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U.S. Bank to Sell 401(k) Business to Great-West Life & Annuity

MINNEAPOLIS--(BUSINESS WIRE)--Nov. 30, 2006--U.S. Bank Institutional Trust & Custody announced today that it has entered into a definitive agreement to sell its bundled 401(k) defined contribution plan business to Great-West Life & Annuity whose business unit, Great-West Retirement Services, will manage the business. U.S. Bank Institutional Trust & Custody is not selling its trust, custody, defined benefit, non-qualified plan or health savings account businesses.

"U.S. Bank remains firmly committed to the institutional trust, custody and health savings account businesses," said Diane Thormodsgard, president of U.S. Bank Institutional Trust & Custody. "The acquisition of the Wachovia institutional custody business demonstrates our commitment and willingness to invest in this business. The sale of the 401(k) business allows us to concentrate our focus and resources on businesses where we have significant scale and/or opportunity for growth."

"By industry standards today, a book of two to three million participants is necessary to support continued investment. U.S. Bank has approximately 195,000 participants. We believe the sale of this business segment to a national leader will provide significant benefits to our clients," said Thormodsgard. "As the 4th largest defined contribution provider with a commitment to high quality customer service and strategic product development, Great-West Retirement Services will offer our clients excellent products and services in a bundled environment."

The transaction is expected to close in late December 2006 following the receipt of regulatory approvals. Terms of the transaction are not disclosed.

Great-West Retirement Services is a business unit of Great-West Life & Annuity which provides retirement products and services to corporate 401(k) and institutional clients, as well as government, healthcare and education customers in the public/non-profit markets. Following the U.S. Bank transaction, Great-West Retirement Services will provide 401(k), 401(a), 403(b) and 457 retirement plan services to more than 21,000 plans representing nearly 3.5 million participants with more than $104 billion in assets.

U.S. Bank Institutional Trust & Custody is a division of U.S. Bank National Association that focuses on trust, custody, health savings accounts, investments and retirement services to institutional clients and has nearly $1 trillion in assets under administration. Its product offerings include institutional trust and institutional custody services, health savings accounts and retirement plans (including 401(k), profit sharing or money purchase pension plans).

U.S. Bancorp (NYSE:USB), with assets of $217 billion, is the 6th largest financial services holding company in the United States. The company operates 2,467 banking offices and 4,943 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 the parent company of U.S. Bank. Visit U.S. Bancorp on the web at www.usbank.com.

    CONTACT: U.S. Bank
             Amy Frantti, 612-303-0733
             Steve Dale, 612-303-0784

    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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