Holders of the Debentures will have the right to require the Company to purchase for cash all or a portion of the Debentures at 100% of their accreted principal amount as of May 1, 2009, if any Debentures submitted for remarketing are not sold or if a condition precedent in the remarketing agreement is not fulfilled. Holders of the Debentures who participate in the remarketing are deemed to exercise this purchase right. Other holders must notify Wells Fargo Bank, N.A. on or before May 1, 2009 to exercise that right.
A beneficial owner of the Debentures should contact the broker, dealer, trust company, bank or other nominee through which it owns the Debentures to determine the procedure to elect to not participate in the remarketing or to require the Company to purchase the Debentures.
Wells Fargo & Company is a diversified financial services company with $1.3 trillion in assets, providing banking, insurance, investments, mortgage and consumer finance through more than 11,000 stores, over 12,000 ATMs and the internet (wellsfargo.com) across North America and internationally. Wells Fargo Bank, N.A. has the highest credit rating currently given to U.S. banks by Moody’s Investors Service, “Aa1,” and Standard & Poor’s Ratings Services, “AA+.”
This announcement is not an offer to sell or the solicitation of 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.