Wells Fargo Completes Remarketing

SAN FRANCISCO - February 10, 2011

Wells Fargo & Company (NYSE: WFC) today announced that it has successfully remarketed $2,501,000,000.00 aggregate principal amount of its Remarketable Junior Subordinated Notes due 2042 (the “Notes”), as required by the Indenture dated as of February 1, 2006 between the Company (as successor to Wachovia Corporation) and U.S. Bank, National Association, as trustee, as supplemented by the First Supplemental Indenture dated as of February 1, 2006. As a result of the remarketing, the interest rate on the Notes was reset to a rate of 3.653% per annum, commencing February 15, 2011.

Wells Fargo & Company is a nationwide, diversified, community-based financial services company with $1.3 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, the Internet (wellsfargo.com and wachovia.com), and other distribution channels across North America and internationally. With approximately 280,000 team members, Wells Fargo serves one in three households in America. Wells Fargo & Company was ranked No. 19 on Fortune’s 2009 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially.

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