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U.S. Bancorp Piper Jaffray to Host Fifth Annual Technology Conference May 13 And 14 in New York

NEW YORK, May 8 /PRNewswire-FirstCall/ -- With technology stocks rallying and the NASDAQ trading at its highest level in nearly a year, what do investors need to know to capitalize on current positive trends seen within the sector? Is this a meaningful and sustainable rally, or will it dissipate like so many others? In an effort to provide investors with answers to these pertinent questions and guide them through the ebbs and flows of the technology stock market, U.S. Bancorp Piper Jaffray will host its fifth annual Technology Conference May 13 and 14, 2003 at the Grand Hyatt New York in New York City. More than 125 of the industry's highest-profile technology and communications companies will discuss their latest performance and address current industry trends.

Management teams from participating companies will make half-hour presentations covering a number of the growth areas, including: analog/mixed- signal semiconductors, computer hardware, data networking and wireline telecommunications, Internet media and marketing, learning services, security and design software, semiconductors, software applications, software infrastructure, technology and business services and wireless communications equipment.

"During these challenging times for the capital markets, our commitment to meeting the needs of our clients is stronger and more important than ever," said Robert W. Peterson, head of research at U.S. Bancorp Piper Jaffray. "This two-day event will arm our clients with information to guide them through these turbulent investing waters and enable them to make smart investing decisions going forward."

The conference commences Tuesday morning with one of four panel discussions that will be held that day on various segments of the technology sector:

     --  Semiconductor Overview
         Moderated by Robert Peterson, head of Research at U.S. Bancorp Piper
         Jaffray.
         Panelists include four Piper Jaffray senior technology analysts:
         --  Ashok Kumar, computer hardware and semiconductors,
         --  Samuel May, wireless communications equipment,
         --  Tore Svanberg, analog/mixed-signal semiconductors and
         --  Sanjiv Wadhwani, data networking and wireline telecommunications.

     --  Online Subscription Models: Gold Mine or Gravy?
         Moderated by U.S. Bancorp Piper Jaffray Senior Internet Media and
         Marketing Analyst Safa Rashtchy.
         Panelists include:
         --  Merrill Brown, senior vice president of Real One - RealNetworks,
             Inc.
         --  Reed Hastings, chief executive officer, Netflix, Inc.
         --  Peter Pezaris, president of operations and product development,
             Sportsline.com, Inc.
         --  Tom Stockham, chief executive officer, MyFamily.com, Inc.

         Rashtchy and his guests will examine four successful subscription
         models that have convinced nearly a million users each to pay $10-$20
         per month for these services.  In addition, they will address the
         following questions:
         1.  What sells online and what are users willing to pay for?
         2.  What is the cost of subscriber acquisition and how often do they
             churn?
         3.  How profitable are these models (lifetime values)?
         4.  How big can this market be?  Will subscription services provide
             just some additional revenues or can it be a gold mine?

     --  Online Higher Education -- From Pioneering To Mainstream
         Moderated by Senior Learning Services Analyst Mark Marostica.
         Panelists include:
         --  Laslo Boyd, executive vice president, University of Maryland
         --  Nick Fluge, president, Career Education Corporation Online
             Education Group
         --  Robert Silberman, chairman & chief executive officer, Strayer
             Education, Inc.
         --  Oakleigh Thorne, chief executive officer, eCollege

         Marostica and his guests will discuss the growth dynamics of online
         higher education -- are we in the first or ninth inning?  In
         addition, the panel will address why some online higher education
         initiatives fail, while others don't and what key emerging trends and
         opportunities will shape the future of the industry.

     --  Mid-Year Software Trends and Outlook for 2004
         Moderated by Robert Peterson.
         Panelists include three Piper Jaffray senior technology analysts:
         --  Eugene Munster, security and design
         --  Tad W. Piper, software applications
         --  David Rudow, software infrastructure

In addition, the conference will feature guest speaker Mark L. Pelesh, partner at Drinker Biddle & Reath, in Washington D.C., discussing the current Reauthorization of the Higher Education Act at noon eastern time on Tuesday. Pelesh leads Drinker Biddle & Reath's Education Law Group. His practice is focused on the legal and regulatory issues confronting educational institutions.

Company and investor participation for the U.S. Bancorp Piper Jaffray Technology Conference is by invitation only. Members of the media who would like to attend should contact Dana Wade at 415-277-1556 or dwade@pjc.com . All other registration is done online at www.gotoanalysts.com .

