At U.S. Bank, we strive to put people first

and we’ve been hard at work this year to

make a difference in our communities. In

May, we launched the Community Possible

Relay – a first-of-its-kind national tour that

spurred U.S. Bank volunteers into action.

We recorded an incredible 92,000 hours of

volunteer time, and engaged over 177,000

individuals through 90 nonprofit partners.

We are also working in partnership with the

Minnesota Vikings, investing $1 million over

three years to create safe, healthy recreation

spaces through the U.S. Bank Places to Play

program. In June, we announced the first

seven nonprofit, neighborhood-based grant

recipients who will improve play spaces

across the state of Minnesota:

Beltrami Neighborhood Council, Beltrami Park Timber Frame Pavilion Minneapolis, MN

Ecolibrium3, Lincoln Park Play Area Duluth, MN

Fairmont Area Schools, ISD #2752 Community Baseball Bleachers Fairmont, MN Family Pathways, Central Park Playground Improvement Project North Branch, MN

Joy of the People Foundation, Mini Fields of Joy Project St. Paul, MN

The Trust for Public Land, Frogtown Park and Farm Nature-based Play Area St. Paul, MN

Urban Ventures Leadership Foundation, Urban Stars Soccer Program Minneapolis, MN

2016 Second Quarter Profile

Second Quarter 2016 Performance

Inspiring what’s possible in our communities

Commercial bank ranking 5th largestPeriod-end assets $438 billionPeriod-end deposits $318 billionPeriod-end loans $269 billionEarnings per common share (diluted) Return on average assets 1.43%Return on average common equity 13.8%Customers 18.6 millionBank branches 3,122ATMs 4,923NYSE symbol USBYear founded 1863At quarter end, June 30, 2016

$0.83

Inspiring what’s possible in our communities

2

2016 Second Quarter Profile

The voice of small business owners

We love helping small business owners

transform their dreams and ideas into

reality. Each spring, we conduct a Small

Business Survey to assess local business

owners’ takes on issues that impact

the future of their businesses. By better

understanding the customers we serve, we

can offer guidance and support to help

them capture their next big opportunity.

Here is a snapshot of what we learned

from our 2016 Small Business Survey:

• Three in four small business owners

classify their business as strong. One in

four plan to hire, 34 percent report higher

year-over-year revenues and 38 percent

are ready for capital expenditures.

• Small business owners report a dip in

confidence in the national economy.

Today, nearly one in three believe the

national economy is in a recession.

• Small business owners are integrating

mobile solutions into their overall

business strategy and using social media

to make connections, find talent and

market their business. However, at the

end of the day, the human touch is still

important to them – 89 percent say they

will do at least some of their banking

in a physical branch in five years.

“Customers want to be able to access the

bank through multiple channels when it’s

most convenient for them. However, they

also tell us nothing replaces the human

touch – that banker down the street to

talk to or bounce ideas off of from time to

time,” said Ross Carey, our executive vice

president and head of Business Banking.

For full survey results, visit our Common Cents blog at stories.usbank.com.

“At U.S. Bank, we believe that anything is possible when strong and vibrant communities come together to help each other reach their full potential,” said Kate Quinn, our executive vice president and chief strategy and reputation officer. “Sometimes, to reach your full potential, you need a safe place to play.”

Stress testing helps us stay a step ahead At U.S. Bank, we are committed to being the most trusted choice for our customers, employees, shareholders and communities. One of the most important ways we accomplish this is to be prepared with a plan in times of economic stress.

Each year, we participate in two regulatory exercises called the Comprehensive Capital Analysis and Review (CCAR) and Dodd-Frank Act stress testing (DFAST). These exercises, which are submitted to the Federal Reserve, evaluate the ability of the nation’s largest banks to weather adverse economic conditions.

This June, we received our DFAST and CCAR results and we once again received a non-objection to our capital distribution plan. As a result, we’ll be increasing our quarterly dividend rate by 9.8 percent beginning in the third quarter. Through the continued strength of our business, we are well positioned to guide our customers to financial success while creating value for our shareholders.

