A quarterly cash dividend of $18.75 per share was declared on its 7.50% non-cumulative perpetual convertible class A preferred stock, Series L, liquidation preference $1,000 per share, which are traded on the New York Stock Exchange under the symbol "WFCPrL." The Series L dividend is payable on December 15, 2009, to holders of record as of the close of business on November 30, 2009.

Wells Fargo & Company is a diversified financial services company with $1.2 trillion in assets, providing banking, insurance, investments, mortgage and consumer finance through more than 10,000 stores and 12,000 ATMs and the internet (wellsfargo.com) across North America and internationally.

SOURCE: Wells Fargo & Company

Wells Fargo & Company 
Mary Eshet, 704-383-7777 (Media) 
Emily Janowsky, 415-396-4496 (Investors)

Since shortly after the liquidity crisis hit in 2008, and well before any firm agreed to a buyback in connection with an ARS settlement, Wells Fargo has been voluntarily providing significant liquidity to customers who purchased Auction Rate Preferred Securities (ARPs). Since April 2008, these customers have had access to up to 90% of the par value of their ARPs through a Wells Fargo loan at advantageous rates that is non-recourse as to principal. The loan was intended to provide temporary liquidity until issuers refinanced their ARS.

"We have been working with ARS issuers since the auction rate market froze, and while there has been progress, redemptions by issuers have not occurred as fast as anyone would have hoped or predicted. We are glad to have resolved this for our customers through an actual repurchase of their ARS," said Charles W. Daggs, CEO of Wells Fargo Investments, LLC.

The buyback offer generally will be available to Wells Fargo Investments' retail clients, individual investors, certain 501(c)(3) charitable organizations any other customers having less than $10 million in investable assets as of January 31, 2008.

Based on these agreements, the company expects to purchase up to $1.4 billion of ARS, with an estimated financial impact of approximately $150 million after tax in the fourth quarter of 2009. The company expects to recover this cost over time through redemptions of these securities.

Before becoming Wells Fargo Advisors, the former Wachovia Securities announced in August, 2008 a global agreement in principle to settle auction rate securities. Wells Fargo & Company completed its merger with Wachovia Corporation, effective December 31, 2008.

Cautionary Statement About Forward-Looking Information

In accordance with the Private Securities Litigation Reform Act of 1995, we caution you that this news release contains forward-looking statements about Wells Fargo, including the estimated financial impact of repurchasing ARS and the expectation that we will recover this cost over time. Forward-looking statements speak only as of the date made, and we do not undertake to update them to reflect changes or events that occur after that date. Several factors could cause actual results to differ materially from expectations including if the ARS market does not improve or worsens or if the issuers of the ARS do not redeem the securities when and as expected or required, in which case the actual financial impact might be more than estimated and we might not recover any of the cost.

About Wells Fargo & Company

Wells Fargo & Company is a diversified financial services company with $1.2 trillion in assets, providing banking, insurance, investments, mortgage and consumer finance through more than 10,000 stores and 12,000 ATMs and the internet (wellsfargo.com) across North America and internationally. (9/30/09)

Investment Products:  NOT FDIC Insured  NO Bank Guarantee  MAY Lose Value

Wells Fargo Private Client Services and Wells Fargo Private Bank provide financial products and services through affiliates of Wells Fargo & Company. Brokerage services are available through Wells Fargo Investments, LLC (member SIPC). Insurance products are available through Wells Fargo Investments, LLC (California license #0D26865) or licensed affiliates.

Wells Fargo Bank, N.A. Member FDIC

SOURCE: Wells Fargo & Company

Wells Fargo & Company 
Media 
Kathleen Golden, 415-396-4024 
or 
Investors 
Jim Rowe, 415-396-8216

Recent News on Wells Fargo & Company (NYSE:WFC) November 9th, 2009

John G. Stumpf, the chief executive of Wells Fargo, objected vocally to the federal injection of rescue funds into banks, saying taxpayers were benefiting at Wells Fargo's expense. A year on, the government still owns $25 billion of Wells preferred stock. The bank's boss has cooled his rhetoric, but still wants to pay back the Treasury's Troubled Asset Relief Program investment "shortly." He also wants to avoid damage to his shareholders. Reconciling the two objectives is not easy.

Much of Wall Street interprets Mr. Stumpf's emphasis on shareholder-friendliness to mean he has no intention of raising new common equity, which might be dilutive. That would suggest he is resigned to repaying Washington's investment out of accumulated earnings. On current performance, that could take two years or more.

To view the Consolidated Investment Analysis on Wells Fargo & Company (NYSE:WFC), Please visit the stock pulse page at www.chartpoppers.com

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www.wellsfargo.com/invest_relations/presents

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A replay of the webcast presentation will be available for 90 days.

About Wells Fargo

Wells Fargo & Company is a diversified financial services company with $1.2 trillion in assets, providing banking, insurance, investments, mortgage and consumer finance through more than 10,000 stores and 12,000 ATMs and the internet (wellsfargo.com) across North America and internationally.

SOURCE: Wells Fargo & Company

Wells Fargo & Company 
Janis Smith, 415-396-7711 (Media) 
Jim Rowe, 415-396-8216 (Investors)