U.S. Bancorp, Floating Rate Non-Cumulative Perpetual Preferred Stock Series B (3.5% Min)

Coupon Floats at the rate of whichever is greater between either 1) .60% plus 3 month libor or 2) 3.5%

Ticker: USB-H

Parent Ticker: USB

OTC Grey Market Temporary Ticker: NA

Issuance Date: 03/23/2006

1st Call Date: 04/15/2011

Maturity Date: None

Shares Issued: 40,000,000

Overallotment Shares: 0

Coupon: 3.5%

Face Value: $25.00

Cumulative: No

Qualified: Yes

Quarterly Dividend Amount: 0.219

Ex-Dividend Months: MAR, JUN, SEP, DEC

Approx. Ex-Dividend Day: 28

Payment Months: JAN, APR, JUL, OCT

Payment Day: 15

S&P Rating: BBB

III Rating (In Regards to Dividend Safety Only): B

Moody Rating: A3