In October, Fitch Ratings concluded a periodic review of large regional banks. As a result of this review, USB’s holding company and bank-level long-term debt ratings were upgraded by one notch to AA from AA- and USB’s long-term deposit rating was upgraded to AA+ from AA. USB has the highest Fitch ratings across its peer group and is now the highest rated bank globally by Fitch, tied with Royal Bank of Canada.

Fitch stated that “the upgrade of USB’s ratings is refl ective of an institution that for several years now has set itself apart from peer institutions due to a number of competitive advantages and a strong operating culture. This has led to better earnings and credit performance than nearly all peer banks over multiple operating cycles, and Fitch believes USB is taking steps to extend its advantages compared to peer institutions.”

2015 Third Quarter Profi le

Ranking U.S. Bank is the fi fth largest U.S. commercial bank

Period-end assets $416 billion

Period-end deposits $295 billion

Period-end loans $255 billion

Earnings per common share (diluted) $0.81

Return on average assets 1.44%

Return on average common equity 14.1%

Customers 18.5 million

Bank branches 3,151

ATMs 5,001

NYSE symbol USB

Year founded 1863

Third Quarter 2015 Performance

U.S. Bank Upgraded by Fitch Ratings

1

RICHARD DAVIS AS GUEST EDITOR OF ETHISPHERE MAGAZINE’S CEO ISSUE

U.S. Bancorp Chairman, President and Chief Executive Officer, Richard Davis was Guest Editor of Ethisphere Magazine’s Q3 CEO Issue. Drawing from the deep experience of some of the most respected CEOs in business today, the CEO Issue features thoughtful contributions and leading insights to many thought-provoking themes, including: tenets for a truly global business, culture of accountability, authenticity that inspires, leadership through change, influence on trust, and much more.

U.S. BANK AND AUTO CLUB TRUST FSB PARTNER TO LAUNCH CREDIT CARD REWARDS PROGRAM FEATURING THE AAA DOLLARS® PLUS MASTERCARD® AND AAA DOLLARS® MASTERCARD®

U.S. Bank and Auto Club Trust FSB (ACT), a subsidiary of The Auto Club Group (ACG), which provides a broad range of products to its more than nine million AAA members, have formed a new, long-term card-issuing alliance. The alliance has created two new MasterCard co-branded credit cards offering ACG members the opportunity to earn valuable rewards on their everyday purchases and to use their cards with the latest digital wallet technologies. In connection with the new ACT program, U.S. Bank also entered into an agreement to purchase the existing $500 million-plus ACG credit card portfolio at the end of the third quarter.

U.S. BANK ENDS SBA FISCAL YEAR WITH $776 MILLION IN VOLUME, FINISHING #1 IN EIGHT SBA DISTRICTS

U.S. Bank ended the 2015 Small Business Association (SBA) fiscal year on September 30 with $776 million in volume and 3,977 loans committed. The totals represent a 15.4 percent increase in dollar volume over 2014 and a nearly 18 percent increase in the number of loans provided. U.S. Bank was the third largest SBA lender by volume in the country for 2015. U.S. Bank ranked first in both units and volume in the SBA districts of Kentucky, Portland and Seattle/Spokane. In addition, the company also ranked first in units in Iowa, Kansas City, North Dakota, St. Louis and Tennessee. U.S. Bank was in the top three in either units or volume in a total of 24 SBA districts. The results are in-line with U.S. Bank’s recent annual Small Business Survey, completed in May, which included feedback from more than 3,000 small business owners across the bank’s 25-state footprint. Results showed that small business owners are more confident about the future of their business now than any other time in the six-year history of the survey.

U.S. BANCORP’S LESLIE GODRIDGE AND KATHY ROGERS NAMED AMONG AMERICAN BANKER MAGAZINE’S “MOST POWERFUL WOMEN IN BANKING” AND “TOP 25 WOMEN TO WATCH”

U.S. Bancorp Also Earns Top Team Award

American Banker magazine named U.S. Bancorp’s Leslie Godridge to its “Most Powerful Women in Banking” list and Kathy Rogers to its “Top 25 Women to Watch” list. Additionally, more than 80 U.S. Bancorp women were honored as part of a Top Team Award, recognizing their strong leadership and community contributions. Godridge, Rogers and other members of the U.S. Bancorp team were honored at an awards dinner at the Waldorf Astoria in New York City and featured in the magazine’s “Most Powerful Women in Banking” issue in October 2015.

Powerful Women

Kathy Rogers

Leslie Godridge

2

• Most Powerful Women in Banking – Individuals and Team– American Banker Magazine, October 2015

• BCA 10: Best Businesses Partnering for the Arts – Americans for the Arts, October 2015

• A Top 25 U.S. Employee Resource Groups• A Top 25 U.S. Employee Resource Groups• – Association of ERGs & Councils, August 2015

• Most Trusted Companies for Retail Banking– Ponemon Institute, June 2015 (9 years at #1)

• Greenwich Annual Excellence Awards: Middle Market Commercial Banking Study– Greenwich Associates, March 2015

• A 2015 World’s Most Ethical Company• A 2015 World’s Most Ethical Company• ®

– Ethisphere Institute, March 2015

• #1 Most Admired Superregional Bank– Fortune, March 2015 (also in 2011, 2012, 2013, 2014)

• 2015 Military Friendly Employers– G.I. Jobs, 2015

• Corporate Equality Index (perfect score)– Human Rights Campaign Foundation, 2015

U.S. Bank Stands Apart

JEFF JONES NAMED PRESIDENT OF U.S. BANK CORPORATE PAYMENT SYSTEMS

Jeffrey W. Jones was named president of U.S. Bank Corporate Payment Systems. Jones, who joined the company in 1983, held a variety of roles in wholesale banking before assuming leadership of the Global Treasury Management group in 2001. U.S. Bank also announced that Rich Erario would succeed Jeffrey Jones as head of it global treasury management division.

