Exhibit 99

Media	Investors
Janis Smith	Bob Strickland
(415) 396-7711	(415) 396-0523

Tuesday, July 17, 2007
WELLS FARGO REPORTS DOUBLE-DIGIT REVENUE, EPS GROWTH:
ANOTHER QUARTER OF RECORD RESULTS

Second Quarter 2007 Highlights:

• Record revenue of $9.89 billion, up 13 percent from prior year, up 19 percent (annualized) from prior quarter

• Record net income of $2.28 billion, up 9 percent from prior year’s $2.09 billion

• Record diluted earnings per share of $0.67, up 10 percent from prior year’s $0.61

• Average total loans up 11 percent from prior year; up 13 percent (annualized) from prior quarter

o Average commercial and commercial real estate loans up 12 percent from prior year, up 15 percent (annualized) from prior quarter

o Average consumer loans up 10 percent from prior year and up 11 percent (annualized) from prior quarter

• Average core deposits* up 11 percent from prior year, up 14 percent (annualized) from prior quarter

• Net charge-offs 0.87 percent of average total loans, down from 0.90 percent in prior quarter

Selected Financial Information	Second Quarter									Six months ended June 30
							%									%
	2007			2006			Change			2007			2006			Change
Diluted earnings per share	$	0.67		$	0.61			10	%	$	1.33		$	1.21			10	%
Net income (in billions)		2.28			2.09			9			4.52			4.11			10
Revenue (in billions)		9.89			8.79			13			19.33			17.34			11
Average loans (in billions)		332.0			300.4			11			326.7			305.7			7
Average core deposits (in billions)		300.5			264.1			14			295.6			260.8			13
Net interest margin		4.89	%		4.76	%		3			4.92	%		4.80	%		3

* See Footnote 3 to Summary Financial Data, page 11.

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SAN FRANCISCO — Wells Fargo & Company (NYSE:WFC) reported record diluted earnings per common share of $0.67 for second quarter 2007, up 10 percent from $0.61 in second quarter 2006. Net income was a record $2.28 billion, up 9 percent from $2.09 billion in second quarter 2006.

“Our talented team, pulling together for our customers as ‘One Wells Fargo,’ achieved another terrific quarter of superior financial performance with double-digit growth in both revenue and earnings per share — all the more remarkable because of the industry headwinds of a weaker housing market, a flat yield curve and slower deposit growth,” said President and CEO John Stumpf. “We continue to earn more business from current customers and invest in future growth through internal investments and acquisitions. Our time-tested vision and business model have delivered double-digit annual compound growth in revenue, earnings per share and total stockholder return for the past five, ten, 15 and 20 years. The vast majority of this growth has come from earning more business from our current customers, but we’ve also been a disciplined, effective acquirer, which brings us more new customers and the opportunity to satisfy all their financial needs. This quarter, we acquired Placer Sierra Bancshares in California and the U.S. construction lending business of CIT Group, Inc. We’re on track to complete our acquisition by year end of Greater Bay Bancorp, with $7.4 billion in assets, the third largest bank acquisition in our Company’s history and a significant addition to community banking, commercial insurance brokerage, specialty finance and trust. We’re also on track to open approximately 100 banking stores for the fourth consecutive year and remodel another 200 to make it more convenient for our customers to give us more of their business.”

Financial Performance

Diluted earnings per share were a record $0.67, up 10 percent from $0.61 earned in second quarter 2006. “Our double-digit earnings per share growth again was driven by an ideal combination of double-digit top line growth (revenue up 13 percent year over year), positive operating leverage (expenses up 11 percent versus 13 percent revenue growth), and relatively stable credit quality (net credit losses of 0.87 percent of average total loans versus the 0.91 percent average of the prior two quarters),” said Chief Financial Officer Howard Atkins. “Business performance was strong and well balanced across the broad diversity of our business segments, with most of our eighty plus consumer and commercial businesses producing double-digit earnings or revenue growth in the quarter. We increased or maintained operating margins, with the net interest margin at 4.89 percent, up 13 basis points from a year ago; return on assets, which includes all credit costs, at 1.82 percent, up 11 basis points from a year ago; and return on equity remaining at a strong 19.6 percent, among the best in the industry.”

Revenue

Revenue of $9.89 billion was another record, up $1.1 billion, or 13 percent, from a year ago and up $450 million, or 19 percent (annualized), on a linked-quarter basis. “Despite a challenging environment and selected tightening of credit standards, double-digit revenue growth again was driven by double-digit growth in consumer and business lending and deposits, as well as very strong growth in virtually all of our diverse, fee-based products and services,” said Atkins. Businesses that generated double-digit, year-over-year revenue growth included asset management, business direct, capital markets, corporate trust, credit and debit cards, global remittance services, home equity, insurance, international, personal credit management, real estate brokerage, wealth management and Wells Fargo Financial.

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Loans

Average loans increased $31.6 billion, or 11 percent, to $332.0 billion from a year ago. On a linked-quarter basis, average total loans grew $10.5 billion, or 13 percent (annualized).

This was the 11^th consecutive quarter of double-digit, year-over-year growth for average commercial and commercial real estate loans, up $13.3 billion, or 12 percent, from a year ago. Small business lending (business direct), specialized financial services, asset-based lending, and commercial real estate all had double-digit loan growth from second quarter 2006. On a linked-quarter basis, average commercial and commercial real estate loans increased $4.6 billion, or 15 percent (annualized). Average consumer loans increased $17.3 billion, or 10 percent, from second quarter 2006 and increased $5.5 billion, or 11 percent (annualized), from first quarter 2007.

Deposits

Average core deposits were $300.5 billion, up $36.4 billion, or 14 percent, year over year and up 14 percent (annualized) on a linked-quarter basis. Core deposits include certain funds that previously were swept into non-deposit products. Including only the growth in these funds post conversion to deposits, average core deposits grew 11 percent year over year. Average mortgage escrow deposits were $23.4 billion, up $5.8 billion from second quarter 2006 and up $2.8 billion on a linked-quarter basis. Excluding mortgage escrow balances, total average core deposits grew 12 percent from second quarter 2006 and 11 percent (annualized) on a linked-quarter basis. Average retail core deposits grew $13.1 billion, or 6 percent, from second quarter 2006 and increased $4.3 billion, or 8 percent (annualized), on a linked-quarter basis. Net new consumer checking accounts grew 4.9 percent from second quarter 2006.

Net Interest Income

Compared with the second quarter of 2006, net interest income increased 4 percent, the net interest margin grew 13 basis points and average earning assets grew 2 percent. On a linked-quarter basis, growth in net interest income accelerated to 15 percent (annualized), driven by an 18 percent (annualized) increase in earning assets, including the addition later in the quarter of approximately $30 billion of securities in the investment portfolio at substantially higher yields. The net interest margin declined 6 basis points in the quarter, largely due to the accelerated asset growth, which also will increase net interest income, but likely reduce the net interest margin in future quarters. At 4.89 percent in second quarter, our net interest margin remained the highest among our peers.

Noninterest Income

Noninterest income increased $890 million, or 23 percent, from second quarter 2006 and 24 percent (annualized) on a linked-quarter basis. “The strong double-digit growth in fee income again demonstrated the advantage of our diversified business model and our success in satisfying all the financial needs of our consumer and commercial customers,” said Atkins. This double-digit growth reflected strong year-over-year growth in deposit service fees (up 11 percent); trust and investment fees (up 24 percent); debit and credit card fees (up 24 percent); other fees, primarily loan related, (up 25 percent); and insurance fees (up 19 percent).

Mortgage banking noninterest income declined $46 million year over year and declined $101 million from first quarter 2007. The linked-quarter decline reflected solid origination growth (originations up $12 billion, or 71 percent (annualized) in the quarter) and a higher net gain on mortgage loan origination/sales activities, offset by a net loss of $225 million reflecting the impact of higher interest rates on the valuation of mortgage servicing rights net of hedging costs. Capital markets generally were strong in the quarter, including $242 million in income from the

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Company’s equity businesses, approximately $75 million above the average equity gains for the prior five quarters. Bond losses of $42 million were recorded in the quarter as the lowest-yielding bonds were sold and repositioned with higher-yielding securities late in the quarter. At June 30, 2007, the net unrealized gain on securities available for sale was $91 million.

Noninterest Expense

Noninterest expense increased $551 million, or 11 percent, from second quarter 2006 compared with 13 percent revenue growth for the same period. Substantially all of the expense increase was related to higher personnel costs, reflecting a 3 percent increase in team members (full-time equivalents, largely sales and service professionals), normal merit increases, and higher sales commissions in the insurance, wealth management, and real estate brokerage businesses, all of which had very strong revenue growth year-over-year. Merger and integration expenses in the quarter were $8 million. “Most of our non-personnel expenses were essentially flat from last year, reflecting our ongoing discipline in containing expenses that do not directly add to revenue growth,” said Atkins. Reflecting the continued positive operating leverage, the efficiency ratio improved to 57.9 percent from 58.9 percent a year ago and 58.5 percent in first quarter 2007.

Credit Quality

“Second quarter credit quality was in line with our expectations,” said Chief Credit Officer Mike Loughlin. “While net credit losses were up from a year ago, losses have been relatively flat for the past few quarters and some of the leading credit metrics, such as loans 90 days or more past due and nonaccrual loans, have been improving.” Second quarter net credit losses were $720 million (0.87 percent of average loans, annualized), flat compared with $715 million (0.90 percent) in first quarter 2007 and up from $432 million (0.58 percent) in second quarter 2006, when consumer losses were historically low following the fourth quarter 2005 spike in bankruptcy-related losses.

“Both net credit losses and the loss rate in our auto loan portfolio continued to decline as our substantial investment in additional collection resources is fully integrated into our credit cycle management,” said Loughlin. “The business continues to adjust loan underwriting criteria and review dealer management strategies to maximize sales efficiency and credit quality. We recognize that industry credit performance typically deteriorates in the second half of the year and we are carefully monitoring our delinquency and loss performance and continue to adjust our auto loan origination and collection processes as necessary.

“As expected, home equity losses remained at higher levels during the second quarter as real estate values remained weak in multiple national markets. We expect this trend to continue during the second half of 2007.

“Credit performance remained strong in our first mortgage portfolios at Wells Fargo Home Mortgage and Wells Fargo Financial. Delinquency rates in both our prime and nonprime portfolios remained significantly better than published industry rates. We believe our prudent product strategy, along with disciplined underwriting and collections practices, and our willingness to work proactively with our customers, has allowed us to maintain stable and predictable credit performance. Overall commercial loan performance remained very strong, including commercial real estate, supported by high occupancy rates and low interest rates.” Total nonperforming assets were $2.72 billion (0.79 percent of loans) at June 30, 2007, compared with $2.67 billion (0.82 percent) at March 31, 2007, and $1.92 billion (0.64 percent) one year ago. “We had relatively minor growth in nonperforming assets during the quarter due to modest

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commercial increases (expected due to portfolio growth and seasoning) and virtually no consumer increases as we focused on problem loan resolution and asset sales,” said Loughlin. “We believe our nonperforming loan portfolio has relatively low loss potential due to the high percentage of consumer real estate and auto-secured loans where we take an initial write-down, if applicable, as the loan is transferred to nonperforming status.”

