2017 third quarter U.S. Bank Commercial Real Estate

Long-term senior debt ratings Holding company: peer group

S&P Moody’s Fitch DBRS

U.S. Bancorp A+ A1 AA AA

Wells Fargo & Company A A2 AA- AA

BB&T Corporation A- A2 A+ AH

JPMorgan Chase & Co. A- A3 A+ AAL

PNC Financial Services A- A3 A+ AH

Bank of America Corp. BBB+ Baa1 A A

Fifth Third Bancorp BBB+ Baa1 A AL

SunTrust Banks, Inc. BBB+ Baa1 A- AL

KeyCorp BBB+ Baa1 A- BBBH

Regions Financial Corp. BBB Baa2 BBB BBBH

Ratings as of 7/24/17

USB capital position 2Q17Tier 1 capital ratio 11.1%

Total risk-based capital ratio 13.2%

Leverage ratio 9.1%

Common equity tier 1 capital ratio 9.5%

Tangible common equity ratio 7.4%

Calculated under the Basel III transitional standardized approach

One U.S. Bank: our growth strategy

Operating as one U.S. Bank is not a fancy business model or a new centralization strategy — it is merely a crisp expression of the culture we are building across our enterprise. Grounded in ethics and integrity, our one U.S. Bank philosophy drives our focus on delivering a strong financial performance, unifying the customer experience, getting better every day, and becoming the most trusted choice.Our U.S. Bank Commercial Real Estate team is taking this strategy to heart. We continue to be dedicated to establishing new and expanding current relationships with developers, Real Estate Investment Trusts (REITs), and commercial property owners across the United States. Our goal is to provide the best service and solutions so that we can be your trusted choice.

Our Portland team provided a $42.5 million construction loan to develop Block 6 Office & Residential as phase one of The Waterfront, a 20-block mixed-use development in Vancouver, WA

Solutions to help you achieve your unique objectivesInnovative financing strategies

• Loans and lines of credit — Finance real estate, extend working capital, purchase equipment, restructure ownership or expand business

• Commercial mortgage warehouse lines to national and regional real estate finance companies and institutionally sponsored funds — Benefit from customized financing solutions offered by our Structured Finance specialty lending group

Capital markets expertise

• Loan syndications and agency services — Receive expertise in leading and in the administration of syndicated loans

• Interest rate protection — Hedge exposure to interest rate risk

• Bond and preferred underwriting — Raise capital from institutional investors

• Common equity — Execute common equity offerings through referral relationships with BTIG

Specialized cash management solutions

• Deposit, treasury management and payment solutions — Reduce operational costs and increase processing efficiencies through seamless integration with common property management accounting platforms

Dedicated loan professionals

• Loan administration — Partner with a team of dedicated professionals proficient in providing efficient and well-executed loan closings, construction loan administration and on-going loan servicing

Investment products are:

NOT FDIC INSURED MAY LOSE VALUE NOT GUARANTEED BY THE BANK

NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCYNOT A DEPOSIT

33% Multi-family

21% Of�ce

15% Lodging

2% Residential5% Industrial5% Other Secured6% Multi-Use

13% Retail

Commercial mortgage commitment portfolio

Commercial Real Estate statisticsCommitments: $41 billion

Loans: $27 billion

Deposits: $9 billion

As of 6/30/17

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 affiliate of U.S. Bank.

The Arizona/Nevada team financed the construction of the first 26,132 sq. ft. of the historic Nevada Supreme Court Building in Las Vegas. Financing was in partnership with U.S. Bancorp Community Development Corp. and provided New Market Tax Credit equity.

How to solve the faster payments puzzleAt U.S. Bank, we’ve seen a dramatic increase in questions about the Faster Payment Initiative. There are situations when it may help and situations when it may not provide added benefits. We hope you find this comparison chart helpful.

