2018 Fourth Quarter Profile

Commercial bank ranking 5th largest

Period-end assets $467 billion

Period-end deposits $345 billion

Period-end loans $287 billion

Earnings per common share (diluted) $1.10

Return on average assets 1.59%

Return on average common equity 15.8%

Customers 18.7 million

Bank branches 3,018

ATMs 4,681

NYSE symbol USB

Year founded 1863

Our four pillars of strategy

Our strategy is how we will grow; it comes to life by activating our pillars: by being the most trusted choice, driving one U.S. Bank, striving for simplicity and creating the future now.

e

Three ways we lead by exampleOur Chairman, President and CEO leads by example with our U.S. Bank core values. This quarter, Andy Cecere called out a few ways we’re doing just that.

u We do the right thingWe responded quickly to help ease the financial pressure that many of our customers who serve our nation were facing. In early January, we announced a new low-rate, quick loan product designed to help our customers who are federal employees needing special assistance during the U.S. government shutdown.

u Strength from diversityBoard director Dorothy Bridges and Global Inclusion & Diversity Head Greg Cunningham were named to the Ebony 100. This list recognizes inspiring and influential leaders of color who are impacting and shaping the world today.

u People first alwaysThe American Bankers Association honored U.S. Bank with the ABA Foundation Commitment to Community award. We were recognized for our efforts in affordable housing through our American Dream Home Loans program.

A Big Apple expansionWe’re the fifth-largest commercial bank in the United States and growing.

Last fall, we broadened our commercial banking presence on the East Coast.

We brought one U.S. Bank – the power of the entire organization – to middle market companies in New York, New Jersey and Connecticut. Middle market companies generally have revenues from $10 million to $500 million.

The new U.S. Bank Commercial Banking team has a tremendous depth of market knowledge and experience to help these clients meet their most important goals.

“I’m pleased to welcome this new team to New York City,” said Leslie Godridge, vice chairman and co-head of Corporate & Commercial Banking at U.S. Bank. ”We have built a strong presence here over the past 10 years and the time is right to expand our offerings to middle market clients in the area.”

We have 350 employees located in the greater New York City area in several business lines including: Corporate Banking, Derivatives, Equipment Finance, Fixed Income, Foreign Exchange, Global Treasury Management and Loan Capital Markets.

Net income

$1.86b

Net revenue

$5.83b

Diluted EPS

$1.10

Returned earnings to shareholders

80%

Record results in Q4

The U.S. Bank Digital Learning Center in San Diego lets customers

try new bank technologies.

DIY banking

Do the kids in your life know how to operate your smartphone better than you do? We wanted to welcome users to visit one of our branches for a hands-on opportunity to test drive our digital banking experience.

Our first Digital Learning Center at the East Village branch in San Diego lets customers explore the different technological services they can use to make simple banking transactions themselves.

Customers can also use the interactive ATM for deposits, withdrawals or simple banking tasks if they want to skip the teller line.

Digital Learning Centers are just one of the ways in which we’re innovating responsibly to make sure you can bank how, when and where you want.

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Bringing new meaning to work-life balance

U.S. Bank Private Banking Relationship Manager and U.S. Army First Sergeant Bridgette Stine was the guest of honor at our annual companywide Veterans Day event.

She spoke about how the military has shaped her life and, having recently returned from a tour of duty in the Middle East, why it is important for the bank to support deployed employees – such as through our Proud to Serve business resource group.

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Business and fintech: A natural partnershipWe are keeping pace with new technology and changes in client expectations through strategic partnerships.

In today’s always-on environment, keeping up with changes in technology and client expectations requires banks to be forward thinking, nimble and quick. It also requires partners and a strategy for combining the strengths of traditional banking with agile and innovative solutions offered by fintechs (shorthand for financial technology companies).

We are always looking for opportunities that will help customers stay a step ahead. Many of these opportunities have come in the business-to-business space — such as through a new partnership with Optum360.

We combined our financial expertise and their innovations in technology to provide expanded capabilities for healthcare providers to manage their revenue cycle and receivables needs.

The relationship with Optum360 is one of many ways that U.S. Bank is working with fintechs to provide solutions across numerous industry sectors.

