Piper Jaffray Investment Banking Activity is Up 88.4 Percent in First Six Months of 1998

Business Wire, July 20, 1998

MINNEAPOLIS--(BUSINESS WIRE)--July 20, 1998--

The firm is setting a record pace in Investment Banking, led by mergers and acquisitions

Piper Jaffray Inc. released its quarterly investment banking activity today, and is setting a record pace for 1998. A select list of the firm's investment banking activity is attached to this release.

Piper Jaffray's total investment banking revenues have risen to $42.6 million at 1998's half-year mark from $22.6 million last year, an 88.4 percent increase over last year at this time. The increase was driven by a 160 percent increase in advisory fees, primarily for mergers and acquisitions. In the six-month period, Piper Jaffray's total fee income for mergers and acquisitions was nearly 20 percent higher than for all of 1997, which itself was a record year for mergers and acquisitions. The increase is complemented by a strong, 34 percent rise in public offering revenues during the first half of 1998.

"We're in a very vibrant investmentbanking market," said Piper Jaffray director of Investment Banking Paul Grangaard. "It's a great time for companies to be acquired or raise capital due to a number of simultaneous factors including the historically high valuation multiples, the favorable capital gains tax rates, a strong economy, attractive interest rates and consolidation taking place in many industries."

According to Grangaard, Piper Jaffray's strength in mergers and acquisitions has been a key strategy in growing the firm's total investment banking business. For the first six months of 1998, M&A transactions totaled $3.5 billion, well ahead of last year. In 1997,

Piper Jaffray completed 41 M&A transactions totaling $2.8 billion.

In the last 18 months, Piper Jaffray has doubled its number of investment bankers to 90 to keep pace with its increasing business and significant market momentum. It has also added investment banking offices in Chicago and Menlo Park, Calif.

Piper Jaffray Inc., founded in 1895, has built a reputation as one of the nation's premier financial services firms by providing investment advice and services to businesses, institutions and individuals. Piper Jaffray Inc.'s investment banking business has grown exponentially in the last several years by focusing on the needs of emerging growth companies in the healthcare, technology, financial, consumer and industrial growth sectors. Piper Jaffray Inc. has a national reputation for its expertise in equity and debt financing. Securities products and services are offered through Piper Jaffray Inc., member SIPC and NYSE, Inc., a subsidiary of U.S. Bancorp. Through U.S. Bank, Piper Jaffray clients can access a full range of commercial and retail banking products. For more information, visit our Web site at piperjaffray.com. Nondeposit investment products are not insures by the FDIC, are not deposits or other obligations of or guaranteed by U.S. Bank National Association or its affiliates, and involve investment risks, including possible loss of the principal amount invested. -0-