I N S T I T U T I O N A L T R U S T & C U S T O D Y

Big Bank Capabilities, Mid-Market FocusSM

Investment Management

We deliver the superior service and financial resources of

U.S. Bank — the nation’s sixth-largest financial institution*

— through an experienced investment team based near

you. It’s a combination of investment opportunity and

local service that you won’t find anywhere else.

Whether you’re managing liquid cash reserves or investing

a diversified portfolio, we’ll partner with you to achieve

your objectives.

Unlimited opportunities.

Objective recommendations.

U.S. Bank has a fiduciary heritage that dates back to

1853. This fiduciary responsibility governs our entire

investment management philosophy.

It’s why we provide an open architecture environment,

where you and your portfolio manager have a full range

of investment options available to you.

And it’s why we focus as much on managing risk and

maintaining diversification as we do on striving to meet

or exceed your return benchmarks.

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At U.S. Bank Institutional Trust & Custody, we are trusted

investment advisors to corporations, municipalities, foundations,

endowments, Taft-Hartley plans and insurance companies,

managing more than $65 billion in assets for our clients.

U.S. Bank Institutional Trust & Custody• Fiduciarysince1853• Independent,objectiveinvestment

advisoryservices• Openinvestmentarchitecture• Riskmanagementanddiversification

performancemeasures• Short-termcashmanagement• Intermediate/longdurationfixedincome• Equitymanagement

A full range of account management services• Retireebenefitplans• Foundations,endowments,benefitplans• Publicfunds• Taft-Hartleyfunds

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Our 180-person portfolio manager staff has a high level of tenure

and industry experience.

Local investment guidance

With today’s investment technology, money

can be managed from any location. But when

it comes to client service, there’s no substitute

for proximity.

That’s why we put institutional portfolio

managers near our clients in 31 offices coast

to coast.

Close to you and connected to Wall Street,

your portfolio manager provides:

Dedicated attention•

Face-to-face meetings to discuss •

investment performance

A better understanding of your business•

Ability to meet with you on site•

An experienced investment team

You’re served by a team of experienced

institutional banking and investment

professionals:

Your relationship manager coordinates •

investment management and account

management.

Your portfolio manager has primary •

responsibility for investment decisions.

Your account manager oversees day-to-•

day account details and legal and

compliance matters.

In turn, your investment team is supported

by our equity and fixed-income analysts and

a full complement of institutional trust and

custody expertise and resources.

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Rigorous, objective due diligence

and monitoring

Weteamwithourinternalpartners—

U.S.BankPrivateAssetManagementand

FAFAdvisors—tosystematicallyanalyze

eachelementofyourportfolio,usingboth

quantitativeandqualitativeresearch.

And,wepartnerwithPrimaCapital

Management,Inc.tomonitorand

recommendmoneymanagersforour

separatelymanagedaccountclients.Prima

isanindependentduediligencefirmwell

knownforitsobjectiveresearchand

unbiasedanalysisofequityproducts.

You and your staff are integral partners throughout the investment process, from establishing portfolio management objectives to evaluating results.

Throughout our entire investment process, we’ll provide clear, frequent communication through the communication venues of your choice, from face-to-face meetings and formal presentations to email.

STEP 1: Establish investment objectivesThe first step in our investment process is to ensure that we fully understand your investment objectives. We’ll work within the parameters of your existing investment policy statement or we’ll prepare an investment policy statement with you. Key investment considerations

will include:

Time horizon•

Target rate of return•

Risk profile•

Cash flow and liquidity needs•

Investment constraints•

Tax profile•

STEP 2: Implement investment strategy

We use asset allocation and other strategies to manage risk across market and economic conditions.

Along with our recommendations, we will provide you with a hypothetical simulation of the portfolio to approximate its historical risks and rewards relative to your established benchmarks.

We’ll seek your input at the strategy and individual security levels to ensure that every aspect of the portfolio

meets your organization’s objectives.

A collaborative relationship.

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STEP 3: Monitor your portfolio

We continually review your portfolio to

monitor it’s performing to acceptable standards

based on your benchmarks. We will:

Ensure that your needs and objectives •

have not changed.

Modify asset allocation as investment •

objectives change.

Realign the portfolio regularly to its •

original asset allocation.

Review underlying investment vehicles •

for style, asset class and manager

performance.

STEP 4: Evaluate results

Needs and market conditions change;

rarely are they ever static. We’ll review your

investment policy statement with you at

least on an annual basis and evaluate the

investment results against the benchmarks.

