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Minnesota Municipal Term Trust II Announces Final Liquidation Value

MINNEAPOLIS, April 7 /PRNewswire-FirstCall/ -- Minnesota Municipal Term Trust II is declaring its final liquidation value of $10.2713, which will be distributed on a per-share basis on the common stock. This distribution will be paid on April 10, 2003 to shareholders of record on April 7, 2003.

     Minnesota Municipal Term Trust II (AMEX Symbol MNB)

     Distribution from ordinary income - taxable       $0.0049
     Distribution from tax-exempt income               $0.3561
     Distribution from long-term capital gains         $0.5793
     Distribution from principal                       $9.3310

     Total liquidation value of MNB shares            $10.2713

Shareholders with physical certificates must submit their certificates, along with a Letter of Transmittal, to EquiServe in order to receive the principal distribution. However, the income and capital gain distribution will be mailed on April 10, 2003, regardless of whether or not the physical certificate has been returned to EquiServe. For those shareholders that have returned their certificates to EquiServe for cancellation by April 4, 2003, EquiServe will mail the final principal distribution on the April 10, 2003, payable date. Shareholders that submit their certificates after April 4, 2003, will be mailed their final principal distribution after the physical certificates have been received by EquiServe. Holders of physical certificates should contact EquiServe immediately at 800.426.5523 if they have lost their certificates or need additional information.

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 (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.

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, 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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