US BANCORP \DE\ — Director's Dealing 2017

Feb 7, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: US BANCORP \DE\ (USB)
CIK: 0000036104
Period of Report: 2017-02-03

Reporting Person: CARLSON JENNIE P (EVP, Human Resources)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-02-03	Common Stock, $0.01 par value	M	20000.0000	$13.1000	Acquired	85185.0000	Direct
2017-02-03	Common Stock, $0.01 par value	S	20000.0000	$54.0000	Disposed	65185.0000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2017-02-03	Employee Stock Option (Right to Buy)	$13.1000	M	20000.0000	Disposed	2019-03-02	Common Stock, $0.01 par value (20000.0000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $0.01 par value	12746.0000	Indirect
Common Stock, $0.01 par value	2235.0000	Indirect
Common Stock, $0.01 par value	133502.0000	Indirect

Footnotes

F1: Based on a plan report dated January 31, 2017, the most recent plan report available.

F2: The option vested in four equal annual installments beginning on March 2, 2010.