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U.S. Bancorp Piper Jaffray Significantly Expands Fixed-Income Sales and

Trading Capabilities

Launches Fixed-Income Trading Office in New York, Hires Top Mortgage Talent

MINNEAPOLIS, May 31 /PRNewswire-FirstCall/ -- U.S. Bancorp Piper Jaffray today announced the strategic expansion of its fixed-income sales and trading operations, with a new trading presence in New York, which will focus initially on trading mortgage backed securities. This expansion builds upon the firm's nation-wide fixed income sales and trading services in Minneapolis, San Francisco, Kansas City, Seattle, Chicago, Denver and Phoenix, and rounds out the firm's industry expertise in agency, corporate and municipal and preferred trading.  The new trading group will be located in the firm's Chrysler Building offices in mid-town Manhattan.

To staff this expansion, the firm has hired trading veteran Jim Perillo, who will be a senior collateralized mortgage obligation (CMO) trader and team leader for the mortgage structured products trading group.  Perillo, known in the industry for his broad experience in trading agency and whole loan CMOs, will bring an added dimension to the firm's current mortgage-backed securities operation, which includes Matthew Baber, Senior Trader in Minneapolis.  Also adding to the firm's mortgage capabilities are recent hires Irene Fan, Institutional Sales in San Francisco and Toby Chakeen, Institutional Sales in Chicago.  Prior to joining Piper Jaffray, Perillo was vice president and senior trader at JP Morgan Securities, formerly Chase Securities, where he spent the last eight years in Chase's mortgage trading group.  Perillo holds a bachelor of science degree from St. John's University in New York.

In addition, the firm has hired Andrew Collins as a senior trader specializing in structured products.  Collins has more than 10 years experience in the structured product origination and trading market, with the past four years at JP Morgan Securities, formerly Chase Securities.  Prior to working at JP Morgan, Collins worked at Paine Webber, where he was responsible for the structuring and marketing of whole loan and agency CMOs.  Collins holds a bachelor of science degree from Miami University, in Oxford, Ohio and an MBA from the University of Chicago. Collins and Perillo will be located in the firm's Manhattan offices.

Perillo and Collins represent some of the best trading talent in the industry, said Mike Effron, head of taxable trading at Piper Jaffray. Their expertise will complement our current mortgage-backed trading desk and will be instrumental in our building a top-tier fixed-income trading platform.

Perillo and Collins were drawn to the firm's unique culture and commitment to building a top-tier fixed-income franchise.

Piper Jaffray's fixed-income services are rapidly taking share from other firm's, said Perillo.  I'm excited to be part of this winning team.  Piper's commitment to the mortgage business has positioned the firm to be the top mortgage trading team amongst our peers.

The U.S. Bancorp Piper Jaffray Fixed Income Capital Markets (FICM) business provides bond issuers, individual investors and institutional investors expertise in investment banking, underwriting, trading, sales and research. The firm offers innovative solutions in corporate and government debt financing, with particular expertise in corporate, health care/hospitals, real estate, higher education and government debt. With offices in 23 locations in the United States, the U.S. Bancorp Piper Jaffray FICM business underwrote new bond issues totaling more than $37 billion in 2001. U.S. Bancorp Piper Jaffray, based in Minneapolis, is a subsidiary of

U.S. Bancorp (NYSE: USB). For more information on the U.S. Bancorp Piper Jaffray FICM business, visit http://www.piperjaffray.com  .

Nondeposit investment products are not insured by the FDIC, are not deposits or other obligations of or guaranteed by U.S. Bank National Association or its affiliates, and involve investment risks, including possible loss of the principal amount invested. Securities products and services are offered through U.S. Bancorp Piper Jaffray Inc., member SIPC and NYSE, Inc., a subsidiary of U.S. Bancorp. (5/99-0679)

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http://tbutton.prnewswire.com/prn/11690X60058117

SOURCE  U.S. Bancorp Piper Jaffray

    -0-                             5/31/2002

/CONTACT:  Erin K. Freeman, Director of Public Relations, +1-415-277-1595, or Susan Beatty, Public Relations, +1-612-303-5680, both of U.S. Bancorp Piper Jaffray/

/Web site:  http://www.piperjaffray.com  /

(USB)

CO:  U.S. Bancorp Piper Jaffray; U.S. Bancorp
ST:  New York, Minnesota
IN:  FIN
SU:  PER

KE-XX
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5648 05/31/2002 08:59 EDT http://www.prnewswire.com

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding U.S. Bancorp's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.



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