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U.S. Bancorp Asset Management Announces Strategic Alliance with Coast Asset Management

MINNEAPOLIS, June 30 /PRNewswire-FirstCall/ -- U.S. Bancorp Asset Management, Inc., today announced that it has formed a strategic alliance this month with Coast Asset Management (Coast) of Santa Monica, Calif. As part of the alliance, U.S. Bancorp Asset Management will act as a shareholder servicing agent on a variety of Coast's alternative investment products for eligible investors in U.S. Bancorp Asset Management's Private Asset Management group and institutional clients in the firm's Institutional Advisory Group.

"We believe that this alliance integrates several of our core competencies, bringing together Coast's expertise in alternative investment products and our significant relationships with clients across our footprint," said Tom Schreier, chief executive officer of U.S. Bancorp Asset Management.

"We are excited to have been selected by an institution of the stature of U.S. Bancorp Asset Management and are looking forward to a long and mutually beneficial relationship," said David Smith, president of Coast.

About U.S. Bancorp Asset Management

With more than $115 billion* in assets under management, U.S. Bancorp Asset Management is the 37th-largest asset manager domiciled in the United States and one of the nation's leading money managers to institutions and individuals. The firm provides portfolio management to corporations, public entities, nonprofit organizations, 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 March 31, 2003

About Coast Asset Management

Coast Asset Management, L.P., is an investment adviser located in Santa Monica, Calif. Coast provides investment advisory services to clients in connection with various alternative investment strategies, including multi-advisor funds, fixed-income arbitrage, convertible-bond arbitrage, and collateralized debt obligations.

This press release does not constitute an offer to sell alternative investments. In addition, such investments shall not be offered or sold to any person who would be ineligible to invest under the securities laws of any applicable jurisdiction.

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 $115 billion as of March 31, 2003. The firm has offices in 22 states.

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.

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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