Fellow shareholders:

At a time of dynamic and U.S. Bancorp’s value creation customer-driven change for for our shareholders is centered the banking industry, one on this strategic platform as thing remains unchanged: we leverage culture, customer U.S. Bancorp continues to passion, efficiency, innovation, deliver industry-leading financial financial and risk discipline, performance, while also investing and delivering the entirety of for an even stronger future. the bank’s value proposition to drive our future performance. We are proud of the value U.S. Bancorp created for its shareholders in 2018 and grateful Creating the for our hardworking and dedicated future now for Andy Cecere employees who embrace our our shareholders culture of ethics and integrity Chairman, President and while diligently serving customers, The exceptional execution Chief Executive Officer communities, shareholders and of our strategy allowed us to each other. With our core values deliver record net income and guiding us, we firmly believe earnings per share in 2018 for that “doing the right thing” is the eighth consecutive year. our formula for success. As we reflect on all we “ We firmly believe that accomplished in 2018, we also have sights set on maintaining our ‘doing the right thing’ is industry leadership in 2019 and our formula for success.” beyond. Our long-term success requires balancing a best-in­ class financial performance In a year marked by intensifying for shareholders with the right, competitive pressures, evolving forward-looking investments in our customer expectations, political businesses. We are confident in friction, regulatory changes, our ability to meet this challenge lending headwinds and a wide because we manage the company variety of other macro-factors, both for today and for the future. U.S. Bancorp navigated through it Our confidence in our future all to achieve record net income, performance is built on the four revenue and earnings per diluted pillars of our strategic platform: share. In addition, we maintained our number one position in our Striving for Simplicity key performance metrics of Creating the Future Now ROA, ROE and efficiency ratio. Driving One U.S. Bank Being the Most Trusted Choice

“World’s Most Ethical Companies” and “Ethisphere” names and marks are registered trademarks of Ethisphere LLC. Letter to Our Shareholders 1 LETTER TO OUR SHAREHOLDERS

Our financial discipline and risk Neal Richardson is another profile allowed us to retain the “ At U.S. Bancorp, our great example. best credit ratings among the people and culture are Motivated by his own financial world’s banking institutions, struggles growing up and his including being the best rated our most important and frustrations of seeing generational bank by Moody’s. Ultimately, valuable assets.” poverty perpetuated in his own our financial performance community, Neal co-founded allowed us to return 74 percent Dream Builders 4 Equity. His of our earnings to shareholders Creating the organization teaches at-risk through dividends and our youth about financial literacy and share repurchase program. future now for our employees empowerment through real estate One of U.S. Bancorp’s development and investment hallmarks for its steady financial At U.S. Bancorp, our people in low-income communities. performance is the leadership of and culture are our most This was — again — above our Board of Directors, and their important and valuable assets. and beyond his day-to-day commitment to governance of the Our future success is — and responsibilities at the bank. bank. In 2018, we were fortunate always will be — the direct result Neal’s program was so successful to add three new board members. of our talented people. Their and his passion and vision for Dorothy Bridges, Elizabeth Buse character, their commitment financial education so vivid, and Yusuf Mehdi joined our to service, their compassion we asked him to run financial board and brought with them and their unwavering resolve education for all of U.S. Bank. fresh and diverse perspectives all help us be the most to blend with the existing board trusted choice in banking. Bankers at their best. members whose experience Banking at its best. Taylor Gilmore is a perfect provides our organization with example of the spirit of steady and reliable leadership U.S. Bancorp’s people. and guidance. Creating the In November 2018, wildfires swept future now for through Northern California, with our customers “Our financial performance the city of Paradise being one of the hardest hit areas. Taylor Digital banking. Moving allowed us to return 74 money. Real-time payments. percent of our earnings is the Branch Manager of our Paradise branch — and while his Instant approvals. Automated- to shareholders through home was spared destruction, advising. E-commerce. dividends and our share he had five employees who lost We live in a fast-paced and repurchase program.” their homes. Without hesitation, ever-changing world with lots Taylor opened his home to all of of tech-oriented lexicon. In them. At the same time, despite this environment, it is clear to Our commitment to governance his branch being closed because U.S. Bancorp that helping our is one of the primary reasons of its location in the evacuation customers access the bank how, U.S. Bancorp has been honored zone, he stayed in contact with when and where they want, is as a 2019 World’s Most Ethical his customers who needed all about operating with more Company® by the Ethisphere emergency financial assistance. agility in a dynamic digital age. Institute, an independent center He provided physical safety for his of research promoting best employees and financial safety for practices in corporate ethics and his customers. It was a remarkable governance — 2019 is our fifth demonstration of going above and consecutive year on the list. beyond to serve our employees, customers and community.

