Fellow Shareholders:
At a time of dynamic and customer-driven change for the banking industry, one thing remains unchanged: U.S. Bancorp continues to deliver industry-leading financial performance, while also investing for an even
stronger future.
We are proud of the value U.S. Bancorp created for its shareholders in 2018 and grateful for our hardworking and dedicated employees who embrace our culture of ethics and integrity while diligently serving customers, communities, shareholders and each other. With our core values guiding us, we firmly believe that “doing the right thing” is our formula for success.

As we reflect on all we accomplished in 2018, we also have sights set on maintaining our industry leadership in 2019 and beyond. Our long-term success requires balancing a best-in-class financial performance for shareholders with the right, forward-looking investments in our businesses. We are confident in our ability to meet this challenge because we manage the company both for today and for the future.

Our confidence in our future performance is built on the four pillars of our strategic platform:
U.S. Bancorp’s value creation for our shareholders is centered on this strategic platform as we leverage culture, customer passion, efficiency, innovation, financial and risk discipline, and delivering the entirety of the bank’s value proposition to drive our future performance.