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U.S. Bancorp Piper Jaffray Launches Chicago Private Advisory Services Office;

Ross Baumgarten and David Kelson Join the Firm as Financial Advisors

CHICAGO, Oct. 2 /PRNewswire-FirstCall/ -- U.S. Bancorp Piper Jaffray today is pleased to announce the opening of the firm's Chicago office with the hiring of Ross Baumgarten and David Kelson, who have joined the firm as managing directors and financial advisors for the Private Advisory Services division.  Baumgarten and Kelson will be based in the firm's Chicago brokerage office, reporting to Tom Parkins, regional director for the Private Advisory Services division.  Parkins, who brings over 30 years of industry experience, was hired in February to oversee the Milwaukee and Chicago metropolitan areas.

I am thrilled to have Ross and David as financial advisors and colleagues, said Parkins.  Having been a part of the Chicago area community for a combined 25 years, they bring significant expertise and experience and a keen ability to understand and fulfill the needs of individual clients within the Chicago region.

Baumgarten and Kelson provide investment advice to affluent investors, corporations, foundations and institutional clients.  David and I are very excited about the many opportunities that the Piper Jaffray platform offers us to better serve our clients' needs.  We have all the investment tools of a large firm, coupled with the unique culture that has been the hallmark of Piper Jaffray for over a hundred and seven years, said Ross Baumgarten, managing director, investments Private Advisory Services division.  This firm has tremendous vision and culture and we're thrilled to have the opportunity to help build a presence in Chicago.

Baumgarten brings over 18 years of industry experience.  Prior to joining U.S. Bancorp Piper Jaffray, Baumgarten was a principal at William Blair in Chicago.  Before entering the financial services industry, he was a pitcher for the Chicago White Sox for five years.  He has a bachelor's degree from the University of Florida in Gainesville, Fla.  He resides in Glencoe, Ill., with his wife and their four children.

Kelson brings over 7 years of industry experience.  Prior to joining U.S. Bancorp Piper Jaffray, Kelson was an investment advisor at William Blair in Chicago.  He has a bachelor's degree from Boston University, in Boston. Kelson resides in Chicago with his wife and twin daughters.

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 .  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/11690X71066223

SOURCE  U.S. Bancorp Piper Jaffray

    -0-                             10/02/2002

/CONTACT:  Erin Freeman, Director, Public Relations of U.S. Bancorp Piper Jaffray, +1-415-277-1595/

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

(USB)

CO:  U.S. Bancorp Piper Jaffray
ST:  Illinois, Minnesota
IN:  FIN MFD INS
SU:  PDT PER

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5748 10/02/2002 11:11 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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