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MINNEAPOLIS -January 6, 2003-U.S. Bancorp Piper Jaffray is pleased to announce that Reed Anderson has been promoted to vice president and senior research analyst, covering the hardlines retail sector. Anderson recently initiated coverage of six hardline companies in the auto parts retail and furniture retailers and manufacturers sector and plans to add additional sub sectors to his coverage in the near future. He spent the last seven years as a research analyst with the firm covering broadlines/specialty retail.
"We are excited to promote Reed to a senior analyst in our research department," said Robert W. Peterson, head of Equity Capital Markets Research Department. "Reed has demonstrated tremendous knowledge in the broadlines/specialty retail sector and will be a welcomed addition covering hardlines retail in an effort to expand our consumer research coverage. His knowledge, coupled with his history and commitment to the firm, made Reed the ideal candidate for the position."
Prior to joining U.S. Bancorp Piper Jaffray, Anderson worked at American Express Trust Company and John G. Kinnard & Company in Minneapolis. He holds a bachelor of science degree in economics from the University of Minnesota.

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.

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