Wells Fargo Successfully Remarkets Floating Rate Convertible Senior Debentures
San Francisco — May 1, 2008
Wells Fargo & Company (NYSE: WFC) today announced that it has remarketed $2,899,023,500 aggregate original principal amount of its Floating Rate Convertible Senior Debentures Due 2033 (the “Debentures”) issued under the Indenture dated as of April 15, 2003 between the Company and Citibank, N.A., as trustee, as amended (the “Indenture”). As a result of the remarketing, the principal amount of the Debentures will accrete at a rate of 3.55175% per annum, commencing May 1, 2008. The Debentures were remarketed pursuant to the terms of the Indenture at a remarketed offering price of 100.05%. Net proceeds of the remarketing will be paid to holders of the Debentures that elected to participate in the remarketing. The next remarketing reset date for the Debentures is May 1, 2009. Wells Fargo & Company is a diversified financial services company with $595 billion in assets, providing banking, insurance, investments, mortgage and consumer finance through almost 6,000 stores and the internet (wellsfargo.com) across North America and internationally. Wells Fargo Bank, N.A. is the only bank in the U.S., and one of only two banks worldwide, to have the highest possible credit rating from both Moody's Investors Service, “Aaa,” and Standard & Poor's Ratings Services, “AAA.” This announcement shall not constitute an offer to sell or the solicitation or an offer to buy nor shall there be any sale of the Debentures in the remarketing in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful.