Building Deeper Customer Relationships

Innovating Products and Services

Expanding Capabilities and Distribution

Environmental Sustainability Update2008-2009

Environmental SustainabilityU.S. Bank’s approach to environmental sustainability is tointegrate green behaviors into our daily work practices, aswell as our products and services. Unlike special programsthat have a tendency to come and go, our goal is topermanently weave sustainability into the fabric of ourculture. Our work towards continuous improvement is ongoing.

Our 2007 Corporate Citizenship Report provided asummary of U.S. Bank’s Environmental SustainabilityPolicy, a copy of which can be reviewed atusbank.com/environment. With the ever increasing focus on the environment, we will perform ongoingreviews of our policy to ensure we continually meet theincreased expectations of our partners, customers, andemployees, and the changing regulatory landscape.

This document provides a consolidated summary of ourapproach and efforts in 2008-2009.

“At U.S. Bank, we are continuously evolving our business practices to reduce our environmental impact, while creating

opportunities for our customers, employees, suppliers andcommunities to do the same.”

Richard Davis, Chairman, President and CEO of U.S. Bancorp

Green Business ApproachWe take a broad approach totransforming our environmentalcommitments into actionable businesspractices. Our EnvironmentalStewardship Council is comprised ofsenior business line managers andmembers of U.S. Bank’s executiveManaging Committee. The fullCouncil meets every 2-3 months todiscuss strategy and to ensureimplementation of our policy. Fourstanding Committees of the Council

meet more frequently to work on large initiatives andcommitments under our Policy. Environmental teams throughoutthe company work at the grassroots level to identify and buildgreen opportunities into our products, services and businesspractices. Progress is monitored and directed by the Council.Grassroots action with senior-level accountability provides focus,and results in concrete progress toward meeting our goals.

Environmental Investments

U.S. Bank established a goal to invest $1 billionin environmentally beneficial, profitablebusiness opportunities by 2015. Already, wehave surpassed this goal. This investment hascome in the form of investments in and loansto renewable energy projects, LEED certifiedconstruction, energy efficient upgrades in manylow income housing projects, and many otheropportunities. Going forward, we will look tomaintain our position as a leader inlending/investments in this area.

We believe that incorporating green behaviors into everydayactivities presents the greatest opportunity for lastingimprovement and change. U.S. Bank is a leader in offeringenvironmentally friendly products and services, such asonline banking and bill payment, treasury managementservices, and electronic statements. We will continue toevolve our products and services in ways that offer ourcustomers a progression to green alternatives.

Making Green Routine

EmployeeEngagementU.S. Bank is committed to helping our

employees become more responsible

consumers of environmental resources

both at work and at home. Some

major initiatives include:

• Offering mass transportation

incentives and promoting carpooling

via an internal carpool database.

• Requiring that all employees

complete environmental training

beginning in 2009.

• Introducing an employee

recognition program that rewards

and celebrates grassroots employee

initiatives that help U.S. Bank

reduce its environmental footprint.

• Researching best-in-class online

environmental resources and tools,

then providing easy access to

employees via a convenient

online portal.

At the core of our Policy are principles and practices in three key areas that address theenvironmental impacts of our business:

1. Climate ChangeWe seek to better understand and address emissions of greenhouse gases in the areas of ourinternal operations, our products and services, our partners and customers, and ouremployees. Our first step was to complete an energy consumption and CO2 inventory atour owned and operated facilities and from business-related travel. We have implementedseveral initiatives to reduce our consumption and resulting emissions and will continue toexpand and refine this measurement.

2. Internal OperationsWe are tapping into both our business expertise and the enthusiasm of our employees toaddress the use of natural resources in our internal operations. Through review of our

business practices, as well as education, recognition and teamworkof our employees, we are implementing new practices that utilizefewer resources (energy, paper, and other materials).

3. Forest ProtectionWe are committed to promoting forest protection through ourinternal focus on paper sourcing, consumption and disposition, aswell as through ensuring sustainable forest practices for ourimpacted customers.

