U.s. Bancorp · NYSE:USB
U.s. Bancorp — Merger or Acquisition (January 2026)
11 slides from U.s. Bancorp's merger presentation, Jan 13, 2026
Slide 1: U.S. Bancorp's Acquisition of BTIG
JANUARY 2026 U.S. Bancorp’s Acquisition of BTIG Bolt -on acquisition to expand markets -based product set and revenues and enhance support for institutional clients
Slide 2: Forward-looking statements
Forward -looking statements “Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: This presentation contains forward -looking statements about U.S. Bancorp. Statements that are not historical or current facts, i ncluding statements about beliefs and expectations, are fo
Slide 3: Overview of BTIG
Overview of BTIG Key Businesses By the Numbers • Expert, multi -asset class, equity -focused sales and trading professionals throughout the U.S., and in Europe, Asia, and 2005 700+ Institutional Australia Founded in Employees Sales & Trading • Advanced electronic trading New York, NY Worldwide • Ind
Slide 4: Market-based financings and activity continue to grow in concert with bank balance sheet growth
Market -based financings and activity continue to grow in concert with bank balance sheet growth U.S. Market -Based Finance vs Bank Balance Sheets (1975 levels indexed to $100) Global COVID financial $10 K 19 crisis $9 K $8 K $7 K $6 K $5 K $4 K $3 K $2 K $1 K $0 K 1975 1980 1985 1990 1995 2000 2005
Slide 5: U.S. Bancorp's Global Capital Markets evolution anchored in fixed income product expansion
U.S. Bancorp’s Global Capital Markets evolution anchored in fixed income product expansion to drive fee growth Global Capital Markets revenue 1 21% $ millions 3YR CAGR $1,400 $1,229 Loan $1,002 commitments $753 $701 $745 $492 $527 Product development Pre- 2018 2019 2020 2021 2022 2023 2024 TTM endin
Slide 6: Bolt-on acquisition creates a more holistic capital markets offering and expands our industry reach
Bolt -on acquisition creates a more holistic capital markets offering and expands our industry reach… Total capital markets global industry fee pool for the year ended December 31, 2024 1 Debt capital Equity capital markets , 16% markets , 7% Where U.S. What we Equity trading , 21% Bancorp Loan capi
Slide 7: Closing product gaps to better serve clients
…Closing product gaps to better serve clients Equity capital markets Equity sales, trading and execution M&A advisory New capabilities Prime brokerage Equity derivatives Equity research Leveraged finance Structured credit Investment grade debt capital markets & trading Shared / existing Loan syndica
Slide 8: Meaningful potential synergies to deepen client relationships across the combined organization
With meaningful potential synergies to deepen client relationships across the combined organization Institutional Client Group and Commercial Global Capital Markets Real Estate • Ability to advise and raise funds across clients’ capital • Opportunity to access broader distribution for capital struct
Slide 9: Supported by our 10+ year partnership and aligned cultures
Supported by our 10 -year partnership and aligned cultures to drive a successful integration Strong 10+ year established relationship… …with shared values and culture & Client -first culture Focused high performance BTIG became U.S. Bancorp’s equity 2014 capital markets referral partner Driven produ
Slide 10: Transaction summary
Transaction summary • Up to $1.0 billion of total consideration Purchase price and • Targeted purchase price of $725 million with $362.5 million of cash and 6,600,59 4 shares of USB common stock delivered at closing 1 structure • Up to an additional $275 million of cash consideration payable over th
Slide 11: Strategic Rationale
Compelling Strategic Rationale Bolt-on transaction that adds ~$750 million annually of predominantly fee revenues to G lobal Capital Markets business BTIG’s strong equities and advisory capabilities complement top -performing fixed -income oriented business Longstanding relationship with BTIG throug
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