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United States Air Force Honors Three U.S. Bank PowerTrack Employees

MINNEAPOLIS--(BUSINESS WIRE)--July 28, 2004--Three members of the U.S. Bank PowerTrack(R) team were recently singled out with high praise and recognition from U.S. Air Force personnel during the annual U.S. Bank Financial Supply Chain Conference in Orlando, Fla.

David Sullivan, vice president for government sales, Pete Gowanlock, senior consultant, and Kevin Armstrong, program manager were all recognized for their extraordinary efforts to help the Brooks City Air Force Base in San Antonio improve its payment processes for contract purchases. The awards are a long-standing Air Force and Department of Defense tradition and are typically awarded only to government personnel that show exceptional performance and dedication. This is the first time Brooks City Base has given such recognition to civilian industry partner employees.

"This is a tremendous honor for all of the folks at PowerTrack, and I'm very proud to see these three individuals receive this well-deserved recognition," said Richard G. Langer, senior vice president and general manager for PowerTrack. "These awards are not presented with a great deal of frequency, and to earn one you must be incredibly dedicated to being a positive change-agent. I could not ask for anything better from our PowerTrack employees."

The Air Force set high goals and challenged the PowerTrack group to come up with solutions that would completely eliminate late payments and any associated interest costs. Through an exceptional partnership with Col. Tom Gilmore and William Zimmer, the Brooks City Base exceeded its own expectations and is a shining example of innovation and success.

"We are extremely pleased with the efficiencies PowerTrack has allowed us to bring to Brooks City Base," said Col. Gilmore. "The partnership between PowerTrack and Brooks is one that we are extremely proud of and is an example of exemplary cooperation between government and industry."

PowerTrack is a patented, electronic, business-to-business payment platform from U.S. Bank Corporate Payment Systems. Some of the country's largest commercial and government organizations use PowerTrack to streamline business-to-business payment processes by enabling robust pre-payment audits, real-time exception identification, collaborative resolution, and integrated accounts payable and accounts receivable processing. PowerTrack pays sellers quickly while maintaining generous payment terms for buyers, reduces collections risk for sellers, and delivers exceptional control for cash managers. PowerTrack processes more than 17 million electronic trade documents annually with more than 21,000 registered users from more than 2,200 geographic locations worldwide. To learn more about PowerTrack or for a demonstration, call (800) 417-1844 or visit PowerTrack on the web at powertrack.com.

U.S. Bancorp (NYSE:USB), with $190 billion in assets, is the 6th largest financial services holding company in the United States. The company operates 2,315 banking offices and 4,565 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 in which the company pays customers if certain key banking benefits and services are not met. U.S. Bancorp is the parent company of U.S. Bank. Visit U.S. Bancorp on the web at www.usbank.com.

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