U.S. Bancorp Fund Services, LLC Acquires Quintillion Limited

  U.S. Bancorp Fund Services, LLC Acquires Quintillion Limited

Business Wire

MILWAUKEE -- November 20, 2013

U.S. Bancorp Fund Services, LLC, a subsidiary of U.S. Bancorp (NYSE: USB),
announced it has agreed to acquire Quintillion Limited (Quintillion), an
Ireland domiciled full-service hedge fund administrator. The announcement
supports U.S. Bancorp Fund Services’ strategic initiative to expand its
alternative investment servicing network supporting the European investment

“This acquisition continues to showcase the long-term commitment of U.S.
Bancorp to grow our securities services business,” said Terrance Dolan, vice
chairman of U.S. Bancorp Wealth Management & Securities Services. “This
enables us to enhance our European presence through additional talented
resources, and complements our focus on the expansion and diversification of
our alternative investment business.”

The transaction adds $18 billion in hedge fund assets under administration and
53 Dublin-based employees to U.S. Bancorp Fund Services existing alternative
investment business. U.S. Bancorp Fund Services will now have more than 1,100
associates with operational offices in Milwaukee, New Jersey, Cayman Islands,
London and Dublin. The combined businesses will support $832 billion in assets
under administration for more than 2,900 funds, including $84 billion of
alternative investment assets for investment managers.

“This transaction allows us to expand our operations in Europe by adding a
significant presence in Dublin, an important financial hub,” said Joe Redwine,
president of U.S. Bancorp Fund Services. “We are pleased to have Quintillion
join our team, and believe new and existing clients will benefit from a
growing servicing partnership founded on providing strong technology solutions
coupled with industry-leading expertise."

Clients of the combined organization will experience a seamless integration
due to consistency in technology applications, with an enhanced set of
combined capabilities to meet their full set of servicing needs. “We are
excited to become part of a growing team and a company with a similar set of
core values and approach to customer service,” said Joan Kehoe, chief
executive officer of Quintillion. “We believe U.S. Bancorp's financial
strength and highly-regarded service offerings, such as expanded custody,
trust, and other banking services, will provide significant benefits to our

About Quintillion
Quintillion is an independent fund administration company based in Dublin’s
IFSC. Launched in 2006, the firm offers experienced accounting and investor
services professionals, coupled with leading technologies which are deployed
in an innovative manner and are at the core of our ability to deliver superior
fund administration solutions. Quintillion is authorized and regulated by the
Central Bank of Ireland under the Investment Intermediaries Act, 1995.

About U.S. Bancorp Fund Services
U.S. Bancorp Fund Services, LLC provides single-source solutions to support a
variety of investment strategies and products including mutual funds,
alternative investments, open-end, closed-end, and exchange traded funds. The
division currently services 443 fund families comprised of 2,868 portfolios,
3,123 fund classes, and 3.7 million shareholder accounts with $814 billion in
client assets. U.S. Bancorp Fund Services is a subsidiary of U.S. Bank, the
fifth largest commercial bank in the United States. Visit U.S. Bancorp Fund
Services on the web at www.usbfs.com.

About U.S. Bancorp
Minneapolis-basedU.S. Bancorp, with$361 billionin assets as ofSeptember
30, 2013, is the parent company ofU.S. Bank, the fifth largest commercial
bank inthe United States. The Company operates 3,088 banking offices in 25
states and 4,937 ATMs and provides a comprehensive line of banking, brokerage,
insurance, investment, mortgage, trust and payment services products to
consumers, businesses and institutions. VisitU.S. Bancorpon the web at

"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 expectations, see U.S. Bancorp’s
Annual Report on Form 10-K for the year ended December31, 2012, including the
sections entitled "Risk Factors" and “Corporate Risk Profile” contained in
Exhibit 13, and all subsequent filings with the Securities and Exchange
Commission under Sections13(a), 13(c), 14 or 15(d) of the Securities Exchange
Act of 1934. However, factors other than these also could adversely affect
U.S. Bancorp’s results, and you should not consider these factors to be a
complete set of all potential risks or uncertainties. Forward-looking
statements speak only as of the date hereof, and U.S. Bancorp undertakes no
obligation to update them in light of new information or future events.


U.S. Bancorp
Tom Joyce, Public Relations, 612-303-3167
Judith Murphy, Investor Relations, 612-303-0783
Mark Pawlyshyn, Marketing Manager, 414-765-5758
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