U.S. Bancorp Fund Services Makes Strategic Acquisition

U.S. Bancorp Fund Services, LLC announced today its acquisition of the mutual fund administration and accounting servicing division of Fiduciary Management, Inc. This division of Fiduciary Management has more than $8 billion in assets under administration. Fiduciary Management will continue to operate its investment management business with more than $6 billion in assets under management.

"This acquisition complements our business model and allows us to provide Fiduciary Management’s clients with our fully integrated mutual fund services,” said Joe Redwine, president of U.S. Bancorp Fund Services. "We are excited to combine this business with our existing capabilities and look forward to working with Fiduciary Management to create an efficient and seamless transition.”

Established exclusively to fulfill the unique needs of registered and unregistered products, U.S. Bancorp Fund Services provides a comprehensive suite of mutual fund administration, accounting, transfer agent, custody, distribution and compliance services. U.S. Bancorp Fund Services currently provides transfer agent and custody services to Fiduciary Management’s clients, including the Brandywine Funds, the Reynolds Funds and Fiduciary Management’s Funds.

"This transaction allows us to concentrate on asset management and providing the best performance to our clients and mutual fund shareholders. Our long history with U.S. Bancorp Fund Services, their significant scale and dedication to mutual fund servicing through investments in premier technology and high-caliber people, make this a perfect fit,” said Ted Kellner, chairman and chief executive officer of Fiduciary Management.

"Continuity is integral to any relationship, and U.S. Bancorp Fund Services’ ability to ensure clients receive consistent, high quality service, illustrates their commitment to growing their business through a client-focused culture,” said Donald Wilson, vice chairman of Fiduciary Management.

This acquisition will provide additional compliance, technology and accounting talent for U.S. Bancorp Fund Services and will also allow it to maintain Fiduciary Management’s key client contacts. As an industry leader, U.S. Bancorp Fund Services continues to augment its capabilities to provide innovative solutions that support its clients’ businesses.

About Fiduciary Management, Inc.

Founded in 1980, Fiduciary Management is an employee owned independent money management firm based in Milwaukee, Wisconsin. Fiduciary Management’s equity investing strategies apply a value discipline, with a focused approach firmly rooted in fundamental research. Today, Fiduciary Management manages $6 billion in assets for Registered Investment Advisors, domestic and international institutions, and individual investors throughout the United States.

About U.S. Bancorp Fund Services, LLC

Since 1969, U.S. Bancorp Fund Services has supported investment managers, banks, and broker-dealer firms sponsoring mutual funds with assets ranging from the level of start-up to $88 billion. Established exclusively to serve the unique needs of registered and unregistered products, we are headquartered in Milwaukee, Wisconsin and provide comprehensive mutual fund and alternative investment services to 270 fund complexes with 1,642 portfolios and aggregate assets of $565 billion. Visit U.S. Bancorp Fund Services at www.usbfs.com. U.S. Bancorp Fund Services is wholly-owned subsidiary of U.S. Bancorp (NYSE: USB). Visit U.S. Bancorp on the web at www.usbank.com.

Forward-Looking Statements

The following information appears in accordance with the Private Securities Litigation Reform Act of 1995:

This press release contains forward-looking statements about U.S. Bancorp. Statements that are not historical or current facts, including statements about beliefs and expectations, are forward-looking statements and are based on the information available to, and assumptions and estimates made by, management as of the date made. These forward-looking statements cover, among other things, anticipated future revenue and expenses and the future plans and prospects of U.S. Bancorp. Forward-looking statements involve inherent risks and uncertainties, and important factors could cause actual results to differ materially from those anticipated. Global and domestic economies could fail to recover from the recent economic downturn or could experience another severe contraction, which could adversely affect our revenues and the values of our assets and liabilities. Global financial markets could experience a recurrence of significant turbulence, which could reduce the availability of funding to certain financial institutions and lead to a tightening of credit, a reduction of business activity, and increased market volatility. Stress in the commercial real estate markets, as well as a delay or failure of recovery in the residential real estate markets, could cause additional credit losses and deterioration in asset values. In addition, our business and financial performance could be impacted as the financial industry restructures in the current environment, by increased regulation of financial institutions or other effects of recently enacted legislation, and by changes in the competitive landscape. Our results could also be adversely affected by continued deterioration in general business and economic conditions; changes in interest rates; deterioration in the credit quality of our loan portfolios or in the value of the collateral securing those loans; deterioration in the value of securities held in our investment securities portfolio; legal and regulatory developments; increased competition from both banks and non-banks; changes in customer behavior and preferences; effects of mergers and acquisitions and related integration; effects of critical accounting policies and judgments; and management’s ability to effectively manage credit risk, market risk, operational risk, legal risk, and regulatory and compliance risk. Finally, there can be no assurance that we will realize the anticipated benefits of the acquisition of the mutual fund administration and accounting servicing division of Fiduciary Management, Inc.

For discussion of these and other risks that may cause actual results to differ from expectations, refer to U.S. Bancorp’s Annual Report on Form 10-K for the year ended December 31, 2008, on file with the Securities and Exchange Commission, including the sections entitled "Risk Factors” and "Corporate Risk Profile,” and all subsequent filings with the Securities and Exchange Commission under Sections 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update them in light of new information or future events.