 vs.com .

The term loosely describes the entire post -baby boom generation, particularly those who grew up in the 1980s - a generation for which parental divorce, diminished job expectations, and new technology were common themes.

boomers xers

"We want our clients to have peace of mind when it comes to managing,
preserving and transferring the wealth they have worked so hard to obtain,"
said Garrison. employers.

American Express Platinum Luxury Survey Shows Wealthy Gen X Consumers Are Mighty in Luxury Buying Power Spending More Than Baby Boomer Population

$2,966). $2,838),
-- 11% more for sporting events ($4,176 vs.

"The luxury shopper is value conscious and passionate about getting the
best price.

inspiring headspace

"

Employees Value Voluntary Benefits, but Employers Fail to Measure Success
The Aon Consulting study also found that companies offer voluntary
benefits as a tool to attract and retain employees (29 percent), in response
to employee requests (28 percent) and to help employees with work/life balance
(25 percent). Gen Xers are far more
invested in buying up the material trappings of wealth. $16,924),
-- 32% more on wines and liquors ($3,922 vs. "They are in a
more youthful life stage and are accumulating a lot of big, material goods. However, despite their propensity to watch their wallets, they
are willing to pay more for superior service and greater convenience," said
Peggy Maher, senior vice president and general manager, Consumer Charge Card,
American Express Company. The overwhelming majority of survey respondents said luxury had to
do with quality and service, not a price tag or label.S.

busters diminished

The Wealth Management Group
consists of a team of professionals who will provide highly specialized
services designed to meet affluent investors' more sophisticated wealth
management needs. The nine-member group partners with the firm's financial
advisors to provide a comprehensive approach to helping clients accumulate,
manage, preserve and transfer their wealth. That may mean providing for future generations, making a difference in
the community, or taking on a personal goal or challenge now that they have
the financial security and freedom to do so.
In addition, life insurance (individual whole life, universal life and
variable life) ranks second for both groups (23 percent for Baby Boomers and
24 percent for Generation Xers).

* Voluntary benefits - benefits (other than supplemental group term life
insurance) that are fully paid by employees through payroll deductions., and spend over 20% of their
income on luxury goods and services.
The survey investigated the differing attitudes, expectations and
motivations among the wealthy with a close look at the rich (incomes $200,000
and above) and the affluent (incomes $125,000 to $199,999), as well as the
wealthy Gen Xers, born between 1965 and 1976, and their Baby Boomer
counterparts, born between 1946 and 1964 . $4,116),
-- 37% more on men's and women's clothing ($23,027 vs. $2,898; and $7,703 on luxury wines
and liquors vs.
American Express is a diversified worldwide travel, financial and network
services company founded in 1850.americanexpress.

realities fiends

com ) is a leading provider of risk
management services, insurance and reinsurance brokerage, human capital and
management consulting, and specialty insurance underwriting. The
"affluent" sample earn an average of $152,500 per year with approximately
$1 million in investible assets.
-- 80% of luxury consumers surveyed agree with the statement , "Getting a
discount or finding a really good sale price on a luxury item makes me
feel like a smart shopper.

busters maddening

"It makes sense that disability coverage and life insurance are the two
most popular voluntary benefits overall, since that is consistent with Baby
Boomers and Generation Xers, the two groups that make up the majority of the
workplace," said Sullivan.
Interestingly, the rich spend about as much on luxury products for their
pets as they do on luxuries for the children. $1,851 by the affluent; $6,363 on entertainment vs.
Unity Marketing conducted the survey on behalf of American Express.

grew stereotypes

"Over the coming decades, baby boomers will increasingly shift their focus
from accumulating wealth to preserving and transferring wealth," said Bill
Garrison , director of the Wealth Management Group at Piper Jaffray. Piper Jaffray + Co.
"Obviously, there are generation-neutral issues, which are represented in
the popularity of disability coverage and life insurance," said Garry Sullivan,
senior vice president with Aon Consulting. "However, the fact that long-term care insurance
and retiree medical/Medicare supplemental insurance are the top benefits
employees are asking for suggests that Baby Boomers are providing the greatest
input on the topic . What's more, 80 percent of workers perceive voluntary benefits
to be extremely valuable or valuable .
Aon Consulting is among the top global human resources consulting firms,
with 2004 revenues of $1. $2,632; and
$17,051 on luxury travel vs. The
Second Annual American Express Platinum Luxury Survey is the company's most
recent study.

busters 80sxchange

Potential factors that could impact
results include: general economic conditions in different countries in which
we do business around the world, changes in global equity and fixed income
markets that could affect the return on invested assets, fluctuations in
exchange and interest rates that could influence revenue and expense, rating
agency actions that could affect our ability to borrow funds, funding of our
various pension plans, changes in the competitive environment, our ability to
implement restructuring initiatives and other initiatives intended to yield
cost savings, our ability to implement the stock repurchase program, changes
in commercial property and casualty markets and commercial premium rates that
could impact revenues , changes in revenues and earnings due to the elimination
of contingent commissions, other uncertainties surrounding a new compensation
model, the impact of investigations brought by state attorneys general , state
insurance regulators, federal prosecutors, and federal regulators, the impact
of class actions and individual lawsuits including client class actions,
securities class actions, derivative actions, and ERISA class actions, the
cost of resolution of other contingent liabilities and loss contingencies, and
the difference in ultimate paid claims in our underwriting companies from
actuarial estimates. Study Reveals Compelling Data About Luxury Spending Trends, Attitudes and
Motivations between the Rich and the Affluent as well as Gen X and Baby Boomer
Generations

NEW YORK, American Express Platinum Card(R) today
announced the results of The Second Annual American Express Platinum Luxury
Survey, which found that the wealthy are spending lavishly on luxury goods and
services.

This category is for sites which deal with Generation Xers as people - this may include, but is not limited to, sites about Gen X culture, lifestyles, philosophies and interests.

dispelling twentysomethings

"Employers should measure success of their voluntary benefits programs
every 12 to 24 months to ensure employees are getting the most out of the
plans," said Sullivan.

Results from the Aon Consulting study, titled "What's Hot and What's Not
in Voluntary Benefits ," are based on responses from 83 U.

About Aon
Aon Corporation ( http://www. including:
-- 270 consumers with a household income over $200,000 of any age group
-- 250 Baby Boomers with a household income of $125,000 to $199,999
(average age of 50 years)
-- 250 Gen Xers with a household income of $125,000 to $199,999 (average
age of 34 years)

Those surveyed had to possess an income of at least $125,000 to be
considered and were not required to be American Express Cardmembers to
participate.

busters realities

Baby Boomer and Generation X Workers Agree When it Comes to Voluntary Benefits Says Aon Consulting

$7,815."
-- 58% said their last luxury purchase was bought on sale and 83% said a
sale or discount was very or somewhat important to their purchase
decision.

xers inspiring

This difference is made more significant by the fact
that the average income of wealthy Baby Boomers, $222,900, is similar to Gen
X.

For luxury experiences, including dining, travel, and home services, both
generations spend roughly the same: $17,554 for Gen X compared with $17,651
for Boomers.