2 U.S. Bancorp 2018 Annual Report We ask ourselves every day: Creating the How can we make banking future now for “ We are creating the with us easier? our communities future now in our In 2018, we introduced several communities by investing new digital lending products. U.S. Bancorp’s social contract with its communities is a central in our future leaders and One new product, called Simple entrepreneurs who are Loan, is an easy-to-use solution component of being the most for retail customers who need trusted choice and a central part studying in our schools emergency funds fast. Another of our future success. The world and playing in our parks.” product is a small business around us is different today than it loan portal for owners to gain was generations ago. Expectations for how we operate as a corporate access to capital in less than We are creating the future citizen have never been higher. 24 hours. And a third is a digital now in our communities by mortgage portal that provides As one of the largest financial investing in our future leaders instant borrower credit approval. institutions in the country, we and entrepreneurs who are studying in our schools and All three products are leading edge understand our responsibility playing in our parks. for the banking industry, because to revitalize neighborhoods, they are completely digital, and provide financial education, approved funds are available fast. create employment opportunities, Most trusted choice support small business development and affordable As Chairman, President and housing, embrace diversity and CEO of U.S. Bancorp, it is my “ Their character, their inclusion, and so much more. privilege to be the steward of commitment to service, our trust-based relationships their compassion and their One of our showcase community with shareholders, customers, investments is the Pullman communities and employees. unwavering resolve all help neighborhood in Chicago. us be the most trusted I view it as one of my highest Since 2010, our investment priorities. I am proud of choice in banking.” has enabled $113 million of the financial performance new capital to revitalize this we delivered in 2018. Most neighborhood. The numbers importantly, I am proud of the Throughout 2019, we will invest speak for themselves — 1,300 74,000 employees who carry more capital than ever in digital new jobs, 135 affordable housing our banner of trust every day. initiatives that will create more units, a new community center value for our customers — and more. We are proud of what Thank you for the trust you have individuals, small businesses, we have accomplished in the placed with U.S. Bancorp. It is well merchants and large corporations Pullman neighborhood and look placed today and in the future. — and we will do it from a one to replicate this success in other U.S. Bank perspective so that communities around the country. they can benefit from the full We also demonstrate our value proposition of the bank. corporate citizenship through our Community Possible platform, It’s banking made easier. Sincerely, which focuses on programs that create stable jobs, better Andy Cecere homes and vibrant communities. Chairman, President and In 2018, we invested $57 million Chief Executive Officer in programs and organizations U.S. Bancorp and our employees volunteered February 21, 2019 209,000 hours in communities where we have a presence.

Letter to Our Shareholders 3 FI N A N CI A L HIG H LIG HTS

Net Income Attributable Diluted Earnings Dividends Declared to U.S. Bancorp (in millions) per Common Share per Common Share

Return on Return on Average Average Assets Common Equity Dividend Payout Ratio

Common Equity Net Interest Margin(a) Efficiency Ratio(b) Tier 1 Capital(c)

Average Assets Average U.S. Bancorp (in millions) Shareholders’ Equity (in millions) Total Risk-Based Capital(c)

(a) Taxable-equivalent basis based on federal income tax rates of 21 percent for 2018 and 35 percent for 2017, 2016, 2015, and 2014, for those assets and liabilities whose income or expense is not included for federal income tax purposes. (b) See Non-GAAP Financial Measures beginning on page 66. (c) Calculated under the Basel III standardized approach.

