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MINNEAPOLIS - March 31, 2003 - U.S. Bancorp Piper Jaffray (Piper Jaffray) is pleased to announce the hire of Jordan Melick as vice president in public finance in Fixed Income Capital Markets. Melick will work in the public finance health care group and will be located in the firm's headquarter office in Minneapolis.

"We are excited to have Jordan join our health care team in public finance," said Steven Proeschel, a managing director in Fixed Income Capital Markets Public Finance Division and head of Health Care Finance. "Jordan's knowledge of credit analysis and his understanding of health care client operations will assist us as we continue to expand our health care practice." Piper Jaffray ranked eighth nationally in 2002 for health care underwritings according to Thomson Financial.
Melick joined Piper Jaffray from University of Pittsburgh Medical Center (UPMC) Health System in Pittsburgh, Pa., where he was a director in the finance area. Prior to that, Melick served as senior director/manager of the health care group at Fitch Ratings in New York. While at Fitch Ratings, he received the Award of Excellence from the National Federation of Municipal Analysts.
A native of Grosse Pointe, Mich., Melick has a bachelor's of science degree in biology from the University of Michigan in Ann Arbor, Mich., and a master's of business administration degree from Notre Dame University in Notre Dame, Ind.

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 www.piperjaffray.com.