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U.S. Bank and Concur Technologies Partner to Deliver Powerful Travel Benchmarking Service

MINNEAPOLIS--(BUSINESS WIRE)--Oct. 27, 2004--U.S. Bank Corporate Payment Systems and Concur Technologies, Inc., have partnered to provide a unique travel benchmarking service to U.S. Bank clients. Powered by Runzheimer International, U.S. Bank Benchmarking Service(TM) provides valuable insight for companies to better manage their travel and entertainment spending. Now, companies wishing to establish best-practice corporate travel policies have a convenient source for obtaining relevant benchmarking information.

Delivered via the Internet, this easy-to-use service allows companies to measure their spending against current industry norms, improve policy compliance, control costs, and convert business intelligence into a competitive edge. Providing up-to-date airfare pricing information for 600 city pairs along with daily prices for travel-related expenses including hotels, automobiles, meals and ground transportation for 300 cities around the world, U.S. Bank Benchmarking Service delivers the business intelligence organizations need to plan their budgets more effectively and negotiate better rates with travel vendors.

"We are excited to be able to provide this powerful 'value-added' service to our customers," said Robert T. Abele, executive vice president for U.S. Bank. "U.S. Bank's Benchmarking Service dovetails perfectly into our primary goal of helping customers root out inefficiencies, eliminate paperwork and drive cost savings."

U.S. Bank Benchmarking Service enables companies to run reports in any currency and export the resulting data into Excel for further analysis. In addition, the service also provides companies with templates for surveying their internal travelers, best practice white papers and access to award-winning articles that follow the travel and entertainment industry.

Since 1933, Runzheimer International has served clients with the highest standards of objectivity, integrity and confidence. Runzheimer is a leader in assisting organizations in managing employee mobility, whether it be in the area of travel management, business vehicles, employee relocation, or international assignments. Runzheimer serves more than 2,000 businesses and government agencies worldwide, including more than 60 percent of Fortune 500 companies. Products and services include travel management consulting and benchmarking services, employee fleet cost analysis, business driver allowance programs and administrative outsourcing services, and comparative cost analysis and other services to support decision making for company-sponsored relocations, compensation programs, and international assignments.

Concur Technologies, Inc. (Nasdaq:CNQR) is the world's leading provider of business services that automate Corporate Expense Management. Concur's solutions are trusted by thousands of companies worldwide and feature the flagship Concur Expense Service. This comprehensive Web-based service manages travel and entertainment expenses and includes Concur Imaging Service to eliminate the hassle of managing paper receipts and Concur Analysis Service for turning raw expense data into valuable business intelligence. Together, these solutions provide rapid ROI by streamlining business processes, reducing operating costs, improving internal controls and empowering financial managers to apply greater insight into their company's spending patterns. More information about Concur is available at www.concur.com.

U.S. Bank Corporate Payment Systems, a division of U.S. Bancorp, offers clients a full suite of solutions for commercial, fleet and B2B payment needs. U.S. Bank was the first to offer corporate bankcard, purchasing and relocation card programs, the first to offer a private-label fleet card and is one of the largest merchant acquirers in the world. Corporate Payment Systems maintains an enviable list of clients including nearly half of the Fortune 100 and more than 30 percent of the Fortune 500.

U.S. Bancorp (NYSE:USB), with $193 billion in assets, is the 6th largest financial services holding company in the United States. The company operates 2,346 banking offices and 4,621 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 usbank.com.

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

    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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