2018 Third Quarter Profile

Commercial bank ranking 5th largest

Period-end assets $465 billion

Period-end deposits $331 billion

Period-end loans $281 billion

Earnings per common share (diluted) $1.06

Return on average assets 1.58%

Return on average common equity 15.5%

Customers 18.7 million

Bank branches 3,029

ATMs 4,703

NYSE symbol USB

Year founded 1863

The future in actionA long and successful banking career is finishing strong, as John Elmore, vice

chairman of Community Banking and Branch Delivery (CBBD), retires in early

2019. “John is an exceptional leader who will leave behind a distinguished legacy

of professional achievement and personal integrity,” said Andy Cecere, chairman,

president and CEO.

Streamlined businessAs part of our desire to put the customer at the center of everything we do, we are

combining the CBBD and Consumer Banking Sales and Support organizations to

form Consumer & Business Banking. This enables us to streamline operations

and work faster and smarter to deliver innovative products and services for

our customers.

Digital first strategyWe’ve also created the role of chief digital officer (CDO) reporting directly to the

CEO. The new CDO will transform how we operate and how we connect with our

customers in the digital age. By focusing on advancing and optimizing our digital

strategy, this role will ensure our processes, capabilities, technologies, talent, and

innovation formula align with our vision.

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

2018 Third Quarter Profile | 2

Working smarter and faster for your business needs

From your first lawn care job

to your first U.S. Bank small

business loan, we’re here for your

business banking needs.

When the U.S. Bank 2018 Small

Business Survey indicated that

business owners want to use

multiple channels for conducting

bank business, we listened.

Using a faster, more efficient

work method, called Agile,

U.S. Bank created a new, 100 percent digital option for small business owners to

apply for and receive a loan or line of credit – often taking less than an hour from

application to funding.

Beginning in January, we launched the Experience Studios in Minneapolis,

Cincinnati, St. Louis, Atlanta and San Francisco. These studios use the Agile

approach to research, develop and deliver options for our stakeholders.

By bringing together thought leaders from around the organization and using

continuous input from customers, we can maximize efficiency and greatly reduce

the time it takes to produce results.

In just seven months, the outcomes have been transformative. Innovative, customer-

centric products like the digital loan application are another way we’re responsive to

how, when and where our customers want to bank.

To learn more, visit usbank.com/small-business.

It’s almost here: New U.S. Bank mobile app Beta testing underway ahead of 2019 release.

We are developing a new financial app and

started from scratch to create what our

customers want and need. Our new app is

simpler, faster and smarter. Before we release

it broadly, we’re getting input from several

thousand customers by testing the new

features and functionality.

We rolled out #MyFirstStartup to help kids learn how to manage money. The pilot program booklet covers getting started, branding, sales, accounting and more. usbank.com/myfirststartup

25 15 42

Record net income

$1.8b

Record net revenue

$5.69b

Record diluted EPS

$1.06

Returned earnings to shareholders

78%

>

Record results in Q3

At work, at playThrough our Community Possible

Play initiative, we fund play to spark

imagination and creativity and bring joy.

As part of our commitment to

community, U.S. Bank has been one

of the largest advocates for Special

Olympics Minnesota for more than two

decades. Chairman, President and

CEO Andy Cecere and our Managing

Committee recently spent some time at

the SOMN Youth Athlete Expo to play

and learn from future leaders.

Andy Cecere (top) and Leslie Godridge (bottom), vice chairman and co-head of Corporate & Commercial Banking, are pictured with young leaders at the Expo.

2018 Third Quarter Profile | 3

A better way to borrowIn the parking lot of Hometown Auto, we meet Joelle, a relieved 27-year-old grad

student. This morning, her check engine light started flashing. When the mechanic

told her the total cost to fix her car, this unplanned expense could have added to

the stress of her final project presentation tomorrow.

With the new U.S. Bank Simple

Loan, Joelle didn’t have to spend all

day trying to scrap together $545

or absorb the shock of payday loan

terms. Instead, she knew she could

quickly apply to borrow up to $1,000

for this unplanned expense from

U.S. Bank. Within minutes, using her

mobile device, Joelle has an approval

and a great sense of relief.

The U.S. Bank Simple Loan was born from our commitment to our customers.

By putting people first, Joelle is free from the financial stress of a cash emergency

like this. Now, she just has to get through the presentation tomorrow…

To learn more about Simple Loan, visit usbank.com/simpleloan

Payment Example: If you borrow $400 and select automatic payments, your fee will be $48. You’ll pay back a total of $448 in 3 monthly payments of approximately $149.33 each. Your total cost to borrow (Annual Percentage Rate) will be 70.65%.

Apply anytime within Online or Mobile Banking, with a real-time decision and quick access to loan funds

Borrow up to $1,000, in $100 increments

Loan funds deposited directly into your U.S. Bank consumer checking account

Repay the loan in three monthly payments

How a Simple Loan works

4 out of 10 people can’t cover a

$400 emergency

>

2018 Third Quarter Profile | 4

3 essentials of a trusted brand

U.S. Bank is an established brand, but

four years ago, we saw an opportunity

to build on our 150-year legacy to better

tell our story – internally and externally.

Chief Administrative Officer and architect

of the U.S. Bank brand and corporate

strategy, Kate Quinn, shared a few

fundamentals of building a brand that

people know and trust.

1. Be authentic

Deliver what you promise. Creating a

successful brand image is about finding

what’s authentic to your company and

letting it come through in your daily

actions.

2. Listen to your customers

Listen to feedback from your customers.

