2017 First Quarter Profi le

First Quarter 2017 Performance

Commercial bank ranking 5th largestPeriod-end assets $450 billionPeriod-end deposits $337 billionPeriod-end loans $274 billionEarnings per common share (diluted) $0.82Return on average assets 1.35%Return on average common equity 13.3%Customers 18.7 millionBank branches 3,091ATMs 4,838NYSE symbol USBYear founded 1863

At quarter end, March 31, 2017

A refl ection of our valuesIn March, U.S. Bank was honored for the third consecutive year by the Ethisphere® Institute as a World’s Most Ethical Company®. U.S. Bank is the largest U.S.-based bank ever to make the list.

“We are proud to be on the Ethisphere list because it validates our employees’ commitment to our customers and our communities,” said Andy Cecere, president and chief executive offi cer. “We help our customers build fi nancially secure futures every day — and those relationships are built on trust.”

“World’s Most Ethical Companies” and “Ethisphere” names and marks are registered trademarks of Ethisphere LLC.

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Introducing our new CEO, Andy Cecere

At our Annual Shareholders Meeting on April 18, Andy Cecere succeeded Richard Davis as our new Chief Executive Offi cer. Cecere has been with U.S. Bank since 1985, becoming Chief Operating Offi cer in January 2015 and promoted to president in January 2016. Prior to that, he served as Vice Chairman and Chief Financial Offi cer, and Vice Chairman of Wealth Management and Securities Services. He received his MBA from the Carlson School of Management at the University of Minnesota and his undergraduate degree from the University of St. Thomas in St. Paul, Minn. Demonstrating his commitment to higher education, Cecere serves on the Board of Overseers of the Carlson School of Management at the University of Minnesota and on the Board of Trustees for the University of St. Thomas.

“Andy is one of the strongest and most capable leaders in the banking industry. The Board and I are confi dent that he is the right choice to lead U.S. Bank into its next period of growth,” said Richard K. Davis, executive chairman and former CEO of U.S. Bancorp.

“Andy has tremendous intellect and business insight, which will help him maintain U.S. Bank’s industry-leading fi nancial strength and fi nancial performance. He also has an innate curiosity, which will challenge the organization to focus on innovations that improve the customer experience. I am grateful to pass the torch to such a qualifi ed leader who shares my commitment to U.S. Bank’s culture and core values. The future is bright for U.S. Bank’s employees, customers, communities and shareholders under Andy’s leadership.”

2017 First Quarter Profi le

Artists illustrate our commitment to diversity

Earlier this year U.S. Bank tapped artists in a contest to design the fi rst U.S. Bank LGBT-themed debit card. The contest drew more than 400 submissions and highlighted the bank’s emphasis on diversity and inclusion. The winning design, above, joins a permanent collection of debit cards and became available May 15.

A $15,000 surprise on the Rachael Ray Show

Kaley and Jeremy Carling of Farmington, Utah wanted children. And in August 2015, the couple received two phone calls that made that happen in an extraordinary way. The fi rst was about two foster sisters who needed a home. The second — only a couple of hours later — about a woman pregnant with twin girls who wanted the Carlings to be their adoptive parents.

“When we met the girls, it all just felt so right,” said Kaley, but the Carlings knew tripling the size of their family would take fi nancial sacrifi ce. When the adoptions were fi nalized in October 2016, the costs left the Carlings $20,000 in debt.

Then, earlier this year the Rachael Ray Show called and invited the entire family to New York. As Kaley and Jeremy told their story, Rachael presented them with a big surprise: a $15,000 donation from U.S. Bank to cover their outstanding adoption expenses.

“At U.S. Bank, we believe in the power of possible, and we hope that this little bit of help will lead to big possibilities in life for Kaley, Jeremy and the girls.” said Beth McDonnell, chief marketing offi cer for U.S. Bank.

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2017 First Quarter Profi le

How confi dent are business owners?

For the past eight years, we’ve surveyed small business owners within our 25-state footprint to understand how they’re feeling about the economy, their businesses and their banking needs. This year, respondents to our survey reported more optimism in their companies and the economy than at any other time in the eight-year history of the survey.

Other key takeaways from respondents include:

u 38 percent reported higher revenues than in the past, more than at any time in the past eight years.

u 80 percent described their own business as strong, another historical high for the survey.

u Four out of 10 plan to make a capital expenditure to expand their businesses in the next year.

u 18 percent feel that the economy is in an expansion, up from 9 percent a year ago.

u Two of the top three most important attributes owners want from their business bank are related to trust, which aligns closely with the work we’re doing to be the Most Trusted Choice.

“Business owners are gaining confi dence in the economy. For most owners, the recession is long over and now they’re making plans to expand,” said John Elmore, vice chairman of Community Banking and Branch Delivery at U.S. Bank.

U.S. Bank meets the needs of small businesses with a wide range of products and services that include deposit accounts and cash fl ow management, card payment and acceptance tools, equipment leasing and wealth management. It was the third largest lender of SBA loans1 in the country in fi scal year 2016 with $838 million in volume.

For more information, visit usbank.com/smallbusiness.

1. http://phx.corporate-ir.net/phoenix.zhtml?c=117565&p=irol-newsArticle&ID=2209808

U.S. Bank celebrates black entrepreneurs

When a 2015 research study commissioned by U.S. Bank1 showed the number of businesses owned by African American women had grown 322% since 1997, we saw an opportunity to help the communities we serve thrive.

