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U.S. Bancorp Asset Management Launches First American Minnesota Municipal Income Fund II, Inc.

MINNEAPOLIS, Nov. 13 /PRNewswire-FirstCall/ -- U.S. Bancorp Asset Management launched a new closed-end management investment company on Oct. 31, 2002, when common shares of its new First American Minnesota Municipal Income Fund II (MXN) began trading on the American Stock Exchange(R) (Amex(R)). With an initial share price of $15, the approximate initial value of the shares issued was $20 million, exclusive of the underwriters' over-allotments. U.S. Bancorp Piper Jaffray was the lead manager for the offering.

MXN, which invests in Minnesota municipal securities, is U.S. Bancorp Asset Management's fifth municipal closed-end, exchange-traded fund. The new fund seeks current income, exempt from both regular federal income tax and Minnesota personal income tax, consistent with preservation of capital. It will be managed by an investment team that includes Doug White, managing director and tax-exempt fund manager. White has more than 19 years of experience in managing tax-exempt bond funds. Three credit analysts will provide research and analytical support. The team currently manages or executes transactions for $7 billion in four closed-end funds, 13 open-end mutual funds, and other assets.

Based in Minneapolis, U.S. Bancorp Asset Management, Inc., is a subsidiary of U.S. Bank National Association ("U.S. Bank"). 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 more than $111 billion as of Sept. 30, 2002. The firm has offices in Minneapolis, Milwaukee, Madison, Cincinnati, St. Louis, Portland, Seattle, and Denver.

U.S. Bancorp Asset Management, Inc., serves as 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.

Mutual fund investing involves risk; principal loss is possible. Income from tax-exempt funds may be subject to state and local taxes, and a portion of income may be subject to the Minnesota state and federal alternative minimum tax for certain investors. Federal income tax rules will apply to any capital gain distributions.

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.

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SOURCE U.S. Bancorp Asset Management, Inc.

"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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