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Piper Jaffray Publishes 2005 Human Resources Outlook Survey MINNEAPOLIS, April 12 /PRNewswire-FirstCall/ -- Piper Jaffray & Co. Senior Analyst Brett Manderfeld and a team of analysts recently released the findings of a proprietary survey of human resource professionals. The national survey, which was conducted by Harris Interactive(R) (HPOL, Market Perform, $4.70) included more than 320 human resource professionals designed to provide institutional investors deeper insight into key trends and spending plans across the U.S.-based human resources community. The survey took a close look at the human resources market and covered topics ranging from hiring plans for this year by functional area and recruitment channel to overall trends and budgeting plans for human resource technologies, outsourcing and offshoring initiatives and company-provided education. Findings of the survey suggest 2005 to be a solid year for headcount growth with overall hiring of full-time employees forecast up five percent more than 2004. Roughly four times the number of respondents indicated plans to increase headcount in 2005, versus those planning declines (44 percent, versus 11 percent) while 45 percent expected to maintain current levels, versus last year. "In online recruitment, we expect Monster (MNST, Outperform, $28.08) to maintain its dominant market share position relative to CareerBuilder in 2005, while the rate of online recruitment spending will dramatically outpace that of newspapers, recruiters and job fairs this year," said Manderfeld. "Based on our interpretation of the data, we expect spending growth in the online employment market to increase 12 percent in 2005 with Monster's market share advantage expected consistent with 2004 spending levels at roughly two times CareerBuilder and five times HotJobs." The survey also suggest that the overall market for pre-employment background screening is also expected to grow 12 percent in 2005 and ChoicePoint (CPS, Outperform, $38.98) is by far the most recognized and used vendor of any company in this very fragmented space. Additionally, although respondent familiarity with particular temporary staffing firms is generally low, most likely because of the fragmented nature of this market. Among the four firms mentioned in the survey, Adecco, Kelly Services, ManPower and Robert Half, (RHI, Outperform, $25.44), respondents who were familiar with the firms rated Robert Half highest in terms of job candidate quality. The 2005 Human Resources Outlook Survey also includes information in enterprise software, technology BPO, infrastructure software and learning services. The survey points out that Oracle's (ORCL, Outperform, $12.40) acquisition of PeopleSoft has had little effect on the likelihood of purchasing PeopleSoft applications, with 93 percent of total respondents saying their likelihood of doing so remains unchanged. In fact, 97 percent of PeopleSoft customers surveyed expect spending on PeopleSoft applications to either remain the same or increase in 2005, with nine percent of PeopleSoft customers seeing an increase in spending on PeopleSoft applications even though they will be buying them from Oracle. The survey points to expected growth in new outsourcing initiatives focused around companies of all sizes. Additionally, the survey suggests that network management will see the highest percent headcount growth within the IT group in 2005. Lastly in learning services, about 80 percent of the companies surveyed are maintaining 2004 tuition reimbursement allotments in 2005 and 12 percent have increased these allotments. Survey Methodology Harris Interactive conducted the online survey on behalf of Piper Jaffray & Co. between February 21 and 28, 2005 among 324 U.S. adults aged 18 and over who are employed as human resource professionals and are at least aware of their company's hiring decision process. Data were weighted where necessary using targets for companies with 99 or fewer employees up to companies with 10,000 and more employees provided by Dun & Bradstreet to align them with their proportions in the population. Though online surveys are not probability surveys, in theory, with samples of this size, Harris Interactive estimates with 95 percent certainty, that the results for the overall sample have a sampling error of plus or minus six percentage points. Sampling error for subsamples is higher and varies. About Piper Jaffray Piper Jaffray & Co. 