We are also an owner of The Clearing House, which launched the RTP® network last year. It’s the first new core payment system in the United States in more than 40 years. And we helped launch Zelle® — a tool that allows individuals and businesses to send and receive money in near real time — at Early Warning Services, a company we own with seven other partners.

Whether an opportunity is client-specific, or in an industry like healthcare, we support innovation in financial services, and we will continue to pursue fintech partnerships to help us create the future now for our clients.

Bridgette Stine, a U.S. Bank employee who recently returned from

a U.S. Army deployment, speaks to colleagues on Veterans Day.

RTP® is a registered service mark of The Clearing House Payments Company LLC.

Zelle® and the Zelle related marks are wholly owned by Early Warning Services, LLC and are used herein under license.

Addressing the growing talent gap in cybersecurity

Experts predict that the cybersecurity industry will have more than 1 million unfilled jobs this year – and that the number will only grow in the future.

Given our inherent responsibility to safeguard customer data, we have launched and continued several initiatives to help close the industry talent gap.

In November, we announced the third annual class of U.S. Bank Cybersecurity Scholarship recipients: twelve students from University of Missouri-St. Louis, Northern Kentucky University, University of Washington and Whatcom College. The program has provided $70,000 in scholarships to date.

To focus on elementary and secondary education, as well as the gender disparity in technology, we also launched youth-focused initiatives, such as a national partnership with nonprofit Girls Who Code; a program for Cincinnati girls to earn the new Girl Scout cybersecurity badge; and an app development competition through Technovation in Minnesota and San Francisco.

Earlier last year at the final pitch of the Technovation competition in Minnesota, our chairman, president and CEO Andy Cecere attended to hear the teenage girls’ perspectives and reflected, “I could not have done this at their age…Our future is absolutely bright.”

Helping students find the beat of the music

Through our Community Possible giving and engagement platform, we focus on closing the gaps between people and possibility in the areas of Work, Home and Play.

Last year, we put an emphasis on the intersection of two of those pillars. Through our “Work Hard, Play Hard” initiative, We partnered with and donated $14.7 million to nonprofit organizations that give young people the opportunity to develop job skills by using their creativity.

In Los Angeles, for example, this came to life through the Harmony Project. The nonprofit provides comprehensive, tuition-free music education and social support to youth across Southern California.

In collaboration with the Country Music Association’s nonprofit arm, the CMA Foundation, we hosted a private sound check with country music stars including Florida Georgia Line and donated new instruments for students. Harmony Project CEO Myka Miller said, “Many of our students receive loaner instruments, so this will be the first time receiving their own brand-new instruments. That’s very special and will allow them to see what’s possible when it comes to music.”

We also had the opportunity to recognize program alumnus Matthew Morales with a trip to the CMA Awards in Nashville. Morales is now a first-generation college student majoring in music, in part so that he can teach students and give back to the community through music education.

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U.S. Bancorp business scope — Diversified business and markets

National

Corporate & Commercial Banking and Investment Services

International

Payment and Investment Services

Regional

Consumer & Business Bankingand Wealth Management

Source: Company reports Peer banks: BAC, BBT, FITB, JPM, KEY, PNC, RF, STI and WFC

*Non-GAAP; see slide 26 of Exhibit 99.2 of Form 8-K filed January 16, 2018 for calculation

