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MINNEAPOLIS —April 1, 2003—The U.S. Bancorp Piper Jaffray Fixed Income Real Estate Investment Trust (REIT) Team today initiated coverage of nine office and industrial REITs and published the first edition of “The REIT Desk Reference.” The report contains in-depth analysis for all nine office and industrial REITs, including a proprietary forecast of credit trends and comparisons of various risk metrics. The foundation for the desk reference is the proprietary financial models, which forecast each REIT's financial statements for the next two years and include three years of historical data. Each model contains estimates for key assumptions, such as real estate market conditions, capital raising/buyback activity and portfolio changes. “Our models show the credit profile of office and industrial REITs should remain relatively stable over the next two years,” said Steve Manaker, senior analyst in U.S. Bancorp Piper Jaffray's Fixed Income Research Group. “We expect a modest decline in credit metrics in 2003 followed by a slight recovery in 2004. The basis of our estimates is the commercial real estate market's bottoming in the latter half of 2003 and recovering slightly the next year.” The REIT team initiated coverage of nine REITs: AMB Property Corporation (AMB, $28.25, #>), Boston Properties (BXP, $37.90, #>), CarrAmerica Realty Corporation (CRE, $25.35, #@>), Duke Realty Corporation (DRE, $26.98, @>), Equity Office Properties Trust (EOP, $25.45, #>), First Industrial Realty Trust (FR, $28.32, #>), Highwood Properties (HIW, $20.44, #>), Liberty Property Trust (LRY, $31.30, #>) and ProLogisTrust (PLD, $25.32, #>). “Our preference for commercial REITs is based on high quality and stable revenue sources, diverse portfolios, conservative leverage and proactive management teams with track records of effectively managing through the different phases of the real estate cycle,” said Manaker. For more information regarding this report please contact Hanni Wenker in the U.S. Bancorp Piper Jaffray Fixed Income Research Group at Members of the media should contact Susan Beatty at 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 The following disclosures apply to securities mentioned in this report if and as indicated: (#) U.S. Bancorp Piper Jaffray (USBPJ) makes a market in the Company's securities or may buy and sell the Company's securities on a principal basis. (^) A USBPJ analyst who follows this Company or a member of the analyst's household has a beneficial interest in the Company's securities. (@) Within the past 12 months, USBPJ was a managing underwriter of an offering of, or dealer manager of a tender offer for, the Company's securities or the securities of an affiliate. (>) USBPJ has either received compensation for investment banking services from the Company within the past 12 months or expects to receive or intends to seek compensation within the next three months for investment banking services. (~) A USBPJ analys t who follows this Company, a member of the analyst's household, a USBPJ officer, director, or other USBPJ employee is a director and/or officer of the Company. Nondeposit investment products are not insured by the FDIC, are not deposits or other obligations of or guaranteed by U.S. Bank National Association or its affiliates, and involve investment risks, including possible loss of the principal amount invested. USBPJ research analysts receive compensation that is, in part, based on revenues of USBPJ Fixed Income Capital Markets that also include investment banking revenues. USBPJ research analysts who follow this Company report to the Head of Fixed Income Research who, in turn, reports to the Head of Taxable Originations and Research. This material is based on data obtained from sources we deem to be reliable; it is not guaranteed as to accuracy and does not purport to be complete. This information is not intended to be used as the primary basis of investment decisions. Because of individual client requirements, it should not be construed as advice designed to meet the particular investment needs of any investor. It is not a representation by us or an offer or the solicitation of an offer to sell or buy any security. Further, a security described in this release may not be eligible for solicitation in the states in which the client resides. U.S. Bancorp and its affiliated companies, and their respective officers or employees, or members of their families, may have a beneficial interest in the Company's securities and may purchase or sell such positions in the open market or otherwise. This report is a communication made in the United Kingdom by U.S. Bancorp Piper Jaffray to market counterparties or intermediate customers and is exclusively directed at such persons; it is not directed at private customers and any inves tment or services to which the communication may relate will not be available to private customers. In the United Kingdom, no persons other than a market counterparty or an intermediate customer should read or rely on any of the information in this communication. Securities products and services offered through U.S. Bancorp Piper Jaffray, member SIPC and NYSE, Inc., a subsidiary of U.S. Bancorp. © 2003 U.S. Bancorp Piper Jaffray, 800 Nicollet Mall, Suite 800, Minneapolis, Minnesota 55402-7020