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Piper Jaffray Companies Expands Municipal Business with Acquisition of Seattle-Northwest Securities Corporation

  Piper Jaffray Companies Expands Municipal Business with Acquisition of
  Seattle-Northwest Securities Corporation

Business Wire

MINNEAPOLIS -- April 17, 2013

Piper Jaffray (NYSE: PJC), a leading investment bank and asset management
firm, today announced that it has entered a definitive agreement to purchase
Seattle-Northwest Securities Corporation (“Seattle-Northwest”) in a
transaction valued at approximately $21 million. Upon closing, the tangible
book value of Seattle-Northwest is estimated to be $13 million.

Founded in 1970, Seattle-Northwest is a leading public finance firm in the
Northwest region. The firm is an established leader in underwriting municipal
securities, and its sales and trading division distributes bonds nationwide.
Piper Jaffray and Seattle-Northwest have minimal geographic and business
overlap, and the combination further strengthens Piper Jaffray’s public
finance leadership in serving the middle market.

“This is a great combination for both firms,” said Andrew Duff, chairman and
CEO of Piper Jaffray. “We have known and respected Seattle-Northwest for many
years. A key part of our firm’s strategy is investing in our public finance
business, and this represents a significant step forward in developing a
national franchise for our business.”

“Joining forces with Piper Jaffray will allow us to build on
Seattle-Northwest's strength and reputation in the Pacific Northwest,” said
Karl Leaverton, CEOand president of Seattle-Northwest."We believe there is a
strong cultural fit between our firms, and our employees and clients will
benefit from Piper Jaffray’sspecialized products, deep inventoryand strong
capital base.”

The agreement is subject to approval by Seattle-Northwest's shareholders, and
regulatory approvals and customary closing conditions and expected to close in
the second half of 2013.

About Piper Jaffray
Piper Jaffray is a leading investment bank and asset management firm serving
clients in the U.S. and internationally. Our proven advisory teams combine
deep industry, product and sector expertise with ready access to capital.
Founded in 1895, the firm is headquartered in Minneapolis and has offices
across the United States and in London and Zurich. www.piperjaffray.com

Cautionary Note Regarding Forward-Looking Information

This announcement contains forward-looking statements. Statements that are not
historical or current facts, including statements about beliefs and
expectations, are forward-looking statements. These forward-looking statements
cover, among other things, the future prospects of the Company and
management’s expectations regarding revenues, return on equity, and cost
synergies. Forward-looking statements involve inherent risks and
uncertainties, and important factors could cause actual results to differ
materially from those anticipated, including the following: (1) the
transaction announced in this release may not be completed, or completed
within the expected timeframe; (2) the costs or difficulties relating to the
combination of the businesses may be greater than expected and may adversely
affect our results of operations and financial condition; (3) the expected
benefits of the transaction, including revenue growth for our public finance
business, may take longer than anticipated to achieve and may not be achieved
in their entirety or at all and will in part depend on the ability of the
Company to retain and hire key personnel and maintain relationships with
clients pending the consummation of the transaction; (4) developments in
market and economic conditions have in the past adversely affected, and may in
the future adversely affect, the business and profitability of the Company;
and (5) other factors identified under “Risk Factors” in Part I, Item 1A of
our Annual Report on Form 10-K for the year ended December 31, 2012, and
updated in our subsequent reports filed with the SEC. These reports are
available at www.piperjaffray.com or www.sec.gov. Forward-looking statements
speak only as of the date they are made, and we undertake no obligation to
update them in light of new information or future events.

© 2013 Piper Jaffray Companies, 800 Nicollet Mall, Suite 800, Minneapolis,
Minnesota 55402-7020

Contact:

Piper Jaffray Companies
Pamela Steensland, 612-303-8184
pamela.k.steensland@pjc.com