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MINNEAPOLIS - April 4, 2003 - U.S. Bancorp Piper Jaffray (Piper Jaffray), a leading growth company investment bank, is pleased to announce the promotion of David Rudow to vice president and senior research analyst, covering infrastructure software companies. Rudow, 34, has been with Piper Jaffray since February 2002, working as a research analyst covering learning services companies. He is based out of the firm's Minneapolis office.

Prior to joining Piper Jaffray, Rudow worked as an associate analyst on the software team at J.P. Morgan in San Francisco for two years. In addition, he worked for Mesirow Financial in Chicago as a portfolio manager and as a certified public accountant (CPA) for KPMG and Coopers & Lybrand, both of which are in Chicago.

"We have been impressed with David's detailed analytical abilities since his hiring over a year ago," said Robert W. Peterson, head of Equity Capital Markets Research Department. "His in-depth knowledge of the technology sector, coupled with his extensive experience within the financial industry as both an institutional investor and a research analyst made him the ideal candidate for the position."

Rudow holds a bachelor of business administration in accounting from the University of Illinois at Chicago, and earned his master's of business administration degree from the University of Chicago with an emphasis in finance and accounting. In addition, Rudow is a member of the American Institute of Certified Public Accountants (AICPA), Illinois CPA Society and Association of Certified Fraud Examiners.

U.S. Bancorp Piper Jaffray, a subsidiary of Minneapolis-based U.S. Bancorp, is a focused securities firm comprised of three divisions: Equity Capital Markets, Fixed Income Capital Markets and Private Advisory Services. The firm provides a full range of investment products and services to individuals, institutions and businesses. The firm has over 120 offices in 24 states across the country. The Equity Capital Markets Division focuses on the needs of growth companies in the health care, technology, financial institutions, consumer and communications growth sectors. The firm has a national reputation for its expertise in fundamental research and equity and debt financing. The Fixed Income Capital Markets business provides bond issuers, individual investors and institutional investors expertise in investment banking, underwriting, trading, sales and research. The firm offers innovative solutions in corporate and government debt financings with particular expertise in corporate, health care/hospitals, real estate, higher education and government debt. The Private Advisory Services division financial advisors provide guidance in retirement planning, education planning, estate planning and wealth accumulation. Investors select from a wide array of products, including fee-based products, stocks, bonds, mutual funds, annuities, insurance and trust services. 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 © 2003 U.S. Bancorp Piper Jaffray, 800 Nicollet Mall, Suite 800, Minneapolis, Minnesota 55402-7020

Additional information is available upon request.