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MINNEAPOLIS -June 10, 2003-U.S. Bancorp Piper Jaffray (Piper Jaffray) today announced that John Breon has been appointed director of branches for the Private Advisory Services division and will report to Paul Grangaard, head of the Private Advisory Services division. Breon was formerly a senior vice president of investments for the Private Advisory Services division. As director of branches for the firm, Breon will be responsible for the day-to-day senior leadership of the Private Advisory Services branch network, including client service, recruiting, financial advisor training and growth. The division currently operates 120 private client offices in 20 Midwest, Mountain, Southwest and Pacific states.

"John has demonstrated outstanding leadership talents within the firm and in his active role in the community," said Paul Grangaard, head of the U.S. Bancorp Piper Jaffray Private Advisory Services division.

"I have spent the last 21 years helping clients achieve their long-term financial goals," said John Breon, director of branches for the Private Advisory Services division. "I look forward to leveraging my experience across the whole organization to further client service, financial advisor training and profitability."

Breon has more than 21 year's of financial experience. Before his most recent post at Piper Jaffray, Breon was an assistant treasurer, at Innsbrook Corporation in St. Louis.

Breon graduated with a bachelor's degrees in accounting from Regis University in Denver and holds a CIMA designation. Breon serves as vice president of the board for Catholic Youth Camps of St. Paul, Minn. He lives in Wayzata, Minn., with his wife Susan and their four children.

U.S. Bancorp Piper Jaffray, a subsidiary of Minneapolis-based U.S. Bancorp is focused securities firm comprised of four lines of business: Equity Capital Markets, Fixed Income Capital Markets, Private Advisory Services and 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 www.piperjaffray.com.

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