U.S. Bancorp Piper Jaffray Represents ITM, LLC in its Sale to Citation Corporation

MINNEAPOLIS, Sept. 10 U.S. Bancorp Piper Jaffray announced today that it served as exclusive
financial advisor to ITM, LLC ("ITM"), a premier manufacturer of die-cast and
precision machined products serving primarily the automotive industry, in its
sale to Citation Corporation, a manufacturer of cast, forged and machined
components. The transaction closed on Friday, August 24, 2001.
"Under the direction of a strong management team, ITM has grown both
revenue and cash flow despite a difficult economic environment," said Daniel
E. Kubes, lead banker on the transaction and a Principal of the Middle Market
Mergers & Acquisitions Group at U.S. Bancorp Piper Jaffray. "Completion of
this transaction during a period in which the automotive industry is out of
favor with investors and access to bank financing is scarce illustrates
U.S. Bancorp Piper Jaffray's strong execution capabilities and commitment to
the automotive industry. Both capability expansion and customer
diversification on a global scale continue to drive consolidation in the
automotive industry," continued Kubes.

About ITM Manufacturing
ITM, headquartered in Grand Rapids, Mich., has been a portfolio holding of
Westport, Conn.-based Charter Oak Capital Partners since February 1998.
Growing from a small precision machine shop into a trusted supplier to Fortune
100 companies, such as Ford and Honda, is a testament to ITM's pursuit to
manufacture the highest quality products available in a high volume
environment in a very timely manner. ITM generated sales of approximately
$51 million for the fiscal year ended December 31, 2000 and operates from a
72,000 square foot, state-of-the-art die-casting facility in Grand Rapids,
Mich. and an industry leading 55,000 square foot precision machining facility
in Lowell, Mich. In addition to housing the die-casting facility, that
particular location also includes storage facilities and administrative
offices.

About Citation Corporation
Based in Birmingham, Ala., Citation Corporation is a manufacturer of cast,
forged and machined components for the capital and durable goods industries.
Citation has more than 7,000 employees serving 17 divisions in nine states and
has been a portfolio holding of New York City-based Kelso & Company since
December 1999. Citation sells its products into the automotive, construction
equipment, aerospace, agriculture and capital and durable goods industries.
The company's blue-chip customer list includes, among others, Ford Motor
Company, Caterpillar Inc., Dana Corporation, TRW Lucas Varity PLC, General
Motors and DaimlerChrysler Corp.

About U.S. Bancorp Piper Jaffray
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 firm was named
"Middle Market Mergers and Acquisitions (M&A) Bank of the Year," according to
Mergers & Acquisitions magazine's annual "Best in M&A Awards," which appeared
in the February, 2001 issue. In the feature, U.S. Bancorp Piper Jaffray is
recognized as having established "a nationwide, if not international,
deal-making practice that exemplifies the role of the modern middle-market
banker -- graduating upstream into even larger transactions while retaining
its roots in mid-sized transactions." The firm made the list of Top 20 M&A
advisors in 2000, having guided clients through a wide variety of
transactions, including advising National Discount Brokers in its
$1.06 billion sale to Deutsche Bank AG. 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
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.
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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