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U.S. Bancorp Piper Jaffray Fixed Income Capital Markets Division Sees Strength In Third Quarter Results Division Sees an 81 Percent Increase in Capital Raised Year-To-Date, Versus Last Yea

MINNEAPOLIS, Nov. 5 /PRNewswire-FirstCall/ -- U.S. Bancorp Piper Jaffray today announced significant strength in third quarter fixed income results. Overall, the division participated in a total of 271 deals raising over $14 billion in the third quarter. Year-to-date through the third quarter, the firm has completed a total of 917 corporate and municipal bond offerings valued at over $57 billion, representing an 81 percent increase in capital raised. Quarterly results reflect strong performance in both the corporate and municipal bond areas.

Corporate Bond Strength

Year-to-date through the third quarter the firm's corporate bond issuance has more than doubled. In the quarter the firm participated in 30 corporate bond offerings valued at over $9.5 billion. Year-to-date through the third quarter, the firm has completed 70 corporate bond offerings valued at over $38 billion, compared with 27 offerings valued at $14.4 billion during the same period last year, representing a 165 percent increase in capital raised.

Municipal Finance Dominance

In the third quarter Piper Jaffray maintained its number one ranking for debt issued in the Mid-West. The division participated in 241 municipal bond offerings valued at $4.5 billion. Year-to-date, the municipal finance team completed 847 transactions valued at over $18.9 billion, representing a 10.81 percent increase in capital raised.

"Our division is coming off a record year last year and the strength in our third quarter results demonstrates the great momentum in our business," said Barry Nordstrand, president and head of the fixed income capital markets division. "We continue to add to staff where we see great opportunities. We recently expanded our mortgage-backed trading business, with the addition of three traders, six sales people and a new office in New York. In addition, we have added senior derivatives talent and expanded our research coverage to include the real estate investment trust (REIT) sector. Each of these hires allow us to continue execution of our strategic growth plan by delivering top- tier guidance to our clients."

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. For more information on U.S. Bancorp Piper Jaffray, visit www.piperjaffray.com .

Additional information is available upon request.

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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SOURCE U.S. Bancorp Piper Jaffray

"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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