Wells Fargo Common Stock Offering Raises $8.6 Billion

All Additional Shares Available Purchased in One Day

San Francisco — May 8, 2009 -- Wells Fargo & Company (NYSE: WFC) said today that underwriters in Wells Fargo’s public offering of 341 million shares of common stock have fully exercised their option to purchase an additional 51.150 million shares. This represents 15 percent of the shares purchased in the original offering.

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The combination of the original offering of 341 million shares of common stock plus the additional 51.150 million shares results in a total offering of 392.15 million shares of common stock valued at $8.6 billion.

“Our common stock offering was heavily oversubscribed, reflecting, in our view, confidence on the part of both institutional and retail investors in Wells Fargo's business model and financial strength,” said Chief Financial Officer Howard Atkins. “Our focus continues to be on keeping credit flowing in the US economy, building our company profitably as we have always done, integrating Wachovia – which is proceeding on track – and continuing to build capital by earning it.”

The offering is expected to be complete and proceeds received May 13, 2009. The original offering was announced May 7 and priced today.

J.P. Morgan Securities Inc. is acting with Wachovia Securities as joint bookrunning managers for the offering.

Source: Wells Fargo & Company