U.S. Bancorp Piper Jaffray Significantly Expands Fixed-Income Sales and Trading Capabilities

Launches Fixed-Income Trading Office in New York, Hires Top Mortgage Talent

May 31, 2002, 01:00 ET from U.S. Bancorp Piper Jaffray

    MINNEAPOLIS, May 31 /PRNewswire-FirstCall/ -- U.S. Bancorp Piper Jaffray
 today announced the strategic expansion of its fixed-income sales and trading
 operations, with a new trading presence in New York, which will focus
 initially on trading mortgage backed securities. This expansion builds upon
 the firm's nation-wide fixed income sales and trading services in Minneapolis,
 San Francisco, Kansas City, Seattle, Chicago, Denver, Portland and Phoenix,
 and rounds out the firm's industry expertise in agency, corporate and
 municipal and preferred trading.  The new trading group will be located in the
 firm's Chrysler Building offices in mid-town Manhattan.
     To staff this expansion, the firm has hired trading veteran Jim Perillo,
 who will be a senior collateralized mortgage obligation (CMO) trader and team
 leader for the mortgage structured products trading group.  Perillo, known in
 the industry for his broad experience in trading agency and whole loan CMOs,
 will bring an added dimension to the firm's current mortgage-backed securities
 operation, which includes Matthew Baber, Senior Trader in Minneapolis.  Also
 adding to the firm's mortgage capabilities are recent hires Irene Fan,
 Institutional Sales in San Francisco and Toby Chakeen, Institutional Sales in
 Chicago.  Prior to joining Piper Jaffray, Perillo was vice president and
 senior trader at JP Morgan Securities, formerly Chase Securities, where he
 spent the last eight years in Chase's mortgage trading group.  Perillo holds a
 bachelor of science degree from St. John's University in New York.
     In addition, the firm has hired Andrew Collins as a senior trader
 specializing in structured products.  Collins has more than 10 years
 experience in the structured product origination and trading market, with the
 past four years at JP Morgan Securities, formerly Chase Securities.  Prior to
 working at JP Morgan, Collins worked at Paine Webber, where he was responsible
 for the structuring and marketing of whole loan and agency CMOs.  Collins
 holds a bachelor of science degree from Miami University, in Oxford, Ohio and
 an MBA from the University of Chicago. Collins and Perillo will be located in
 the firm's Manhattan offices.
     "Perillo and Collins represent some of the best trading talent in the
 industry," said Mike Effron, head of taxable trading at Piper Jaffray. "Their
 expertise will complement our current mortgage-backed trading desk and will be
 instrumental in our building a top-tier fixed-income trading platform."
     Perillo and Collins were drawn to the firm's unique culture and commitment
 to building a top-tier fixed-income franchise.
     "Piper Jaffray's fixed-income services are rapidly taking share from other
 firm's," said Perillo.  "I'm excited to be part of this winning team.  Piper's
 commitment to the mortgage business has positioned the firm to be the top
 mortgage trading team amongst our peers."
     The U.S. Bancorp Piper Jaffray Fixed Income Capital Markets (FICM)
 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 financing, with particular expertise in corporate, health care/hospitals,
 real estate, higher education and government debt. With offices in 23
 locations in the United States, the U.S. Bancorp Piper Jaffray FICM business
 underwrote new bond issues totaling more than $37 billion in 2001. U.S.
 Bancorp Piper Jaffray, based in Minneapolis, is a subsidiary of
 U.S. Bancorp (NYSE:   USB). For more information on the U.S. Bancorp Piper
 Jaffray FICM business, visit http://www.piperjaffray.com .
     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. 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