At a U.S. Bank Black History Month event celebrating small business owners, 150 entrepreneurs gathered in Minneapolis to ask advice of a panel of business owners and U.S. Bank leaders. From seasoned business owners to people just starting out, the audience asked a wide range of questions regarding everything from fi nancial management to start-up resources. Supporting diverse communities and small business development are part of our Community Possible Work, Home and Play initiative. We feel strongly about doing our part to close the gap between people and opportunity. To learn more about our commitment to community, visit usbank.com/community.

1. U.S. Bank Customer Research Study, 2015.

U.S. Bank’s $250,000 grant to support workforce readiness

U.S. Bank is proud to support community groups like Summit Academy OIC – a workforce readiness and job placement non-profi t. The bank donated a $250,000 grant to the organization’s ‘1,000 GED Campaign.’ The fi rst-of-its-kind program enables individuals to earn a GED and then become certifi ed in a construction or health care specialty in 30 weeks.

This grant aligns with our Community Possible corporate social responsibility platform. For more information on Community Possible, visit usbank.com/community.

“We support vibrant communities that allow every person to work toward their own potential. Summit provides a pathway to education and also valuable certifi cations, which help individuals succeed and thrive in the workforce,” said Andy Cecere, president and chief executive offi cer.

USB

Peer 1

Peer 2

Peer 3

Peer 4

Peer 5

Peer 6

Peer 7

Peer 8

Peer 9

USB

Peer 1

Peer 2

Peer 3

Peer 4

Peer 5

Peer 6

Peer 7

Peer 8

Peer 9

USB

Peer 1

Peer 2

Peer 3

Peer 4

Peer 5

Peer 6

Peer 7

Peer 8

Peer 9

1.35%

1.17%

1.15% 1.03%

0.98% 0.98%

0.93%

0.88% 0.88%

0.78%

13.3%

11.5% 10.6%

9.4% 8.8%

8.2%

7.8% 7.3%

7.3%

5.7%

55.6%

60.1%

61.0%

61.9%

63.0%

65.2%

66.3%

67.3%

67.4%

74.5%

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People, purpose and possible intersect in our four powerful lines of business.

Debt ratings

Moody’s S&P* Fitch DBRS

Ratings Outlook Stable Stable Stable Stable

U.S. Bancorp Long-Term

Senior Debt A1 A+ AA AA

U.S. Bank N.A. Long-Term

Deposits Aa1 AA- AA+ AA (high)

Revenue mix by business line

U.S. Bancorp business scope — Diversified business and markets

FY 2016 taxable-equivalent basis

Revenue percentages exclude Treasury and Corporate Support

Source: company reports. Peer banks: BAC, BBT, FITB, JPM, KEY, PNC, RF, STI and WFC

*Non-GAAP; see slide 27 of Exhibit 99.2 of Form 8-K filed April 19, 2017 for calculation

*S&P does not provide a deposit rating; the long term issuer credit rating is shown. Ratings as of 4/26/17.

Source: company reports and BloombergAssets as of March 31, 2017; Market Value as of April 24, 2017

National

Wholesale Banking and Wealth Management & Securities Services

International

Payments and Securities Services

Regional

Consumer & Business Bankingand Wealth Management

Total assets and market value 1Q17

Outperforming our peers1Q17

Assets Market ValueU.S. Rank Company $Billions

U.S. Rank Company $Billions

1 J.P. Morgan 2,546 1 J.P. Morgan 3112 Bank of America 2,248 2 Wells Fargo 2703 Wells Fargo 1,952 3 Bank of America 2374 Citigroup 1,822 4 Citigroup 1655 U.S. Bancorp 450 5 U.S. Bancorp 876 PNC 371 6 PNC 597 BB&T 221 7 BB&T 358 SunTrust 206 8 SunTrust 289 Fifth Third 140 9 Fifth Third 19

10 Regions 125 10 Regions 17

• Payment Services• Wealth Management &

Securities Services• Wholesale Banking• Consumer & Small

Business Banking

Investment products and services are:

U.S. Bank, U.S. Bancorp Investments, and their representatives do not provide tax or legal advice. Each client’s tax and financial situation is unique. Clients should consult their tax and/or legal advisor for advice and information concerning their particular situation.

For U.S. Bank: U.S. Bank is not responsible for and does not guarantee the products, services or performance of U.S. Bancorp Investments. Deposit products offered by U.S. Bank National Association. Member FDIC. Credit products offered by U.S. Bank and subject to normal credit approval.

For U.S. Bancorp Investments: Investment products and services are available through U.S. Bancorp Investments, the marketing name for U.S. Bancorp Investments, Inc., member FINRA and SIPC, an investment adviser and a brokerage subsidiary of U.S. Bancorp and affiliate of U.S. Bank.

U.S. Bancorp, including each of our subsidiaries, is an Equal Opportunity Employer and a Drug-Free Workplace. Some of the information provided here has been obtained from third party sources believed to be reliable, but it is not guaranteed as to accuracy or completeness. 170179E Q1/17

41%31%

11%17%

C O N S U M E R &SMALL BUSINESS

B A N K I N G

W H O L E S A L EB A N K I N G

W E A LT HM A N AG E M E N T &

S E C U R I T I E SS E R V I C E S

PAY M E N TS E R V I C E S

31%

12%

40%17%

Return on Average Assets

Return on Average Common Equity

Efficiency Ratio

NOT A DEPOSIT NOT FDIC INSURED NOT BANK GUARANTEED MAY LOSE VALUE NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

usbank.com

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