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Team of senior level bankers bring industry-leading expertise to Piper Jaffray

LOS ANGELES – June 11, 2008 – Piper Jaffray significantly strengthened its municipal finance banking business with the addition of a team of former UBS bankers in California. This team was responsible for UBS's industry-leading K-14 and land secured business in California in addition to financing general infrastructure throughout the Western United States. They were the No. 1 underwriter in education financings in California over the past five years* and will significantly add to the Piper Jaffray state and local government financing business in the state.

Under the leadership of managing directors Mark Adler and Timothy Carty in Los Angeles, along with Mark Curran, Piper Jaffray managing director of public finance investment banking in San Francisco, the team will work out of the firm's offices in Los Angeles and San Francisco as well as looking to open an additional office in Orange County.

“This team of experienced bankers meaningfully strengthens our public finance platform as we continue to build our municipal business, and their addition solidifies Piper Jaffray as the leader in California education and land secured financings,” said Frank Fairman, head of public finance services at Piper Jaffray.

Adler joins Piper Jaffray from UBS where he was managing director of the firm's Western region municipal finance operation. Carty also joins Piper Jaffray from UBS, where he led the firm's California market-leading education practice.

“Piper Jaffray has a strong municipal platform, great people and a focus on growth,” said Adler. “Our team made the move to Piper Jaffray because of its market leadership, access to executive management and the opportunity to play a significant role in the firm's success.”

The team joining Piper Jaffray also includes managing directors Jim Roth and Jeff Baratta, who will operate out of the firm's San Francisco office and bring market leadership in the K-14 arena to the firm. In addition, the full team includes following bankers from UBS' West Coast banking group: Rich Calabro, Eric Choudhury, Jin Kim, Katie Koster and Ivory Li.

“The UBS bankers are a great addition to the Piper Jaffray California team. Over the last decade they have consistently been a top-tier public finance group in California. This new public finance team will both complement our existing efforts and markedly expand our platform throughout the state,” Curran said.

* Source: Thomson Financial

About Piper Jaffray

Piper Jaffray Companies is a leading, international middle-market investment bank and institutional securities firm, serving the needs of middle-market corporations, private equity groups, public entities, nonprofit clients and institutional investors. Founded in 1895, Piper Jaffray provides a comprehensive set of products and services, including equity and debt capital markets products; public finance services; mergers and acquisitions advisory services; high-yield and structured products; institutional equity and fixed-income sales and trading; and equity and high-yield research. With headquarters in Minneapolis, Piper Jaffray (NYSE: PJC) (www.piperjaffray.com) has 25 offices across the United States and international locations in London, Hong Kong, and Shanghai. Piper Jaffray & Co. is the firm's principal operating subsidiary.

© 2008 Piper Jaffray & Co., Since 1895. Member SIPC and NYSE. 800 Nicollet Mall, Suite 800, Minneapolis, Minnesota 55402-7020

SOURCE: Piper Jaffray Companies

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Rob Litt, 612-303-8266