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Wells Fargo and the State of Wisconsin Announce More Improvements to EdVest(SM): Includes Launch of Industry-Leading CD Portfolios

SAN FRANCISCO-(Business Wire)-October 2, 2008 - Wells Fargo Funds Management, LLC, and Wisconsin State Treasurer Dawn Marie Sass have announced several new investment choices for customers of EdVest, the State of Wisconsin’s 529 college savings plan.

“The financial market’s recent volatility shouldn’t discourage families from investing in their child’s college savings plan,” said Wisconsin State Treasurer Dawn Marie Sass. “These new EdVest choices offer Wisconsin families three new conservative options, including portfolios that primarily invest in certificates of deposit that are federally insured by either the FDIC or NCUA. Combined with our existing money market portfolio and bond portfolios, EdVest offers a variety of options to meet the needs of conservative investors.”

Innovative New CD Portfolios

Two new portfolios, the Bank CD Portfolio and the Credit Union CD Portfolio, are now available and are the first of their kind in the 529 industry. The portfolios invest primarily in certificates of deposits (CDs) issued by federally insured banks or credit unions, respectively. However, an investment in the Bank CD Portfolio or the Credit Union CD Portfolio is not insured or guaranteed by the FDIC, NCUA, or any other government agency.

Unlike other 529 plan CD options, with EdVest, the CDs are owned by the EdVest program and not individual investors. As a result, investors are able to contribute and take distributions at any time, without worrying about subscription periods or early withdrawal penalties.¹ EdVest is also the first 529 plan in the country to include credit unions in its CD offering.

Another benefit of the new CD portfolios is the increased involvement by community banks and credit unions.

“Adding these CD portfolios makes EdVest more accessible to investors who typically manage their finances through their local bank or credit union,” said Sarah Henriksen, vice president with Wells Fargo Funds Management. “By promoting EdVest through more than 300 banks and 264 credit unions across Wisconsin, more families will learn the importance of investing for college.”

Improved Enrollment-Based Tracks

In addition to the CD options, a new Conservative Portfolio also was introduced to improve the existing “enrollment-based” options offered through EdVest. The three Enrollment-Based Options allow investors to set their accounts on autopilot — they select a track based on their risk tolerance, then their accounts are automatically shifted from aggressive to conservative portfolios as their student approaches college enrollment.

The new Conservative Portfolio, which invests 30% in underlying stock funds and 70% in underlying bond funds, provides these investors with a more measured asset allocation plan and will allow for a more gradual rebalancing process.

“Previously, enrollment-based investors could find themselves completely out of the equities market for as long as six years before they planned on using their investment. Even when markets are tough, experts agree that long-term investors should maintain some stock investments,” said Henriksen. “The Conservative Portfolio seeks to balance protection of principal with the opportunity for capital appreciation.”

Other EdVest Changes

Among other changes to the program, the contribution limit has been increased from $246,000 to $330,000. This is the first increase since launching the investment plan in 2001.

In addition, the Wells Fargo Ultra-Conservative Portfolio has been renamed the Wells Fargo Money Market Portfolio to more clearly reflect the portfolio’s underlying investments and to avoid any potential confusion with the new CD portfolios.

To learn more about EdVest, please visit www.EdVest.com, where you can find more details about the programs, request an enrollment kit, or even enroll online. If you would like to speak with an EdVest Specialist, please call 1-888-EdVest-WI (1-888-338-3789).

1. Federal regulations place certain restrictions on distributions from a 529 plan. Please read the EdVest Program Description for details.

An investment in the Wells Fargo Money Market Portfolio, the Bank CD Portfolio, or the Credit Union CD Portfolio is not insured or guaranteed by the FDIC, NCUA, or any other government agency. Although these portfolios seek to preserve the value of your investment at $10.00 per share, it is possible to lose money by investing in these portfolios. CD portfolio account owners do not have an ownership interest or any other rights as an owner of CDs in which the CD portfolios invest. Consult the program description for additional information on these and other risks.

EdVest portfolios may invest in stock and bond investments. Stock investments should only be considered for long-term goals as values fluctuate in response to the activities of individual companies and general market and economic conditions. Bond investment values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. In general, when interest rates rise, bond investment values fall and investors may lose principal value. Consult a program description for additional information on these and other risks.

An investor’s or a designated beneficiary’s home state may offer state tax or other benefits that are only available for investments in that state’s qualified tuition program. Please consider this before investing.

For more complete information about EdVest, obtain a current program description by calling 1-888-338-3789, visiting www.EdVest.com, or by contacting your investment professional. Consider the investment objectives, risks, charges, and expenses of the investment carefully before investing. This and other information about EdVest can be found in a current program description. Please read it carefully before investing.

EdVest is a state-sponsored 529 college savings plan administered by the Wisconsin Office of the State Treasurer. Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment management and administrative services to the EdVest plan. Shares in the program are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA/SIPC, an affiliate of Wells Fargo & Company.

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NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE

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