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U.S. Bank to Provide Purchasing Card Services to the University of California

MINNEAPOLIS--(BUSINESS WIRE)--July 15, 2004--U.S. Bank Corporate Payment Systems recently won the bid to provide purchasing card services to the University of California (UC) School System for the next five years. UC is one of the nation's largest school systems with a $14 billion dollar annual budget and had a purchasing volume of more than $180 million in fiscal year 2002. With this contract, U.S. Bank will issue 3,000 cards to UC employees.

"This is an exciting win for us because we were bidding against an incumbent provider with a 10-year history," said Robert Abele, president of U.S. Bank Corporate Payment Systems. "UC made it clear from the outset that they were looking for innovations available in the market, so this win certainly validates our direction."

UC encompasses more than 600,000 students and 150,000 employees across 10 campuses, five medical schools and hospitals, remote offices associated with each campus, three law schools and a statewide Division of Agriculture and Natural Resources. UC also manages three prominent U.S. Department of Energy research laboratories: Los Alamos, Lawrence Livermore and Lawrence Berkeley.

"The U.S. Bank platform and capabilities were deemed the best fit for the University of California's existing program," said Haggai Hisgilov, the UCLA Director of Strategic Sourcing, who led the university's selection team. "U.S. Bank seemed to be the provider most able to partner with the university to accommodate our anticipated future needs. We expect dramatic growth in our card usage over the next five years."

"It's important to remember that this is an existing program with tremendous growth potential and we hit the ground running," Abele added. "We will not have to introduce UC to the basics of a program and can instead focus on leveraging efficiencies and developing appropriate strategies for maximizing the school system's procure-to-pay processes."

The relationship signals continued growth by U.S. Bank in California. The company recently moved its southern California headquarters to the highly visible U.S. Bank Tower, formerly Library Tower, in downtown Los Angeles. The number of U.S. Bank branches has nearly tripled from 90 branches in 1999 to more than 260 convenient locations today. The expansion continues as U.S. Bank branches open in Safeway, Vons and Pavilions stores throughout California. U.S. Bank sponsors organizations including the Los Angeles Dodgers and in 2004 made its introductory appearance in the Tournament of Roses Parade.

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. Its clients include nearly one-third of the Fortune 100 and one-half of the Fortune 500 companies.

U.S. Bank is a subsidiary of U.S. Bancorp (NYSE: USB). With assets of $192 billion, U.S. Bancorp is the 6th 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. Bancorp Media Relations
             Teri Charest, 612-303-0732
             Dan Endy, 612-973-6901

    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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