4 U.S. Bancorp 2018 Annual Report FI NANC I AL SU M MAR Y

Year Ended December 31 2018 2017 (Dollars and Shares in Millions, Except Per Share Data) 2018 2017 2016 v 2017 v 2016 Net interest income...... $12,919 $12,380 $11,666 4.4% 6.1% Taxable-equivalent adjustment(a) ...... 116 205 203 (43.4) 1.0 Net interest income (taxable-equivalent basis)(b) ...... 13,035 12,585 11,869 3.6 6.0 Noninterest income ...... 9,602 9,317 9,290 3.1 .3 Total net revenue ...... 22,637 21,902 21,159 3.4 3.5 Noninterest expense ...... 12,464 12,790 11,527 (2.5) 11.0 Provision for credit losses ...... 1,379 1,390 1,324 (.8) 5.0 Income taxes and taxable-equivalent adjustment ...... 1,670 1,469 2,364 13.7 (37.9) Net income ...... 7,124 6,253 5,944 13.9 5.2 Net (income) loss attributable to noncontrolling interests ...... (28) (35) (56) 20.0 37.5 Net income attributable to U.S. Bancorp ...... $7,096 $6,218 $5,888 14.1 5.6 Net income applicable to U.S. Bancorp common shareholders ..... $6,784 $5,913 $5,589 14.7 5.8

Per Common Share Earnings per share ...... $4.15 $3.53 $3.25 17.6% 8.6% Diluted earnings per share ...... 4.14 3.51 3.24 17.9 8.3 Dividends declared per share ...... 1.34 1.16 1.07 15.5 8.4 Book value per share(c) ...... 28.01 26.34 24.63 6.3 6.9 Market value per share ...... 45.70 53.58 51.37 (14.7) 4.3 Average common shares outstanding ...... 1,634 1,677 1,718 (2.6) (2.4) Average diluted common shares outstanding ...... 1,638 1,683 1,724 (2.7) (2.4)

Financial Ratios Return on average assets...... 1.55% 1.39% 1.36% Return on average common equity ...... 15.4 13.8 13.4 Net interest margin (taxable-equivalent basis)(a) ...... 3.14 3.10 3.04 Efficiency ratio(b) ...... 55.1 58.5 54.5

Average Balances Loans ...... $280,701 $276,537 $267,811 1.5% 3.3% Investment securities(d) ...... 113,940 111,820 107,922 1.9 3.6 Earning assets ...... 415,067 406,421 389,877 2.1 4.2 Assets ...... 457,014 448,582 433,313 1.9 3.5 Deposits ...... 333,462 333,514 312,810 -- 6.6 Total U.S. Bancorp shareholders’ equity ...... 49,763 48,466 47,339 2.7 2.4

Period End Balances Loans ...... $286,810 $280,432 $273,207 2.3% 2.6% Allowance for credit losses ...... 4,441 4,417 4,357 .5 1.4 Investment securities ...... 112,165 112,499 109,275 (.3) 3.0 Assets ...... 467,374 462,040 445,964 1.2 3.6 Deposits ...... 345,475 347,215 334,590 (.5) 3.8 Total U.S. Bancorp shareholders’ equity ...... 51,029 49,040 47,298 4.1 3.7 Capital Ratios Basel III transitional standardized approach: Common equity tier 1 capital ...... 9.1% 9.3% 9.4% Tier 1 capital ...... 10.7 10.8 11.0 Total risk-based capital ...... 12.6 12.9 13.2 Leverage ...... 9.0 8.9 9.0 Common equity tier 1 capital to risk-weighted assets for the Basel III advanced approach ...... 11.8 12.0 12.2 Tangible common equity to tangible assets(b) ...... 7.8 7.6 7.5 Tangible common equity to risk-weighted assets(b) ...... 9.4 9.4 9.2 Common equity tier 1 capital to risk-weighted assets estimated for the Basel III fully implemented standardized approach(b) ...... 9.1 9.1 Common equity tier 1 capital to risk-weighted assets estimated for the Basel III fully implemented advanced approaches(b) ...... 11.6 11.7

(a) Based on federal income tax rates of 21 percent for 2018 and 35 percent for 2017 and 2016, for those assets and liabilities whose income or expense is not included for federal income tax purposes. (b) See Non-GAAP Financial Measures beginning on page 66. (c) Calculated as U.S. Bancorp common shareholders’ equity divided by common shares outstanding at end of the period. (d) Excludes unrealized gains and losses on available-for-sale investment securities and any premiums or discounts recorded related to the transfer of investment securities at fair value from available-for-sale to held-to-maturity.

