American Municipal Income Portfolio Inc. (NYSE: XAA), Minnesota Municipal Income Portfolio Inc. (NYSE: MXA) and First American Minnesota Municipal Income Fund II, Inc. (NYSE: MXN) (each a “Fund” and, collectively, the “Funds”) today each announced that its Board of Directors has approved a refinancing plan to redeem all of the outstanding respective auction rate or remarketed preferred stock, as applicable (“ARPs”). Each Fund’s ARPs would be redeemed at their $25,000 liquidation value per share plus an additional amount representing any accrued and unpaid dividend amounts on the date of redemption. The Funds intend to issue a new series of preferred stock, Variable Rate MuniFund Term Preferred Shares (VMTP) and it is expected that the redemptions will be funded by the proceeds of the VMTP issuance. The issuance of the VMTP is subject to completion of all aspects of their placement, which may not occur as planned.

The Funds intend to issue VMTP to qualified institutional buyers in private offerings pursuant to Section 4(2) and/or Rule 144A under the Securities Act of 1933 (the Securities Act). Details regarding specific terms and timing of the redemptions will be communicated at a later date through filings with the Securities and Exchange Commission, and an accompanying public press release.

No preferred shares to be offered have been registered under the Securities Act or any state securities laws. Unless so registered, no preferred shares may be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act and applicable state securities laws. This press release is neither an offer to sell nor a solicitation of an offer to buy any of these securities.

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 February 28, 2014. First American Closed-End Funds are subadvised by Nuveen Fund Advisors, Inc. 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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