Minnesota Municipal Income Portfolio Inc. Completes Auction Preferred Shares Redemption

Minnesota Municipal Income Portfolio, Inc. (NYSE MKT: MXA) (the “Fund”), today announced that the Fund has completed the redemption of all of its outstanding Remarketed Preferred Shares. As previously disclosed on April 1, 2014, the Fund completed the private placement of Variable Rate MuniFund Term Preferred Shares (VMTP) to generate cash proceeds to fund the redemption. First American Minnesota Municipal Income Fund II, Inc. (NYSE MKT: MXN) completed the redemption of its outstanding Auction Rate Preferred Shares on May 2, 2014. American Municipal Income Portfolio Inc. (NYSE: XAA) intends to complete the redemption of all of its outstanding Remarketed Preferred Shares on May 9, 2014.

No VMTP shares have been registered under the Securities Act of 1933 (the Securities Act) or any state securities laws. Unless so registered, no VMTP 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 VMTP shares.

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 Services800.677.3863