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U.S. Bancorp Fund Services Executive Receives Leadership Award; Eric Falkeis Recognized for Industry-Wide Financial Reporting Automation Contributions

MINNEAPOLIS & PITTSBURGH--(BUSINESS WIRE)--June 7, 2006--SourceMedia and Money Market Executive announced SourceMedia's 4th Annual Fund Operations Award winners. Eric Falkeis, vice president of fund administration for U.S. Bancorp Fund Services (USBFS), was among the industry executives honored.

Falkeis received the second place award in the Fund Operations Award Leadership category for his major contributions in the development of industry-leading technology to automate fund financial reporting. Led by Falkeis, USBFS participated in a critical research project that enabled Confluence, the leading provider of fully automated solutions to the fund industry, to develop an automated financial reporting solution that has revolutionized financial reporting creation, validation and delivery across the mutual fund industry. The research project enabled Confluence to examine the financial reporting workflow processes for multiple mutual funds and apply the findings to the development of the financial reporting solution.

"Working together we were able to develop a technology solution that raises the bar for best practices in back-office fund administration and financial reporting," said Falkeis. "USBFS' commitment to being the cutting-edge technology service provider in the industry coupled with Confluence's innovativeness and deep knowledge of the fund industry resulted in a great partnership."

By replacing multiple manual processes and spreadsheets with Confluence's financial reporting technology, fund administrators can automate the collection, creation, confirmation and delivery of financial reporting data and, as a result, reduce the time, costs, and risks associated with financial reporting. For example, USBFS has dramatically reduced the time to produce schedules of investments as well as the number of errors found in the review process. Other service providers and fund companies are experiencing similar benefits.

"Eric deserves industry-wide recognition for his leadership in the development of back-office technology that enables all fund companies to reap the benefits of automation," said Kirk Botula, Confluences' chief operating officer. "By partnering with Confluence to develop Clear Portfolio(TM) Financial Reporting, Eric made it possible for fund administrators across the industry to achieve significantly lower costs, reduced risk, greater scalability and enhanced service levels."

The SourceMedia 2006 Fund Operations Awards are designed to recognize notable individuals, teams or fund companies that have excelled in any of three categories: Innovation, Efficiencies/Streamlining and Leadership. Nominations were accepted by Money Market Executive and the winners were selected by a distinguished panel of judges: Geoff Bobroff, president of Bobroff Consulting; Ian Frost, vice president and director at The Boston Consulting Group; Bob Goldberg, president emeritus of The National Investment Company Service Association; and Steven Miyao, chief executive officer of Kasina.

About U. S. Bancorp Fund Services

Headquartered in Milwaukee since 1969, U.S. Bancorp Fund Services, LLC currently provides services to more than 280 fund families, with over 1,600 portfolios and 2,000 fund classes and administers 3.4 million shareholder accounts with $600 billion in client assets. U.S. Bancorp Fund Services' clients include mutual funds, investment partnerships, hedge funds, separately managed accounts, fund-of-funds, and offshore funds. It is a subsidiary of U.S. Bancorp (NYSE:USB), the 6th largest financial holding company in the United States with assets of $210 billion. Visit U.S. Bancorp Fund Services on the web at usbfs.com.

About Confluence

Confluence, the investment management industry's leading provider of fully automated data management solutions, offers FundStation(R) for performance measurement and Clear Portfolio(TM) for holdings and financial statement reporting. These products, and Confluence's reporting services, enable investment management firms to reduce costs and eliminate risk through automation and consolidation of critical business processes. Our products automate every step of the process - collection, creation, confirmation and delivery - for investment product data. Over 50% of U.S. mutual funds rely on Confluence to solve a wide range of problems from performance measurement to customized reporting for mutual funds, variable products, alternative investments and other instruments. Major investment firms such as Merrill Lynch, Franklin Templeton and Janus, as well as service providers such as PFPC, BISYS, The Bank of New York and U.S. Bancorp, all leverage Confluence solutions.

CONTACT: CONFLUENCE
Joan Tesla, 412-697-4306
www.confluence.com
or
U.S. Bancorp Fund Services, LLC
Kelly Marzahl, 414-905-7924
www.usbfs.com
or
U.S. Bancorp Media Relations
Amy Frantti, 612-303-0733
www.usbank.com

SOURCE: U.S. Bancorp

"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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