Lockridge Grindal Nauen P.L.L.P. and Head Seifert & Vander Weide Release Summary Notice of Class Action and Fairness Hearing Regarding KPMG Pete Marwick.

Business Editors/Legal Writers

MINNEAPOLIS--(BUSINESS WIRE)--April 4, 2000

The following was released today by Lockridge Grindal Nauen P.L.L.P. and Head Seifert & Vander Weide:

SUMMARY NOTICE OF CLASS ACTION, CONDITIONAL

CLASS CERTIFICATION,

SETTLEMENT AND FAIRNESS HEARING

TO: ALL PURCHASERS OF SHARES IN THE PIPER JAFFRAY INSTITUTIONAL

GOVERNMENT PORTFOLIO ("PJIGX") DURING THE PERIOD JULY 1, 1991

THROUGH MAY 9, 1994:

This Notice is given pursuant to Rule 23 of the Federal Rules of Civil Procedure and the March 15, 2000 Order of the United States District Court for the District of Minnesota, Fourth Division. The purpose of this Notice is to inform you that the action brought in the Court as a class action on behalf of the purchasers of PJIGX during the period July 1, 1991 through May 9, 1994, inclusive, has concluded in a proposed settlement of $13,900,000, before any award of attorneys fees and costs. The action alleged violations of the federal securities laws. You may have already participated in a settlement with the Piper Jaffray Defendants. This is a separate settlement of claims against KPMG Peat Marwick. If you purchased PJIGX during the period July 1, 1991 through May 9, 1994, inclusive, you may be eligible to share in the settlement, and your rights will be affected by the proposed settlement.

On March 29, 2000, a Notice, including a Proof of Claim and Release, was mailed to potential class members. That Notice contains important information regarding the rights of class members and a form that must be completed to share in the settlement. If you believe you are a member of the class as defined above, and if you have not received a copy of the Notice by mail, you may request a copy free of charge by mailing your request to: Claims Administrator, KPMG Litigation, P.O. Box 2370, Minneapolis, MN 55402-0370.

PROOF OF CLAIM AND RELEASE FORMS MUST BE FILED BY CLASS MEMBERS BY JUNE 2, 2000.

Lead counsel for the Plaintiff Class in this matter are Lockridge Grindal Nauen P.L.L.P., 100 Washington Avenue South, Suite 2200, Minneapolis, MN 55401 and Head Seifert & Vander Weide, One Financial Plaza, Suite 2400, 120 South Sixth Street, Minneapolis, MN 55402.

A HEARING ON THE FAIRNESS OF THE SETTLEMENT AND CLASS COUNSELS' REQUEST FOR THE ATTORNEYS FEE AND EXPENSES WILL BE HELD ON JUNE 16, 2000 AT THE UNITED STATES COURTHOUSE IN ST. PAUL, MN.

For more information, please contact the Claims Administrator, in writing, at the address listed above.

DO NOT TELEPHONE THE CLERK OF COURT REGARDING THIS NOTICE

Dated: April 4, 2000 BY THE ORDER OF THE COURT

UNITED STATES DISTRICT COURT 

DISTRICT OF MINNESOTA