The total of loans 90 days or more past due and still accruing was $4.99 billion, $4.81 billion and $3.34 billion at June 30, 2007, March 31, 2007 and June 30, 2006, respectively. For the same periods, the total included $3.91 billion, $3.68 billion, and $2.53 billion, respectively, in advances pursuant to our servicing agreements to GNMA mortgage pools whose repayments are insured by the Federal Housing Administration or guaranteed by the Department of Veteran Affairs.

Loans 90 Days or More Past Due and Still Accruing
(Excluding Insured/Guaranteed GNMA Balances)

	June 30		,	March 31		,	June 30		,
(in millions)	2007			2007			2006
Commercial and commercial real estate:
Commercial	$	21		$	29		$	11
Other real estate mortgage		2			4			2
Real estate construction		4			5			10
Total commercial and commercial real estate		27			38			23
Consumer:
Real estate 1-4 family first mortgage		179			159			107
Real estate 1-4 family junior lien mortgage		76			64			39
Credit card		253			272			181
Other revolving credit and installment		515			560			431
Total consumer		1,023			1,055			758
Foreign		36			36			36
Total	$	1,086		$	1,129		$	817

The allowance for loan and lease losses, including unfunded commitments, was $4.01 billion at June 30, 2007, up $42 million from March 31, 2007. “We believe the allowance was adequate for losses inherent in the loan portfolio at June 30, 2007,” said Loughlin.

Business Segment Performance

Wells Fargo has three lines of business for management reporting: Community Banking, Wholesale Banking and Wells Fargo Financial.

Net Income	Second Quarter							Six months ended June 30
					%							%
(in millions)	2007		2006		Change			2007		2006		Change
Community Banking	$	1,553	$	1,357		14		$	3,105	$	2,587		20
Wholesale Banking		570		506		13			1,150		1,017		13
Wells Fargo Financial		156		226		(31	)		268		503		(47	)

More financial information about the business segments is on page 26.

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Community Banking offers a complete line of diversified financial products and services for consumers and small businesses including investment, insurance and trust services primarily in 23 midwestern and western states, and mortgage and home equity loans in all 50 states.

Selected Financial Information	Second Quarter						Six months ended June 30
					%						%
(in millions)	2007		2006		Change		2007		2006		Change
Total revenue	$	6,330	$	5,719		11	$	12,401	$	11,118		12
Provision for credit losses		353		187		89		659		376		75
Noninterest expense		3,667		3,485		5		7,307		6,872		6
Net income		1,553		1,357		14		3,105		2,587		20
Average loans (in billions)		186.6		173.9		7		183.7		182.1		1
Average core deposits (in billions)		250.9		232.0		8		247.4		230.5		7

Community Banking reported net income of $1.55 billion, up $196 million, or 14 percent, from second quarter 2006. The increase was due to fee revenue growth in retail banking and investment income. Average loans increased $12.7 billion, or 7 percent, from second quarter 2006. Average core deposits grew $18.9 billion, or 8 percent, from second quarter 2006. Noninterest income increased $633 million, or 26 percent, compared with second quarter 2006, largely due to higher revenue related to brokerage, deposit service charges, consumer loans, cards and investments. Noninterest expense increased $182 million, or 5 percent, predominantly due to growth in personnel expenses, while the provision for credit losses increased $166 million, or 89 percent, due to higher losses in consumer and small business lending.

Regional Banking Highlights

• Core product solutions (sales) of 4.79 million, up 9 percent from prior year on comparable basis

• Record retail bank household cross-sell of 5.4 products per retail bank household

• Sales of Wells Fargo Packages^® (a checking account and at least three other products) up 21 percent from prior year, purchased by 66 percent of new checking account customers

• Net consumer checking accounts up 4.9 percent from prior year

• Store-based customer loyalty scores up 11 percent from prior year

• Business Banking

o Store-based business solutions up 17 percent from prior year on comparable basis

o Loans to small businesses (loans primarily less than $100,000 on our business direct platform) up 18 percent from prior year

o Net business checking accounts up 4.4 percent from prior year

o Business Banking household cross-sell at 3.4, up from 3.1 in prior year

o Sales of Wells Fargo Business Services Packages (a business checking account and at least three other business products) up 41 percent from prior year, purchased by 41 percent of new business checking account customers

“The Regional Banking team continues to focus on delivering a great experience for our customers and helping them succeed financially,” said Carrie Tolstedt, senior EVP, Community Banking. “We had solid results in second quarter, with emphasis on small business customers during our Small Business Appreciation Campaign. In the second quarter, sales of store-based business solutions increased 17 percent from prior year on a comparable basis, and sales of Wells Fargo Business Services Packages rose 41 percent. In March, we introduced Wells Fargo Merchant Checking, an industry first, allowing small business owners to accept credit and debit card payments at a flat, low discount rate and have access to funds as soon as the next business day. Our commitment to the customer experience continued, with 50,000 store-based customer

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surveys performed per month. For customers transacting at the teller line, welcoming and wait time survey scores were up 22 percent and customer loyalty scores improved 11 percent from same period last year. During second quarter, we opened 21 banking stores, added 41 webATM^® machines, and converted 330 ATMs, primarily in Northern California, to Envelope-Free^SM webATM machines to better serve our customers. We also welcomed our new team members from Placer Sierra Bancshares.”

Home Mortgage and Home Equity Highlights

• Mortgage originations of $80 billion, up $12 billion from prior quarter

• Mortgage applications of $114 billion

• Mortgage application pipeline of $56 billion

• Record owned mortgage servicing portfolio of $1.44 trillion, up 30 percent from prior year, up 13 percent (annualized) from prior quarter

• National Home Equity Group portfolio of $81 billion

“Home Mortgage applications of $114 billion for the quarter were up 6 percent over last year, reflecting increased refinancing,” said Mark Oman, senior EVP, Home and Consumer Finance Group. “Residential real estate originations of $80 billion were essentially flat from last year, but up substantially from first quarter 2007. First mortgage originations were up 1 percent from last year as a $2.4 billion increase in prime originations was partially offset by a $1.4 billion decline in nonprime originations. The decline in nonprime originations reflected the changes in underwriting guidelines that were made during the first quarter.

“As a result of our responsible lending and risk management practices, we do not face many of the issues others do in the mortgage industry. First, we do not retain any credit interest in any prime and nonprime securitizations. Second, we do not originate any negative amortizing mortgages, including option adjustable-rate mortgages. Finally, we do not portfolio any nonprime no-documentation mortgages or nonprime low-documentation mortgages.

“The National Home Equity Group portfolio was $81 billion at June 30, 2007, up 7 percent from a year ago. The slowing growth in the home equity portfolio reflected an increasing number of markets with declining home prices, which reduced customers’ borrowing against their home equity.”

Wealth Management Group Highlights

• Revenue up 17 percent from prior year

• Net income up 23 percent from prior year

• Brokerage assets under administration up 19 percent from prior year

• Private banking core deposits up 19 percent from prior year

Internet Highlights

• 9.3 million active online consumers, up 17 percent from prior year

• 907,000 active online small business customers, up 19 percent from prior year

• 5.3 million bill payment and presentment customers, up 32 percent from prior year

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Wholesale Banking serves customers coast to coast, including middle market banking, corporate banking, commercial real estate, treasury management, asset-based lending, insurance brokerage, foreign exchange, trade services, specialized lending, equipment finance, capital markets activities and institutional investments.

Selected Financial Information	Second Quarter							Six months ended June 30
						%							%
(in millions)	2007		2006			Change		2007		2006			Change
Total revenue	$	2,150	$	1,791			20	$	4,196	$	3,567			18
Provision (reversal of provision) for credit losses		1		(7	)		—		14		(9	)		—
Noninterest expense		1,269		1,018			25		2,406		2,010			20
Net income		570		506			13		1,150		1,017			13
Average loans (in billions)		81.4		70.4			16		79.7		69.0			16
Average core deposits (in billions)		49.6		32.0			55		48.2		30.2			60

• Loan growth up 16 percent from a year ago, with double-digit increases across nearly all wholesale lending businesses

• Overall institutional assets under management up 17 percent from same period last year

• Acquired CIT Construction, the U.S. construction lending business unit of CIT Group Inc.

“Wholesale Banking had another solid quarter with strong activity in several areas,” said Dave Hoyt, senior EVP, Wholesale Banking Group. “We’re making it easier for our customers to do business as they move from paper to electronic. Active Commercial Electronic Office^Ò portal users were up 29 percent from 2006, and customers now initiate and receive more payments electronically than through checks. Through the first half of 2007, we’ve already received over 20 percent more checks through our Check21 solutions, like our award-winning Desktop Deposit^Ò service, than we did all of last year. In May, we introduced CEO Mobile^SM service, the first major U.S. financial services company to offer mobile service for medium and large businesses.

“To continue providing outstanding service to our customers, we built on core competencies with acquisitions in key areas: the addition of CIT Construction gives us more capability to provide commercial financing to the infrastructure construction industry; acquiring Greater Bay Bancorp will add the expertise of the nation’s 15^th largest insurance broker; Wells Fargo Foothill opened a Canadian affiliate; and Wells Fargo Insurance Services acquired a commercial insurance agency in Michigan and the employee benefits operations from Virchow, Krause & Co. in Minneapolis.”

Wholesale Banking’s net income increased 13 percent to $570 million from a year ago. Revenue increased 20 percent to $2.2 billion from second quarter 2006, driven by strong loan and deposit growth and higher fee income. Average loans reached $81.4 billion, up 16 percent from a year ago, with double-digit increases across nearly all wholesale lending businesses. Average core deposits rose $17.6 billion from a year ago, all in interest-bearing balances, reflecting both organic growth from new and existing customers and conversions, completed in 2006, of customer sweep accounts from off-balance sheet money market funds into Wells Fargo deposits. Noninterest income increased $251 million from a year ago due to higher commercial real estate brokerage fees, along with year-over-year increases in capital markets activity (moderated from first quarter 2007), trust and investment income (reflecting a 17 percent increase in assets under management) and insurance revenue. Noninterest expense increased $251 million from a year ago, mainly due to higher personnel-related costs, including additional team members and higher incentive expenses,

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and expenses related to higher sales volumes, investments in new offices and businesses, and acquisitions completed in the second half of 2006.

Wells Fargo Financial offers consumer loans primarily through real-estate debt consolidation products, automobile financing, consumer and private-label credit cards and commercial services to consumers and businesses throughout the United States, Canada, Puerto Rico and the Pacific Rim.

