US BANCORP \DE\ — Director's Dealing 2006

May 10, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: US BANCORP \DE\ (USB)
CIK: 0000036104
Period of Report: 2006-05-10

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-05-10	Common Stock, $0.01 par value	M	13476	$21.4938	Acquired	149402	Direct
2006-05-10	Common Stock, $0.01 par value	S	13476	$31.84	Disposed	135926	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-05-10	Employee Stock Option (Right to Buy)	$21.4938	M	13476	Disposed	2012-12-17	Common Stock (13476)	Direct

Footnotes

F1: The option vests in four equal annual installments beginning on December 17, 2003.