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U.S. Bank Expands Investment Management Options with Separately Managed Account Offering

MINNEAPOLIS--(BUSINESS WIRE)--Sept. 25, 2006--U.S. Bank's Private Client Group has enhanced its investment offerings with a new Separately Managed Account (SMA) product that gives investors greater choice and objectivity in the management of their investment portfolios.

U.S. Bank's SMA program offers clients access to a small and highly select group of independent money managers that are typically available only to very large individual and institutional investors. Each manager is carefully selected and has demonstrated value-added management over time. U.S. Bank partnered with an outside due diligence firm, Prima Capital, to develop and maintain its SMA program and to monitor its outside, non-proprietary managers. This complements U.S. Bank's robust menu of proprietary investment solutions offered through FAF Advisors.

"Our suite of products in Private Client Investment Solutions goes well beyond traditional investment offerings," said Londa Dewey, president of the U.S. Bank Private Client Group. "We've combined U.S. Bank's extensive investment capabilities with the independent advice of carefully selected, outside money managers to offer an array of sophisticated options for every client. Our clients have the potential of fully diversifying in a single, coordinated and convenient relationship. Given the appropriate client objectives, this can be a superb investment management opportunity for high net worth individuals, as well as nonprofit organizations and foundations."

"Through a coordinated team of portfolio managers and trust relationship managers, we offer significant breadth and depth of expertise," continued Dewey. "Our focus is on customizing each client's portfolio with the goal of generating solid, long-term performance. We recommend strategies that work toward accomplishing their objectives."

Private Client Investment Solutions, the Private Client Group's investment product suite for suitable affluent clients, includes SMA's, individually managed portfolios, a diversified menu of mutual funds from U.S. Bank's First American Funds complemented by external mutual funds, and several exchange-traded funds, fixed income and alternative investments, including asset concentration strategies, hedge funds and specialty asset products.

The U.S. Bank Private Client Group provides comprehensive wealth management services to affluent families and individuals. The group offers customized financial planning, investment management, personal trust and private banking solutions through 118 Private Client Group offices located in 24 states.

Prima Capital provides Research and Technology Solutions for Wealth Management. These solutions may include data, objective research, due diligence, and advice on separately managed accounts, mutual funds, and ETFs to financial services companies and their advisors delivered through Prima's customizable web services technology. To learn more about Prima visit www.primacapital.com.

U.S. Bancorp (NYSE:USB), with assets of $213 billion, is the 6th largest financial holding company in the United States. The company operates 2,434 banking offices and 4,966 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 the parent company of U.S. Bank. Visit U.S. Bancorp on the web at www.usbank.com.

Investment products, including shares of mutual funds, are not deposits or obligations of, or guaranteed by, U.S. Bank or any of its affiliates, nor are they insured by the Federal Deposit Insurance Corporation, or any other government agency. An investment in such products involves investment risk, including possible loss of principal.

Each fund's investment objectives, risks, charges, and expenses must be considered carefully before investing, The prospectus contains this and other information; contact your investment professional or the fund for a copy. For First American Funds, call 800.677.FUND or visit firstamerica.com for a copy. Read the prospectus carefully before investing.

Mutual fund investing involves risk; principal loss is possible.

U.S. Bank may also enter into agreements with non-proprietary mutual funds or their service providers whereby U.S. Bank provides shareholder services and/or sub-transfer agency, custodial and other administrative support services and receives compensation for these services. Compensation received by U.S. Bank directly or indirectly from mutual funds does not increase fund fees and expenses beyond what is disclosed in the prospectus. For more information, please review the fund's prospectus.

FAF Advisors, Inc., is a registered investment advisor and subsidiary of U.S. Bank National Association. FAF Advisors serves as investment advisor to the First American Funds. U.S. Bank and its affiliates receive compensation for services rendered to First American Funds as disclosed in the fund prospectuses. First American Funds are distributed by Quasar Distributors, LLC, an affiliate of the investment advisor.

CONTACT: U.S. Bank
Media Relations
Amy Frantti, 612-303-0733

SOURCE: U.S. Bank

"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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