Selected Financial Information	Second Quarter							Six months ended June 30
					%							%
(in millions)	2007		2006		Change			2007		2006		Change
Total revenue	$	1,411	$	1,279		10		$	2,735	$	2,659		3
Provision for credit losses		366		252		45			762		498		53
Noninterest expense		791		673		18			1,540		1,368		13
Net income		156		226		(31	)		268		503		(47	)
Average loans (in billions)		64.0		56.1		14			63.3		54.6		16

• Average loans up 14 percent from second quarter 2006

o Real estate-secured receivables up 23 percent to $24.8 billion

o Auto finance receivables up 13 percent to $27.7 billion

“We are pleased with the growth in our business as we move through a period of adjustment in our markets and as we continue to invest for the future,” said Tom Shippee, Wells Fargo Financial president and CEO. “Revenue growth continued at a double-digit pace, although the 10 percent revenue growth in second quarter was somewhat more moderate than we’ve experienced in prior periods, as we began shifting several quarters ago toward the lower risk end of the spectrum of credit products we offer within the auto segment. Expenses increased 18 percent, somewhat higher than our 14 percent loan growth rate, largely due to the additional collection capacity we added late last year in auto, along with a higher collection and repossession costs and mortgage insurance premiums. We began to insure a significant portion of our higher loan-to-value real estate loans in fourth quarter 2006. Credit quality was in line with expectations in the quarter.

“Wells Fargo Financial’s real estate-secured lending business continued to perform as modeled with solid loan growth. Credit quality in our portfolio has not experienced the negative effects that many nonprime lenders have because of our solid underwriting practices, including ensuring there is a tangible benefit to the borrower before we make a loan. Our real estate delinquencies were down 9 percent from fourth quarter 2006. The recent regulatory guidance issued for subprime lending will not have a significant impact on Wells Fargo Financial’s operations, since many of those guidelines are part of our normal business practices.

“Our auto-lending receivables were relatively flat on a linked-quarter basis, but we continued to improve the processes and collections capacity for that portfolio, which resulted in reduced losses for the third consecutive quarter. Auto losses were down $42 million in the second quarter, following a $27 million decline in the first quarter. The portfolio’s 30-day and over delinquency rates were almost unchanged from the first quarter, which improved 24 percent from the end of 2006.

“During the first half of 2007, we closed approximately 5 percent of our consumer stores to reduce excess infrastructure cost and redundancies in select markets, while maintaining and redeploying sales staff to other locations to improve the overall efficiency and sales capacity of the store network.”

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Wells Fargo Financial reported net income of $156 million, down 31 percent from a year ago. Revenue of $1.4 billion was driven by an increase in net interest income from continued growth in the real estate and auto loan portfolios. Average loans grew 14 percent to $64.0 billion. Noninterest expense was $791 million, up 18 percent from second quarter 2006, as discussed above.

Recorded Message

A recorded message reviewing Wells Fargo’s results and characteristics of several of the loan portfolios will be available at 5:30 a.m. Pacific Time through July 20, 2007. Dial 877-660-6853 (domestic) or 201-612-7415 (international). Enter account number 286# and conference ID 246239#. The call is also available on the internet at www.wellsfargo.com/ir and http://www.vcall.com/IC/CEPage.asp?ID=118147

The following appears in accordance with the Private Securities Litigation Reform Act of 1995:

This news release contains forward-looking statements about the Company, including the expectation that accelerated asset growth in second quarter 2007 will increase net interest income and reduce net interest margin in future quarters, the expectation that home equity losses will continue at higher levels during the second half of 2007, the belief regarding the loss potential of our nonperforming loan portfolio, the belief regarding the adequacy of the allowance for loan and lease losses at June 30, 2007, and the expectation that recent regulatory guidance issued for subprime lending will not have a significant impact on Wells Fargo Financial’s operations. Do not unduly rely on forward-looking statements. They give our expectations about the future and are not guarantees. Forward-looking statements speak only as of the date they are made, and we do not undertake any obligation to update them to reflect changes that occur after that date.

There are a number of factors that could cause results to differ significantly from our expectations, including a deterioration in the credit quality of our home equity, real estate, auto or other loan portfolios or a deterioration in the value of the collateral securing those loans, due to higher interest rates, increased unemployment, a decline in home or auto values, or other economic factors. For a discussion of factors that may cause actual results to differ from expectations, refer to our Annual Report on Form 10-K for the year ended December 31, 2006, as updated by our Quarterly Report on Form 10-Q for the quarter ended March 31, 2007.

Any factor described in this news release or in any document referred to in this news release could, by itself or together with one or more other factors, adversely affect the Company’s business, earnings and/or financial condition.

Wells Fargo & Company is a diversified financial services company with $540 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.”

# # #

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Wells Fargo & Company and Subsidiaries
SUMMARY FINANCIAL DATA

	Quarter ended June 30					,	%			Six months ended June 30					,	%
($ in millions, except per share amounts)	2007			2006			Change			2007			2006			Change
For the Period
Net income	$	2,279		$	2,089			9	%	$	4,523		$	4,107			10	%
Diluted earnings per common share		0.67			0.61			10			1.33			1.21			10
Profitability ratios (annualized):
Net income to average total assets (ROA)		1.82	%		1.71	%		6			1.85	%		1.71	%		8
Net income to average stockholders’ equity (ROE)		19.55			19.76			(1	)		19.60			19.83			(1	)
Efficiency ratio (1)		57.9			58.9			(2	)		58.2			59.1			(2	)
Total revenue	$	9,891		$	8,789			13		$	19,332		$	17,344			11
Dividends declared per common share (2)		0.28			0.54			(48	)		0.56			0.80			(30	)
Dividends paid per common share		0.28			0.26			8			0.56			0.52			8
Average common shares outstanding		3,351.2			3,363.8			—			3,363.5			3,360.9			—
Diluted average common shares outstanding		3,389.3			3,404.4			—			3,402.5			3,400.1			—
Average loans	$	331,970		$	300,388			11		$	326,729		$	305,731			7
Average assets		502,686			491,456			2			492,453			483,371			2
Average core deposits (3)		300,535			264,129			14			295,588			260,817			13
Average retail core deposits (4)		228,006			214,904			6			225,872			214,391			5
Net interest margin		4.89	%		4.76	%		3			4.92	%		4.80	%		3
At Period End
Securities available for sale	$	72,179		$	71,420			1		$	72,179		$	71,420			1
Loans		342,800			300,622			14			342,800			300,622			14
Allowance for loan losses		3,820			3,851			(1	)		3,820			3,851			(1	)
Goodwill		11,983			11,091			8			11,983			11,091			8
Assets		539,865			499,516			8			539,865			499,516			8
Core deposits (3)		300,602			268,350			12			300,602			268,350			12
Stockholders’ equity		47,301			41,894			13			47,301			41,894			13
Capital ratios:
Stockholders’ equity to assets		8.76	%		8.39	%		4			8.76	%		8.39	%		4
Risk-based capital (5)
Tier 1 capital		8.57			8.35			3			8.57			8.35			3
Total capital		11.72			11.82			(1	)		11.72			11.82			(1	)
Tier 1 leverage (5)		7.90			6.99			13			7.90			6.99			13
Book value per common share	$	14.07		$	12.46			13		$	14.07		$	12.46			13
Team members (active, full-time equivalent)		158,700			154,300			3			158,700			154,300			3
Common Stock Price
High	$	36.49		$	34.86			5		$	36.64		$	34.86			5
Low		33.93			31.90			6			33.01			30.31			9
Period end		35.17			33.54			5			35.17			33.54			5

(1)	The efficiency ratio is noninterest expense divided by total revenue (net interest income and noninterest income).
(2)	On April 25, 2006, the Company’s Board of Directors declared the second quarter 2006 cash dividend payable June 1, 2006. On June 27, 2006, the Board declared a two-for-one split in the form of a 100% stock dividend on the Company’s common stock and, at the same time, the third quarter 2006 cash dividend payable September 1, 2006.
(3)	Core deposits are noninterest-bearing deposits, interest-bearing checking, savings certificates, market rate and other savings, and certain foreign deposits (Eurodollar sweep balances). During 2006, certain customer accounts (largely Wholesale Banking) were converted to deposit balances in the form of Eurodollar sweep accounts from off-balance sheet money market funds and repurchase agreements. Included in average core deposits were converted balances of $9,888 million and $2,771 million for the quarters ended June 30, 2007, and June 30, 2006, respectively. Average core deposits increased 11% from second quarter 2006, not including these converted balances.
(4)	Retail core deposits are total core deposits excluding Wholesale Banking core deposits and retail mortgage escrow deposits.
(5)	The June 30, 2007, ratios are preliminary.

- 12 -

Wells Fargo & Company and Subsidiaries
FIVE QUARTER SUMMARY FINANCIAL DATA

	Quarter ended
	June 30		,	Mar. 31		,	Dec. 31		,	Sept. 30		,	June 30		,
($ in millions, except per share amounts)	2007			2007			2006			2006			2006
For the Quarter
Net income	$	2,279		$	2,244		$	2,181		$	2,194		$	2,089
Diluted earnings per common share		0.67			0.66			0.64			0.64			0.61
Profitability ratios (annualized):
Net income to average total assets (ROA)		1.82	%		1.89	%		1.79	%		1.76	%		1.71	%
Net income to average stockholders’ equity (ROE)		19.55			19.65			18.99			20.00			19.76
Efficiency ratio (1)		57.9			58.5			57.5			56.9			58.9
Total revenue	$	9,891		$	9,441		$	9,413		$	8,934		$	8,789
Dividends declared per common share (2)		0.28			0.28			0.28			—			0.54
Dividends paid per common share		0.28			0.28			0.28			0.28			0.26
Average common shares outstanding		3,351.2			3,376.0			3,379.4			3,371.9			3,363.8
Diluted average common shares outstanding		3,389.3			3,416.1			3,424.0			3,416.0			3,404.4
Average loans	$	331,970		$	321,429		$	312,166		$	303,980		$	300,388
Average assets		502,686			482,105			482,585			494,679			491,456
Average core deposits (3)		300,535			290,586			283,790			269,725			264,129
Average retail core deposits (4)		228,006			223,729			220,025			214,294			214,904
Net interest margin		4.89	%		4.95	%		4.93	%		4.79	%		4.76	%
At Quarter End
Securities available for sale	$	72,179		$	45,443		$	42,629		$	52,635		$	71,420
Loans		342,800			325,487			319,116			307,491			300,622
Allowance for loan losses		3,820			3,772			3,764			3,799			3,851
Goodwill		11,983			11,275			11,275			11,192			11,091
Assets		539,865			485,901			481,996			483,441			499,516
Core deposits (3)		300,602			296,469			288,068			270,818			268,350
Stockholders’ equity		47,301			46,135			45,876			44,862			41,894
Capital ratios:
Stockholders’ equity to assets		8.76	%		9.49	%		9.52	%		9.28	%		8.39	%
Risk-based capital (5)
Tier 1 capital		8.57			8.70			8.95			8.74			8.35
Total capital		11.72			12.10			12.50			12.34			11.82
Tier 1 leverage (5)		7.90			7.83			7.89			7.41			6.99
Book value per common share	$	14.07		$	13.77		$	13.58		$	13.30		$	12.46
Team members (active, full-time equivalent)		158,700			159,600			158,000			156,400			154,300
Common Stock Price
High	$	36.49		$	36.64		$	36.99		$	36.89		$	34.86
Low		33.93			33.01			34.90			33.36			31.90
Period end		35.17			34.43			35.56			36.18			33.54

(1)	The efficiency ratio is noninterest expense divided by total revenue (net interest income and noninterest income).
(2)	On April 25, 2006, the Company’s Board of Directors declared the second quarter 2006 cash dividend payable June 1, 2006. On June 27, 2006, the Board declared a two-for-one split in the form of a 100% stock dividend on the Company’s common stock and, at the same time, the third quarter 2006 cash dividend payable September 1, 2006.
(3)	Core deposits are noninterest-bearing deposits, interest-bearing checking, savings certificates, market rate and other savings, and certain foreign deposits (Eurodollar sweep balances). During 2006, certain customer accounts (largely Wholesale Banking) were converted to deposit balances in the form of Eurodollar sweep accounts from off-balance sheet money market funds and repurchase agreements. Included in average core deposits were converted balances of $9,888 million, $9,888 million, $8,888 million, $3,343 million and $2,771 million for the quarters ended June 30, 2007, March 31, 2007, December 31, 2006, September 30, 2006 and June 30, 2006, respectively. Average core deposits increased 11% from second quarter 2006, not including these converted balances.
(4)	Retail core deposits are total core deposits excluding Wholesale Banking core deposits and retail mortgage escrow deposits.
(5)	The June 30, 2007, ratios are preliminary.

