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The U.S. Bank 2010 Cash Balance Plan This document contains highlights of the U.S. Bank 2010 Cash Balance Plan (the "Plan"). The plan provides eligible employees a financial base from which to build retirement income. If you are eligible to participate, U.S. Bank provides you with a benefit from the Plan. U.S. Bank pays the full cost. Plan Provisions At-A-Glance Plan Feature Plan Provision If you are an employee of U.S. Bank, you are automatically eligible to participate in Eligibility the Plan on the first Jan. 1 or July 1 after you: • reach age 21, and • complete one year of service, during which you work at least 1,000 hours, provided you are then working in an eligible position. Note: Certain positions are not eligible to participate in the plan; for example, U.S. citizens working abroad are not eligible, unless deemed to be in Recognized Employment by the Benefits Administration Committee. You must be vested to receive a benefit from the Plan. You receive one year of vesting Vesting service for each calendar year during which you work at least 1,000 hours. You become 100% fully vested in your benefit once you complete three years of vesting service. Once you are vested, your right to benefits under the Plan cannot be forfeited. Retirement Dates • Normal Retirement—age 65. • Early Retirement—immediately at any age • Late Retirement—if you work past age 65, you will continue to accumulate benefits until you retire If you are vested and die before your benefit payments begin, your spouse or Pre-Retirement Death beneficiary is eligible to receive a death benefit. If you are single, your beneficiary(ies) Benefit will receive a lump sum payment of your cash balance account. If you are married, or if you are single with a domestic partner, your spouse or domestic partner will receive 50% of your earned benefit payable as a joint and survivor annuity. The remainder of the present value of your benefit is paid to your spouse or domestic partner as a lump sum. Regardless of your marital status, you may designate beneficiaries to receive a death benefit if you die before your benefit payments begin. If you become disabled under the terms of the U.S. Bank Long-Term Disability Plan, Disability Benefit you will continue to earn benefits until your normal retirement date if you have at least eight years of vesting service at the time you begin receiving long-term disability benefits. If you are single, your benefit will be paid as a life annuity. If you are married, your Normal Form of benefit will be paid as a 50% joint and survivor annuity. The amount of your benefit Payment will be adjusted for the cost of the survivor annuity payable to your surviving spouse (to whom you were married when you began receiving benefits). Optional Forms of • Single lump sum Payment • 50%, 75% or 100% joint and survivor annuity • Single life annuity • Estate protection annuity consisting of a life annuity or a 50% or 100% joint and survivor annuity, with a lump sum benefit payable to your beneficiary if the sum of the payments made is less than a guaranteed minimum Calculating Your Retirement Benefit Your pension benefit is based on your cash balance account. Your account grows over time based upon pay credits and interest credits. Pay Credits: On Dec. 31 of each year during which you work at least 1,000 hours, your account in the Plan will receive a pay credit equal to a percentage of your eligible pay during the year. An additional pay credit will be made to your account based on your eligible pay over the Social Security wage base. The Social Security wage base is the maximum amount on which you and U.S. Bank pay Social Security taxes, and is typically adjusted for inflation each year. The Social Security wage base is $106,800 for 2009. The percentage of the pay credit is determined based on your age and years of vesting service as of Dec. 31 of each year. You earn a point for each year of age and each year of vesting service as follows: Points (age + service) Pay Credit on eligible pay up to Social Security wage base shall be equal to: Less than 35 points 35 to 49 points 50 to 64 points 65 to 79 points 80 points and higher 2.0% of pay 2.5% of pay 3.0% of pay 4.0% of pay 5.0% of pay Pay Credit on eligible pay at and above the Social Security wage base to the limit under section 401(a)(17) of the Internal Revenue Code shall be equal to: 4.0% of pay 5.0% of pay 6.0% of pay 8.0% of pay 10.0% of pay Eligible pay generally includes base salary (regular pay and shift differentials), commissions, bonuses or incentive pay, and overtime, and excludes certain items, including, but not limited to, expense reimbursements, imputed income, income from stock option exercises, restricted stock, retention bonuses, and amounts paid under the U.S. Bank Incentive Cash Bonus and Retention Plan. Pay credit examples: • Mary is age 35, has ten years of service as of Dec. 31, and earned $30,000. Mary’s pay credit would be calculated as follows: Total points – 45 Pay credit – 2.5% of pay Pay credit amount – $750 (2.5% of $30,000) • Bob is age 55, has 20 years of service as of Dec. 31, and earned $125,000. Bob’s