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New 'FAF Advisors' Name Sharpens Focus of U.S. Bancorp Asset Management; New Name Sharpens Focus on Firm's Business as an Asset Manager That Creates High-Quality Investment Performance and Products

MINNEAPOLIS--(BUSINESS WIRE)--Feb. 22, 2006--U.S. Bancorp Asset Management announced today that it will assume the name of 'FAF Advisors' on March 31, 2006. The new name sharpens focus on the firm's business as an asset manager with a proven investment process that creates high-quality performance and products for its clients and shareholders.

The new name also creates a stronger association between the asset management firm and its Lipper award-winning mutual fund family, First American Funds, which received Lipper's 2005 "Best Overall" Fund Group award for three-year, risk-adjusted performance among 31 large U.S. fund groups for the period ended Dec. 31, 2004. The firm is the registered investment advisor of First American Funds.

"Our new name more precisely positions us as a focused asset management firm that competes effectively in retail and institutional markets, as well as continues to provide our products and services to the proprietary channels that have gotten us to where we are today," said CEO Tom Schreier, who is also president of First American Funds. "While the name is changing, FAF Advisors will continue to be the same principled, proven, performance-driven, asset manager it has always been."

FAF Advisors will remain a subsidiary of U.S. Bank and continue to work closely with its partners throughout U.S. Bancorp, the parent company of U.S. Bank. "We're proud of the investment success of our asset-management subsidiary and First American Funds," said Richard Davis, president and chief operating officer of U.S. Bancorp. "We believe that the new name builds on this success and continues to move a business we are committed to forward."

George Washington to Figure Prominently in Firm's Corporate Identity

The new FAF Advisors' logo emphasizes the firm's strong association with First American Funds and will be launched on March 31. George Washington's image, which has been part of First American Funds' identity since 2001, will also figure prominently in FAF Advisors' branding.

The announcement of the firm's name change is being made on George Washington's 274th birthday in honor of our country's first president. His integrity, determination, and stability of leadership symbolize the attributes that the firm and fund family strive for in their business.

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 corporations, public entities, nonprofit organizations, and other institutions. The firm is one of the nation's leading money managers, with more than $89.99 billion in assets under management as of Jan. 31, 2006. Assets reflect the transfer of $34.46 billion in assets to the new U.S. Bank Private Asset Management division of U.S. Bank on Jan. 1, 2006.

(a)Lipper Fund Awards are not intended to predict future results. Lipper is a leading global mutual fund research firm.

Past performance is no guarantee of future results.

Each fund's investment objectives, risks, charges, and expenses must be considered carefully before investing. The prospectus contains this and other information and may be obtained by calling 800.677.FUND or by visiting firstamericanfunds.com. Read the prospectus carefully before investing.

Mutual fund investing involves risk; principal loss is possible. Investing in certain funds involves special risks, such as those related to investments in small- and mid-capitalization stocks, foreign, debt, and high-yield securities, and funds that focus their investments in a particular industry. Please refer to the prospectus for more details pertaining to these risks.

"Best Overall" is for three-year, risk-adjusted performance among 31 large U.S. funds groups for the period ended Dec. 31, 2004. Lipper determined the large fund group awards by averaging the decile rank of the three-year Consistent Return scores for all of the firm's funds within the asset class, and the eligible group with the lowest average decile rank received the award for that asset class. In case of a tie, the group with the lower average percentile rank received the award. Large fund groups with at least five equity, five bond, or three mixed equity portfolios that received Consistent Return scores as of Dec. 31, 2004, are eligible for a fund group award in the respective asset class. Large fund groups with at least five equity, five bond, and three mixed equity portfolios that received Consistent Return scores as of Dec. 31, 2004, are eligible for an overall fund group award. Although Lipper makes reasonable efforts to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Lipper.

U.S. Bancorp Asset Management, Inc., a subsidiary of U.S. Bank National Association, serves as the investment advisor to the First American Funds. U.S. Bank National Association is a separate entity and wholly owned subsidiary of U.S. Bancorp (NYSE:USB). U.S. Bancorp is the parent company of U.S. Bank. Visit U.S. Bancorp at usbank.com.

First American Funds are distributed by Quasar Distributors, LLC, an affiliate of the investment advisor.

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.

NO FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE

CONTACT: U.S. Bancorp Asset Management
Cheryl B. Stone, 612-303-5657

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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