MXA Minnesota Municipal Income Portfolio Inc.

Minnesota Municipal Income Portfolio Inc. (NYSE MKT: MXA) and First American Minnesota Municipal Income Fund II, Inc. (NYSE MKT: MXN) (each a "Fund" and, collectively, the "Funds") today announced that their Board of Directors has approved a proposal to merge the Funds into a newly organized closed-end fund (the “Combined Fund”) managed by Nuveen Fund Advisors, LLC and sub-advised by Nuveen Asset Management, LLC, both current sub-advisors of the Funds. The proposal will be submitted to shareholders of each Fund for a vote at a Special Meeting of Shareholders anticipated to be held during the third quarter of 2014. The Board recommends that shareholders of each Fund vote in favor of the merger for their Fund, which would allow shareholders to maintain their investments in a fund that would have a larger asset base.

If the mergers are approved, the Nuveen entities will become advisor and sub-advisor to the Combined Fund with responsibility for all investment management, fund administration and marketing functions and the Combined Fund will move to the Nuveen Funds closed-end funds platform. For a period of two years following the closing of the mergers, Nuveen has agreed to waive fees so that expenses of the Combined Fund, excluding leverage costs, will not exceed the lower of the two Funds' expense ratios, excluding leverage costs, in effect prior to the closing. The Combined Fund’s principal investment strategies would not differ materially from the Funds’ current principal strategies. The Combined Fund would be managed by Doug White and Chris Drahn.

Completion of the proposed merger is subject to a number of conditions and other factors, including approval by each Fund’s shareholders. At the Annual Meeting of Shareholders, shareholders will consider the election of each Fund’s current Directors who will serve until consummation of the merger (the current Directors of Nuveen’s closed-end funds will serve as Directors of the Combined Fund following consummation of the merger). Further announcements regarding the Annual and Special Meetings of Shareholders will be made in the upcoming months.

For more information about the Funds, visit www.firstamericanfunds.com or call 800.677.3863.

Minneapolis-based U.S. Bancorp Asset Management, Inc. serves as investment advisor to the First American Closed-End Funds. A subsidiary of U.S. Bank National Association, U.S. Bancorp Asset Management focuses on providing investment management services to institutional clients, including corporations, public entities and nonprofits. It has combined assets under management of more than $52 billion as of March 31, 2014. First American Closed-End Funds are subadvised by Nuveen Fund Advisors, LLC and Nuveen Asset Management, LLC.

Investment products, including shares of closed-end funds, are not obligations of, or guaranteed by, any bank, including U.S. Bank or any U.S. Bancorp affiliate, nor are they insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency. An investment in such products involves investment risk, including possible loss of principal.

Please remember, you could lose money with this investment. Neither safety of principal nor stability of income is guaranteed. Past performance does not guarantee future results.

U.S. Bank National Association is a separate entity and wholly owned subsidiary of U.S. Bancorp, the fifth-largest commercial bank in the United States, and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. Visit U.S. Bancorp on the web at www.usbank.com.

U.S. Bancorp Asset Management, Inc.Investor Services, 800-677-3863

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