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Barry Nordstrand Appointed President of U.S. Bancorp Piper Jaffray Fixed

Income Capital Markets Division

MINNEAPOLIS, Aug. 19 /PRNewswire-FirstCall/ -- U.S. Bancorp Piper Jaffray (Piper Jaffray) is pleased to announce the appointment of Barry Nordstrand as president of the Fixed Income Capital Markets Division.  He was named acting president in May.  Nordstrand will also join the firm's management committee and will report to Andrew Duff, U.S. Bancorp Piper Jaffray president and chief executive officer.

Nordstrand, 40, joined U.S. Bancorp Piper Jaffray in 1987 as a corporate bond trader.  He has held several positions in the Fixed Income Division, including sales and trading manager, taxable trading manager and corporate bond group manager.  He also spent two years as an institutional equity trader in the Equity Capital Markets Division.

We are pleased to announce Barry as permanent head of our Fixed Income Capital Markets Division, said Duff.  I have no doubt that Barry will capitalize on the current growth opportunities ahead of this important division.

I'm thrilled to take on the role as president of the Fixed Income Capital Markets Division, said Nordstrand.  This firm and this division have tremendous talent and vision.  I look forward to continuing our momentum and increasing our already strong presence in the market-place.

Nordstrand holds a bachelor of arts degree from St. Olaf College in Northfield, Minn., and a master of business administration in finance from the Carlson School of Management at the University of Minnesota.  He also holds the CFA (Chartered Financial Analyst) designation and is a director on the board of Solutran.

U.S. Bancorp Piper Jaffray, a subsidiary of Minneapolis-based

U.S. Bancorp (NYSE: USB) is focused securities firm comprised of three divisions: Equity Capital Markets, Fixed Income Capital Markets and Private Advisory Services.  The firm provides a full range of investment products and services to individuals, institutions and businesses.  The firm has over 120 offices in 23 states across the country.  The Equity Capital Markets Division focuses on the needs of growth companies in the health care, technology, financial institutions, consumer and communications growth sectors.  The firm has a national reputation for its expertise in fundamental research and equity and debt financing.  The Fixed Income Capital Markets 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 financings with particular expertise in corporate, health care/hospitals, real estate, higher education and government debt.  The Private Advisory Services division financial advisors provide guidance in retirement planning, education planning, estate planning and wealth accumulation.  Investors select from a wide array of products, including fee-based products, stocks, bonds, mutual funds, annuities, insurance and trust services.  U.S. Bancorp offers a comprehensive range of financial solutions through U.S. Bank, U.S. Bancorp Asset Management, U.S. Bancorp Investments and U.S. Bancorp Piper Jaffray. Securities products and services offered through U.S. Bancorp Piper Jaffray, Inc., member SIPC and NYSE, Inc., a subsidiary of U.S. Bancorp.  For more information on U.S. Bancorp Piper Jaffray, visit www.piperjaffray.com .  Non- deposit 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.

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http://tbutton.prnewswire.com/prn/11690X40261398

SOURCE  U.S. Bancorp Piper Jaffray

    -0-                             08/19/2002

/CONTACT:  Susan Beatty, Public Relations of U.S. Bancorp Piper Jaffray, +1-612-303-5680/

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

(USB)

CO:  U.S. Bancorp Piper Jaffray
ST:  Minnesota
IN:  FIN
SU:  PER

CK-JA
-- MNM007 --
9560 08/19/2002 10:14 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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