U.S. Bancorp Investor Presentation — September 2021

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U.S. BANCORPU.S. Bancorp to Acquire Union Bank

from Mitsubishi UFJ Financial Group

Creating value for all our stakeholders

September 21, 20212 U.S. BANCORP |

“Safe Harbor” Statement under thePrivate Securities Litigation Reform Actof1995 :This presentation contains forward -looking statements about U.S.Bancorp .Statements thatarenothistorical or

current facts, including statements about beliefs and expectations, areforward -looking statements and arebased ontheinformation available to,and assumptions and estimates made by,

management asofthedate hereof .These forward -looking statements cover, among other things, anyprojections orexpectations regarding U.S.Bancorp’s proposed acquisition ofUnion Bank

described herein, U.S.Bancorp’s future revenues, expenses, earnings, capital expenditures, deposits orstock price, aswellastheassumptions onwhich such expectations arebased .Forward -

looking statements involve inherent risks anduncertainties, andimportant factors could cause actual results todiffer materially from those anticipated .

Such risks anduncertainties include, among others, (1)theriskthatthecost savings, anyrevenue synergies andother anticipated benefits oftheproposed acquisition may notberealized ormay

take longer than anticipated toberealized, (2)disruption totheparties’ businesses asaresult oftheannouncement andpendency oftheproposed acquisition anddiversion ofmanagement’s

attention from ongoing business operations andopportunities, (3)theoccurrence ofanyevent thatcould give risetotheright ofoneorboth oftheparties toterminate thedefinitive purchase

agreement, (4)thefailure toobtain required governmental approvals oradelay inobtaining such approvals (and theriskthatsuch approvals may result intheimposition ofconditions thatcould

adversely affect U.S.Bancorp ortheexpected benefits oftheproposed acquisition), (5)thefailure ofanyoftheclosing conditions inthedefinitive purchase agreement tobesatisfied onatimely

basis oratall,(6)delays inclosing theproposed acquisition, (7)thepossibility thattheproposed acquisition, including theintegration ofUnion Bank, may bemore costly ordifficult tocomplete

than anticipated, (8)thedilution caused byU.S.Bancorp’s issuance ofadditional shares ofitscapital stock inconnection with theproposed acquisition, (9)other factors thatmay affect future

results ofU.S.Bancorp, including changes inasset quality andcredit risk, theinability tosustain revenue andearnings growth, changes ininterest rates andcapital markets, inflation, customer

borrowing, repayment, investment anddeposit practices, theimpact, extent andtiming oftechnological changes, capital management activities, litigation, andlegislative andregulatory actions and