McClernon Joins Piper Jaffray Companies As Piper Institute Director

Business Wire, May 13, 1996

MINNEAPOLIS--(BUSINESS WIRE)-- May 13, 1996-- Timothy R. McClernon, Ph.D., age 39, has joined Piper Jaffray Companies Inc. as a managing director and director of the Piper Institute, the Company's corporate university. In this newly created position, McClernon is responsible for aligning all training and development programs to help meet the Company's strategic business goals.

McClernon is a published author and recognized expert on human resource development and performance issues. Prior to joining Piper Jaffray Companies, he was assistant vice president of Performance Consulting for CIGNA Corporation in Hartford, Conn.

"Tim is highly skilled in sales and business strategies and has proven leadership qualities," said Karen Bohn, chief administrative officer for Piper Jaffray Companies. "We are fortunate to have him as a member of our organization and we are confident his broad training and consulting experience will strengthen the solid foundation we have already developed for the Institute."

A native Minnesotan, McClernon received his doctorate and master's degrees in human resources development from the University of Minnesota. He earned an undergraduate degree in English from the University of St. Thomas, St. Paul, Minn.

McClernon is an active member on the National Research Board of the American Society for Training and Development and the Board of Minnesota Development Network. He is also chairman of the Global 100, the research application arm of the Academy for Human Resource Development.

Piper Jaffray Companies Inc. was founded in 1895 and has built a growing reputation as one of the nation's premier full-service investment companies. Piper Jaffray Companies Inc. is the parent company of Piper Jaffray Inc. - an investment firm with 78 retail sales offices in 17 Midwest, Mountain, Southwest and Pacific Coast states. Piper Jaffray also has capital markets offices in 15 cities. Other subsidiaries include Piper Capital Management Incorporated - a money management company with approximately $9 billion under management; and Piper Trust Company - a provider of trust services to individuals and institutions. Piper Jaffray Inc. is a member of the New York Stock Exchange and other major stock exchanges. For more information about Piper Jaffray Companies, visit our home page on the Internet at http://www.piperjaffray.com/.>CONTACT: Marta von Loewenfeldt

Manager, Corporate Communications

612/342-6584

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