In Seattle. Our future plans call of both geographic expansion and further development of our range of services.

The addition of corporate finance professionals in Seattle and expansion of our staff in Minneapolis are included in these plans. We also anticipate 17 professionals in the Corporate Finance Department  14 in Minneapolis and significant expansion of our tax incentive origination and processing capability in Minneapolis.

Primarily to develop proprietary products for our retail sales force.

The personality of PJH is rather effectively portrayed in its advertising logo: “Piper. Jaffray &  Hop Wood and (individual’s name is Inserted) Throughout the Company, the emphasis is on hiring good people and giving them as much freedom and responsibility as is possible, consistent with general corporate objectives, to determine their own focus and goals.

The good people rise to the top on their own initiative and they remain with Piper Jaifray. In many instances because no other organization can offer them as much latitude to exercise their initiative.

This unstructured atmosphere and emphasis on the individual, coupled with our employee ownership structure, has made it possible for entrepreneurial people to satisfy many of their goals within the corporate structure.

For example, the Corporate Finance Department has built a partnership mechanism whereby its people, along with other members of management, can build capital by participating in some of the investment opportunities developed in the Department.

V. New associates and related policies. New associates are hired primarily into the Corporate Finance Department.

Due to the Department’s relatively small size, it is not possible to offer a formal training program. New associates are immediately assigned to projects and given as much responsibility as their experience and capabilities permit.

All client relationships engagements are supervised by a senior officer in the Department.

In the past, new associates have been hired as generalists and given substantial latitude to develop client relationships and functional specialties which are compatible with their particular interests and capabilities.

As the size of the Department increases, this approach will become more difficult to pursue.

Nevertheless there will continue to be a strong emphasis on allowing individuals to take the initiative in developing attractive new business opportunities. VI. Characteristics of successful individuals.

The most successful people in Corporate Finance have come to Piper Jaffray with some significant financially-related working experience.

This experience has enabled them to contribute effectively to the Department at an early stage in their development. Members of the group also must have the confidence, maturity and personal attributes necessary to successfully develop client relationships.

In most instances, the current professionals in the Department are people who have spent time in financial centers such as New York, or would have done so, but preferred the working environment and growth opportunities which a smaller organization can offer and the life style available in the Twin Cities area.

Piper Jaifray has on occasion hired people for summer projects and may do so again, but there is not an organized, ongoing summer program. Inmost instances, a summer associate would be expected to have some prior financial experience and the ability to complete projects without a great deal of supervision.