pay credit would be calculated as follows: Total points – 75 Pay credit – 4.0% on $106,800 of pay, 8.0% on $18,200 of pay (total pay $125,000) Pay credit amount – $4,272 + $1,456 = $5,728 Interest Credits: The annual interest credit is equal to your cash balance at the end of the preceding year, multiplied by the interest crediting rate. The interest crediting rate is based on the 10-Year Treasury Rate for October of the calendar year prior to the year in which the credit is applied. The interest credit will be pro-rated in the year of retirement or termination. Vesting in the Plan You will become 100% vested in your benefit after you complete three years of vesting service. You earn a year of vesting service for each year in which you work at least 1,000 hours. You are also vested in the Plan if you work until normal retirement age (i.e. age 65). If you are vested in the Plan, you have a right to a retirement benefit from the plan after you terminate your employment with U.S. Bank. Receiving Benefits You can begin to receive a benefit at any time following your termination of employment. Options Available For Benefit Payment The plan offers the following payment forms: • Single Lump Sum – This option provides a single payment of the value of your entire cash balance account. • Single Life Annuity – If you receive a single life annuity, you will receive a monthly payment from the plan for as long as you live. When you die, all monthly payments will stop. This is the normal form of benefit for a single person. • Joint and Survivor Annuity – With a joint and survivor annuity, you will receive reduced monthly payments for life. If you die before your spouse or domestic partner, a percentage of your monthly amount will be paid to your spouse or domestic partner for his or her life. The payment amount under a joint and survivor annuity depends on your and your spouse’s or domestic partner’s age at the time your payments commence. The normal form of benefit for a married person is a 50% joint and survivor annuity. You can choose a 75% or 100% joint and survivor annuity or a life annuity. If you choose a higher percentage joint and survivor annuity, the benefit your spouse or domestic partner can receive after you die will be higher. Because of this, however, the monthly payments you receive will be lower. • Estate Protection Annuity – You also have the option to choose an estate protection annuity. An estate protection annuity is a way to protect the benefit you earned. It offers a life annuity for single employees, and a 50% or 100% joint and survivor annuity for married employees or those with domestic partners. By choosing this option, you ensure that the sum of the payments made to you, your spouse or domestic partner, and your estate or beneficiary will not be less than the present value of your benefit as of your retirement date. If you (and your spouse or domestic partner if you have elected the joint and survivor form) die before having received payments equal to that present value, your estate or beneficiary will receive the remaining portion. Qualifying domestic partners are eligible to receive the same benefit forms as spouses. If you have a domestic partner but do not elect another form, the normal form of benefit will be the single life annuity. If You Become Unable to Work If you become disabled under the terms of the U.S. Bank Long-Term Disability Plan, you will continue to earn benefits and accrue service until your normal retirement date if you have at least eight years of vesting service at the time you begin receiving long-term disability benefits. If You Die Before Payment Begins Your spouse – or if you are single any beneficiary you name – can receive a death benefit from the plan if you die before payments begin. Death benefits are based on the benefit you had earned through the date of your death. If you are single when you die, your beneficiary (or the automatic beneficiaries per the plan rules if you have not named a beneficiary) will receive a lump sum payment equal to the present value of your benefit. If you are married, or if you are single with a domestic partner, your spouse or domestic partner will receive 50% of your earned benefit as a survivor annuity. Your spouse or domestic partner may elect to begin receipt of the survivor annuity as early as the first day of the month following your date of death. The remainder of the present value of your benefit is paid to your spouse or domestic partner as a lump sum. If you are married, you can name someone other than your spouse as beneficiary if the consent of your spouse is obtained. If You Are Rehired by U.S. Bank If you are rehired after you leave U.S. Bank and its affiliates, you will be credited with all the vesting service you previously earned if you: (1) were vested when you left; or (2) return to U.S. Bank within five years. If you begin receiving a retirement benefit from U.S. Bank and are rehired, your monthly pension payments will continue during your re-employment. You are not allowed to repay the pension benefit payments you already received. You are, however, allowed to continue your participation in the plan. 9/2009