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Press release from Business Wire

Wells Fargo Securities Creates Markets Division

<p class='bwalignc'> <i>Newly Combined Group Provides Coordinated Client Coverage</i> </p>

Tuesday, October 16, 2012

Wells Fargo Securities Creates Markets Division08:05 EDT Tuesday, October 16, 2012 SAN FRANCISCO (Business Wire) -- Wells Fargo Securities, the capital markets and investment banking business of Wells Fargo & Company (NYSE: WFC), announced today the formation of a new Markets Division, which will combine and align Equity, Convertible and Fixed Income Sales and Trading; Commodities; Prime Services; and Futures Clearing under a common leadership structure. Walter Dolhare and Tim Mullins have been named co-heads of the Markets Division, reporting to John Shrewsberry, head of Wells Fargo Securities. “Our Equity and Fixed Income platforms have enjoyed significant momentum since the merger,” said Shrewsberry. “Our relevance with both issuing and investing clients has steadily grown as a result of our customer-focused business model, our broadened product capabilities, and the strength and stability of Wells Fargo. The creation of the Markets Division will allow us to serve our investing clients in a more coordinated fashion, manage risk more efficiently, and strengthen the partnerships that our trading and distribution groups have with our origination and research platforms.” Dolhare and Mullins are the former co-heads of Wells Fargo Securities' Fixed Income Sales & Trading business. Dolhare joined Wells Fargo in 1995 and has served in a number of sales management positions at the firm. He was appointed head of Fixed Income Sales in 2004 and co-head of Fixed Income Sales & Trading earlier in 2012. Mullins joined Wells Fargo in 2002 and has held sales and trading leadership positions in Credit Products, Asset-Backed Finance, Rates and Commodities before being appointed head of Fixed Income Trading in 2009 and co-head of Fixed Income Sales & Trading earlier in 2012. “Walter and Tim each have more than 20 years of experience in the capital markets,” added Shrewsberry. “They are proven leaders with deep client relationships, expertise in all of our markets businesses and a strong focus on risk management. Their demonstrated ability to work across asset classes with the goal of always finding the right financial solution for our clients makes them the ideal team to lead our Markets Division.” In addition to the Markets Division, Wells Fargo Securities consists of the following businesses: Asset-backed Finance & Securitization Investment Banking & Capital Markets Municipal Products Research & Economics About Wells Fargo Securities Wells Fargo Securities delivers a comprehensive set of capital markets products and services to customers, including originating and distributing public debt and equity, hedging interest rates, commodity and equity risks, advising on mergers and acquisitions, and originating structured lending facilities and municipal bonds. The institutional capital markets business is comprised of more than 4000 team members in 40+ offices across the United States, Europe and Asia. Wells Fargo Securities is the trade name for certain capital markets and investment banking services of Wells Fargo & Company and its subsidiaries, including Wells Fargo Securities, LLC, member NYSE, FINRA, NFA and SIPC, Wells Fargo Institutional Securities, LLC, member FINRA and SIPC, Wells Fargo Bank, National Association, Wells Fargo Securities International Limited (authorized by the U.K. FSA), Wells Fargo Securities Asia Limited (licensed by the HK SFC), and Wells Fargo Securities (Japan) Co., Ltd. (registered with the KLFB). About Wells Fargo Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.4 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, the Internet (wellsfargo.com), and has offices in more than 35 countries to support the bank's customers who conduct business in the global economy. With more than 265,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 26 on Fortune's 2012 rankings of America's largest corporations. Wells Fargo's vision is to satisfy all our customers' financial needs and help them succeed financially. Wells Fargo & CompanyElise Wilkinson, 704-374-6512 (Media)elise.wilkinson@wellsfargo.com