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Piper Jaffray Companies Announces Share Repurchase Authorization

Piper Jaffray Companies (NYSE: PJC) today announced that its board of directors has authorized the repurchase of up to $100 million of the company’s outstanding common stock, effective Oct. 1, 2012. The principal purpose of the share repurchase program is to manage the firm’s equity capital relative to its overall capital structure and to offset the dilutive effect of employee equity-based awards. Under the firm’s three-year syndicated bank facility, share repurchases cannot exceed the amount of employee equity grants issued in a calendar year. The firm has substantially reached the covenant limit for 2012 under the bank facility, which expires in Dec. of 2013.

The share repurchase authorization expires Sept. 30, 2014. As of Aug. 10, 2012, Piper Jaffray Companies had 17.8 million common shares outstanding.

About Piper Jaffray

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

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements. Statements that are not historical or current facts, including statements about beliefs and expectations, are forward-looking statements and are subject to significant risks and uncertainties that are difficult to predict. These forward-looking statements cover, among other things, statements made about our share repurchase plans, our liquidity and capital resources or other similar matters. These statements involve inherent risks and uncertainties, both known and unknown, and important factors could cause actual results to differ materially from those anticipated or discussed in the forward-looking statements, including (1) our ability to effect the repurchase program depends in part upon our results of operations and profitability and may be impacted by negative operating conditions, (2) an inability to access capital readily or on terms favorable to us could impair our ability to effect the repurchase program, and (3) the other factors described under "Risk Factors" in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2011 and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2011, and updated in our subsequent reports filed with the SEC (available at our Web site at www.piperjaffray.com and at the SEC Web site at www.sec.gov). Forward-looking statements speak only as of the date they are made, and readers are cautioned not to place undue reliance on them. We undertake no obligation to update them in light of new information or future events.

© 2012 Piper Jaffray Companies, 800 Nicollet Mall, Suite 800, Minneapolis, Minnesota 55402-7020

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