US Bancorp at BancAnalysts Association Of Boston Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Gerard Benson - Fidelity - Analyst : Okay. All right. Thank you both for walking us through your respective strategies. Maybe we'll start off just high level. I'll take the first one and then we'll open it up to the audience. And just kind of walk through kind of key considerations or potential hurdles you have as you think about executing in the near to medium term.

Question: Gerard Benson - Fidelity - Analyst : Okay, thank you. Betsy. Do we have a mic? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 07, 2025 / 2:50PM, USB.N - US Bancorp at BancAnalysts Association Of Boston Conference

Question: Gerard Benson - Fidelity - Analyst : Vivek? Unidentified Participant A couple of questions for you. Thank you, by the way, for bringing John and the IR team for bringing the payments focus. It's good to have some more color on the business. Mark, starting with you, when you think about the growth that you're talking about coming a lot from embedded finance, can you talk a little bit about what's the margins on those? What's the pricing on that? And when we see your fee rate go down over the years, where is -- what's driving that, especially given the mix shift that you're seeing in terms of where the revenue growth is coming from. That's my first question. I have a follow-up.

Question: Gerard Benson - Fidelity - Analyst : We have time for one more. Julie? Unidentified Participant (inaudible - microphone inaccessible)

Question: Gerard Benson - Fidelity - Analyst : Okay. Thank you very much. Thanks, Mark. Courtney, and John. Appreciate it.