US BANCORP \DE\ — Director's Dealing 2003

Jul 25, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: US BANCORP \DE\ (USB)
CIK: 0000036104
Period of Report: 2003-07-24

Reporting Person: CHENEVICH WILLIAM L (Vice Chairman, Technology & Op)

Footnotes

F1: The reporting person also indirectly beneficially owns 638.25 shares of USB stock through U.S. Bancorp's 401(k) plan as of 6/30/03, the most recent report available.

F2: The option vests in four equal annual installments beginning on December 18, 2002.

F3: The reporting person also directly owns the following stock options to purchase shares of USB common stock: (i) 205,000 at $21.64 per share. The option vests 100% on 12/17/07, or 25% on December 17th of each of 2003, 2004, 2005 and 2006 if certain performance criteria are met in those years, and expires on 12/17/12; (ii) 300,000 at $21.6875 per share. The option vests in four equal annual installments beginning on 12/12/01 and expires on 12/12/10; (iii) 110,000 at $21.375 per share. The option vests in four equal annual installments beginning on 12/14/00 and expires on 12/14/09; (iv) 240,000 at $33.1875 per share. The option vested in four equal annual installments beginning on 4/26/00 and expires on 4/26/09.