Our Company

Building a leading middle market investment firm

Corporate Snapshot

Founded: 1895
Employees: Approx. 1,200
Locations: 28 offices worldwide
Q1 2008 revenue: $95.7 million
Total stockholders’ equity: $931 million
Stock symbol: PJC

As of quarter-end, Q1 2008. Net revenues provided are from continuing operations.

Founded in 1895, Piper Jaffray is a leading international middle market investment firm. We offer a full suite of products to serve our clients’ business lifecycle needs, geographic reach in an increasingly international market, and deep expertise in our core middle market sectors:

We operate through three principal business areas—investment banking, institutional securities and asset management.

Investment banking

Our investment bankers offer corporate clients advisory and financial services including equity, debt and convertible underwriting; mergers and acquisitions; financial restructuring and private placements. We also offer our corporate clients specialized capability in private investment in public equity (PIPEs) and registered directs (RDs).

Our public finance investment bankers issue taxable and tax-exempt debt for a wide variety of government and non-profit clients. We also assist borrowers and lenders in accessing capital by sourcing loans for clients.

Institutional brokerage

Our institutional equity sales and trading team facilitates public offerings in our core middle market sectors and provides dedicated aftermarket support. In addition to being the No. 1 or No. 2 trader for 100 percent of our IPO clients in 20071, we make a market in 800 NASDAQ stocks and trade in over 1,200 listed securities. We offer traditional, algorithmic and program trading approaches, as well as commission services agreements for those clients who use third-party services.

Our award-winning research analysts2 support our trading clients by providing in-depth industry research on more than 600 primarily mid-cap companies in our focus sectors. In 2007, Piper Jaffray ranked No. 1 in coverage of companies under $2 billion3 in our established middle market sectors.

Our public finance sales and trading professionals provide a variety of taxable and tax-exempt products, including municipal bonds, taxable debt, and interest-rate derivative and hedging products.

Asset management

Fiduciary Asset Management (FAMCO), a Piper Jaffray subsidiary, serves our clients through separately managed accounts and closed-end funds. FAMCO offers an array of investment products including traditional, quantitative and hedged equity as well as master limited partnerships and fixed income strategies

Our alternative investment management capabilities include Piper Jaffray Private Capital, which regularly offers funds of funds in venture capital, leveraged buyout and clean technology (alternative energy, water and advanced material) investments.

Growth strategy

Deepening our expertise in emerging middle market sectors

Our focus on specific middle market sectors has helped us attain a preeminent position in securities underwriting, trading and research coverage in our core sectors. We have also attained leadership in emerging sectors such as the clean technology and renewables industry. In 2007, we were the No. 1 clean technology underwriter4 and completed the best-performing U.S. IPO of the year in this sector.

Expanding our geographic reach in an increasingly global economy

We’ve operated successfully from our European headquarters in London since 1988 and we’ve been doing business with China-based companies since 2003. Piper Jaffray was the No. 2 underwriter of China-based companies listing in the U.S. in 20075. With the 2007 acquisition of Hong Kong-based Goldbond Capital Holdings Ltd., we have further extended our geographic reach in Asia.

Building out our investment management capabilities in key areas a

The 2007 acquisition of FAMCO provided a solid foundation for our asset management business. We are also pursuing targeted proprietary trading and principal investing activities, employing our existing market expertise to generate increased returns on capital and improve overall margins for the firm.

Commitment to the communities where we do business is a cornerstone of Piper Jaffray

Since our inception, we’ve kept our company solidly rooted in our time-tested core values of leadership and partnership. We are committed to contributing 5 percent of our pretax earnings to the community through the Piper Jaffray foundation as well as corporate giving, sponsorships and volunteerism.

1) Source: Dealogic and Autex Blockdata
2) Source: Wall Street Journal “Best on the Street Analyst Survey” 2007
3) Sector classifications via Global Industry Classification Standard (GICS); Source: Big Dough, Bloomberg, and Baseline; data as of 12/31/2007
4) Source: Dealogic and Piper Jaffray Equity Capital Markets
5) Source: Dealogic and Piper Jaffray Equity Capital Markets

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