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PIPER JAFFRAY INCORPORATED COMMENCES SECONDARY OFFERING

 PIPER JAFFRAY INCORPORATED COMMENCES SECONDARY OFFERING
 MINNEAPOLIS, Feb. 28 /PRNewswire/ -- Piper Jaffray Incorporated


announced today that it has commenced a secondary offering of 2.175 million shares of Piper Jaffray common stock offered by two selling shareholders at $26.00 per share. Of the shares being offered, 1,852,902 shares are being sold by Hartford Life and Accident Insurance Company, a wholly owned subsidiary of ITT Corporation, and 322,098 shares are being sold by the Harry C. Piper Estate Trust.
 The offering is being made through an underwriting group managed by Piper, Jaffray & Hopwood Incorporated and Morgan Stanley & Co. Incorporated. The company's shares will be traded on the New York Stock Exchange under the symbol PJC.
 All proceeds from the sale of the shares will go to Hartford Life and Accident Insurance Company and the Harry C. Piper Estate Trust.
 Piper Jaffray Incorporated is the parent company of Piper, Jaffray & Hopwood Incorporated, a full-service investment firm with 64 retail sales offices in 16 Midwest, Mountain and Pacific Northwest states. The firm has capital markets offices in Minneapolis, New York, Seattle, Portland, Los Angeles, Kansas City, Des Moines, Denver and London. Other subsidiaries include Piper Capital Management, an asset management company with more than $7 billion under management, and Piper Trust, which provides trust services to individuals and institutions. Founded in 1895, Piper, Jaffray & Hopwood Incorporated is a member of the New York Stock Exchange and other major stock, futures and options exchanges.
 This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful under the securities laws of any such state.
 A written prospectus with respect to the offering meeting the requirements of Section 10 of the Securities Act of 1933, as amended, may be obtained from: Piper, Jaffray & Hopwood Incorporated, 222 South Ninth Street, Minneapolis, Minn. 55402, 612-342-6000, or from Morgan Stanley & Co., Merchant Banking Department, 1251 Avenue of the Americas, New York, N.Y. 10020, 212-703-4000.
 -0- 2/28/92
 /CONTACT: Marie Uhrich of Piper Jaffray, 612-342-6583/
 ( CO: Piper Jaffray Incorporated ST: Minnesota IN: FIN SU: OFR


AL -- MN004 -- 3617 02/28/92 09:40 EST
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Feb 28, 1992
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