INSTITUTIONAL TRUST & CUSTODY. Big Bank Capabilities, Mid-Market Focus SM. Investment Management

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1 INSTITUTIONAL TRUST & CUSTODY Big Bank Capabilities, Mid-Market Focus SM Investment Management

2 At U.S. Bank Institutional Trust & Custody, we are trusted investment advisors to corporations, municipalities, foundations, endowments, Taft-Hartley plans and insurance companies. We deliver the superior service and financial resources of U.S. Bank the nation s fifth-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 with the goal of achieving your objectives. U.S. Bank Institutional Trust & Custody Fiduciary since 1853 Independent, objective investment advisory services Open investment architecture Risk management and diversification performance measures Short-term cash management Intermediate/long duration fixed income Equity management A full range of account management services Retiree benefit plans Foundations, endowments, benefit plans Public funds Taft-Hartley funds Unlimited opportunities. Objective recommendations. U.S. Bank has a heritage that dates back to This responsibility governs our entire investment management philosophy. We provide an open architecture environment, where you and your portfolio manager have a broad range of investment options available to you. We focus on managing risk and maintaining diversification as we strive to meet or exceed your return benchmarks. 1

3 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 numerous 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 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-today 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. 2

4 A collaborative relationship. 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 faceto-face meetings and formal presentations to . Rigorous, objective due diligence and monitoring We team with our internal partners U.S. Bank Asset Management Group and FAF Advisors, Inc. to systematically analyze each element of your portfolio, using both quantitative and qualitative research. And, we work with Prima Capital Management, Inc. to monitor and recommend money managers for our separately managed account clients. Prima is an independent due diligence firm well known for its objective research and unbiased analysis of equity products. STEP 1: Establish investment objectives The 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 attempt 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 the portfolio meets your organization s objectives. 3

5 STEP 3: Monitor your portfolio We continually review your portfolio to monitor its performance relative 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 target 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 appropriate benchmarks. Our investment process 1. Establish investment objectives: What is your primary long-term goal? A full range of investment choices With our open architecture structure, you and your portfolio manager can objectively select from a variety of securities or investment management styles for your portfolio from a broad selection of assets: Investment vehicles Individual securities, mutual funds, separately managed accounts, exchange-traded funds, private placements Fixed income Full range of domestic and international issues Diverse maturities and credit quality ratings Equities Full range of domestic and international issues Growth, value and core investment styles Active and passive strategies Cash Treasuries, Certificates of Deposits, money market instruments Alternate investments Hedge funds Customized structured notes Private equity Commodities 2. Implement investment strategy: How will your portfolio be structured? 3. Monitor your portfolio: Is your portfolio performing consistently with your expectations? 4. Evaluate results: Is your portfolio meeting your investment needs? 4

6 You ll stay informed. 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. 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 offer a sophisticated analytic reporting system, Performance Monitor, along with a dedicated group 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 benchmarking analysis Returns, both gross and net of fees 5

7 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 broad 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 To learn more, please contact your U.S. Bank Institutional Trust & Custody representative or call us at

8 Big Bank Capabilities, Mid-Market Focus SM As the nation s fifth-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 or log onto our Web site at usbank.com/itc usbank.com/itc *U.S. Bancorp 2009 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 does not provide legal or tax advice. Furthermore, this document is not intended to provide legal, tax or investment advice; does not take into account your particular situation or needs; and should not serve as a primary basis for any decision you might make. While it may illustrate banking services, this document is not a service contract or even an offer to enter into a service contract. If you have questions about your fiduciary, tax, investment, or other duties under state or federal law, including under the Employee Retirement Income Security Act of 1974, as amended, or about entering into a service contract in connection with such duties, you should consult your legal counsel. 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 risk, including possible loss of principal. The information provided represents the opinion of U.S. Bank and is not intended to be a forecast of future events or guarantee of future results. It is not intended to provide specific investment advice and should not be construed as an offering of securities or recommendation to invest. Not for use as a primary basis of investment decisions. Not to be construed to meet the needs of any particular investor. Not a representation or solicitation or an offer to sell/buy any security. Investors should consult with their investment professional for advice concerning their particular situation. U.S. Bank and its representatives do not provide tax or legal advice. Each individual s tax and financial situation is unique. Individuals should consult their tax and/or legal advisor for advice and information concerning their particular situation. 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 fund prospectus for additional details pertaining to these risks. FAF Advisors, Inc. is a registered investment advisor and subsidiary of U.S. Bank National Association. FAF Advisors serves as investment advisor to First American Funds. First American Funds are distributed by Quasar Distributors, LLC, and affiliate of the investment advisor. U.S. Bank and its affiliates receive compensation or services rendered to First American Funds as disclosed in the fund prospectuses. U.S. Bank is not responsible for and does not guarantee the products, services or performance of its affiliates or third party providers. U.S. Bank may 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 expense beyond what is disclosed in the fund prospectuses. For more information, review the fund prospectus. Equity securities are subject to stock market fluctuations that occur in response to economic and business developments. Growth stocks are typically more volatile than value stocks; however, value stocks have a lower expected growth rate in earnings and sales. International investing involves risks not typically associated with domestic investing, including risks of adverse currency fluctuations, potential political and economic instability, different accounting standards, foreign government regulations, currency exchange rates, limited liquidity, and volatile prices. The risks of international investing are particularly significant in emerging markets. Investments in fixed income (debt securities) typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. Alternative investments very often use speculative investment and trading strategies. There is no guarantee the investment program will be successful. Alternative investments are designed only for sophisticated persons who are able to tolerate the full loss of an investment. These products are not suitable for every investor even if the investor does not meet the financial requirements. It is important to consult with you investment professional to determine how these investments might fit you asset allocation, risk profile, and tax situation. There are special risks associated with an investment in commodities, including market price fluctuations, regulatory changes, interest rate changes, credit risk, economic changes, and the impact of adverse political or financial factors. An investment in a hedge fund involves a substantially more complicated set of risk factors than traditional investments in stocks and bonds Hedge funds are speculative and involve a high degree of risk. Private equity consists of investors and funds that make investments directly into private companies that result in a delisting of public equity. Potential investors should remember that investments in private equity are illiquid by nature and typically represent a long-term binding commitment. The investments made by private equity funds are not readily marketable and the valuation procedures for those positions are often subjective in nature. Exchange Traded Funds (EFTs) are baskets of securities that are traded on an exchange like individual stocks at negotiated prices and are not individually redeemable. Shares of EFTs may trade at a premium or a discount to the net asset value of the underlying securities. Structured products are subject to market risk and/or principal loss if sold prior to maturity or if the issuer defaults on the security. Investors should request and review copies of Structured Products Pricing Supplements and Prospectuses prior to approving or directing an investment in these securities. Copyright 2010 U.S. Bank 08/

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