Wells Fargo & Company Declares Cash Dividends on Preferred Stock

SAN FRANCISCO - February 17, 2011

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, 2011, to holders of record as of the close of business on February 28, 2011.

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, 2011, to holders of record as of the close of business on February 28, 2011.

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, 2011, to holders of record as of the close of business on February 28, 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.