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SAN FRANCISCO, Jun 7, 2004 /PRNewswire-FirstCall via COMTEX/ -- Piper Jaffray & Co. is pleased to announce that Jeff Hoffman has been named head of its Health Care Investment Banking group, in which he will share joint responsibilities with Bob DeSutter, head of Health Care Mergers and Acquisitions, in guiding the direction of the firm's well-established health care franchise. He replaces Jon Salveson, who was recently named head of Investment Banking for Piper Jaffray.

Hoffman, who is based in the firm's San Francisco office, is a six-year veteran of Piper Jaffray, having joined the firm in 1998 after previous experience at Montgomery Securities in San Francisco and Goldman Sachs in New York City. In his time at Piper Jaffray, Hoffman has played an integral role in helping drive the firm's health care practice into one of largest on the Street. In the last five years, the firm's Health Care Investment Banking group has participated in 100 initial and secondary public offerings and has raised over $12 billion in capital for clients. During the same period, the group was the advisor on 70 health care mergers and acquisitions valued at over $13 billion.

"We are pleased to promote Jeff to his new position," said Salveson. "He is a proven and respected leader within the (Health Care Investment Banking) group and I am certain that he, along with Bob DeSutter, will continue to grow our leading health care practice."

"While Jon is a tough act to follow, I am excited to work with Bob to continue to build upon Piper Jaffray's strong tradition as a foremost provider of investment banking advice to health care companies," said Hoffman.

Headquartered in Minneapolis, Piper Jaffray & Co., a subsidiary of Piper Jaffray Companies (NYSE: PJC), 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 approximately 3,000 employees in 111 offices in 23 states across the country and in London, England. For more information about Piper Jaffray, visit us online at .

    Since 1895. Member SIPC and NYSE.

SOURCE Piper Jaffray & Co.

Dana H. Wade, Public Affairs and Media Relations of Piper
Jaffray & Co., +1-415-277-1556