- 13 -

Wells Fargo & Company and Subsidiaries
CONSOLIDATED STATEMENT OF INCOME

	Quarter ended June 30					,	%			Six months ended June 30					,	%
(in millions, except per share amounts)	2007			2006			Change			2007			2006			Change
INTEREST INCOME
Trading assets	$	47		$	65			(28	)%	$	100		$	134			(25	)%
Securities available for sale		752			875			(14	)		1,438			1,538			(7	)
Mortgages held for sale		578			808			(28	)		1,108			1,417			(22	)
Loans held for sale		17			11			55			32			22			45
Loans		7,100			6,245			14			13,864			12,355			12
Other interest income		79			73			8			170			143			19
Total interest income		8,573			8,077			6			16,712			15,609			7
INTEREST EXPENSE
Deposits		1,941			1,794			8			3,798			3,276			16
Short-term borrowings		265			289			(8	)		401			559			(28	)
Long-term debt		1,171			1,010			16			2,307			1,920			20
Total interest expense		3,377			3,093			9			6,506			5,755			13
NET INTEREST INCOME		5,196			4,984			4			10,206			9,854			4
Provision for credit losses		720			432			67			1,435			865			66
Net interest income after provision for credit losses		4,476			4,552			(2	)		8,771			8,989			(2	)
NONINTEREST INCOME
Service charges on deposit accounts		740			665			11			1,425			1,288			11
Trust and investment fees		839			675			24			1,570			1,338			17
Card fees		517			418			24			987			802			23
Other fees		638			510			25			1,149			998			15
Mortgage banking		689			735			(6	)		1,479			1,150			29
Operating leases		187			200			(7	)		379			401			(5	)
Insurance		432			364			19			831			728			14
Net losses on debt securities available for sale		(42	)		(156	)		(73	)		(11	)		(191	)		(94	)
Net gains from equity investments		242			133			82			339			323			5
Other		453			261			74			978			653			50
Total noninterest income		4,695			3,805			23			9,126			7,490			22
NONINTEREST EXPENSE
Salaries		1,907			1,754			9			3,774			3,426			10
Incentive compensation		900			714			26			1,642			1,382			19
Employee benefits		581			487			19			1,246			1,076			16
Equipment		292			284			3			629			619			2
Net occupancy		369			345			7			734			681			8
Operating leases		148			157			(6	)		301			318			(5	)
Other		1,530			1,435			7			2,927			2,748			7
Total noninterest expense		5,727			5,176			11			11,253			10,250			10
INCOME BEFORE INCOME TAX EXPENSE		3,444			3,181			8			6,644			6,229			7
Income tax expense		1,165			1,092			7			2,121			2,122			—
NET INCOME	$	2,279		$	2,089			9		$	4,523		$	4,107			10
EARNINGS PER COMMON SHARE	$	0.68		$	0.62			10		$	1.34		$	1.22			10
DILUTED EARNINGS PER COMMON SHARE	$	0.67		$	0.61			10		$	1.33		$	1.21			10
DIVIDENDS DECLARED PER COMMON SHARE	$	0.28		$	0.54			(48	)	$	0.56		$	0.80			(30	)
Average common shares outstanding		3,351.2			3,363.8			—			3,363.5			3,360.9			—
Diluted average common shares outstanding		3,389.3			3,404.4			—			3,402.5			3,400.1			—

- 14 -

Wells Fargo & Company and Subsidiaries
FIVE QUARTER CONSOLIDATED STATEMENT OF INCOME

	Quarter ended
	June 30		,	Mar. 31		,	Dec. 31		,	Sept. 30		,	June 30		,
(in millions, except per share amounts)	2007			2007			2006			2006			2006
INTEREST INCOME
Trading assets	$	47		$	53		$	46		$	45		$	65
Securities available for sale		752			686			726			1,014			875
Mortgages held for sale		578			530			627			702			808
Loans held for sale		17			15			13			12			11
Loans		7,100			6,764			6,701			6,555			6,245
Other interest income		79			91			118			71			73
Total interest income		8,573			8,139			8,231			8,399			8,077
INTEREST EXPENSE
Deposits		1,941			1,857			1,901			1,997			1,794
Short-term borrowings		265			136			162			271			289
Long-term debt		1,171			1,136			1,118			1,084			1,010
Total interest expense		3,377			3,129			3,181			3,352			3,093
NET INTEREST INCOME		5,196			5,010			5,050			5,047			4,984
Provision for credit losses		720			715			726			613			432
Net interest income after provision for credit losses		4,476			4,295			4,324			4,434			4,552
NONINTEREST INCOME
Service charges on deposit accounts		740			685			695			707			665
Trust and investment fees		839			731			735			664			675
Card fees		517			470			481			464			418
Other fees		638			511			550			509			510
Mortgage banking		689			790			677			484			735
Operating leases		187			192			190			192			200
Insurance		432			399			299			313			364
Net gains (losses) on debt securities available for sale		(42	)		31			51			121			(156	)
Net gains from equity investments		242			97			256			159			133
Other		453			525			429			274			261
Total noninterest income		4,695			4,431			4,363			3,887			3,805
NONINTEREST EXPENSE
Salaries		1,907			1,867			1,812			1,769			1,754
Incentive compensation		900			742			793			710			714
Employee benefits		581			665			501			458			487
Equipment		292			337			339			294			284
Net occupancy		369			365			367			357			345
Operating leases		148			153			157			155			157
Other		1,530			1,397			1,442			1,338			1,435
Total noninterest expense		5,727			5,526			5,411			5,081			5,176
INCOME BEFORE INCOME TAX EXPENSE		3,444			3,200			3,276			3,240			3,181
Income tax expense		1,165			956			1,095			1,046			1,092
NET INCOME	$	2,279		$	2,244		$	2,181		$	2,194		$	2,089
EARNINGS PER COMMON SHARE	$	0.68		$	0.66		$	0.65		$	0.65		$	0.62
DILUTED EARNINGS PER COMMON SHARE	$	0.67		$	0.66		$	0.64		$	0.64		$	0.61
DIVIDENDS DECLARED PER COMMON SHARE	$	0.28		$	0.28		$	0.28		$	—		$	0.54
Average common shares outstanding		3,351.2			3,376.0			3,379.4			3,371.9			3,363.8
Diluted average common shares outstanding		3,389.3			3,416.1			3,424.0			3,416.0			3,404.4

- 15 -

Wells Fargo & Company and Subsidiaries
CONSOLIDATED BALANCE SHEET

										% Change
										June 30, 2007 from
	June 30		,	Dec. 31		,	June 30		,	Dec. 31		,	June 30		,
(in millions, except shares)	2007			2006			2006			2006			2006
ASSETS
Cash and due from banks	$	12,714		$	15,028		$	14,069			(15	)%		(10	)%
Federal funds sold, securities purchased under resale agreements and other short-term investments		5,163			6,078			5,367			(15	)		(4	)
Trading assets		7,289			5,607			7,344			30			(1	)
Securities available for sale		72,179			42,629			71,420			69			1
Mortgages held for sale (includes $30,175 million carried at fair value at June 30, 2007)		34,580			33,097			39,714			4			(13	)
Loans held for sale		887			721			594			23			49
Loans		342,800			319,116			300,622			7			14
Allowance for loan losses		(3,820	)		(3,764	)		(3,851	)		1			(1	)
Net loans		338,980			315,352			296,771			7			14
Mortgage servicing rights:
Measured at fair value (residential MSRs)		18,733			17,591			15,650			6			20
Amortized		418			377			175			11			139
Premises and equipment, net		4,973			4,698			4,529			6			10
Goodwill		11,983			11,275			11,091			6			8
Other assets		31,966			29,543			32,792			8			(3	)
Total assets	$	539,865		$	481,996		$	499,516			12			8
LIABILITIES
Noninterest-bearing deposits	$	89,809		$	89,119		$	89,448			1			—
Interest-bearing deposits		234,934			221,124			237,004			6			(1	)
Total deposits		324,743			310,243			326,452			5			(1	)
Short-term borrowings		40,838			12,829			13,619			218			200
Accrued expenses and other liabilities		33,153			25,903			33,794			28			(2	)
Long-term debt		93,830			87,145			83,757			8			12
Total liabilities		492,564			436,120			457,622			13			8
STOCKHOLDERS’ EQUITY
Preferred stock		637			384			548			66			16
Common stock — $1-2/3 par value, authorized 6,000,000,000 shares; issued 3,472,762,050 shares		5,788			5,788			5,788			—			—
Additional paid-in capital		8,027			7,739			7,562			4			6
Retained earnings		37,665			35,277			31,964			7			18
Cumulative other comprehensive income (loss)		(236	)		302			155			—			—
Treasury stock - 110,551,965 shares, 95,612,189 shares and 110,979,842 shares		(3,898	)		(3,203	)		(3,537	)		22			10
Unearned ESOP shares		(682	)		(411	)		(586	)		66			16
Total stockholders’ equity		47,301			45,876			41,894			3			13
Total liabilities and stockholders’ equity	$	539,865		$	481,996		$	499,516			12			8

