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CEO Message - 2009 First Quarter and Year-End Financial Results.

CEO Message

2009 First Quarter Financial Results

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In the first quarter, the capital markets continued to experience many of the same challenges they faced last year: capital raising remains tight, and banking activity, slow. Despite these challenges, we achieved a pre-tax operating profit of $3.5 million on revenues that were 12 percent lower than the first quarter of 2008, but a net loss from continuing operations of $2.7 million or $0.17 per diluted share, for the quarter ended March 31, 2009.

About Piper Jaffray

Piper Jaffray Ltd., an affiliate company of U.S.-based Piper Jaffray & Co. located in the United Kingdom, is a leading middle market investment bank and institutional securities firm.

We serve the needs of European middle market corporations, private equity groups and institutional investors.

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