U.S. Bancorp Investor Presentation — December 2021

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U.S. BANCORPGoldman Sachs

U.S. Financial Services Conference 2021

December 8, 2021Andy Cecere

Chairman, President and Chief Executive Officer

Vice Chair and Chief Financial 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 thatarenothistorical orcurrent facts, including statements about beliefs

andexpectations, areforward -looking statements andarebased ontheinformation available to,andassumptions andestimates 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, andimportant factors could cause actual results todiffer materially from those anticipated. The

COVID -19pandemic isadversely affecting U.S.Bancorp, itscustomers, counterparties, employees, andthird-party service providers, andtheultimate extent ofthe

impacts onitsbusiness, financial position, results ofoperations, liquidity, and prospects isuncertain. Continued deterioration ingeneral business and economic

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

availability offunding tocertain financial institutions, lead toatightening ofcredit, andincrease stock price volatility .Inaddition, changes tostatutes, regulations, or

regulatory policies orpractices could affect U.S.Bancorp insubstantial andunpredictable ways .U.S.Bancorp’s results could also beadversely affected bychanges in

interest rates ;further increases inunemployment 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 ;civilunrest ;

changes incustomer behavior and preferences ;breaches indata security, including asaresult ofwork -from-home arrangements ;failures tosafeguard personal

information; effects ofmergers andacquisitions andrelated integration; effects ofcritical accounting policies andjudgments ;andmanagement’s ability toeffectively

manage credit risk, market risk, operational risk, compliance risk, strategic risk, interest raterisk, liquidity riskandreputation risk.Inaddition, U.S.Bancorp’s proposed

acquisition ofMUFG Union Bank presents risks anduncertainties, including, among others :theriskthatthecost savings, anyrevenue synergies andother anticipated