Wells Fargo & Company Declares Cash Dividends on Preferred Stock

SAN FRANCISCO - February 12, 2010

Wells Fargo & Company (NYSE: WFC) today announced dividends on three series of preferred stock.

A quarterly cash dividend of $20 per share was declared on its 8.00% non-cumulative perpetual class A preferred stock, Series J, liquidation preference $1,000 per share. This dividend equals $0.50 per depositary share, each representing a 1/40th interest in a share of Series J preferred stock, which are traded on the New York Stock Exchange under the symbol “WFCPrJ.” The Series J dividend is payable on March 15, 2010, to holders of record as of the close of business on February 26, 2010.

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 March 15, 2010, to holders of record as of the close of business on February 26, 2010.

In addition, a semi-annual cash dividend of $39.90 per share was declared on its Fixed-to-Floating Rate non-cumulative perpetual Class A preferred stock, Series K, liquidation preference $1,000 per share. The Series K dividend is payable on March 15, 2010, to holders of record as of the close of business on February 26, 2010.

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.