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MENLO PARK, Calif. - February 26, 2003 - U.S. Bancorp Piper Jaffray (Piper Jaffray) is pleased to announce that Sanjiv Wadhwani has joined the firm's Equity Capital Markets Division as a senior research analyst covering data networking and wireline telecommunications. Wadhwani, 32, joins the firm from RBC Dain Rauscher Wessels in San Francisco, where he was a senior research analyst covering network technology. Prior to joining RBC Dain Rauscher Wessels in May of 1997, Wadhwani worked as a senior financial analyst at GE Capital in Connecticut. He will be located in Piper Jaffray's Menlo Park, Calif., office.
"Sanjiv's deep industry knowledge of the data networking sector will enable us to meaningfully broaden our technology platform and add significant value for our clients," said Robert Peterson, head of Equity Research at U.S. Bancorp Piper Jaffray. "He is a welcome addition to the firm."
Wadhwani holds a master of business administration from the University of Iowa in Iowa City, Iowa and a bachelor of science degree in electrical engineering from the University of Bombay in Bombay, India. In addition, he holds the certified financial analyst designation.
"I am excited about joining Piper Jaffray," said Wadhwani. "Piper has always had a strong presence in technology research and I am looking forward to working with a great set of individuals to help build a franchise in the data networking and telecommunication sector."

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.