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. The company operates through two primary revenue-generating segments: Capital Markets and Private Client Services. Piper Jaffray & Co. has served corporations, government and non-profit entities, institutional investors and the financial advisory needs of private individuals since 1895. Headquartered in Minneapolis, Piper Jaffray has approximately 3,000 employees in 104 offices in 23 states across the country and in London. For more information about Piper Jaffray, visit us online at http://www.piperjaffray.com/ . Since 1895. Member SIPC and NYSE. About Harris Interactive(R) Harris Interactive Inc. ( http://www.harrisinteractive.com/ ), the 15th largest and fastest-growing market research firm in the world, is a Rochester, N.Y.-based global research company that blends premier strategic consulting with innovative and efficient methods of investigation, analysis and application. Known for The Harris Poll(R) and for pioneering Internet-based research methods, Harris Interactive conducts proprietary and public research to help its clients achieve clear, material and enduring results. Harris Interactive combines its intellectual capital, databases and technology to advance market leadership through U.S. offices and wholly owned subsidiaries: London-based HI Europe ( http://www.hieurope.com/ ), Paris-based Novatris ( http://www.novatris.com/ ), Tokyo-based Harris Interactive Japan, through newly acquired WirthlinWorldwide, a Reston, Virginia-based research and consultancy firm ranked 25th largest in the world, and through an independent global network of affiliate market research companies. EOE M/F/D/V Research Disclosures Piper Jaffray was making a market in the securities of Harris Interactive Inc. at the time this research report was published. Piper Jaffray will buy and sell Harris Interactive Inc. securities on a principal basis. Piper Jaffray has received compensation for non-investment banking securities- related services from Harris Interactive Inc. within the past 12 months. Piper Jaffray was making a market in the securities of Monster Worldwide, Inc. at the time this research report was published. Piper Jaffray will buy and sell Monster Worldwide, Inc. securities on a principal basis. Piper Jaffray was making a market in the securities of ChoicePoint Inc. at the time this research report was published. Piper Jaffray will buy and sell ChoicePoint Inc. securities on a principal basis. Piper Jaffray was making a market in the securities of Oracle Corporation at the time this research report was published. Piper Jaffray will buy and sell Oracle Corporation securities on a principal basis. Piper Jaffray has received compensation for non-investment banking securities-related services from Oracle Corporation within the past 12 months. Piper Jaffray was making a market in the securities of Robert Half International Inc. at the time this research report was published. Piper Jaffray will buy and sell Robert Half International Inc. securities on a principal basis. Piper Jaffray research analysts receive compensation that is based, in part, on the firm's overall revenues, which include investment banking revenues. Disclaimers This material regarding the subject company is based on data obtained from sources we deem to be reliable; it is not guaranteed as to accuracy and does not purport to be complete. This information is not intended to be used as the primary basis of investment decisions. Because of individual client requirements, it should not be construed as advice designed to meet the particular investment needs of any investor. It is not a representation by us or an offer or the solicitation of an offer to sell or buy any security. Further, a security described in this release may not be eligible for solicitation in the states in which the client resides. Notice to customers in the United Kingdom: Circulation of this report in the United Kingdom is restricted to investment professionals and high net worth individuals falling within Articles 19 and 49 of the Financial Services and Markets Act (Financial Promotion) Order 2001 as amended. No one else in the United Kingdom should read, rely on or act upon the information in the report. The investments and services to which the report relates will not be made available to others in the United Kingdom. Securities products and services offered through Piper Jaffray & Co., member SIPC and NYSE, Inc., a subsidiary of Piper Jaffray Companies. Additional information is available upon request. No part of this report may be reproduced, copied, redistributed or posted without the prior consent of Piper Jaffray & Co. Copyright 2005 Piper Jaffray & Co., 800 Nicollet Mall, Suite 800, Minneapolis, Minnesota 55402-7020 DATASOURCE: Piper Jaffray & Co. CONTACT: Susan Beatty, Media Relations, Piper Jaffray & Co., +1-612-303-5680 Web site: http://www.piperjaffray.com/ http://www.harrisinteractive.com/

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