Financial Highlights and Summary 5 STRIVING FOR SIMPLICITY

Simplicity is our future now.

In the moments that matter most, we are there for our customers.

A loan made simple Banker James Holland paused over the deposit How a U.S. Bank he was making for Maya Smith-Carter. “Are you Simple Loan works: okay?” he asked. APPLY anytime via She shook her head and started to cry. 1 Online or Mobile Banking James learned that Maya’s best friend had Receive a real-time decision and died earlier that week. “When she said she quick access to loan funds. didn’t have money to get to the funeral, BORROW up to $1,000 I saw an opportunity to help.” 2 in $100 increments* A recent medical school graduate, Maya’s Loan funds are deposited residency stipend wouldn’t arrive in time, so directly into your U.S. Bank James recommended a U.S. Bank Simple Loan consumer checking account. to help her with this unexpected expense. 3 REPAY the loan in “You shouldn’t have to miss a funeral because three monthly payments you don’t have access to cash. I’m glad we could help her get home for it.” usbank.com / SimpleLoan Dealing with an unplanned expense is simple with U.S. Bank.

* For every $100 borrowed, you pay a $12 fee with automatic payments from your U.S. Bank consumer checking account or $15 fee with manual payments.

6 U.S. Bancorp 2018 Annual Report Bank how, when and where you want. Here are a few ways we’re making banking easier:

Small Business Loan Your flight is delayed for two hours. Keep your productivity rolling and apply online for that U.S. Bank Small Business Loan to expand your shop. You’ll likely get a loan decision before the final boarding call.

Home Mortgage Loan It’s 6 a.m. and you’re holding your grandson. It’s the perfect time to apply for a U.S. Bank Home Mortgage Loan for your retirement property on the golf course.

Geolocation You’re on vacation buying snacks at the beach. Your U.S. Bank Mobile App geolocation feature knows your card and phone are in the same place for real-time fraud prevention.

Voice Command You’re prepping for a party and need to multitask. Simply ask your voice command device, “What’s my U.S. Bank checking account balance?”

“ Industry lines have blurred, and our customers have the same expectations of retailers, airlines and banks. Everything we do at U.S. Bank is focused on making banking better, faster and easier.”

Tim Welsh, Vice Chairman, Consumer Banking Sales and Support

Striving for Simplicity 7 CREATING THE FUTURE NOW

People are our future now.

We put people first. We continually look for opportunities to best serve others, whether that’s through hiring and investing in the best talent, or creating innovative products and services to improve our customers’ lives.

Investing in talent At U.S. Bank, we invest in people. We provide tablets to our deployed employees so they can stay connected with their families. Nearly 40 percent of employees participate in one of our Business Resource Groups, which develop, advance and engage. Our Mainframe Developer Training program gives any employee the opportunity to become an application developer. We pay our employees to volunteer 16 hours in their communities. Our Dynamic Dozen (U.S.) and Dynamic Champions (EU) programs cultivate Millennial and Gen Z talent and give them an opportunity to shape our future.

8 U.S. Bancorp 2018 Annual Report To see more U.S. Bank innovations, please visit usbank.com/futurenow

We led the industry to: We continually innovate Move money with Zelle®, a tool to transfer We're always exploring ways to make money between individuals almost instantly. banking easier and safer, with things like:

Integrate banking into all three Real-time payments voice command digital assistants: – Amazon Alexa® – Apple® Siri Chatbots – Google Assist™ Artificial intelligence Enable digital pay on all three mobile and machine learning operating platforms: Blockchain and – Apple Pay® distributed ledger – Google Pay™ – Samsung Pay® Digital identity

Zelle is a registered trademark of Early Warning Services, LLC. Amazon and Alexa are registered trademarks of Amazon Technologies, Inc. Apple, Siri and Apple Pay are registered trademarks of Apple Inc. Google, Google Pay and Google Home are trademarks of Google LLC. Samsung Pay is a registered trademark of Samsung Electronics Co., Ltd.