U.S. BANK ANNOUNCES MOBILE PAYMENT OPTIONS

U.S. Bank and Elavon announced in September the availability of Samsung Pay and Android Pay™ to offer more payment choices and convenience to their customers.

With Android Pay, U.S. Bank customers with eligible consumer and small-business Visa credit or debit cards will be able to use their Android mobile phone to make fast, simple and secure payments in-store.

With Samsung Pay, consumers and small businesses with U.S. Bank Visa® credit and debit cards may now load their cards onto eligible Samsung mobile devices and use them for payment. U.S. Bank’s co-brand and affi nity partners may do the same. Point-of-sale devices provided to U.S. Bank and Elavon merchant customers are also enabled to accept participating credit and debit card Samsung Pay payments.

Adding these mobile payment options for its cardmembers and merchant customers, along with Apple Pay, which was announced in 2014, is another way to make it convenient for customers to do business with U.S. Bank and Elavon.

U.S. BANK EARNS NATIONAL RECOGNITION FOR ITS SUPPORT OF THE ARTS

U.S. Bank was honored by Americans for the Arts with the BCA 10: Best Businesses Partnering with the Arts in America for 2015. The BCA 10 recognizes businesses that demonstrate exceptional commitment to the arts through grants, local partnerships, volunteer programs, matching gifts, sponsorships and board membership. Over the past fi ve years, U.S. Bank has awarded more than $15 million to the arts in the form of the U.S. Bank Foundation grants. In 2014 alone, nearly $4 million of the foundation’s annual fi nancial contributions were directed towards the arts, and primarily to organizations that use the arts to help address community concerns.

3

CONSUMER + SMALL BUSINESS

BANKING

WHOLESALE BANKING +

COMMERCIAL REAL ESTATE

WEALTH MANAGEMENT +

SECURITIES SERVICES

PAYMENT SERVICES

People, potential and purpose 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)

40371 Q3/15

usbank.com

Revenue mix by business line

U.S. Bancorp Business Scope — Diversifi ed Business and Markets

Q3 2015 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 shownAs of 10/20/15

0.0 0.3 0.6 0.9 1.2 1.5

Return on Average Assets

Peer 9

Peer 8

Peer 7

Peer 6

Peer 5

Peer 4

Peer 3

Peer 2

Peer 1

USB

0 3 6 9 12 15

Return on Average Common Equity

Peer 9

Peer 8

Peer 7

Peer 6

Peer 5

Peer 4

Peer 3

Peer 2

Peer 1

USB

0 10 20 30 40 50 60 70 80

Efficiency Ratio

Peer 9

Peer 8

Peer 7

Peer 6

Peer 5

Peer 4

Peer 3

Peer 2

Peer 1

USB

0.82

0.83

0.92

1.03

1.07

1.11

1.13

1.17

1.32

1.44

6.0

7.0

8.1

8.2

9.3

9.6

10.0

11.5

12.7

14.1

67.8

67.3

66.7

66.5

64.0

61.6

61.3

58.2

56.4

53.9

Source: company reports & FactSetAssets as of September 30, 2015; Market Value as of October 20, 2015

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

For U.S. Bank:

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

Credit products are offered by U.S. Bank National Association and subject to normal credit approval.

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.

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 affi liate of U.S. Bank.

Insurance products are available through various affi liated non-bank insurance agencies, which are U.S. Bancorp subsidiaries. Products may not be available in all states. CA Insurance License # OE24641.

U.S. Bank is not responsible for and does not guarantee the products, services or performance of U.S. Bancorp Investments.

Investment and Insurance products are:

NOT A DEPOSIT NOT FDIC INSURED

NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

MAY LOSE VALUE NOT GUARANTEED BY THE BANK

Total Assets and Market Value

3Q15

Outperforming Our Peers

3Q15 (In Percents)

4

Assets Market ValueU.S. Rank Company $Billions

U.S. Rank Company $Billions

1 J.P. Morgan 2,417 1 Wells Fargo 2712 Bank of America 2,153 2 J.P. Morgan 2303 Citigroup 1,808 3 Bank of America 1694 Wells Fargo 1,751 4 Citigroup 1575 U.S. Bancorp 416 5 U.S. Bancorp 726 PNC 362 6 PNC 457 BB&T 209 7 BB&T 298 SunTrust 187 8 SunTrust 219 Fifth Third 142 9 Fifth Third 15

10 Regions 125 10 Regions 12

• Payment Services• Wealth Management and

Securities Services• Wholesale Banking and

Commercial Real Estate• Consumer and Small

Business Banking

42%30%

11%17%