Detailed Guide to Investing in the Rapidly Growing Open Communications Market Published by U.S. Bancorp Piper Jaffray.

Business Editors

MINNEAPOLIS--(BUSINESS WIRE)--March 29, 2000

Concurrent with the Voice On the Net (VON) Conference in San Jose, Calif., conference presenter and U.S. Bancorp Piper Jaffray Senior Research Analyst Edward Jackson is releasing a new report for investors on the Open Communications industry. The report offers investors a detailed matrix of up-to-the minute data on companies in four subsectors of the open communications industry: Enterprise Applications and Infrastructure; Contact Center Solutions; Network Applications and Infrastructure; and Enabling Technology Platforms.

"Because of the large and rapidly growing open communications market, we strongly believe investors can seize opportunities today by understanding the key players in this hot space," said Jackson

"The report gives serious telecommunications investors information to compare and contrast companies' performance in relation to their peer groups," said Jackson. The report offers income statements, balance sheets, cash flows, key ratios, stock prices and historic multiples of the leading companies in open communications. It also offers U.S. Bancorp Piper Jaffray's analysis of important industry trends in each of the four open communications subsectors.

For a copy of the report, contact your U.S. Bancorp Piper Jaffray representative. For more information on receiving a report, please call the U.S. Bancorp Piper Jaffray Report Hotline: [phone].

Jackson's coverage includes the following companies: Aspect Communications(a), (ASPT - 41 3/8), AudioCodes Ltd.(a)(b), (AUDC - 130), AVT Corporation(a), (AVTC - 11 1/2), Brooktrout, Inc.(a), (BRKT - 32), Clarent Corporation(a)(b), (CLRN - 11 15/16), Comverse Technology(a), (CMVT - 199 3/8), Davox Corporation(a), (DAVX - 27 3/4), Interactive Intelligence(a)(b), (ININ - 48), InterVOICE-BRITE Inc.(a), (INTV - 29 1/2), Natural MicroSystems(a), (NMSS - 83 1/4), Phone.com(a)(b), (PHCM - 171 13/16), Software.com, Inc.(a), (SWCM - 149 1/2).

U.S. Bancorp Piper Jaffray, a subsidiary of Minneapolis-based U.S. Bancorp, provides a full range of investment products and services to businesses, institutions and individuals. The company's investment banking business has grown exponentially in the last several years by focusing on the needs of growth companies in the health care, technology, financial institutions, consumer and industrial growth sectors. U.S. Bancorp Piper Jaffray has a national reputation for its expertise in fundamental research and equity and debt financing. 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. Securities products and services offered through U.S. Bancorp Piper Jaffray, Inc., member SIPC and NYSE, Inc., a subsidiary of U.S. Bancorp.

(a) U.S. Bancorp Piper Jaffray, Inc., makes a market in the company's securities. (b) Within the past three years, U.S. Bancorp Piper Jaffray, Inc., was managing underwriter of an offering of, or dealer manager of a tender offer for, the company's securities of an affiliate.

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.