Wells Fargo Increases Dividend 10 Percent

21st Consecutive Year of Increased Dividend

Wells Fargo & Company

Heather Schow, 415-222-1940 (Media)

Jim Rowe, 415-396-8216 (Investors)

Wells Fargo & Company (NYSE:WFC) today announced a quarterly common stock dividend of 34 cents per share, up 10 percent from the previous dividend of 31 cents per share – the 21st consecutive year Wells Fargo has increased its dividend. The dividend is payable September 1, 2008, to stockholders of record on August 8, 2008. The Company has approximately 3.3 billion shares outstanding.

“This increase, which reflects the Company’s performance and our confidence in its long-term growth, is possible because of our time- tested vision and values, diverse business model and our talented team that collaborates so well as One Wells Fargo to satisfy all our customers’ financial needs,” said Chief Financial Officer Howard Atkins. “Wells Fargo is one of only a few financial institutions that have continued to increase its annual dividend, which now exceeds $4.5 billion.”

Wells Fargo dividends have increased at a 15 percent compound annual growth rate since 1988. Among all U.S. companies in the last year, Wells Fargo paid the 14th largest total dividend. With dividends reinvested, Wells Fargo stock has increased 67 percent in value since June 1998 – a compound annual growth rate of 5.3 percent – compared to -0.76 percent for the Keefe Bruyette Woods bank index and 2.9 percent for the S&P 500(R) stock index.

In February, Institutional Investor magazine named Wells Fargo the most Shareholder Friendly Company in America among banks. Wells Fargo is among ten percent of the more than 3,300 North American- listed, dividend-paying, common stocks classified as a “Dividend Achiever” – a publicly traded company that has increased its dividends the last ten or more consecutive years.*

Wells Fargo dividend history: https://www.wellsfargo.com/ invest_relations/dividend.

Wells Fargo & Company is a diversified financial services company with $609 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 credit rating from both Moody’s Investors Service, “Aaa,” and Standard & Poor’s Ratings Services, “AAA.”

* Source: Mergent, Inc.

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