- 16 -

Wells Fargo & Company and Subsidiaries
FIVE QUARTER CONSOLIDATED BALANCE SHEET

	June 30		,	Mar. 31		,	Dec. 31		,	Sept. 30		,	June 30		,
(in millions)	2007			2007			2006			2006			2006
ASSETS
Cash and due from banks	$	12,714		$	12,485		$	15,028		$	12,591		$	14,069
Federal funds sold, securities purchased under resale agreements and other short-term investments		5,163			4,668			6,078			4,079			5,367
Trading assets		7,289			6,525			5,607			5,300			7,344
Securities available for sale		72,179			45,443			42,629			52,635			71,420
Mortgages held for sale		34,580			32,286			33,097			39,913			39,714
Loans held for sale		887			829			721			617			594
Loans		342,800			325,487			319,116			307,491			300,622
Allowance for loan losses		(3,820	)		(3,772	)		(3,764	)		(3,799	)		(3,851	)
Net loans		338,980			321,715			315,352			303,692			296,771
Mortgage servicing rights:
Measured at fair value (residential MSRs)		18,733			17,779			17,591			17,712			15,650
Amortized		418			400			377			328			175
Premises and equipment, net		4,973			4,864			4,698			4,645			4,529
Goodwill		11,983			11,275			11,275			11,192			11,091
Other assets		31,966			27,632			29,543			30,737			32,792
Total assets	$	539,865		$	485,901		$	481,996		$	483,441		$	499,516
LIABILITIES
Noninterest-bearing deposits	$	89,809		$	89,067		$	89,119		$	86,849		$	89,448
Interest-bearing deposits		234,934			222,090			221,124			227,470			237,004
Total deposits		324,743			311,157			310,243			314,319			326,452
Short-term borrowings		40,838			13,181			12,829			13,800			13,619
Accrued expenses and other liabilities		33,153			25,101			25,903			26,369			33,794
Long-term debt		93,830			90,327			87,145			84,091			83,757
Total liabilities		492,564			439,766			436,120			438,579			457,622
STOCKHOLDERS’ EQUITY
Preferred stock		637			740			384			465			548
Common stock		5,788			5,788			5,788			5,788			5,788
Additional paid-in capital		8,027			7,875			7,739			7,667			7,562
Retained earnings		37,665			36,439			35,277			34,080			31,964
Cumulative other comprehensive income (loss)		(236	)		289			302			633			155
Treasury stock		(3,898	)		(4,204	)		(3,203	)		(3,273	)		(3,537	)
Unearned ESOP shares		(682	)		(792	)		(411	)		(498	)		(586	)
Total stockholders’ equity		47,301			46,135			45,876			44,862			41,894
Total liabilities and stockholders’ equity	$	539,865		$	485,901		$	481,996		$	483,441		$	499,516

- 17 -

Wells Fargo & Company and Subsidiaries
FIVE QUARTER AVERAGE BALANCES

	Quarter ended
	June 30		,	Mar. 31		,	Dec. 31		,	Sept. 30		,	June 30		,
(in millions)	2007			2007			2006			2006			2006
EARNING ASSETS
Federal funds sold, securities purchased under resale agreements and other short-term investments	$	4,849		$	5,867		$	7,751		$	4,247		$	4,855
Trading assets		4,572			4,305			3,950			3,880			5,938
Debt securities available for sale:
Securities of U.S. Treasury and federal agencies		839			753			786			912			935
Securities of U.S. states and political subdivisions		4,383			3,532			3,406			3,240			3,013
Mortgage-backed securities:
Federal agencies		35,406			30,640			31,718			47,009			40,160
Private collateralized mortgage obligations		3,816			3,993			5,130			7,696			7,176
Total mortgage-backed securities		39,222			34,633			36,848			54,705			47,336
Other debt securities (1)		5,090			5,778			6,406			6,865			6,246
Total debt securities available for sale (1)		49,534			44,696			47,446			65,722			57,530
Mortgages held for sale (2)		36,060			32,343			37,878			42,369			51,675
Loans held for sale		864			794			659			622			585
Loans:
Commercial and commercial real estate:
Commercial		73,932			71,063			68,402			66,216			65,424
Other real estate mortgage		31,736			30,590			29,882			29,851			28,938
Real estate construction		16,393			15,892			15,775			15,073			14,517
Lease financing		5,559			5,503			5,500			5,385			5,429
Total commercial and commercial real estate		127,620			123,048			119,559			116,525			114,308
Consumer:
Real estate 1-4 family first mortgage		58,283			54,444			50,836			50,138			55,019
Real estate 1-4 family junior lien mortgage		70,390			69,079			68,208			65,991			62,740
Credit card		14,950			14,557			13,737			12,810			11,947
Other revolving credit and installment		53,464			53,539			53,206			51,988			50,098
Total consumer		197,087			191,619			185,987			180,927			179,804
Foreign		7,263			6,762			6,620			6,528			6,276
Total loans (2)		331,970			321,429			312,166			303,980			300,388
Other		1,329			1,327			1,333			1,348			1,363
Total earning assets	$	429,178		$	410,761		$	411,183		$	422,168		$	422,334
FUNDING SOURCES
Deposits:
Interest-bearing checking	$	5,193		$	4,615		$	4,477		$	4,370		$	4,288
Market rate and other savings		145,185			140,934			135,673			132,906			134,182
Savings certificates		39,729			38,514			36,382			33,909			30,308
Other time deposits		4,574			9,312			19,838			36,920			38,288
Deposits in foreign offices		32,841			27,647			24,425			22,303			20,898
Total interest-bearing deposits		227,522			221,022			220,795			230,408			227,964
Short-term borrowings		21,066			11,498			13,470			21,539			24,836
Long-term debt		90,931			89,027			85,809			84,112			84,486
Total interest-bearing liabilities		339,519			321,547			320,074			336,059			337,286
Portion of noninterest-bearing funding sources		89,659			89,214			91,109			86,109			85,048
Total funding sources	$	429,178		$	410,761		$	411,183		$	422,168		$	422,334
NONINTEREST-EARNING ASSETS
Cash and due from banks	$	11,655		$	11,862		$	12,379		$	12,159		$	12,437
Goodwill		11,435			11,274			11,259			11,156			11,075
Other		50,418			48,208			47,764			49,196			45,610
Total noninterest-earning assets	$	73,508		$	71,344		$	71,402		$	72,511		$	69,122
NONINTEREST-BEARING FUNDING SOURCES
Deposits	$	91,256		$	88,769		$	91,259		$	89,245		$	88,917
Other liabilities		25,159			25,474			25,687			25,839			22,835
Stockholders’ equity		46,752			46,315			45,565			43,536			42,418
Noninterest-bearing funding sources used to fund earning assets		(89,659	)		(89,214	)		(91,109	)		(86,109	)		(85,048	)
Net noninterest-bearing funding sources	$	73,508		$	71,344		$	71,402		$	72,511		$	69,122
TOTAL ASSETS	$	502,686		$	482,105		$	482,585		$	494,679		$	491,456

(1)	Includes certain preferred securities.
(2)	Nonaccrual loans are included in their respective loan categories.

- 18 -

Wells Fargo & Company and Subsidiaries
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY

	Six months ended June 30					,
(in millions)	2007			2006
Balance, beginning of period	$	45,876		$	40,660
Cumulative effect from adoption of:
FAS 156 (1)		—			101
FSP 13-2 (2)		(71	)		—
Net income		4,523			4,107
Other comprehensive income (loss), net of tax, related to:
Translation adjustments		12			4
Investment securities and other interests held		(533	)		(592	)
Derivative instruments and hedging activities		(29	)		81
Defined benefit pension plans		12			(3	)
Common stock issued		995			931
Common stock issued for acquisitions		646			—
Common stock repurchased		(2,689	)		(1,185	)
Preferred stock released to ESOP		231			191
Common stock dividends		(1,885	)		(2,692	)
Other, net		213			291
Balance, end of period	$	47,301		$	41,894

(1)	Financial Accounting Standard No. 156, Accounting for Servicing of Financial Assets - an amendment of FASB Statement No. 140.
(2)	FASB Staff Position 13-2, Accounting for a Change or Projected Change in the Timing of Cash Flows Related to Income Taxes Generated by a Leveraged Lease Transaction.

- 19 -

Wells Fargo & Company and Subsidiaries
FIVE QUARTER LOANS

	June 30		,	Mar. 31		,	Dec. 31		,	Sept. 30		,	June 30		,
(in millions)	2007			2007			2006			2006			2006
Commercial and commercial real estate:
Commercial	$	77,560		$	72,268		$	70,404		$	66,797		$	66,014
Other real estate mortgage		32,336			31,542			30,112			29,914			29,281
Real estate construction		16,552			15,869			15,935			15,397			14,764
Lease financing		5,979			5,494			5,614			5,443			5,301
Total commercial and commercial real estate		132,427			125,173			122,065			117,551			115,360
Consumer:
Real estate 1-4 family first mortgage		61,177			55,982			53,228			49,765			50,491
Real estate 1-4 family junior lien mortgage		72,398			69,489			68,926			67,185			64,727
Credit card		15,567			14,594			14,697			13,343			12,387
Other revolving credit and installment		53,701			53,445			53,534			53,080			51,236
Total consumer		202,843			193,510			190,385			183,373			178,841
Foreign		7,530			6,804			6,666			6,567			6,421
Total loans (net of unearned income)	$	342,800		$	325,487		$	319,116		$	307,491		$	300,622

FIVE QUARTER NONACCRUAL LOANS AND OTHER ASSETS

	June 30		,	Mar. 31		,	Dec. 31		,	Sept. 30		,	June 30		,
(in millions)	2007			2007			2006			2006			2006
Nonaccrual loans:
Commercial and commercial real estate:
Commercial	$	395		$	350		$	331		$	256		$	253
Other real estate mortgage		129			114			105			116			137
Real estate construction		81			82			78			90			31
Lease financing		29			31			29			27			26
Total commercial and commercial real estate		634			577			543			489			447
Consumer:
Real estate 1-4 family first mortgage (1)		663			701			688			595			585
Real estate 1-4 family junior lien mortgage		228			233			212			200			179
Other revolving credit and installment		155			195			180			167			139
Total consumer		1,046			1,129			1,080			962			903
Foreign		53			46			43			38			45
Total nonaccrual loans		1,733			1,752			1,666			1,489			1,395
As a percentage of total loans		0.51	%		0.54	%		0.52	%		0.48	%		0.46	%
Foreclosed assets:
GNMA loans (2)		423			381			322			266			238
Other		554			528			423			342			275
Real estate and other nonaccrual investments (3)		5			5			5			3			9
Total nonaccrual loans and other assets	$	2,715		$	2,666		$	2,416		$	2,100		$	1,917
As a percentage of total loans		0.79	%		0.82	%		0.76	%		0.68	%		0.64	%

(1)	Includes nonaccrual mortgages held for sale.
(2)	Consistent with regulatory reporting requirements, foreclosed real estate securing Government National Mortgage Association (GNMA) loans is classified as nonperforming. Both principal and interest for GNMA loans secured by the foreclosed real estate are fully collectible because the GNMA loans are insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs.
(3)	Includes real estate investments (contingent interest loans accounted for as investments) that would be classified as nonaccrual if these assets were recorded as loans.