The new faster payment method can help when:

The new faster payment method may not be the best choice when:

Same Day ACH

• Same day settlement is important

• Sending extensive data with the payment is a requirement

• Payments are domestic and < $25,000

• Real-time, immediate funds are important

• Confirmation is required

• Irrevocable funds are necessary

• Payments are > $25,000

Zelle

• Individual payments are relatively small (< $5,000)

• Email addresses and phone numbers for payees are easy to obtain and validate

• Bank account information isn’t easy to obtain or store

• Payments are relatively high (>$5,000)

• Email addresses aren’t easy to obtain or validate

• Cheaper alternatives are just as easy to use

• Payments are to businesses

Visa Direct or MasterCard Send

• Consumer payments are relatively small (< $5,000)

• Debit card information is easy to obtain and protect

• Payments are relatively high (> $5,000)

• ACH information is available and already stored

• Recipients are already registered with Zelle

• Payments are to businesses

Real-Time Payments (RTP) to/from businesses

• Vendors and customers have an established RTP infrastructure

• There’s a need to communicate extensive data between trading partners

• Speed of payment is a critical need

• Payment posting and communication isn’t currently an issue

• Vendors and customers don’t have an established RTP infrastructure

RTP to/from consumers

• Request for payment adds value

• A direct debit program is not a practical alternative

• Electronic alternatives are established and working

• The RFP model doesn’t enhance posting procedures

U.S. Bank is proud to share what others say about usU.S. Bank is the largest U.S.-based bank to be named a World’s Most Ethical Company— Ethisphere Institute, 2015–2017

“Most Admired Superregional Bank” seven years in a row— Fortune, 2011–2017

Deposit products offered by U.S. Bank National Association. Member FDIC. Credit products subject to normal credit approval. Organizations mentioned here are not affiliated with U.S. Bank. U.S. Bank is not responsible for and does not guarantee the products, services or performance of its affiliates. 17-0682-B (9/17) CAT-14365218“World’s Most Ethical Companies” and “Ethisphere” names and marks are registered trademarks of Ethisphere LLC.

usbank.com

U.S. Bank Commercial Real Estate has dedicated offices in 29 major marketsCommercial Real Estate Division HeadRex Rudy, Executive Vice President

Lending offices:

Atlanta, GARick Anthony 770.512.3116

Boston, MAMike Hussey 617.603.7653

Charlotte, NCSteve Windell 704.335.2834

Chicago, ILDon Pafford 312.325.8740

Cincinnati, OHJohn Hart 614.232.8093

Cleveland, OHLen Olsavsky 216.623.9212

Columbus, OHJohn Hart 614.232.8093

Dallas, TXSergio Reyes 972.581.1635

Denver, CODrew Hyde 303.585.4166

Houston, TXGreg Kaye 713.235.9222

Kansas City, KSJeff Ganaden 816.871.2283

Louisville, KYPaul Gelhausen502.562.6416

Las Vegas, NVMatt Mains 602.257.5420

Los Angeles, CAAdrian Metter 213.615.6657

Madison/ Milwaukee, WISteve McGuire 414.765.4858

Minneapolis, MNMike Franta 612.303.9035

Nashville, TNPhil McCutchan 615.251.9280

Orange County, CAAdrian Montero 949.863.2320

Philadelphia, PATom Matesich 215.523.6109

Phoenix, AZMatt Mains 602.257.5420

Portland, ORAnn Young 503.464.4649

Sacramento, CAChris Osborn 415.774.2230

Salt Lake City, UTMike Dulgarian 801.534.6236

San Diego, CAMike Paris 858.334.0703

San Francisco, CAChris Osborn 415.774.2230

Seattle, WAJames Payne 206.344.5490

St. Louis, MOTony Janssen 314.505.8125

Washington, D.C.Nancy Petrash 703.442.5482

Product specialties:

Structured FinanceVish Ali 972.581.1602

Subscription Line Scott McPherson 949.863.2367

Introducing Andy Cecere, our new CEO.

At our Annual Shareholders Meeting in earlier this year, Andy Cecere was officially named our new chief executive officer.

Richard Davis, executive chairman and former CEO of U.S. Bancorp, states:“Andy is one of the strongest and most capable leaders in the banking industry. The Board and I are confident that he is the right choice to lead U.S. Bank into its next period of growth. Andy has tremendous intellect and business insight, which will help him maintain our industry-leading financial strength and performance. The future is bright for U.S. Bank employees, customers, communities and shareholders under Andy’s leadership.”