A full range of investment choices

Withouropenarchitecturestructure,youand

yourportfoliomanagercanobjectivelyselectthe

rightsecuritiesforyourportfoliofromabroad

selectionofassets:

Investment vehicles• Individualsecurities,mutualfunds,separately

managedaccounts,exchange-tradedfunds,

privateplacements

Fixed income• Fullrangeofdomesticandinternationalissues• Diversematuritiesandcreditqualityratings

Equities• Fullrangeofdomesticandinternationalissues• Growth,valueandcoreinvestmentstyles• Activeandpassivestrategies

Cash• Treasuries,CDs,moneymarketinstruments

Alternate investments• Hedgefunds• Customizedstructurednotes• Privateequity• Commodities

Our investment process

1. Establish investment objectives: What is your primary long-term goal?

2. Implement investment strategy: How will your portfolio be structured?

4. Evaluate results: Is your portfolio meeting your investment needs?

3. Monitor your portfolio: Is your portfolio performing consistently with your expectations?

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Online account access

U.S. Bank clients — along with their investment

managers, consultants and other partners

— enjoy secure, user-friendly, 24/7 access to

investment information through the Internet.

Using our TrustNow products, you receive:

Real-time account access•

As-of, customizable reporting•

Data downloads•

Online statement delivery•

Scheduled report delivery•

Performance reporting•

Performance reporting

For clients looking to analyze their asset

returns, we provide a sophisticated analytical

and reporting system, Performance Monitor,

along with a dedicated division of professionals

trained to review data for accuracy.

Detailed, graphically enriched reports include:

Total fund, composite, manager, asset •

class, sector and security

More than 70 sector and 300 •

index choices

Performance over multiple periods•

Risk management statistics•

Attribution and benchmarketing analysis•

Returns, both gross and net of fees•

Accurate information is critical for good decision making. U.S. Bank

provides you with the information and analysis tools to help you assess

the relative merits of your investments and investment managers.

You’ll stay informed.

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To learn more, please contact your U.S. Bank Institutional Trust & Custody

representative or call us at 866-681-5052.

Realize the benefits of a U.S. Bank relationship.

Ensure that your organization benefits from

objective, experienced investment guidance.

As a U.S. Bank Institutional Trust & Custody

investment client, you will receive:

A full range of investment opportunities•

Objective investment recommendations•

Exceptional service from an experienced •

team, based in your community or region

A collaborative investment relationship•

Sophisticated technology to monitor your •

portfolio and measure your performance

The strength and stability of U.S. Bank•

BigBank Capabilities, Mid-Market FocusSM

As the nation’s sixth-largest financial institution*, with more than 100 years of trust and custody experience, U.S. Bank provides

the financial resources and services of a leading national bank – with a difference. We focus on tailoring these capabilities to

fit the unique needs of the middle market. Unlike some large custodians, U.S. Bank does not solely target our services toward

very large relationships. We have the capabilities, experience and expertise to provide creative and effective solutions specifically

designed for mid-market portfolios.

For more information, please contact your U.S. Bank Institutional Trust & Custody representative.

You also may call us at 866-681-5052 or log onto our Web site at usbank.com/itc.

866-681-5052usbank.com/itc

* Source: U.S. Bancorp 2007 Annual Report

U.S. Bank National Association is a wholly owned subsidiary of U.S. Bancorp. U.S. Bank Institutional Trust & Custody is a division of U.S. Bank National Association that focuses on trust, custody, investment and retirement services to institutional clients. Its product offerings include institutional trust and custody services for accounts holding assets for qualified retirement plans, non-qualified deferred compensation plans, non-profits and insurance companies.

U.S. Bank and its representatives do not provide tax or legal advice. Each individual’s tax and financial situation is unique. You should consult your tax and/or legal advisor for advice and information concerning your particular situation.

Investment products are not deposits or obligations of, or guaranteed by U.S. Bank or any of its affiliates, nor are they used by the Federal Deposit Insurance Corporation, or any other government agency. Any investment involves investment risk, including possible loss of principal.

Past performance is no guarantee of future results. All information has been obtained from sources deemed to be reliable, but is not guaranteed as to accuracy or completeness. It is not intended to provide specific advice or to be construed as an offering of securities or recommendation to invest. Investors should consult their investment professional for advice or information concerning their particular financial situation.

FAF Advisors, Inc. is a registered investment advisor and subsidiary of U.S. Bank National Association and serves as the Investment Advisor to the First American Funds. The First American Funds are distributed by Quasar Distributors, LLC, an affiliate of U.S. Bancorp.

Copyright © 2009 U.S. Bank 11/2007 7012-03