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MINNEAPOLIS, Jan. 21 /PRNewswire-FirstCall/ -- Piper Jaffray Companies (NYSE: PJC) announced today that it will release its 2003 full-year and fourth quarter financial results on Wednesday, Jan. 28, 2004. The company will also hold a conference call to review the financial results at 1 p.m. Eastern Time (12 noon Central Time; time subject to change). Andrew S. Duff, Chairman and CEO, and Sandra G. Sponem, Chief Financial Officer, will host the call.

The spin-off of Piper Jaffray Companies from U.S. Bancorp was effective as of Dec. 31, 2003. On Jan. 20, 2004, U.S. Bancorp released its full year and fourth quarter financial results, which included information concerning Piper Jaffray as discontinued operations of U.S. Bancorp. As a stand-alone reporting entity, Piper Jaffray Companies will announce financial results that will differ from the information previously reported by U.S. Bancorp. To view a copy of the earnings release on or after Jan. 28, please visit .

To access the call, please dial (800) 374-0255, or (706) 643-7489 international, and refer to conference ID 5104889 and the leader's name, Jennifer Olson-Goude. Callers should dial in at least 15 minutes early to receive instructions. A replay of the conference call will be available through midnight Wednesday, Feb. 4, 2004 by calling (800) 642-1687 or (706) 645-9291 international.

Headquartered in Minneapolis, Piper Jaffray Companies is a focused securities firm dedicated to delivering superior financial advice, investment products and transaction execution within selected sectors of the financial services marketplace. The company operates through two primary revenue- generating segments -- Capital Markets and Private Client Services. Investment Research, an independent group reporting to the CEO, supports clients of both segments. The firm serves corporations, government and non-profit entities, and institutional investors on a national basis and serves the financial advisory needs of private individuals predominantly across the western half of the United States. The firm has over 2,900 employees in 123 offices in 23 states across the country and in London, England. For more information about Piper Jaffray, visit us online at .

SOURCE Piper Jaffray Companies CONTACT: Jennifer A. Olson-Goude, Investor Relations, +1-612-303-6277, or Dana H. Wade, Public Affairs and Media Relations, +1-415-277-1557, both of Piper Jaffray Companies