American Stock Exchange to Trade Options on Piper Jaffray Companies NEW YORK, Jan. 2 /PRNewswire/ -- The American Stock Exchange(R) (Amex(R)) will launch trading in options on Monday, January 5, 2004 on the New York Stock Exchange listed stock of Piper Jaffray Companies (Symbol: PJC). Piper Jaffray Companies options will open with strike prices of 40 - 45 - 50 and position limits of 13,500 contracts. The options will trade on the March expiration cycle with initial expirations in January, February, March and June. The specialist will be Highland Securities Corp. Piper Jaffray is a client-focused securities firm dedicated to delivering superior financial advice, investment products and transaction execution within selected middle-market sectors of the financial services marketplace. The American Stock Exchange(R) (Amex(R)) is the only primary exchange that offers trading across a full range of equities, options and exchange traded funds (ETFs), including structured products and HOLDRS(SM). In addition to its role as a national equities market, the Amex is the pioneer of the ETF, responsible for bringing the first domestic product to market in 1993. Leading the industry in ETF listings, the Amex lists 126 ETFs to date. The Amex is also one of the largest options exchanges in the U.S., trading options on broad-based and sector indexes as well as domestic and foreign stocks. DATASOURCE: The American Stock Exchange CONTACT: Lynn Teresky of the American Stock Exchange, +1-212-306-1654, Web site: http://www.amex.com/

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