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U.S. Bancorp Chief Executive Officer Establishes a 10b5-1 Plan for Regular Predetermined Sales of Option Shares

MINNEAPOLIS--(BUSINESS WIRE)--Feb. 13, 2008--U.S. Bancorp (NYSE: USB) announced today that Richard K. Davis, its chairman, president and chief executive officer, has established a plan to exercise certain stock options and sell the underlying shares on a regular quarterly basis. The plan is a nondiscretionary plan established in accordance with Rule 10b5-1 under the Securities Exchange Act of 1934.

Under the terms of the option agreements governing Davis' outstanding options, these options would expire on the 10-year anniversary of their grant. The plan adopted by Davis today applies to the options that would expire during 2008 and 2009. If these options are not exercised prior to their expiration date, they would expire, worthless. In order to provide for an orderly liquidation of these options, Davis has determined to enter into this 10b5-1 plan.

10b5-1 plans permit executive officers to sell shares on a predetermined, regular basis, without regard to blackout periods under Rule 10b-5. Under the plan, Davis will exercise stock options for an aggregate of 679,590 shares of U.S. Bancorp common stock and sell such shares each quarter, on the date two weeks after the public release of U.S. Bancorp's quarterly or annual financial results, for seven successive quarters, beginning with the second quarter of 2008. The exercise prices for the options range from $21.23 through $28.70 per share. A portion of the sale proceeds will be used to pay the exercise price of the options and applicable taxes.

Davis currently holds 290,368 shares of U.S. Bancorp common stock. In addition, he holds options to acquire 4,580,790 additional shares, of which 2,029,823 are currently vested and of which 2,550,967 are unvested.

U.S. Bancorp, with $238 billion in assets, is the parent company of U.S. Bank, the 6th largest commercial bank in the United States. The company operates 2,512 banking offices and 4,870 ATMs, and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. Visit U.S. Bancorp on the web at www.usbank.com.

CONTACT: U.S. Bancorp
Steve Dale (Media), 612-303-0784
or
Judy Murphy (Analysts), 612-303-0783

SOURCE: U.S. Bancorp

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding U.S. Bancorp's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.



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