U.S. Bank Introduces Internet-Based Retirement Plan for Self-Employed Businesses.

Business Editors

MINNEAPOLIS--(BUSINESS WIRE)--April 10, 2002

U.S. Bancorp (NYSE:USB)

U.S. Bank Institutional Trust & Custody is introducing a new online retirement product that takes advantage of recent provisions within the Economic Growth and Tax Relief Reconciliation Act of 2001, allowing American self-proprietorships to contribute significantly more of their earnings toward retirement.

The product, Solution Online Solo(k), is a Web-based, fully automated, multifund-family retirement product.

"We're very excited about this retirement product," said Sue Hafferkamp, director of employee benefits product management for U.S. Bank Institutional Trust & Custody. "Solution Online Solo(k) allows the 18 million self-owned businesses in the United States to establish a low cost 401(k) that's affordable and easy to set up and manage. It also offers a wide range of features and well-known investment options."

The retirement plan has a variety of features including unlimited account transfers; automatic account rebalancing; online payroll processing; census and reports; an online administrative guide; account access through a voice-response telephone service; signature-ready IRS form 5500 EZ, and automatic issuance and filing of IRS form 1099R.

Solution Online Solo(k) investment options feature First American Funds supplemented by U.S. Bank's partner fund families: American Century, Fidelity Advisor, MFS, Dreyfus, Nike Securities, Federated, INVESCO and Putnam.

To find out more about Solution Online Solo(k), go to http://solution.usbank.com.

U.S. Bank Institutional Trust & Custody is a division of U.S. Bank National Association that focuses on retirement, investment and custody services to institutional clients. Its product offerings include retirement plans (401(k), profit sharing or money purchase pension plans), institutional custody and master trust services.

Minneapolis-based U.S. Bancorp (NYSE:USB), with assets in excess of $171 billion, is the 8th largest financial services holding company in the United States. The company operates 2,147 banking offices and 4,929 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 home of the Five Star Service Guarantee which assures customers of certain key banking benefits and services or customers will be paid for their inconvenience. U.S. Bancorp is the parent company of Firstar Bank and U.S. Bank. Visit U.S. Bancorp on the Web at www.usbank.com and Firstar Bank at www.firstar.com.