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NEW YORK - May 14, 2003- U.S. Bancorp Piper Jaffray (Piper Jaffray) is pleased to announce that Edward (Ted) Tenthoff, 31, has joined the firm as a senior research analyst covering the genomics sector with a focus on tools, early drug discovery and diagnostic companies. Tenthoff will join Piper Jaffray's biotechnology research team in New York, which consists of Tim Coan covering specialty pharmaceuticals, Mark Schoenebaum covering biopharmaceuticals and Thomas Wei covering therapeutics.
Tenthoff joins the firm from Think Equity Partners in New York, where he was a senior research analyst covering biotechnology/genomics companies. Prior to that, he was a senior research analyst at Robertson Stephens in New York, where he also covered the biotechnology industry. In addition, Tenthoff covered medical technology as a research analyst at First Albany Corporation, Rodman and Renshaw, Inc., and Lehman Brothers in New York.
"We are thrilled to have Ted join our research team," said Robert Peterson, head of Research at U.S. Bancorp Piper Jaffray. "He truly rounds out our biotechnology coverage and will play an integral role in our attempt to differentiate our biotechnology efforts through independent, impactful and value-added research."
Tenthoff holds a bachelor's degree in international relations from the University of Pennsylvania in Philadelphia, Penn. In addition, he has completed coursework in molecular biology and genetics at Columbia University in New York.
"Joining Piper Jaffray's health care team is a tremendous opportunity," said Tenthoff. "I am looking forward to contributing my expertise and background in the tools and genomics sector to an already established biotechnology platform."

U.S. Bancorp Piper Jaffray, a subsidiary of Minneapolis-based U.S. Bancorp, is a focused securities firm comprised of four lines of business: Equity Capital Markets, Fixed Income Capital Markets, Private Advisory Services and Research. The firm provides a full range of investment products and services to individuals, institutions and businesses and has over 124 offices in 25 states across the country. 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.

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