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Slow But Steady Economic Recovery, Low Interest Rates and Consistent Earnings Growth -- What Do These Catalysts Mean for Financial Services Stocks in 2003? U.S. Bancorp Piper Jaffray Hosts 14th Annual Financial Services Conference In

NEW YORK, Nov. 6 /PRNewswire-FirstCall/ -- In this era of market capitalization and price performance depletion, it is important to note that the financial sector of the S&P 500 Index has remained relatively stable and consistent over the past 18-24 months. Financial stocks now make up the largest contingent of market capitalization within the S&P 500 Index. In addition, the financial sector is one of six sectors that have outperformed the broader index over the past 12 months. U.S. Bancorp Piper Jaffray believes three primary catalysts for maintaining fundamental exposure to the sector (a slow but steady economic recovery, low interest rates and consistent earnings growth) are likely to remain intact for at least the next three to four fiscal quarters. To explore how these catalysts will affect financial services stocks in 2003, U.S. Bancorp Piper Jaffray hosts its 14th annual Financial Services Conference Tuesday - Wednesday, November 12-13, at the New York Palace in New York.

This year's conference will feature management presentations from over 50 of the most highly regarded and influential public companies within the bank and investment banks, specialty finance, financial technologies and services and real estate investment trusts (REIT) sectors. In addition, several private companies with exceptional growth prospects in the financial universe will also present during the two-day conference.

"We believe this year's conference line-up will provide a unique opportunity for our clients to learn more about how current and future trends will affect the specialty finance, financial technologies and services, banks and investment banks and REIT sectors in 2003," said Robert Peterson, head of Equity Research for U.S. Bancorp Piper Jaffray.

The conference kicks off Tuesday morning with a feature presentation by U.S. Bancorp Piper Jaffray's four senior financial research analysts: Jeffery Baker, Financial Technologies and Services; Andrew Collins, Banks and Investment Banks; Robert Napoli, Specialty Finance; and Andrew Rosivach, REITs. Each analyst will offer insight into the major trends impacting their respective sectors.

Company and investor participation for the U.S. Bancorp Piper Jaffray Financial Services Conference is by invitation only. Members of the media who would like to attend should contact Susan Beatty at (612) 303-5680 or susan.beatty@pjc.com . Guests should register at www.gotoanalysts.com .

The following companies are scheduled to present at the conference: Allegiant Bancorp, Inc., Allied Capital Corporation, Alliance Data Systems Corporation, AmeriCredit Corp., AMLI Residential Properties Trust, American Capital Strategies, Annaly Mortgage Management Inc., Anthracite Capital, Apartment Investment and Management Company, Bank of America Corporation, Boston Private Financial Holdings, Inc., BRE Properties Inc., Camden Property Trust, Capital Bancorp Limited, Capital One Financial Corporation, CapitalSource, Certegy Inc., CheckFree Corp., Citigroup, City National Corp., Commerce Bancorp Inc., Community First Bankshares Inc., Concord EFS, Countrywide Credit Industries Inc., Digital Insight Corporation, DVI, Inc., Equity One, Inc., Equity Residential Properties Trust, Euronet Worldwide Inc., Fannie Mae, Fidelity National Information Solutions Inc., Fidelity National Financial Inc., Financial Federal Corporation, First American Corporation, GATX Corporation, Global Payments Inc., Golden West Financial Corporation, Greater Bay Bancorp, HPSC, Inc., Hudson United Bancorp, Interpool, Inc., Investment Technology Group, Inc., InterCept Inc., J.P. Morgan Chase & Co., MCG Capital Corporation, Medallion Financial Corp., Pennsylvania Real Estate Investment Trust, Providian Financial Corporation, RAIT Investment Trust, Ramco-Gershenson Properties Trust, Southwest Bancorporation of Texas Inc., S1 Corporation, TCF Financial Corporation, Texas Capital Bancshares Inc., Thornburg Mortgage Inc., TSYS, Inc., Wachovia Corporation, Washington Mutual, Wells Fargo & Company, U.S. Bancorp, and Wintrust Financial Corporation.

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 . 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.

This report should be read in conjunction with important disclosure information found at the following site: http://www.piperjaffray.com/disclosures .

Additional information is available upon request.

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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