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American Municipal Term Trust III and Minnesota Municipal Term Trust II to Close on April 10

MINNEAPOLIS, March 25 /PRNewswire-FirstCall/ -- U.S. Bancorp Asset Management (NYSE: USB) announced today that the termination date for its American Municipal Term Trust III (CXT) and Minnesota Municipal Term Trust II (MNB) will be April 10, 2003.

    The termination process for CXT and MNB will be as follows:

    -- April 2, 2003   Last day of trading on the New York Stock Exchange for
                       CXT
                       Last day of trading on the American Stock Exchange for
                       MNB
    -- April 7, 2003   Final income, capital gain, and principal amount will
                       be calculated
    -- April 10, 2003  Termination date

Clients who own physical certificates must submit their certificates, along with a letter of transmittal, to EquiServe, the exchange agent, in order to receive the final principal amount.

If you have any questions concerning the liquidation of the fund or submitting your physical certificates, please contact EquiServe at 800-426-5523.

American Municipal Term Trust III is a diversified, closed-end mutual fund traded on the New York Stock Exchange. The objectives of the fund are to return $10 per share on or before April 15, 2003, and to provide high current income that is exempt from regular federal income tax.

Minnesota Municipal Term Trust II is a non-diversified, closed-end mutual fund traded on the American Stock Exchange. The objectives of the fund are to return $10 per share on or before April 15, 2003, and to provide high current income that is exempt from both regular federal income tax and State of Minnesota personal income tax.

As communicated in a previous news release, both funds have met their objectives, with each fund returning more than $10 per share. Final per-share amounts will consist of principal, income, and capital gains.

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, foundations, pension funds, public funds and retirement plans -- and had combined assets under management of $113 billion as of Dec. 31, 2002. The firm has offices in 22 states.

U.S. Bancorp Asset Management, Inc., serves as the investment adviser to the First American Funds. U.S. Bank National Association is a separate entity and wholly owned subsidiary of U.S. Bancorp, 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.

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.

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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