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U.S. Bank Wins U.S. Department of Transportation Purchasing Card Contract

WASHINGTON--(BUSINESS WIRE)--June 29, 2004--U.S. Bank Corporate Payment Systems will provide purchasing card services to the U.S. Department of Transportation (DOT). This is the second major federal government contract won by U.S. Bank in less than a year. In 2003, U.S. Bank was selected by the Department of Homeland Security (DHS) to provide similar services in the first major award under the government's SmartPay program since 1998.

The contract is effective on Nov. 30, 2004. The DOT expects annual charge volume of approximately $150 million dollars, making it one of the twenty largest purchasing programs in the federal government.

"This is a great win for U.S. Bank," said Rob Abele, executive vice president of U.S. Bank Corporate Payment Systems. "The DOT is certainly an attractive addition to our government portfolio, but just as importantly, this task order award validates the work we have done in the government market in recent years developing strong products and providing excellent service. It also reflects our proven ability to seamlessly migrate these large accounts from previous card issuers."

U.S. Bank has a long history of providing commercial card services to government agencies and is the largest purchasing card provider to the federal government. In addition to DOT and DHS, other U.S. Bank government customers include: the Department of Defense (DOD) and under it the Army, Air Force and other DOD agencies, the United States Postal Service (USPS), the Department of Health and Human Services (HHS) and the Executive Office of the President.

In 1998, GSA awarded contracts to five financial institutions including U.S. Bank to provide federal agencies with commercial card services for travel, purchase and fleet needs. The GSA SmartPay contracts were effective from November 1998 through November 2003, with five one-year options to renew, through November 2008.

SmartPay was instituted to help government agencies minimize the issuance of purchase orders and the receipt of invoices, reduce administrative costs, improve cash management by eliminating the need for advance funds, third party drafts and cash on hand and consolidate purchases from many suppliers to a single invoice. The GSA estimates that its SmartPay purchasing card programs saved government agencies more than $1 billion dollars in 2003.

U.S. Bank Corporate Payment Systems offers clients a full suite of solutions for commercial card, fleet and business-to-business (B2B) payment needs. U.S. Bank was the first to offer corporate bankcard, purchasing card and relocation card programs. It was also the first to offer a private-label fleet card, and is one of the largest merchant acquirers in the world. Corporate Payment Systems clients include nearly one-third of the Fortune 100 and one-half of the Fortune 500 companies.

U.S. Bank is a subsidiary of Minneapolis-based U.S. Bancorp (NYSE:USB). With assets of $192 billion, U.S. Bancorp is the 7th largest financial services holding company in the United States. The company operates 2,275 banking offices and 4,472 ATMs in 24 states 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 www.usbank.com.

    CONTACT: U.S. Bank
             Teri Charest, Media Relations, 612-303-0732
             Dan Endy, Corporate Payment Systems, 612-973-6901

    SOURCE: U.S. Bank
"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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