US BANCORP \DE\ — Director's Dealing 2003

Dec 19, 2003

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: PIPER JAFFRAY COMPANIES (PJC)
CIK: 0001230245
Period of Report: 2003-12-19

Reporting Person: US BANCORP \DE\ (10% Owner)
Reporting Person: U S BANCORP PIPER JAFFRAY COMPANIES INC (10% Owner)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	100	Indirect

Footnotes

F1: U.S. Bancorp Piper Jaffray Companies Inc., a wholly owned subsidiary of U.S. Bancorp (NYSE: USB), has direct beneficial ownership of 100 shares of common stock of Piper Jaffray Companies, comprising all of the issued and outstanding securities of Piper Jaffray Companies as of the date hereof. As U.S. Bancorp Piper Jaffray Companies, Inc. is a wholly owned subsidiary of U.S. Bancorp, U.S. Bancorp is deemed to have indirect beneficial ownership of such shares of common stock of Piper Jaffray Companies, and accordingly is filing this Form 3 Statement of Beneficial Ownership with U.S. Bancorp Piper Jaffray Companies, Inc. as a group.

F2: In connection with the proposed distribution (the "Distribution") by U.S. Bancorp to its stockholders of all of the outstanding shares of common stock of Piper Jaffray Companies it then holds, Piper Jaffray Companies has registered its common stock under the Securities Exchange Act of 1934, as amended, pursuant to a Registration Statement on Form 10 previously filed with Securities and Exchange Commission. It is expected that the Distribution will be completed in the fourth quarter of 2003, after which U.S. Bancorp will own no shares of capital stock of Piper Jaffray Companies, either directly or indirectly.