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/C O R R E C T I O N -- U.S. Bancorp Piper Jaffray/

In the news release, 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, issued earlier today by U.S. Bancorp Piper Jaffray, a subsidiary of U.S. Bancorp (NYSE: USB), over PR Newswire, we are advised by the company that the first paragraph, second sentence should read This expansion builds upon the firm's nation-wide fixed income sales and trading services in Minneapolis, San Francisco, Kansas City, Seattle, Chicago, Denver, Portland and Phoenix... rather than ...Minneapolis, San Francisco, Kansas City, Seattle, Chicago, Denver and Phoenix... as originally issued inadvertently.

SOURCE  U.S. Bancorp Piper Jaffray

    -0-                             5/31/2002 C MNF004

/PRNewswire -- May 31/

(USB)

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

KE-ES
-- MNF004a --
5747 05/31/2002 09:46 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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