U.S. Bancorp Investor Presentation — June 2021

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U.S. BANCORPDeutsche Bank

Global Financial Services Conference

June 2, 2021Tim Welsh

Vice Chair, Consumer and Business BankingShailesh Kotwal

Vice Chair, Payment Services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. The COVID -19pandemic isadversely affecting

U.S.Bancorp, itscustomers, counterparties, employees, andthird-party service providers, andtheultimate extent oftheimpacts onitsbusiness,

financial position, results ofoperations, liquidity, andprospects isuncertain. Continued 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, and increase stock price volatility .Inaddition,

changes tostatutes, regulations, orregulatory policies orpractices could affect U.S.Bancorp insubstantial and unpredictable ways .

U.S.Bancorp’s results could also beadversely affected bychanges ininterest rates ;further increases inunemployment rates ;deterioration inthe

credit 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.

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