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U.S. Bank Corporate Trust Services Expands Business with Terwin Holdings LLC

MINNEAPOLIS--(BUSINESS WIRE)--June 7, 2005--Terwin Money Management LLC (TMM) has selected U.S. Bank as trustee, collateral administrator and custodian for its recent Northwall Funding collateralized debt obligation (CDO) I Ltd. U.S. Bank will be responsible for compliance oversight, collateral maintenance, noteholder communication and processing of principal and interest payments. The $300 million portfolio of assets for this transaction will primarily consist of mezzanine mortgage backed securities and CDO securities.

TMM is a wholly-owned subsidiary of Terwin Asset Management LLC, the asset management arm of Terwin Holdings LLC ("The Winter Group"). TMM's focus is the management of credit related mortgage backed securities and asset backed securities in structured vehicles such as CDO's. Prior transactions include Glacier Funding CDO I in March 2004, Cascade Funding CDO I in July 2004 and Glacier Funding CDO II in October 2004.

"The U.S. Bank Corporate Trust Services team is excited to expand its relationship with The Winter Group and its subsidiaries," said Bryan Calder, executive vice president of U.S. Bank Corporate Trust Services. "Given our strong relationship with them on the mortgage side, introducing them to our CDO suite of services worked to the benefit of both organizations."

U.S. Bank Corporate Trust Services is one of the nation's largest providers of trustee services with more than $1.8 trillion in assets under administration in municipal, corporate, asset-backed and international bonds. In addition, it provides paying agent, escrow agent and document collateral services through its network of 31 offices nationwide.

U.S. Bancorp (NYSE: USB), with assets of $198 billion, is the 6th largest financial holding company in the United States. The company operates 2,377 banking offices and 4,654 ATMs, and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. U.S. Bancorp is home of the Five Star Service Guarantee which assures customers of certain key banking benefits and services or customers will be paid for their inconvenience. U.S. Bancorp is the parent company of U.S. Bank. Visit U.S. Bancorp on the web at usbank.com.

Amy Frantti, 612-303-0733


"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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