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Freddie Mac Chooses U.S. Bank Corporate Visa Card

MINNEAPOLIS, Feb 28, 2003 (BUSINESS WIRE) -- Starting in February, employees of Freddie Mac began reaching for a U.S. Bank Visa Corporate Card to pay for business purchases such as business travel, client luncheons or everyday office supply procurement.

That's because U.S. Bank Corporate Payment Systems earned the organization's corporate card business following a competitive bid process. Freddie Mac leaders have a strong relationship with leaders at U.S. Bank Home Mortgage, who successfully connected them with colleagues at U.S. Bank Corporate Payment Systems, the largest issuer of Visa-branded commercial card programs in the world.

"This new business arrangement is a 'win-win' for both Freddie Mac and U.S. Bank," said Paul Peterson, executive vice president at Freddie Mac. "Freddie Mac has the opportunity to strengthen its relationship with a valued customer and it gives employees the benefit of carrying a Visa card managed by the number one corporate credit card issuer in the nation," he said.

"We are excited about the opportunity to provide Freddie Mac travelers with the U.S. Bank Visa Corporate Card, which is backed by our exclusive Five Star Service Guarantee. We are also excited about adding Freddie Mac as a customer. Organizations like Freddie Mac are invaluable partners in our efforts to constantly improve the value delivered by our payment solutions," said Chris Pieroth, senior vice president for product and marketing with U.S. Bank Corporate Payment Systems.

U.S. Bank Corporate Payment Systems offers clients a full suite of solutions for commercial, fleet and B2B payment needs. U.S. Bank was the first to offer corporate bankcard, purchasing and relocation card programs, the first to offer a private-label fleet card and is one of the largest merchant acquirers in the world. Corporate Payment Systems maintains an enviable list of clients including nearly half of the Fortune 100 and more than thirty percent of the Fortune 500.

U.S. Bank is part of U.S. Bancorp (NYSE:USB). With assets in excess of $180 billion, U.S. Bancorp is the 8th largest financial services holding company in the United States. The company operates 2,142 banking offices and 4,604 ATMs, and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. U.S. Bancorp is home of the Five Star Service Guarantee which assures customers of certain key banking benefits and services or customers will be paid for their inconvenience. Visit U.S. Bancorp on the web at usbank.com.

CONTACT:          U.S. Bank Media Relations
                  Teri Charest, 612/303-0732

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"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 those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.

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