Dec. 9, 2020 -- U.S. Bancorp today announced that it will redeem on January 15, 2021 all of its outstanding Series H Non-Cumulative Perpetual Preferred Stock, par value $1.00 per share (the “Series H Preferred Stock”), and the corresponding depositary shares, each representing a 1/1,000th interest in a share of the Series H Preferred Stock (the “Series H Depositary Shares”). The Series H Preferred Stock will be redeemed at a redemption price per share equal to $25,000 (equivalent to $25 per Series H Depositary Share). Because the redemption date is also a dividend payment date, the redemption price does not include any declared and unpaid dividends. The regular quarterly dividend, in an amount equal to $321.88 per share of Series H Preferred Stock (equivalent to $0.32188 per Series H Depositary Share), for the full current quarterly dividend period from, and including, October 15, 2020 to, but excluding, January 15, 2021 will be paid separately in the customary manner on January 15, 2021 to holders of record on December 31, 2020.

QUANTUMONLINE.COM SECURITY DESCRIPTION:  U.S. Bancorp, 5.15% Depositary Shares each representing a 1/1000th interest in a share of the 5.15% Series H Non-Cumulative Perpetual Preferred Stock, liquidation preference $25 per depositary share, redeemable at the issuer's option on or after 7/15/2018 at $25 per depositary share plus declared and unpaid dividends, and with no stated maturity. Non-cumulative distributions of 5.15% per annum ($1.2875 per annum or $0.321875 per quarter) will be paid quarterly on 1/15, 4/15, 7/15 & 10/15 to holders of record on the record date that will be the last business day of the month prior to the payment date (NOTE: the ex-dividend date is one business day prior to the record date). The dividends are non-cumulative and if the board of directors does not declare a dividend or the company fails to pay a dividend declared by the board for any quarterly dividend period, the holder will not be entitled to receive any dividend for that quarterly period and the undeclared or unpaid dividend will not accumulate. This security is possibly subject to an early call as a result of the occurrence of a regulatory capital treatment event which no longer allows the company to include the funds originating from this security as Tier 1 capital on their balance sheet (see the prospectus for further information). Dividends paid by this preferred are eligible for the preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under IRS specified holding restrictions) and are also eligible for the dividends received deduction for corporate holders (see page S-33 of the prospectus for further information). This security was rated as Baa1 by Moody’s and BBB+ by S&P at the date of its IPO. In regard to the payment of dividends and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.

Stock Exchange	Cpn Rate Ann Amt	LiqPref CallPrice	Call Date Matur Date	Moodys/S&P Dated	Distribution Dates	15% Tax Rate
NYSE Chart	5.15% $1.29	$25.00 $25.00	Called for 1/15/2021 None	A3 BBB 11/20/2020	1/15, 4/15, 7/15 & 10/15 Click for MW ExDiv Date Click for Yahoo ExDiv Date	YES

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Inv Rel Email Address	jen.thompson@usbank.com
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Address and Phone Numbers

Address:   800 Nicollet Mall, Minneapolis, MN 55402
Main Phone Number	651-466-3000
Fax Number	612-303-0782
Investor Relations   Jennifer Thompson	866-775-9668
Toll Free Phone Number	866-775-9668

CEO - Andrew Cecere

CFO - Terrance R. Dolan