Wells Fargo Direct

Wells Fargo & Company Direct Purchase

and Dividend Reinvestment Plan

CUSIP# 949746 10 1

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Wells Fargo Direct is a direct stock purchase and dividend reinvestment plan that provides a convenient and economical method for new investors to make an initial investment in Wells Fargo common stock and for existing investors to increase their holdings of Wells Fargo common stock.

As a participant in Wells Fargo Direct you can:

• purchase Wells Fargo common stock through a convenient, low-cost method;

• build your investment over time, starting with as little as $250, or $25 if you authorize automatic monthly cash investments;

• purchase shares by check or automatic monthly bank withdrawals; and

• reinvest all or some of your cash dividends in Wells Fargo common stock.

This prospectus describes and constitutes the Wells Fargo & Company Direct Purchase and Dividend Reinvestment Plan, or simply Wells Fargo Direct. Please read this prospectus carefully and keep it for future reference. If you have any questions about Wells Fargo Direct. please call Wells Fargo Bank, N.A. the plan administrator, at 1-877-840-0492 between 7:00 a.m. and 7:00 p.m. central time, on any business day.

Wells Fargo & Company is a diversified financial services company providing banking, insurance, investments, mortgages and consumer finance. This prospectus relates to 2,602,913 shares of Wells Fargo common stock offered for purchase under Wells Fargo Direct. Wells Fargo common stock trades on the New York and Chicago Stock Exchanges under the symbol “WFC.” Wells Fargo’s principal executive offices are located at 420 Montgomery Street, San Francisco, California 94163, and its telephone number is 1-800-333-0343.

This prospectus incorporates business and financial information about Wells Fargo that is not included in or delivered with this prospectus. This information is available to you without charge upon written or oral request. See “Where You Can Find More Information” on page 10.

Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

Shares of Wells Fargo common stock are not savings or deposit accounts or other obligations of any bank or non-bank subsidiary of Wells Fargo, and they are not insured by the Federal Deposit Insurance Corporation, the Bank Insurance Fund or any other governmental agency.

This prospectus is not an offer to sell securities, nor is it a solicitation of an offer to buy securities, in any state or country where the offer or sale is not permitted. Shares of Wells Fargo common stock offered through Wells Fargo Direct are offered only through a registered broker-dealer subsidiary of Wells Fargo.