FOR IMMEDIATE RELEASE

Friday, August 31, 2007

CONTACTS:

Melissa Morey, Wells Fargo (for members of the media only)
(415) 396-4417
Melissa.K.Morey@wellsfargo.com

Girmu Habte, UNCF (for scholarship details)
(703) 205-3475
girmu.habte@uncf.org

WELLS FARGO JOINS UNITED NEGRO COLLEGE FUND TO PROVIDE $100,000 IN SCHOLARSHIPS

SAN FRANCISCO, August 31, 2007 - Wells Fargo & Company (NYSE: WFC) has awarded a $100,000 grant to the United Negro College Fund (UNCF) to establish a new scholarship program for low-income students attending historically Black colleges and universities (HBCUs).

The Wells Fargo/UNCF Scholarship Program is available to students pursuing degrees in: finance, business, economics, accounting, and computer science or engineering (computer engineering, electrical engineering, software engineering, systems engineering, construction engineering or architectural engineering).

Students are encouraged to apply for this scholarship opportunity, which in addition to providing financial assistance, offers internship and recruitment opportunities and important information on specialized financial literacy programs designed to educate young adults on the benefits and pitfalls of debt management.

"We share UNCF's vision of advanced learning and leadership opportunities for deserving students, said Herbert H. Myers, Community Banking President at Wells Fargo in San Francisco. "They are our future business owners, corporate leaders, technology experts and engineers. Wells Fargo is proud to sponsor this scholarship program and looks forward to recognizing some of our outstanding young scholars." Applicants for the Wells Fargo/UNCF Scholarship Fund must meet the following eligibility criteria:

  • Candidates must be enrolled full-time in one of the UNCF member institutions or any other HBCU.


  • Candidates must have a cumulative grade point average of 2.50 or better on a 4.0 scale.


  • Candidates must be sophomores, juniors or first year MBA students.


  • Candidates must be pursuing a degree in finance, business, economics, accounting, computer science, or engineering (computer engineering, electrical engineering, software engineering, systems engineering, construction engineering or architectural engineering).


  • Students from the following states are highly encouraged to apply: Alaska, Arizona, California, Colorado, Idaho, Indiana, Illinois, Iowa, Michigan, Minnesota, Montana, Nebraska, Nevada, New Mexico, North Dakota, Ohio, Oregon, South Dakota, Texas, Utah, Washington, Wisconsin and Wyoming.
"UNCF welcomes this new partnership with Wells Fargo", said Michael L. Lomax, Ph.D., president and CEO of UNCF. "These students will be the economists, business moguls and engineers of tomorrow. We are grateful to Wells Fargo for its leadership and for investing in the future of higher education," The application deadline is October 30, 2007. For more information about this scholarship program, please visit www.uncf.org .

About UNCF
As the nation's oldest and most successful minority higher education assistance organization, the United Negro College Fund's mission is to provide financial support to its 39 member institutions and increase minority degree attainment by reducing financial barriers to college. UNCF institutions and other historically black colleges and universities are highly effective, awarding 25 percent of African American baccalaureate degrees. UNCF administers more than 300 programs, including scholarship, internship and fellowship programs, mentoring, summer enrichment, and curriculum and faculty development programs. Today, UNCF supports more than 65,000 students at over 900 colleges and universities across the country.

About Wells Fargo
Wells Fargo & Company is a diversified financial services company with $540 billion in assets, providing banking, insurance, investments, mortgage and consumer finance through more than 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." In 2006, Wells Fargo contributed $102.7 million to 14,000 non-profits across the country. Wells Fargo actively supports community initiatives, educational programs, and non-profit organizations through grants, sponsorships and volunteer activities. In addition to supporting the UNCF, Wells Fargo also supports the Asian & Pacific Islander American Scholarship Fund and the Hispanic Scholarship Fund.

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