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New Equity Research Head Appointed at U.S. Bancorp Asset Management

Tom Mahowald Joins Firm From American Express to Head Mid- and Large-Cap Equity Research

MINNEAPOLIS, May 11 /PRNewswire-FirstCall/ -- U.S. Bancorp Asset Management today announced that it has named Thomas Mahowald, CFA, as the new group head of equity research for mid- and large-cap investment products. Mahowald joins the firm from American Express Financial Advisors, where he was director of equity research. His objectives as group head of mid- and large- cap equity research include strengthening and leveraging the processes and disciplines used by the firm's fundamental research analysts and portfolio managers.

Mahowald, who has 15 years of industry experience, served as an equity analyst at American Express Financial Advisors prior to being appointed director of equity research in 2001. Prior to that, he was an equity analyst at Northern Trust Corporation and Northwestern Mutual Life Insurance Company. He has an M.S. in finance analysis from the University of Wisconsin-Milwaukee and a B.S. in business administration from St. John's University in Collegeville, Minn.

"Tom brings significant research experience to our organization," said David Chalupnik, head of equities at U.S. Bancorp Asset Management. "These skills will enhance and provide increased discipline to our strong fundamental-research and portfolio-management capabilities."

About First American Funds

The First American Funds mutual fund family is the fifth-largest bank- affiliated fund family in the United States, with more than $56 billion* in 46 open-end funds. The funds are advised by U.S. Bancorp Asset Management.

About U.S. Bancorp Asset Management

U.S. Bancorp Asset Management is a national investment firm that serves as the registered investment advisor to First American Funds and provides customized portfolio management to private clients, corporations, public entities, nonprofit organizations, and other institutions. The firm is one of the nation's leading money managers, with more than $122 billion* in assets under management.

*Total assets listed as of March 31, 2004

The funds' investment objectives, risks, charges, and expenses must be considered carefully before investing. The prospectus contains this and other important information about First American Funds, and it may be obtained by calling First American Investor Services at 800.677.FUND or visiting firstamericanfunds.com. Read the prospectus carefully before investing.

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 (NYSE: USB) 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.

U.S. Bancorp Asset Management, Inc., serves as the investment advisor to First American Funds. First American Funds are distributed by Quasar Distributors, LLC, an affiliate of the investment advisor.

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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