PIPER SANDLER COMPANIES

Ticker: PIPR CUSIP: 724078100 Class: EQTY

PZENA INVESTMENT MANAGEMENT LLC's Holding History (CIK: 0001027796)

Note: Option positions (PUT/CALL) are excluded.

Q4 2014

Shares 4,688 Value ($000) $272 Avg Close $54.91 Range $44.73 - $59.94

Q3 2014

Shares 270,654 Value ($000) $14,139 Avg Close $53.33 Range $49.24 - $56.91

Q2 2014

Shares 805,479 Value ($000) $41,700 Avg Close $45.02 Range $39.40 - $52.00

Q1 2014

Shares 939,963 Value ($000) $43,050 Avg Close $40.68 Range $36.86 - $45.94

Q4 2013

Shares 752,901 Value ($000) $29,777 Avg Close $36.47 Range $31.76 - $39.75

Q3 2013

Shares 434,400 Value ($000) $14,896 Avg Close $33.69 Range $29.48 - $36.31

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2014	4,688	$272	$54.91	$44.73 - $59.94
Q3 2014	270,654	$14,139	$53.33	$49.24 - $56.91
Q2 2014	805,479	$41,700	$45.02	$39.40 - $52.00
Q1 2014	939,963	$43,050	$40.68	$36.86 - $45.94
Q4 2013	752,901	$29,777	$36.47	$31.76 - $39.75
Q3 2013	434,400	$14,896	$33.69	$29.48 - $36.31