Through its Retail Services division in Consumer Credit Solutions, Wells Fargo offers consumer private label and credit cards to retailers throughout the United States. With more than 50 years of experience in the consumer finance industry, Wells Fargo credit programs are offered at 30,000 merchant locations nationwide.

Greenhill & Co. and First Annapolis Consulting, Inc. served as financial advisors and Simpson Thacher & Bartlett served as legal counsel to Dillard’s in connection with the agreement.

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.5 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 locations, 12,000 ATMs, and the internet ( wellsfargo.com), and has offices in 36 countries to support customers who conduct business in the global economy. With more than 264,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 25 on Fortune’s 2013 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially. Wells Fargo perspectives are also available at blogs.wellsfargo.com.

About Dillard’s

Dillard's, Inc. ranks among the nation's largest fashion apparel, cosmetics and home furnishings retailers with annual sales exceeding $6.5 billion. The Company focuses on delivering maximum fashion and value to its shoppers by offering compelling selections complemented by exceptional customer care. Dillard's stores offer a broad selection of merchandise and feature products from both national and exclusive brand sources. The Company operates 278 Dillard's locations and 18 clearance centers spanning 29 states plus an Internet store at www.dillards.com.

Cautionary Statement About Forward-Looking Statements

This news release contains forward-looking statements. These statements are based on the current beliefs and expectations of management of Wells Fargo and Dillard’s and are subject to significant risks and uncertainties. Do not unduly rely on forward-looking statements as actual results could differ materially from expectations. Forward-looking statements speak only as of the date made, and we do not undertake to update them to reflect changes or events that occur after that date. For information about factors that could cause actual results to differ materially from expectation, refer to Wells Fargo & Company’s and Dillard’s reports filed with the Securities and Exchange Commission and available at www.sec.gov.

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