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U.S. Bank and Sportsman's Warehouse Partner to Offer Rewarding New Credit Card

MIDVALE, Utah & MINNEAPOLIS--(BUSINESS WIRE)--May 15, 2006--U.S. Bank and Sportsman's Warehouse, renown for its outdoor products, have partnered to offer customers the Sportsman's Warehouse Rewards Visa Platinum Card, with which they can earn Sportsman's Warehouse rewards certificates.

Cardmembers earn three Specialty Rewards points for every $1 spent in net purchases at Sportsman's Warehouse and one point for every $1 spent in net purchases everywhere else Visa is accepted and charged to a Sportsman's Warehouse Rewards Visa Platinum Card. Cardmembers will automatically receive a $25 Specialty Rewards Certificate for every 2,500 points earned. Plus, new customers will receive a 1,000-point bonus when they make their first purchase. Specialty Rewards Certificates are redeemable towards outdoor merchandise and gear, clothing and more at Sportsman's Warehouse.

"We're excited to partner with Sportsman's Warehouse, a leader in providing outdoor products to individuals and families who enjoy being together in nature," said Rob Morris, senior vice president of co-branded cards at U.S. Bank. "We're confident that our program will be rewarding to our customers and theirs."

"Our customers have been asking for a rewards card for quite some time. We are pleased to join forces with U.S. Bank, a nationally recognized banking partner, to offer a product that will meet the needs of our customers, and provides one of the industry's best rewards, as our way of thanking our customers for their loyalty to Sportsman's Warehouse," said Stuart Utgaard, chairman and chief executive officer of Sportsman's Warehouse.

Sportsman's Warehouse offers the widest selection and highest quality outdoor products, with 48 stores located in 23 states. Based in Midvale, Utah, its mission is to live up to its reputation as the Great Indoors for those who love the Great Outdoors. Sportsman's Warehouse was founded under the idea of serving the outdoor enthusiast exclusively. That's why customers will find everything they're looking for under one roof whether it's for fishing, hunting, camping or any other outdoor pursuit. Sportsman's Warehouse has expert and knowledgeable staff. It is an organization of hunters, fishermen, and outdoor enthusiasts, and a proud part of America's outdoor traditions. Its employees not only have a passion for the great outdoors but they also offer intimate knowledge of products and the local know-how to help make their customers' outdoor pursuits more successful and enjoyable. For more information, visit www.sportsmanswarehouse.com.

U.S. Bank is part of U.S. Bancorp (NYSE: USB). With assets of $210 billion, U.S. Bancorp is the 6th largest financial holding company in the United States. The company operates 2,430 banking offices and 4,941 ATMs, 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 the parent company of U.S. Bank. Visit U.S. Bancorp on the web at www.usbank.com.

CONTACT: U.S. Bank
Teri Charest, 612-303-0732
or
Sportsman's Warehouse
Rourk Kemp, 801-304-4320

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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