The combination of Wells Fargo Asset Management Group and Evergreen Investments offers our clients access to a broadened spectrum of investment management capabilities across all asset classes and much more. View this fact sheet to see a complete list of these benefits.

The completion of Wells Fargo & Company's acquisition of Wachovia Corporation (the parent company of Evergreen Investments) as of December 31, 2008, marks another defining moment in the storied history of two highly diversified financial services companies—and a new beginning.

This combination will create the nation's premier coast-to-coast financial services organization, aligned with the singular purpose of bringing financial services to the next level in meeting your needs. It will result in a strong and stable financial services company with great potential for sustained growth.

Asset management businesses will join forces.
Because you're a shareholder of Wells Fargo Advantage Funds^®, we wanted to share the news that this recent event will bring together the collective capabilities of the asset management arms of Wells Fargo and Evergreen Investments.

While combining Wells Fargo & Company with Wachovia Corporation was a major first step in integrating the companies, our focus now is on combining our two asset management businesses.

Why it makes sense to combine our asset management organizations.
Strategically, we expect that the combination of our asset management businesses will provide you with even greater scale and resources than are available to you today under each of the two separate companies. As always, our goal will be to provide highly competitive investment solutions to help you succeed, including mutual funds, separately managed accounts, education investment strategies, and alternative strategies for high-net-worth and affluent investors.

What's more, because both organizations share a similar investment viewpoint, there's a synergy that makes for a natural fit. Both have built their approach to asset management around the belief that independent and agile investment teams—each with its own distinct expertise—provide a superior level of insight. Using their own proprietary research and analysis, each team is free to focus on results and concentrate on managing money in ways that have proven to be consistent and repeatable over time.

Our projections indicate that once the integration is finalized, our combined investment business will oversee the 12th-largest mutual fund family in the United States based on assets under management and will broaden the investment talent and capabilities available to you.

Business as usual for now.
At this point, there is no impact on day-to-day business and operations processes. You can continue to call the same toll-free numbers and use the same Web site you have relied on for the information and transactions support you need.

A comprehensive review of our two businesses is now underway to ensure that the integration is thoughtful and deliberate. As we move forward in our integration process, we will keep you informed on our progress. You may also check our Web site for updates at www.wellsfargo.com/advantagefunds.

Thank you for investing with us. Please feel free to call us with any questions.

Sincerely,



Karla M. Rabusch
President
Wells Fargo Advantage Funds

Creating North America's Most Extensive Financial Services Company, Coast-to-Coast in Community Banking

San Francisco — January 1, 2009 — Wells Fargo & Company (NYSE: WFC) said today it has completed its merger with Wachovia Corporation, effective December 31, 2008, creating North America's most extensive distribution system for financial services with 11,000 stores, 12,260 ATMs, wellsfargo.com and Wells Fargo PhoneBank^SM. Beginning today, Wells Fargo and Wachovia customers have free use of all of the company's combined ATMs.

Wells Fargo now has community banks in 39 states and the District of Columbia and is #1 in deposit market share in 18 of those states plus the District of Columbia.¹ It also is #1 in the U.S. in community banking presence (6,650 stores), small business lending, middle market commercial banking, agriculture lending, commercial real estate lending, commercial real estate brokerage, and bank-owned insurance brokerage. It is #2 in banking deposits in the U.S., home mortgage originations and servicing, retail brokerage (number of financial advisors), and debit card. Wells Fargo serves 48 million banking households and is one of America's largest private employers with 276,000 team members.

"This merger creates what we believe will be a very compelling value proposition for our team members, customers, communities and shareholders with significant potential for even more market share growth," said Wells Fargo President and CEO John Stumpf. "Our team members can benefit from even more professional development opportunities across a much broader geography. Our customers can benefit from greater convenience and a better value for entrusting us with more of their business. Our communities can benefit because we want to be a leading contributor of financial, human and social capital in every community in which we do business. Our shareholders can benefit because of the exciting growth opportunities created by this merger. We're being very thoughtful and deliberate in our three-year merger integration. Just as we did with the very successful Norwest-Wells Fargo merger integration a decade ago, we'll take the time to do it right for our customers, always putting their interests first by seeking to satisfy all their financial needs and helping them succeed financially."

Pat Callahan, an executive vice president and head of the Company's merger transition, said Wachovia customers will continue to see the Wachovia brand in their banking stores and communities for the near future. "The key to a successful integration will be our ability to provide outstanding customer service throughout the integration," said Callahan. "So we're going to take our time and do this right. Wells Fargo and Wachovia customers should continue banking as they do today — using the same bank accounts, payment coupons, online sign-on, credit cards, ATM cards and check cards, checks and banking stores. We're committed to keeping customers informed of all significant changes before they happen."

At closing, Wells Fargo acquired all outstanding shares of common stock of Wachovia in a stock-for-stock transaction. Wachovia shareholders received 0.1991 shares of Wells Fargo common stock in exchange for each share of Wachovia common stock they owned. Shares of each outstanding series of Wachovia preferred stock were converted into shares (or fractional shares) of a corresponding series Wells Fargo preferred stock having substantially the same rights and preferences. As a result of the transaction, Wells Fargo acquired all of Wachovia Corporation and its businesses and obligations, including all of its banking deposits.

With Wachovia, Wells Fargo for the first time has a Community Banking presence in Alabama, Connecticut, Delaware, Florida, Georgia, Kansas, Maryland, Mississippi, New Jersey, New York, North Carolina, Pennsylvania, South Carolina, Tennessee, Virginia and Washington D.C.

Wachovia's stock symbol "WB" was retired effective December 31, 2008. Wells Fargo stock trades under the symbol WFC. For more information about the merger, visit www.wellsfargo.com.

Wells Fargo & Company is a diversified financial services company with $1.4 trillion in assets, providing banking, insurance, investments, mortgage and consumer finance through almost 11,000 stores and the internet (wellsfargo.com) across North America and internationally. Wells Fargo Bank, N.A. has the highest possible credit rating, "Aaa," from Moody's Investors Service and the highest credit rating given to a U.S. bank, "AA+," from Standard & Poor's Ratings Services.

¹ Deposit data as of June 30, 2008 (pro forma for acquisitions; excludes deposits greater than $500mm in a single banking store.)