We are authorized to issue 20 million shares of preferred stock and 4 million shares of preference stock, both without par value. Preferred shares outstanding rank senior to common shares both as to dividends and liquidation preference but have no general voting rights. We have not issued any preference shares under this authorization. If issued, preference shares would be limited to one vote per share. Our total issued and outstanding preferred stock includes Dividend Equalization Preferred (DEP) shares and Series I, J, K and L, which are presented in the following two tables, and Employee Stock Ownership Plan (ESOP) Cumulative Convertible Preferred Stock, which is presented in the table on the following page.



		March 31, 2012 and December 31, 2011
				Liquidation	Shares
				preference	authorized
				per share	and designated
DEP Shares
Dividend Equalization Preferred Shares			$	10	97,000
Series G
7.25% Class A Preferred Stock				15,000	50,000
Series H
Floating Class A Preferred Stock				20,000	50,000
Series I
5.80% Fixed to Floating Class A
	Preferred Stock			100,000	25,010
Series J
8.00% Non-Cumulative Perpetual
	Class A Preferred Stock			1,000	2,300,000
Series K
7.98% Fixed-to-Floating Non-Cumulative
	Perpetual Class A Preferred Stock			1,000	3,500,000
Series L
7.50% Non-Cumulative Perpetual
	Convertible Class A Preferred Stock			1,000	4,025,000
	Total				10,047,010



		March 31, 2012 and December 31, 2011
		Shares
		issued and			Carrying
(in millions, except shares)		outstanding		Par value	value	Discount
DEP Shares
Dividend Equalization Preferred Shares		96,546	$	-	-	-
Series I (1)
5.80% Fixed to Floating Class A Preferred Stock		25,010		2,501	2,501	-
Series J (1)
8.00% Non-Cumulative Perpetual Class A
	Preferred Stock	2,150,375		2,150	1,995	155
Series K (1)
7.98% Fixed-to-Floating Non-Cumulative
	Perpetual Class A Preferred Stock	3,352,000		3,352	2,876	476
Series L (1)
7.50% Non-Cumulative Perpetual
	Convertible Class A Preferred Stock	3,968,000		3,968	3,200	768
	Total	9,591,931	$	11,971	10,572	1,399

In March 2012, we issued notice to redeem $875 million of trust preferred securities, which were redeemed in April 2012. See Note 7 for additional information on our trust preferred securities. We do not have a commitment to issue Series G or H preferred stock.

ESOP Cumulative Convertible Preferred Stock All shares of our ESOP Cumulative Convertible Preferred Stock (ESOP Preferred Stock) were issued to a trustee acting on behalf of the Wells Fargo & Company 401(k) Plan (the 401(k) Plan). Dividends on the ESOP Preferred Stock are cumulative from the date of initial issuance and are payable quarterly at annual rates based upon the year of issuance. Each share of ESOP Preferred Stock released from the unallocated reserve of the 401(k) Plan is converted into shares of our common stock based on the stated value of the ESOP Preferred Stock and the then current market price of our common stock. The ESOP Preferred Stock is also convertible at the option of the holder at any time, unless previously redeemed. We have the option to redeem the ESOP Preferred Stock at any time, in whole or in part, at a redemption price per share equal to the higher of (a) $1,000 per share plus accrued and unpaid dividends or (b) the fair market value, as defined in the Certificates of Designation for the ESOP Preferred Stock.



		Shares issued and outstanding			Carrying value			Adjustable
		March 31,	December 31,		March 31,	December 31,		dividend rate
(in millions, except shares)		2012	2011		2012		2011	Minimum	Maximum
ESOP Preferred Stock
$1,000 liquidation preference per share
	2012	670,306	-	$	670		-	10.00	%	11.00
	2011	370,280	370,280		370		370	9.00		10.00
	2010	231,361	231,361		232		232	9.50		10.50
	2008	89,154	89,154		89		89	10.50		11.50
	2007	68,414	68,414		69		69	10.75		11.75
	2006	46,112	46,112		46		46	10.75		11.75
	2005	30,092	30,092		30		30	9.75		10.75
	2004	17,115	17,115		17		17	8.50		9.50
	2003	6,231	6,231		6		6	8.50		9.50
Total ESOP Preferred Stock (1)		1,529,065	858,759	$	1,529		859
Unearned ESOP shares (2)				$	(1,659)		(926)