Today the Federal Reserve disclosed the results of the 2013 Comprehensive Capital Analysis and Review (“CCAR”). After a review of the Company’s CCAR results, the Federal Reserve did not object to the Company’s plan to increase its capital distributions over the next four fiscal quarters. The Federal Reserve’s CCAR disclosure included its estimate of U.S. Bancorp’s minimum capital ratios for the period from the fourth quarter of 2012 through the fourth quarter of 2014 under the Supervisory Severely Adverse Scenario, including the dividends and buybacks proposed by the Company under the more likely base case scenario. As a result of the Federal Reserve’s non-objection to U.S. Bancorp’s plan to increase its dividend rate, and the Company’s desire to conform the timing of this and future dividend increases with the publication of the annual CCAR results, the Company will recommend in June that the board of directors approve an increase to the annual dividend rate beginning with the second quarter dividend payable in July 2013. The Company expects to recommend a second quarter dividend of $0.23 per common share, an 18 percent increase over the current dividend rate. At this quarterly dividend rate, the annual dividend will be equivalent to $0.92 per common share. Consistent with the Company’s change in the timing of the annual dividend increase, today the board of directors of U.S. Bancorp (NYSE: USB) declared the Company’s first quarter dividend of $0.195 per common share, equal to the prior quarter’s dividend, payable April 15, 2013, to shareholders of record at the close of business on March 28, 2013. Additionally, the board of directors of U.S. Bancorp has approved a one-year authorization to repurchase up to $2.25 billion of its outstanding stock, beginning on April 1, 2013, to replace the current authorization, which expires on March 31, 2013. This represents a $370 million, or 20 percent, increase over the $1.88 billion of stock repurchased in full-year 2012. U.S. Bancorp’s common stock may be repurchased through March 2014 in the open market or in privately negotiated transactions. The acquired common shares will be held as treasury shares and may be reissued for various corporate purposes.