Creating the Future Now 9 DRIVING ONE U.S. BANK

One U.S. Bank is our future now.

74,000 of us work together as one U.S. Bank. We concentrate that power on the needs and wants of our communities, customers, shareholders and employees.

Disaster relief efforts

$ $ Service continuity 418K 118K 750 Our dedicated 800 number provides Charitable Employee giving Volunteer quick assistance to giving and pledges hours impacted customers.

$ Our mobile banking 2:1 73K unit deploys to support U.S. Bank Foundation ATM donations impacted branches. donation match in to the American times of disaster Red Cross

10 U.S. Bancorp 2018 Annual Report “ We are one U.S. Bank by valuing each individual and the talents they bring to the table. By working together, we are creating the future now and helping our customers and employees achieve their possible.”

Kate Quinn, Vice Chairman and Chief Administrative Officer

Always on Strength in diversity We are available for our customers whenever U.S. Bank employees value each other for our they need it. First, ATMs changed the game, then unique perspectives, skills and experiences. 24-hour banking, followed by usbank.com and later, Creating and sustaining an inclusive workplace our mobile app. Now, you can open an account allows us to drive business growth, feel appreciated wherever you are — and your debit and credit cards and build meaningful careers. We can bring our are available anytime on your device. whole selves to work, no matter our gender, race, religion or sexual orientation. We care about and Business in the digital age celebrate one another, recognizing career milestones and life moments with enthusiasm. Together, we At U.S. Bank, we don't put limits on what we'll give back to communities where we live, work deliver our customers in the future. We ground every and play through volunteerism, nonprofit board decision in the trust that we’ve earned, and deliver service and our business resource groups. on the consistent top results we’re known for.

Driving One U.S. Bank 11 BEING THE MOST TRUSTED CHOICE

Trust is our future now.

In today’s fast-paced, digital world, protecting our customers will always remain a top priority.

Doing the right thing One way we demonstrate our dedication to trust is by fostering an environment that makes it easy to do the right thing. Our team spent more than 33,000 hours on Code of Ethics training in 2018. This training empowers employees to speak up, gives leaders the tools to create a successful environment, and ultimately guides the way we work, innovate and do business. We are proud to be named a World’s Most Ethical Company by the Ethisphere Institute in 2019, for the fifth consecutive year.

12 U.S. Bancorp 2018 Annual Report Best-in-class credit ratings Investing in the future With our diverse mix of businesses, consistent Looking ahead, we’re building a pipeline of returns, and conservative risk management, cybersecurity talent. We’ve established cyber fellow U.S. Bank is consistently recognized as one of the partnerships and scholarships, and we participate highest-rated banks globally by the major credit rating in STEM programs, robotic competitions and app agencies. Of particular note is Moody’s Investors challenges for middle school students. Service’s recognition of U.S. Bancorp as the highest- rated bank globally on a standalone basis. “ The hardest work happens at the intersection Fighting cyber attacks of what’s possible and what’s right. In an era At the U.S. Bank Cyber Defense Center, more than of evolving expectations, we have a powerful 600 employees in five global locations monitor more constant: a culture that values ethics above than four billion cyber events each day, and they can all else.” spring into action when a threat or possible fraud is detected. Using state-of-the-art automated tools — Katie Lawler, Senior Vice President and Chief like machine learning and artificial intelligence — to Ethics Officer, on our commitment toward being process cyber events, our defense specialists can the Most Trusted Choice respond quickly to issues.

Being the Most Trusted Choice 13 COMMUNITY POSSIBLE

Communities are our future now.

