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New Pepperdine University Credit Card from U.S. Bank Aims to Generate New Wave of Support from Alumni and Friends

MINNEAPOLIS & MALIBU, Calif.--(BUSINESS WIRE)--June 7, 2005--Pepperdine University has created a new affinity credit card partnership with U.S. Bank that generates donations to the Pepperdine Alumni Association each time a new card is activated and repeatedly thereafter each time the card is used.

The card depicts a breath-taking view of the Malibu Campus. Alumni will have access to three credit card products offered through this U.S. Bank partnership, including one that earns reward points that can be redeemed for gift certificates, merchandise and travel rewards and another that provides cash back on purchases.

"We are thrilled to partner with US Bank and offer a competitive card with great rewards for our alumni, parents, and friends. It has never been easier to show Pepperdine pride and give back to the University in the process," said Jennifer Ostan, Manager of Alumni Board and Services.

"We are confident that Pepperdine and its alumni and friends will see immediate value from the affinity card program because it so quickly and directly impacts the programs and mission of the university," said Tanya Turner, senior vice president of affinity products at U.S. Bank. "We look forward to a long and successful relationship with this renowned institution."

Based in Malibu, Calif., Pepperdine University is an independent, medium-sized university enrolling approximately 8,300 students in five colleges and schools. Courses are taught in Malibu, at six graduate campuses in Southern California and at international campuses in Germany, England, Italy, and Argentina. The university was founded in 1937 by George Pepperdine, a Christian businessman who founded the Western Auto Supply Company. For the first 30 years of its life, the institution was a small, mostly undergraduate college. University status was achieved in 1970 as the institution added graduate and professional schools. In 1972, the university opened its new campus in Malibu. Pepperdine is a Christian university committed to the highest standards of academic excellence and Christian values, where students are strengthened for lives of purpose, service, and leadership.

U.S. Bank is a subsidiary of U.S. Bancorp (NYSE: USB). With $198 billion in assets, U.S. Bancorp is the 6th largest financial holding company in the United States. The company operates 2,377 banking offices and 4,654 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. Visit U.S. Bancorp on the web at usbank.com.

CONTACT: U.S. Bank
Teri Charest, 612-303-0732
or
Pepperdine Alumni Services
Jennifer Ostan, 310-506-6190

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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