Terry Dolan appointed Chief Financial Officer

Effective August 1, Terry Dolan transitioned to his new role as our

vice chairman and chief financial officer. Formerly vice chairman,

Wealth Management and Securities Services, Dolan has been

with U.S. Bank for nearly 18 years and has led a variety of important

functions including accounting, finance, tax, corporate insurance,

corporate development and business integration.

3

2016 Second Quarter Profile

Enhancing the mobile experience

Through a steady stream of enhancements to our mobile banking capabilities, we bring convenience to our customers’ fingertips.

We released an updated version of the U.S. Bank Mobile app for iPhone®, which gives our customers the option to use Touch ID for faster, more convenient access to their money, combined with the security of a unique fingerprint to log in.

U.S. Bank customers will also see improvement in mobile check deposits. The U.S. Bank Mobile app now makes it easier to get the right image on the first try by enhancing image capture from various angles or under low light conditions.

Our MasterCard® cardmembers now have access to more convenient payment choices with Android Pay™ and Samsung Pay®. U.S. Bank customers with eligible MasterCard consumer and small business credit cards can now use their Android or Samsung mobile phone to make fast, simple and secure payments

– all without pulling out a wallet.

The new Voyager® Mobile App for U.S. Bank Voyager® Fleet Card clients is sure to be corporate fleets’ newest ally in the quest for savings. We’ve added a first-in-the industry routing and price optimization tool to the app that zeros in on the most efficient path from point A to point B and finds the lowest-cost fuel within a given route.

“Terry will seamlessly transition into the CFO role, given his extensive financial background and tenure with the bank,” said Richard Davis, our chairman and chief executive officer. “We congratulate Terry on his exciting new role.”

USB

Peer 1

Peer 2

Peer 3

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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

1.43%

1.20%

1.08% 1.05%

1.02%

1.00%

0.94% 0.88%

0.82% 0.78%

13.8%

11.7% 10.2%

8.9% 8.4%

8.2%

8.2% 7.3%

6.5%

6.4%

54.9%

55.3%

58.4%

60.7%

61.5%

64.5%

65.5%

65.9%

66.3%

69.7%

4

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)

usbank.com

Revenue mix by business line

U.S. Bancorp Business Scope — Diversified Business and Markets

2Q16 YTD taxable-equivalent basis, excluding securities gains (losses) net

Revenue percentages exclude Treasury and Corporate Support

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

*S&P does not provide a deposit rating; the long term issuer credit rating is shown. Ratings as of 7/28/16.

Source: company reports & FactSetAssets as of June 30, 2016; Market Value as of July 28, 2016

National

Wholesale Banking and Wealth Management & Securities Services

International

Payments and Securities Services

Regional

Consumer & Business Bankingand Wealth Management

Corporate Trust and Fund Services of�ces in London and Dublin

Wealth Management of�ces in New York City, Wilmington, Delaware, and Naples and Palm Beach, Florida

Total Assets and Market Value 2Q16

Outperforming Our Peers2Q16

Assets Market ValueU.S. Rank Company $Billions

U.S. Rank Company $Billions

1 J.P. Morgan 2,466 1 Wells Fargo 2432 Bank of America 2,187 2 J.P. Morgan 2323 Wells Fargo 1,889 3 Bank of America 1504 Citigroup 1,819 4 Citigroup 1285 U.S. Bancorp 438 5 U.S. Bancorp 726 PNC 361 6 PNC 417 BB&T 222 7 BB&T 308 SunTrust 199 8 SunTrust 219 Fifth Third 144 9 Fifth Third 14

10 Regions 126 10 Regions 12

• Payment Services• Wealth Management &

Securities Services• Wholesale Banking &

Commercial Real Estate• Consumer & Small

Business Banking

Deposit Products offered by U.S. Bank National Association. Member FDIC.

Credit Products are offered by U.S. Bank National Associated and subject to normal credit approval. U.S. Bank is not responsible for and does not guarantee the products, services or performance of U.S. Bancorp Investments.

U.S. Bancorp, including each of our subsidiaries, is an Equal Opportunity Employer and a Drug-Free Workplace. The factual information provided has been obtained from sources believed to be reliable, but is not guaranteed as to accuracy or completeness.

41%31%

11%17%

163115 Q2/16

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 &

C O M M E R C I A LR E A L E S TAT E

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

EQUAL HOUSING