U.S. Bank IS A RECOGNIZED NATIONAL LEADER IN THE CORPORATE TRUST AND INSTITUTIONAL CUSTODY BUSINESSES — the largest trustee in the area of tax-exempt debt, the second largest in the area of asset-backed and mortgage-backed securities, the third largest in new corporate bond issuances, and the ninth-largest institutional custody provider.

U.S. Bank recently solidified this top tier position with the acquisition of a major corporate trust and institutional custody portfolio. As a result of the transaction, which closed on December 30, 2005, U.S. Bank Corporate Trust Services acquired approximately 14,100 new client issuances and $410 billion in assets under administration, and U.S. Bank Institutional Trust & Custody acquired approximately 1,700 new clients and $570 billion in assets under administration.

This transaction strongly complements our existing corporate trust and institutional custody businesses, making us more competitive by increasing our scale and leveraging our existing capabilities and operational platforms. In addition to serving the specialized needs of our corporate trust and institutional custody customers, U.S. Bancorp continues to enhance our top-notch service delivery to affluent individuals and families, professional service corporations and nonprofit organizations through The Private Client Group. Acting as a bank within a bank, The Private Client Group works to build, manage and preserve our customers' wealth by providing expert planning, programs and advice.

Our recent acquisition of a major corporate trust and institutional custody portfolio reflects our acquisition strategy to grow revenue and create businesses capable of competing with anyone.This addition expanded our presence primarily in the mid-Atlantic and southeastern states.

Left: U.S. Bank customers benefit from the significant scale of our national resources, which are delivered by local relationship managers who have a highly sophisticated understanding of area market needs.