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MINNEAPOLIS -November 21, 2002 - U.S. Bancorp Piper Jaffray (Piper Jaffray) Senior Softlines Retail Analyst Jeff Klinefelter will appear on "Wall Street Week with Fortune" Friday, Nov. 22 on PBS at 8:30 p.m. CT. Klinefelter will be discussing the outlook for retail companies this holiday season. In addition, he will be sharing information from his fourth "Taking Stock with Teens" tour, a national study conducted twice a year with high school students across the country.
"Jeff's unique and proprietary research has gained national attention over the last several years as an important source of information for investors interested in consumer stocks," said Robert Peterson, head of Equity Research at U.S. Bancorp Piper Jaffray. "'Wall Street Week with Fortune' reaches a large investing audience and we believe that audience will be interested in Jeff's research and opinion."
Klinefelter joined the U.S. Bancorp Piper Jaffray Equity Research Department in 1997 as a research analyst on the consumer team. He follows retail companies, focusing on softlines retail, mass merchandising and multi-channel commerce. Prior to joining U.S. Bancorp Piper Jaffray, Klinefelter worked for Universal Asset-Based Services, Inc., performing asset evaluations for commercial lending institutions. He also worked at Target Stores for six years in various merchandising, operations and strategic planning positions, including working in inventory management for multiple merchandise divisions (including apparel) and managing a staff of merchandise analysts in one of the apparel departments.
Klinefelter has a bachelor of arts degree from St. Olaf College in Northfield, Minn., and a masters of business administration degree from the University of Minnesota Carlson School of Management.

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 23 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. Non-deposit investment products are not insured by the FDIC, are not deposits or other obligations of or guaranteed by U.S. Bank National Association or its affiliates, and involve investment risks, including possible loss of the principal amount invested.

This report should be read in conjunction with important disclosure information found at the following site: http://www.piperjaffray.com/disclosures.

© 2002 U.S. Bancorp Piper Jaffray, 800 Nicollet Mall, Suite 800, Minneapolis, Minnesota 55402-7020

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