Wachovia Preferred Funding Corp. Declares Dividend on Series A Preferred Securities

SAN FRANCISCO - June 4, 2010

Wachovia Preferred Funding Corp. (NYSE: WNAPr) announced today that its board of directors has declared a regular quarterly dividend on its Series A 7.25% preferred securities. The dividend is equal to $0.453125 per Series A security.

The dividend is payable on June 30, 2010, to holders of record as of the close of business on June 15, 2010.

Wachovia Preferred Funding Corp. is an indirect subsidiary of Wells Fargo & Company and is qualified as a real estate investment trust for federal income tax purposes.

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