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George Dahlman Named Research Manager for U.S. Bancorp Piper Jaffray's Equity

Research Department

MINNEAPOLIS, Sept. 24 /PRNewswire-FirstCall/ -- U.S. Bancorp Piper Jaffray is pleased to announce that George Dahlman has been promoted to research manager for the firm's Equity Research Department.  As research manager, Dahlman will take a primary role in mentoring and training new senior analysts and will serve as chairman of the Research Oversight Committee.  This committee was created to ensure U.S. Bancorp Piper Jaffray's research independence and analytical rigor.

Dahlman has been at U.S. Bancorp Piper Jaffray since 1982 when he joined as a senior research analyst covering the food processing and distribution industries.  During his 20 years as an analyst, Dahlman was named a Wall Street Journal All-Star Analyst five times.

George's extensive resume in this industry and experience as a research analyst made him the obvious selection for this newly created position, said Robert Peterson, head of Equity Research at U.S. Bancorp Piper Jaffray. George will serve as a mentor to research analysts and will help to ensure integrity, independence and professionalism in our equity research product.

Dahlman earned a bachelor of arts degree in mathematics and psychology from Augsburg College.  In 2001, he received a Distinguished Alumnus award from Augsburg.  He also holds the Chartered Financial Analyst designation.

I look forward to the challenge that comes with this new role, said Dahlman.  Coaching and developing talented new senior research analysts will be a great opportunity and I'm excited to lead that charge.

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

U.S. Bancorp (NYSE: USB), is a 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 .

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/11690X62636371

SOURCE  U.S. Bancorp Piper Jaffray

    -0-                             09/24/2002

/CONTACT:  Erin Freeman, Director, 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
ST:  Minnesota
IN:  FIN
SU:  PER

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4790 09/24/2002 11:30 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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