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or virtual ones. Our workplacecollaboration efforts allowed usto maintain business continuity.Our money movement solutionsmet the need as cash transactionsslowed. Our agile transformationmade it possible for us to developjust-in-time products and servicesthat would have taken years todevelop before.In fact, approximately threequarters of our customersare digitally active across ourmobile and online channelstoday. About 56 percent ofour loan sales and roughly 77percent of our transactions nowtake place in a digital way. Webelieve our opportunity lies inthe successful combination ofpeople and technology to serveour customers. The changes weare making within our branchnetwork refect this reality. Westill see considerable traffc inour branches, proving they areimportant – however, the futurebranch will have a differentfootprint and more of an emphasison advice and counsel.Moving forward, we will continueto invest in our digital platforms,offering customers do-it-yourself(DIY) and do-it-together (DIT)solutions to meet their needs.We will continue to leverage ourpayments ecosystem, and wewill deliver products and serviceswith a focus on the unique needsof individual customer segments.We will emphasize speed,convenience and simplicity, andwe will responsibly leverage dataand analytics to be able to bethere in the moments that mattermost for our customers. Our focusis on meeting them when, whereand how they want, which enablesus to create value and drivesustainable growth.We anticipate many of thechanges we have seen as a resultof the pandemic and upheavalof 2020 will continue as a newnormal. We expect work willlook different. There will be moreindustry disruption. Banking willbe accessed in more customerdriven ways through the channelscustomers prefer, and digital willbe more important. Relationshipswill be core to success, and thecompanies who thrive will be theones – like us – that move quickly,strategically and responsiblytoward the future.Of course, all of this is possiblebecause of our employees –who are second to none in theircommitment, dedication andprofessionalism. To all my fellowU.S. Bankers, I say, simply:“Thanks for all you do.”Andy CecereChairman, President andChief Executive Offcer,U.S. BancorpFebruary 23, 2021Although the year broughtuncertainty and change, we areproud of our efforts and believewe are on a course for an evenstronger future. We remain aWorld’s Most Ethical Companyand one of the highest-rated banksin the world. Our balance sheet ishealthy and strong, and our leadersare dedicated to helping ourcustomers succeed, todayand in the years to come.3

Financial highlightsNet Income Attributableto U.S. Bancorp (in millions)Diluted Earningsper Common ShareDividends Declaredper Common ShareReturn onAverage AssetsReturn on AverageCommon EquityDividend Payout RatioNet Interest Margin (a)Effciency Ratio (b)Common EquityTier 1 Capital (c)Average AssetsAverage U.S. BancorpShareholders’ Equity (in millions)Total Risk-Based Capital (c)(in millions)(a) Taxable-equivalent basis based on federal income tax rates of 21 percent for 2020, 2019 and 2018 and 35 percent for 2017 and 2016, for those assets and liabilities whose income or expense isnot included for federal income tax purposes.(b) See Non-GAAP Financial Measures beginning on page 64.(c) Calculated under the Basel III standardized approach.4 U.S. Bancorp 2020 Annual Report usbank.com /AR20

Financial summaryYear Ended December 31(Dollars and Shares in Millions, Except Per Share Data)20182020v 20192019v 201820202019Net interest income.Taxable-equivalent adjustment(a) .Net interest income (taxable-equivalent basis)(b) .Noninterest income .Total net revenue .Noninterest expense .Provision for credit losses.Income taxes and taxable-equivalent adjustment .Net income .Net (income) loss attributable to noncontrolling interests. ) ) )Net income attributable to U.S. Bancorp . 4,959 6,914 7,096(28.3)(2.6)Net income applicable to U.S. Bancorp common shareholders . 4,621 6,583 6,784(29.8)(3.0) 3.063.061.6831.2646.591,5091,510 4.164.161.5829.9059.291,5811,583 92.41.52.69.14.9(2.5)(14.3)Per Common ShareEarnings per share .Diluted earnings per share .Dividends declared per share.Book value per share(c) .Market value per share.Average common shares outstanding.Average diluted common shares outstanding.Financial RatiosReturn on average assets.Return on average common equity .Net interest margin (taxable-equivalent basis)(a) .Effciency 3.1455.1Average BalancesLoans.Investment securities(d) .Earning assets.Assets .Deposits .Total U.S. Bancorp shareholders’ equity. 307,269125,954481,402531,207398,61552,246 290,686117,150430,537475,653346,81252,623 .811.714.9(.7)3.6%2.83.74.14.05.7Loans . 297,707Allowance for credit losses .8,010Investment securities . 136,840Assets .553,905Deposits . 429,770Total U.S. Bancorp shareholders’ equity.53,095 296,1024,491122,613495,426361,91651,853 11.818.72.43.2%1.19.36.04.81.6Period End BalancesCapital RatiosCommon equity tier 1 capital .Tier 1 capital.Total risk-based capital .Leverage.Total leverage exposure.Tangible common equity to tangible assets(b) .Tangible common equity to risk-weighted assets(b) .Common equity tier 1 capital to risk-weighted assets, refecting the fullimplementation of the current expected credit losses methodology(b) .87.07.59.39.1%10.712.69.07.27.89.49.3Based on a federal income tax rate of 21 percent for those assets and liabilities whose income or expense is not included for federal income tax purposes.See Non-GAAP Financial Measures beginning on page 64.Calculated as U.S. Bancorp common shareholders’ equity divided by common shares outstanding at end of the period.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 fromavailable-for-sale to held-to-maturity.5

