PIPER SANDLER COMPANIES

Ticker: PIPR CUSIP: 724078100 Class: EQTY

SHEPHERD KAPLAN KROCHUK, LLC's Holding History (CIK: 0001218583)

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

Q1 2014

Shares 5,000 Value ($000) $229 Avg Close $40.68 Range $36.86 - $45.94

Q4 2013

Shares 12,900 Value ($000) $510 Avg Close $36.47 Range $31.76 - $39.75

Q3 2013

Shares 18,000 Value ($000) $617 Avg Close $33.69 Range $29.48 - $36.31

Q2 2013

Shares 21,500 Value ($000) $679 Avg Close $33.63 Range $30.44 - $36.59

Period	Shares	Value ($000)	Average Close	Price Range
Q1 2014	5,000	$229	$40.68	$36.86 - $45.94
Q4 2013	12,900	$510	$36.47	$31.76 - $39.75
Q3 2013	18,000	$617	$33.69	$29.48 - $36.31
Q2 2013	21,500	$679	$33.63	$30.44 - $36.59