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MINNEAPOLIS, May 6, 2003 - U.S. Bancorp Piper Jaffray (Piper Jaffray) is pleased to announce that Steven Dykeman has joined the firm as a managing director in the financial institutions investment banking group. He brings numerous years of investment banking expertise to Piper Jaffray's existing practice; specifically, his exceptional experience with depository institutions complements the group's well-established financial platform. Dykeman will co-head the effort with Robert (Bob) Rinek, who has led the group since 1988. Both Dykeman and Rinek are based in the firm's Minneapolis headquarters.

Prior to joining Piper Jaffray, Dykeman was a member of UBS Warburg's Financial Institutions group based in New York, where his primary sector focus included both depository institutions, as well as commercial and consumer finance companies. Before UBS Warburg, Dykeman was with both Lehman Brothers in New York and Credit Suisse First Boston in Los Angeles covering the financial services industry.

"Steve is well known among financial institutions for his investment banking expertise," said Brad England, head of investment banking at U.S. Bancorp Piper Jaffray. "We are pleased to have someone with his qualifications and deep industry relationships join the firm. With 34 years of combined experience between Steve and Bob (Rinek), I am confident they will continue to drive our financial institutions investment banking practice to the next level."

"I look forward to the opportunity to continue to build upon the success of Piper's financial institutions practice through delivery of a consistent and focused effort that leverages the firm's capabilities for both depository and financial company clients in a value-added manner," said Dykeman.

Dykeman earned degrees in accounting and taxation from the University of Kansas in Lawrence, Kan., and a master's degree in business administration from the Columbia University Graduate School of Business in New York.

U.S. Bancorp Piper Jaffray, a subsidiary of Minneapolis-based U.S. Bancorp, is a focused securities firm comprised of four divisions: 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.

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

Additional information is available upon request.