Revenue mix by business line

4Q 2018 taxable-equivalent basis

Revenue percentages exclude Treasury and Corporate Support

• Payment Services

• Wealth Management & Investment Services

• Corporate & Commercial Banking

• Consumer & Business Banking

29%

13%

40%18%

USB Capital Position 4Q18

Common equity tier 1 capital ratio 9.1%

Tier 1 capital ratio 10.7%

Total risk-based capital ratio 12.6%

Leverage ratio 9.0%

Tangible common equity to tangible assets1 7.8%

Calculated under the Basel III standardized approach

1. Non-GAAP; see slide 25 of Exhibit 99.2 of Form 8-K filed January 16, 2018 for reconciliation

USB Total Assets 4Q18U.S. Rank Company $Billions

1 J.P. Morgan 2,623

2 Bank of America 2,355

3 Citigroup 1,917

4 Wells Fargo 1,896

5 U.S. Bancorp 467

6 PNC 382

7 BB&T 226

8 SunTrust 216

9 Fifth Third 146

10 KeyCorp 140

Source: Company reportsAssets as of December 31, 2018

USB Market Value 4Q18U.S. Rank Company $Billions

1 J.P. Morgan 340

2 Bank of America 280

3 Wells Fargo 229

4 Citigroup 150

5 U.S. Bancorp 81

6 PNC 57

7 BB&T 37

8 SunTrust 27

9 Fifth Third 18

10 KeyCorp 17

Source: BloombergMarket Value as of January 22, 2019

C O N S U M ER &BUSINESS BANKING

C O R P O R AT E & C O M M ER C I A L

B A N K I N G

W E A LT HM A N AG EM E N T &

I N V EST M E N TS ERV I C ES

Outperforming our peers 4Q18

Return on Average Assets

Peer 1 1.52%

Peer 2 1.45%

Peer 3 1.35%

Peer 4 1.34%

Peer 5 1.33%

Peer 6 1.31%

Peer 7 1.23%

Peer 8 1.19%

Peer 9 1.16%

USB 1.55%

14.0%

13.0%

12.7%

12.4%

12.0%

11.6%

11.5%

11.5%

11.5%

15.4%

Peer 1

Peer 2

Peer 3

Peer 4

Peer 5

Peer 6

Peer 7

Peer 8

Peer 9

USB

Return on Average Common Equity

55.8%

57.5%

57.7%

58.1%

58.2%

58.7%

59.5%

59.6%

63.6%

54%*

Peer 1

Peer 2

Peer 3

Peer 4

Peer 5

Peer 6

Peer 7

Peer 8

Peer 9

USB

Efficiency Ratio

PAY M EN TS ERV I C ES

2018 Fourth Quarter Profile | 5

People, purpose and possible

intersect in our four powerful lines of

business.

U.S. Bancorp RatingsMoody’s = A1S&P = A+Fitch = AA-DBRS = AA

The senior unsecured debt ratings established for U.S. Bancorp by Moody’s, Standard and Poor’s, Fitch, and Dominion Bond Rating Service reflect the rating agencies’ recognition of the strong, consistent financial performance of the company and the quality of the balance sheet

Long-Term Issuer Credit Rating DefinitionsS&P Moody’s Fitch DBRS

AAA Aaa AAA AAA

AA+ Aa1 AA+ AAH

AA Aa2 AA AA

AA- Aa3 AA- AAL

A+ A1 A+ AH

A A2 A A

A- A3 A- AL

BBB+ Baa1 BBB+ BBBH

BBB Baa2 BBB BBB

BBB- Baa3 BBB- BBBL

p Investment Grade

q Below Investment Grade

BB+ Ba1 BB+ BBH

BB Ba2 BB BB

BB- Ba3 BB- BBL

B+ B1 B+ BH

B B2 B BB- B3 B- BLCCC+ Caa1 CCC+ CCCH

CCC Caa2 CCC CCC

CCC- Caa3 CCC- CCCL

CC Ca CC CCH

C C C CC

D DDD CCL

DD CH

D C

CL

D op = outlook positiveon = outlook negative

s = outlook stable wu = watch uncertain

wn = watch negativewp = watch positive

nr = not rated

Accurate as of February 8, 2019*S&P does not provide a deposit rating; the long-term issuer credit rating is shown

Investment and insurance products and services including annuities are:NOT A DEPOSIT • NOT FDIC INSURED • MAY LOSE VALUE • NOT BANK GUARANTEED • NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

U.S. Bank, U.S. Bancorp Investments, and their representatives do not provide tax or legal advice. Each client’s tax and financial situation is unique. Clients should consult their tax and/or legal advisor for advice and information concerning their particular situation.