$113 M 135 1,3 0 0 50K in community affordable permanent visit the community investments housing units employment positions center annually

A Chicago transformation When Chicago began revitalizing and redeveloping In addition to our contributions to the economic a shuttered factory, we saw an opportunity to partner revitalization of this underserved area, our with the community. We started by asking community U.S. Bank office tower and branch are located members and leaders what barriers stood in the in the heart of the Pullman community. way of economic opportunity. From those ongoing “At U.S. Bank we're building and creating economic conversations, we worked in partnership to create development by closing the gap between people 1,300 jobs, generate business growth, build 135 and opportunity through our giving and engagement affordable housing units, and bring needed fresh platform, Community Possible,” said Terry Dolan, produce and pharmaceuticals to the area. Vice Chairman and Chief Financial Officer and We also helped to provide recreational facilities by long-time community advocate. “This comes to life working with the community to build the U.S. Bank in the areas of Work, Home and Play — all three Pullman Community Center that will service 50,000 of which are part of the Pullman transformation.” people annually. To date, we’ve invested $113 million in the Pullman community.

14 U.S. Bancorp 2018 Annual Report A space for the community. The U.S. Bank Pullman Community Center is a 135,000-square-foot complex with three indoor turf fields, three hardwood courts and space for events, meetings and tournaments.

“ U.S. Bank has been behind the revitalization of Pullman from day one. They brought financial expertise, philanthropic energy and thoughtful consultation to create a community of the future for the great people on the South Side of Chicago.”

David Doig, President, Chicago Neighborhood Initiatives

Community Possible 15 COMMUNITY POSSIBLE At U.S. Bank, we proudly invest in our community. In 2018, our investments included:

$57M $14M $4.1B In grants and contributions Donated through our employee Loaned and invested to to nonprofit organizations giving campaign and to revitalize communities the United Way

$20.5B Top 10% A- Invested in environmentally Our employees ranked diversity Received a score of A- beneficial business and inclusion in the top 10 percent from CDP (formerly Carbon since 2008 of all engagement metrics in Disclosure Project) the annual survey Source: IBM Kenexa

131,000 209,000 Individuals educated in Hours of employee financial matters volunteer time

16 U.S. Bancorp 2018 Annual Report Learn more at usbank.com/community ENVIRONMENT

Environmental responsibility is our future now.

Investing in environmentally beneficial business opportunities

At U.S. Bank, we care deeply our understanding of how our supported 17,000 jobs and created about promoting sustainable work supports and advances enough renewable energy to power business practices while the recommendations from the more than 240,000 homes. The supporting economic growth. Task Force on Climate Related carbon offset of these investments It’s one of the reasons that Financial Disclosures (TCFD) and is equal to removing 377,000 we have invested $20.5 billion the United Nations Sustainable passenger vehicles from the road or in environmentally beneficial Development Goals (SDGs). planting two million acres of forest. business opportunities since At U.S. Bank, we are also Finally, we are committed to 2008. We embrace a balanced committed to partnerships operating in a more sustainable approach as we address that support renewable energy manner. Our goal is to reduce climate change and the needs efforts and sustainable business operational greenhouse gas (GHG) of our communities, customers, practices, while promoting job emissions 40 percent by 2029 and employees and shareholders. growth. In 2018, we partnered 60 percent by 2044, using a 2014 Environmental sensitivity is an with GRID Alternatives, a nonprofit baseline. As of year-end 2017, important component of our and national leader in making we have reduced our emissions credit, investment, underwriting clean, affordable solar power by 18 percent. Additionally, and payment procedures and and solar jobs accessible to we’re proud to have received a is integrated into our overall disadvantaged communities, to score of A- from CDP (formerly risk management philosophy. help fund the expansion of their known as the Carbon Disclosure In 2017, we joined the Ceres Tribal Program. This partnership Project) in 2016, 2017 and 2018. will help bring solar power and Company Network to engage We are dedicated to making solar job training to more than 40 with more than 50 companies a positive contribution to a tribes across the United States. in more than 20 sectors on sustainable environment by environmental issues. Through U.S. Bank also supports developing business practices this partnership, we recently renewable energy efforts through to protect and conserve natural completed a detailed materiality our investments, and we’re an resources. We believe that being assessment. This assessment active investor in community solar good environmental stewards is will guide our Environmental, garden development. During 2018, good not just for communities but Social and Governance priorities U.S. Bank provided $1 billion to for our business, as many of these and investments, as well as help finance the development approaches can create long- facilitate stakeholder dialogue and of over 1.5 gigawatts of solar term value for our stakeholders feedback. Our partnership with energy across the country. The through increased revenues, Ceres also will help us improve construction of these facilities reduced costs and reduced risks.

