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New First American Stable Asset Advisor Fund Launches

New Fund Designed to Provide Preservation of Principal, Competitive Returns, And Significant Marketing Incentives for Financial Advisors

MINNEAPOLIS, Jan. 27 /PRNewswire-FirstCall/ -- U.S. Bank, N.A., announced today the launch of a new First American Stable Asset Advisor Fund designed for investors who seek preservation of principal and competitive returns. This fund, which is available exclusively to employer-sponsored qualified retirement plans, is a new "advisor class" of the underlying $782 million U.S. Bank Stable Asset Fund. The fund is structured like the popular new R shares for retirement plans and will invest in high-quality, fixed-income securities paired with book-value wrap contracts to protect principal and minimize volatility.

This new stable-value solution makes it easy for advisors and service providers to include the fund in their clients' retirement plans, as the fund is available through the National Securities Clearing Corporation (NSCC) exchange and is structured to pay referral fees to financial advisors on an automated basis. The fund is set up as a collective investment fund and is managed by U.S. Bancorp Asset Management, Inc., and trusteed by U.S. Bank, N.A.

"The Stable Asset Advisor Fund has a proactive investment and growth strategy, given the fund's risk-return profile," explained Janet Quarberg, managing director of stable value investments at U.S. Bancorp Asset Management and co-manager of the fund. Stable value funds have traditionally been available primarily to larger plans, but in response to customer demand, the First American Stable Asset Advisor Fund is designed to accommodate even the smallest of plans from across the country. "It is an attractive alternative to the currently low-yielding money-market investments and is a valuable addition to the small-plan market," Quarberg said.

The new fund is available through U.S. Bank's Solution Online 401(k) product and U.S. Bank's record-keeping partner, ExpertPlan. It is also available through U.S. Bancorp distribution channels and broker-dealers. The fund will be sold with no loads, surrender charges, or market-value adjustments and will provide financial advisors with significant marketing incentives.

"Financial advisors have been looking for an investment that will provide stable returns as well as attractive commission streams, and the new Stable Asset Fund fits the bill," said Sue Hafferkamp, vice president of institutional trust and custody at U.S. Bank. "The fund integrates several of our core competencies, bringing together our fund servicing abilities stable- value investment expertise, and retirement-plan capabilities."

"The fund will be a welcome addition to ExpertPlan's line-up of product offerings," said Steve Benson, senior vice president of business development at ExpertPlan. "Our other partners and third-party administrators that have products powered by the ExpertPlan platform have already come to know and appreciate many First American products. I believe this type of seamless fund solution will be well-received, as it satisfies the needs of investors and service providers alike."

About U.S. Bank National Association

U.S. Bank National Association 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 with assets in excess of $174 billion. U.S. Bancorp operates 2,133 banking offices and 4,680 ATMs and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions.

Visit U.S. Bancorp on the web at usbank.com .

About the First American Stable Asset Advisor Fund

The First American Stable Asset Advisor Fund is a collective investment fund organized under regulations issued by the Office of the Comptroller of the Currency. The Fund has not been registered with, reviewed by, or approved by the Securities and Exchange Commission or any other state or federal regulatory authority.

About U.S. Bancorp Asset Management

With more than $113 billion* in assets under management, U.S. Bancorp Asset Management, Inc. is the 42nd largest asset manager in the world and one of the nation's leading money managers to institutions and individuals. U.S. Bancorp Asset Management is a subsidiary of U.S. Bank National Association and provides investment management services to individuals and institutions -- including corporations, foundations, pension funds, public funds and retirement plans. The firm has offices in Minneapolis, Milwaukee, Madison, Cincinnati, St. Louis, Portland, Seattle and Denver.

*Total assets listed as of Dec. 31, 2002

SOURCE U.S. Bancorp Asset Management

"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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