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U.S. Bank and Jayco Renew Preferred Lender Agreement - U.S. Bank Makes Special Financing Offer From July Through September

CINCINNATI & MIDDLEBURY, Ind., Jul 28, 2003 (BUSINESS WIRE) -- The U.S. Bank Consumer Lending Recreation Finance Division and Jayco Inc. have renewed their agreement to continue the Five Star Advantage preferred lender program for Jayco dealers for the year 2003. The program was originally established in 2002.

In conjunction with the renewal, U.S. Bank and Jayco launched a special financing promotion running July through September called the "Jayco Summer Sell-Down." The program, exclusively designed for Jayco dealers, will assist in moving new Jayco products while making ownership more affordable to consumers.

"It is these types of programs over the past year that have proven the success of a preferred lender arrangement for Jayco, our dealers and consumers," said Sid Johnson, director of marketing for Jayco.

"The reason we decided to renew this agreement with U.S. Bank for the second year is the clear benefit and added value it provides our dealers," echoed Derald Bontrager, Jayco, Inc. President and COO.

"U.S. Bank provided finance breakout sessions at the Jayco Dealer Homecoming meeting in Orlando in July," said Cindy Stroble, vice president and Jayco relationship manager for U.S. Bank Recreation Finance. "These sessions allowed the dealers ample time to ask questions about the Five Star Advantage program and get to know their dedicated underwriters."

The partnership has paid off for U.S. Bank as well. Jayco was the first manufacturer with a preferred lender relationship after the launch of the Recreation Finance division in April of 2001. The Jayco relationship assisted U.S. Bank in achieving a milestone in June of more than $1 billion in outstanding loans of recreational products.

Jayco, Inc., headquartered in Middlebury, Ind., is one of the nation's largest manufacturers of recreation vehicles. The company markets RVs under the Eagle, Qwest, Designer, Jay Flight, Legacy, Talon, Kiwi, Jay Feather, Greyhawk, Escapade and Granite Ridge brand names.

U.S. Bancorp, with assets of $195 billion, is the 8th largest financial services holding company in the United States. The company operates 2,199 banking offices and 4,575 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 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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