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NEW YORK - September 19, 2003 - U.S. Bancorp Piper Jaffray (Piper Jaffray) is pleased to announce the continued expansion of its fixed-income mortgage sales and trading capabilities in New York. The firm has continued to add staff in New York since it started operations there in May, 2002.
"We have added high-quality, talented and experienced people to help expand our mortgages business and presence in the New York area," said Mike Effron, head of fixed income trading at U.S. Bancorp Piper Jaffray. "This expansion will help us to better serve our clients' needs in mortgages, which has been a key area of growth for our firm."
To staff this expansion, Piper Jaffray hired Kenneth Clisham as a senior mortgage salesperson. Clisham joins the firm most recently from Vcross Capital Markets, where he was the head of sales and trading in New York. Prior to that, he was head of trading at Visible Markets also in New York. In addition, Clisham spent time at Chase Securities in New York, where he was a vice president, Greenwich Capital where he was a managing director and he spent 10 years at Merrill Lynch Mortgage Capital, where he was a managing director.
Also joining Piper Jaffray as a senior mortgage salesperson is Doug Conrod. Conrod comes to the firm from Vcross Capital Markets, where he was a managing director in structured product and derivative sales. Prior to that, he was a salesperson in Societe Generale Securities' International Fixed Income and Emerging Market Sales in New York. Conrod also spent three years in international fixed income sales at HSBC Securities in New York. He has a bachelor of arts degree in history from St. Lawrence University in Canton, N.Y., and a master of business administration degree from Columbia Business School in New York.
Bill Cameron joins Piper Jaffray in mortgage sales after working as a vice president in taxable fixed income sales for Prudential Securities Inc., in New York. Prior to that, he worked in sales as an account manager at Moneyline Telerate Inc., and at Bridge Information Systems, in New York. Cameron spent the first 18 years of his career in mortgage-backed sales. Overall, he has 20 years of experience in the financial industry. Cameron has a bachelor of science degree in business administration from Villanova University in Villanova, Penn.
In addition, the firm hired Jimmy Lew as a senior pass-through trader in mortgages. Lew comes to Piper Jaffray most recently from Ginnie Mae, where he was the head of the firm's New York Office of the Capital Markets Division for the past four years. Prior to that, he spent eight years as a mortgage-backed securities trader in New York at HSBC Securities Inc., Smith Barney Shearson Inc., and Kidder, Peabody and Co., Inc. Lew has a bachelor of arts degree in applied mathematics from Harvard University in Cambridge, Mass.

U.S. Bancorp Piper Jaffray, a subsidiary of the consolidated group of U.S. Bancorp, 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, an independent group reporting to the CEO. The firm provides a full range of investment products and services to individuals, institutions and businesses. The firm has over 124 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, changes in business climate or market conditions or