AlwaysthereLate in 2020, “pandemic” was declared aword of the year. It was a ftting choice asCOVID-19 disrupted everything from howwe behaved to how we worked to how weinteracted with each other. At U.S. Bank,the pandemic required us to answer newquestions, the biggest being: How can wehelp our customers navigate these times?6U.S. Bancorp 2020 Annual Report usbank.com /AR20Can we help a business access aline of credit? Can we help someoneget access to their stimulus money?Can we help the small businesses inour communities access a PPP loan?Can we modify a mortgage or provideinvestment counsel? Could we do all ofthis, while providing safe environmentsand more contactless paymentcapabilities for our customers andemployees? Over and over again, theanswer was an unquestionable “Yes.”

108KWe helped obtainPaycheck ProtectionProgram loans formore than 108,000small businesses.As the dust settles from a challenging 2020, we remember the tenacityand fexibility of our employees and how they put our customers frst.They did it while wearing masks, social distancing, and juggling workand home life.We demonstrated once again that we can retain what has alwaysmade us strong – our unique business mix, risk management andculture – while also accelerating the pace of change, growing at scale,and most importantly, always being there for our customers.The resolve of our employees is what powers us. It also propelsus forward, allowing us to help customers, build communities,engage employees and deliver value to our shareholders evenin a challenging environment.ReliableThe way our teams showed up every day didn’t go unnoticed.Consumers interviewed by The Harris Poll ranked us as America’smost essential bank during COVID-19. The Ethisphere Institutenamed us to the list of World’s Most Ethical Companies for theseventh consecutive year.We have long said that we manage for both the short- and thelong-term and that U.S. Bank is built to weather the harsh conditions.That was clear both through COVID-19 and as evidenced in annualfederal stress test simulations. Our fnancial results refected asmart and diverse business mix that produced returns in idealand unfavorable conditions.Helping each otherand our communitiesIn addition to working her normalhours on the retail paymentsteam in Idaho, U.S. Bankemployee, Dusti Bacon,volunteered nearly 2,000 hourslast year sewing and donatingmore than 7,900 masks.FlexibleAt the onset of the pandemic, we stood ready to help. We quicklymobilized and pivoted to support our customers and clients.We introduced several changes to allow forbearance or other paymentrelief as well as pricing fexibility on our products and services to makethem more affordable and accessible to customers experiencingfnancial stress. We also expanded existing hardship assistanceprograms, while making them more accessible through the abilityto request assistance online as well as by phone.Once the federal government launched the Paycheck ProtectionProgram, our teams worked round-the-clock to help long-standingand new customers get access to crucial funds. All told, we helpedmore than 108,000 small businesses obtain 7.5 billion in loans, meaningthousands of their employees avoided the loss of paychecks. We alsohelped a record number of customers refnance their mortgages orbecome homeowners for the frst time.We were also there for corporate and commercial clients when theyneeded us most and saw record volumes and market share gainsthroughout our Fixed Income and Capital Markets businesses. And weprovided research, timely insights and other educational resources tohelp keep our clients’ wealth management plans on track.7

77%By the end of 2020, morethan 77% of all consumertransactions werecompleted digitally.InnovativeWhen the pandemic began, manyof us changed how much weleft the house. Fortunately, ourinvestments in digital during thepast few years put us in a strongposition to help customers bankfrom home. Virtually overnight,customers shifted their behaviorand took advantage of our digitaltools at an expedited rate. Theseinvestments in our mobile app,digital capabilities and Agiledevelopment teams were criticalto our COVID-19 response.For more complicated bankingtransactions and for customerswho wanted assistance inaccessing our digital tools,we created and launched Do ItTogether experiences, wherea banker and customer canwork together while not beingphysically in the same place.Although many activities moveddigitally – including our virtualshareholder meeting and oursummer internship program –banking remains an essentialbusiness that requires somein-person activity. We valuethese customer experiences,and we moved swiftly to makein-person banking safer byrelying on drive-thru lanes formany transactions and by addingpersonal protection equipmentto our facilities. We recognizedthe efforts of our front-lineand offce critical employeesand provided them with payincentives during the year.By the end of 2020, more than77% of transactions and morethan half of loan applications werecompleted digitally. In addition,our Paycheck Protection Programdigital application was builtfrom an existing all-digital smallbusiness lending platform.Our mobile app, which wasranked No. 1 in customer servicefeatures by Business InsiderIntelligence, is more than just atransaction tool. By year-end, weprovided more than 1.6 billionfnancial insights to U.S. BankMobile App users.8U.S. Bancorp 2020 Annual Report usbank.com /AR20New features addedto the U.S. BankMobile App include: Bank by voice Appointment setting More personalized insights

