U.S. Bancorp Investor Day Strategic Overview

Andy Cecere Chairman, President and CEO

September 12, 2019

U.S. BANCORP A Changing World We Are Living in an Evolving World

Changing Industry expectations transformation

Economic Regulatory Digital uncertainty environment evolution Customer Expectations and Behavior in the Digital Age

From two-day shipping to Amazon Now

of all banking % transactions occur 67 on a mobile device

• Simplicity • Convenience and speed • Uniqueness • Ubiquity • Privacy

U.S. BANCORP 4 Our Competitive Set Has Changed

Financial services To scale by 2019 market cap / estimated valuation

MasterCard American $5B $200B $1T Express Tech platforms Schwab Amazon Visa Global Pay / TSYS

Northern Trust Capital One Addepar Betterment

Symphony Plaid Confluent Apple FinTechs Acorn Facebook Bank Transferwise Circle Banks Of Tink BNY America Affirm Root Ripple Wells STI + Gusto Fargo BB&T Tradeshift USB Stripe Tencent Google Oscar Kabbage JP Morgan Citibank Devoted Chase Sofi Square PNC Credit Karma

Avant Dataminr Brex N26 Clover Microsoft Alibaba Toast Starbucks T-Mobile Zenefits AvidXchange Walmart PayPal Consumer brands Wealthfront

Source: market caps, Yahoo Finance; private company valuations: CB Insights: The Global Unicorn Club; Forbes Fintech; CNBC U.S. BANCORP 5 A Lot Has Changed For U.S. Bank in Three Years

Growth Technology and innovation • Strategic M&A • Agile Studios • Market expansion • Digital applications • Brand campaign • Instant decisioning • Product introductions and enhancements • Mobile app – Asset backed warehouse lending product • Expense Wizard – Federal employee loan – Simple Loan Executive leadership • Chief digital officer Business flexibility • Chief human resources officer • Consent order lifted • Chief risk officer • Physical asset optimization • Consumer and Business Banking • Wealth Management and Investment Services

U.S. BANCORP | 6 Where We Are Today

• We are starting from a position of strength • The core competencies and competitive advantages that made us great in the past remain in place • The world is changing, and we are transforming how we do business and investing for the future

U.S. BANCORP | 7 Our Position in the Industry

Assets Deposits Market Value

Rank Company $ in billions Rank Company $ in billions Rank Company $ in billions 1 J.P. Morgan $2,727 1 J.P. Morgan $1,524 1 J.P. Morgan $352 2 2,396 2 Bank of America 1,375 2 Bank of America 256 3 Citigroup 1,988 3 1,288 3 Wells Fargo 205 4 Wells Fargo 1,923 4 Citigroup 1,046 4 Citigroup 145 5 U.S. Bancorp 482 5 U.S. Bancorp 353 5 U.S. Bancorp 83 6 PNC 406 6 PNC 273 6 PNC 57 7 BB&T 231 7 SunTrust 161 7 BB&T 36 8 SunTrust 222 8 BB&T 160 8 SunTrust 27 9 Fifth Third 169 9 Fifth Third 125 9 Fifth Third 19 10 KeyCorp 145 10 KeyCorp 110 10 KeyCorp 16

Source: company reports and Bloomberg Assets and deposits as of 6/30/19; market value as of 9/4/19 U.S. BANCORP | 8 Long History of Industry-leading Returns and Financial Discipline

Average ROE* Average ROA* Average Efficiency Ratio* 2016-1H19 2016-1H19 2016-1H19

14.1% 1.43% 62.4% 61.3% 62.2% 62.3% 60.2% 61.0% 61.1% 1.34% 58.9% 57.4% 1.25% 54.6% 12.0% 1.21% 1.18% 11.3% 11.2% 1.14% 1.14% 1.12% 1.11% 10.4% 10.4% 1.03% 10.0% 9.8% 9.1% 9.0%

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

Source: SNL Financial; peers include BAC, BBT, FITB, JPM, KEY, PNC, RF, STI and WFC. ROE = Return on Average Common Equity; ROA = Return on Average Assets *Non-GAAP; excluding notable items; see slides 6 and 7 in the Agenda, Forward-looking Statements and Non-GAAP Reconciliations presentation for calculations U.S. BANCORP | 9 Our Advantages

Best-in-class A diverse mix of A strong reputation A clear strategy financial results businesses and rooted in trust and that we are and risk core financial engagement. executing management. products. Recognized inside effectively. Track record of Balance of and outside the bank Nimble yet clear so industry leading customers and fee for focus and action we can evolve in a performance and the and non-fee based in areas that matter rapidly changing highest debt ratings businesses. most. environment. in the world.

U.S. BANCORP | 10 We Need to Build on Our Past Success to Grow in the Future

We will keep what made us great … … while enhancing how we do business

Our business mix Becoming more agile

Our risk and financial discipline Embedding innovation more broadly

Our culture Driving digital experiences

Customers and employees remain at the center of everything we do – past, present and future.

U.S. BANCORP | 11 Investing For the Future Optimizing to Reinvest We manage for the long term, but won’t lose sight of the short term

Business Structure Digital Capabilities mix

Physical Technology Money New assets and risk movement markets

Optimization Investment

U.S. BANCORP | 13 We Are Leveraging Our Strategy to Transform Our Business

Core business model Transform the core Future U.S. Bank

Operate current retail Protect and grow revenue Identify and test business and commercial while driving efficiency to models and new sources businesses and fuel transformation; build of competitive advantage associated activities capabilities for the future (e.g., leveraging money that enable those that will allow us to change movement, digitization, businesses. our core business model. technology, innovation).

U.S. BANCORP | 14 We Are Enhancing Our Capabilities to Compete in a New World

Capitalizing Leveraging Facilitating the Integrating Focusing on digital data, right solutions relentlessly on investments analytics and partnerships seamlessly the customer to accelerate insights to advance across one the future our efforts U.S. Bank 1 2 3 4 5 U.S. BANCORP | 15 Focusing on the Things We Can Control Beyond the economic, regulatory and interest rate environment, we control our future

How we manage expenses We are past our compliance-related buildout

We can change our branch mix and be more How we optimize our business thoughtful about automation post-consent order

Clarity on CECL and Regulatory Tailoring How we manage our capital allows for more flexible capital management

Accelerated investment spend in focus areas How we invest now at run rate

U.S. BANCORP 16 Long-term Profitability Expectations

2018 Return on Average Common Equity

Industry-leading returns

17.5% 14.5%

15.4% 14.5% 13.4% 12.9% 12.1% 11.8% 11.6% 11.5% 11.5% 11.0%

USB Exp USB Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9

Source: Company filings, SNL Financial Peers include: BAC, BBT, FITB, JPM, KEY, PNC, RF, STI and WFC U.S. BANCORP | 17 Positioned to Win

Position of strength Building from success Investing for the future

Our scale, reach, risk We choose our playing fields We are taking a strategic discipline, reputation and and operate with an agile approach to organic growth, track record of execution are mindset and willingness to try partnerships, and M&A differentiators and fail – and try again

U.S. BANCORP | 18 What You Will Hear Today

Enabling the Growth through Business line Leveraging risk future transformation updates and financial • Brand and culture • Vision for digital • Size, scale discipline • Investing in • Differentiation • Proven track record technology and • What’s next • Our proactive and innovation agile approach

U.S. BANCORP | 19