Responsibility 17 MANAGING COMMITTEE

Ismat Aziz Jodi L. Richard James B. Kelligrew Mark G. Runkel Executive Vice President and Vice Chairman and Vice Chairman, Corporate Executive Vice President Chief Human Resources Officer Chief Risk Officer & Commercial Banking and Chief Credit Officer

John R. Elmore Timothy A. Welsh Katherine B. Quinn Vice Chairman, Community Vice Chairman, Consumer Vice Chairman and Chief Banking and Branch Delivery Banking Sales and Support Administrative Officer

BOARD OF DIRECTORS Craig D. Schnuck David B. O’Maley Arthur D. Collins, Jr. O’dell M. Owens, Former Chairman Retired Chairman, President Retired Chairman and M.D., M.P.H. and Chief Executive and Chief Executive Officer, Chief Executive Officer, President and Chief Executive Officer, Schnuck Ohio National Mutual Medtronic, Inc. Officer, Interact for Health Markets, Inc. Holdings, Inc. (Lead Director)

Kimberly J. Harris Richard P. McKenney Karen S. Lynch Elizabeth L. Buse President and Chief Executive President and Chief Executive Executive Vice Former Chief Executive Officer, Puget Energy, Inc. Officer, Unum Group President, CVS Officer, Monitise PLC Health Corporation

18 U.S. Bancorp 2018 Annual Report Andrew Cecere Jeffry H. von Gillern James L. Chosy Shailesh M. Kotwal Chairman, President and Vice Chairman, Technology Executive Vice President Vice Chairman, Chief Executive Officer and Operations Services and General Counsel Payment Services

Terrance R. Dolan Leslie V. Godridge Gunjan Kedia Vice Chairman and Vice Chairman, Corporate Vice Chairman, Wealth Chief Financial Officer & Commercial Banking Management and Investment Services

Roland A. Hernandez Doreen Woo Ho Warner L. Baxter Marc N. Casper Founding Principal and Commissioner, Chairman, President and President and Chief Chief Executive Officer, San Francisco Chief Executive Officer, Executive Officer, Thermo Hernandez Media Ventures Port Commission Ameren Corporation Fisher Scientific Inc.

Andrew Cecere Scott W. Wine Dorothy J. Bridges Olivia F. Kirtley Yusuf I. Mehdi Chairman, President and Chairman and Chief Former Senior Vice President Business Consultant Corporate Vice Chief Executive Officer, Executive Officer, of Public Affairs, Outreach and President, Modern U.S. Bancorp Polaris Industries Inc. Community Development, Federal Life and Devices Group, Reserve Bank of Minneapolis Microsoft Corporation

Leadership 19 ABOUT US

U.S. Bancorp, with 74,000 employees and $467 billion in assets as of December 31, 2018, is the parent company of U.S. Bank, the fifth-largest commercial bank in the United States.

Founded in 1863, U.S. Bank is committed to serving Core values its millions of retail, business, wealth management, payment, corporate, commercial and investment We do the right thing. services customers around the world as a trusted We power potential. financial partner. We stay a step ahead. We draw strength from diversity. Revenue Mix by Business Line We put people first.

Our strategic pillars Our strategy is how we will grow; it comes to life by activating our pillars.

Being the Most Creating the Trusted Future Choice Now

% Consumer and Driving Business Banking 40 One Striving for U.S. Bank Simplicity 29% Payment Services

% Corporate & 18 Commercial Banking 2018 supplier diversity At U.S. Bank, we support diverse suppliers. % Wealth Management A diverse supplier is a company at least 51 percent 13 and Investment Services owned, controlled and managed by one or more women, veterans, disabled veterans, LGBT individuals or members of an ethnic minority group. 4Q 2018 taxable-equivalent basis Business line revenue percentages exclude More than $500 million spent with certified Treasury and Corporate Support diverse suppliers and growing. 350+ certified diverse supplier relationships.

800.USBANKS / usbank.com

20 U.S. Bancorp 2018 Annual Report