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MINNEAPOLIS - July 29, 2003 - U.S. Bancorp Piper Jaffray (Piper Jaffray) is pleased to announce that Steven Hamill has joined the firm as a vice president and senior research analyst based in the firm's Minneapolis headquarters office. His coverage area will be comprised of diagnostics, blood management and safety companies within the medical device industry. The addition of these sectors represents an expansion of Piper Jaffray's well-established health care research platform, which currently consists of:
· Biotechnology
· Drug Discovery & Genomics
· Health Care Services
· Health Care Information Technology
· Medical Technology: Cardiovascular
· Medical Technology: Orthopedics
· Medical Technology: Urology & Gynecology
· Medical Technology: Diabetes Management & Blood Products
· Medical Technology: Neurology
· Specialty Pharmaceuticals

"We are thrilled to have Steve join our health care team," said Robert Peterson, head of Investment Research at U.S. Bancorp Piper Jaffray. "We view the addition of the diagnostics, blood management and safety sectors as a key expansion of our current health care research platform, which already provides investors with some of the most extensive and proprietary research on Wall Street. We look forward to the value Steve will deliver to clients as he leads research coverage of these sectors going forward."

Hamill joins Piper Jaffray from RBC Capital Markets in Minneapolis, where he also covered medical device companies. Prior to working on Wall Street, Hamill was a manager in the Business Valuation Practice for Arthur Andersen LLP in Minneapolis and Milwaukee, Wis., for more than seven years.

Hamill graduated from Marquette University in Milwaukee, Magna Cum Laude, with bachelor of science degrees in finance and in economics. He holds the Charter Financial Analyst (CFA) designation and is a member of the Association for Investment Management and Research (AIMR).

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 and 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, in Piper Jaffray's Form 10 registration statement and both companies' other reports and filings on file with the U.S. Securities and Exchange Commission. Forward-looking statements speak only as of the date they are made, and each of U.S. Bancorp and Piper Jaffray Companies 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