Wells Fargo Common Stock Offering Raises $12.6 Billion

Largest non-IPO capital raise in U.S. history

Wells Fargo & Company (NYSE:WFC) said today that underwriters in Wells Fargo’s public offering of 407.5 million shares of common stock have fully exercised their option to purchase an additional 61 million shares. This represents 15 percent of the shares purchased in the original offering.

The combination of the original offering of 407.5 million shares of common stock plus the additional 61 million shares results in a total offering of 468.5 million shares of common stock valued at $12.6 billion. This is the largest issuance of common stock by an existing corporate issuer (excluding initial public offerings) in U.S. history. (Source: JPMorgan Securities, Inc.)

“The enthusiastic response to this offering in a very difficult market demonstrates broad investor confidence in Wells Fargo’s long-term growth potential and our time-tested vision and diversified business model,” said Wells Fargo’s Chief Financial Officer Howard Atkins. “We look forward to the scheduled completion of our merger with Wachovia Corporation later next month. We intend to integrate our two companies as smoothly, effectively and quickly as possible but in a way that puts the interest of our team members and customers first so that together we can provide even more value for the 280,000 team members and 48 million customers of our combined company.”

The offering is expected to be complete and proceeds received November 13, 2008. The original offering was announced November 5 and priced the following day.

J.P. Morgan Securities Inc. is global coordinator for the offering, and Goldman, Sachs & Co., Morgan Stanley, UBS Investment Bank and Wachovia Securities are joint bookrunning managers.