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U.S. Bancorp Asset Management Hires Dale Kurtz to Promote Strategic

Partnerships for Expanded Distribution

Firm Aims to Increase Distribution of Investment Products and Services Through

Third-Party Distribution Channels

MINNEAPOLIS, Oct. 10 /PRNewswire-FirstCall/ -- U.S. Bancorp Asset Management today announced that Dale Kurtz has been named as the firm's new key accounts manager for U.S. Bancorp Asset Management and First American Funds.  Kurtz will focus on establishing strategic asset-management relationships to increase distribution of the firm's investment products and services through third-party channels.

Under Dale's leadership, we have strategic plans to expand our sales efforts outside our successful internal sales channels, explained Senior Managing Director John Gibas.  Dale's appointment underscores our drive to expand and broaden our distribution capabilities through strategic, third- party partnerships.  Third-party channels will include broker-dealer relationships; bank and insurance company 401(K) plans; insurance company variable annuity platforms; institutions sponsoring fund of funds and wrapped-fee products; and trust companies and asset managers focused on the high-net-worth marketplace, Gibas said.

Kurtz has more than 20 years of experience in financial-services sales and marketing.  Most recently, he served as managing director for product distribution at Jundt Funds/Jundt Alternative Investments in Minneapolis. Prior to that, he was vice president of product marketing at American Express Financial Corp. in Minneapolis and vice president of financial advisory services at Delaware Investments in Philadelphia.  Kurtz has an M.B.A. degree from the University of St. Thomas in St. Paul, Minn., and a B.S. degree from St. John's University in Collegeville, Minn.

I'm excited about the opportunity to develop strategic partnerships that will expand the distribution capabilities of one of the country's leading asset-management firms and fund families, Kurtz said.  The firm's goal of superior long-term performance should make it an attractive strategic partner for many investment concerns.

About U.S. Bancorp Asset Management

With $116.9 billion* in assets under management, U.S. Bancorp Asset Management is the 42nd largest asset manager in the world and one of the nation's leading money managers to institutions and individuals.  The firm provides portfolio management to corporations, public entities, nonprofit and other institutions, as well as advising the First American family of mutual funds and providing customized portfolio management for private clients.

* Total assets listed as of June 30, 2002

Based in Minneapolis, U.S. Bancorp Asset Management, Inc., is a subsidiary of U.S. Bank National Association.  It provides investment management services to individuals and institutions -- including corporations, nonprofit organizations, public entities and labor unions -- which had combined assets under management of $116.9 billion as of June 30, 2002.  The firm has offices in Minneapolis, Milwaukee, Madison, Cincinnati, St. Louis, Portland, Seattle and Denver.

U.S. Bancorp Asset Management, Inc., a subsidiary of U.S. Bank National Association (U.S. Bank), serves as the investment advisor to the First American Funds.  U.S. Bank is a separate entity and wholly owned subsidiary of U.S. Bancorp (NYSE: USB), the eighth-largest financial services holding company in the United States and a leading provider of comprehensive banking, trust, investment and payment systems products and services.  U.S. Bancorp is the parent company of U.S. Bank.

For a prospectus containing more complete information on First American Funds, including investment policies, fees and expenses, please contact your investment professional, call First American Funds investor services at 1-800-677-FUND, or visit us on the web at www.firstamericanfunds.com .  Please read the prospectus carefully before you invest or send money.

Mutual fund investing involves risk; principal loss is possible. Past performance is no guarantee of future results.  The principal value and investment return of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost.

First American Funds are distributed by Quasar Distributors, LLC, an affiliated company.

Investment products, including shares of mutual funds, are not obligations of, or guaranteed by, any bank, including U.S. Bank or any U.S. Bancorp affiliate, nor are they insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other agency.  An investment in such products involves investment risk, including possible loss of principal.

MAKE YOUR OPINION COUNT -  Click Here

http://tbutton.prnewswire.com/prn/11690X72570826

SOURCE  U.S. Bancorp Asset Management, Inc.

    -0-                             10/10/2002

/CONTACT:  Cheryl Stone, Public Relations Manager of U.S. Bancorp Asset Management, +1-612-303-5657/

/Web site:  http://www.firstamericanfunds.com  /

(USB)

CO:  U.S. Bancorp Asset Management, Inc.; First American Funds
ST:  Minnesota
IN:  FIN MFD
SU:  PER

JA-KW
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5031 10/10/2002 06:01 EDT http://www.prnewswire.com

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding U.S. Bancorp's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.



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