Don’t push away the feedback, because

soon you’ll be out of business.

3. Do your research

Search your business online. Listen to

social media about your company. Then

dig in and make sure you address what

you’ve learned.

Kate’s leadership prompted us to

adopt our first companywide purpose

statement: “We invest our hearts and

minds to power human potential.”

Coupled with our core values, we now

can articulate the culture that already

existed.

“You can’t simply tell people to ‘trust me,’”

she said. “Your demonstrated principles

and actions are how your customers

know that you’re trustworthy.”

Industry recognizes U.S. Bank leadersAmerican Banker Magazine released their list of the Most Powerful Women in

Banking and Finance for 2018 and three of our leaders were recognized:

• Kate Quinn, vice chairman and chief administrative officer, ranked No. 14 on the

Most Powerful Women in Banking list.

• Gunjan Kedia, vice chairman of Wealth Management and Investment Services,

ranked No. 16 on the Most Powerful Women in Finance list.

• Leslie Godridge, vice chairman and co-head of Corporate & Commercial

Banking, ranked No. 17 on the Most Powerful Women in Banking list.

“In an industry that continues to be male-

dominated at the senior executive level, it’s

refreshing to see a company as large as

U.S. Bank elevate these three women to the role

of vice chairman, put women in charge of two

of its four major business lines and ensure that

women play an important role in its corporate

strategy,” said American Banker Executive Editor

Bonnie McGeer, chair of the Women in Banking

Editorial Committee. “Kate Quinn, Leslie Godridge and Gunjan Kedia stand out

because of their performance, but just as importantly, they are all holding the door

open for other women to advance as well, through their support of internal programs

and their sponsorship of individual emerging leaders.”

New leaders We welcomed the next class of leaders to the managing committee.

Ismat Aziz joins U.S. Bank with more than 20 years of

HR experience at large global companies to serve as our

Chief Human Resources Officer. Most recently, Ismat

worked as the CHRO at Sprint and held the same position

at Sam’s Club prior.

Jodi Richard, promoted to Vice Chairman and Chief Risk

Officer, has been with U.S. Bank for four years. Jodi also

spent 10 years as a risk management executive at HSBC

and 12 years as a national bank examiner in the Office of

the Comptroller of the Currency.

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 October 17, 2018 for calculation

Revenue mix by business line

3Q 2018 taxable-equivalent basis

Revenue percentages exclude Treasury and Corporate Support

• Payment Services

• Wealth Management & Investment Services

• Corporate & Commercial Banking

• Consumer & Business Banking

28%

14%

40%18%

USB Capital Position 3Q18

Common equity tier 1 capital ratio 9.0%

Tier 1 capital ratio 10.6%

Total risk-based capital ratio 12.6%

Leverage ratio 9.0%

Tangible common equity to tangible assets1 7.7%

Calculated under the Basel III standardized approach

1. Non-GAAP; see slide 24 of Exhibit 99.2 of Form 8-K filed October 17, 2018 for reconciliation

USB Total Assets 3Q18U.S. Rank Company $Billions

1 J.P. Morgan 2,615

2 Bank of America 2,339

3 Citigroup 1,925

4 Wells Fargo 1,873

5 U.S. Bancorp 465

6 PNC 380

7 BB&T 223

8 SunTrust 211

9 Fifth Third 142

10 KeyCorp 139

Source: Company reportsAssets as of September 30, 2018

USB Market Value 3Q18U.S. Rank Company $Billions

1 J.P. Morgan 357

2 Bank of America 270

3 Wells Fargo 243

4 Citigroup 163

5 U.S. Bancorp 84

6 PNC 56

7 BB&T 36

8 SunTrust 28

9 KeyCorp 18

10 Fifth Third 17

Source: BloombergMarket Value as of September 30, 2018

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

BA N K I N G

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

I N V EST M EN TS ERV I C ES

Outperforming our peers 3Q18

Return on Average Assets

Peer 1 1.51%

Peer 2 1.46%

Peer 3 1.39%

Peer 4 1.36%

Peer 5 1.31%

Peer 6 1.28%

Peer 7 1.27%

Peer 8 1.27%

Peer 9 1.23%

USB 1.58%

13.7%

13.4%

12.3%

12.0%

11.9%

11.8%

11.7%

11.5%

11.0%

15.5%

Peer 1

Peer 2

Peer 3

Peer 4

Peer 5

Peer 6

Peer 7

Peer 8

Peer 9

USB

Return on Average Common Equity

56.9%

57.0%

58.0%

58.4%

59.4%

59.8%

60.2%

61.4%

62.4%

53.5%*

Peer 1

Peer 2

Peer 3

Peer 4

Peer 5

Peer 6

Peer 7

Peer 8

Peer 9

USB

Efficiency Ratio

2018 Third Quarter Profile | 5

PAY M EN TS ERV I C ES

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 October 25, 2018*S&P does not provide a deposit rating; the long-term issuer credit rating is shown

Investment products and services 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. ©2018 U.S. Bank 183168 (10/18) CR-16015304

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 s A- s A+ s AH op 5 PNC Financial Services A3 s A- s A+ s AH s 6 Bank of America Corp. A3 s A- s A+ s A op 7 SunTrust Banks, Inc. Baa1 s BBB+ op A- s A s 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 s BBB+ s BBB+ s BBBH op

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 s 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 s A+ s AA s AH op 9 SunTrust Bank A1 s A- op A s AH s 10 Regions Bank A2 s A- s A- s AL op

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 s 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 op 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 s 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 op 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 Third Quarter Profile | 6