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MILWAUKEE –January 12, 2004 –Paul Westphal, Milwaukee retail branch manager at Piper Jaffray & Co., has been named the chair of the Mid-West Regional Community Involvement Council (RCIC). In addition, he has been named to the firm's Corporate Community Involvement Council (CCIC). The CCIC, a group of Piper Jaffray employees from across the firm's business lines and geographic markets within the organization, will provide direction for grantmaking, sponsorship and volunteer efforts. Westphal was chosen as the chair of the RCIC because of his commitment to community involvement and leadership within the firm. The RCIC will make decisions regarding grantmaking in the firm's local, Mid-West communities.

“We are pleased to have Paul as the chair of our Mid-West Regional Community Involvement Council,” said Andrew Duff, chairman and chief executive officer at Piper Jaffray. “Paul's commitment to the Milwaukee area community makes him the perfect candidate to represent our firm in this important effort to build stronger communities by focusing our talents and resources in community redevelopment, arts and culture and education.”

Westphal has been active with the Milwaukee Community Service Corp. and the Lutheran Social Services Kinship program. Both programs involve mentoring the youth of Milwaukee. He has been in the financial services industry since 1988 and joined Piper Jaffray in 1998. Prior to joining the firm, he was a vice president-investments at Smith-Barney's Milwaukee branch. Westphal has a bachelor's degree in finance from the University of Wisconsin, Milwaukee. He and his wife Lisa Moy-Westphal reside on the Eastside of Milwaukee.

Headquartered in Minneapolis, Piper Jaffray is a client-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. Investment Research, an independent group reporting to the CEO, supports clients of both segments. The firm serves corporations, government and non-profit entities, and institutional investors on a national basis and serves the financial advisory needs of private individuals predominantly across the western half of the United States. The firm has over 2900 employees in 123 offices in 23 states across the country and in London, England. For more information about Piper Jaffray, visit us online at www.piperjaffray.com.

C O N T A C T
Susan Beatty Public Affairs and Media Relations Piper Jaffray Tel: 612 303-5680

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