The following companies are scheduled to present at the conference:

@Road, Inc., ActivCard Corp., ADC Telecommunications, Inc., Adobe Systems Incorporated, Aeroflex Incorporated, ANADIGICS, Inc., Andrew Corporation, Anteon International Corporation, Apollo Group, Inc., Applied Films Corporation, Applied Micro Circuits Corporation, Ask Jeeves, Inc., Asyst Technologies, Inc., ATMI, Inc., Autodesk, Inc., Avid Technology, Inc., BEA Systems, Inc., Benchmark Electronics, Inc., Borland Software Corporation, Broadcom Corporation, Business Objects S.A., Cabot Microelectronics Corporation, CACI International Inc., Cadence Design Systems, Inc., Carrer Education Corporation, Centurion Wireless Technologies, Inc., Check Point Software Technologies Ltd., ChipPAC, Inc., ChoicePoint Inc., Cirrus Logic, Inc., CNET Networks, Inc., Cognos Incorporated, Coherent, Inc., CommVault Systems, Inc., Comverse Technology, Inc., Conexant Systems, Inc., Corinthian Colleges, Inc., Cypress Semiconductor Corporation, DeVry Inc., Digital River Inc., DoubleClick Inc., eBay Inc., Education Management Corporation, Electronic Data Systems Corporation, Embarcadero Technologies, Inc., Entegris, Inc., Enterasys Networks, Inc., Exar Corporation, Extreme Networks, Inc., Exult, Inc., FileNet Corporation, Garmin Ltd., Hutchinson Technology Incorporated, Hyperion Solutions Corporation, Informatica Corporation, Integrated Circuit Systems, Inc., Interactive Data Corporation, InterDigital Communications Corporation, Intersil Corporation, ITT Educational Services, Inc., JDA Software Group, Inc., Komag, Incorporated, Lawson Software, Inc., LookSmart, Ltd., Macrovision Corporation, Magma Design Automation, Inc., ManTech International Corporation, Manufacturers' Services Limited, Manugistics Group, Inc., MatrixOne, Inc., Mentor Graphics Corporation, Micrel, Incorporated, Micron Technology, Inc., MicroStrategy Incorporated, Motorola, Inc., Monster Worldwide, MRO Software, Inc., National Semiconductor Corporation, Netflix, Inc., NetScreen Technologies, Inc., Network Associates, Inc., Newport Corporation, Novellus Systems, Inc., O2Micro International Limited, ON Semiconductor Corporation, Overture Services, Inc., Parametric Technology Corporation, PeopleSoft, Inc., Pericom Semiconductor Corporation, Pinnacle Systems, Inc., Polycom, Inc., Power Integrations, Inc., Powerwave Technologies, Inc., ProQuest Company, Progress Software Corporation, QUALCOMM Incorporated, Quantum Corporation, RealNetworks, Inc., REMEC, Inc., RF Micro Devices, Inc., Roxio, Inc., RSA Security Inc., SafeNet, Inc., Salesforce.com, SanDisk Corporation, Secure Computing Corporation, SeeBeyond Technology Corporation, Siebel Systems, Inc., Silicon Image, Inc., SINA Corporation, Skyworks Solutions, Inc., SonicWALL, Inc., SSA Global Technologies, Inc., Strayer Education, Inc., Sun Microsystems, Inc., Supertex, Inc., SupportSoft, Inc., Sylvan Learning Systems, Inc., Systems & Computer Technology Corporation, Tektronix, Inc., Tessera Technologies, Inc., TriQuint Semiconductor, Inc., United Online, Inc., UTStarcom, Inc., Vecco Instruments Inc., Veridian Corporation, Verint Systems Inc., Verisity Ltd., Virage Logic Corporation, Vishay Intertechnology, Inc., Xicor, Inc., Wavecom S.A., webMethods, Inc. and Western Digital Corporation.

U.S. Bancorp Piper Jaffray, a subsidiary of Minneapolis-based U.S. Bancorp (NYSE: USB), is a focused securities firm comprised of four lines of business: Equity Capital Markets, Fixed Income Capital Markets, Private Advisory Services and Research. The firm provides a full range of investment products and services to individuals, institutions and businesses and has over 124 offices in 25 states across the country. For more information on U.S. Bancorp Piper Jaffray, visit www.piperjaffray.com .

This press release contains forward-looking statements. Statements that are not historical or current facts, including statements about beliefs and expectations, are forward-looking statements. These forward-looking statements are subject to risks and uncertainties relating to the proposed spin-off of the U.S. Bancorp Piper Jaffray business, including the impact of the proposed spin-off on U.S. Bancorp's and the new company's results of operations, the financial accounting consequences of the proposed transaction, the impact of the spin-off on U.S. Bancorp's stock price and on its and the new company's relationships with their respective customers and employees, the tax consequences of the transaction to U.S. Bancorp, the new company and their respective stockholders, changes in business climate or market conditions or other factors which could make the proposed spin-off unadvisable. These forward-looking statements involve other inherent risks and uncertainties, and other important factors could cause actual results to differ materially from those anticipated, including those contained in U.S. Bancorp's Form 10-K and other reports on file with the U.S. Securities and Exchange Commission. Forward-looking statements speak only as of the date they are made, and U.S. Bancorp undertakes no obligation to update them in light of new information or future events.

Additional information is available upon request.

U.S. Bancorp Piper Jaffray, 800 Nicollet Mall, Suite 800, Minneapolis, Minnesota 55402-7020

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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