Agency Solutions in Today's Challenging Environment May 14, 2015 Presented by: Nancy Taylor, Vice President Stephanie Haysley, Vice President Greg Jordan, Managing Director

U.S. Bank Overview

Total Assets and Market Value U.S. Rank Company $Billions 1 J.P. Morgan $2,573 2 Bank of America 2,105 3 Citigroup 1,843 4 Wells Fargo 1,687 5 U.S. Bancorp 403 6 PNC 345 7 SunTrust 190 8 BB&T 187 9 Fifth Third 139 10 Regions 120 U.S. Rank Company $Billions 1 Wells Fargo $275 2 J.P. Morgan 211 3 Bank of America 165 4 Citigroup 147 5 U.S. Bancorp 77 6 PNC 45 7 BB&T 27 8 SunTrust 21 9 Fifth Third 15 10 Regions 12 Source: company reports & FactSet Assets as of December 31, 2014; Market Value as of January 23, 2015

Primary Business Lines Payment Services Wholesale Banking & Commercial Real Estate Wealth Management & Securities Services Consumer Banking & Small Business Banking National Corporate Banking Middle Market Commercial Banking Commercial Real Estate Correspondent Banking Dealer Commercial Services Community Banking Foreign Exchange Government Banking International Banking Treasury Management Equipment Finance Specialized Industries and Finance Title Industry Banking Homeowners Association Banking Corporate Payment Systems Elavon: Credit, Debit, Electronic Check and Gift Card Merchant Processing Retail Payment Solutions: Debit, Credit, Small Business, Gift and Specialty Card Issuance Healthcare Payment Solutions Financial Institution Services Treasury Management Wealth Management: Ascent Private Capital Management The Private Client Reserve U.S. Bancorp Investments, Inc. U.S. Bancorp Insurance Services, LLC Securities Services: Global Corporate Trust Services Institutional Trust and Custody U.S. Bancorp Fund Services, LLC U.S. Bancorp Asset Management, Inc. Community Banking Metropolitan Branch Banking In-store and Corporate On-site Banking Small Business Banking Small Business Administration (SBA) Division Consumer Lending 24-Hour Banking and Financial Sales The Private Client Group Home Mortgage Community Affairs Workplace and Student Banking Transaction Services: ATM and Debit Processing and Services For U.S. Bank: Deposit Products offered by U.S. Bank National Association, Member FDIC.U.S. Bank is not responsible for and does not guarantee the products, services, performance or obligations of its affiliates. U.S. Bancorp, including each of our subsidiaries, is an Equal Opportunity Employer and a Drug-Free Workplace. For U.S. Bancorp Investments, Inc.: Investment products and services are available through 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. Insurance products, including annuities, are available through U.S. Bancorp Insurance Services, LLC, U.S. Bancorp Investments, Inc., in Montana U.S. Bancorp Insurance Services of Montana, Inc., and in Wyoming U.S. Bancorp Insurance & Investments, Inc. All are licensed insurance agencies and subsidiaries of U.S. Bancorp and affiliates of U.S. Bank. Policies are underwritten by unaffiliated insurance companies and may not be available in all states. CA Insurance License # OE24641.

Global Corporate Trust Services

Global Corporate Trust Services – At a Glance One of the premier corporate trust providers in the nation and globally! Providing trustee and agency services to private and public companies, government and tax-exempt entities, municipalities, and other financial services companies who issue public or private debt. Product and Services Corporate Municipal: Focus on debt issuances and escrows by corporations, state, and local municipalities Structured: Focus on mortgage and asset backed securities (MBS & ABS) Collateralized Debt Obligations (CDO): Focus on CDOs which are securities backed by a pool of loans, bonds, or other assets Key Statistics (Q4/2014 - as of 1/23/15) Employees 1,866 domestic, 106 international Offices 49 domestic, 3 international Assets Under Admin $3.7 trillion # of issuances 124,385 Bondholders 422,230 Acquisitions 20 deals over 20 years Buenos Aires Argentina South America

Growth Through Acquisition Global Corporate Trust = active and long-term acquirer

Agency Services

Agency Services: General Characteristics  DEPOSITORY  KEYWORDS: Single Entity, Defined Purpose, Trigger-Event, Grantor, Financial Assurance, Remediation - Cash, Securities, Letters of Credit  SAFEKEEPING and CUSTODIAN  KEYWORDS: Source Code, Intellectual Property, Architectural Drawings/Plans, Recipes  TRANSACTIONAL  KEYWORDS: M&A, Indemnification, Holdback, Exchange, IPO, Raising Capital, Government Contract

Case Study #1 Challenge: Company needs contractual customers to provide financial assurance Customers want to earn interest, and want to “see” their funds Company needs to provide accounting and tax reporting Customer agreements allow Company to offset funds in the event Customer breaches contract Benefits: Cost and operational efficiencies for Company – reduce administrative and record-keeping duties Mitigation of risk - tax reporting Customer receives interest and statements Company maintains complete control over funds Solution: Create multiple segregated accounts within a parent agency account (solely in the name of the Company) allowing for different deposit amounts for each customer

Case Study #2 Challenge: Federal legislation mandates reduction in costs and expansion of services Agency tasked with responsibility for design and implementation of new regulations Regulations require participants to demonstrate ability to cover potential losses. Solution: Prepare a template agreement and step-by-step process to hold funds or letter of credit in an escrow account. Funds are paid at end of period after calculation of losses Benefits: Achieve regulatory compliance for program participants Mitigation of risk for Agency Simple process provides efficiencies for both parties

Case Study #3 Project: Fund Cash Management Agreement Parent (Guarantor) Fund Cash Management Agreement among Guantor, Lender, and Cash Management Agent Project: Loans for construction, installation, operation, and maintenance of several small Solar Power Facilities Guaranty Deposit Account Need: Manage flow of funds to secure Borrower’s obligations under Loan Documents Financing LLC (Lender) Loan Solution: Cash Management Agreement to receive Project Revenues, pay O&M and other expenses, repay Loan, and provide Lender security Project Company (Borrower) Proj Revenue Project Cash Management Agreement among Lender, Borrower, and Cash Management Agent Escrowed Exp Benefits: Agent handles large volume of transactions (21 Projects, 126+ open accounts), tax reporting, online access to view account transactions, upload in file format compatible with internal system, O&M Exp Loan Interest Loan Principal

A Resourceful Agent Sophisticated User-friendly Adaptable SINGLE POINT OF CONTACT CLEAR OPERATIONAL STRUCTURE GROWTH & INNOVATION STRATEGIC INVESTMENTS IN PEOPLE, RESOURCES & TECHNOLOGY ONLINE ACCESS & REPORTS STREAMLINED, PAPERLESS WORKPROCESS WITH SOPHISTICATED PROCESS SYSTEMS CAPABILITIES SECURITY AND FLEXIBILTIY OF SYSTEMS AGREEMENTS FAMILIAR WITH VARIOUS TYPES OF AGREEMENTS, & GOVERNING DOCUMENTS. A Resourceful Agent Sophisticated User-friendly Adaptable Mitigate Risk Flexible Cost-Effective Solution Secure Innovative