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Kennedy Wilson Inc. Selects U.S. Bank Retirement Plan

MINNEAPOLIS, Mar 24, 2003 (BUSINESS WIRE) -- Kennedy Wilson Inc. (KWI) has selected U.S. Bank Retirement Solutions to assist the company with its 401(k) retirement plan for its employees. Founded in 1977, Kennedy Wilson, Inc. (Nasdaq:KWIC) is an international real estate services and fund management firm headquartered in Beverly Hills, Calif., with 20 offices throughout the United States and Japan.

Retirement Solution is a fully bundled 401(k) retirement plan product that offers flexibility and customization, funds for every style of investor, and technological advancements while easing the administrative burden.

"We chose U.S. Bank because they understand the needs of the company and our employees," said Jim Rosten, president of KWI. "U.S. Bank Retirement Solutions is affordable as well, and the customer service has been excellent."

"We are delighted to provide KWI's retirement plan and to do business with them," said Diane Thormodsgard, president of U.S. Bank Institutional Trust & Custody. "U.S. Bank will deliver the best service possible, backed by our Five Star Service Guarantee."

Kennedy Wilson offers a comprehensive array of real estate services including brokerage, investment sales, asset management, property management, construction management, engineering management, development, and acquisition. For more information about KWI, see the company's web site at www.kennedywilson.com.

U.S. Bank Institutional Trust & Custody is a division of U.S. Bank N.A. that focuses on retirement, investment and custody services to institutional clients. Its product offerings include retirement plans (401(k), profit sharing or money purchase pension plans), institutional custody and master trust services.

U.S. Bancorp (NYSE:USB), with assets in excess of $180 billion, 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. U.S. Bancorp is the parent company of U.S. Bank. Visit U.S. Bancorp on the web at www.usbank.com.

CONTACT:          U.S. Bank Media Relations
                  Amy Frantti, 612/303-0733

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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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