U.S. Bancorp Investor Presentation — December 2022

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U.S. Bank 1 U.S. BankGoldman Sachs U.S. Financial Services Conference 2022

Vice Chair and Chief Financial OfficerDecember 7, 2022

Chairman, President and Chief Executive OfficerU.S. Bank 2Thefollowing information appears inaccordance withthePrivate Securities Litigation Reform Actof1995:

This 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 often usewords such as“anticipates,” “targets,” “expects,”

“hopes,” “estimates,” “projects,” “forecasts,” “intends,” “plans,” “goals,” “believes,” “continue” andother similar expressions orfuture orconditional verbs such as“will,” “may,” “might,” “should,”

“would” and“could. ”

Forward -looking statements involve inherent risks anduncertainties, including thefollowing risks anduncertainties andtherisks anduncertainties more fullydiscussed inthesection entitled “Risk

Factors” ofExhibit 13toU.S.Bancorp’s Annual Report onForm 10-Kfortheyear ended December 31,2021, which 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 and

liabilities, reduce theavailability offunding tocertain financial institutions, lead toatightening ofcredit, andincrease stock price volatility .Inaddition, changes tostatutes, regulations, orregulatory

policies orpractices, and U.S.Bancorp’s ability toaddress orsatisfy those requirements and other requirements orconditions imposed byregulatory entities, could affect U.S.Bancorp in

substantial andunpredictable ways .U.S.Bancorp’s results could also beadversely affected bychanges ininterest rates ;theimpacts oftheCOVID -19pandemic onitsbusiness, financial position,

results ofoperations, liquidity and prospects ;increases inunemployment rates ;deterioration inthecredit quality ofitsloan portfolios orinthevalue ofthecollateral securing those loans ;

deterioration inthevalue ofitsinvestment securities ;legal and regulatory developments ;litigation ;increased competition from both banks andnon-banks ;civil unrest ;theeffects ofclimate

change; changes incustomer behavior andpreferences ;breaches indata security, including asaresult ofwork -from-home arrangements ;failures tosafeguard personal information; theimpacts