US BANCORP \DE\ — Director's Dealing 2006

Aug 7, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: US BANCORP \DE\ (USB)
CIK: 0000036104
Period of Report: 2006-08-04

Reporting Person: DOYLE MICHAEL J (EVP, Chief Credit Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-08-04	Common Stock, $0.01 par value	M	5000	$23.6889	Acquired	40060.9424	Direct
2006-08-04	Common Stock, $0.01 par value	S	5000	$32.36	Disposed	35060.9424	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-08-04	Employee Stock Option (Right to Buy)	$23.6889	M	5000	Disposed	2012-06-18	Common Stock (5000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $0.01 par value	2221.4909	Indirect
Common Stock, $0.01 par value	1500	Indirect
Common Stock, $0.01 par value	500	Indirect

Footnotes

F1: Based on a plan report dated July 31, 2006, the most recent plan report available.

F2: The option vested in four equal annual installments beginning on June 18, 2003.