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U.S. Bancorp Piper Jaffray Internet Analyst Safa Rashtchy to Host Online Advertising Symposium

- Event to Take Place November 20, 2003 in New York -

NEW YORK, Nov. 18 /PRNewswire-FirstCall/ -- U.S. Bancorp Piper Jaffray (Piper Jaffray) Senior Internet Media and Marketing Analyst Safa Rashtchy expects online advertising expenditures to exceed $8 billion next year for the first time since the dot-com crash. To examine the trends facing the industry today, Rashtchy is holding the first annual Piper Jaffray Online Advertising Symposium on November 20, 2003, at the W New York Hotel.

Industry leaders, key companies and industry associations will gather to discuss the growth rate of online advertising and recent survey data on online behavior and advertising. Company participants include: Yahoo! Inc. (YHOO, Strong Buy, $40.36, #>=), Havas Group's Euro RSCG Circle.com, Universal McCann, MSN (MSFT, Outperform, $25.15, #>=), New York Times Online (NYT, not rated, $47.19), Unilever (UN, not rated, $59.30), (UL, not rated, $34.87), Kraft Foods Inc. (KFT, not rated, 31.20, #), DoubleClick (DCLK, Market Perform, $8.03, #>), 24/7 Media (TFSM, not rated, $1.40), aQuantive Inc. (AQNT, not rated, $9.77), iVillage Inc. (IVIL, not rated, $2.78), ValueClick, Inc. (VCLK, not rated, $7.35), among others.

The day-long event will be comprised of four panels, two special updates and a keynote address by Rex Briggs of Marketing Evolution. Briggs will discuss the results of his innovative Cross Media Study on the optimum media allocations for various advertising campaigns. In the first special update, Nick Nyhan, chief executive officer of Dynamic Logic, will discuss how to prove that online advertising works. The second special update will feature Columbia University Senior Research Fellow John Carey and Executive Director of the Online Publishers Association Michael Zimbalist presenting the results of a brand new ethnographic study of Web users documenting how consumers are using the Web in homes and offices across the country and forming specific habits around it. The four panels included on the agenda are outlined below:

    Panel I.   Interactive Agencies, Technologies and Services
               Representative firms include DoubleClick, Aquantive,
               Eyeblaster, ValueClick and 24/7 Media. This discussion will
               focus on what these companies can do to further facilitate
               adoption of online medium, making it easier, less expensive,
               and more effective; what trends they see in the industry; what
               technologies are in demand?

    Panel II.  Advertiser Perspective
               Participants include heads of marketing representing firms such
               as Kraft and Unilever.

    Panel III. Advertising Agencies
               Representatives from the major multi-national advertising and
               marketing groups will provide their perspectives on allocation
               of advertising dollars to online.

    Panel IV.  Online Publishers
               Representative companies include Yahoo!, MSN, New York Times
               Online and iVillage. Panelists will examine how they interact
               with both agencies and advertisers; how do they respond to the
               demands and issues raised by advertisers and agencies; what are
               the critical issues in managing their inventory and content?

Members of the media interested in attending the Piper Jaffray Online Advertising Symposium should contact Dana Wade at dwade@pjc.com or 415-277-1556. Piper Jaffray clients should contact their account executive to register for the event.

About U.S. Bancorp Piper Jaffray:

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. The firm provides a full range of investment products and services to individuals, institutions and businesses. The firm has over 126 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 .

The following disclosures apply to stocks mentioned in this report if and as indicated: (#) U.S. Bancorp Piper Jaffray (USBPJ) was making a market in the Company's securities at the time this research report was published. USBPJ may buy and sell the Company's securities on a principal basis. (^) A USBPJ analyst who follows this Company or a member of the analyst's household has a financial interest (a long equity position) in the Company's securities. (@) Within the past 12 months, USBPJ was a managing underwriter of an offering of, or dealer manager of a tender offer for, the Company's securities or the securities of an affiliate. (>) USBPJ has either received compensation for investment banking services from the Company within the past 12 months or expects to receive or intends to seek compensation within the next three months for investment banking services. (~) A USBPJ analyst who follows this Company, a member of the analyst's household, a USBPJ officer, director, or other USBPJ employee is a director and/or officer of the Company. (+) USBPJ and its affiliates, in aggregate, beneficially own 1% or more of a class of common equity securities of the subject Company. (=) One or more affiliates of U.S. Bancorp, the ultimate parent company of USBPJ, provided commercial banking services (including, without limitation, loans) to the Company at the time this research report was published. (*) A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This communication shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. ** These companies have conducted initial public offerings of their securities and are currently in the "Quiet Period." As a result, there is no research available on these companies. This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities of these companies. Additional information is available upon request.

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      potential relative to the overall market*, not on an absolute return.
      Strong Buy: Expected to outperform the relevant broader market index
      over the next 6 to 12 months. An identifiable catalyst is present to
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      over the next 12 to 18 months.
      Market Perform: Expected to perform in line with the relevant broader
      market index over the next 6 to 12 months.
      Underperform: Expected to underperform the relevant broader market index
      over the next 6 to 12 months.

    * Broader market indices = Russell 2000 and S&P 500

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      Low: The stock price has moved up or down by more than 10% in a month in
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      in at least 8 of the past 24 months. All IPO stocks automatically get
      this volatility rating for the first 12 months of trading.

    Disclaimer

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.

USBPJ research analysts receive compensation that is, in part, based on revenues of USBPJ Equity Capital Markets which include overall investment banking revenues. USBPJ research analysts who follow this Company report to the Head of Investment Research who, in turn, reports directly to the Chief Executive Officer of U.S. Bancorp Piper Jaffray.

This material is based on data obtained from sources we deem to be reliable; it is not guaranteed as to accuracy and does not purport to be complete. This information is not intended to be used as the primary basis of investment decisions. Because of individual client requirements, it should not be construed as advice designed to meet the particular investment needs of any investor. It is not a representation by us or an offer or the solicitation of an offer to sell or buy any security. Further, a security described in this release may not be eligible for solicitation in the states in which the client resides. Affiliates of U.S. Bancorp Piper Jaffray, including U.S. Bancorp and their respective officers or employees, or members of their families, may have a beneficial interest in the Company's securities and may purchase or sell such positions in the open market or otherwise.

Notice to customers in the United Kingdom: This report is a communication made in the United Kingdom by U.S. Bancorp Piper Jaffray to market counterparties or intermediate customers and is exclusively directed at such persons; it is not directed at private customers and any investment or services to which the communication may relate will not be available to private customers. In the United Kingdom, no persons other than a market counterparty or an intermediate customer should read or rely on any of the information in this communication.

Securities products and services offered through U.S. Bancorp Piper Jaffray, member SIPC and NYSE, Inc., a subsidiary of U.S. Bancorp. Additional information is available upon request.

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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