Wells Fargo Completes Remarketing

Wells Fargo & Company (NYSE:WFC) today announced that it has remarketed $2,843,545,986.35 aggregate accreted principal amount of its Remarketed Senior Debentures Due 2033 (the "Debentures”), as required by the Indenture dated as of April 15, 2003 between the Company and Citibank, N.A., as trustee, as amended. As a result of the remarketing, the accreted principal amount of the Debentures will accrete at a rate of 3.90213% per annum, commencing May 1, 2009.

The Debentures were remarketed pursuant to the terms of the Indenture at a remarketed offering price of 100.05% of their accreted principal amount. The Company purchased all of the Debentures in the remarketing. Net proceeds of the remarketing will be paid to holders of the Debentures that elected to participate in the remarketing. The next remarketing reset date for the Debentures is May 3, 2010.

Wells Fargo & Company is a diversified financial services company with $1.3 trillion in assets, providing banking, insurance, investments, mortgage and consumer finance through more than 10,400 stores, over 12,000 ATMs and the internet (wellsfargo.com) across North America and internationally.

This announcement is not an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the Debentures in the remarketing in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful.