US BANCORP \DE\ — Director's Dealing 2004

Jan 28, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: US BANCORP \DE\ (USB)
CIK: 0000036104
Period of Report: 2004-01-27

Reporting Person: MITAU LEE R (EVP, General Counsel & Sec)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-01-27	Common Stock, $0.01 par value	M	35000	$19.1001	Acquired	179081	Direct
2004-01-27	Common Stock, $0.01 par value	S	12500	$28.43	Disposed	166581	Direct
2004-01-27	Common Stock, $0.01 par value	S	21500	$28.40	Disposed	145081	Direct
2004-01-27	Common Stock, $0.01 par value	S	1000	$28.38	Disposed	144081	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-01-27	Employee Stock Option (Right to Buy)	$19.1001	M	35000	Disposed	2011-12-18	Common Stock (35000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $0.01 par value	5642.43	Indirect

Footnotes

F1: Based on a plan report dated 12/31/03, the most recent plan report available.

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