US BANCORP \DE\ — Capital/Financing Update 2006

Mar 22, 2006

FWP 1 c03580fwfwp.htm FREE WRITING PROSPECTUS fwp PAGEBREAK

Filed under Rule 433 File No. 333-124535

Final Term Sheet

Issuer:	U.S. Bancorp (Ticker: USB)
Security:	Depositary shares each representing 1/1,000th interest in a Share of Series B
Non-Cumulative Perpetual Preferred Stock
Size:	40,000,000 depositary shares
Maturity:	Perpetual
Expected Ratings:	A1/A/A+ (Moody’s / S&P / Fitch)
Dividend Rate (Non-Cumulative):	At a rate per annum equal to the greater of (1) .60% above
three-month LIBOR on the related LIBOR determination date or (2) 3.50%.
Dividend Payment Date:	15th day of January, April, July and October of each year, commencing on
July 15, 2006
Redemption:	On or after April 15, 2011 (subject to certain limitations described in the prospectus
supplement)
Trade Date:	3/22/2006
Settle:	3/27/2006 (T+3)
Public Offering Price:	$25.00 per depositary share
Net Proceeds (before
expenses) to Issuer:	$990,000,000
Joint-Leads:	Merrill Lynch & Co., Morgan Stanley
CUSIP:	902973 15 5

This communication is intended for the sole use of the person to whom it is provided by us.

The issuer has filed a registration statement, including a prospectus, with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1 -866-718-1649 (institutional investors) or 1-800-584-6837 (retail investors).