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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 27, 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.

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. Parent company of U.S. Bank, 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.

Forward-Looking Statements

This news release contains forward-looking statements made by Lehman Brothers, Inc. To the extent such forward-looking statements could be somehow attributed to U.S. Bancorp, U.S. Bancorp believes that such forward-looking statements involve inherent risks and uncertainties, and important factors could cause actual results to differ materially from those anticipated, including the following, in addition to those contained in the Company's reports on file with the SEC: (i) general economic or industry conditions could be less favorable than expected, resulting in a deterioration in credit quality, a change in the allowance for credit losses, or a reduced demand for credit or fee-based products and services; (ii) changes in the domestic interest rate environment could reduce net interest income and could increase credit losses; (iii) the conditions of the securities markets could change, adversely affecting revenues from capital markets businesses, the value or credit quality of the Company's assets, or the availability and terms of funding necessary to meet the Company's liquidity needs; (iv) changes in the extensive laws, regulations and policies governing financial services companies could alter the Company's business environment or affect operations; (v) the potential need to adapt to industry changes in information technology systems, on which the Company is highly dependent, could present operational issues or require significant capital spending; (vi) competitive pressures could intensify and affect the Company's profitability, including as a result of continued industry consolidation, the increased availability of financial services from non-banks, technological developments, or bank regulatory reform; (vii) acquisitions may not produce revenue enhancements or cost savings at levels or within time frames originally anticipated, or may result in unforeseen integration difficulties; and (viiii) capital investments in the Company's businesses may not produce expected growth in earnings anticipated at the time of the expenditure.

SOURCE: U.S. Bancorp

CONTACT:          U.S. Bancorp
                  Steve Dale (Media), 612/303-0784
                  Teri Charest (Media), 612/303-0732
                  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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