Announcing investment changes in the Piper Jaffray Companies Retirement Plan. What is a Wells Fargo Self-Directed Brokerage Account?

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1 Announcing investment changes in the Piper Jaffray Companies Retirement Plan. Piper Jaffray periodically reviews the investment options available in the Piper Jaffray Companies Retirement Plan to ensure that the plan can continue to help you reach your retirement savings needs. After a recent review, Piper Jaffray has decided to enhance the Plan by offering the Wells Fargo Self-Directed Brokerage Account. What is a Wells Fargo Self-Directed Brokerage Account? The Wells Fargo Self-Directed Brokerage Account (SDA), offered through Wells Fargo Advisors, is designed for knowledgeable investors who would like to expand their range of investment options beyond the choices available in the Piper Jaffray Companies Retirement Plan, including stocks, bonds, a wider range of mutual funds, and exchange traded funds. An SDA is a separate brokerage account available in your retirement plan. The minimum initial investment is $1,000. To establish an SDA, just complete the following three steps. 1. Call the Wells Fargo Retirement Service Center at : Let the representative know you would like to open an SDA. You will then be connected with a Wells Fargo Advisors brokerage representative who will open your account. 2. Watch for your welcome packet: Wells Fargo Advisors will send you an SDA welcome packet that will contain additional SDA information, including your brokerage account number, a fee schedule and a Participant Acknowledgement/Agreement. 3. Return the signed Acknowledgement/Agreement: Sign the form and return it to Wells Fargo Advisors in the postage-paid envelope. The signed Acknowledgement/Agreement must be received within 21 business days of opening your account or your account will be restricted from trading. Costs involved in investing in a SDA: There are two types of fees you will pay if you decide to open an SDA. SDA account fee: An SDA account fee will be charged by Wells Fargo Bank to maintain an SDA. The SDA account fee is $120 annually (payable on a quarterly basis). The SDA fee will be charged pro rata to the core funds (not the SDA funds). If there are insufficient funds in the core funds, then the SDA fee will be charged to the SDA funds, starting with the cash sweep and then by the hierarchy listed in the SDA Agreement. The fee is charged to all SDA participants with a balance at the time the quarterly fee process is initiated (regardless of how many days you participate during the quarter). Fees and commissions: Investing in an SDA typically involves fees and commissions for brokerage transactions. For details, please see the enclosed SDA Commissions and Fees Schedule. Or, contact the Retirement Service Center who will connect you with a Wells Fargo Advisors brokerage representative for more information. Transferring money to and from your SDA: After you establish your SDA, you can transfer money between your core retirement account and SDA.* You can transfer up to 100% of the money in your core account into your SDA via the Wells Fargo Retirement Plan Website or by contacting the Retirement Service Center. You can also arrange to have your contributions made directly to your SDA. Certain fees associated with the purchase or sale of a security through the SDA, such as front end sales loads for open-end management investment companies registered under the Investment Company Act of 1940, may vary across investments, and such fees may be charged against your account. The prospectus, and if available, the summary prospectus, which contains these fees and other information, can be obtained by calling an investment professional at Before purchases or selling a security, you should contact Wells Fargo Advisors for information about fees, including any undisclosed fees, associated with the purchase or sale of a particular security through the SDA. * Your core retirement account refers to the designated investment options offered by the plan. The term is used in contrast to your SDA or brokerage account Equity wash and competing funds In your retirement plan, you have the ability to invest in the Wells Fargo Stable Return Fund 1 (a stable value fund) and the cash sweep investment (a money market fund). The cash sweep investment is in the Wells Fargo Self- Directed Brokerage Account (SDA), offered through Wells Fargo Advisors.