In 2008, we greatly expanded ourability to track the paper that wepurchase in all of our majoroperations. Of the 13,809 tons ofpaper purchased, over 55% is eitherForest Stewardship Council (FSC) orSustainable Forestry Initiative (SFI)certified, and 6% contains recycledcontent. In addition, we shred andrecycle more than 1.5 million poundsof office paper every month.

In 2009, we added forest protection language to applicable loan documentation anddeveloped appropriate underwriting and post-closing procedures to ensure ourcommitments to forest protection are adhered to.

We are very pleased to report that the focus we have placed on environmentalsustainability has resulted in a significant reduction in our total energy consumption atour owned and operated facilities, and resulting CO2 emissions. We will continue toidentify opportunities and implement initiatives to reduce our energy consumption andcarbon footprint into the future.

Environmental Indicators 2007 2008

Energy Consumption (MWh) 752,315* 714,403

Emissions

CO2 from Energy Consumption (metric tons) 400,150* 384,143Direct 32,650* 35,809Indirect 367,500* 348,334

CO2 from Business Travel (metric tons) 26,810 22,107

Environmental Principles and Practices

Impact of Initiatives on EnergyConsumption and Emissions

*These numbers are revised from what was reported in our 2007 Corporate Citizenship Report and Carbon Disclosure Project to accountfor profiled sites that were included in 2007 that should have been excluded as they were not owned/operated by us, to include steamemissions for facilities and to break out direct emissions from business travel.

Note: 2009 data will not be available until Q2 2010

2008• Updated facilities and branches:

• Upgrades to more energy efficient lighting

• Installation of motion-sensor light switches helps ensure that the lights are only onwhen needed

• Installation of programmable thermostats and standardized temperature guidelineshelp maximize energy efficiency

• Implemented prioritization for the purchase of Energy Star-rated equipment when officemachines such as faxes, copiers and printers need replacing

• Implemented enhanced audio, video and web-conferencing capabilities throughout thecompany in order to reduce business travel

• Installed upgraded technology and software to improve energy efficiency

• Expanded recycling programs at our facilities

• Launched our Get Green with US employee recognition program

• Implemented lending practice guidelines to businesses thathave considerable impact on the world’s forests

• Developed electronic options for many previously paper-based employee/HR processes (pay advices, W-2s,healthcare benefits information, and new employee hiring)

2009• Instituted mandatory environmental stewardship training to all U.S. Bank employees

• Established 14 grassroots Green Teams to lead internal environmental efforts

• Incorporated formal language and guidance into documentation for loans with forest impact

• Added questions to our initial vendor questionnaire and database around sustainability practices

• Launched Green Auto Loan providing discounted rates to customerspurchasing EPA SmartWay certified vehicles

• Launched Green Home Equity Loan pilot in Colorado

• Offered environmentally friendly alternative plastics on corporate credit cards(recycled and corn-based)

• Launched usbank.com/environment web page to begin publicly sharing our efforts

• Launched Get Green with US sweepstakes to promote employee and customer adoption of electronic statements and bill payments

• Opened six LEED certified branches

• Expanded recycling programs at our large corporate sites

• Optimized office supply program launched to reduce supplypackaging and deliveries

• Initiated multi-function print device project to begin replacement of multiple devices witha single device offering enhanced print and electronic capabilities

• Installed automatic monitor power management software on all computers

• Continued energy efficient upgrades at facilities

Initiatives Implemented Towards Key EnvironmentalFocus Areas (not all inclusive)

usbank.com/environmentDeposit Products offered by U.S. Bank N.A., Member FDIC. Credit products subject to normal credit approval. 3/10

Environmental OutreachThrough outreach to customers,

suppliers, vendors, and the communities

we serve, U.S. Bank has the ability to

proliferate positive environmental

change. Our environmental call to

action, Get Green with US, extends an

invitation to all stakeholders to join our

sustainability efforts.

As part of this outreach,

U.S. Bank took a

leadership role in the

financial services industry

as a founding member of

the NACHA Pay It Green

Alliance. Members of the

Alliance continue to work together to

educate the public about the

environmental advantages of electronic

financial management.