US BANCORP \DE\ — Director's Dealing 2008

Apr 28, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: US BANCORP \DE\ (USB)
CIK: 0000036104
Period of Report: 2008-04-24

Reporting Person: Thormodsgard Diane L (Vice Chairman)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2008-04-24	Common Stock, $0.01 par value	G	1448	—	Disposed	43165	Direct
2008-04-24	Common Stock, $0.01 par value	M	87680	$21.4938	Acquired	130845	Direct
2008-04-24	Common Stock, $0.01 par value	S	43780	$34.43	Disposed	87065	Direct
2008-04-24	Common Stock, $0.01 par value	S	7600	$34.44	Disposed	79465	Direct
2008-04-24	Common Stock, $0.01 par value	S	11000	$34.45	Disposed	68465	Direct
2008-04-24	Common Stock, $0.01 par value	S	14500	$34.46	Disposed	53965	Direct
2008-04-24	Common Stock, $0.01 par value	S	10800	$34.47	Disposed	43165	Direct
2008-04-24	Common Stock, $0.01 par value	M	6200	$31.58	Acquired	49365	Direct
2008-04-24	Common Stock, $0.01 par value	F	5903	$34.47	Disposed	43462	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2008-04-24	Employee Stock Option (Right to Buy)	$21.4938	M	87680	Disposed	2012-12-17	Common Stock (87680)	Direct
2008-04-24	Employee Stock Option (Right to Buy)	$31.58	M	6200	Disposed	2009-04-20	Common Stock (6200)	Direct
2008-04-24	Employee Stock Option (Right to Buy)	$34.47	A	5903	Acquired	2009-04-20	Common Stock (5903)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $0.01 par value	1429.4873	Indirect
Common Stock, $0.01 par value	34265	Indirect

Footnotes

F1: Based on a plan report dated March 31, 2008, the most recent plan report available.

F2: The option vested in four equal annual installments beginning on December 17, 2003.