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MINNEAPOLIS, Nov 8, 2004 /PRNewswire-FirstCall via COMTEX/ -- Piper Jaffray Companies (NYSE: PJC) announced that its voluntary odd lot sale/purchase program will be extended through Dec. 10, 2004. The program gives shareholders with fewer than 50 shares an easy and economical way to sell all of their holdings or purchase additional shares to reach 50. The company originally announced the program in a letter dated Oct. 4, 2004 to shareholders with fewer than 50 shares.

Shareholders who choose to participate in this voluntary odd lot program will receive or pay a price per share for the sale or purchase of their shares equal to a weekly weighted average price, as described in the program materials. Participants will pay a processing fee of $3 per share, up to a maximum of $35. For information on the program, interested Piper Jaffray shareholders may visit http://www.oddlotprogram.com/piper , call 1-888-288-4137, or contact their financial advisor.

Shares held in any employee benefit plan sponsored by Piper Jaffray Companies or U.S. Bancorp are excluded from this program.

About Piper Jaffray Companies

Piper Jaffray Companies (NYSE: PJC) is 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. Investment Research, an independent group reporting to the CEO, supports clients of both segments. Through its chief operating subsidiary, Piper Jaffray & Co., the firm 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 111 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.

SOURCE Piper Jaffray Companies

Jennifer A. Olson-Goude, Investor Relations, +1-612-303-6277,
or Dana H. Wade, Public Affairs and Media Relations, +1-415-277-1556,
both of Piper Jaffray Companies

http://www.piperjaffray.com