2 The cash sweep investment is considered a competing fund to the Wells Fargo Stable Return Fund 1. When interest rates rise, money market fund yields may increase quickly, while stable value fund yields tend to rise more slowly. When interest rates decrease, money market fund yields tend to fall more quickly than stable value fund yields. The Wells Fargo Stable Return Fund 1 has imposed an equity wash restriction to protect the value of the underlying investment portfolio during periods of rapidly changing rates. An equity wash restriction on the Wells Fargo Stable Return Fund 1 means that money invested in the Fund cannot be transferred into a competing fund until at least 90 days after the money was transferred out of the Fund. How does the equity wash provision impact transfers into an SDA? When money is transferred from your core retirement account to your SDA, it is automatically invested in the SDA cash sweep investment. Under the equity wash provision, a transfer from the Wells Fargo Stable Return Fund 1 cannot be made directly to an SDA. First, the money needs to be directed from the Wells Fargo Stable Return Fund 1 to a noncompeting fund in your core retirement account. After 90 days, the money in the non-competing fund can then be transferred to your SDA. How do I transfer balances from the Wells Fargo Stable Return Fund to my SDA? After November 1, if you would like to transfer money from the Wells Fargo Stable Return Fund 1 to your SDA, you will need to follow two steps. 1. Determine how much you would like to transfer from the Wells Fargo Stable Return Fund to your SDA. Redirect this balance to one or more of the non-competing funds in your core retirement account. 2. After 90 days, you may move the balance from the non-competing fund(s) into your SDA. It will be automatically invested in the SDA cash sweep investment until you redirect it into other investments. The equity wash restriction applies only to transfers from the Wells Fargo Stable Return Fund 1 to your SDA. Without restriction, you can continue to: Transfer balances from the Wells Fargo Stable Return Fund 1 to any other investment options in your core retirement account. Transfer balances from other investment options in your core retirement account directly to an SDA. Transfer balances from your SDA back to any of the investment options in your core retirement account, including the Wells Fargo Stable Return Fund 1. Access and make changes to your account two easy ways Wells Fargo Retirement Plan Website: wellsfargo.com/retirementplan To access the website for the first time, click First Time User. You ll need your Social Security number and your date of birth in mm/dd/yyyy format. For example, May 8, 1971, should be entered as 05/08/1971. Retirement Service Center: To access your account by phone, you ll need your Social Security number (SSN) and your personal identification number (PIN), which is initially the last four digits of your SSN. You ll be required to change your PIN the first time you call. The Retirement Service Center offers 24-hour automated account access. Representatives are also available Monday through Friday from 6:00 a.m. to 10:00 p.m. Central Time. 1 The Wells Fargo Stable Return Fund is a bank collective investment fund subject to primary regulation of the Office of the Comptroller of the Currency. The Fund is not a mutual fund and is not subject to the same registration requirements and restrictions as mutual funds. The Fund is NOT FDIC insured, NOT an obligation or a deposit of Wells Fargo Bank, is NOT guaranteed by the Bank and involves investment risk, including possible loss of principal. For more complete information about the Wells Fargo Stable Return Fund obtain a current disclosure statement by visiting wellsfargo.com/advantagefunds and entering the keyword collective or calling the Retirement Service Center at Wells Fargo Advisors, LLC (member SIPC) is a registered broker-dealer and separate non-bank affiliate of Wells Fargo & Company. For more information about these investments including fees and expenses, obtain a current prospectus or similar disclosure document by calling the Retirement Service Center at , visiting wellsfargo.com/retirementplan, or calling your plan administrator. The Wells Fargo Self-Directed Brokerage Account (SDA) is offered through Wells Fargo Advisors, LLC (member SIPC) a registered broker-dealer and separate non-bank affiliate of Wells Fargo & Company Investments in retirement plans NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE Recordkeeping, trustee, and/or custody services are provided by Wells Fargo Institutional Retirement and Trust, a business unit of Wells Fargo Bank, N.A. Wells Fargo Bank, N.A., and its affiliates, employees, agents, and representatives do not act as investment advisors or investment fiduciaries with respect to the selection of participant directed investment options of any plan. The plan sponsor, plan investment committee, or other plan fiduciary must make an independent decision about which funds to include in the plan Wells Fargo Bank, N.A. All rights reserved. 540 G NWS

