A Message to U.S. Bank's Customers and Shareholders

Thank you for your interest in U.S. Bank's Code of Ethics and Business Conduct. We are proud of our reputation and we understand that our ethical standards have contributed significantly to our success. Our Code of Ethics and Business Conduct has been in place for a number of years and, although revised from time to time, continues to serve as the cornerstone of our business.

Our Code of Ethics and Business Conduct is more than an expression of our commitment to integrity. It represents the guiding values of our organization and helps to instill ethically sound behavior and accountability among all U.S. Bank Employees. We diligently educate employees about our standards and provide opportunities to ask questions or report concerns. Every employee, including me, certifies compliance with our standards annually. We hold one another accountable because we understand that our reputation is fundamental to our success. To underscore our commitment to ethics at U.S. Bank, we have appointed a Chief Ethics Officer with responsibility for the oversight of all aspects of our Code of Ethics and Business Conduct.

We believe that you want to conduct business with an organization that values honesty and integrity, not only because the law requires it, but also because it is the right thing to do. At U.S. Bank, our ethical standards have always been the highest possible. We are proud of our ethical heritage and I am personally committed to maintaining the same high standards in the years to come.

Richard K. Davis
President and Chief Executive Officer

Charitable Giving