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MINNEAPOLIS, Oct. 23 /PRNewswire-FirstCall/ -- U.S. Bancorp Piper Jaffray (Piper Jaffray) today announced the names of six individuals expected to serve as outside members on the board of directors of Piper Jaffray Companies. U.S. Bancorp announced its plan earlier this year to spin off its wholly owned subsidiary, U.S. Bancorp Piper Jaffray, to U.S. Bancorp shareholders in a tax- free stock dividend distribution. The new, independent company will be named Piper Jaffray Companies. The transaction is expected to be completed in December 2003 and remains subject to various conditions, approvals and registration requirements.

The individuals named include Michael R. Francis, Executive Vice President, Marketing for Target Corporation; Donald B. Hebb, Jr., Managing General Partner of ABS Capital Partners; B. Kristine Johnson, President and Managing Partner of Affinity Capital Management; Samuel L. Kaplan, partner with the law firm of Kaplan, Strangis and Kaplan, P.A.; Frank L. Sims, Corporate Vice President, Transportation and Product Assurance for Cargill, Inc.; and Richard A. Zona, Chairman and Chief Executive Officer of Zona Financial LLC.

"I am very pleased that these individuals have agreed to serve as our outside directors," said Andrew Duff, Chief Executive Officer of Piper Jaffray. "The financial expertise and broad backgrounds of this group of experienced senior executives will provide diverse perspectives and invaluable guidance for our new company. I want to welcome each of these individuals to our firm."

As previously announced, Andrew S. Duff will serve as Chairman of the Board and Chief Executive Officer of Piper Jaffray Companies, with Addison L. (Tad) Piper serving as Vice Chairman of the Board. The company provided the following biographical information for each of the six individuals it expects to nominate for election prior to the completion of the distribution.

Michael R. Francis is currently Executive Vice President, Marketing for Target Corporation, an operator of large-store general merchandise formats, including discount stores, moderate-priced promotional and traditional department stores, and a direct mail and on-line business. Mr. Francis began his career with Marshall Field's department stores in 1985 and has been with Target Corporation since its acquisition of Marshall Field's in 1990. He previously served Target Corporation as Senior Vice President, Marketing from 2001 to 2003 and as Senior Vice President, Marketing and Visual Presentation of the department store division from 1995 to 2001. Prior to that, he held a variety of positions within Target Corporation's advertising division. Mr. Francis also is a member of the board of directors of Department 56, Inc.

Donald B. Hebb, Jr. is currently the Managing General Partner of ABS Capital Partners, a private equity firm focused on investing in established growth companies. Mr. Hebb co-founded ABS Capital Partners in 1990 and has served as its Managing General Partner since 1991. From 1986 to 1991, Mr. Hebb was President and Chief Executive Officer of Alex. Brown Incorporated, a provider of investment banking and securities brokerage services, where he began his career in 1970 in the investment banking division. Mr. Hebb also is a member of the boards of directors of T. Rowe Price Group, Inc. and SBA Communications Corporation.

B. Kristine Johnson currently is President and Managing Partner of Affinity Capital Management, a venture capital firm that invests primarily in seed and early-stage health care companies in the United States. She has held these positions since 2000. Ms. Johnson served as a consultant to Affinity Capital Management in 1999. Prior to that, she was employed for 17 years at Medtronic, Inc., a manufacturer of cardiac pacemakers, neurological and spinal devices and other medical products, serving most recently as Senior Vice President and Chief Administrative Officer from 1998 to 1999. Her experience at Medtronic also includes service as President of the vascular business and President of the tachyarrhythmia management business, among other roles. Ms. Johnson also is a member of the board of directors of ADC Telecommunications, Inc.

Samuel L. Kaplan is currently a partner with the law firm of Kaplan, Strangis and Kaplan, P.A. Mr. Kaplan is a founding member of the firm, which was established in 1978, and has served as its President continuously since that time. Mr. Kaplan also is a member of the board of directors of Vyyo Inc.

Frank L. Sims is currently Corporate Vice President, Transportation and Product Assurance for Cargill, Inc., a marketer and distributor of agricultural and industrial products and services. Mr. Sims joined Cargill in 1972 and served in various roles before attaining his current position in 2001. Most recently, he was President of Cargill's North American Grain Division from 1998 to 2000. Mr. Sims also is a member of the boards of directors of the Federal Reserve Bank of Minneapolis and of Tennant Company.

Richard A. Zona is currently Chairman and Chief Executive Officer of Zona Financial LLC, a business that provides financial advisory services, including strategic alternatives, capital planning, and mergers and acquisitions. He has held these positions since 2000. Mr. Zona is the former Vice Chairman, Wholesale Banking and Wealth Management of U.S. Bancorp, a position he held from 1996 to 2000. From 1989 to 1996, Mr. Zona was Chief Financial Officer of U.S. Bancorp's predecessor, First Bank System, Inc. Prior to that, Mr. Zona spent 19 years with the accounting firm of Ernst & Young LLP. Mr. Zona also serves on the boards of directors of New Century Financial Corporation, Polaris Industries, Inc. and Shopko Stores, Inc.

For more information and to view a copy of the Form 10 registration document, please go to and search under company filings.

U.S. Bancorp Piper Jaffray, a subsidiary of the consolidated group of U.S. Bancorp (NYSE: USB), is a focused securities firm comprised of two revenue- generating segments: Capital Markets and Private Client Services. Clients of both segments are supported by Investment Research. The firm provides a full range of investment products and services to individuals, institutions and businesses. The firm has over 126 offices in 25 states across the country. U.S. Bancorp offers a comprehensive range of financial solutions through U.S. Bank, U.S. Bancorp Asset Management, U.S. Bancorp Investments and U.S. Bancorp Piper Jaffray. For more information on U.S. Bancorp Piper Jaffray, visit .

This press release contains forward-looking statements. Statements that are not historical or current facts, including statements about beliefs and expectations, are forward-looking statements. These forward-looking statements are subject to risks and uncertainties relating to the proposed spin-off of the U.S. Bancorp Piper Jaffray business, including the impact of the proposed spin-off on U.S. Bancorp's and the new company's results of operations, the financial accounting consequences of the proposed transaction, the impact of the spin-off on U.S. Bancorp's stock price and on its and the new company's relationships with their respective customers and employees, the tax consequences of the transaction to U.S. Bancorp, the new company and their respective stockholders and changes in business climate or market conditions or other factors which could make the proposed spin-off unadvisable. These forward-looking statements involve other inherent risks and uncertainties, and other important factors could cause actual results to differ materially from those anticipated, including those contained in U.S. Bancorp's Form 10-K, in Piper Jaffray's Form 10 registration statement and both companies' other reports and filings on file with the U.S. Securities and Exchange Commission. Forward-looking statements speak only as of the date they are made, and each of U.S. Bancorp and U.S. Bancorp Piper Jaffray Inc. undertakes no obligation to update them in light of new information or future events.

SOURCE  U.S. Bancorp Piper Jaffray
    -0-                             10/23/2003
    /CONTACT:  Erin K. Freeman, Managing Director, Head of Public Affairs &
Media Relations of U.S. Bancorp Piper Jaffray, +1-415-277-1595/
    /Web site: /

CO:  U.S. Bancorp Piper Jaffray; U.S. Bancorp
ST:  Minnesota

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