U.S. Bancorp Investor Presentation — September 2019

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U.S. BANCORPU.S. Bancorp Investor Day

Financial Management

Vice Chair, Chief Financial Officer

September 12, 20192 U.S. BANCORP |

•What we have achieved

•Review of U.S. Bank’s performance and positioning

•Long -term strategic expectationsGrowth Returns Efficiency Sustainability

What We Have Achieved —Growth

2015 2016 2017 2018Net Income ($bn)

$3.16 $3.24$3.51$4.14

2015 2016 2017 2018Earnings Per Share (diluted)

$19.38$20.79$22.32$23.69

2016 2017 2018 2Q19Tangible Book Value Per ShareObservations

•Elevated compliance costs through 2017

•2017 Tax Reform legislation•Rising rates since 2016

•Regulatory environment moderating

•Reliable capital generation/payout4 U.S. BANCORP |

Growing Balance Sheet

$267.8$276.5 $280.7$289.2

2016 2017 2018 2Q19Average

LoansCommercial –34%

Commercial Real Estate –16%

Res Mtg and Home Equity –27%

Covered –2%Commercial –36%

Commercial Real Estate –14%

Res Mtg and Home Equity –28%

Covered –0%2016 Average Loans

Peers include: BAC, BBT, FITB, JPM, KEY, PNC, RF, STI, and WFC

All excluding significant acquisitions2Q19 Average Loans

Growth ($bn)5 U.S. BANCORP |

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