U.S. Bancorp

FINANCIAL REVIEW 2005:

We focus on service, financial strength, shareholder value

We are proud of the strides we have made in improving customer service — through expansion, added capabilities, new products and services, more offices in more convenient locations — and in delivering the very best we have to offer to every customer, every time. We are pleased that we can show you in this report our Five Star Service up close through five examples of our initiatives.

Our investments in expansion of markets, products, delivery systems and locations influence our financial results greatly. We invite you to read about management's discussion and analysis of our financial results in the following pages.

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