- 20 -

Wells Fargo & Company and Subsidiaries
CHANGES IN THE ALLOWANCE FOR CREDIT LOSSES

	Quarter ended									Six months ended
	June 30		,	Mar. 31		,	June 30		,	June 30		,	June 30		,
(in millions)	2007			2007			2006			2007			2006
Balance, beginning of period	$	3,965		$	3,964		$	4,025		$	3,964		$	4,057
Provision for credit losses		720			715			432			1,435			865
Loan charge-offs:
Commercial and commercial real estate:
Commercial		(127	)		(126	)		(93	)		(253	)		(172	)
Other real estate mortgage		(1	)		(1	)		(1	)		(2	)		(2	)
Real estate construction		(2	)		—			—			(2	)		—
Lease financing		(9	)		(7	)		(7	)		(16	)		(16	)
Total commercial and commercial real estate		(139	)		(134	)		(101	)		(273	)		(190	)
Consumer:
Real estate 1-4 family first mortgage		(25	)		(24	)		(22	)		(49	)		(51	)
Real estate 1-4 family junior lien mortgage		(107	)		(83	)		(28	)		(190	)		(62	)
Credit card		(191	)		(183	)		(113	)		(374	)		(218	)
Other revolving credit and installment		(434	)		(474	)		(349	)		(908	)		(671	)
Total consumer		(757	)		(764	)		(512	)		(1,521	)		(1,002	)
Foreign		(64	)		(62	)		(74	)		(126	)		(148	)
Total loan charge-offs		(960	)		(960	)		(687	)		(1,920	)		(1,340	)
Loan recoveries:
Commercial and commercial real estate:
Commercial		25			24			31			49			58
Other real estate mortgage		3			2			5			5			6
Real estate construction		—			1			1			1			2
Lease financing		4			5			6			9			12
Total commercial and commercial real estate		32			32			43			64			78
Consumer:
Real estate 1-4 family first mortgage		6			6			9			12			12
Real estate 1-4 family junior lien mortgage		16			9			10			25			18
Credit card		30			31			25			61			49
Other revolving credit and installment		139			149			148			288			277
Total consumer		191			195			192			386			356
Foreign		17			18			20			35			41
Total loan recoveries		240			245			255			485			475
Net loan charge-offs		(720	)		(715	)		(432	)		(1,435	)		(865	)
Allowances related to business combinations/other		42			1			10			43			(22	)
Balance, end of period	$	4,007		$	3,965		$	4,035		$	4,007		$	4,035
Components:
Allowance for loan losses	$	3,820		$	3,772		$	3,851		$	3,820		$	3,851
Reserve for unfunded credit commitments		187			193			184			187			184
Allowance for credit losses	$	4,007		$	3,965		$	4,035		$	4,007		$	4,035
Net loan charge-offs (annualized) as a percentage of average total loans		0.87	%		0.90	%		0.58	%		0.89	%		0.57	%

- 21 -

Wells Fargo & Company and Subsidiaries
FIVE QUARTER CHANGES IN THE ALLOWANCE FOR CREDIT LOSSES

	Quarter ended
	June 30		,	Mar. 31		,	Dec. 31		,	Sept. 30		,	June 30		,
(in millions)	2007			2007			2006			2006			2006
Balance, beginning of quarter	$	3,965		$	3,964		$	3,978		$	4,035		$	4,025
Provision for credit losses		720			715			726			613			432
Loan charge-offs:
Commercial and commercial real estate:
Commercial		(127	)		(126	)		(139	)		(103	)		(93	)
Other real estate mortgage		(1	)		(1	)		(2	)		(1	)		(1	)
Real estate construction		(2	)		—			(1	)		(1	)		—
Lease financing		(9	)		(7	)		(8	)		(6	)		(7	)
Total commercial and commercial real estate		(139	)		(134	)		(150	)		(111	)		(101	)
Consumer:
Real estate 1-4 family first mortgage		(25	)		(24	)		(22	)		(30	)		(22	)
Real estate 1-4 family junior lien mortgage		(107	)		(83	)		(56	)		(36	)		(28	)
Credit card		(191	)		(183	)		(154	)		(133	)		(113	)
Other revolving credit and installment		(434	)		(474	)		(513	)		(501	)		(349	)
Total consumer		(757	)		(764	)		(745	)		(700	)		(512	)
Foreign		(64	)		(62	)		(59	)		(74	)		(74	)
Total loan charge-offs		(960	)		(960	)		(954	)		(885	)		(687	)
Loan recoveries:
Commercial and commercial real estate:
Commercial		25			24			27			26			31
Other real estate mortgage		3			2			5			8			5
Real estate construction		—			1			1			—			1
Lease financing		4			5			5			4			6
Total commercial and commercial real estate		32			32			38			38			43
Consumer:
Real estate 1-4 family first mortgage		6			6			6			8			9
Real estate 1-4 family junior lien mortgage		16			9			9			9			10
Credit card		30			31			24			23			25
Other revolving credit and installment		139			149			136			124			148
Total consumer		191			195			175			164			192
Foreign		17			18			15			20			20
Total loan recoveries		240			245			228			222			255
Net loan charge-offs		(720	)		(715	)		(726	)		(663	)		(432	)
Allowances related to business combinations/other		42			1			(14	)		(7	)		10
Balance, end of quarter	$	4,007		$	3,965		$	3,964		$	3,978		$	4,035
Components:
Allowance for loan losses	$	3,820		$	3,772		$	3,764		$	3,799		$	3,851
Reserve for unfunded credit commitments		187			193			200			179			184
Allowance for credit losses	$	4,007		$	3,965		$	3,964		$	3,978		$	4,035
Net loan charge-offs (annualized) as a percentage of average total loans		0.87	%		0.90	%		0.92	%		0.86	%		0.58	%
Allowance for loan losses as a percentage of:
Total loans		1.11	%		1.16	%		1.18	%		1.24	%		1.28	%
Nonaccrual loans		220			215			226			255			276
Nonaccrual loans and other assets		141			141			156			181			201
Allowance for credit losses as a percentage of:
Total loans		1.17	%		1.22	%		1.24	%		1.29	%		1.34	%
Nonaccrual loans		231			226			238			267			289
Nonaccrual loans and other assets		148			149			164			189			210

- 22 -

Wells Fargo & Company and Subsidiaries
NONINTEREST INCOME

	Quarter ended June 30					,	%			Six months ended June 30					,	%
(in millions)	2007			2006			Change			2007			2006			Change
Service charges on deposit accounts	$	740		$	665			11	%	$	1,425		$	1,288			11	%
Trust and investment fees:
Trust, investment and IRA fees		610			509			20			1,147			1,000			15
Commissions and all other fees		229			166			38			423			338			25
Total trust and investment fees		839			675			24			1,570			1,338			17
Card fees		517			418			24			987			802			23
Other fees:
Cash network fees		50			48			4			95			92			3
Charges and fees on loans		253			249			2			491			491			—
All other fees		335			213			57			563			415			36
Total other fees		638			510			25			1,149			998			15
Mortgage banking:
Servicing income, net		(45	)		310			—			171			391			(56	)
Net gains on mortgage loan origination/sales activities		635			359			77			1,130			632			79
All other		99			66			50			178			127			40
Total mortgage banking		689			735			(6	)		1,479			1,150			29
Operating leases		187			200			(7	)		379			401			(5	)
Insurance		432			364			19			831			728			14
Trading assets		260			91			186			525			225			133
Net losses on debt securities available for sale		(42	)		(156	)		(73	)		(11	)		(191	)		(94	)
Net gains from equity investments		242			133			82			339			323			5
All other		193			170			14			453			428			6
Total	$	4,695		$	3,805			23		$	9,126		$	7,490			22

NONINTEREST EXPENSE

	Quarter ended June 30				,	%			Six months ended June 30				,	%
(in millions)	2007		2006			Change			2007		2006			Change
Salaries	$	1,907	$	1,754			9	%	$	3,774	$	3,426			10	%
Incentive compensation		900		714			26			1,642		1,382			19
Employee benefits		581		487			19			1,246		1,076			16
Equipment		292		284			3			629		619			2
Net occupancy		369		345			7			734		681			8
Operating leases		148		157			(6	)		301		318			(5	)
Outside professional services		235		236			—			427		429			—
Contract services		113		139			(19	)		231		271			(15	)
Travel and entertainment		118		139			(15	)		227		269			(16	)
Advertising and promotion		113		125			(10	)		204		231			(12	)
Outside data processing		121		109			11			232		213			9
Postage		85		79			8			172		160			8
Telecommunications		81		73			11			162		143			13
Insurance		148		99			49			276		175			58
Stationery and supplies		52		55			(5	)		105		106			(1	)
Operating losses		57		45			27			144		107			35
Security		44		44			—			87		87			—
Core deposit intangibles		27		28			(4	)		53		57			(7	)
All other		336		264			27			607		500			21
Total	$	5,727	$	5,176			11		$	11,253	$	10,250			10

- 23 -

Wells Fargo & Company and Subsidiaries
FIVE QUARTER NONINTEREST INCOME

	Quarter ended
	June 30		,	Mar. 31		,	Dec. 31		,	Sept. 30		,	June 30		,
(in millions)	2007			2007			2006			2006			2006
Service charges on deposit accounts	$	740		$	685		$	695		$	707		$	665
Trust and investment fees:
Trust, investment and IRA fees		610			537			525			508			509
Commissions and all other fees		229			194			210			156			166
Total trust and investment fees		839			731			735			664			675
Card fees		517			470			481			464			418
Other fees:
Cash network fees		50			45			44			48			48
Charges and fees on loans		253			238			241			244			249
All other fees		335			228			265			217			213
Total other fees		638			511			550			509			510
Mortgage banking:
Servicing income, net		(45	)		216			314			188			310
Net gains on mortgage loan origination/sales activities		635			495			305			179			359
All other		99			79			58			117			66
Total mortgage banking		689			790			677			484			735
Operating leases		187			192			190			192			200
Insurance		432			399			299			313			364
Trading assets		260			265			213			106			91
Net gains (losses) on debt securities available for sale		(42	)		31			51			121			(156	)
Net gains from equity investments		242			97			256			159			133
All other		193			260			216			168			170
Total	$	4,695		$	4,431		$	4,363		$	3,887		$	3,805

FIVE QUARTER NONINTEREST EXPENSE

	Quarter ended
	June 30		,	Mar. 31		,	Dec. 31		,	Sept. 30		,	June 30		,
(in millions)	2007			2007			2006			2006			2006
Salaries	$	1,907		$	1,867		$	1,812		$	1,769		$	1,754
Incentive compensation		900			742			793			710			714
Employee benefits		581			665			501			458			487
Equipment		292			337			339			294			284
Net occupancy		369			365			367			357			345
Operating leases		148			153			157			155			157
Outside professional services		235			192			273			240			236
Contract services		113			118			165			143			139
Travel and entertainment		118			109			141			132			139
Advertising and promotion		113			91			102			123			125
Outside data processing		121			111			113			111			109
Postage		85			87			77			75			79
Telecommunications		81			81			66			70			73
Insurance		148			128			39			43			99
Stationery and supplies		52			53			60			57			55
Operating losses		57			87			40			33			45
Security		44			43			49			43			44
Core deposit intangibles		27			26			27			28			28
All other		336			271			290			240			264
Total	$	5,727		$	5,526		$	5,411		$	5,081		$	5,176

