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MINNEAPOLIS - March 6, 2003 - U.S. Bancorp Piper Jaffray (Piper Jaffray) is pleased to announce the strategic expansion of its fixed-income sales operations, with the opening of a new office in Cleveland, Ohio. This expansion builds upon the firm's nation-wide fixed-income sales services in Minneapolis, New York, San Francisco, Kansas City, Des Moines, Spokane, Sacramento, Las Vegas, Milwaukee, Seattle, Chicago, Denver, Portland and Phoenix.
"We are very excited to open this new office in Ohio," said Jim Roddy, head of sales in U.S. Bancorp Piper Jaffray's Fixed Income Capital Markets Division. "This expansion enables us to better serve and be closer to our clients in the Midwest."
To staff this expansion, the firm hired three institutional sales professionals. Jim Foliano joined Piper Jaffray last fall as vice president in institutional sales and branch manager. He joined the firm from McDonald Investments, a KeyCorp Company in Cleveland, where his primary focus was corporates, mortgages and agencies. In addition, Piper Jaffray hired Fritz Tobias in December as vice president in institutional sales. Previously, Tobias worked at Morgan Stanley in Cleveland. He has also worked in fixed-income sales and trading at McDonald Investments Inc. and Prescott, Ball & Turben. Tobias focuses on large banks and money managers in the Midwest markets.
Finally, Donald Brinsky was recently hired as a managing director in institutional sales. Brinsky comes to Piper Jaffray from McDonald Investments Inc., where he worked extensively in floating rate corporates, asset-backed securities (ABS) and mortgage-backed securities (MBS). He has been in institutional fixed-income sales since 1995.

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.