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PIPERCAPITAL <br /> • Piper Capital Management <br /> zu South Ninth Street <br /> Minneapolis,MN 55402-3804 <br /> 612 342-6402 <br /> March 2, 1994 <br /> Mr. Roger Larson <br /> City of St. Anthony <br /> 3301 Silver Lake Road <br /> St. Anthony, MN 55418 <br /> RE: Custody Protection for City of St. Anthony Separately Managed Account <br /> Dear Roger: <br /> I am sending you this letter to clarify for you that assets of the City of St. Anthony are custodied <br /> at Piper Jaffray, and that when the City opened its current account and filled out Piper Jaffray <br /> PAT account forms, you automatically secured for the City insurance totaling $25 million (see <br /> • enclosed brochure). According to G.A.S.B. Policy Statement 3, such insurance qualifies your <br /> investments as category 1 (the highest protection). G.A.S.B. requires that any additional <br /> insurance that Piper Jaffray provides to you gives you the same kind of protection as that which <br /> is provided by the Securities Investment Protection Corporation on the first $500,000. Please <br /> be.assured that we have evaluated our insurance coverage to be equal to that which is provided <br /> and required by law under the SIPC regulations. <br /> Furthermore, you should know that all transactions done at Piper Jaffray serving as custodian <br /> for the City of St. Anthony are done delivery vs. payment. For the City, this means that <br /> securities are always delivered to Piper Jaffray before any payment is made to settle any <br /> transactions incurred- on your behalf. I think it is safe to say that the City is at virtually no <br /> custodial risk with a $1 million account at Piper Jaffray. <br /> • <br />