For U.S. Bank: U.S. Bank is not responsible for and does not guarantee the products, services or performance of U.S. Bancorp Investments. Deposit products offered by U.S. Bank National Association. Member FDIC. Loan approval is subject to credit approval and program guidelines. Not all loan programs are available in all states for all loan amounts. Interest rates and program terms are subject to change without notice. Visit usbank.com to learn more about U.S. Bank products and services. Mortgage, Home Equity and Credit products are offered by U.S. Bank National Association.

For U.S. Bancorp Investments: Investment products and services are available through U.S. Bancorp Investments, the marketing name for U.S. Bancorp Investments, Inc., member FINRA and SIPC, an investment adviser and a brokerage subsidiary of U.S. Bancorp and affiliate of U.S. Bank.

U.S. Bank is an equal opportunity employer committed to creating a diverse workforce. We consider all qualified applicants without regard to race, religion, color, sex, national origin, age, sexual orientation, gender identity, disability or veteran status, among other factors.

Some of the information provided here has been obtained from third party sources believed to be reliable, but it is not guaranteed as to accuracy or completeness. ©2019 U.S. Bank 139602 (2/19) CR-16558058

Visit usbank.com or call 800.USBANKS to learn more

Moody’s S&P Fitch DBRS Holding Company: Peer Group Rating Outlook Rating Outlook Rating Outlook Rating Outlook

1 U.S. Bancorp A1 s A+ s AA- s AA s 2 JPMorgan Chase & Co. A2 s A- s AA- s AAL s 3 Wells Fargo & Co. A2 on A- s A+ s AAL s 4 BB&T Corp. A2 wn A- s A+ s AH op 5 PNC Financial Services A3 s A- s A+ s AH s 6 Bank of America Corp. A3 wp A- s A+ s AH s 7 SunTrust Banks, Inc. Baa1 wp BBB+ wp A- wp A wp 8 Fifth Third Bancorp Baa1 s BBB+ s A- s A s 9 KeyCorp Baa1 s BBB+ s A- s AL op 10 Regions Financial Corp. Baa2 op BBB+ s BBB+ s AL s

Moody’s S&P* Fitch DBRS Bank Level: Peer Group Rating Outlook Rating Outlook Rating Outlook Rating Outlook

1 U.S. Bank NA Aa1 s AA- s AA s AAH s 2 Wells Fargo Bank NA Aa1 on A+ s AA s AA s 3 BB&T Bank Aa1 wn A s AA- s AAL op 4 JPMorgan Chase NA Aa1 s A+ s AA+ s AA s 5 PNC Bank NA Aa2 s A s AA- s AAL s 6 Fifth Third Bank NA Aa3 s A- s A s AH s 7 KeyBank NA Aa3 s A- s A s A op 8 Bank of America NA Aa3 wp A+ s AA s AAL s 9 SunTrust Bank A1 wp A- wp A wp A wp 10 Regions Bank A2 op A- s A- s A s

Moody’s S&P Fitch DBRS Holding Company: Others Rating Outlook Rating Outlook Rating Outlook Rating Outlook

1 Bank of New York Mellon A1 s A s AA- s AAL op 2 State Street Corp. A1 s A s AA- s AAL op 3 Northern Trust Corp. A2 s A+ s AA- s AAL s 4 M&T Bank Corp. A3 s A- s A s A op 5 Comerica Inc. A3 s BBB+ s A s A s 6 Citigroup Inc. Baa1 wp BBB+ s A s A op 7 Huntington Bancshares Inc. Baa1 s BBB+ s A- s AL op

Moody’s S&P* Fitch DBRS Bank Level: Others Rating Outlook Rating Outlook Rating Outlook Rating Outlook

1 Bank of New York Mellon Aa1 s AA- s AA+ s AA op 2 State Street Aa1 s AA- s AA+ s AA op 3 Northern Trust Co. Aa2 s AA- s AA s AA s 4 M&T Aa3 s A s A+ s AH op 5 Comerica Bank Aa3 s A- s A+ s AH s 6 Huntington National Bank Aa3 s A- s A s A op 7 Citibank NA A1 wp A+ s AA- s AH op 8 Zions Bank, NA A3 op BBB+ s BBB+ op nr nr

Long-Term Senior Debt Ratings

Long-Term Bank Deposits

2018 Fourth Quarter Profile | 6