U.S. Bancorp Investor Presentation — March 2018

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U.S. BANCORPRBC Capital Markets

Financial Institutions Conference

March 6, 2018Terry Dolan

Vice Chairman, Chief Financial Officer

Vice Chairman, Technology and Operations 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. Areversal orslowing ofthecurrent economic recovery or

another severe contraction could adversely affect U.S.Bancorp’s revenues andthevalues ofitsassets andliabilities .Global financial markets

could experience arecurrence ofsignificant turbulence, which could reduce theavailability offunding tocertain financial institutions andlead toa

tightening ofcredit, areduction ofbusiness activity, andincreased market volatility .Stress inthecommercial realestate markets, aswell asa

downturn intheresidential real estate 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 bydeterioration ingeneral business andeconomic conditions ;changes ininterest rates ;deterioration inthecredit quality of

itsloan portfolios orinthevalue ofthecollateral securing those loans ;deterioration inthevalue ofsecurities held initsinvestment securities

portfolio; legal andregulatory developments ;litigation ;increased competition from both banks andnon-banks ;changes incustomer behavior and

preferences ;breaches indata security ;effects ofmergers and acquisitions and related integration; effects ofcritical accounting policies and

judgments ;andmanagement’s ability toeffectively manage credit risk, market risk, operational risk, compliance risk, strategic risk, interest rate

risk, 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