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MINNEAPOLIS - June 19, 2003 - U.S. Bancorp Piper Jaffray (Piper Jaffray) is pleased to announce the strategic expansion of its fixed-income municipal trading and sales capabilities in New York as well as the addition of resources in Minneapolis and Chicago.
"We have made several strategic additions in our municipal business that will strengthen our sales and trading platform," said Brad Winges, head of municipal sales, trading and underwriting in U.S. Bancorp Piper Jaffray's Fixed-Income Division. "These additions will continue to help us maximize our individual strengths and fuel our efforts in municipals."
To staff this expansion, the firm hired John Calia as a managing director and head of municipal secondary trading in the New York office. Calia joins the firm from Lehman Brothers in New York, where he worked for the past 19 years in the municipal bond trading department. Most recently at Lehman Brothers, he was managing director and head of municipal bond trading.
In addition, the firm hired John Donovan in February as a managing director in municipal institutional sales also in the New York office. Donovan joins Piper Jaffray most recently from J.P. Morgan, where he was a vice president in institutional municipal sales for nine years.
Piper Jaffray has also added new positions in Minneapolis and Chicago. Luke Baker was hired in April in institutional trading credit surveillance. Baker most recently worked as a research analyst at Jeffrey Slocum and Associates in Minneapolis. Prior to that, he spent three years as a research analyst at Evensen Dodge Inc., in Minneapolis.
In addition, Shawn Somerville is head of a new municipal money market desk also in Minneapolis. Somerville joined Piper Jaffray in March after spending six years as a senior portfolio manager at Wells Fargo. Mike Paone, who was hired in March from U.S. Bancorp Asset Management, is working on the money market desk in Minneapolis. Lastly, Cheryl Pawlikowsky is heading up a dealer desk in institutional sales in the firm's Chicago office. Pawlikowsky has been with the firm in institutional municipal sales since 1996.

U.S. Bancorp Piper Jaffray, a subsidiary of Minneapolis-based U.S. Bancorp, is a focused securities firm comprised of four lines of business: Equities and Investment Banking, Fixed Income, Private Advisory Services and Investment Research. The firm provides a full range of investment products and services to individuals, institutions and businesses and has over 124 offices in 25 states across the country. 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 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 and other reports on file with the U.S. Securities and Exchange Commission. Forward-looking statements speak only as of the date they are made, and U.S. Bancorp undertakes no obligation to update them in light of new information or future events.

© 2003 U.S. Bancorp Piper Jaffray, 800 Nicollet Mall, Suite 800, Minneapolis, Minnesota 55402-7020

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