- 24 -

Wells Fargo & Company and Subsidiaries
AVERAGE BALANCES, YIELDS AND RATES PAID (TAXABLE-EQUIVALENT BASIS) (1)(2)

	Quarter ended June 30																,
	2007								2006
							Interest								Interest
	Average			Yields/			income/		Average			Yields/			income/
(in millions)	balance			rates			expense		balance			rates			expense
EARNING ASSETS
Federal funds sold, securities purchased under resale agreements and other short-term investments	$	4,849			5.09	%	$	61	$	4,855			4.60	%	$	56
Trading assets		4,572			4.83			55		5,938			5.03			75
Debt securities available for sale (3):
Securities of U.S. Treasury and federal agencies		839			4.28			9		935			4.43			11
Securities of U.S. states and political subdivisions		4,383			7.42			79		3,013			8.24			60
Mortgage-backed securities:
Federal agencies		35,406			6.09			533		40,160			5.97			601
Private collateralized mortgage obligations		3,816			6.41			61		7,176			6.70			119
Total mortgage-backed securities		39,222			6.13			594		47,336			6.07			720
Other debt securities (4)		5,090			7.61			96		6,246			6.70			104
Total debt securities available for sale (4)		49,534			6.36			778		57,530			6.22			895
Mortgages held for sale (5)		36,060			6.42			578		51,675			6.25			808
Loans held for sale		864			7.74			17		585			7.35			11
Loans:
Commercial and commercial real estate:
Commercial		73,932			8.31			1,531		65,424			8.12			1,324
Other real estate mortgage		31,736			7.48			592		28,938			7.29			526
Real estate construction		16,393			7.97			326		14,517			7.91			286
Lease financing		5,559			5.95			83		5,429			5.75			78
Total commercial and commercial real estate		127,620			7.96			2,532		114,308			7.77			2,214
Consumer:
Real estate 1-4 family first mortgage		58,283			7.36			1,071		55,019			7.36			1,011
Real estate 1-4 family junior lien mortgage		70,390			8.20			1,440		62,740			7.92			1,239
Credit card		14,950			14.46			540		11,947			13.18			393
Other revolving credit and installment		53,464			9.78			1,303		50,098			9.56			1,194
Total consumer		197,087			8.85			4,354		179,804			8.55			3,837
Foreign		7,263			12.00			218		6,276			12.61			198
Total loans (5)		331,970			8.58			7,104		300,388			8.34			6,249
Other		1,329			5.23			18		1,363			4.97			16
Total earning assets	$	429,178			8.05			8,611	$	422,334			7.70			8,110
FUNDING SOURCES
Deposits:
Interest-bearing checking	$	5,193			3.24			42	$	4,288			2.80			30
Market rate and other savings		145,185			2.82			1,022		134,182			2.29			766
Savings certificates		39,729			4.38			433		30,308			3.69			279
Other time deposits		4,574			4.82			55		38,288			5.03			479
Deposits in foreign offices		32,841			4.75			389		20,898			4.59			240
Total interest-bearing deposits		227,522			3.42			1,941		227,964			3.16			1,794
Short-term borrowings		21,066			5.06			265		24,836			4.68			289
Long-term debt		90,931			5.17			1,174		84,486			4.79			1,010
Total interest-bearing liabilities		339,519			3.99			3,380		337,286			3.68			3,093
Portion of noninterest-bearing funding sources		89,659			—			—		85,048			—			—
Total funding sources	$	429,178			3.16			3,380	$	422,334			2.94			3,093
Net interest margin and net interest income on a taxable-equivalent basis (6)					4.89	%	$	5,231					4.76	%	$	5,017
NONINTEREST-EARNING ASSETS
Cash and due from banks	$	11,655							$	12,437
Goodwill		11,435								11,075
Other		50,418								45,610
Total noninterest-earning assets	$	73,508							$	69,122
NONINTEREST-BEARING FUNDING SOURCES
Deposits	$	91,256							$	88,917
Other liabilities		25,159								22,835
Stockholders’ equity		46,752								42,418
Noninterest-bearing funding sources used to fund earning assets		(89,659	)							(85,048	)
Net noninterest-bearing funding sources	$	73,508							$	69,122
TOTAL ASSETS	$	502,686							$	491,456

(1)	Our average prime rate was 8.25% and 7.90% for the quarters ended June 30, 2007 and 2006, respectively. The average three-month London Interbank Offered Rate (LIBOR) was 5.36% and 5.21% for the same quarters, respectively.
(2)	Interest rates and amounts include the effects of hedge and risk management activities associated with the respective asset and liability categories.
(3)	Yields are based on amortized cost balances computed on a settlement date basis.
(4)	Includes certain preferred securities.
(5)	Nonaccrual loans and related income are included in their respective loan categories.
(6)	Includes taxable-equivalent adjustments primarily related to tax-exempt income on certain loans and securities. The federal statutory tax rate was 35% for the periods presented.

- 25 -

Wells Fargo & Company and Subsidiaries
AVERAGE BALANCES, YIELDS AND RATES PAID (TAXABLE-EQUIVALENT BASIS) (1)(2)

	Six months ended June 30																,
	2007								2006
							Interest								Interest
	Average			Yields/			income/		Average			Yields/			income/
(in millions)	balance			rates			expense		balance			rates			expense
EARNING ASSETS
Federal funds sold, securities purchased under resale agreements and other short-term investments	$	5,355			5.13	%	$	136	$	5,023			4.40	%	$	110
Trading assets		4,439			5.17			114		6,018			4.82			144
Debt securities available for sale (3):
Securities of U.S. Treasury and federal agencies		796			4.29			17		901			4.36			20
Securities of U.S. states and political subdivisions		3,960			7.40			142		3,059			8.18			120
Mortgage-backed securities:
Federal agencies		33,036			6.14			1,000		33,973			5.94			1,007
Private collateralized mortgage obligations		3,904			6.37			123		6,870			6.58			223
Total mortgage-backed securities		36,940			6.16			1,123		40,843			6.05			1,230
Other debt securities (4)		5,433			7.52			202		5,766			7.23			208
Total debt securities available for sale (4)		47,129			6.39			1,484		50,569			6.28			1,578
Mortgages held for sale (5)		34,212			6.48			1,108		45,632			6.21			1,417
Loans held for sale		829			7.78			32		618			7.13			22
Loans:
Commercial and commercial real estate:
Commercial		72,505			8.30			2,986		64,104			7.92			2,519
Other real estate mortgage		31,166			7.45			1,152		28,813			7.15			1,023
Real estate construction		16,144			7.99			640		14,186			7.75			545
Lease financing		5,531			5.84			162		5,432			5.78			157
Total commercial and commercial real estate		125,346			7.94			4,940		112,535			7.60			4,244
Consumer:
Real estate 1-4 family first mortgage		56,374			7.34			2,066		64,648			7.06			2,270
Real estate 1-4 family junior lien mortgage		69,738			8.19			2,833		61,364			7.79			2,370
Credit card		14,755			14.01			1,033		11,856			13.20			782
Other revolving credit and installment		53,501			9.76			2,590		49,218			9.48			2,314
Total consumer		194,368			8.82			8,522		187,086			8.32			7,736
Foreign		7,015			11.78			410		6,110			12.59			383
Total loans (5)		326,729			8.55			13,872		305,731			8.14			12,363
Other		1,327			5.17			34		1,376			4.80			32
Total earning assets	$	420,020			8.05			16,780	$	414,967			7.59			15,666
FUNDING SOURCES
Deposits:
Interest-bearing checking	$	4,905			3.24			79	$	4,179			2.52			52
Market rate and other savings		143,071			2.80			1,985		134,205			2.18			1,453
Savings certificates		39,125			4.40			854		29,517			3.58			524
Other time deposits		6,931			5.03			173		36,020			4.77			852
Deposits in foreign offices		30,258			4.71			707		18,041			4.41			395
Total interest-bearing deposits		224,290			3.41			3,798		221,962			2.98			3,276
Short-term borrowings		16,308			4.96			401		25,504			4.42			559
Long-term debt		89,984			5.16			2,312		83,094			4.64			1,920
Total interest-bearing liabilities		330,582			3.97			6,511		330,560			3.51			5,755
Portion of noninterest-bearing funding sources		89,438			—			—		84,407			—			—
Total funding sources	$	420,020			3.13			6,511	$	414,967			2.79			5,755
Net interest margin and net interest income on a taxable-equivalent basis (6)					4.92	%	$	10,269					4.80	%	$	9,911
NONINTEREST-EARNING ASSETS
Cash and due from banks	$	11,758							$	12,666
Goodwill		11,355								11,019
Other		49,320								44,719
Total noninterest-earning assets	$	72,433							$	68,404
NONINTEREST-BEARING FUNDING SOURCES
Deposits	$	90,020							$	87,963
Other liabilities		25,316								23,076
Stockholders’ equity		46,535								41,772
Noninterest-bearing funding sources used to fund earning assets		(89,438	)							(84,407	)
Net noninterest-bearing funding sources	$	72,433							$	68,404
TOTAL ASSETS	$	492,453							$	483,371

(1)	Our average prime rate was 8.25% and 7.66% for the six months ended June 30, 2007 and 2006, respectively. The average three-month London Interbank Offered Rate (LIBOR) was 5.36% and 4.99% for the same periods, respectively.
(2)	Interest rates and amounts include the effects of hedge and risk management activities associated with the respective asset and liability categories.
(3)	Yields are based on amortized cost balances computed on a settlement date basis.
(4)	Includes certain preferred securities.
(5)	Nonaccrual loans and related income are included in their respective loan categories.
(6)	Includes taxable-equivalent adjustments primarily related to tax-exempt income on certain loans and securities. The federal statutory tax rate was 35% for the periods presented.

