PIPER SANDLER COMPANIES

Ticker: PIPR CUSIP: 724078100 Class: EQTY

Phocas Financial Corp.'s Holding History (CIK: 0001356783)

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

Q1 2016

Shares 109,783 Value ($000) $5,441 Avg Close $40.50 Range $31.66 - $50.66

Q4 2015

Shares 114,321 Value ($000) $4,619 Avg Close $38.33 Range $33.17 - $42.95

Period	Shares	Value ($000)	Average Close	Price Range
Q1 2016	109,783	$5,441	$40.50	$31.66 - $50.66
Q4 2015	114,321	$4,619	$38.33	$33.17 - $42.95