There foreveryoneU.S. Bank customerHouston White at workin his barbershop, HWMR.“We do the right thing” leads our core values.The culture we built and nurture is the reasonwe were able to successfully navigate the eventsof 2020 and emerge even stronger.Our strength affords us the courage to beuncomfortable and examine areas where wecan grow and implement meaningful change.9

“We have to createopportunities thatbridge gaps, thatgenerate economicprosperity, and thatallow people to achievetheir potential.”Diversity, equityand inclusionWhen George Floyd was killedin police custody last May, justfour miles from our Minneapolisheadquarters, it sparkedworldwide civil unrest and a callfor lasting change. The weeksand months that followed furtherinspired organizations andpeople to take a hard look atsolving systemic economicand racial inequities.Pride and inclusionWith more than 100 milliontransactions, our LGBTQ community-inspired debit carddesign is a symbol of prideand support for more than250,000 customers.Our response was actionableand came directly from our CEO:“If we are truly going to drawstrength from diversity, we haveto do better. We have to createopportunities that bridge gaps,that generate economicprosperity, and that allow peopleto achieve their potential.”Long ago, we committed tomaking our company morediverse, equitable and inclusive.We’ve since taken a stand andexpanded our efforts.The Contactless Symbol and ContactlessIndicator are trademarks owned and usedwith the permission of EMVCo, LLC.10U.S. Bancorp 2020 Annual Report usbank.com /AR20A sample of our 2020action includes: We continued to actively workto expand supplier diversity,recruitment and leadershipdevelopment programs andwere recognized on severaldiversity lists for this workincluding Top 50 Companiesfor Diversity. We committed to doublingBlack suppliers and allocated 100 million in annual capitaland 16 million in grants tosupport Black-owned or -ledbusinesses, housing andworkforce advancement. Our chief diversity offcermoved onto the managingcommittee, joining our mostsenior leaders reporting toour CEO.

Inclusive bankingAccess to banking remains a key priority for us. Whether assisting peoplewith visual impairments or fnding solutions for underserved groups, we’remaking banking all inclusive.The U.S. Bank Smart Assistant – voice technology in the U.S. Bank MobileApp that creates an experience akin to an interaction with a banker – wascreated and shaped with the help of vision-impaired users. Great care wasalso taken to minimize cognitive burden by using common language.El Asistente Inteligente de U.S. Bank pronto estará disponible en español.TOP 50DiversityInc namedus to their Top 50Companies for Diversity.As we make fnancial education more accessible, we also seek to betterunderstand the relationships between money and specifc demographics.In our commissioned U.S. Bank Women and Wealth Insights Study, welearned more about how we can help women harness their power andinfuence to close the gender wealth gap. A similar study about buildingBlack wealth launched earlier this year and will help us gain more necessaryknowledge to help close the racial wealth gap that exists in this country.There for our customersAfter the civil unrest damageda branch in Minneapolis overthe summer, we set up theU.S. Bank Mobile Banking Unitto ensure customershad uninterrupted accessto banking services.U.S. Bank employee andaccessibility consultant ChristinaGranquist, who is blind herself,helped design the new voiceassistant in our mobile app.11

10.7 B We’ve fnanced 10.7billion in solar projectsthrough our CommunityDevelopment Corporation.Sustainability practicesWe believe that being good stewards of the environment is integralto both the success of our business and our collective future.During the past decade, we worked diligently to reduce our operationalgreenhouse gas emissions through investments in advancing solarenergy, partnerships with local utilities to purchase renewable energy,and improving the energy effciency of our buildings.A sample of our work in 2020 includes:Learn more aboutour ESG commitmentWe are proud to have reached our frst greenhouse gas emissionsreduction target 10 years ahead of schedule.To learn more, please readour Environmental, Socialand Governance (ESG) Report,where we connect long-termvalue creation to ourcompany’s core values atusbank.com/ESG2020.We were named to the CDP A List for tackling climate change.Only 5% of global companies assessed earned this grade.Through our Community Development Corporation, we’vefnanced 10.7 billion in solar projects – that’s more than15% of all solar investment in the United States – since 2011.We’re encouraging shareholders to opt in to electronicdelivery of the Annual Report and Proxy.Visit http://enroll.icsdelivery.com/usb to opt in.12U.S. Bancorp 2020 Annual Report usbank.com /AR20

FuturefocusedWhat will banking look like in 25, 10 or even two years? The onlything we know with certainty is that people and the movementof money will be involved. Beyond that, our goal is to be there forour customers.Investments and optimizationTo be there for our customers means imagining and creating the banking experiences they may notyet even know they want. As we think about the branch of the future – which we’re well on our way toachieving – we’re tailoring physical locations based on customer behavior. That means optimizing anin-person experience that is more about fnancial conversations and strategy than transactions.Whether a customer chooses to bank in person, digitally or a combination of both, we’re thoughtful inhow best to create a personalized experience for our customers to bank where, when and how they want.We know this combination of our people and digital tools sets us apart and is a key to our future success.13

“Relationships will bet

800 Nicollet Mall Minneapolis, MN 55402 800.USBANKS (872.2657) usbank.com U.S. Bancorp 2020 Annual Report ANNUAL REPORT