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5 Self-Directed Brokerage Account (SDA) Commissions and Fees Schedule Effective August 1, 2013 The information below outlines the commissions and fees for brokerage transactions in your SDA. Call an investment professional at Wells Fargo Advisors at with any questions. Stocks and Exchange-Traded Funds (ETFs) Standard Online/Automated $8.95 Telephone Trading Agent-assisted trading $25 + Online trading commission Penny Stocks (stocks priced less than ($1.00/share) Online/Automated Telephone Trading Agent-assisted trading Mutual Funds No-load transaction fee funds Online Trading $35 Agent-assisted trading No-load no-transaction fee (NTF) funds 1 Greater of $34.95 or 3.5% of principal $25 + Online Trading commission $25 + Online Trading commission Certain no-load mutual funds are available without paying a transaction fee to Wells Fargo Advisors. Mutual funds available without transaction fees may change at any time without notice. Therefore, any mutual funds purchaced without a transaction fee may be subject to a transaction fee for subsequent purchases or upon liquidation. Load funds Sales charges apply as described in a fund's prospectus. Other fees and expenses apply to a continued investment in mutual funds and are described in a fund's current prospectus. Wells Fargo Advisors, LLC receives remuneration for providing certain record keeping or shareholder services for some mutual fund families. Fixed Income Auction of Treasury Bills, Notes and bonds All other transactions are subject to markup or markdown. PMA Package Pricing 2 $50 per transaction Online/Automated Telephone Trading of Stocks and Exchange-Traded Funds (ETFs): $6.95 SDA Brokerage Account with a Wells Fargo PMA Package Qualification for discounted pricing in an SDA brokerage account with a Wells Fargo PMA Package. $6.95 per trade applicable to commissions for online and automated trading of stocks (excluding penny stocks) and exchange traded funds (ETFs). If the PMA Package relationship is terminated, the special commission rate for trades will discontinue and revert to the standard commission rate applicable at the time of the change. Criteria are applied in the following fashion: Accounts are reviewed periodically for qualification. Your commission rate may change anytime as a result of these reviews. All commission rates apply from the date of status assignment and are not applied retroactively. Qualification for discounted pricing with a Wells Fargo Package Annual SDA Fee 3 $120 Physical Certificate Issuance/Presentment 5 for Safekeeping PMA SDA Brokerage account with a Wells Fargo PMA Package. PMA Package: This singular term is used to describe Wells Fargo Bank's premium relationship package that consists of a PMA checking account with Wells Fargo Bank, N.A. (a Wells Fargo & Company bank affliate) and other qualifying accounts such as a Wells Fargo Advisors brokerage account. The PMA Package is free of the $30 monthly service fee for each month that one of the requirements in statement-ending combined balances is met: $25,000 or more in qualifying linked bank deposit accounts (checking, savings, time accounts (CDs), FDIC-insured IRAs), or $50,000 or more in any combination of qualifying linked banking, certain brokerage accounts (available through Wells Fargo Advisors, LLC, excluding SDA) and credit balances (including 10% of mortgage balances, certain mortgages not eligible). Deposit products, including PMA Premier Checking account, offered by Wells Fargo Bank, N.A. Member FDIC. Fees These fees are effective March 1, 2013 Outgoing Account Transfer Fee 4 Account Research or Document Retrieval Wire Transfer - Outgoing $25 Foreign Securities Transaction Fee (in addition to applicable commissions or other charges) Rejection of Ineligible Physical Certificates Presented for Deposit Overnight/Express Mail Outside Investments 6 $15 each $95 per account transferred $15 per hour, $5 per document (minimum of one hour) $500 per security (minimum) $75 per trade $75 per certificate $250 per position annual charge Account Minimums Minimum account opening balance is $1,000. Systematic Mutual Fund Purchase or Withdrawal Plan investment minimum is $100 (buy or sell) or fund company minimum if greater. Investment in a systematic purchase or withdrawal plan does not assure a profit and does not protect against loss in a declining market. 1 An order that executes in multiple lots during a single trading day will be charged one commission. An order that executes over multiple trading days may be subject to additional commissions. 2 Transaction fee applies per transaction (buy or sell). 3 The annual fee is charged to your accounts on a pro rata basis quarterly. The fee is first deducted from your core retirement plan account and, if there are insufficient funds, will then be deducted from your SDA. 4 Excludes money movements between your SDA and core retirement accounts. 5 Excludes GNMAs and limited partnerships. 6 Fee applies to any asset for which Wells Fargo Advisors, LLC/First Clearing, LLC does not hold a selling agreement but has met the requirements to be displayed on the client statement. Applies to outside investments displayed on both standard brokerage and IRA statements. Investment and Insurance Products: Not Insured by FDIC or any Federal Government Agency May Lose Value Not a Deposit of or Guaranteed by a Bank or any Bank Affiliate Self-Directed Brokerage Accounts (SDAs) are offered through Wells Fargo Advisors, LLC (Member SIPC), a registered broker-dealer and separate non-bank affiliate of Wells Fargo & Company (Rev 06-08/13) Page 1 of 1