Addison L. Piper Transitions CEO Post at U.S. Bancorp Piper Jaffray.

Business Editors

MINNEAPOLIS--(BUSINESS WIRE)--Dec. 29, 1999

Andrew Duff Adds CEO to His Responsibilities

Addison L. (Tad) Piper, 53, chairman and chief executive officer of U.S. Bancorp Piper Jaffray, announced today that he will transition out of his role of chief executive officer, a post he has held since 1983.

Piper will be turning over the CEO title and duties to Andrew Duff, president, who has been with the firm since 1980 and on its Management Committee since 1994. In addition to his position at U.S. Bancorp Piper Jaffray, Duff recently took responsibility for two key U.S. Bancorp businesses, Institutional Financial Services and Private Financial Services. Together with U.S. Bancorp Piper Jaffray, these three businesses constitute the Wealth Management Group, which offers clients integrated banking and investment services, including asset management, 401(k) products, private banking, personal trust and investment services.

Piper will retain the title of chairman and will continue to serve on the Management Committee of U.S. Bancorp Piper Jaffray. His new role will enable him to focus on providing strategic advice and meeting prospective and existing clients. He will also continue his active participation in faith-based and community activities.

"Tad has always set a great example to his employees by living the company's mission day in and day out," said John F. Grundhofer, chairman, and chief executive officer of U.S. Bancorp. "I know Tad's strategic decision to partner with us was guided by the fact that it fit with the mission statement to enhance service to clients. His new role enables him to continue to be a significant contributor to our company's success."

"It's been a privilege to serve the great people of this company through both good and tough times," Piper said. "This company is in great hands and I'm excited about our future and that of our parent, U.S. Bancorp. Our focus on satisfying clients and creating shareholder value is right on the mark."

The grandson of founder H.C. Piper Sr. and son of Harry C. (Bobby) Piper, Jr., who was CEO from 1969 until 1983, Tad Piper joined the company in 1969. He first served as assistant syndicate manager, director of securities trading and director of sales and marketing. He was named chairman of the Management Committee in 1982 and chief executive officer in 1983. Piper became chairman of the board in 1988.

Under Piper's tenure, the company has grown significantly. In 1983, the then-named Piper Jaffray & Hopwood had 1,423 employees. Today, approximately 3,300 employees work for U.S. Bancorp Piper Jaffray. In 1983, the firm reported revenues of $136 million and profits of $11 million. Since then, revenues have increased almost 500 percent and earnings have increased ten-fold.

The 1980s and 90s also brought significant gains in market share:

-- Individual Investor Services grew to become the 11th largest

brokerage in the U.S. with 105 offices in 18 states.

-- Equity Capital Markets (ECM) grew to be a true national

competitor in its industry niches. During 1999, the firm

completed 96 deals, tied for 13th place nationally. Of these, 57

were technology deals, making it the seventh-rated investment

bank in the number of IPOs and follow-on offerings. It ranked

fourth nationally in technology IPOs with 43 offerings.

-- Fixed Income Capital Markets has significantly enhanced its

franchise during the 90s. It has been the No. 1 underwriter of

long-term municipal bonds in the Midwest for the past eight

years.

-- Piper Capital Management and Piper Trust Company were both

founded during Tad Piper's tenure as CEO.

-- In 1993, the Piper Jaffray Companies Foundation was established

to help distribute charitable dollars more efficiently.

Piper received a bachelor's degree in economics from Williams College and an MBA from Stanford University. Civic activities include serving as director of Allina Health System, Minnesota Public Radio, Minnesota Business Partnership, regent of St. Olaf College and chair of the St. Martin Church Foundation. Piper is the former chair of Abbott Northwestern Hospital, Minnesota Public Radio, and the former vice-chair of the Minneapolis Downtown Council and Board of Governors of the Securities Industry Association. He was the former chair of the NYSE Regional Firms Advisory Group Committee, former director of Greenspring Corporation, and former trustee of Woodhill Country Club, Guthrie Theater, Washburn Child Guidance Center and the Stanford University Business School Trust. Piper recently served as senior warden at St. Martins By-The-Lake Church.

U.S. Bancorp Piper Jaffray, a subsidiary of Minneapolis-based U.S. Bancorp, provides a full range of investment products and services to individuals, institutions and businesses. Founded in 1895, the company has grown to become the 11th largest brokerage in the nation with more than 100 retail offices in 18 Midwest, Mountain, Southwest and Pacific states. U.S. Bancorp Piper Jaffray is the leading municipal bond underwriter in the nation, according to Securities Data Company. The firm also has a national reputation for its expertise in debt and equity financing for growth companies. The U.S. Bancorp Piper Jaffray Foundation and U.S. Bancorp Piper Jaffray dedicate a meaningful percentage of pretax income to civic and charitable community purposes. U.S. Bancorp offers a comprehensive range of financial solutions through U.S. Bank, First American Asset Management, U.S. Bancorp Libra Investments and U.S. Bancorp Piper Jaffray. For more information, visit our Web site at 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)