U.S. Bancorp Piper Jaffray Appoints Brad England to Head of Investment Banking

July 23, 2002

MINNEAPOLIS, July 23 /PRNewswire-FirstCall/ -- U.S. Bancorp Piper Jaffray(Piper Jaffray) is pleased to announce that Senior Managing Director BradEngland has been named head of the firm's investment banking group. Englandwas previously head of the firm's capital markets desk and will retain thatposition. He is based in Piper Jaffray's headquarter office in Minneapolisand sits on the Equity Capital Markets division operating committee, reportingto Thomas Schnettler, president of U.S. Bancorp Piper Jaffray's Equity CapitalMarkets division.

"Brad has provided invaluable insight and strategic leadership sincejoining the firm earlier this year," said Schnettler. "I have no doubt thathe will approach his new position as head of investment banking with the samededication, intensity and commitment to excellence, as the firm continues tobuild its reputation as the top growth company investment bank."

England is a 23-year veteran of the capital markets, and has extensiveexperience in equity, advisory and debt transactions globally. Prior tojoining U.S. Bancorp Piper Jaffray, England spent over 15 years with MerrillLynch & Co. in Palo Alto, Chicago and London and was a senior member of itsinvestment banking and equity capital markets divisions. While at MerrillLynch, England held positions as the firm's head of equity technologyorigination, head of European equity capital markets, head of Europeancorporate finance and head of regional corporate finance in the United States.

England holds a master of management degree from the Kellogg GraduateSchool of Management at Northwestern University in Evanston, Ill., andreceived a bachelor's of science degree in business administration from theUniversity of Minnesota in Minneapolis.

"I'm excited to have the opportunity to lead this dynamic group at such apivotal time in our business," said England. "I look forward to building uponthe momentum we have in the marketplace, and to extending our strong clientrelationships."

U.S. Bancorp Piper Jaffray, a subsidiary of Minneapolis-basedU.S. Bancorp (NYSE: USB), provides a full range of investment products andservices to businesses, institutions and individuals. The company'sinvestment banking business has grown significantly in the last several yearsby focusing on the needs of growth companies in the health care, technology,financial institutions, consumer and communications growth sectors. U.S.Bancorp Piper Jaffray has a national reputation for its expertise infundamental research and equity and debt financing. U.S. Bancorp offers acomprehensive range of financial solutions through U.S. Bank, U.S. BancorpAsset Management, U.S. Bancorp Investments and U.S. Bancorp Piper Jaffray.Additional information is available upon request.

Nondeposit investment products are not insured by the FDIC, are notdeposits or other obligations of or guaranteed by U.S. Bank NationalAssociation or its affiliates, and involve investment risks, includingpossible loss of the principal amount invested. Securities products andservices are offered through U.S. Bancorp Piper Jaffray Inc., member SIPC andNYSE, Inc., a subsidiary of U.S. Bancorp. (5/99-0679)
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