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MINNEAPOLIS - October 15, 2003 - U.S. Bancorp Piper Jaffray (Piper Jaffray) is pleased to announce the addition of Jim Niederle and Greg Swartz in public finance and Steve Cavalier in institutional tax-exempt trading.
Niederle joins as a managing director and senior investment banker in the Piper Jaffray Houston office, bringing 18 years of experience in public finance to the firm. Most recently, Niederle was a managing director in public finance at Banc of America Securities in Houston. He has a bachelor of arts degree in political science from Cleveland State University in Cleveland, Ohio and a masters of public administration from The Ohio State University in Columbus, Ohio.
Swartz joins the Piper Jaffray public finance effort as a vice president in Phoenix, Ariz. For the past eight years, Swartz has been the executive director for the Arizona Water Infrastructure Finance Authority also in Phoenix, which is responsible for managing the state's clean water and drinking water revolving fund programs in Arizona. He has a bachelor of arts degree in economics and political science from Butler University in Indianapolis, Ind., and a master's of public affairs from Indiana University in Bloomington, Ind.
"We are thrilled to have added Jim and Greg to our public finance team," said Frank Fairman, head of public finance at U.S. Bancorp Piper Jaffray. "Jim will help increase our presence and better serve our clients in the Texas market, while Greg will utilize his experience to continue building our presence with Arizona government and clients as well as add to our expertise nationally in clean water and drinking fund revolving programs."
Cavalier joins the institutional tax-exempt trading team from Seattle Northwest Securities Corporation, where he was a vice president in municipal trading in Seattle. Prior to that, he held the same position at Greenwich Partners in Greenwich, Conn., and was also vice president and regional manager of municipal trading at Kemper Securities in San Francisco. He has a bachelor's of science degree in finance from Santa Clara University in Santa Clara, Calif.
"Steve comes to us with more than 15 years of experience in municipal trading and will be a welcomed addition to our team," said Brad Winges, head of municipal trading at U.S. Bancorp Piper Jaffray.
These three recent hires are part of an on-going expansion plan in the Piper Jaffray municipal effort. In the past year, Piper Jaffray has added a municipal derivatives effort, built a specialized short-term municipal trading desk and added a number of additional staff in public finance and municipal sales and trading.

U.S. Bancorp Piper Jaffray, a subsidiary of the consolidated group of U.S. Bancorp, is a focused securities firm comprised of two revenue-generating segments -- Capital Markets and Private Client Services. Clients of both segments are supported by Investment Research, an independent group reporting to the CEO. The firm provides a full range of investment products and services to individuals, institutions and businesses. The firm has over 124 offices in 25 states across the country. 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.

This press release contains forward-looking statements. Statements that are not historical or current facts, including statements about beliefs and expectations, are forward-looking statements. These forward-looking statements are subject to risks and uncertainties relating to the proposed spin-off of the U.S. Bancorp Piper Jaffray business, including the impact of the proposed spin-off on U.S. Bancorp's and the new company's results of operations, the financial accounting consequences of the proposed transaction, the impact of the spin-off on U.S. Bancorp's stock price and on its and the new company's relationships with their respective customers and employees, the tax consequences of the transaction to U.S. Bancorp, the new company and their respective stockholders, changes in business climate or market conditions or other factors which could make the proposed spin-off unadvisable. These forward-looking statements involve other inherent risks and uncertainties, and other important factors could cause actual results to differ materially from those anticipated, including those contained in U.S. Bancorp's Form 10-K and other reports on file with the U.S. Securities and Exchange Commission. Forward-looking statements speak only as of the date they are made, and U.S. Bancorp undertakes no obligation to update them in light of new information or future events.

© 2003 U.S. Bancorp Piper Jaffray, 800 Nicollet Mall, Suite 800, Minneapolis, Minnesota 55402-7020

Additional information is available upon request.