- 26 -

Wells Fargo & Company and Subsidiaries
OPERATING SEGMENT RESULTS (1)

(income/expense in millions,	Community				Wholesale					Wells Fargo				Consolidated
average balances in billions)	Banking				Banking					Financial				Company
Quarter ended June 30,		2007		2006		2007		2006			2007		2006		2007		2006
Net interest income	$	3,299	$	3,321	$	814	$	706		$	1,083	$	957	$	5,196	$	4,984
Provision (reversal of provision) for credit losses		353		187		1		(7	)		366		252		720		432
Noninterest income		3,031		2,398		1,336		1,085			328		322		4,695		3,805
Noninterest expense		3,667		3,485		1,269		1,018			791		673		5,727		5,176
Income before income tax expense		2,310		2,047		880		780			254		354		3,444		3,181
Income tax expense		757		690		310		274			98		128		1,165		1,092
Net income	$	1,553	$	1,357	$	570	$	506		$	156	$	226	$	2,279	$	2,089
Average loans	$	186.6	$	173.9	$	81.4	$	70.4		$	64.0	$	56.1	$	332.0	$	300.4
Average assets (2)		320.0		327.2		107.1		97.2			69.8		61.3		502.7		491.5
Average core deposits		250.9		232.0		49.6		32.0			—		0.1		300.5		264.1
Six months ended June 30,
Net interest income	$	6,523	$	6,577	$	1,595	$	1,386		$	2,088	$	1,891	$	10,206	$	9,854
Provision (reversal of provision) for credit losses		659		376		14		(9	)		762		498		1,435		865
Noninterest income		5,878		4,541		2,601		2,181			647		768		9,126		7,490
Noninterest expense		7,307		6,872		2,406		2,010			1,540		1,368		11,253		10,250
Income before income tax expense		4,435		3,870		1,776		1,566			433		793		6,644		6,229
Income tax expense		1,330		1,283		626		549			165		290		2,121		2,122
Net income	$	3,105	$	2,587	$	1,150	$	1,017		$	268	$	503	$	4,523	$	4,107
Average loans	$	183.7	$	182.1	$	79.7	$	69.0		$	63.3	$	54.6	$	326.7	$	305.7
Average assets (2)		313.6		321.0		104.1		96.6			69.0		60.0		492.5		483.4
Average core deposits		247.4		230.5		48.2		30.2			—		0.1		295.6		260.8

(1)

The management accounting process measures the performance of the operating segments based on our management structure and is not necessarily comparable with other similar information for other financial services companies. We define our operating segments by product type and customer segment. If the management structure and/or the allocation process changes, allocations, transfers and assignments may change. To reflect a change in the allocation of income taxes for management reporting adopted in second quarter 2007, results for prior periods have been revised.

(2)

The Consolidated Company balance includes unallocated goodwill held at the enterprise level of $5.8 billion for all periods presented.

- 27 -

Wells Fargo & Company and Subsidiaries
FIVE QUARTER OPERATING SEGMENT RESULTS (1)

	Quarter ended
	June 30		,	Mar. 31		,	Dec. 31		,	Sept. 30		,	June 30		,
(income/expense in millions, average balances in billions)	2007			2007			2006			2006			2006
COMMUNITY BANKING
Net interest income	$	3,299		$	3,224		$	3,248		$	3,292		$	3,321
Provision for credit losses		353			306			275			236			187
Noninterest income		3,031			2,847			2,882			2,492			2,398
Noninterest expense		3,667			3,640			3,558			3,392			3,485
Income before income tax expense		2,310			2,125			2,297			2,156			2,047
Income tax expense		757			573			765			663			690
Net income	$	1,553		$	1,552		$	1,532		$	1,493		$	1,357
Average loans	$	186.6		$	180.8		$	175.7		$	172.5		$	173.9
Average assets		320.0			307.0			311.9			326.7			327.2
Average core deposits		250.9			243.9			239.8			233.1			232.0
WHOLESALE BANKING
Net interest income	$	814		$	781		$	787		$	751		$	706
Provision (reversal of provision) for credit losses		1			13			25			—			(7	)
Noninterest income		1,336			1,265			1,096			1,033			1,085
Noninterest expense		1,269			1,137			1,105			999			1,018
Income before income tax expense		880			896			753			785			780
Income tax expense		310			316			262			275			274
Net income	$	570		$	580		$	491		$	510		$	506
Average loans	$	81.4		$	77.9		$	75.0		$	72.3		$	70.4
Average assets		107.1			101.0			97.9			97.5			97.2
Average core deposits		49.6			46.7			44.0			36.5			32.0
WELLS FARGO FINANCIAL
Net interest income	$	1,083		$	1,005		$	1,015		$	1,004		$	957
Provision for credit losses		366			396			426			377			252
Noninterest income		328			319			385			362			322
Noninterest expense		791			749			748			690			673
Income before income tax expense		254			179			226			299			354
Income tax expense		98			67			68			108			128
Net income	$	156		$	112		$	158		$	191		$	226
Average loans	$	64.0		$	62.7		$	61.5		$	59.2		$	56.1
Average assets		69.8			68.3			67.0			64.7			61.3
Average core deposits		—			—			—			0.1			0.1
CONSOLIDATED COMPANY
Net interest income	$	5,196		$	5,010		$	5,050		$	5,047		$	4,984
Provision for credit losses		720			715			726			613			432
Noninterest income		4,695			4,431			4,363			3,887			3,805
Noninterest expense		5,727			5,526			5,411			5,081			5,176
Income before income tax expense		3,444			3,200			3,276			3,240			3,181
Income tax expense		1,165			956			1,095			1,046			1,092
Net income	$	2,279		$	2,244		$	2,181		$	2,194		$	2,089
Average loans	$	332.0		$	321.4		$	312.2		$	304.0		$	300.4
Average assets (2)		502.7			482.1			482.6			494.7			491.5
Average core deposits		300.5			290.6			283.8			269.7			264.1

(1)

The management accounting process measures the performance of the operating segments based on our management structure and is not necessarily comparable with other similar information for other financial services companies. We define our operating segments by product type and customer segment. If the management structure and/or the allocation process changes, allocations, transfers and assignments may change. To reflect a change in the allocation of income taxes for management reporting adopted in second quarter 2007, results for prior periods have been revised.

(2)

The Consolidated Company includes unallocated goodwill held at the enterprise level of $5.8 billion for all periods presented.

- 28 -

Wells Fargo & Company and Subsidiaries
FIVE QUARTER CONSOLIDATED MORTGAGE SERVICING

	Quarter ended
	June 30		,	Mar. 31		,	Dec. 31		,	Sept. 30		,	June 30		,
(in millions)	2007			2007			2006			2006			2006
Residential MSRs measured using the fair value method:
Fair value, beginning of quarter	$	17,779		$	17,591		$	17,712		$	15,650		$	13,800
Purchases		142			159			222			2,907			511
Servicing from securitizations or asset transfers		1,029			828			843			965			1,310
Sales		(1,422	)		—			(469	)		—			—
Changes in fair value:
Due to changes in valuation model inputs or assumptions (1)		2,013			(11	)		66			(1,147	)		550
Other changes in fair value (2)		(808	)		(788	)		(783	)		(663	)		(521	)
Fair value, end of quarter	$	18,733		$	17,779		$	17,591		$	17,712		$	15,650

(1)	Principally reflects changes in discount rates and prepayment speed assumptions, mostly due to changes in interest rates.
(2)	Represents changes due to collection/realization of expected cash flows over time.

	Quarter ended
	June 30		,	Mar. 31		,	Dec. 31		,	Sept. 30		,	June 30		,
(in millions)	2007			2007			2006			2006			2006
Amortized MSRs:
Balance, beginning of quarter	$	400		$	377		$	328		$	175		$	142
Purchases		26			29			53			161			39
Servicing from securitizations or asset transfers		11			10			9			2			—
Amortization		(19	)		(16	)		(13	)		(10	)		(6	)
Balance, end of quarter (1)	$	418		$	400		$	377		$	328		$	175
Fair value of amortized MSRs:
Beginning of quarter	$	484		$	457		$	440		$	252		$	205
End of quarter		561			484			457			440			252

(1) There was no valuation allowance recorded for the periods presented.

- 29 -

Wells Fargo & Company and Subsidiaries
FIVE QUARTER CONSOLIDATED MORTGAGE SERVICING (CONTINUED)

	Quarter ended
	June 30		,	Mar. 31		,	Dec. 31		,	Sept. 30		,	June 30		,
(in millions)	2007			2007			2006			2006			2006
Servicing income, net:
Servicing fees (1)	$	1,007		$	1,054		$	1,011		$	947		$	820
Changes in fair value of residential MSRs:
Due to changes in valuation model inputs or assumptions (2)		2,013			(11	)		66			(1,147	)		550
Other changes in fair value (3)		(808	)		(788	)		(783	)		(663	)		(521	)
Amortization		(19	)		(16	)		(13	)		(10	)		(6	)
Net derivative gains (losses) from economic hedges (4)		(2,238	)		(23	)		33			1,061			(533	)
Total servicing income, net	$	(45	)	$	216		$	314		$	188		$	310
Market-related valuation changes to MSRs, net of hedge results (2) + (4)	$	(225	)	$	(34	)	$	99		$	(86	)	$	17

(1)	Includes contractually specified servicing fees, late charges and other ancillary revenues.
(2)	Principally reflects changes in discount rates and prepayment speed assumptions, mostly due to changes in interest rates.
(3)	Represents changes due to collection/realization of expected cash flows over time.
(4)	Represents results from free-standing derivatives (economic hedges) used to hedge the risk of changes in fair value of MSRs.

	June 30		,	Mar. 31		,	Dec. 31		,	Sept. 30		,	June 30		,
(in billions)	2007			2007			2006			2006			2006
Managed servicing portfolio:
Loans serviced for others (1)	$	1,347		$	1,309		$	1,280		$	1,235		$	1,020
Owned loans serviced (2)		96			88			86			90			90
Total owned servicing		1,443			1,397			1,366			1,325			1,110
Sub-servicing		24			26			19			20			23
Total managed servicing portfolio	$	1,467		$	1,423		$	1,385		$	1,345		$	1,133
Ratio of MSRs to related loans serviced for others		1.42	%		1.39	%		1.41	%		1.46	%		1.55	%
Weighted-average note rate (owned servicing only)		5.95	%		5.93	%		5.92	%		5.86	%		5.80	%

(1)	Consists of 1-4 family first mortgage and commercial mortgage loans.
(2)	Consists of mortgages held for sale and 1-4 family first mortgage loans.

- 30 -

Wells Fargo & Company and Subsidiaries
SELECTED FIVE QUARTER RESIDENTIAL MORTGAGE PRODUCTION DATA

	Quarter ended
	June 30		,	Mar. 31		,	Dec. 31		,	Sept. 30		,	June 30		,
(in billions)	2007			2007			2006			2006			2006
Application Data:
Wells Fargo Home Mortgage first mortgage quarterly applications	$	114		$	113		$	90		$	95		$	108
Refinances as a percentage of applications		40	%		46	%		50	%		41	%		34	%
Wells Fargo Home Mortgage first mortgage unclosed pipeline, at quarter end	$	56		$	57		$	48		$	55		$	63

	Quarter ended
	June 30		,	Mar. 31		,	Dec. 31		,	Sept. 30		,	June 30		,
(in billions)	2007			2007			2006			2006			2006
Residential Real Estate Originations: (1)
Quarter:
Wells Fargo Home Mortgage first mortgage loans:
Retail	$	32		$	26		$	29		$	29		$	33
Correspondent/Wholesale		36			31			29			36			35
Home equity loans and lines		9			8			9			10			11
Wells Fargo Financial		3			3			3			2			2
Total	$	80		$	68		$	70		$	77		$	81
Year-to-date	$	148		$	68		$	294		$	224		$	147

(1) Consists of residential real estate originations from all Wells Fargo channels.