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SEATTLE, Wash.-April 21, 2003- The Management Committee of U.S. Bancorp Piper Jaffray is pleased to announce the promotion of J. Robert Ward to assistant vice president, investments.

Ward is a financial advisor with the Seattle office of U.S. Bancorp Piper Jaffray, a full-service investment firm founded in 1895. The Seattle office of U.S. Bancorp Piper Jaffray has been serving the financial needs of clients in Seattle for over 30 years.

Ward has been with the Seattle office of U.S. Bancorp Piper Jaffray since 1999. Prior to joining U.S. Bancorp Piper Jaffray, Ward was with Eastside Chrysler-Jeep where he was the general manager. Ward resides in Federal Way, Wash., with his wife, Sunee.

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. Securities products and services offered through U.S. Bancorp Piper Jaffray, Inc., member SIPC and NYSE, Inc., a subsidiary of U.S. Bancorp. For more information on U.S. Bancorp Piper Jaffray, visit www.piperjaffray.com. Non-deposit 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