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U.S. Bancorp Named to 10 Uncommon Values List; Lehman Brothers Predicts U.S. Bancorp Will Outperform Stock Market in Coming Year

MINNEAPOLIS, Jun 25, 2003 (BUSINESS WIRE) -- U.S. Bancorp (NYSE:USB) has been named to the Lehman Brothers Inc. "10 Uncommon Values" portfolio. The 10 Uncommon Values list features ten stocks which Lehman Brothers Inc. believes will outperform the U.S. stock market in the next 12 months.

In the Lehman Brothers' 2003-2004 portfolio announcement the following remarks were made regarding U.S. Bancorp, "...despite posting top-quartile profitability and efficiency metrics, (U.S. Bancorp) is trading at a discount to its peers. As revenue growth shifts from acquisition-driven over the past several years to organic-driven, and as operating leverage continues to improve, we expect the stock to regain its premium valuation."

Others being named to the Uncommon Values list include: Amgen; Burlington Resources; Cisco Systems; Exelon Corp.; Harrah's Entertainment; Hewlett-Packard; JetBlue Airways; Nextel Communications; and Teva Pharmaceuticals.

According to the Lehman Brothers' announcement, each of the firm's 82 senior analysts recommends his or her best idea for a stock that will outperform the market. Lehman Brothers' Investment Policy Committee then screens these recommendations by using a combination of fundamental, sector and technical evaluations to select the best 10 common stocks.

U.S. Bancorp, with assets in excess of $182 billion, is the 8th largest financial services holding company in the United States. The company operates 2,200 banking offices and 4,582 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.

SOURCE: U.S. Bancorp

CONTACT:          U.S. Bancorp
                  Steve Dale (Media), 612/303-0784
                  H. D. McCullough (Analysts), 612/303-0786
                  Judy Murphy (Analysts), 612/303-0783

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SOURCE: U.S. Bancorp

"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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