U.S. Bancorp Investor Presentation — December 2018

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U.S. BANCORPGoldman Sachs

U.S. Financial Services Conference 2018

December 4, 2018Terry Dolan

Vice Chairman and Chief Financial OfficerAndy Cecere

Chairman, President and Chief Executive Officer2 U.S. BANCORP |

Thefollowing information appears inaccordance withthePrivate Securities Litigation Reform Actof1995:

Today’s presentation contains forward- looking statements about U.S.Bancorp .Statements that arenothistorical orcurrent facts, including

statements about beliefs andexpectations, areforward- looking statements andarebased ontheinformation available to,andassumptions and

estimates made by,management asofthedate hereof .These forward- looking statements cover, among other things, anticipated future revenue

andexpenses andthefuture plans andprospects ofU.S.Bancorp. Forward- looking statements involve inherent risks anduncertainties, and

important factors could cause actual results todiffer materially from those anticipated. Deterioration ingeneral business andeconomic conditions

orturbulence indomestic orglobal financial markets could adversely affect U.S.Bancorp’s revenues andthevalues ofitsassets andliabilities,

reduce theavailability offunding tocertain financial institutions, lead toatightening ofcredit, andincrease stock price volatility .Stress inthe

commercial realestate markets, aswellasadownturn intheresidential realestate markets, could cause credit losses anddeterioration inasset

values .Inaddition, changes tostatutes, regulations, orregulatory policies orpractices could affect U.S.Bancorp insubstantial andunpredictable

ways .U.S.Bancorp’s results could also beadversely affected bychanges ininterest rates ;deterioration inthecredit quality ofitsloan portfolios

orinthevalue ofthecollateral securing those loans ;deterioration inthevalue ofitsinvestment securities ;legal andregulatory developments ;

litigation ;increased competition from both banks andnon-banks ;changes inthelevel oftariffs andother trade policies oftheUnited States andits

global trading partners ;changes incustomer behavior andpreferences ;breaches indata security ;effects ofmergers andacquisitions andrelated

integration; effects ofcritical accounting policies and judgments ;and management’s ability toeffectively manage credit risk, market risk,

operational risk, compliance risk, strategic risk, interest raterisk, liquidity riskandreputational risk.

Fordiscussion ofthese and other risks thatmay cause actual results todiffer from expectations, refer toU.S.Bancorp’s Annual Report on

Form 10-Kfortheyear ended December 31,2017, onfilewith theSecurities andExchange Commission, including thesections entitled “Risk