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Wendy Schoppert to Head Product, Marketing and Corporate Development at U.S. Bancorp Asset Management

MINNEAPOLIS, Dec. 16 /PRNewswire-FirstCall/ -- U.S. Bancorp Asset Management, Inc., today announced that Wendy Schoppert will head its newly organized Product, Marketing and Corporate Development department. Schoppert, who joined the firm in May to create a new corporate development function, will be responsible for driving growth in the firm's assets, revenue and profitability across all product lines. In addition, she will be a member of the firm's Operating Committee, which is responsible for developing and maintaining the firm's operational philosophy and process. She assumes product and marketing responsibilities from Peter Torvik, who recently left the firm.

"Our emphasis will be on prioritizing existing and new opportunities and aligning the organization to focus on those initiatives with the most potential for profitable growth," Schoppert said. She explained that current priorities include the firm's First American Funds business, the Facts 529 and Oregon College Savings Plan business, a recently enhanced First American Stable Asset Fund, and alternative investments such as hedge funds. She said that the firm may also consider growth through strategic acquisitions and alliances.

Schoppert previously served as vice president of The Leisure Company at America West Holdings Corporation in Phoenix, where she also served as vice president of America West Vacations, senior director of reservations, and senior director of investor relations. Prior to that, she served in a variety of financial and strategic-planning roles at Northwest Airlines in Minneapolis and American Airlines in Dallas. She has a B.A. in operations research and mathematics and an M.B.A. from Cornell University.

"We're very excited that Wendy will be heading up our product, marketing and corporate development effort," said CEO Tom Schreier. "We believe that her excellent leadership abilities, performance orientation, and collaborative management style will fit well within our corporate culture."

Schoppert assumed her new duties in Minneapolis on November 11.

About U.S. Bancorp Asset Management

With more than $111 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 Sept. 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 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., 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.

Mutual fund investing involves risk; principal loss is possible. 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 affiliate of the investment advisor.

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.

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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