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NEW YORK - May 13, 2003- U.S. Bancorp Piper Jaffray (Piper Jaffray) is pleased to announce that Stephen O'Rourke, 38, has joined the firm as a senior research analyst covering the semiconductor capital equipment sector. He will be based in the firm's New York office.

O'Rourke joins the firm from C.E. Unterberg Towbin in New York, where he was a vice president and senior research analyst covering the semiconductor capital equipment sector. Prior to that, he was a senior analyst at Robertson Stephens in San Francisco. Additionally, O'Rourke is a graduate of the U.S. Naval Academy with a bachelor of science degree in electrical engineering, cum laude. After leaving the Navy in 1991, O'Rourke spent eight years at Applied Materials in Santa Clara, Calif., holding various positions. He then spent two years at Everdream Corporation, an IT Services start-up company.

"Steve's considerable experience in both the semiconductor capital equipment and securities industries, made him the ideal candidate for the position," said Robert Peterson, head of Research at U.S. Bancorp Piper Jaffray. "His extensive knowledge of the sector will enable him to provide clients with meaningful objective research."