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Two U.S. Bancorp Piper Jaffray Analysts Highlighted in Institutional Investor's Annual All-America Research Team Rankings

MINNEAPOLIS, Nov. 4 /PRNewswire-FirstCall/ -- U.S. Bancorp Piper Jaffray (Piper Jaffray) applauds its Technical Market Strategist Edward Nicoski and his technical research team comprised of Shelley Moen and David Nicoski, and Internet Media and Marketing Analyst Safa Rashtchy, ranked for their analytical expertise in Institutional Investor's 2003 All-America Research Team. Nicoski and Rashtchy were named runners-up in Institutional Investor's Technical Research and Internet categories, respectively.

Institutional Investor ranked the top four analysts in several sectors organized within 10 broad groups: Basic Materials, Capital Goods/Industrials, Consumer, Energy, Financial Institutions, Health Care, Media, Technology, Telecommunications and Macro. According to Institutional Investor, they "tapped the opinions of more than 3,700 individuals at approximately 640 firms -- including more than 90 percent of the 100 largest U.S. equity managers."

"We are thrilled Safa as well as Ed's technical team have been recognized for their outstanding analysis in their respective areas of expertise," said Robert W. Peterson, head of Investment Research at U.S. Bancorp Piper Jaffray. "Piper Jaffray is deeply committed to providing its clients with thoughtful and prescient research and this acknowledgment is a shining example of that commitment."

Nicoski is managing director of technical research at U.S. Bancorp Piper Jaffray. He joined the firm in 1970 as a fundamental analyst and in 1976 initiated a technical publication for the firm, which subsequently evolved into The Informed Investor, a monthly publication for institutional investors. In 1978 he became responsible for the MicroGroup Project at U.S. Bancorp Piper Jaffray, which consists of 5000 stocks broken into 12 sectors and 500 MicroGroups. He also has been selected eight times to the All-America Research Analyst Team as published in Institutional Investor magazine. Nicoski holds the Chartered Financial Analyst (CFA) designation and is a member of the Twin Cities Society of Security Analysts and the Market Technicians Association.

Rashtchy is a principal of Piper Jaffray and a senior research analyst focused on the Internet media and marketing sector. He joined the Investment Research department of U.S. Bancorp Piper Jaffray as a research analyst in 1997 and has published several technical papers and presented at various industry conferences. In addition, Rashtchy was named to The Wall Street Journal's "2002 Best on the Street" analyst survey as well as Institutional Investor magazine's "Home Run Hitters of 2001" top stock pickers list. Rashtchy also consistently enjoys the top ranking for his earnings accuracy, as compiled by Starmine. Rashtchy holds a master's in business administration, summa cum laude, from Boston University in Boston, and a bachelor of science degree in engineering from Purdue University in West Lafayette, Ind.

Compiling This Year's All-America Research Team

According to Institutional Investor, "Institutional Investor sent questionnaires covering 71 industry groups and investment specialties to the directors of research and chief investment officers of major money management institutions ... We also contacted selected institutional clients from lists submitted by Wall Street research directors and sent questionnaires directly to analysts and portfolio managers at many top institutions. In total, we mailed ballots to more than 900 institutions. Rankings were determined by using the numerical score each analyst received. Scores were produced by taking the number of votes awarded to an individual analyst and weighting them based on the size of the voting institution and the place that the respondent awarded to the analyst. Teams and individuals were designated runners-up when their scores fell within 35 percent of the third-teamer's score."

U.S. Bancorp Piper Jaffray, a subsidiary of the consolidated group of U.S. Bancorp (NYSE: USB), is a focused securities firm comprised of two revenue- generating segments -- Capital Markets and Private Client Services. Clients of both segments are supported by Investment Research, an independent group reporting to the CEO. The firm provides a full range of investment products and services to individuals, institutions and businesses. The firm has over 124 offices in 25 states across the country. 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 .

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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